The City roundup video: HSBC ready for a huge fine; Diageo swaps tequila for whiskey
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Version 0 of 1. Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City. The spectre of financial scandals returned to haunt the City as HSBC set aside more than a quarter of a billion pounds to cover the likely fine in Britain for its role in allegedly rigging the global foreign exchange market. This £3 trillion a day market was, according to investigators, being rigged by some of the world’s biggest banks. HSBC’s set aside £236m to cover how much it thinks it could be forced to pay in the UK as a punishment. Last week, Barclays set aside £500m and RBS £400m over the same alleged scandal, but those numbers included expected fines in the US and elsewhere. Diageo confirmed it was to swap its Irish whiskey Bushmills with the tequila Don Julio in a $1billion deal. Diageo will hand over Bushmills to the Mexican drinks group Casa Cuervo in order to grab the tequila label. Diageo has been on something of a power grab in the fast growing tequila market and Don Julio will be lined up in its drinks cabinet alongside the Peligroso upmarket tequila and, of course, Sean ‘P Diddy’ Combs’ tequila brand De Leon, which it runs in a joint venture with the entrepreneurial rapper. |