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Sunday, 22 July 2012
Super rich hold $32 trillion in offshore havens
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Greek PM sees country in "Great Depression"
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If India hurts our investments, we'll harm theirs: Russia
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Thursday, 19 July 2012
India staff under scanner in HSBC investigation
An OCC visit to India in 2007 has revealed ‘weak monitoring procedures’ in the bank’s internal control systems
HSBC’s staff in India have come under the scanner for deficiencies in their role as “offshore reviewers” of the global banking giant’s compliance to safety mechanism against money laundering and terrorist financing. A probe by the U.S. Senate’s Permanent Sub-committee on Investigations found that HSBC’s Anti-Money Laundering (AML) Compliance Department, which included employees in India, was highly inadequately staffed. Besides, deficiencies were found in the quality of the work done by HSBC’s “offshore reviewers in India”, who were used for clearing a major backlog of suspected transaction alerts at the bank. More than one-third of the alerts already resolved by the Indian reviewers and others “had to be re-done” after an independent assessment by the OCC (the US Office of the Comptroller of the Currency, which is the bank’s primary federal regulator in the country). The probe further found that an OCC visit to India in 2007 had revealed “weak monitoring procedures” in the bank’s internal control systems. At a hearing before the Senate Sub-committee on the matter here on Tuesday, HSBC apologised for its mistakes, and gave its “absolute commitment” to fix the problems. The 340-page investigation report, which was released Tuesday, found HSBC to have used its US bank (HSBC US Bank or HBUS) as a gateway into the US financial system to provide US dollar services to clients while “playing fast and loose with US banking rules,” Senator Carl Levin, the Chairman of the sub-committee, said. The investigations found that HSBC, with its headquarters in London, allowed affiliates in countries such as Mexico, Saudi Arabia and Bangladesh to move billions of dollars in suspect funds into the U.S. without adequate controls. Besides, HSBC, in 2009, authorised its affiliate to supply Indian rupees to Saudi Arabia’s Al Rajhi Bank, which, the report said, had links to financing terrorism. The report also said that Al Rajhi Bank handled IIRO’s (International Islamic Relief Organisation) “charitable contributions intended to benefit suicide bombers by directing Al Igatha Journal advertisements ... in Somalia, Sri Lanka, India, and the Philippines.” It cited a lawsuit to say that charitable organisations such as the IIRO use banks like Al Rajhi Bank to “gather donations that fund terrorism and terrorist activities” under the guise of IIRO funds labelled and designated for purposes such as ‘war and disaster’ or ‘sponsor a child’. IIRO is a Saudi-based non-profit organisation which was added to the SDN list by the United States for “facilitating fund raising for Al Qaida and affiliated terrorist groups,” the report said, while adding that HSBC’s internal Financial Intelligence Group (FIG) itself had raised questions about IIRO in 2003. SDN (Specially Designated Nationals) List, published by the U.S. government, names individuals and entities with whom the US citizens are prohibited from doing business Again in 2006, an FIG report noted that “the IIRO had been linked to Al Qaeda and other terrorist groups, plots to assassinate President Bill Clinton and the Pope, attacks on the Brooklyn Bridge and Lincoln Tunnel, and the 1993 attack on the World Trade Center,” the report said. It further said that Al Rajhi Bank had gained notoriety as well for providing banking services to several of the hijackers in the 9-11 terrorist attack, including Abdulaziz al Omari who was aboard American Airlines Flight 11. The probe also found loopholes in HSBC’s dealings with Islami Bank Bangladesh, which opened a US dollar account with HBUS in 2000, and US dollar clearing accounts with HSBC India and HSBC Pakistan in 2006. Explaining the issue of inadequate staffing, the report said that “despite its high AML risks, millions of customers, and employment of more than 16,500 employees overall, from 2006 to 2009, HBUS’ entire Compliance Department numbered less than 200 full time employees.” Besides, its AML compliance staff was a subset of that, and also included staff in India. The HBUS personnel told the Sub-committee that inadequate AML staffing was one of the biggest problems they faced and the OCC examinations also routinely identified inadequate staffing as a key AML problem, including with respect to ‘unreviewed alerts’ “Bank documents show that compliance and AML staffing levels were kept low for many years as part of a cost cutting measure,” the probe report said.Where money matters a little less
