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Feb 21 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud. The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's approval. Societe Generale denied wrongdoing, and settled to avoid the burden, "very substantial expense" and risk of litigation, settlement papers show. The banks have denied wrongdoing, saying they provided routine services to Stanford's bank and did not know about his fraud. Another bank, Mississippi-based Trustmark Corp (TRMK.O), reached a $100 million settlement of similar claims.

☆ Morning Bid: Too flashy?
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Mike Dolan. If investors' big concern about the new year is that the U.S. economy is running too hot, then February's flash business surveys from around the world will do little to soothe nerves. U.S. markets return from Monday's Presidents Day holiday and the early readout on this month's factory and service sector activity tops the slate. Aside from Tuesday's business surveys, a reality check for U.S. retailers is due from Walmart and Home Depot's quarterly earnings - holding last month's red-hot retail numbers up to the light. In banking, HSBC (HSBA.L) rose 1.5% - bouncing back from early losses after announcing a surge in its quarterly profit.

☆ HSBC CEO: China property market outlook on the mend
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Feb 21 (Reuters) - HSBC (HSBA.L) Group CEO Noel Quinn said the outlook for China's troubled property sector had improved in January, despite the lender booking higher charges in the fourth quarter related to its exposure to the country's commercial real estate sector. "The sentiment in the fourth quarter was more negative than the sentiment that emerged in January," Quinn told Reuters, adding that there were positive developments both on the demand side and the supply side linked to big policy measures. Reporting by Anshuman Daga and Lawrence White4Our Standards: The Thomson Reuters Trust Principles.

TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".

LONDON, Feb 10 (Reuters) - European banks risk jeopardising the path to net-zero carbon emissions and the growth of renewable energy unless they stop directly financing new oil and gas fields this year, investors managing assets worth more than $1.5 trillion said on Friday. ShareAction said the five banks and Britain's HSBC (HSBA.L) rank as the largest European financiers of the top oil and gas companies expanding production between 2016 and 2021. However, HSBC said in December that it would stop directly financing new oil and gas fields, joining other banks restricting asset financing, the NGO noted. The spokesperson pointed to the French bank's targets to reduce exposure to oil and gas production by 2025. The International Energy Agency said in 2021 that to reach net-zero emissions by mid-century, no investment into new oil, gas and coal supply projects was needed.

☆ UK plans to reimburse scam victims 'fundamentally flawed,' lawmakers say
▼ + stars: | 2023-02-06 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, Feb 6 (Reuters) - Proposals to reimburse hundreds of millions of pounds to scam victims in Britain are "fundamentally flawed" and are taking too long to come into force, lawmakers said in a report published on Monday. So-called "authorised push payment" scams have become Britain's largest type of payment fraud and cost customers 583 million pounds ($715 million) in 2021. Lawmakers on Britain's powerful Treasury Select Committee criticised the plans and said mandatory reimbursements should begin this year at the latest, and not as late as 2024. "Putting an industry body in charge of reimbursing scam victims is like asking a fox to guard the henhouse," said Harriett Baldwin, chair of the Treasury committee. The PSR said it would consider all feedback before publishing its final position in May this year, adding it regulated payment system operators including Pay.UK.

☆ HSBC embarks on Saudi Arabia hiring spree amid deals boom
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 2 (Reuters) - HSBC (HSBA.L) is hiring dealmakers as "fast as it can" in Saudi Arabia to capitalise on a wave of financing activity in the country, the global head of its investment bank told Reuters. The lender aims to increase headcount in its global banking and markets business in Saudi Arabia by 10-15% this year, Greg Guyett, the division's chief executive, told Reuters. HSBC declined to comment on how many such bankers it already employs in Saudi Arabia. HSBC's investment banking business made $65 million in profit in Saudi Arabia in 2021, according to company filings, the smallest such contribution among named countries aside from loss-making France. Saudi Arabia also sold $5 billion in bonds last October, its first international debt sale in almost a year.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

The FTSE 100 (.FTSE) ended up 0.2% at 7,860.07, not far off its all-time high of 7,903.50 points hit in May 2018, while the mid-cap FTSE 250 (.FTMC) added 0.7%. "Investors appear to have fallen back in love with UK assets," said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown. Money markets are pricing in a 64.3% chance of a 50-basis point hike by the BoE in February to curtail inflation. Oil majors BP (BP.L) and Shell (SHEL.L) slipped close to 0.4% each as crude prices fell. ITM Power (ITM.L) slumped 12% after the energy storage and clean fuel company forecast a wider full-year loss.

An attorney for Musk, as well as Tesla and several directors who are also defendants, declined to comment. Musk surrendered the Tesla chairman position and agreed to let a company lawyer vet some of his tweets. He won a bench trial in Delaware's Court of Chancery last year over claims by Tesla shareholders that he allegedly coerced the Tesla board into buying SolarCity, a rooftop solar panel maker. Tesla shareholders had sought billions in damages and they have appealed. Around half are dismissed for failing to comply with securities law and most of the rest are settled.

