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Royal Bank of Scotland fined US$612m to settle Libor probe

LONDON : State-rescued Royal Bank of Scotland will pay fines totalling US$612 million (453 million euros) to US and British regulators to settle allegations of Libor interest rate rigging, it announced on Wednesday.

RBS is the third bank to admit its part in the Libor affair after British rival Barclays and Swiss lender UBS.

The investigations uncovered "wrongdoing" by 21 employees, predominantly in relation to the setting of the bank's yen and Swiss franc Libor submissions between October 2006 to November 2010, the bank said.

RBS added it had been fined US$325 million by the US Commodity Futures Trading Commission, US$150 million by the US Department of Justice (DoJ) and US$137 million by Britain's Financial Services Authority.

The bank has also entered into a deferred prosecution agreement with the DoJ, in relation to one count of wire fraud relating to Swiss franc Libor and one count for an antitrust violation relating to yen Libor.

RBS Securities Japan Limited has agreed to enter a plea of guilty to one count of wire fraud relating to Yen Libor, it added in the statement.

British finance minister George Osborne condemned the "totally unacceptable" behaviour at the bailed-out bank and insisted the taxpayer would not pick up the bill.

"Those responsible will face the full force of the law," Osborne told reporters.

The Edinburgh-based lender was rescued with taxpayers' cash at the height of the global financial crisis.

John Hourican, chief executive of the bank's Markets and International Banking division, is meanwhile to leave RBS and will forfeit his 2012 bonus and long-term incentive shares.

"This is a sad day for RBS, but also an important one in continuing to put right the mistakes of the past," Royal Bank of Scotland chairman Philip Hampton said in the statement.

"That is why those responsible have left the organisation or been subject to disciplinary action."

RBS said its derivative traders sought to influence the bank's yen and Swiss franc Libor setters over the four-year period.

"Two RBS traders based in London colluded with other banks and brokers in making and receiving requests for higher and lower" rates, it said.

The total fines handed down to RBS are more than those handed last year to Barclays for attempted Libor rate-rigging, but less than the amount paid by UBS for similar offences.

Libor, or London Interbank Offered Rate, is a flagship instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money. Euribor is the eurozone equivalent.

Libor is calculated daily, using estimates from banks of their own interbank rates, and affects the pricing of more than $300-trillion of contracts across the world, according to British regulator, the Financial Services Authority.

But the system has been found to be open to abuse, with some traders lying about borrowing costs to boost trading positions or make their bank seem more secure -- seriously damaging the reputation of the 'City of London' financial centre.

At Swiss bank UBS, two former employees were charged in December when the group's Securities Japan unit settled similar allegations with US and British authorities for US$1.5 billion, the biggest amount to date.

The British government owns most of RBS after a massive bailout of the bank and there is considerable pressure for senior bank executives to take responsibility for the Libor crisis.

Barclays bank in June agreed to pay about US$450 million in connection with the affair, which led to the resignations of three Barclays senior board members, including chief executive Bob Diamond.

More than a dozen other institutions remain under investigation, while last October the British government announced plans to make it a criminal offence to manipulate Libor.

- AFP/ch

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Ultraslim notebook shipments poised for growth in 2013

A look at ultraslim PC shipments between 2012 and 2017.

(Credit:
NPD Display Search)

Ultraslim notebooks -- defined as x86-based PCs with screen sizes between 10 and 17 inches and thicknesses of no greater than 21mm -- are seeing shipments squeezed by display technology, a new study from NPD DisplaySearch has revealed. But that won't be enough to keep them down.

"The high-end specifications for touch on
Windows 8 PCs, and the unproven consumer demand for touch on notebooks has touch screen suppliers leery of shifting capacity from the high volume smartphone and
tablet PC markets to notebook PCs," Richard Shim, senior analyst with NPD DisplaySearch, said today in a statement.

According to NPD, touch panel suppliers are more likely to work with smartphone and tablet vendors than PC companies, due to the rapidly increasing demand for those products. The ultraslims are also feeling pressure from panel suppliers who are increasingly turning their backs on the extremely thin displays -- measuring 0.4mm or thinner -- found in those products.

