Europe’s biggest bank HSBC has sacked six employees after a video emerged showing them carrying out ISIL-style "mock beheading".

Iran on Monday joined 49 countries in signing up to the Asian Infrastructure Investment Bank (AIIB), bringing Asia’s largest financial lender a step closer to existence.

The International Islamic Trade Finance Corp (ITFC) has approved raising Iran’s stake in the financial entity, making the country the third largest shareholder, its annual report says.

HSBC announces plans to cut about 50,000 jobs to reduce costs and bolster shareholders’ returns.

A new China-led infrastructure bank aims to differentiate itself from other lenders with a leaner, more efficient structure that ultimately gives Beijing veto power over major decisions, people close to the institution say.