SummarySummary Companies Top EU court dismisses HSBC challenge over cartel participationUpholds annulment of Euribor cartel fineHSBC separately challenging reduced Euribor fineBRUSSELS, Jan 12 (Reuters) - HSBC (HSBA.L) on Thursday failed to overturn a court ruling that it had participated in a cartel to rig benchmark Euribor rates in 2007, but Europe's top court confirmed that a 33.6 million euro ($36 million) fine had been scrapped. The European Court of Justice, Europe's highest court, rejected HSBC's attempt to clear its name by challenging a 2019 lower court decision that it had colluded with others to try to manipulate key Euribor (euro interbank offered rate) rates. The European Commission, the bloc's executive body, ruled in 2016 that HSBC and six other banks had tried to distort Euribor, a benchmark for rates on financial products, fining the lender 33.6 million euros. Three years later, a lower tribunal scrapped the fine because of insufficient reasoning, but dismissed the bank's attempt to shake off the ruling that it had taken part in a cartel. The European Commission subsequently imposed a slightly lower fine of 31.7 million euros in 2021, which HSBC is separately challenging.

☆ HSBC wins appeal against $36 mln Euribor cartel fine
▼ + stars: | 2023-01-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 12 (Reuters) - HSBC (HSBA.L) has won an appeal against a decision by European antitrust regulators to fine Europe's second-largest bank 33.6 million euros ($36 million) over its role in a cartel to manipulate benchmark Euribor interest rates in 2007. HSBC, penalised alongside JPMorgan (JPM.N) and Credit Agricole (CAGR.PA), challenged the decision and in 2019, a lower tribunal scrapped the fine because of insufficient reasoning. The European Commission subsequently re-imposed a slightly lower fine of 31.7 million euros in 2021. HSBC, JPMorgan and Credit Agricole opted against settling with European regulators and, following a full investigation, JPMorgan was fined 337.2 million euros and Credit Agricole was ordered to pay 114.7 million euros. EU, U.S. and British regulators have fined banks billions of euros for manipulating benchmark interest rates and the foreign exchange market.

☆ Commodity-linked stocks push FTSE 100 higher; retailers slide
▼ + stars: | 2023-01-12 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) gained 0.6% to hover near a more than four-year high scaled on Wednesday, while the more domestically focused FTSE 250 mid-cap index (.FTMC) rose 0.9%. Retailers Tesco (TSCO.L) and Marks & Spencer (MKS.L) slipped between 0.3% and 1.6% despite strong sales, as both companies warned of inflationary pressures. Financial stocks were among the top gainers on the FTSE 100, with banks like HSBC (HSBA.L) and Barclays (BARC.L) rising 0.9% and 1.4%, respectively. The FTSE 100 has had a bright start to the year so far, rising in almost every session. Centrica (CNA.L) climbed to the top of FTSE 100, jumping 6.1% after the British Gas owner raised its full-year earnings forecast.

[1/2] People work on the trading floor at the global headquarters of Goldman Sachs investment banking firm at 200 West Street in New York City, U.S., January 11, 2023. The Wall Street titan's rivals have also started to cut jobs as global banks prepare for recession and broader, deeper cuts are expected across the industry if deal-making activity remains weak. The long-expected jobs cull at Goldman follows a recruitment drive during the pandemic, which saw the bank's total headcount top 49,000. Johnson, who was with Goldman Sachs for more than six years, declined to comment. Oliveira said some bankers who have reached out to recruiters like him are considering ditching investment banking for other positions.

REUTERS/Eva Plevier/File PhotoWINNIPEG, Manitoba, Jan 11 (Reuters) - Netherlands-based Rabobank NA (RABOVR.UL) is aiming to grab 10-15% of the Canadian farm lending market within 15 years, as it aims to shake up a sector dominated by government and domestic banks, its new Canadian agricultural head told Reuters on Wednesday. It took Rabobank a decade before deciding to expand into Canadian farm lending, taking a methodical approach, Lieverse said. Rabobank expects Canadian farm lending to be profitable from the start and plans to announce hiring plans shortly, she said. Rabobank did not release its estimate of the value of the Canadian farm lending market, but government agency Statistics Canada pegged 2021 farm debt at a record-high C$129 billion ($96.1 billion), with chartered banks accounting for 37%. Farm Credit Canada, owned by the Canadian government, is the biggest agricultural lender, controlling a market share of about one-third, Lieverse said.

It is likely to affect most of the bank's major divisions, with its investment banking arm facing the deepest cuts, a source told Reuters this month. "We know this is a difficult time for people leaving the firm," a Goldman Sachs statement on Wednesday said. Last year was challenging across groups including credit, equities, and investment banking broadly, said Paul Sorbera, president of Wall Street recruitment firm Alliance Consulting. [1/3] A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. Shares of Goldman Sachs have partially recovered from a 10% fall last year.

