Weekly Business News Summary -- week ending Aug 11, 2012

Weekly Business News Summary -- week ending Aug 11, 2012: The week's biggest news was the action on Monday by the New York state financial services regulator to throw a thunderbolt at Standard Chartered, a big British bank, accusing the bank which had its origins in the British Empire colonies of Asia and Africa, of being a 'rogue institution' that hid $250bn in transactions made by the Iranian government in breach of US of sanctions...The US Department of Agriculture on Friday issued an assessment of the severe drought, forecasting national corn production at 10.8bn bushels, off 13% from 2011 and the lowest production since 2006. Yields are expected to average 123.4 bushels per acre, down 23.8 bushels from 2011.

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