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Standard Chartered Plc agreed to pay $ 327 million to resolve allegations that it violated U.S. sanctions against Iran, Sudan and two other countries, capping months of legal headaches for the British bank. The U.S. Justice Department and the New York District Attorney’s office said on Monday the bank moved millions of dollars through the U.S. banking system on behalf of customers in the four sanctioned countries. The fine came on top of a separate payment of $ 340 million made in August by Standard Chartered to New York’s state banking regulator over Iranian sanctions. Taken together, the two penalties […]

A leading U.S. business group on Monday said it was creating a new body called the U.S.-South Africa Business Council as part of a broader effort to respond to increased competition throughout Africa from China, Europe and others. “We need to elevate the business community’s game in the continent. We have American investment there, but we have fallen behind frankly in the last 10 years,” Myron Brilliant, senior vice president at the U.S. Chamber of Commerce, said. The initiative is the latest U.S. effort to make up lost ground in Africa, which this year is home to many of the […]

By 2030 China will blow past America as the world’s largest economy and global power will shift decidedly in favor of Asia, a new report from the U.S. intelligence community forecasted on Monday. The prediction comes as the U.S. and Europe struggle to recover from the Great Recession but some emerging economies continue to grow at a far healthier pace. The National Intelligence Council’s Global Trends report concluded that by 2030 Asia will surpass North America and Europe combined in terms of global power, based on gross domestic product growth, population size, military spending and technological investment. Further, the report […]

British bank Standard Chartered Plc will pay $ 327 million to resolve allegations that it violated U.S. sanctions and other laws, the Federal Reserve said on Monday. The bank will pay $ 100 million to resolve allegations by the U.S. Federal Reserve that it provided “inadequate and incomplete responses” to bank examiners and provided insufficient oversight of its sanctions compliance program, the Fed said. The bank separately entered into deferred prosecution agreements with the U.S. Justice Department and the New York District Attorney, and will forfeit $ 227 million in connection with those agreements. Between 2001 and 2007, the bank […]

U.S., UK unveil failing banks plan

The strategy paper says shareholders should expect to be wiped out and unsecured bondholders can expect writedownsBOE Deputy Governor Paul Tucker is leading efforts to devise emergency resolution plans for banksTuckers says this represents the first steps to end “too big to fail” problem of large banks(Financial Times) — US and UK regulators will unveil the first cross-border plans to deal with failing global banks on Monday, outlining proposals to force shareholders and creditors on both sides of the Atlantic to take losses and to ensure sufficient capital exists in the banks’ headquarters to protect taxpayers.Writing in the Financial Times, […]

PARIS Economic growth appears to be gathering traction in the United States and Britain, while China and Italy may be about to turn up, the Organisation for Economic Co-operation and Development said on Monday. Signals continue to point to weak growth in Germany, France and the euro zone as a whole, however, and likewise in Japan, Russia and Canada, the Paris-based OECD said in a statement on its monthly composite leading indicator (CLI). The OECD said its October CLI reading for the United States and Britain remained above 100, which represents the long-term average of economic performance, rising respectively to […]

U.S. gas prices ‘crash’

The average price of a gallon of regular gasoline is $ 3.38, according to the Lundberg SurveyFixed refining problems, shrinking demand, lower crude oil prices bring gas prices downA further drop is expected in the coming days, the publisher of the Lundberg Survey saysLong Island, New York, had the highest average in the latest surveyMemphis, Tennessee, had the lowest average Gas prices have plummeted 46 cents a gallon over the past two months, according to a survey released Sunday.”This has been a true price crash,” said Trilby Lundberg, publisher of the Lundberg Survey.The average price of a gallon of regular […]

The U.S. needs a balanced, comprehensive approach to tackle its fiscal woes that should include a mix of spending cuts and revenue increases, the head of the International Monetary Fund said on Sunday. “My view, personally, is that the best way to go forward is to have a balanced approach that takes into account both increasing the revenue, which means, you know, either raising taxes or creating new sources of revenue, and cutting spending,” IMF Managing Director Christine Lagarde said in a pre-taped interview on CNN’s State of the Nation, which aired on Sunday. Lagarde discussed her views about Washington’s […]

U.S. authorities are investigating Steven A. Cohen’s SAC Capital Advisors hedge fund for possible insider trading in the shares of the popular diet company Weight Watchers International Inc, according to people familiar with the matter. The investigation focuses on trading in Weight Watchers shares in the first half of 2011, when SAC Capital had taken a sizeable position in the stock, and potentially could implicate the billionaire hedge fund manager, the sources said on Friday. Regulatory filings show that Cohen’s $ 14 billion fund briefly held 2.1 million shares in Weight Watchers during the period under scrutiny by authorities – […]

WILMINGTON, Delaware – China’s largest maker of auto parts won a politically sensitive auction for A123 Systems Inc , a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, the investment banker for A123 said on Saturday. Timothy Pohl of Lazard Freres said Wanxiang Group Corp’s bid of about $ 260 million topped a joint bid from Johnson Controls Inc of Milwaukee and NEC Corp <6701.T> of Japan for the maker of lithium-ion batteries. Siemens AG of Germany had also qualified to bid, according to two people familiar with the auction, who asked not […]

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