:00:02. > :00:12.Those are the latest headlines from BBC World News. Now for the latest
:00:12. > :00:18.
:00:18. > :00:20.financial news in World Business Welcome to World Business Report.
:00:20. > :00:25.The British bank Standard Chartered reaches a deal with American
:00:25. > :00:28.regulators over accusations of money laundering in Iran.
:00:28. > :00:38.No logos and plain packaging - the world's toughest laws on cigarette
:00:38. > :00:44.
:00:44. > :00:47.Shares in Standard Charted in Hong Kong have jumped after it reached a
:00:47. > :00:55.deal with US regulators over accusations of money laundering for
:00:55. > :00:59.Iran. London shares likely to do the same. Standard Chartered is
:00:59. > :01:03.paying a fine of $340 million and has agreed to let inspectors
:01:03. > :01:07.monitor the banks money laundering controls for the next two years.
:01:07. > :01:10.The bank and its investors must be breathing a huge sigh of relief at
:01:10. > :01:20.the relatively swift conclusion and the fact that it avoided losing its
:01:20. > :01:23.
:01:23. > :01:27.American banking licence. The humiliation of a global financial
:01:27. > :01:33.institution was plotted from this unassuming office. Standard
:01:33. > :01:39.Chartered has agreed to pay $340 million to settle claims that it
:01:39. > :01:45.helped Iran are concealed billions of dollars of suspect transactions.
:01:45. > :01:49.The settlement has boosted the profile of this man. He is head of
:01:49. > :01:55.the New York state financial regulator. Some say it sense a
:01:55. > :02:00.wider message. He has come out of the gate with his action. They have
:02:00. > :02:04.made a clear statement. There is going to be a higher standard going
:02:05. > :02:10.to be applied. If they're going to violate the laws and regulations,
:02:10. > :02:15.they are going to pay a Sperry State Prize. The sudden and public
:02:15. > :02:22.nature of regulators has raised concerns about America's
:02:22. > :02:32.willingness to wield the big stick in forcing his years on issues like
:02:32. > :02:35.Iran. Our law and our way of doing a thing does not have to stop at a
:02:35. > :02:41.border. Smaller countries including the UK take umbrage with that
:02:41. > :02:45.notion. The British bank paid the fine to avoid the risk of being
:02:45. > :02:51.barred from doing business in the US. But its troubles may not be
:02:51. > :02:56.over. At least four other regulatory agencies in the US were
:02:56. > :03:01.also investigating Standard Chartered. It is quite possible
:03:01. > :03:08.that this is not the end. At the end of their probes, the bank may
:03:08. > :03:11.have to pay out even more in the way of hefty penalties.
:03:11. > :03:14.The Australian government has won a legal battle to force tobacco
:03:14. > :03:18.companies to sell their cigarettes with plain packaging. From December
:03:18. > :03:22.there must be no logos on the packets and the covers must all be
:03:22. > :03:32.a drab olive green. Tobacco companies argue the new rules will
:03:32. > :03:35.
:03:35. > :03:38.destroy the value of their trademarks. Tell us how the
:03:38. > :03:45.Australian government politicians manage to pull this off. Elsewhere
:03:45. > :03:50.in the world, they have failed at this. The High Court put health
:03:50. > :03:55.policy above commercial policy. It is as simple as that. The companies
:03:55. > :03:58.had argued that their branding is and logos were protected by
:03:58. > :04:04.international law under the government cannot set them aside.
:04:04. > :04:10.The court has argued that health policies trump all flat. People's
:04:10. > :04:16.lives are at risk. 50,000 people a year die from smoking-related
:04:16. > :04:20.diseases. -- 15,000. Health policies come out on top, despite
:04:20. > :04:23.the commercial interests of tobacco companies. We are looking at
:04:23. > :04:27.pictures on what will be on these cigarette packets. These are
:04:27. > :04:33.horrible images of what will happen to you if you smack. What evidence
:04:33. > :04:37.is there that it will affect people's behaviour? There is plenty
:04:37. > :04:43.of evidence in the horror pictures that people will reduce their
:04:43. > :04:47.smoking habits. Price also plays a key part. The point of his case is
:04:47. > :04:52.that in December, there will be no colouring or logos so you would not
:04:52. > :04:56.be able to distinguish one company from the other. They believe that
:04:56. > :05:00.is the final loophole in the tobacco's machinery to sell their
:05:00. > :05:05.products. To take away their ability to look different and
:05:05. > :05:11.appear desirable, especially to young people. That is why the
:05:11. > :05:18.companies have fought so hard. They believed their names and colouring
:05:18. > :05:22.or as to the sense of desire for that product. By taking that away,
:05:22. > :05:31.in a sense, you are taking the coolness of having cigarette
:05:31. > :05:37.packets around you. It is their last major platform for advertising.
