China’s airing of ‘V for Vendetta’ stuns viewers

BEIJING (AP) — Television audiences across China watched an anarchist antihero rebel against a totalitarian government and persuade the people to rule themselves. Soon the Internet was crackling with quotes of “V for Vendetta‘s” famous line: “People should not be afraid of their governments. Governments should be afraid of their people.”

The airing of the movie Friday night on China Central Television stunned viewers and raised hopes that China is loosening censorship.

“V for Vendetta” never appeared in Chinese theaters, but it is unclear whether it was ever banned. An article on the Communist Party’s People’s Daily website says it was previously prohibited from broadcast, but the spokesman for the agency that approves movies said he was not aware of any ban.

Some commentators and bloggers think the broadcast could be CCTV producers pushing the envelope of censorship, or another sign that the ruling Communist Party‘s newly installed leader, Xi Jinping, is serious about reform.

“Oh God, CCTV unexpectedly put out ‘V for Vendetta.’ I had always believed that film was banned in China!” media commentator Shen Chen wrote on the popular Twitter-like Sina Weibo service, where he has over 350,000 followers.

Zhang Ming, a supervisor at a real estate company, asked on Weibo: “For the first time CCTV-6 aired ‘V for Vendetta,’ what to think, is the reform being deepened?”

The 2005 movie, based on a comic book, is set in an imagined future Britain with a fascist government. The protagonist wears a mask of Guy Fawkes, the 17th-century English rebel who tried to blow up Parliament. The mask has become a revolutionary symbol for young protesters in mostly Western countries, and it also has a cult-like status in China as pirated DVDs are widely available. Some people have used the image of the mask as their profile pictures on Chinese social media sites.

Beijing-based rights activist Hu Jia wrote on Twitter, which is not accessible to most Chinese because of government Internet controls: “This great film couldn’t be any more appropriate for our current situation. Dictators, prisons, secret police, media control, riots, getting rid of ‘heretics’ … fear, evasion, challenging lies, overcoming fear, resistance, overthrowing tyranny … China’s dictators and its citizens also have this relationship.”

China’s authoritarian government strictly controls print media, television and radio. Censors also monitor social media sites including Weibo. Programs have to be approved by the State Administration of Radio, Film and Television, but people with knowledge of the industry say CCTV, the only company with a nationwide broadcast license, is entitled to make its own censorship decisions when showing a foreign movie.

“It is already broadcast. It is no big deal,” said a woman who answered the phone at movie channel CCTV-6. “We also didn’t anticipate such a big reaction.”

The woman, who only gave her surname, Yang, said she would pass on questions to her supervisor, which weren’t answered.

The spokesman for the State Administration of Radio, Film and Television said he had noticed the online reaction to the broadcast. “I’ve not heard of any ban on this movie,” Wu Baoan said Thursday.

The film is available on video-on-demand platforms in China, where movie content also needs to be approved by authorities.

A political scientist at the Chinese Academy of Social Sciences who used to work for CCTV said the film might have approval, or it could have been CCTV’s own decision to broadcast it.

“Every media outlet knows there is a ceiling above their head,” said Liu Shanying. “Sometimes we will work under the ceiling and avoid touching it. But sometimes we have a few brave ones who want to reach that ceiling and even express their discontent over the censor system.

“It is very possible that CCTV decided by itself” to broadcast the film, Liu said. If so, he added, it would have been “due to a gut feeling that China’s film censorship will be loosened or reformed.”

“V for Vendetta” was released in the United States in 2005 and around the world in 2006. China has a yearly quota on the numbers of foreign movies that can be imported on a revenue share basis, making it tough to get distribution approval. Other movies that failed to reach Chinese screens in 2006 include “Brokeback Mountain” and “Pirates of the Caribbean: Dead Man’s Chest.” Chinese moviegoers that year were able to see “Mission: Impossible III” with Tom Cruise and “The Painted Veil,” which was filmed in China and set in a Chinese village.

Warner Brothers, which produced and distributed “V for Vendetta,” declined to comment.

China doesn’t have a classification system, so all movies shown at its cinemas are open to adults and children of any age. A filmmaker and Beijing Film Academy professor, Xie Fei, published an open letter on Sina Weibo on Saturday calling for authorities to replace the movie censorship system that dates from the 1950s with a ratings system.

The airing of “V for Vendetta” raised some hopes about possible changes under Xi, who was publicly named China’s new leader last month. He has already announced a trimmed-down style of leadership, calling on officials to reduce waste and unnecessary meetings and pomp. His reforms are aimed at pleasing a public long frustrated by local corruption.

