Magnitude-7.9 quake off Philippines prompts tsunami watch

A tsunami watch is in effect following a magnitude-7.9 earthquake off eastern Philippines this morning, the U.S. Geological Survey reports.

The USGS says the epicenter of the quake is 58 miles east of Sulangan, Philippines and 464 miles east southeast of Manila.

Update at 9:25 a.m. ET: While a tsunami wave has not yet been confirmed, the Pacific Tsunami Warning Center issued this statement:
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Based on all available data a tsunami may have been generated by this earthquake that could be destructive on coastal areas even far from the epicenter. An investigation is underway to determine if there is a tsunami threat to Hawaii. If tsunami waves impact Hawaii the estimated earliest arrival of the first tsunami wave is 1228 PM HST FRI 31 AUG 2012.

That would translate to 6:28 p.m. ET.

Exclusive: Regulators irate at NY action against Standard Chartered

Current News Updates, 08th Aug 2012: The Treasury Department and Federal Reserve were blindsided and angered by New York's banking regulator's decision to launch an explosive attack on Standard Chartered Plc over $250 billion in alleged money laundering transactions tied to Iran, sources familiar with the situation said.

By going it alone through the order he issued on Monday, Benjamin Lawsky, head of the recently created New York State Department of Financial Services, also complicates talks between the Treasury and London-based Standard Chartered to settle claims over the transactions, several of the sources said.

Lawsky's stunning move, which included releasing embarrassing communications and details of the bank's alleged defiance of U.S. sanctions against Iran, is rewriting the playbook on how foreign banks settle cases involving the processing of shadowy funds tied to sanctioned countries. In the past, such cases have usually been settled through negotiation - with public shaming kept to a minimum.

In his order, Lawsky said Standard Chartered's dealings exposed the U.S. banking system to terrorists, drug traffickers and corrupt states. Read Full Story...

Power Is Restored Across India After Massive Blackout

Passengers waited Tuesday for train service to be restored in New Delhi. More Photos »

NEW DELHI – As electric power was restored across India on Wednesday, the nation’s new power minister sought to tamp down a growing argument between state and federal ministers over who was to blame for Tuesday’s unprecedented blackout.

“I don’t think one can have a blame game between the state and the center,” said Veerappa Moily, the new power minister.

More than half of India’s population lost electricity on Tuesday after a cascading series of problems in three of the nation’s power grids shut down power from Imphal in the east to Jaisalmer in the west, and from Leh in the north to Bhubaneswar in the middle of the country.

The blackout affected an area encompassing about 670 million people, or roughly 10 percent of the world’s population. It trapped coal miners, stranded train passengers and caused huge traffic jams in the nation’s capital. Read Full Story...