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EMERGING MARKETS-Brazil's real dips again; trade optimism boosts Bovespa

The currency had shed about 2.2% on Wednesday after Brazil’s biggest-ever oil auction frustrated investors’ expectations as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. The country held a second disappointing oil auction on Thursday, with major global oil firms passing again. The only block awarded in Thursday’s auction went to Petrobras, and Chinese state firm CNODC, which offered the minimum bid. …read more […]

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HSBC Warned Twice by Bank of England on Conduct Risk Controls

(Bloomberg) — The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct.Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week that the central bank’s Prudential Regulation Authority informed the firm that it was making insufficient progress on non-financial risks, according to people familiar with the discussion who requested anonymity.Assaf said the PRA’s warning was recently reiterated this year, following a previous letter in 2018, and he considers it an emergency …read more […]