"Only two panel suppliers, AUO and Innolux, are taking on the extra expense of using ultra-slim glass to offer panels in any significant volumes," Shim said.

The issue for the suppliers is that the glass in ultraslim displays is extremely fragile, requiring them to use special equipment for transportation. That special equipment drives up costs.

Still, PC vendors aren't turning their backs on the technology. In fact, NPD DisplaySearch expects 44.2 million ultraslim notebooks to ship this year, representing 21.4 percent of the entire notebook market. What's more, touchscreen penetration in notebooks could hit 13.1 percent, or 27.2 million notebooks.

Looking ahead, NPD DisplaySearch believes ultraslims will represent a larger slice of the notebook market. In 2017, for example, total shipments could hit 100 million worldwide.

Although NPD was careful to not use the "ultrabook" name in its evaluation on ultraslims, that spec falls in line with the research firm's parameters on what an ultraslim PC is. Ultrabooks, however, have been hit with a wide array of woes aside from display panel issues, including declining demand due to high prices and the increasing popularity of tablets.

Last year, IHS iSuppli was forced to cut its 2012 ultrabook shipment figures from 22 million to 10.3 million. That research firm made no indication that it believes the ultrabook market will have a dramatic turnaround in 2013.

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The Real Richard III

It's a question that actors from Laurence Olivier to Kevin Spacey have grappled with: What did Richard III, the villainous protagonist of Shakespeare's famous historical drama, really look and sound like?

In the wake of this week's announcement by the University of Leicester that archaeologists have discovered the 15th-century British king's lost skeleton beneath a parking lot, news continues to unfold that helps flesh out the real Richard III.

The Richard III Society unveiled a 3D reconstruction today of the late king's head and shoulders, based on computer analysis of his skull combined with an artist's interpretation of details from historical portraits. (Related: "Shakespeare's Coined Words Now Common Currency.")

"We received the skull data before DNA analysis confirmed that the remains were Richard III, and we treated it like a forensic case," said Caroline Wilkinson, the University of Dundee facial anthropologist who led the reconstruction project. "We were very pleasantly surprised by the results."

Though Shakespeare describes the king as an "elvish-marked, abortive, rooting hog," the reconstructed Richard has a pleasant, almost feminine face, with youthful skin and thoughtful eyes. His right shoulder is slightly higher than the left, a consequence of scoliosis, but the difference is barely visible, said Wilkinson.

"I think the whole Shakespearean view of him as being sort of monster-like was based more on his personality than his physical features," she reflected.

Look back at 125 years of National Geographic history

People are naturally fascinated by faces, especially of historical figures, said Wilkinson, who has also worked on reconstructions of J.S. Bach, the real Saint Nicholas, the poet Robert Burns, and Cleopatra's sister.

"We make judgments about people all the time from looking at their appearance," she said. "In Richard's case, up to now his image has been quite negative. This offers a new context for considering him from the point of view of his anatomical structure rather than his actions. He had quite an interesting face."

A Voice From the Past

Most people's impression of Richard's personality comes from Shakespeare's play, in which the maligned ruler utters such memorable lines as "Now is the winter of our discontent/Made glorious summer by this son of York," and "A horse! A horse! My kingdom for a horse!"

But how would the real Richard III have expressed himself? Did he have an accent? Was there any sense of personality or passion in his choice of words?

To find out more about the mysterious monarch, Philip Shaw, a historical linguist at University of Leicester's School of English, analyzed the only two known examples of Richard III's own writing. Both are postscripts on letters otherwise composed by secretaries—one in 1469, before Richard became king, and one from 1483, the first year of his brief reign.

Shaw identified a quirk of spelling that suggests that Richard may have spent time in the West Midlands, or perhaps had a tutor who hailed from there.

"I was looking to compare the way he spells things with the way his secretaries spell things, working on the assumption that he would have been schooled to a fairly high level," Shaw explained.

Read about National Geographic explorers on our Explorers Journal blog

In the 1469 letter, Richard spells the word "will" as "wule," a variation associated with the West Midlands. But Shaw also notes that by 1483, when Richard wrote the second letter's postscript, he had changed his spelling to the more standard "wyll" (the letters 'i' and 'y' were largely interchangeable during that period of Middle English).