State media say they have reduced reports on officials’ trips as part of this drive. The official Xinhua News Agency warned this week that media outlets should “learn to play professionally in today’s information age as an increasingly picky audience is constantly” putting them under scrutiny.

An American business consultant and author with high-level Chinese contacts said there is no less commitment to one-party rule in China, so any media reforms will only go so far.

“You can’t have a totally free media as we would have in the West and still maintain the integrity of a one-party system,” said Robert Lawrence Kuhn, who wrote the book “How China’s Leaders Think.” He said he thinks restrictions are being eased, “but it has to be limited.”

The new leadership has to tread carefully, Kuhn said, because in the age of the Internet, talk about reforms won’t be forgotten.

“High expectations, if they are not fulfilled, will create a worse situation,” he said.

___

AP researchers Flora Ji and Henry Hou contributed to this report.

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Research and Markets: Sexual Health Partnering Terms and Agreements

DUBLIN–(BUSINESS WIRE)–

Research and Markets (http://www.researchandmarkets.com/research/v5b7pw/sexual_health) has announced the addition of the “Sexual Health Partnering Terms and Agreements” company profile to their offering.

The Sexual Health Partnering Terms and Agreements report provides comprehensive understanding and unprecedented access to the sexual health partnering deals and agreements entered into by the worlds leading healthcare companies.

The report provides a detailed understanding and analysis of how and why companies enter sexual health partnering deals. The majority of deals are discovery or development stage whereby the licensee obtains a right or an option right to license the licensors sexual health technology. These deals tend to be multicomponent, starting with collaborative R&D, and commercialization of outcomes.

Understanding the flexibility of a prospective partner’s negotiated deals terms provides critical insight into the negotiation process in terms of what you can expect to achieve during the negotiation of terms. Whilst many smaller companies will be seeking details of the payments clauses, the devil is in the detail in terms of how payments are triggered – contract documents provide this insight where press releases do not.

This report contains over 500 links to online copies of actual sexual health deals and contract documents as submitted to the Securities Exchange Commission by companies and their partners. Contract documents provide the answers to numerous questions about a prospective partner’s flexibility on a wide range of important issues, many of which will have a significant impact on each party’s ability to derive value from the deal.

In addition, a comprehensive appendix is provided with each report of all sexual health partnering deals signed and announced since 2007. The appendices are organized by company A-Z, stage of development at signing, deal type (collaborative R&D, co-promotion, licensing etc) and technology type. Each deal title links via Weblink to an online version of the deal record and where available, the contract document, providing easy access to each contract document on demand.

The report also includes numerous tables and figures that illustrate the trends and activities in sexual health partnering and dealmaking since 2007.

In conclusion, this report provides everything a prospective dealmaker needs to know about partnering in the research, development and commercialization of sexual health technologies and products.

Company profiles:

- Abbott

- Bayer

- GlaxoSmithKline

- Menarini

- Merck & Co

- Mylan

- Pfizer

- Roche

- Teva

- Valeant

- Warner Chilcott

- Watson

For more information visit http://www.researchandmarkets.com/research/v5b7pw/sexual_health

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The Most Powerful Woman in Finance

Those who know her describe Abigail Johnson as steely and extremely serious, qualities that come across in photographs: Whippet-thin, she’s almost always wearing glasses, her fine features and blue eyes rarely revealing more than a slight smile. An heiress to a Boston family fortune—with a personal net worth estimated by the Bloomberg Billionaires index at $ 10 billion—she’s one of the world’s richest women. She’s also one of the most driven and hardworking. In her 24 years at Fidelity Investments, the mutual fund company founded by her grandfather, Johnson worked through two pregnancies and, according to press reports, a serious illness in 2007 that she never discussed with her colleagues.

Through a spokesman, Johnson declined to comment for this piece. Silence has been her mode for years. She even said little when she was named president of Fidelity Investments Financial Services in August, making her second in command at the $ 3.8 trillion mutual fund company, the nation’s second largest. She reports to her father, Fidelity Chairman and Chief Executive Officer Edward “Ned” Johnson III, and her elevation to the No. 2 position arguably makes Abby—nobody calls her Abigail—the most powerful woman in finance.