☆ HSBC customers in U.S. sent inadvertent emails on mortgages, relocation
▼ + stars: | 2023-01-07 | by ( Katie Paul | ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Frustrated HSBC (HSBA.L) banking customers in the United States took to social media on Friday to complain about inadvertent emails they received from the bank regarding home loans and relocation. "Congratulations on your new mortgage with HSBC Bank," said one of the messages, which was sent to customers who said they had not applied for the loans. Several customers said they were unable to reach anyone at the bank for support about the emails, copies of which were seen by Reuters. "We are aware that a number of emails were inadvertently sent to customers this evening and are working to resolve the issue," the company said in an emailed statement. Some customers took to social media to complain about the emails, with several saying they were unable to reach anyone at the bank for support.

☆ FTSE 100 rises on Next boost; recession worries loom
▼ + stars: | 2023-01-05 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) climbed 0.4%, extending gains to a third straight session and outperforming most regional peers. British clothing retailer Next (NXT.L) surged 7.4% after raising its pretax profit forecast for the current year, pushing the broader retailers index (.FTNMX404010) to a more than four-month high. Oil majors BP (BP.L) and Shell (SHEL.L) rose more than 1% each as crude oil prices rebounded amid dollar weakness. Britain's services sector ended 2022 in a lacklustre fashion, with new orders falling and hiring frozen during December, a survey showed, highlighting the likelihood that Britain is already in recession. Reporting by Shashwat Chauhan in Bengaluru; editing by Uttaresh.V and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Banks will pump H2O to top of climate agenda
▼ + stars: | 2023-01-04 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

That’s when the United Nations’ first water confab in almost five decades starts in New York. Achieving that globally requires spending $1 trillion a year on the sustainable provision of drinking water and sanitation, and preparing for floods, scarcity and pollution, per the World Resources Institute. And 90% of climate change’s effects manifest through water, as recent floods and scarcity demonstrate. Knowing when to turn off the funding tap is important, too, just as many banks won’t back Arctic drilling or new coal mines. With some financial groups distancing themselves from umbrella climate change bodies, it’s a challenging time to make this case.

☆ European shares muted, UK outperforms as China-exposed stocks jump
▼ + stars: | 2022-12-28 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The region-wide STOXX 600 (.STOXX) was flat as of 9:31 GMT, while the FTSE 100 <.FTSE> advanced 0.7% as commodity-linked and China-exposed stocks jumped in early trading. The UK market, which was closed for holidays since its half-day trading on Friday, is playing catch-up, analysts said. The FTSE 100 index has benefited this year from its exposure to commodities as prices of oil and base metals have rallied amid the Russia-Ukraine war. Meanwhile, STOXX 600 was headed for an annual loss of 12.2% as concerns about an economic recession due to aggressive monetary policy tightening by central banks globally weighed on the European index. The technology sector (.SX8P) weighed on STOXX 600 on Wednesday, tracking the overnight fall in U.S. peers as rising yields pressured the interest rate sensitive shares, a recurring theme this year.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

☆ How Ana Botín can defeat the Santander sceptics
▼ + stars: | 2022-12-21 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Dec 21 (Reuters Breakingviews) - Investors aren’t buying what Ana Botín is selling. That’s striking because analysts expect Santander to earn a respectable 11% return on tangible equity (ROTE) over the next 12 months. One way to express the dissonance between those numbers is to infer the return investors require to hold the bank’s shares. To shed that discount, Botín must prove Santander is the best owner of its component bits. The group generated an annualised return on tangible equity of almost 14% in the first nine months of 2022.

☆ HSBC's disgruntled shareholders launch new campaign for spinoff
▼ + stars: | 2022-12-15 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The bank's management was "turning a deaf ear to the voice of minority shareholders," he said. Shareholders including Lui began pushing for the spinoff earlier this year. Hong Kong is HSBC's biggest market and home to a large number of retail shareholders who formerly benefited from the bank's once stable dividend payments. HSBC has resumed paying a dividend but not quarterly, and retail investors are dissatisfied with payouts that, overall, are smaller than before. Analysts have said retail shareholders are unlikely to have the heft to eventually force a vote on a break-up.

HSBC "underperforms its peers, violates dividend commitments (and) ignores shareholders' interests," Ken Lui, convener of the group , said in a Thursday newspaper advertisement. London-headquartered HSBC, which is opposed to breaking up its business, dismissed the possibility of the proposal gaining traction among large shareholders. Hong Kong is HSBC's biggest market and home to many retail shareholders. DIVIDEND SUSPENSIONHong Kong retail shareholders were particularly upset when HSBC scrapped its formerly stable dividend in 2020 during the COVID-19 pandemic, when the Bank of England asked lenders to conserve capital. It has resumed paying a dividend but not quarterly, and retail investors are dissatisfied with payouts that, overall, are smaller than before.

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