"That could suggest something about him brushing up over the years, or moving toward what would have been the educated standard," Shaw said, noting that the handwriting in the second example also appears a bit more polished. "One wonders what sort of practice and teaching he'd had in the interim."

Although it's hard to infer tone of voice from written letters, there is certainly emotion in the words penned by Richard III.

In the 1469 letter, the 17-year-old seeks a loan of 100 pounds from the king's undertreasurer. Although the request is clearly stated in the body of the letter, Richard adds an urgent P.S.: "I pray you that you fail me not now at this time in my great need, as you will that I show you my good lordship in that matter that you labour to me for."

That could either be a veiled threat (If you don't lend me the money, I won't do that thing you asked me to do) or friendly cajoling (Come on, I'm helping you out with something, so help me out with this loan).

"His decision to take the pen himself shows you how important that personal touch must have been in getting people to do something," Shaw said.

The second letter, written to King Richard's chancellor in 1483, also conveys a sense of urgency. He had just learned that the Duke of Buckingham—once a close ally—was leading a rebellion against him.

"He's asking for his Great Seal to be sent to him so that he can use it to give out orders to suppress the rebellion," Shaw said. "He calls the Duke 'the most untrue creature living. You get a sense of how personally let down and betrayed he feels."

Shaw said he hopes his analysis—in combination with the new facial reconstruction—will help humanize Richard III.

"He probably wasn't quite the villain that Shakespeare portrays, though I suspect he was quite ruthless," he said. "But you probably couldn't afford to be a very nice man if you wanted to survive as a king in those days."

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US Postal Service to End Saturday Mail Delivery

Feb 6, 2013 8:28am

                                              (Image Credit: Victor J. Blue/Bloomberg via Getty Images)

Weekend mail delivery is about to come to an end.

The U.S. Postal Service will stop delivering mail on Saturdays, but will continue to deliver packages six days a week, the USPS announced at a news conference this morning.

While post offices that open on Saturdays will continue to do so, the initiative, which is expected to begin the week of August 5, will save an estimated $2 billion annually. The USPS had a $15.9 billion loss in financial year 2012.

“America’s mailing habits are changing and so are their shipping habits,” Postmaster General Patrick Donahoe said. “People will say this is a responsible decision. It makes common sense.”

The service reduction is the latest of Postal Service steps to cut costs as the independent agency of the U.S. government struggles with its finances.

To close its budget gap and reduce debt, it needs to generate $20 billion in cost reductions.

USPS officials have pushed for eliminating mail and package delivery on Saturdays for the past few years, but recent data showing growth in package delivery, which is up by 14 percent since 2010, and projected additional growth in the coming decade made them revise their decision to continue package delivery only.

Saturday mail delivery to P.O. boxes will also continue.

Research by the post office and major news organizations indicated that 7 out of 10 Americans support switching to five-day service.

Since 2006, the Postal Service has reduced annual costs by $15 billion, cut the career force by 28 percent and consolidated 200 mail-processing locations.

The USPS announced in May it was cutting back on the number of operating hours instead of shuttering 3,700 rural post offices. The move, which reduced hours of operation at 13,000 rural post offices from an eight-hour day to between two and six hours a day, was made with the aim of saving about $500 million per year.

The cutback in hours last year resulted in 9,000 full-time postal employees’ being reduced to part time plus the loss of their benefits, while another 4,000 full-time employees became part time but kept their benefits.

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New 17-million-digit monster is largest known prime

The largest known prime number has just shot up to 2^57,885,161 - 1, breaking a four-year dry spell in the search for new, ever-larger primes.

Curtis Cooper at the University of Central Missouri in Warrensburg made the find as part of the Great Internet Mersenne Prime Search (GIMPS), a distributed computing project designed to hunt for a particular kind of prime number first identified in the 17th century.

All prime numbers can only be divided by themselves and 1. The rare Mersenne primes all have the form 2^p - 1, where p is itself a prime number.

