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Source: Bbc.Co.Uk
Monday, December 17, 2012

HSBC $3.3bn fine

The US said "dangerous practices" at HSBC allowed the bank to pass money to "drug kingpins and rogue nations", as it fined it $US1.9bn $F3.33bn). HSBC agreed to the fine, the largest of its kind, earlier on Tuesday. A US Senate investigation said the UK-based bank had been a conduit for drug barons and nations such as Iran against which it had sanctions, making it illegal to do business there. HSBC admitted having poor money laundering controls and apologised. Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing.

Oil and gas deal

PetroChina has agreed a deal to buy BHP Billiton's stake in the Browse liquefied natural gas (LNG) project in Western Australia. China's biggest oil and gas producer will pay $US1.63bn ($F2.85bn) for the stake. Chinese firms have been keen to acquire oil and gas assets in an attempt to meet the growing energy demand in China prompted by its economic growth. Earlier this month, China's CNOOC got the nod from Canadian authorities to takeover oil firm Nexen. PetroChina has agreed to buy BHP's 8.3 per cent stake in the East Browse and 20 per cent holding in the West Browse joint venture.





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