A US Senate investigation has found that poor controls at the global bank HSBC allowed Mexican drug traffickers and other criminals to launder billions of dollars into the United States. A report released before a Senate hearing on the matter today said the London-based bank also did business with firms linked to terrorism and bypassed US financial sanctions against states such as Iran. It said HSBC executives and U.S. regulators routinely ignored warning signs and failed to stop illegal behavior between 2002 and 2010, effectively giving criminals and terrorists a portal into the U.S. financial system. HSBC, Europe's largest bank, has released a statement saying its executives will apologize at the Washington hearing, during which lawmakers will question bank officials and U.S. regulators.

The ratings agency Moody's has cut the credit rating on 28 of Spain's banks one week after the country asked for money to support them. The move follows a cut to the Spanish government's own credit rating to just above junk status earlier this month. Moody's said in a statement that Spain's reduced creditworthiness implies a weaker credit profile for Spanish banks. Among the downgrades was a cut to Banco Santander. Its long-term rating was cut to Baa2 from A3 and that rating is itself under review for a possible further downgrade. But Moody's kept Santander one notch above the sovereign rating of Baa3, the Moody's release noted, because of the bank's geographic diversity and what it sees as its manageable exposure to Spanish sovereign debt. Banco Bilbao Vizcaya Agentaria was also among those whose ratings were cut.

Earlier yesterday Spain formally asked for money to help support its banks after an independent audit of Spain's banks last week found that they will need up to 62 billion euros in extra funding. European authorities had already agreed to provide up to 100 billion euros ahead of assessments of the banks' needs.

Summer came early to central and eastern Europe as unseasonally-high temperatures were recorded on Saturday in several parts of Germany, Austria and the Czech Republic. 

Austria's ZAMG meteorological centre reported a record 32 Celsius in the northern region of Lower Austria.

Temperatures hovering around 28 Celsius in Vienna drew large crowds to the banks of the Danube while Germany's Bild carried front-page pictures of Berlin residents sunbathing in 30 degrees. 

Prague experienced its hottest April 28 in 212 years, with mercury hitting 27.7 Celsius while unusually-high temperatures were also recorded in Poland and Slovakia.

The meteorological centre said the main reason for the summer weather gracing the region was a strong southern wind from Africa's Sahara desert.