Banking giant HSBC has appointed a team of heavyweights including a former UK tax chief as part of a crackdown on financial crime following its 1.9 billion dollar (£1.2 billion) money laundering settlement.

Dave Hartnett, previously permanent secretary for tax at HM Revenue & Customs, and Bill Hughes, the former head of the Serious Organised Crime Agency, are among a number of advisers who will lead a new financial crime committee, reporting directly to the board. HSBC has also hired former US deputy attorney general Jim Comey to HSBC's board as one of three non-executives who will sit on the committee.

The move comes in the wake of HSBC's record settlement with US regulators last month over accusations the bank had allowed rogue states and drug cartels to launder billions of pounds through its US arm.

The Financial Services Authority (FSA) ordered the bank to establish a committee and independent monitor to oversee anti-money laundering activities after the alleged breaches.

HSBC was accused by the US Senate of ignoring warnings and breaching safeguards that should have stopped the laundering of money from Mexico, Iran and Syria - which led to the resignation of head of compliance David Bagley.

The bank has since split its compliance department in two, hiring Bob Werner - former head of the US Treasury Department's Office of Foreign Assets Control and Financial Crimes Enforcement Network - as head of financial crime compliance and group money laundering reporting officer.

Ruth Horgan, who joins from KPMG on April 2, will lead the new regulatory compliance division. Mr Werner and Ms Horgan will also sit on the new financial crime committee.

Published: 30 January 2013

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Fashion chain H&M has vowed to step up its expansion by targeting more than 300 new stores this year.

The pledge came even though higher costs and investment in a new brand resulted in a slight dip in its fourth quarter profits to 5.29 billion kronor (£524.2 million).

Stockholm-based H&M, which recently unveiled & Other Stories as a new fascia for the business, is planning the net addition of 325 stores this year, with the highest rate of expansion in China and the United States.

This compares with the opening of 339 stores and closure of 35 during the last financial year to November 30, giving a net addition of 304. It had originally planned to open 275 outlets.

Chief executive Karl-Johan Persson said H&M "stands strong" in a challenging clothing market which in many countries was tougher in 2012 than in 2011.

He said an 11% increase in sales in local currencies in the last financial year - up by 1% on a same-store basis - proved that customers "appreciate our collections". Group profits for the year rose 7% to 16.87 billion kronor (£1.67 billion).

Mr Persson said long-term investments in areas such as online shopping and the launch of & Other Stories, which includes a store on London's Regent Street, weighed on fourth quarter results.

Published: 30 January 2013

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A jury has failed to reach a verdict in the case of a taxi driver who sent a message to the English Defence League (EDL) saying one of its marches was going to be bombed.

Father-of-five Sakander Mahmood, 26, admitted sending the right-wing group a hoax message through its website which said: "14th July in Bristol, You are getting bombed".

But he told Sheffield Crown Court he never meant it to be taken seriously.

Mahmood said he wanted to "to get under their skin a bit" but thought the EDL would ignore his message.

When arrested, he told police he sent the message on July 10 last year "just for a laugh".

Mahmood, of Firth Park, Sheffield, denied a charge of communicating a hoax bomb threat with intent.

Published: 24 January 2013

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Nick Clegg has refused to rule out sending his children to a private school, saying the decision will not be based on politics.

The Deputy Prime Minister indicated that he would prefer his elder son Antonio to go to a state secondary this autumn, but said there was "huge competition" for places in London.

The comments, during his regular phone-in slot on LBC Radio, came after David Cameron confirmed that his daughter Nancy would be going through the state system.

Mr Clegg and his wife Miriam have three sons - Antonio, Alberto, and Miguel.

Last year the family reportedly looked round a £30,000-a-year public school.

The Liberal Democrat leader insisted this morning that they would never choose a school for "political reasons".

"If we can and it works out to send him (Antonio) to a good state, we would do so," he said. "But like all parents living in London, there's huge competition for places and we don't yet know where and exactly at what school.

"I never have sought to impose a decision on my wife as well as my son for political reasons. They are educated at the moment in the state sector, both our oldest, and I will let you know as soon as a decision has been arrived at."

Published: 24 January 2013

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Pubs run by brewery group Marston's reported strong Christmas sales as more families opted to take the strain out of festive entertaining.

The company's managed pubs enjoyed a 5.8% rise in like-for-like sales for the key three weeks to January 5, including a jump of 10% on Christmas Day.

Marston's chief executive Ralph Findlay said the company had been encouraged by the performance, although the impact of last week's snow meant like-for-like sales were 1.2% higher in the 16 weeks to Saturday.

Other pub groups have reported similar trends for the festive period, with Greene King posting record takings for Christmas Day.

Mr Findlay said he was confident of further progress, despite various external factors.

Published: 22 January 2013

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The Prince of Wales has toured a historic porcelain works which is being regenerated thanks to one of his charities.

Charles spent Tuesday morning at the Middleport Pottery site, which was secured by the Prince's Regeneration Trust (PRT) two years ago after a lengthy funding drive attracted public and private donations.

The future of the Stoke-on-Trent site, built in 1888, had been in doubt until the PRT stepped in, as the principal tenant, porcelain-maker Burleigh, had been planning to leave the works altogether.

Since the PRT bought the site, however, the company's sales are up 16%, and more staff have been hired, bringing the total employed at the site to 60, while work to regenerate the area continues.

