HSBC to pay $1.9 billion in money-laundering case

Stefan Wermuth / Reuters, file

The investigation HSBC -- Europe's largest bank by market value -- has focused on the transfer of funds through the U.S. financial system from Mexican drug cartels and on behalf of nations like Iran that are under international sanctions.

By NBC News staff and wire services

British banking giant HSBC has agreed to pay more than $1.9 billion to U.S. authorities -- the largest penalty ever paid by a bank -- after failing to abide by anti-money laundering and sanctions laws, it said on Tuesday.

The investigation of the bank -- Europe's largest by market value -- has focused on the transfer of funds through the U.S. financial system from Mexican drug cartels and on behalf of nations like Iran that are under international sanctions.?

The bank said in a statement ?that?it had also ?clawed back? bonuses from a number of senior staff, spent more than $290 million on ?remedial measures? and taken steps to limit business in ?countries that pose a high financial crime risk.?

The statement added that the bank was also expected to finalize an agreement with the U.K. Financial Services Authority ?shortly.?

Stuart Gulliver, chief executive of HSBC Group, said in the statement that the bank was a ?fundamentally different organization? now.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again,? he said.

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"While we welcome the clarity that these agreements bring, ensuring the highest standards wherever we do business is an ongoing process,? Gulliver added. ?We are committed to protecting the integrity of the global financial system. To this end we will continue to work closely with governments and regulators around the world."

The statement, which included a string of measures taken by the bank to address the problems, also said that an independent monitor would assess HSBC?s progress over the five-year term of the agreement with the Justice Department.

The agreement with the Justice Department noted that HSBC Bank USA and HSBC Group had "provided valuable assistance to law enforcement," according to the bank?s statement.

U.S. and European banks have now agreed to settlements with U.S. regulators totaling some $5 billion in recent years on charges they violated U.S. sanctions and failed to police illicit transactions, Reuters reported.

No bank or bank executives, however, have been indicted as prosecutors have instead utilized deferred prosecutions, the wire service said.

Analyst Jim Antos, of Mizuho Securities, said the statement on Tuesday indicates an extra $420 million for the settlement costs, calling it a "trivial" figure in terms of the company's book value, Reuters reported.

"But in terms of real cash terms, that's a huge fine to pay," Antos added, who rates HSBC a "buy."

U.S. justice department officials are expected to detail the settlement later Tuesday, according to Reuters.

HSBC's settlement comes a day after rival British bank Standard Chartered agreed to a $327 million settlement with U.S. law enforcement agencies for sanctions violations, a pact that follows a $340 million settlement the bank reached with the New York bank regulator in August.

CNBC's Eamon Javers reports the detail on an investigation of HSBC's lending practices.

Medicare fraud case
Such settlements have become commonplace. In what had been the largest settlement until this week, ING Bank NV in June agreed to pay $619 million to settle U.S. government allegations it violated sanctions against countries including Cuba and Iran.

Other banks that have reached settlements over sanctions violations are Credit Suisse Group, Lloyds Banking Group, Barclays and ABN Amro Holding NV.

In the United States, J.P. Morgan Chase & Co., Wachovia Corp. and Citigroup Inc. have been cited for anti-money laundering lapses or sanctions violations.

HSBC's failings date to 2003, when the Federal Reserve Bank of New York and New York state regulators ordered the bank to better monitor suspicious money flows.

In 2010, a consent order from the Comptroller of the Currency (OCC) ordered HSBC to review suspicious transactions moving through the bank, Reuters reported. At the time, the OCC called HSBC's compliance program "ineffective."

In 2008, the U.S. Attorney in Wheeling, West Virginia, began investigating HSBC and how a local pain doctor allegedly used the bank to launder Medicare fraud.

Ultimately, that prosecutor's office came to believe the case was "the tip of the iceberg" in terms of the suspicious transactions conducted through HSBC, according to documents reviewed by Reuters and reported earlier this year.

Reuters and The Associated Press contributed to this report.

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Source: http://usnews.nbcnews.com/_news/2012/12/11/15835179-banking-giant-hsbc-to-pay-record-19-billion-in-money-laundering-case?lite

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Google adds '3D' shopping to rival in-store experience

The tools appear in Google?s shopping channel, and a 3D swivel icon shows which products can be viewed in the new mode.