With her ascension, Johnson, 51, has become the leading member of what today is still a very small club. In the financial world, only a handful of women have reached the top ranks. They include Sallie Krawchek, former president of Bank of America’s (BAC) investment management division, who has been discussed as a possible candidate for the chair of the SEC; Ina Drew, JPMorgan Chase’s (JPM) former chief investment officer, who resigned in May after the bank suffered a $ 6.2 billion trading loss; and Mellody Hobson, president of Ariel Investments, the $ 3 billion Chicago-based money management firm.

Johnson joins this group as Fidelity faces some of the biggest threats in its 66-year history. Fidelity still churns out big profits; it racked up operating income of $ 3.3 billion in 2011 on revenue of $ 12.8 billion, primarily from brokerage commissions and fees in its asset management, investment advisory, and record-keeping businesses. But Fidelity is no longer the largest mutual fund company in the country based on assets under management. It lost that position to Vanguard in 2010. And its target customers are increasingly moving away from actively managed stock funds—long Fidelity’s signature product—and into passive stock funds and more conservative fixed-income funds.

To fix the family business, Johnson can rely on input and guidance from a large team of executives, including her formidable father, now 82, who took the small Boston investment firm founded in 1946 by his father, Edward Johnson II, and turned it into a colossus. On at least one issue, though, she’ll likely be operating alone. Financial firms, particularly in wealth management, often prosper with a personal touch. Think Charles Schwab or John Bogle at Vanguard. A woman atop the company—guiding strategy in the boardroom and delivering the message on TV—could attract a raft of new customers. The question is: Does Abby Johnson want to be that woman?

Born in 1961, Johnson is the eldest of Ned and Elizabeth “Lillie” Johnson’s three children. Raised on Boston’s North Shore, she had a classic Boston Brahmin upbringing, attending the tony Buckingham Browne & Nichols school in Cambridge, summering at the family estate in Maine, and majoring in art history at Hobart and William Smith Colleges. Despite the family’s fortune, estimated at about $ 22 billion today, she grew up with a flinty distaste for public displays of wealth, working as a waitress one summer, answering customer service calls at Fidelity during another. The Johnsons were rarely in the newspapers; even today, Ned can walk down the street in Boston unrecognized, says John Bonnanzio, the editor of Fidelity Monitor & Insight, an investment newsletter.

After graduating from college in 1984, Johnson went to work not at Fidelity, but as an associate at the management consultant Booz Allen Hamilton (BAH). She went to Harvard to get her MBA, graduated in 1988, and was married that summer to Christopher McKown, a health-care entrepreneur she’d met when they both worked at Booz. They moved into the home they live in today with their two teenage daughters in the Boston suburb of Milton. The seven-bedroom house on a wooded 5.6-acre estate belonged to her grandfather.

Abby went to work for Fidelity shortly after her marriage, beginning a rigorous and long-running apprenticeship. She started as a stock analyst and then became a portfolio manager. From 1988 to 1997, she worked at six different funds and clocked in as one of Fidelity’s top managers in the first six months of 1995, with 25.2 percent returns on Fidelity’s $ 1.9 billion OTC Portfolio (FOCPX).

Johnson moved out of portfolio management in 1997 and into Fidelity’s middle-executive ranks. During the next 14 years, she worked in virtually every key area of the company, running its equity information technology systems, the equity division, and its immense, now $ 1.5 trillion mutual fund operation. She also ran Fidelity’s vast retirement and benefits administration business, the area that includes Fidelity’s 401(k) division.

In the process, Johnson gained respect for her mastery of technology and management processes, says Ronald O’Hanley, Fidelity Investments’ president of Asset Management and Corporate Services, who adds that “she is really driven by things that others might find exhausting or even uninteresting.” And by an almost obsessive focus on the needs of Fidelity’s customers, “even if it’s not the best thing, from the point of view of our bottom line,” he says.

Soft-spoken and understated, she became known as a manager with a collaborative style, more in the mold of her collegial grandfather than her brusque father. “She is very much a person who encourages debate and discussion,” says O’Hanley. “She doesn’t lead by fiat or by raising her voice or by asserting that she is the smartest person in the room.”

By 2007, Johnson had climbed to the senior-most executive ranks. In August of that year, Fortune reported she had lost weight and that so much of her hair had fallen out that she was wearing a wig. Inside Fidelity and in the media there was speculation that she had cancer; it was never openly discussed at the company, which refused to comment publicly. Throughout this period, Johnson rarely missed a day of work.