The new prime, which has over 17 million digits, is only the 48th Mersenne prime ever found and the 14th discovered by GIMPS. The previous record holder, 2^43,112,609 - 1, which was also found by GIMPS in 2008, has just under 13 million digits. All of the top 10 largest known primes are Mersenne primes discovered by GIMPS.

Volunteer sifters

Though there are an infinite number of primes, there is no formula for generating these numbers, so discovering them requires intensive computation. GIMPS uses volunteers' computers to sift through each prime-number candidate in turn, until eventually one lucky user discovers a new prime.

Cooper runs GIMPS software on around a thousand university computers, one of which spent 39 days straight proving that the number was prime. This was then independently verified by other researchers.

Though there is little mathematical value to finding a single new prime, these rare numbers are prized in their own right by some. "It's sort of like finding a diamond," says Chris Caldwell at the University of Tennessee, Martin, who keeps a record of the largest known primes. "For some reason people decide they like diamonds and so they have a value. People like these large primes and so they also have a value."

Prime-hunting isn't a completely esoteric pastime though, as these numbers underpin the cryptographic techniques used to make online transactions secure.

Prizes for primes

The Electronic Frontier Foundation, an internet civil liberties group, is offering prizes of $150,000 and $250,000 to the discovery of the first prime with at least 100 million and a billion digits, respectively. Previous prizes for primes 1 million and 10 million digits long have already been awarded.

Cooper will receive a $3000 prize from GIMPS for making the discovery.

Don't expect to see the next largest prime any time soon though. The problem becomes harder over time, as larger primes are both more rare and harder to check. "Those two things work together to spread them out as time goes on," says Caldwell.

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Afghanistan's Karzai confirms to leave power in 2014

OSLO: Afghanistan President Hamid Karzai confirmed Tuesday in Oslo that he plans to step down next year when his mandate expires.

"The question of me staying as the president beyond 2014 is out of the question," Karzai said when reporters asked about recent speculation that he was keen to stay on.

"Neither am I seeking a third term, nor does the constitution allow it. There will be an election and a new president will come," he said.

Karzai was elected in 2004, and re-elected in 2009 in a vote marred by accusations of fraud.

Afghanistan's next presidential election is scheduled for April 2014, just a few months before the end of NATO's mission.

Karzai has previously said he would not stay in power beyond 2014, including at a meeting with US President Barack Obama last month, amid some concern that he could try to cling to power.

During his visit to Oslo, Norway said it would continue to help the country until 2017, with annual aid of 750 million kroner (101 million euros, $137 million). Afghanistan is one of the poorest countries in the world, and one of the most corrupt.

Prime Minister Jens Stoltenberg said the aid agreement -- which formalises previously-made pledges -- would depend on Afghan authorities' commitment to "good governance, the rule of law, human rights, transparency and democracy."

"We have zero tolerance for corruption," he stressed, noting that Oslo had suspended development aid in the past when funds had been misappropriated.

Afghanistan, the second-biggest recipient of Norwegian aid, is ranked as one of the most corruption-riddled countries in the world alongside North Korea and Somalia, according to graft watchdog Transparency International.

-AFP/ac

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Hidden 'radio' buttons discovered in Apple's iOS 6.1

There's a hint that Apple has something new in the pipeline, and the company appears to have tucked it away inside the latest version of its iOS software.

Discovered last night within a freshly-jailbroken iPad, are a set of buttons and code references for "radio," a feature found in
iTunes on Macs and PCs, but not on the
iPad or iPhone. Making things more interesting is another button suggesting you can purchase from the radio feature, presumably from iTunes.

That buttons, which were spotted by 9to5Mac, hint at Apple's much-rumored radio service, a product that will let people stream music much like they do on the popular Pandora, but with deep ties to Apple's iTunes library. Rumors that Apple has been working on such a service have floated for years, but heated up last year as talks with labels advanced.

The discovery follows a high-profile jailbreak of
iOS 6.1, the system software Apple released just last week. A team of developers came up with a tool that gives users deep system level access to do things like install applications from third-party app stores, change the look and feel of iOS, and add new software features.

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Space Pictures This Week: A Space Monkey, Printing a Moon Base

Illustration courtesy Foster and Partners/ESA

The European Space Agency (ESA) announced January 31 that it is looking into building a moon base (pictured in an artist's conception) using a technique called 3-D printing.