Vineet Buch, Group Product Manager of Google Shopping, posted on the Inside AdWords blog that consumers who search for toy subsets on Google Shopping will now see 360-degree interactive images of the products to bring an in-store feeling even when browsing online.

The tools will improve consumers' overall shopping experience, but won't necessarily drive Web traffic to retailers or create direct revenue streams, says Google Shopping chief Sameer Samat. "If we're helping consumers be more effective in shopping and more activities, they will find Google more relevant and valuable as a company. That's a good thing for Google, long term," he explains.

In addition, Google has introduced Shortlists, a new tool that helps research for products and plan purchases with friends and family.

It consolidates a consumer?s entire shopping research in one location, which saves time previously allotted for bookmarking websites and opening URLs from long lists in documents.

Shortlists monitors products from Google Shopping and other websites, views product information (photos, prices and specs) side-by-side.

Shoppers can create a shortlist by clicking the ?Add to Shortlist? button when browsing products on Google Shopping.

Here are a few of the other tools the Google Shopping team created to make holiday shopping, which have been pasted from the blog below:

? Not sure you?ve found the perfect gift? Read reviews from people you know and write your own product reviews on Google Shopping.

? Found an item that?s almost perfect but not quite? Now you can view ?visually similar? results for even more types of products and categories, including jewellery, coats, handbags and more.

? Buying an important gift? Look for the Google Trusted Store logo as you shop. It indicates a store ships quickly and delivers excellent customer service.

? Shopping on the go? Browse for gift ideas, find local sales and research products with the new and improved Google Shopper 3.0, currently available for Android.

? Still need some inspiration? Browse holiday catalogs from the top retailers directly on Google Shopping.

Read the official blog here

Source: http://www.digitalstrategyconsulting.com/netimperative/news/2012/12/google_adds_3d_shopping_to_rival_instore_experience.php

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The Power of Fiction | Psychology Today

In my ongoing series, Conversations, I talk with interesting people who have something compelling to say about family relationships. Today I'm chatting with Rachel Simon, bestselling author of?The Story of Beautiful Girl and Riding The Bus with My Sister.

Lynne: I often talk about what a wonderful vehicle fiction is for teaching. I found The Story of Beautiful Girl to be a powerful narrative that does so much to educate readers about people with disabilities, what they want and hope for, how universal our dreams and desires are. How do you think novels in particular educate readers, as opposed to nonfiction?

Rachel: Two answers come immediately to mind. In fiction you don?t have to come to a single way to respond to what?s being written about, you may even experience ambiguity. Fiction can prompt a reader to rethink previous positions on the issues at hand, about characters; the reader may go deeper than they?ve gone before emotionally. Enlarging their perspectives. In fiction, writers aim to move our hearts.

The second real difference between fiction and nonfiction, is that in fiction a writer with a great toolbox, real skill, can write from multiple points of view. Allowing readers to see the world through many different people?s eyes. With more than one story, many issues can be addressed, none of which have to lead the reader to any particular conclusion. Multiple points of view in a story, ask readers to imagine other lives. In this way, these stories are so powerful. I believe great novels of the past, even the bible, have stood the test of time for this reason.

Nonfiction on the other hand has only one perspective. And of course the danger of writing nonfiction, is writing with an agenda. It shouldn?t be a writer?s intent to write with specific messages in mind.

Lynne: You?ve written nonfiction memoirs. Most notably, Riding the Bus with My Sister. When do you choose to write a story from a nonfiction point of view or as fiction? When you get the germ or seed you know will become something, how do you know it will be fiction or nonfiction?

Rachel: For me there has always been a lot of considerations. When I was an event coordinator for Barnes and Noble, I saw fiction events not well attended. For nonfiction of all kinds, events were well-attended, we sold books. At that time, memoir was a big trend. It was the rise of the stories like Angela?s Ashes, The Color of Water. I?ve always wanted my work to be read widely, and I thought perhaps I can try my hand at memoir.

Enter serendipity. I wrote a piece on my sister and her bus schedule for the Philadelphia Inquirer. My colleagues said, ?This is a memoir.? I wondered how would I structure it, and then with a lot of thought, hard work and support, I wrote Riding the Bus with My Sister. The book became a big deal, then movie, and led to speaking engagements about my experiences having a sister with disabilities.