Over the years, other executives who might have run the company have left one by one. Robert Pozen, the mutual fund chief, departed in 2001. In 2007, Ellyn McColgan, who’d helped build Fidelity’s brokerage system and who was a rival for the top job, left, as did Robert Reynolds, the company’s chief operating officer and now president and CEO of Putnam Investments.

Among her biggest challenges, according to analysts, is repairing the hit Fidelity has taken to its market share. Since the end of 2008, Vanguard’s stock and bond mutual funds have attracted $ 274 billion from investors, according to Lipper Analytical Services, compared with $ 52 billion for Fidelity. The company was particularly bruised by the huge market drops from the dot-com bust and the 2008 meltdown, which sent investors fleeing managed funds for such lower-cost vehicles as index and exchange-traded funds.

Fidelity almost completely dropped the ball in developing ETFs, fearing they would cannibalize its managed funds. Despite the thin profit margins on ETFs for fund companies, says Bonnanzio, Fidelity’s decision not to move aggressively into the $ 1.8 trillion market “was a mistake.”

Fidelity’s O’Hanley questions the emphasis on market share. The company, he says, does not just focus on assets under management, now at $ 1.6 trillion, but also on its assets under administration—funds it holds for its customers but does not direct—which account for another $ 2.2 trillion. This includes non-Fidelity products like mutual funds and ETFs of other firms, such as BlackRock (BLK), which Fidelity sells on its “open architecture” platform. Still, Fidelity may be playing catch-up. This month it filed an application with the SEC for permission to introduce ETFs that would be run by Fidelity’s active stockpickers.

The issue is not that Fidelity lacks good products, it’s that the firm hasn’t done as well as it needs to in marketing itself, says James Lowell III, chief investment officer of Adviser Investments and editor of Fidelity Investor, an independent newsletter. “Where they have failed utterly is to attract inflows,” says Lowell. “That’s where they’re getting smoked by literally inferior products, even high-priced products. Fidelity’s indexed funds are lower priced than Vanguard’s, and yet Vanguard continues to be able to convince investors that it’s got the low-priced product,” he says. Fidelity has “the product. They have excellent service, they have an excellent platform, they have an excellent understanding of their business. They just need to let people know about it.” With Abby Johnson at the helm, he says, it’s the perfect moment for Fidelity to revitalize its image.

Here Johnson, who possesses many of the qualities of a public leader, could step in. Lowell is betting that, like Schwab and Bogle, Johnson will rise to the challenge. She has started to be comfortable making speeches and appearing at large events. “She has got to do a better job of being a little bit more public,” he says. “Replacing one CEO with a very dynamic, committed CEO—and in this case gender matters—that is your moment to rebrand. And she knows it.”

Fidelity has said Ned Johnson has no plans to retire, making it hard to predict how long his lion-in-winter phase will last. It won’t last forever. In April, the Greater Boston Chamber of Commerce dinner honored the Johnson family for their contribution to the city. It was a rare public appearance for Ned Johnson, who looked frail. Abby, dressed in a simply tailored silvery blue suit, stepped to the podium, adjusted her glasses, and began to speak on behalf of her family. “On some level, the curtain was closing,” says Bonnanzio.

“I think it’s been difficult to give Abigail her due,” he says, “difficult for her to really make her mark, given that she has always been in the shadows of her father. It’s going to be fascinating when her father leaves the stage.”

Andrews is a Bloomberg Businessweek contributor.

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State Department security chief leaves post over Benghazi

WASHINGTON (Reuters) – The U.S. State Department said on Wednesday its security chief had resigned from his post and three other officials had been relieved of their duties following a scathing official inquiry into the September 11 attack on the U.S. mission in Benghazi.

Eric Boswell has resigned effective immediately as assistant secretary of state for diplomatic security, State Department spokeswoman Victoria Nuland said in a terse statement. A second official, speaking on condition of anonymity, said Boswell had not left the department entirely and remained a career official.

Nuland said that Boswell, and the three other officials, had all been put on administrative leave “pending further action.”

An official panel that investigated the incident concluded that the Benghazi mission was completely unprepared to deal with the attack, which killed U.S. Ambassador Christopher Stevens and three other Americans.

The unclassified version of the report, which was released on Tuesday, cited “leadership and management” deficiencies, poor coordination among officials and “real confusion” in Washington and in the field over who had the authority to make decisions on policy and security concerns.

“The ARB identified the performance of four officials, three in the Bureau of the Diplomatic Security and one in the Bureau of (Near Eastern) Affairs,” Nuland said in her statement, referring to the panel known as an Accountability Review Board.

