Finance Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds

Wochit
France needs to beef up its methods for fighting tax evasion, according to a parliamentary report on a tax probe into HSBC that revealed $5 billion of undeclared assets across thousands of accounts. U.S. regulators have labeled insurer American International Group Inc. and General Electric Co.'s finance arm as potential threats to the financial system, designations that bring stricter government oversight. According to a report in China Business News, a recruitment firm that works with a Foxconn plant in Henan Province has begun a large-scale recruitment of workers for production of Apple's next-gen phone. Though the report refers to the product as the "iPhone 6," this appears to be guesswork, as there is no indication of a model number confirmation from Foxconn.
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