HSBC’s Stuart Gulliver is embroiled in scandal.HSBC chief executive Stuart Gulliver, who vowed to reform the scandal-hit bank, kept millions of dollars in a Swiss account, the Guardian newspaper reported on Sunday. It is the latest in a stream of so-called “Swissleaks” allegations that have hit the reputation of the British banking giant.
German business confidence is coming. The IFO Insititute’s monthly measure of business confidence is releasing February’s number at 9 a.m. GMT (4 a.m. ET). Economists are expecting the business climate to improve again, to the highest level in more than 6 months.
Greece’s radical government is walking on a tightrope. Greece’s government prepared reform measures on Sunday to secure a financial lifeline from the euro zone, but was attacked for selling “illusions” to voters after failing to keep a promise to extract the country from its international bailout.
And Athens is reportedly drawing up an anti-tax avoidance reform. Greece has drawn up a €7.3 billion ($US8.3 billion) tax hit list aimed at the country’s oligarchs and lucrative smuggling industry, a German newspaper said, as part of reform proposals due to its creditors Monday. European finance ministers on Friday gave Athens just over three days to draw up a list acceptable to its international creditors in exchange for a four-month extension of its debt bailout.
The largest US refinery strike in a generation is killing a fifth of America’s productive capacity. The largest US refinery strike in 35 years entered its fourth week on Sunday as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines. Sources familiar with the negotiations said talks may resume by mid-week to end the walkout by 6,550 members of the United Steelworkers union (USW) at 15 plants, including the 12 refineries.
The west coast port chaos cost Honda 25,000 vehicles. Honda on Saturday praised an agreement to end a labour dispute at US West Coast ports but said shipping delays will cost the company about 25,000 vehicles this month. Shipping companies and the International Longshore and Warehouse Union reached a tentative deal on Friday after nine months of negotiations.
The grim outlook for Ukraine’s ceasefire is not improving. The volatility was underlined by a bomb blast in the eastern Ukraine city of Kharkiv that killed two people during a pro-government march. Security officials said they had arrested four suspects linked to the “terrorist” attack. Ukrainian defence spokesman Andriy Lysenko said “two tank attacks” were reported Sunday near Mariupol and fighting was ongoing near the city.
Mercedes is recalling 147,000 cars in the US. Daimler AG’s Mercedes-Benz is recalling more than 147,000 mid-size sedans and station wagons from 2013-2015 to check for risk of engine fires, the U.S. safety regulator said Saturday.
Shanghai is opening its doors to foreign short-sellers. According to the Financial Times, next month international investors will be able to short Chinese stocks for the first time, as part of the link between the Shanghai and Hong Kong stock exchanges.
Asian markets are up. Japan’s Nikkei closed 0.76% higher on Monday, while Hong Kong’s Hang Seng is currently up 0.08% just ahead of the close, and China’s Shanghai Composite is also up 0.76% towards the end of the trading day.
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