HSBC Says Swiss and French Authorities Are Probing Private Bank
The investigations are at an early stage and authorities are examining potential offenses related to what the bank said were 'two historical banking relationships,' according to a statement. HSBC warned the possible impact on the firm could be significant, though it was 'not practicable' to predict what that might be.
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New York Post
16 hours ago
- New York Post
Trump demurs on pardoning disgraced former Rep. George Santos: ‘He lied like hell'
President Trump demurred on whether he'll pardon disgraced former Long Island Rep. George Santos, who kicked off a seven-year prison sentence for fraud last week. Despite Santos' claims he had been privately lobbying for a pardon, Trump indicated the push to give the fabulist some sort of clemency was news to him. 'He lied like hell, I have to tell you. And I didn't know him, but he was 100% for Trump. I might have met him, maybe, maybe not, I don't know,' Trump told Newsmax host Rob Finnerty on Friday. 'Nobody has talked to me about it,' Trump said of a Santos pardon, before taking note of the former Congressman's prison sentence. 'It's a long time.' Advertisement Santos, 37, pleaded guilty in August 2024 to aggravated identity theft charges and wire fraud for swindling donors to bankroll his campaign for Congress. 3 George Santos is serving out a seven-year sentence for wire fraud and identity theft. Bloomberg via Getty Images 3 President Trump was amused by George Santos' lies but didn't rule out a pardon. Advertisement Prosecutors accused Santos of falsely claiming he had $250,000 in donations to qualify for the National Republican Congressional Committee's 'Young Guns' program. Santos also preyed upon elderly donors and charged credit cards without authorization for frivolous expenses, authorities said. Some of the charges billed to donors include Botox treatments, OnlyFans purchases, jaunts to Atlantic City casinos, French fashion attire, and more, prosecutors said. Santos denied some of the accusations made by prosecutors and blamed others on his former treasurer Nancy Marks, who cooperated with authorities. 'But he was a congressman and his vote was solid; it sounds like a lot. You know, you could blame the other side for not checking him out,' Trump added. Advertisement 'You could say the media misses. Everybody missed it. They found out about it after the election was won.' Trump was referencing the series of scandals against Santos after he was caught lying about vast swaths of his personal backstory, including falsely claiming he was a star volleyball player at New York University even though he never attended the school; that he worked for Citigroup and Goldman Sachs and that his Jewish grandparents fled prosecution in Europe. In reality, his grandparents were born in Brazil, and he has since described himself as 'Jew-ish.' Santos, who was ousted in a late 2023 bipartisan vote, was the sixth House lawmaker to be expelled from the lower chamber. Advertisement 3 George Santos had to report to prison after turning 37. Dennis A. Clark Since then, he's launched a podcast, titled 'Pants on Fire,' and revealed he had been pressing behind the scenes for some form of clemency from Trump, though in May, Santos said he dropped that pursuit. 'Even though I initially considered the prospect of petitioning the president with a pardon application I have seized that approach as I will not spend the last 61 days I have of life scrambling on how to get past a bunch of guard dogs,' he said. In his remaining weeks before reporting to prison, Santos made several media appearances including on the 'Tucker Carlson Show,' in which he admitted to being terrified of winding up behind bars. 'I'm not suicidal. I'm not depressed. I have no intentions of harming myself, and I will not willingly engage in any sexual activity while I'm in there,' Santos wrote on X earlier this month. Trump also acknowledged that Sean 'Diddy' Combs' allies have pushed for a pardon, but was noncommittal about pardoning him or Jeffrey Epstein accomplice Ghislaine Maxwell.
