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The largest European bank will cut another 14,000 jobs in a plan to save three billion additional dollars. HSBC expects to cut the number of employees in over 14 000 to about 240 000 in the next three years, today announced Stuart Gulliver, chief executive of British bank in ‘conference call’ with investors. The bank already has an ongoing plan [...] Chinese services saw their worst growth in two years The HSBC China Services Business Activity Index declined to 51.1 in April from 54.3 in March, the lowest level since August 2011. From Markit: HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled an expansion of output for the eighth consecutive month in April. However, the HSBC China Composite Output Index signalled only a marginal rate of growth, posting at 51.1. This was down from [...] China services PMI is out, and it’s mediocre.
From Markit: HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled an expansion of output for the eighth consecutive month in April. However, the HSBC China Composite Output Index signalled only a marginal rate of growth, posting at 51.1. This was down from 53.5 in March, suggesting that the rate of expansion was the weakest since last October. Output rose simultaneously across both the [...] Economic Indicators: Purchasing Managers Index (PMI) PMI is a very important sentiment reading, not only for manufacturing, but also the economy as a whole. Although U.S. manufacturing is not the huge component of total gross domestic product (GDP) that it once was, this industry is still where recessions tend to begin and end. For this reason, the PMI is very closely watched, setting the tone for the upcoming month and other indicator releases. The magic number for the [...] Banking giant HSBC, which was hit with a US fine for money laundering last year, is facing fresh accusations of illegal activity in Argentina. Argentina has alleged that the bank used “fake receipts” to facilitate money laundering and tax evasion, and launder 392m pesos ($77m; £50m). The country’s tax authority said it had filed criminal charges against HSBC. HSBC said that it would cooperate with the investigation, adding that the allegations were [...] Matt Taibbi The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about [...] from MOXNEWSd0tC0M: This machine is destroying the middle class. It’s destroying what jobs I use to have coming in. It’s destroyed my industry. It’s bailing out the rich through QE welfare candy for wall street, and foodstamp cellphone candy for the poor. Meanwhile the gap is growing, and we are all getting weaker. Yet, everyone I talk to says don’t do anything, I’ve listened for the last three years as one dooms day prediction after another has [...] LIVE: Thousands Of Companies Around The World Reveal The Truth About The Economy SCORECARD (All Time ET) SCORECARD (All Time ET) 7:00 PM South Korea: HSBC Manufacturing PMI — 49.9, down from 50.1 in Dec. ABC News – HSBC Is Too Big For Jail from NYT: LAST month, HSBC admitted in court pleadings that it had allowed big Mexican and Colombian drug cartels to launder at least $881 million. The bank also admitted to using various schemes to move hundreds of millions of dollars to nations subject to trade sanctions, including Iran, Cuba and Sudan, in violation of the Trading With the Enemy Act. “On at least one occasion,” according to a statement by [...] An empirical look at the DOJ’s policy of non-prosecution. — By John Titus, creator of the new documentary Bailout. Obama Guarantees Next Crisis by Refusing to Prosecute Recidivist Financial Criminals Bailout is the first documentary to demonstrate the tight linkage between the financial frauds that caused the crisis and the resulting harm to Main Street. The Department of Justice recently ensured that many more will follow. By announcing that it will not prosecute “systemic” criminal banking enterprises like HSBC, the [...] Monkeys and Cocaine: HSBC Money Laundering This is the excerpt. Runs 2 minutes. Broadcast Dec. 13, 2012. — Full Keiser Report: by WashingtonsBlog
“The Government Has Bought Into the Notion that Too Big to Fail Is Too Big to Jail” Alternative media have noted for years that: Fraud caused the Great Depression and the current financial crisis, and the economy will neverrecover until fraud is prosecuted The main driver of economic growth is a strong rule of law Criminal fraud is the main business model adopted by the giant banks. See this Largely because they are out-of-control criminal enterprises, the economy cannot recover unless the big banks [...] By V. Phani Kumar HONG KONG (MarketWatch) — Business conditions for Chinese manufacturers continued to improve in December, with HSBC’s initial Purchasing Managers’ Index rising to a 14-month high of 50.9, according to the survey results released Friday. The reading compares with HSBC’s final PMI print of 50.5 for November. A reading above 50 signals an improvement in activity. HSBC’s initial or “flash” PMI reading is based on responses from [...]  from businessinsider: For much of the year, the big story was that the US economy was the world’s strongest, refusing to succumb to weakness, even as Europe went into crisis, and China flirted with a hard landing. Because of this, the US stock market was a star performer. But for the moment, things are doing a 180… As we wrote earlier, one of the big stories from today’s PMI reports was the strength of the BRICS. China, [...] LIVE: Thousands Of Companies Are Telling Us The State Of The Global Economy from businessinsider: SCORECARD (All Times EST) Japan: Markit/JMMA Manufacturing — 46.5, down from 46.9 in October From SRSrocco: The physical silver scramble continues, as a MASSIVE 2.4 million ounces of silver were withdrawn from Brink’s & HSBC vaults Wednesday!Got PHYZZ?? - silverdoctors Markit China’s HSBC services PMI declined to 53.5 in October from 54.3 in September.
But any number above 50 signals expansion. Read more: http://www.businessinsider.com/china-hsbc-services-pmi-2012-11#ixzz2BJITmqo2 China HSBC PMI 49.5, Exp. 49.1, 8 month high. Last 47.9. Notes “Input costs and output charges increase” The unofficial HSBC China manufacturing PMI just came out. The October reading climbed to 49.5 from 47.9 in September. This final number was notably stronge than the HSBC China Flash (or preliminary) number, which came in at 49.1 last week. Here are the key points from Markit: Modest fall in output signalled At the beginning of each month, Markit, HSBC, RBC, JP Morgan and several other major data gathering institutions publish the latest local readings of the manufacturing purchasing managers index (PMI) for countries around the world. PMI is one of the best leading indicators of the economy. Each reading is based on surveys of hundreds of companies. Read more about it at Markit. These are not the most closely followed data points. However, the power of the insights is unparalleled. Jim O’Neill, Chairman of Goldman [...] There was a massive silver withdrawal out of the Comex on Friday. Over the past week, there has been a steady increase in the total amount of silver in the Comex warehouses. However, in one huge withdrawal, 17% of Brinks total REGISTERED silver inventory was removed on Friday. I have not seen such a large withdrawal from the registered category for quite some time. Furthermore, this single withdrawal from the Brinks registered catagory [...] It’s global PMI day And Crucial PMI Numbers Coming In WEAK!!! SCORECARD Japan: Markit/JMMA Manufacturing PMI — 48.0, up from 47.7 in August HEADS UP: It’s global PMI day, and this is our scorecard. …. SCORECARD Japan: Markit/JMMA Manufacturing PMI — 48.0, up from 47.7 in August |
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