The Hindu : Business / Companies : Where money matters a little less var _comscore = _comscore || [];_comscore.push({ c1: "2", c2: "11398210" });(function() {var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true;s.src = (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js";el.parentNode.insertBefore(s, el);})();(function(d, s, id) {var js, fjs = d.getElementsByTagName(s)[0];if (d.getElementById(id)) return;js = d.createElement(s); js.id = id;js.src = "//connect.facebook.net/en_US/all.js#xfbml=1";fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk')); Follow!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); ArchivesSubscriptionsRSS FeedsSite MapePaperMobileSocialSEARCH
HomeNewsOpinionSportBusinessArtsLife & StyleS & TEducationHealthJobsClassifiedsToday's PaperTopicsCompaniesEconomyIndustryMarketsStock Quotes Business» CompaniesCHENNAI,July 19, 2012 Where money matters a little lessAnuj SrivasShare · Comment · print · Share Tweet \ABS\Auto Blog Samurai\data\BusinessTechnoTrends\the hindu\PinExt.png "Pin It")
Will organisations take a leaf out of this note?It is no more a matter of a big pay check, as a majority of Indian employees are willing to compromise on a heavy wallet provided they have job security and a pleasant working environment, according to a recent survey.The Randstad Work Monitor Survey, a quarterly review on job market sentiments that was released on Wednesday, indicates that 82% of the employees surveyed in India attach a premium to pleasant colleagues. This ranks India as the second highest in the world after China and is well above the world average of 60%. Noting that Indian employees are willing to compromise on salary for pleasant colleagues and job security, the survey said that people here ‘work to live rather than live to work’.Mr. E. Balaji, MD & CEO, Randstad India said, “considering employees spend most of their hours at work, salary is often not enough to keep them happy at work. It is imperative for the HR managers to create a work environment with a sense of community." However, about 68 per cent of those surveyed opined that a better salary was more important factor than enjoying the work they did. The findings are based on at least 400 online interviews in each of the more than 32 countries covered including India. Meanwhile, 54 per cent of the respondents felt that their organisations' financial performance was currently under pressure. Curiously, this figure is slightly higher than 42 per cent people worldwide who felt the same way. Income-based networkingWhile 8 out of every 10 respondents said that they meet their colleagues outside of work, analysis revealed that social networking amongst colleagues is highest (85 per cent) in the high income earners of over Rs. 10,00,000 per annum and least (50 per cent) amongst low income earners of less than Rs.90,000 per annum. In general, building a social network with colleagues appears to grow with income. TOPICSeconomy, business and financebusiness (general)
labouremployment
work relations
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Dr. Reddy’s Labs profit and revenue up 28 per cent, as also its revenue
HomeNewsOpinionSportBusinessArtsLife & StyleS & TEducationHealthJobsClassifiedsToday's PaperTopicsCompaniesEconomyIndustryMarketsStock Quotes Business» CompaniesCHENNAI,July 19, 2012 Where money matters a little lessAnuj SrivasShare · Comment · print · Share Tweet Will organisations take a leaf out of this note?It is no more a matter of a big pay check, as a majority of Indian employees are willing to compromise on a heavy wallet provided they have job security and a pleasant working environment, according to a recent survey.The Randstad Work Monitor Survey, a quarterly review on job market sentiments that was released on Wednesday, indicates that 82% of the employees surveyed in India attach a premium to pleasant colleagues. This ranks India as the second highest in the world after China and is well above the world average of 60%. Noting that Indian employees are willing to compromise on salary for pleasant colleagues and job security, the survey said that people here ‘work to