Yahoo
18 hours ago
- Yahoo
Barclays exits Net-Zero Banking Alliance, follows HSBC
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Dive Brief: Barclays is withdrawing from the United Nations-backed Net-Zero Banking Alliance, a sector coalition whose members have committed to aligning their financial activities with the aim of reaching net-zero emissions by 2050. The British bank announced its exit Friday and pointed to the financial sector's retreat from the climate group in its statement. 'With the departure of most of the global banks, the organization no longer has the membership to support our transition,' Barclays said. Barclays is the latest financial institution to quit NZBA, following in the footsteps of rival bank HSBC, which departed the group last month. The departures trail behind U.S.-based banks' exodus from NZBA and other climate-focused alliances, spurred in part by new federal leadership and ongoing scrutiny from the Republican party. Dive Insight: Barclays said it would remain committed to its sustainability goals, including a target to reach net-zero emissions by 2050. The bank reiterated that its commitment to allocating $1 trillion in sustainable and transition financing by 2030 remains 'unchanged.' 'We continue to work with our clients on their transition, finance the transition and scale climate tech, while helping to ensure energy security for our customers and clients,' Barclays said. The departure from NZBA comes just a few days after the bank shared it had generated 500 million pounds (over $663 million) in revenue in 2024 from sustainable and low-carbon transition related activities. Earlier in June, Barclays announced that its climate investment arm had enabled 508 million pounds (nearly $687 million) in investments focused on climate technology and innovation since 2020. However, a recent report from a coalition of climate organizations found that Barclays was the biggest financier of fossil fuels in Europe last year, boosting its funding for related operations by over 55% to $35.4 billion. The report backed by the Rainforest Alliance Network, Sierra Club and Reclaim Finance also counted Barclays as one of four banks — alongside JPMorgan Chase, Bank of America and Citigroup — that increased its fossil fuel financing by over $12 billion from 2023 to 2024. The U.K.-based responsible investment NGO ShareAction called Barclay's decision to depart NZBA 'incredibly disappointing,' in an emailed statement sent to ESG Dive. The organization's Co-Director of Corporate Engagement Jeanne Martin said the bank took a 'step in the wrong direction at a time when the dangers of climate change are rapidly mounting.' 'The announcement comes just three days after Barclays published a transition update reiterating its commitment to be a net zero bank by 2050, sending mixed signals to governments and companies around the world,' Martin added. Recommended Reading HSBC departs Net-Zero Banking Alliance, following US banks Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
a day ago
- Business Insider
A 'seismic' 39% tariff on Switzerland is rocking the watch world, and even pre-owned Rolexes could see price hikes
Watch collectors might want to skip the Rolex boutique and head straight for the pawn shop this year. That is, if the Trump administration's new 39% tariff on goods from Switzerland sticks. The White House released updated tariff plans on Thursday, raising the rate from the proposed 31% announced earlier this year. The tariff escalation caught the watch community off guard. Switzerland is a manufacturing hub for luxury watches like Rolex and Cartier. Eugene Tutunikov, CEO of watch marketplace Swiss Watch Expo, told Business Insider the announcement "was a complete shock" and that "its effects will be immediate." Leading brands, including Rolex, have already raised prices in the US this year, likely in response to tariffs, Morgan Stanley analysts wrote in a July report about the Swiss watch market. US imports of Swiss goods have faced a 10% baseline tariff since April. A new 39% tariff on Swiss imports to the US would put more pressure on luxury watchmakers. That could lead to higher prices on Swiss-made goods shipped to the US, or less inventory for American shoppers. While the Swiss government could still try to negotiate, the tariff is currently set to take effect on August 7. Collectors and watchmakers may soon have to reckon with this new reality. Joshua Ganjei, CEO of watch marketplace European Watch Company, thinks more shoppers will turn to pre-owned models of high-end watches like Rolexes over brand-new ones. After all, a secondhand watch from a US-based seller won't face the added cost of a new Swiss-made model shipped from overseas. "For many American collectors, the 39% tariff instantly turned new releases from Swiss brands into a luxury few can justify," Ganjei said. According to the Morgan Stanley report, pre-owned watch dealers have reported an increase in demand this year since Swiss-made brands began raising their prices in the US. Prices in the secondhand market have been falling since mid-2022, though the rate of decline has narrowed. Pre-owned watches could also get more expensive, though. While the inventory already in the US won't face tariffs, heightened demand could drive up prices on the secondary market as well. Tutunikov said he thinks the pre-owned market will react to higher tariffs "much faster" than large retailers and hike prices sooner. He expects prices on the secondary market to jump as much as 10% in the next month and potentially reach up to 35% in the next six months, "as demand overwhelmingly shifts to available inventory." "This isn't just a tax; it's a seismic event that will cause a stark divergence between the new and pre-owned markets," Tutunikov said.
