Theresa May to meet business chiefs on Brexit

British Prime Minister Theresa May is to meet business chiefs on Monday in a bid to reassure them that the Brexit process is on track, following a bruising week for her leadership.

A plot to oust her by around 30 MPs in her Conservative Party went public yesterday, but cabinet colleagues refused to join the push.

The plot came after her showpiece speech to the centre- right party's annual conference on Wednesday -- intended to steady her leadership -- was plagued by mishaps.

A prankster managed to hand her an unemployment notice, a persistent cough left her almost unable to deliver her speech, while the set behind her started falling down.

Monday's business meeting at May's Downing Street office will come as British and European Union negotiators resume talks in Brussels in the hope of a breakthrough in the Brexit negotiations.

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US appeals court blocks release of HSBC report on money laundering

A US appeals court on Wednesday blocked the release of a report discussing HSBC Holdings Plc's progress in improving its controls against money laundering, reversing a judge's order that the report be made public.

By a 3-0 vote, the 2nd US Circuit Court of Appeals in Manhattan said US District Judge John Gleeson abused his discretion in finding that the public had a constitutional right of access to the report under the First Amendment.

HSBC agreed to a monitor in December 2012, when it accepted a $1.92 billion fine and five-year deferred prosecution agreement (DPA) to resolve a US Department of Justice probe.

The department said HSBC had become a preferred bank for Mexican drug cartels and other money launderers and conducted transactions in several countries barred by US sanctions.

Wednesday's decision was a victory for HSBC and the Justice Department, which have said releasing the report could compromise efforts to fight money laundering, including for terrorism, and discourage cooperation with law enforcement.

It was a defeat for Hubert Dean Moore, a Pennsylvania man who was an HSBC mortgage customer before filing for bankruptcy and sought the report's release to identify whether there remained problems in HSBC's business practices.

The report was kept under seal during the appeal.

HSBC, the Justice Department, Moore and Moore's lawyer did not immediately respond to requests for comment.
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Tax rationalisation, digitisation key areas for Budget: HSBC

Latest News - Among the key expectations from the ensuing Budget are a new fiscal policy framework, corporate tax rationalisation, higher rural capex and focus on efficient social sector spending, says a HSBC report.

According to the global financial services major, the government should continue with its fiscal consolidation in a "practical fashion" and stick to the 3 per cent pre-announced fiscal deficit for 2016-17, but give itself headroom for compensating States for revenue losses once GST is in place.

"In our view, a balancing act would be to stick to the 3 per cent of GDP target for the core fiscal deficit, and, if necessary, use extra headroom of strictly under 0.3 per cent of GDP for compensating States for (Read More)