:05:37. > :05:42.TV is already gone, cinemas have gone, roadside posters are gone.
:05:42. > :05:49.This was their last platform in advertising their products. Thank
:05:49. > :05:56.you. A very interesting story developing in Australia. Three will
:05:56. > :06:00.see how effective that is. The job market in the UK economy
:06:00. > :06:04.has held surprisingly well given the recession we are experiencing.
:06:04. > :06:09.Will get the latest figures this morning. The rate is expected to
:06:09. > :06:13.remain at 8.1%, below the US and the eurozone even though the output
:06:13. > :06:21.has been worse over there. The beach area of concern is youth
:06:21. > :06:24.unemployment. Unions are warning it is the toughest outlook since 1994.
:06:24. > :06:34.I'm joined by Anna Marie Detert, director of KPMG Management
:06:34. > :06:36.
:06:36. > :06:40.Consulting. I am assuming you are with the majority. Yes. We are
:06:40. > :06:45.predicting it will stay level. We have had difficult training runs in
:06:45. > :06:49.June and July. And international demands were too strong. A lot of
:06:49. > :06:56.companies are keeping the staff they have today. Some exporters are
:06:56. > :07:06.hiring. We have seen some hiring in various factories in the UK. Yes.
:07:06. > :07:09.and another with 900. There is definitely some demand. I am
:07:09. > :07:17.assuming the Olympics has not affected the jobs markets. We were
:07:17. > :07:23.hoping it would help. It is a bit of a blip. There were some
:07:23. > :07:27.temporary hiring that went on about would dissipate now. Let's talk
:07:27. > :07:32.about the youth unemployment. Some companies are hiring but they're
:07:32. > :07:39.not necessarily taking on the young. That is true. The hiring is more in
:07:39. > :07:43.the professional end. University graduates to a staying intact. In
:07:43. > :07:50.the technical end, the skilled worker end, it is going to be
:07:50. > :07:55.challenging. How can that be effectively tackled? I know that is
:07:55. > :08:00.a tough question. We have policy makers trying to fix this one. Any
:08:00. > :08:06.good ideas? I am encouraged by the apprentice schemes income that --
:08:06. > :08:12.companies and the willingness to train up workers. Anything else? We
:08:12. > :08:16.look at Germany in many ways. There are one of the eurozone economies
:08:16. > :08:19.that do not have a youth unemployment problem. They are very
:08:19. > :08:23.dedicated in developing skills so that the young come in, they are
:08:23. > :08:31.trained up and they are given a chance to succeed. They are brought
:08:31. > :08:34.through the company. That is where the UK needs to invest. Wendy's it
:08:34. > :08:40.will see the unemployment rate significantly fall? I think it will
:08:40. > :08:50.take a good six months before we see that effect. We need to get the
:08:50. > :08:51.
:08:51. > :08:57.apprentice scheme in now. Let's screes in more financial stories.
:08:57. > :09:05.This paper says Greece is looking for a two-year extension for his
:09:05. > :09:08.austerity programmes. Antonis Samaras is struggling to find
:09:08. > :09:12.another 11.5 billion euros in spending cuts required by the bail-
:09:12. > :09:15.out programme. He wants to extend the crime -- time. The future of
:09:15. > :09:18.the Italian budget airline Windjet is in question after a meeting to
:09:18. > :09:21.try and resolve its deal with Alitalia ended without agreement.
:09:21. > :09:24.Over the weekend, the airline was grounded because of the sudden
:09:24. > :09:34.collapse of takeover talks with Alitalia, leaving hundreds of
:09:34. > :09:35.
:09:35. > :09:39.passengers stranded. Now for a look at the markets.
:09:39. > :09:43.Things are fairly mixed at the moment. One of the stories pulling
:09:43. > :09:49.down the markets is that industrial figures from the US are expected to