It probably won't be as easy as whipping out a printer, hooking it to a computer, and pressing "print," but using lunar soils as the basis for actual building blocks could be a possibility.

"Terrestrial 3-D printing technology has produced entire structures," said Laurent Pambaguian, head of the project for ESA, in a statement.

On Earth, 3-D printing, also known as additive manufacturing, produces a three-dimensional object from a digital file. The computer takes cross-sectional slices of the structure to be printed and sends it to the 3-D printer. The printer bonds liquid or powder materials in the shape of each slice, gradually building up the structure. (Watch how future astronauts could print tools in space.)

The ESA and its industrial partners have already manufactured a 1.7 ton (1.5 tonne) honeycombed building block to demonstrate what future construction materials would look like.

—Jane J. Lee

Published February 4, 2013

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Boy Rescued in Ala. Standoff 'Laughing, Joking'

The 5-year-old boy held hostage in a nearly week-long standoff in Alabama is in good spirits and apparently unharmed after being reunited with his family at a hospital, according to his family and law enforcement officials.

The boy, identified only as Ethan, was rescued by the FBI Monday afternoon after they rushed the underground bunker where suspect Jimmy Lee Dykes, 65, was holding him. Dykes was killed in the raid and the boy was taken away from the bunker in an ambulance.

Ethan's thrilled relatives told "Good Morning America" today that he seemed "normal as a child could be" after what he went through and has been happily playing with his toy dinosaur.

"He's happy to be home," Ethan's great uncle Berlin Enfinger told "GMA." "He's very excited and he looks good."

Who Is Jimmy Lee Dykes?

"If I could, I would do cartwheels all the way down the road," Ethan's aunt Debra Cook said. "I was ecstatic. Everything just seemed like it was so much clearer. You know, we had all been walking around in a fog and everyone was just excited. There's no words to put how we felt and how relieved we were."

Cook said that Ethan has not yet told them anything about what happened in the bunker and they know very little about Dykes.

Ala. Hostage Standoff Over: Kidnapper Dead, Child Safe Watch Video

Alabama Hostage Standoff: Jimmy Lee Dykes Dead Watch Video

What the family does know is that they are overjoyed to have their "little buddy" back.

"He's a special child, 90 miles per hour all the time," Cook said. "[He's] a very, very loving child. When he walks in the room, he just lights it up."

Officials have remained tight-lipped about the raid, citing the ongoing investigation.

"I've been to the hospital," FBI Special Agent Steve Richardson told reporters Monday night. "I visited with Ethan. He is doing fine. He's laughing, joking, playing, eating, the things that you would expect a normal 5- to 6-year-old young man to do. He's very brave, he's very lucky, and the success story is that he's out safe and doing great."

Ethan is expected to be released from the hospital later today and head home where he will be greeted by birthday cards from his friends at school. Ethan will celebrate his 6th birthday Wednesday.

Officials were able to insert a high-tech camera into the 6-by-8-foot bunker to monitor Dykes' movements, and they became increasingly concerned that he might act out, a law enforcement source with direct knowledge told ABC News Monday. FBI special agents were positioned near the entrance of the bunker and used two explosions to gain entry at the door and neutralize Dykes.

"Within the past 24 hours, negotiations deteriorated and Mr. Dykes was observed holding a gun," the FBI's Richardson said. "At this point, the FBI agents, fearing the child was in imminent danger, entered the bunker and rescued the child."

Richardson said it "got tough to negotiate and communicate" with Dykes, but declined to give any specifics.

After the raid was complete, FBI bomb technicians checked the property for improvised explosive devices, the FBI said in a written statement Monday afternoon.

The FBI had created a mock bunker near the site and had been using it to train agents for different scenarios to get Ethan out, sources told ABC News.

Former FBI special agent and ABC News consultant Brad Garrett said rescue operators in this case had a delicate balance.

"You have to take into consideration if you're going to go in that room and go after Mr. Dykes, you have to be extremely careful because any sort of device you might use against him, could obviously harm Ethan because he's right there," he said.

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