For nonfiction, I have to have a strong need to say something more. It must be dramatic, and if others are writing about similar experiences, I?m forced to ask, ?Why should I be the one to write it??

Lynne: So you?ve written nonfiction about your experiences, and now a novel exploring similar themes. Do you consider yourself an expert on persons with disabilities?

Rachel: No. I?m only knowledgeable about my experience. Every day is a learning process. The older I get the more I listen. Both experiences?my writing in general?have invited people to share their stories with me. And each one reminds me what I know and what I don?t know. I am increasingly curious. I try to live consciously with an open mind and heart?even though at times I don?t.

My whole idea of society is informed by my sister. I believe we are here to help each other. From that you gain a strong sense of what social justice is. It?s part of why I?m here. To do the right thing. To encourage others to do the right thing. To be a translator. I see myself as playing a key role in helping others to understand her, to help her to understand the world.

What I?ve learned that?s so valuable is that so often our stories may at first may seem at odds with each other. The parent, the teacher. But in fact they aren?t. There is something larger at play.

A skilled writer writes from the vantage point of a person?s truth, about psychological understanding of themselves, who they love, or she invites others to go on a journey with fictional characters. Somehow this allows readers the opportunity to examine universal truths.

**

Rachel Simon is the award-winning author of six books and a nationally-recognized public speaker on issues related to diversity and disability. Her titles include the bestsellers, The Story of Beautiful Girl and Riding The Bus with My Sister. For more about Rachel, her books, and her speaking engagements visit her website.

**

Lynne Griffin is the author of the family novels?Sea Escape?and?Life Without Summer?and the?parenting?guide?Negotiation Generation. You can find her online here:?www.LynneGriffin.com, and atwww.twitter.com/Lynne_Griffin?and at?www.facebook.com/LynneGriffin.

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Source: http://www.psychologytoday.com/blog/field-guide-families/201212/the-power-fiction

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Afghanistan beckons India's business leaders to invest

MUMBAI (Reuters) - Afghanistan is "ripe and ready" for Indian investments in mining and other sectors, President Hamid Karzai told business leaders in Mumbai on Saturday at the start of a trip to woo investors for his war-ravaged country.

"We'd like to welcome you with a red carpet, but you need to arrive at the red carpet," he told delegates at an Indian industry event in the financial capital.

"What I'd like to emphasize in particular is that Indian businesses need not be shy when thinking about Afghanistan. The Chinese businesses were there long before you came, five or six years before."

India has invested billions of dollars in Afghanistan since the Taliban regime's ouster in 2001 and has urged private firms to invest there, though many have misgivings about the security climate after 2014, when most foreign troops will leave. China is also looking to tap into Afghanistan's mineral reserves.

A consortium led by state-firm Steel Authority of India last year won the rights to develop a huge iron ore deposit in central Afghanistan and a nearby 6 million metric ton steel plant at a cost of around $11 billion.

China won a huge copper concession not far from Kabul, as well as oil blocks in the north.

However, both Asian giants have been held back in Afghanistan by security concerns as well as poor infrastructure in the landlocked, mountainous country.

India also has to tread carefully in Afghanistan because of the suspicions of arch-rival Pakistan, which sees New Delhi's expanding role in its neighbor as a move to encircle it.

Indian Commerce and Industry Minister Anand Sharma told the meeting with Karzai that New Delhi would look at engaging with Kabul to develop infrastructure such as highways, power projects, Chahbahar port and energy security.

(Reporting by Swati Pandey; Editing by Ron Popeski)

Source: http://news.yahoo.com/afghanistan-beckons-indias-business-leaders-invest-120449387--finance.html

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Brooke Burke-Charvet: I Have Thyroid Cancer - iVillage

Brooke Burke-Charvet is going through a health scare, and she's ready to talk about it. The Dancing with the Stars cohost revealed that she's been diagnosed with thyroid cancer in a video posted on her Modern Mom blog on Nov. 8.

"Long story. I got my results back and they were not good," said Burke-Charvet, 41. "I need to have thyroid surgery, a thyroidectomy, which means that I am going to have a nice big scar, right here, across my neck."

She added, however, that her prognosis was hopeful.

"Doctors say that this is a 'good kind of cancer to have.' That sounds so crazy. But my doctor did tell me that this is a happily ever after ending kind of thing."