Secretary of State Hillary Clinton accepted Boswell’s decision to resign effective immediately, the spokeswoman said.

Earlier, a U.S. official who spoke on condition of anonymity said Boswell, one of his deputies, Charlene Lamb, and a third unnamed official has been asked to resign. The Associated Press first reported that three officials had resigned.

PANEL STOPS SHORT OF BLAMING CLINTON

The Benghazi incident appeared likely to tarnish Clinton’s four-year tenure as secretary of state but the report did not fault her specifically and the officials who led the review stopped short of blaming her.

“We did conclude that certain State Department bureau-level senior officials in critical positions of authority and responsibility in Washington demonstrated a lack of leadership and management ability appropriate for senior ranks,” retired Admiral Michael Mullen, one of the leaders of the inquiry, told reporters on Wednesday.

The panel’s chair, retired Ambassador Thomas Pickering, said it had determined that responsibility for security shortcomings in Benghazi belonged at levels lower than Clinton’s office.

“We fixed (responsibility) at the assistant secretary level, which is, in our view, the appropriate place to look for where the decision-making in fact takes place, where – if you like – the rubber hits the road,” Pickering said after closed-door meetings with congressional committees.

The panel’s report and the comments by its two lead authors suggested that Clinton, who accepted responsibility for the incident in a television interview about a month after the Benghazi attack, would not be held personally culpable.

Pickering and Mullen spoke to the media after briefing members of the House of Representatives Foreign Affairs Committee and Senate Foreign Relations Committee behind closed doors on classified elements of their report.

Clinton had been expected to appear at an open hearing on Benghazi on Thursday, but is recuperating after suffering a concussion, dehydration and a stomach bug last week. She will instead be represented by her two top deputies.

Clinton, who intends to step down in January, said in a letter accompanying the review that she would adopt all of its recommendations, which include stepping up security staffing and requesting more money to fortify U.S. facilities.

The National Defense Authorization Act for 2013, which is expected to go to Congress for final approval this week, includes a measure directing the Pentagon to increase the Marine Corps presence at diplomatic facilities by up to 1,000 Marines.

Some Capitol Hill Republicans who had criticized the Obama administration’s handling of the Benghazi attacks said they were impressed by the report.

“It was very thorough,” said Senator Johnny Isakson. Senator John Barrasso said: “It was very, very critical of major failures at the State Department at very high levels.” Both spoke after the closed-door briefing.

Others, however, took a harsher line and called for Clinton to testify as soon as she is able.

“The report makes clear the massive failure of the State Department at all levels, including senior leadership, to take action to protect our government employees abroad,” Representative Mike Rogers, the Republican chairman of the House Intelligence Committee, said in a statement.

Senator Bob Corker, who will be the top Republican on the Senate Foreign Relations Committee when the new Congress is seated early next year, said Clinton should testify about Benghazi before her replacement is confirmed by the Senate.

Republicans have focused much of their firepower on U.S. Ambassador to the United Nations Susan Rice, who appeared on TV talk shows after the attack and suggested it was the result of a spontaneous protest rather than a premeditated attack.

The report concluded that there was no such protest.

Rice, widely seen as President Barack Obama’s top pick to succeed Clinton, withdrew her name from consideration last week.

(Additional reporting by Tabassum Zakaria and Susan Cornwell; Editing by Christopher Wilson)

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Facebook CEO Mark Zuckerberg donating $500 million in stock to Silicon Valley charity

SAN FRANCISCO – Facebook CEO Mark Zuckerberg said Tuesday he is donating nearly $ 500 million in stock to a Silicon Valley charity with the aim of funding health and education issues.

Zuckerberg donated 18 million Facebook shares, valued at $ 498.8 million based on their Tuesday closing price. The beneficiary is the Silicon Valley Community Foundation, a non-profit that works with donors to allocate their gifts.

This is Zuckerberg’s largest donation to date. He pledged $ 100 million in Facebook stock to Newark, New Jersey, public schools in 2010, before his company went public earlier this year. Later in 2010, he joined Giving Pledge, an effort led by Microsoft Corp. founder Bill Gates and Berkshire Hathaway Inc. CEO Warren Buffett to get the country’s richest people to donate most of their wealth. His wife, Priscilla Chan, joined with him.

In a Facebook post Tuesday, Zuckerberg, 28, said he’s “proud of the work” done by the foundation that his Newark donation launched, called Startup: Education, which has helped open charter schools, high schools and others.

