hsbc

ELECTIONS

Economists have warned the Independent Commission on Banking (ICB)'s plans to ringfence UK banks' retail and investment divisions could threaten economic growth.

With equity markets around the world diving in the latter half of the year amid the turmoil in Europe and global growth fears, a number of funds were hit particularly hard.

HSBC has announced it will take responsibility for all customers mis-sold investment products by NHFA, a care fees advice business it acquired in 2005.

As the eurozone crisis reaches a crescendo, the Bank of England has revealed just how much exposure UK banks have to the region's most troubled economies.

The FSA has fined HSBC £10.5m for inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA), to elderly customers.

Standard & Poor's has downgraded a raft of US and UK banks including HSBC, Barclays, and Goldman Sachs following an overhaul of its ratings criteria.

Thomas Cook shares jumped 47% on Thursday in anticipation of an announcement the travel giant has secured the £100m loan it needs to avoid going bust.

ETFs

Shares in HSBC were down over 5% mid-morning after a trading update revealed underlying pre-tax profits fell from $4.6bn (£2.86bn) in Q3 2010 to $3bn for the same period this year.