HSBC warns it could take years to settle Madoff case as bank takes $1.1bn hit

HSBC has warned it could take years to finally settle a lawsuit over the Bernard Madoff Ponzi scheme, as the bank’s profits fell 14% after it took a $1.1bn (£830m) hit on the 2009 scandal.The London-headquartered bank’s finance chief issued the warning as the provision for the case dragged on HSBC profits, offsetting a jump in income in the three months to the end of September.HSBC has so far taken a $1.1bn provision to cover a lawsuit by investors who lost money in the largest Ponzi scheme in history

Steeper UK productivity cut of more than £20bn makes tax rises more likely

Rachel Reeves will have to account for a bigger-than-expected £20bn hit to the UK public finances in next month’s budget, increasing the likelihood that the chancellor will breach a key Labour’s manifesto pledge not to raise income tax.The Treasury’s forecaster is preparing a steeper than anticipated cut to UK productivity for the next five years, the Guardian understands.The Office for Budget Responsibility (OBR) is planning to cut its trend productivity growth prediction by 0.3 percentage points after a downgrade of the UK’s economic momentum since the 2008 financial crash.Reeves is understood to be furious that the OBR has chosen her second budget to downgrade the figure, which indicates how effectively workers can do their jobs and underpins forecasts of economic growth

After my car was damaged in a Tesco car wash it has washed its hands of my complaint

The tail spoiler and brake light of my car were ripped off in an automated car wash which I use regularly at my local Tesco superstore. Staff there commented on the frequency with which cars are damaged. The repair cost has been estimated at £750, but Tesco is refusing to accept liability. It cites a maintenance report, prepared by the company it contracts to provide and maintain the car washes, which apparently found no fault. It refused to let me see the report because of “company policy”

CSL share price plummets amid shareholder revolt over executive pay plans

The Australian biotech company CSL has been delivered a “second strike” by shareholders over its executive pay plans, but has survived a push to spill its board.Amid frustration over its depressed share price, which fell even further on Tuesday, the blood plasma therapy firm saw more than 40% of votes cast against its executive pay plans at its annual general meeting in Melbourne on Tuesday.The result was well above the 25% threshold required to trigger a “strike”, the company’s second in a row.Despite hitting the two-strikes trigger – which opened the door for a board spill resolution – shareholders voted overwhelmingly against removing the board of the former commonwealth entity –.“We passed that hurdle,” said the CSL chair, Brian McNamee, in reaction to the spill vote

RBA governor dismisses jobs fears but hints at rates hold after inflation uptick

The Reserve Bank governor has dismissed warnings of rising unemployment and hinted at an interest rate hold, saying the labour market will not “fall off a cliff”.Michele Bullock said the RBA had been surprised by September’s jump in joblessness and an uptick in inflation but emphasised job creation was slowing broadly as the RBA expected.“There are still jobs being created, just not as many,” Bullock said on Monday night.“We’d always thought [unemployment] would drift up a bit. Maybe it’s drifted up a bit further than we thought, but it’s not a huge amount yet

Cobar: two people killed in Endeavour mine explosion in far western NSW

Two people have been killed by an explosion at the Endeavour mine in western New South Wales, devastating the local community of Cobar.Police said emergency services had been called to the mine on Endeavour Mine Road at Cobar, about 600km north-west of Sydney, at about 3.45am on Tuesday.Officers were told that a man, believed to be in his 60s, had been confirmed dead after the underground explosion.Two women were brought to the surface, but one, a woman in her 20s, later died