live rather than live to work’.Mr. E. Balaji, MD & CEO, Randstad India said, “considering employees spend most of their hours at work, salary is often not enough to keep them happy at work. It is imperative for the HR managers to create a work environment with a sense of community." However, about 68 per cent of those surveyed opined that a better salary was more important factor than enjoying the work they did. The findings are based on at least 400 online interviews in each of the more than 32 countries covered including India. Meanwhile, 54 per cent of the respondents felt that their organisations' financial performance was currently under pressure. Curiously, this figure is slightly higher than 42 per cent people worldwide who felt the same way. Income-based networkingWhile 8 out of every 10 respondents said that they meet their colleagues outside of work, analysis revealed that social networking amongst colleagues is highest (85 per cent) in the high income earners of over Rs. 10,00,000 per annum and least (50 per cent) amongst low income earners of less than Rs.90,000 per annum. In general, building a social network with colleagues appears to grow with income. Keywords: job security, job market sentiments
More In: Companies | Business | IndustryShare Tweet TOPICSeconomy, business and financebusiness (general)labouremployment
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Dr. Reddy’s Labs profit and revenue up 28 per cent, as also its revenueDr. Reddy’s Laboratories (DRL) on Thursday announced a net profit of Rs. 336 crore in the first quarter ended June 30, 2012,, up 28 per... »
Delhi becomes Asian launch destination for B747-8
The Hindu : Business / Companies : Delhi becomes Asian launch destination for B747-8 var _comscore = _comscore || [];_comscore.push({ c1: "2", c2: "11398210" });(function() {var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true;s.src = (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js";el.parentNode.insertBefore(s, el);})();(function(d, s, id) {var js, fjs = d.getElementsByTagName(s)[0];if (d.getElementById(id)) return;js = d.createElement(s); js.id = id;js.src = "//connect.facebook.net/en_US/all.js#xfbml=1";fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk')); Follow!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); ArchivesSubscriptionsRSS FeedsSite MapePaperMobileSocialSEARCH.HomeNewsOpinionSportBusinessArtsLife & StyleS & TEducationHealthJobsClassifiedsToday's PaperTopicsCompaniesEconomyIndustryMarketsStock Quotes Business» CompaniesNEW DELHI,July 19, 2012Delhi becomes Asian launch destination for B747-8Sujay MehdudiaShare · Comment · print · Share Tweet India will become the first country in Asia to see the debut on August 6 of Lufthansa’s sophisticated, business-class Boeing 747-8 Intercontinental (B747-8).
The airline has earlier introduced the ‘Queen of the Skies’ in the U.S., on the Frankfurt-Washington route. The new aircraft will also turn India into the Asian launch market for the airline’s sophisticated new business class, says a Lufthansa statement issued here.
“Choosing India as a launch-pad for our latest two products in Asia underlines this market’s importance in our global network as well as our commitment to grow here. These investments will further strengthen Lufthansa’s position in the core market, that is India,” Lufthansa South Asia Director Axel Hilgers said.
B747-8, which is configured with eight first-class, 92 business-class and 262 economy-class seats, will replace Boeing 747-400, which has been flying on the Frankfurt-Delhi route. The airline will introduce the aircraft on its Frankfurt- Bangalore route later this year.
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The airline has earlier introduced the ‘Queen of the Skies’ in the U.S., on the Frankfurt-Washington route. The new aircraft will also turn India into the Asian launch market for the airline’s sophisticated new business class, says a Lufthansa statement issued here.
“Choosing India as a launch-pad for our latest two products in Asia underlines this market’s importance in our global network as well as our commitment to grow here. These investments will further strengthen Lufthansa’s position in the core market, that is India,” Lufthansa South Asia Director Axel Hilgers said.
B747-8, which is configured with eight first-class, 92 business-class and 262 economy-class seats, will replace Boeing 747-400, which has been flying on the Frankfurt-Delhi route. The airline will introduce the aircraft on its Frankfurt- Bangalore route later this year.