With the latest contribution, he added, “we will look for areas in education and health to focus on next.” He did not give further details on what plans there may be for funds.

“Mark’s generous gift will change lives and inspire others in Silicon Valley and around the globe to give back and make the world a better place,” said Emmett D. Carson, CEO of the foundation.

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Tom Hooper, Mychael Danna join crowded slate of Palm Springs honorees

LOS ANGELES (TheWrap.com) – “Les Miserables” director Tom Hooper and “Life of Pi” composer Mychael Danna are the latest awards-season hopefuls to be added to the slate of honorees at the Palm Springs International Film Festival, PSIFF organizers announced on Tuesday.

The two will join a list of honorees that in recent days has expanded to include Helen Mirren, Richard Gere, Bradley Cooper and Sally Field. Other awards will go to Helen Hunt, Naomi Watts, Robert Zemeckis and the cast of “Argo.”

Hooper will receive the Sonny Bono Visionary Award, named in honor of the singer/producer/actor and Palm Springs mayor who launched the festival. Past recipients include Danny Boyle, Quentin Tarantino, Baz Luhrmann and last year’s winner, “The Artist” director Michel Hazanavicius.

“Tom Hooper brilliantly transforms the classic stage musical ‘Les Misérables’ into a cinema marvel,” said festival chairman Harold Matzner in a press release announcing the awards. “By asking his amazing cast of actors to sing live on film, Hooper allows them to connect even further with their characters, resulting in emotional powerhouse performances that are enthralling audiences worldwide.”

Danna, who has won acclaim for his score to Ang Lee’s “Life of Pi,” will receive the Frederick Loewe Award for Film Composing, a PSIFF honor that in the past has gone to T Bone Burnett, Alexandre Desplat, Danny Elfman, Randy Newman and Diane Warren.

Danna previously wrote music for Lee’s films “The Ice Storm” and “Ride With the Devil.” “Mychael Danna is a pioneer in creating original compositions that are as dramatic and innovative as the films in which they are featured,” said Matzner in the release.

PSIFF’s Awards Gala will take place on Saturday, January 5, and the festival will run from January 3 through January 14.

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Oncothyreon lung cancer drug fails in late-stage trial

(Reuters) – Biopharmaceutical company Oncothyreon Inc said a late-stage trial of its experimental lung cancer drug did not meet the main study goal of improving overall survival.

The drug, codenamed L-BLP25, is being tested in patients with unresectable, locally advanced stage IIIA or stage IIIB, non-small cell lung cancer (NSCLC).

The trial was conducted by Merck Serono, a division of Germany’s Merck KGaA, under a license agreement with Oncothyreon.

(Reporting by Esha Dey in Bangalore; Editing by Roshni Menon)

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UBS fined $1.5 billion in growing Libor scandal

ZURICH (Reuters) – Swiss bank UBS admitted fraud and accepted a $ 1.5 billion fine on Wednesday for its role in manipulating global benchmark interest rates.

Dozens of UBS staff rigged the Libor rate, which is used to price trillions of dollars worth of loans, in collusion with brokers and traders at other banks, according to an investigation by authorities in multiple countries.

The controversy is expected to ensnare other big lenders and spark criminal and civil lawsuits against individuals involved. The penalty UBS agreed with U.S., UK and Swiss authorities far exceeds the $ 450 million levied on Britain‘s Barclays in June, also for rigging Libor, and the second largest ever imposed on a bank.

“This is an endemic banking industry problem and shows how far the industry has fallen, failing itself and its customers,” said Neil Dwane, chief investment officer for Allianz Global Investors.

“For the future it shows that without strong regulation and strong and new management throughout most of the biggest banks, there can be no reasonable expectation that they will improve their behavior substantially – at least UBS now has strong new management.”

Shares in the Swiss lender rose 1.6 percent to hit a 17-month high of 15.5 francs ($ 16.97) in early trade as investors judged the worst was over.

“You can see from the stock movement that the fine is already baked in,” said Markus Jordi, principal at Zurich-based investment manager Cosmos Capital.

“The bank has already kicked out some traders, apologized, said it will shut down parts of the investment bank and overhauled management.”

The UBS fine comes a week after Britain’s HSBC agreed to pay a record $ 1.92 billion to settle a probe in the United States into laundering money for drug cartels.

UBS’s unit in Japan pleaded guilty to one count of fraud relating to manipulation of benchmark rates, including the yen Libor.