Burke-Charvet won season 7 of Dancing with the Stars in 2008 and has cohosted the show?s last six seasons with Tom Bergeron. Fighting her cancer, however, will require her to adjust her mindset, Burke-Charvet said.

"I guess the truth is I'm always so used to being in control and taking care of everybody... and now I find myself in this really out of control situation. Here's the way I see it: I'm going to make a positive out of this negative thing. I am going to be a really good patient and I am going to do everything I need to do. I booked my surgery and it's taken me a couple months to really wrap my head around this."

The former DWTS champion has the full support of Bergeron, who has known for a while about Brooke's diagnosis.

"She knows my love and support are with [her]," he said Thursday on The Talk, just hours after Burke-Charvet revealed she will undergo a thyroidectomy. "We're all right there with her."

Bergeron was encouraging about his cohost's diagnosis. "You never want to hear the word 'cancer,' but thyroid cancer is one of the most treatable cancers. It has an incredibly high success rate."

Burke-Charvet married French singer and actor David Charvet in St. Barts in August 2011. The couple have two children, daughter Rain, 5, and son Shaya, 4. Burke has two children from her previous marriage to plastic surgeon Garth Fisher, daughters Neriah, 12, and Sierra, 10.

"Now I'm good and I'm ready to deal with it and I'm going to be fine," the mother of four said. "I feel really, really strong."

Source: http://www.ivillage.com/brooke-burke-charvet-i-have-thyroid-cancer/1-a-500443

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Lockheed CEO Stevens says company "not in crisis"

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Franchising: Which one should you buy? | Kuwait Times

Before buying a franchise, people often tell me they want to buy a ?hot one,? meaning the most popular franchise. But I say, ?That?s the fastest way to get burned!? Eventually, ?hot? franchises turn cold, so beware of buying a franchise just because it?s trendy.

Besides, there are many important questions to ask before you buy a franchise, beginning with: ?Why do I want to buy one?? People who rush into buying franchises often discover it was the worst decision they made. That?s because their expectations and goals were incompatible with franchising, or they bought the wrong business.

Your personal satisfaction
?What will make me happy??
It doesn?t sound like a question serious business investors ask, but it?s a must-answer question before buying a franchise. Some people claim, ?If the franchise makes money, I?ll be happy,? but that?s not always true. What if you discover customers don?t like the product or service you?re selling? Or it?s too costly to keep employees? What if you have to work in the business 18 hours a day? Or you don?t get along with the franchisor? Or you don?t like the customers? How much money will it take to turn your misery into happiness? If you buy the wrong franchise, you may end up closing the business and losing your investment.

Consider time and money
Two of the most critical considerations are your time and money. How much time will you devote to your business? And how much money can you invest? Some franchises require owners to devote long hours, five or more days a week, to establish the business. Will you do that? Or should you look for a business that?s less demanding? Even if there?s no limit to your money, you still need to consider the investment. How much money can you invest? How quickly do you need to break-even and begin earning a profit?

Investment requirements
There are several costs when buying a franchise. You?ll pay a licensing fee, which usually includes training and support, plus additional expenses that may include land, a lease, equipment, inventory, materials, the cost of training employees, and start-up capital. Your total investment to open one franchise may be 20,000 to 50,000 KD. To acquire the master license rights to develop multiple outlets of an established foreign franchise, you may pay an additional 100,000 KD, plus the cost of opening each unit!

By necessity, the type of business you buy may depend on the size of your budget, which makes it all the more important to select a franchise that satisfies your expectations and goals.

Answering these critical questions will help you protect your investment. You can get a list of 92+ Questions To Ask Before You Invest In A Franchise at www.howtobuyafranchise.com. After you answer the key questions, then decide which franchise to buy. You?ll find more about that topic in future editions of this column.

How can you improve your business? Dr. John Hayes will help you discover points of opportunity. Free analysis for qualifying businesses. Send a paragraph describing your business; selected businesses may be featured in Kuwait?s My Business. Dr. Hayes has worked with an impressive international list of independent and franchised businesses. He is a professor in the College of Business at GUST. Contact him at questions@hayesworldwide.com, or via Twitter @drjohnhayes.

By Dr. John P. Hayes
local@kuwaittimes.net

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Source: http://news.kuwaittimes.net/2012/11/08/franchising-which-one-should-you-buy/

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