Ten Things You Need to Know Today: Wednesday 18 Jul 2012

1. HSBC FACES £640M FINE OVER LAUNDERING

Europe's biggest bank, HSBC, faces a huge fine after the US Senate heard staff at global subsidiaries, including Mexico, laundered billions of dollars for drug cartels and terrorists. One boss resigned in front of Senators yesterday. According to Nils Pratley in the Guardian, it "almost puts Barclays in the shade".

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