Good Morning! Here’s what you need to know on Tuesday.
1. The Financial Conduct Authority has said it will carry out “a more focused investigation” into Royal Bank of Scotland’s treatment of small businesses within the Global Restructuring Group (GRG) amid growing pressure for transparency. The City watchdog, which published a summary of its near four-year-old report today, has said it is “investigating matters arising” from the report, adding it is “focusing on whether there is any basis for further action within our powers.”
2. A U.S. jury on Monday found a former HSBC Holdings executive guilty of defrauding Cairn Energy in a $3.5 billion currency trade in 2011. U.S. prosecutors have said that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing a trade for Cairn, making millions for HSBC at Cairn’s expense.
3. China’s ruling Communist Party on Tuesday approved an amendment to its constitution directly mentioning Chinese President Xi Jinping’s name and his “Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era”. No other leader has had an eponymous ideology included in the document while in office since Mao Zedong, the founder of modern China. This effectively makes Xi China’s most powerful leader since Mao.
4. Japan’s Nikkei share average edged up in choppy trade on Tuesday morning, on track for a record 16-day winning streak, while Yaskawa Electric tumbled after disappointing investors with tepid profit forecasts. The Nikkei rose 0.45% to 21,793 in afternoon trade after opening lower.
5. Brutal. There’s no other word for Ray Dalio’s latest note on the US economy, and the situation it describes. The founder of Bridgewater, the world’s largest hedge fund with about $160 billion in management, posted the note on LinkedIn …read more
Source:: Business Insider