The Libor benchmarks are used for trillions of dollars worth of loans around the world, ranging from home loans to credit cards to complex derivatives.

Tiny shifts in the rate, compiled from daily polls of bankers, could benefit banks by millions of dollars. But every dollar a bank benefited meant an equal loss by a bank, hedge fund or other investor on the other side of the trade – raising the threat of a raft of civil lawsuits.

REPUTATIONAL HIT

The Libor settlement caps a torrid 18 months for UBS during which it lost $ 2.3 billion in a rogue trading scandal, underwent a management upheaval and made thousands of job cuts.

“We deeply regret this inappropriate and unethical behavior. No amount of profit is more important than the reputation of this firm,” UBS Chief Executive Sergio Ermotti said in a statement.

The reputational impact of the controversy may only emerge next year.

“The only thing shareholders can do is keep a very close eye on the money flows on the wealth management side,” said Neil Wilkinson, portfolio manager at Royal London Asset Management.

“We may not see until the first quarter of next year whether they have lost any clients as a result of this.”

Ermotti said around 40 people had left UBS or had been asked to leave as a result of the investigation.

The bank will pay $ 1.2 billion to the U.S. Department of Justice (DoJ) and the Commodity Futures Trading Commission (CFTC), 160 million pounds to the UK’s Financial Services Authority (FSA) and 59 million Swiss francs from its estimated profit to Swiss regulator Finma.

The UK penalty is the largest in the history of the FSA and more than double the 59 million pounds paid by Barclays.

UBS said the fines would widen its fourth quarter net loss but it would not need to raise new capital.

BE A HERO

Britain’s FSA said attempts to manipulate Libor and Euribor, its European equivalent, were so widespread that every submission UBS made over a six-year period from 2005 to 2010 was suspect.

At least 45 people at UBS were involved in the rigging, which was discussed in internal chat forums and group emails but never detected by compliance staff, despite five audits.

The FSA said the manipulation was considered to be “normal business practice” by a wide pool of people within UBS.

In addition to traders trying to move the Libor rate up or down to make money for themselves, senior managers at the Swiss bank directed dealers to keep Libor submissions low during the financial crisis to make the bank look stronger.

The extent of the wrongdoing was highlighted in a series of emails released by the FSA which showed how traders and brokers conspired to rig the rate and referred to each other in congratulatory terms such as “superman” and “be a hero today”.

In one email, a trader wrote :”I need you to keep it as low as possible … if you do that …. I’ll pay you, you know, 50,000 dollars, 100,000 dollars… whatever you want … I’m a man of my word”.

It is the first time that brokers have been accused of taking payments to aid manipulation. ICAP, the world’s largest inter-dealer broker, and rival RP Martin have suspended employees in connection with the probe.

In a memo to staff on Wednesday, Ermotti said it was too early to determine whether or how clients were affected, pending further regulatory probing of the rate fixing.

Last week, British police arrested three men, including former UBS and Citigroup trader Thomas Hayes, in connection with the Libor probe, the first such arrests. The two others were Terry Farr and James Gilmour, who both worked at interdealer broker RP Martin.

Until the rate-rigging scandal broke, Libor had been ignored by regulators and left to the banks to police. From next year, Britain’s FSA will have oversight of it as part of a major overhaul.

The steep fine for UBS is despite the bank, since 2011, cooperating with law-enforcement agencies in their probes. The bank said it received conditional immunity from some regulators.

A similar admission by Barclays in June touched off a political firestorm that forced its chairman and chief executive to quit.

(Additional reporting by the Zurich bureau and London bureau; Writing by Carmel Crimmins and Alex Smith. Editing by Anna Willard and Janet McBride)

Business News Headlines – Yahoo! News

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Canada serial killer inquiry finds “systemic bias” by police

(Reuters) – Police made critical errors in pursuing Canadian serial killer Robert Pickton partly because of “systemic bias” against his victims, sex trade workers from a rough Vancouver neighborhood, according to the final report from a public inquiry released on Monday.

Commissioner Wally Oppal was asked by the British Columbia government to investigate, in effect, why Pickton was not caught sooner. Women disappeared from the Downtown Eastside neighborhood for more than a decade before the pig farmer’s 2002 arrest.

“The investigations of missing and murdered women were characterized by blatant police failures, and by public indifference,” Oppal said at a press conference in Vancouver that was frequently interrupted by protesters.

