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HSBC’s Swiss private banking arm breached money-laundering rules, regulator finds

HSBC’s Swiss private banking arm breached money-laundering rules by failing to carry out adequate checks on the high-risk accounts of two politically exposed individuals, Switzerland’s banking regulator has found.HSBC Private Bank (Suisse) has been banned from taking on any new high-risk customers until it has completed a full review of its business relationships, Switzerland’s Financial Market Supervisory Authority (Finma) said.The watchdog found that the bank had operated two high-risk business relationships where it had failed to carry out an adequate check of either the origins, purpose or background of the assets involved.A number of high-risk transactions were insufficiently clarified and documented, making it impossible to establish their legitimate nature. They were carried out between 2002 and 2015 and totalled more than $300m (£236m, €279m)

June182024
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France now ‘most unloved’ European stock market; Le Pen victory would push up French debt, warns Goldman Sachs – as it happened

France’s national debt could surge higher if Marine Le Pen’s National Rally (RN) party wins an absolute majority in the national assembly elections, Goldman Sachs has warned.Goldman predicts that, if in power, the far-right would deliver a sizeable fiscal expansion, sending France’s debt-to-GDP ratio up to 120% by 2027.That highlights why France has turned into the most unloved European equity market (see earlier post).In contrast, under” “a status quo electoral outcome”, debt would stabilise at 113% of GDP in 2027, Goldman estimates.And if France is left with a hung parliament that does not allow any political group to pass meaningful tax or spending measures, debt could rise to 116% of GDP

June182024
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As Wall Street pulls away from DEI, Goldman Sachs backs Black women: ‘Our commitment is strong’

At a time when conservative legal activists are targeting diversity measures in corporate America, Goldman Sachs has announced it is expanding a component of one of its philanthropic equity programs.The One Million Black Women initiative, a program the company started in 2021, aims to dedicate $10bn in investment and $100m in philanthropic spending to address racial and gender inequality over the course of 10 years.The firm said it has spent over $2.3bn in investment capital and another $33m towards philanthropic since the initiative launched. And this fall, Goldman is doubling the number of entrepreneurs it is accepting into its Black in Business no-cost education program, which is open to early-stage business owners with no employees and who have been running their business for at least a year

June182024
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Rail season ticket use in Great Britain falls to record low

The use of rail season tickets in Great Britain has plummeted to the lowest level on record, driven by a rise in working from home since the Covid-19 pandemic.The number of rail journeys made by people using season tickets fell to 13% in the year to 31 March, from 15% in the previous year, according to figures from the Office for Rail and Road, the industry regulator. This is the lowest figure since records started in 1986-87.Before the pandemic, in the year to March 2020, more than one-third (34%) of journeys were made using season tickets.Income from season tickets is a crucial component of railways’ revenue

June182024
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Britons cut back on spending despite fall in grocery inflation, says Kantar

Britons have cut back on their supermarket shopping and traditional summer purchases because of recent poor weather, even though grocery price inflation slowed further, according to a report.Supermarket prices were 2.1% higher than a year ago in the four weeks to 9 June, according to the retail researchers Kantar. This is down from May’s 2.4% inflation rate, and marks the 16th month that price rises have slowed

June182024
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BYD: China’s electric vehicle powerhouse charges into Europe

Threat of EU tariffs may not be enough to slow carmaker in its attempt to challenge Tesla on global stageGermany’s men kicked off Euro 2024 on Friday in Munich. The city is storied in football terms, but it also occupies an important place in Germany’s self-image for a different reason: Munich is home to BMW, one of the country’s car exporting powerhouses.Yet it will not be the logos of BMW or German rivals including Volkswagen or Mercedes-Benz plastered on stadiums or television coverage. Instead, China’s BYD is the only carmaker to sponsor Europe’s premier international tournament.Auto Trader said the advertising campaign was responsible for a 69% week-on-week increase in views of BYD models on its website, during the first weekend of the tournament from Friday to Sunday

June182024