Page 980 


HSBC will probably spend less on compliance

HSBC branch

HSBC Chairman Douglas Flint said the cost of policing potential wrongdoing will probably decrease after Europe’s largest bank by market value spent billions of dollars to toughen its internal controls in the wake of a series of scandals.

Goldman Sachs abandons Libya lawsuit bid

Goldman Sachs Logo

Goldman Sachs has abandoned its bid to get a U.K. court to throw out a $1bn lawsuit by the Libyan Investment Authority that alleged the New York-based bank made about $350m selling it investments that turned out to be worthless.

Revel casino lost money when it fell off roof

Roulette Wheel

Atlantic City's Revel casino, which announced earlier this month that it will soon shutter, lost more than $20,000 in cash when the money fell off the roof of an armored truck, according to a report from Press of Atlantic City.

New York tops billionaire birth list

Foot In Mouth

More billionaires have been born in New York City than in any other city in the world, according new research by U.K.-based luxury magazine Spear's and research company WealthInsight.

Central banks need exit strategy from post-crisis policies

Ben Bernanke

September 16 2008 was the day central banks stopped being boring. The day Lehman Brothers went down was the cut-off point between conventional monetary policy – moving official interest rates in baby steps to keep inflation low – and unconventional monetary policy.

BHP Billiton spins off metals and mining assets

Crack Split

One of the financial world's largest ever mergers was effectively unwound on Tuesday as BHP Billiton said it was demerging key assets from its $190bn (£114bn) mining conglomerate – triggering another huge payday for the banks.