Pickton was convicted of six murders, but prosecutors believe he killed many more – 20 other charges were stayed after he received the maximum possible sentence.

Oppal outlined a string of police errors, from failing to take proper reports when women went missing and communicate adequately with families, to ineffective coordination across jurisdictions. He called his more than 1,200-page report, which is based on eight months of hearings, “Forsaken”.

“After reviewing the evidence of the investigations, I have come to the conclusion that there was systemic bias by the police,” he said.

Oppal recommended that the provincial government establish a compensation fund for the children of the victims and consider creating a regional police force for Vancouver, instead of the patchwork of jurisdictions currently in place.

After Oppal’s announcement, B.C. Minister of Justice Shirley Bond wiped away tears as she spoke to victims’ families.

“I want you to know that, however inadequate these words sound, we are sorry for your loss,” she said. “We will work hard to prevent these circumstances from being repeated in our province.”

She announced the appointment of a former lieutenant governor, Steven Point, to serve as the report’s “champion”, guiding implementation. Bond said the government would immediately give new funding to WISH, a drop-in center for women who work in the Downtown Eastside’s sex trade.

POLICE RESPOND

The Vancouver Police Department said in a short statement that it is committed to learning from its mistakes and will study the report.

“We know that nothing can ever truly heal the wounds of grief and loss but if we can, we want to assure the families that the Vancouver Police Department deeply regrets anything we did that may have delayed the eventual solving of these murders,” it said.

Deputy Commissioner Craig Callens, who commands the Royal Canadian Mounted Police in British Columbia, said in a statement that his force will review the report.

Oppal said many individual police officers were diligent, and he commended several by name. But he said that as a system, the authorities failed because of bias against Pickton’s victims, many of whom were poor and addicted to drugs.

“Would the reaction of the police and the public have been any different if the missing women had come from Vancouver’s (more affluent) west side? The answer is obvious,” he said.

Aboriginal women were overrepresented among the victims, and Oppal repeatedly referred to the broader “marginalization” of aboriginal people in Canada.

“There has to be community responsibility for what has taken place,” he said, highlighting poverty and the conditions on the Downtown Eastside. “The social reality is that racism and gender bias are prevalent within Canadian society, and we must do something to eradicate those.”

Victims’ families and activists were on hand for Oppal’s press conference, and he stopped speaking several times as audience members shouted criticism, chanted and played drums.

The provincial government did not offer funding to a number of community organizations that said they needed support to participate in the lengthy and complex inquiry. In protest, other groups boycotted the process.

In November, several organizations, including the B.C. Civil Liberties Association, released their own report, criticizing the inquiry for, among other things, excluding too many aboriginal women, sex trade workers and drug users.

Bond, the justice minister, said she did not regret the decision not to fund those groups, but said she saw them participating in the future. “I think going forward this is room for us to include other voices.” (Reporting by Allison Martell; Editing by Eric Beech)

Canada News Headlines – Yahoo! News

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Iran leader gets the clicks with Facebook rumor

DUBAI, United Arab Emirates (AP) — A Facebook page purportedly created by Iran‘s Supreme Leader Ayatollah Ali Khamenei attracted nearly 10,000 followers on Tuesday although the site’s content and style raise serious questions about its authenticity.

Iranian authorities had no immediate comment on the site, which apparently went online last week but only recently gained prominence among social media watchers. Despite the possibility that it is a hoax, the page has generated at least 170 comments — laudatory and derogatory, and nearly all in Farsi — that highlight the deep political divisions in Iran and possibly opposition fervor from expatriate Iranians.

One post compared Khamenei to a celebrated ruler of ancient Persia, Cyrus the Great, who significantly expanded the Persian empire 2,500 years ago.

Another wrote: “Mr. Khamenei, how are you visiting this page? With proxy?”

It was a reference to Iran’s blocking of Facebook and many other Western social media sites, and the efforts to bypass the restrictions using proxy server links from outside Iran.

The U.S. State Department said Monday it will keep tabs on the page, but had no comment on whether it was genuine or not. Spokeswoman Victoria Nuland joked that Washington is curious how many “likes” the Khamenei page receives.

But much about the page — including an informal photo of Khamenei riding in a car — suggested it was not sanctioned by Iran’s top leader. It is also highly unlikely that Khamenei would endorse a banned outlet such as Facebook.

The Net is not unknown territory for Iranian leaders, however. Khamenei, President Mahmoud Ahmadinejad and others have official websites. Also, some senior Iranian clerics issue religious opinions by email.

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