US

PIMCO's Bill Gross has predicted the US is poised to fall back into recession amid a climb in unemployment and tough times for corporates.

A US Senate investigation has uncovered how a "pervasively polluted" culture at HSBC and lax controls left it open to being used to launder dirty money from around the world.

The US Treasury Secretary Tim Geithner warned Mervyn King and colleagues at the Bank of England about problems with the LIBOR rate in 2008, years before the scandal was revealed.

Former boss of Barclays Bob Diamond could be called to Congress to face questions from US politicians, the Guardian reports.

HSBC has revealed it faces a hefty fine - estimated at $1bn by analysts - from US regulators for failing to have the right anti money laundering controls in place from 2004 until 2010.

UK banking giant HSBC is planning to apologise to the US Senate following an investigation earlier this year into money laundering.

The International Monetary Fund has trimmed its US GDP forecasts and warned the nation's economic recovery remains fragile.

Gold could be the best asset class to own in 2013 if inflation starts to pick up following major stimulus programmes from central banks, Fidelity's global strategist Andrew Wells has said.

The reputation of the UK banking sector hit a new low last week after the FSA hit Barclays with its largest ever fine of £59.5m for breaching LIBOR regulations.

CONTRARIAN