Keywords: Lufthansa, B747-8, aviation industry
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U.S. oil giant Chevron Corporation, on Thursday, announced that it had bought 80 per cent stake in Reliance Industries Limited’s (RIL’s)... »
Violence has implications beyond one company, region: Maruti
Maruti Suzuki attributed Wednesday’s violence at its Manesar plant to an orchestrated act of mob and said such acts of violence have implications beyond one company or region.“They are negative trigger for existing companies and regions across the country as also for prospective investors and job seekers,” the company said in a statement, a day after a senior HR official was killed and about 100 others were injured in factory violence.Maruti Suzuki, which witnessed strikes on three occasions last year, has already announced plans to set up a new plant in Gujarat at an investment of Rs 4,000 crore, a move which was interpreted as coming against the backdrop of violence in the region.Maruti Suzuki said both its plants in Manesar campus were closed on Thursday and it would shortly announce its decision on the next steps with regard to resuming operations in these facilities.Referring to the problem in the unit, it said by any account it was not an industrial relations problem over wages or working conditions.“Rather, it is an orchestrated act of mob violence at a time when operations had been normal over the past many months,” the statement said.On unrestThe company said violence at the plant broke out on Wednesday while negotiations were on between the management and the union for reinstatement of a worker who was “suspended for beating up a supervisor.”“The first act of the mob was to forcibly shut the main gate and prevent managers from leaving the premises after working hours,” the statement said.The mob targeted supervisors, managers and executives in different parts of the factory. They also ransacked offices, broke glass panes and wantonly damaged property.Finally they set offices on fire, it added.Death, injury and lossesThe company said it would give medical attention the injured while extending whatever support possible to their families.Regretting the loss of life of Awanish Kumar Dev, General Manager HR, the company described him as an outstanding professional and a team member, compassionate, soft—spoken and deeply—committed to cordial industrial relations.“We are disturbed by the mob violence and arson at our Manesar plant on Wednesday evening. Several executives, managers and supervisors were brutally attacked and injured and nearly 100 of them had to be hospitalised,” Maruti said.The company said it was still assessing the total damage to property and facilities. “What is clear is that the office facilities have been burnt beyond repair, as have the main gate, security office and the fire safety section,” it said.The top management team visited injured colleagues in hospitals in Gurgaon. “Their experience was shocking. A few of the colleagues remained serious while for others recovering from injuries it would take a while to come out of the trauma,” the statement added.Two Japanese nationals were also injured, one of whom was plant manager in Manesar.Workers’ Union reactsNone of the leaders of Maruti Suzuki Workers’ Union (MSWU) could be directly contacted for their reaction. The union, however, refuted the company’s allegations and said instead of taking action against the supervisor who was involved in a scuffle with a shop floor worker “the management immediately suspended the worker concerned without any investigation.”“When the workers along with union representatives went to meet HR to demand against the supervisor and revoke the unjust suspension of the worker, the HR officials flatly refused to hear our arguments, and it was in no mood to resolve the issue amicably,” MSWU president Ram Meher said in a statement.He alleged that when negotiations were going on with the leaders of the union inside the office, “the management called in entry of hundreds of bouncers on its payroll to attack the workers.”“This is completely an illegal vindictive action in the spirit of conspiracy to corner us into submission even as our demand and methods are legitimate,” Mr. Meher said.He said workers were attacked with sharp weapons and arms by the bouncers, who were joined by “some of the managerial staff and police later” and “beat up a number of workers who have had to be hospitalised with serious injuries.”The bouncers, who are anti-social elements on hire, also destroyed company property and set fire to a portion of the factory, Mr. Meher added.Stressing that the union had workers and company’s welfare in mind, he said it was keen on dialogue with the company management and Haryana government to “amicably resolve the matter and restore industrial peace in the factory”.
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