HSBC hit with record $16.4 mn fine; to cut 550 jobs

Britain's financial regulator slapped a record 10.5 million pound (USD16.4 million) fine on HSBC on Monday for mis-selling investments to pay care home costs for older customers.

UK defence giant BAE cuts 3,000 jobs

Hit by reduced defence spending and lack of contracts, defence giant BAE Systems Tuesday said it is cutting almost 3,000 jobs at sites across the country, mainly in its military aircraft division.