The red-brick canalside Victorian buildings making up Middleport are in the Burslem area Stoke, in the heart of Staffordshire's Potteries, famed around the world for its quality porcelain.

Tuesday is the second of a two-day UK tour Charles is undertaking to champion British business, engineering and craftsmanship. He has shown a close interest in the Middleport site since 2009 when plans were first discussed for the Prince's charity to step in and regenerate the works.

Published: 22 January 2013

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Thousands of Russians plunged into icy waters to celebrate the Orthodox holiday of the Epiphany on Saturday, as air temperatures dipped below minus 40 degrees Celsius (minus 40 degrees Fahrenheit) in some places.

The purification ritual, commemorating the baptism of Jesus by John the Baptist, sees devout Orthodox Russians plunge into cross-shaped holes cut into frozen ponds and rivers.

Devotees believe the water takes on sacred powers during the holiday.

In line with custom, men and women clad in long white shirts or bikinis, emerged themselves three times into the ice-holes in the name of the Father, the Son and the Holy Spirit.

In Moscow, hundreds of people gathered for their freezing dip at a park pond in the city centre, where air temperatures fell below minus 10C.

Children also took part in the ancient rite that has been passed on through generations since early tsarist times.

The somewhat unusual Orthodox ceremony takes place every year from midnight to midnight between January 18 and January 19, mainly in Russia.

Bathers believe the annual ice plunge will purify them and the cold water will strengthen their bodies.

Published: 19 January 2013

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A single economy for the island of Ireland would be good for prosperity, jobs and investment, Sinn Fein has claimed.

Party president Gerry Adams called on the Irish and British governments to set a date for a border poll and let the people of Northern Ireland vote on a united Ireland.

Delivering a keynote address almost 15 years since the Good Friday Agreement, he said a referendum in the next term of the Assembly and Oireachtas would be a key element in moving forward.

"Irish unity makes sense," the Louth TD said in Dublin.

"It makes political sense. It makes economic sense. It is in the best interests of the people of these islands."

Despite loyalists staging a protest in Belfast over the Union flag controversy for a seventh week and the economic crisis in the Republic of Ireland, Mr Adams maintained that it is time to legislate for the island to be united.

"Republicans believe that partition has been bad for the people of this island and for our economy. It has been bad for investment, bad for growth, bad for jobs," Mr Adams said.

"A planned single-island economy would be good for prosperity, good for jobs, good for investment. It would benefit everyone. Together is stronger."

Greater co-operation and harmonisation and unity would transform the economic and political landscape, Mr Adams said.

"Imagine the financial and efficiency benefits if there was one education system, one health service, one energy network and all-island investment practices."

United Ireland 'makes more sense'

A single economy for the island of Ireland would be good for prosperity, jobs and investment, Sinn Fein has claimed.

Party president Gerry Adams called on the Irish and British governments to set a date for a border poll and let the people of Northern Ireland vote on a united Ireland.

Delivering a keynote address almost 15 years since the Good Friday Agreement, he said a referendum in the next term of the Assembly and Oireachtas would be a key element in moving forward.

"Irish unity makes sense," the Louth TD said in Dublin.

Published: 19 January 2013

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China's latest economic figures gave traders cause for optimism as the FTSE 100 Index maintained its strong start to the year.

Output rose to 7.9% in the final three months of the year, from 7.4% in the previous quarter, although the result for the year of 7.8% was still the country's weakest annual performance since the 1990s.

The renewed optimism over the state of the world's second largest economy meant the FTSE 100 Index, which closed at a fresh four-and-a-half year high last night, rose by another 33.4 points to 6165.9.

Miners were the driving force behind the improvement, with copper specialists Evraz and Kazakhmys up 12.3p to 303.7p and 22.25p to 798.25p respectively.

Rio Tinto was 65.25p higher to 3504.75p as shares recovered from Thursday's shock departure of chief executive Tom Albanese in the wake of nearly £9 billion of write-downs, driven by its disastrous acquisition of Alcan in 2007.

The latest surge for the FTSE 100 Index came despite more gloom from the retail sector after the Office for National Statistics said seasonally-adjusted sales volumes declined by 0.1% on the previous month.

This was worse than City forecasts for a rise of 0.2% and fuelled expectations that the UK economy will show another decline when fourth quarter GDP figures are released next Friday.

Published: 18 January 2013

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A helicopter has crashed in central London after hitting a crane on top of a tower block by the River Thames.

The stricken aircraft cartwheeled to the ground and exploded into flames before crashing into a street during the rush hour.

Burning wreckage and aviation fuel covered the road as eyewitnesses reported seeing cars on fire and hearing people screaming.

The Metropolitan Police confirmed that the helicopter had come down, while London Fire Brigade said the crash happened near Wandsworth Road in South Lambeth. Fire and rescue services said they were taking "lots of emergency calls" as eyewitnesses described seeing grey smoke towering into the sky, close to Battersea Bridge.

The crane was on top of a building called The Tower, in the St George Wharf development, and is billed to be one of Europe's tallest residential towers. The building is only a few hundred metres from MI6 and is situated on a busy roundabout. London Fire Brigade confirmed that the crane appeared to have been left "in a precarious position".

Published: 16 January 2013

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