China’s Takeover of South America
According to China Times Magazine, China will replace the European Union as South America’s most important trading partner by 2015. Currently, Asia accounts for more than 25% of South America’s total trade. With poverty levels dropping to their lowest in 20 years in the region, Latin America is fast becoming an open market for both investors and consumers. As Europe and USA battle with political and economic turmoil, they are falling behind in taking advantage of South America’s ongoing development. In addition, China’s swift industrial growth is causing the country to be in a perpetual quest for natural resources such…
HSBC Faces Criminal Charges in Argentina
British banking juggernaut HSBC, which was recently derided by U.S. lawmakers as “Too Big To Jail” after a settlement deal was reached regarding exposed money laundering practices, is now facing fresh allegations of criminal activity by Argentinian authorities. Argentinian tax chief Ricardo Echegaray, in a public statement about the investigation, said that an Argentinian subsidiary of the bank was found to have helped its clients illegally evade over $100 million in taxes, in addition to participating in other money laundering activities connected to criminal enterprises. Official charges were filed against the bank’s local subsidiary in February, following a six month…
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