HSBC settles subprime mortgage claims for $765 mn

HSBC settles subprime mortgage claims for $765 mn

British banking giant HSBC has agreed to pay $765 million to resolve allegations it passed on toxic mortgage securities to investors prior to the global financial crisis, federal prosecutors announced Tuesday. Between 2005 and 2007, HSBC staff knowingly packaged low-grade loan pools with high rates of default into mortgage-backed securities -- despite warnings from its internal risk management team and outside reviewers -- according to the US Attorney’s Office in Colorado.

“HSBC made choices that hurt people and abused their trust,” Bob Troyer, US Attorney for Colorado, said in a statement. “When HSBC saw problems, it chose to rush those deals out the door. When deals went south, investors who trusted HSBC suffered.” Despite reaching the settlement, HSBC disputes the allegations, according to the Justice Department.




Sri Lanka reverses $300m housing deal

Sri Lanka reverses $300m housing deal

Sri Lanka has reversed a decision to award a $300-million housing deal to China in favour of a joint venture with an Indian company, the government said, ahead of a visit by the prime minister to its South Asian neighbour.

IMTA opens new showroom for Mazda

IMTA opens new showroom for Mazda

International Motor Trading Agency (IMTA), the preferred distributor for Mazda passenger vehicles in Bahrain, has officially opened a brand-new Mazda showroom. The new state-of-the-art facility is spread over 3,753.00 Sq. Mt. and offer

Sun, Seas and sand

Sun, Seas and sand

Mesmerizing blue seas and pristine white sands are taking the guest experience to new heights at Four Seasons Hotel Bahrain Bay, following the launch of The Beach. Curving along the private island’s sun-drenched southern shore, t

NBB profits rise 11.3pc

NBB profits rise 11.3pc

The National Bank of Bahrain (NBB) yesterday announced recording a solid double-digit growth in its profitability for the first nine months of 2018, supported mainly by its “more prudent asset liabilities management” skills


Sri Lanka reverses $300m housing deal

Sri Lanka reverses $300m housing deal

Sri Lanka has reversed a decision to award a $300-million housing deal to China in favour of a joint venture with an Indian company, the government said, ahead of a visit by the prime minister to its South Asian neighbour.