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Best of the Blogs, Emerging Markets: HSBC India Under Investigation for Negligence in Terrorist Money-Laundering Scandal


Plus, Mellanox outperforms for second quarter running.

The best blog commentary on emerging markets from around the Web.

The Times of India
Link: India to Investigate Alleged HSBC Lapses in Checking Money-laundering
"HSBC (HBC) is being investigated by the Reserve Bank of India after a US senate committee said the bank's Indian staff mishandled checks to ensure the global banking giant was following norms that guard against money-laundering and terror-funding.

"'Any financial institution that does not follow the norms laid being down, makes the nation vulnerable,' said Home Secretary RK Singh. The issue will be studied by the RBI as a regulatory matter, said Department of Financial Services Secretary DK Mittal."

Link: Mellanox Outstrips All Expectations
"Rapid enterprise communications technology solutions company Mellanox Technologies Ltd. (MLNX) surpassed all expectations in its second quarter results published last night. Revenue was $133.5 million, up 50% from the preceding quarter, and up 111% from the corresponding quarter of 2011. Analysts expectations had been $128 million."

India Info Line
Link: Intel Shared Insights into All-in-One (AIO) Strategy for Indian Market
"Intel (INTC) in India, a leader in computing innovation today shared insights into its All-in-One (or AIO) strategy for the Indian market. Intel aims to enable a larger number of Intel Technology Providers to offer All-in-Ones."
Link: IHH Healthcare Brings Forward Date of Shares Balloting for S'pore IPO
"IHH Healthcare on Wednesday said it would be bringing forward the date for balloting of applications for its shares its Singapore public offering to Thursday."

The Wall Street Journal: MarketWatch
Link: Provisioning to Keep Brazil Bank Earnings Flat
"Brazil's biggest banks are likely to post flat earnings in the second quarter as provisioning costs rise in the face of increased delinquencies on loans.…

"The three big private banks, Bradesco (BBD), Itau Unibanco (ITUB), and Santander (SAN), will publish second-quarter reports next week. Banco do Brasil will release second-quarter earnings on August 14."

The Financial Times
Link: S Korea probes suspected loan rate fixing
"South Korean competition authorities are investigating suspected manipulation of a national benchmark loan rate by banks, in a case that has drawn local comparisons with the global controversy surrounding the fixing of the London Interbank Offered Rate (Libor).

"The Fair Trade Commission told the Financial Times on Tuesday that the watchdog was looking into possible collusion among the brokerages responsible for setting the three-month certificate of deposit rate, used as a benchmark for a large proportion of consumer bank loans in South Korea."
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