Business

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(SOUNDBITE OF SONG, "12 DAYS OF CHRISTMAS")

DAVID GREENE, HOST:

As we head into the holiday season, political leaders are un-merrily locked in a battle over how to cut federal spending and raise revenue - and this could mean meddling with tax deductions that many Americans hold dear.

RENEE MONTAGNE, HOST:

So this week and next, we're taking a closer look at individual deductions and tax credits that might be on the chopping block.

(SOUNDBITE OF SONG, "12 DAYS OF CHRISTMAS")

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DAVID GREENE, HOST:

NPR's business news starts with a controversial battery buy.

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DAVID GREENE, HOST:

This is MORNING EDITION from NPR News. Good morning. I'm David Greene.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne.

British banking giant, HSBC, will pay 1.9 billion dollars to the U.S. to settle allegations of money laundering. In a statement released overnight, the bank said it accepts responsibility for past mistakes. U.S. officials will have further details of the settlement later today. NPR's Jim Zarroli has more.

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RENEE MONTAGNE, HOST:

And today's last word in business is: lost down under.

Back in September, iPhone users slammed Apple for its new map app, which replaced Google Maps in a software update.

DAVID GREENE, HOST:

Detroit officials face a tough vote Tuesday as they try to keep their city from going over its own "fiscal cliff." If the mayor and City Council cannot agree on a plan to reduce the city's budget deficit, state officials are poised to take away their power and assume total control over Detroit's finances.

It's been a continuing vicious cycle: Detroit's population exodus, lost tax revenue and chronic mismanagement have left the city burning through cash to the point where the state of Michigan has to provide funding to help the city meet payroll for the next few months.

In a statement on Monday, the U.S. Treasury Department said it will launch an underwritten public offering to sell its remaining 234,169,156 common stock shares in insurer American International Group Inc., better known as AIG.

The U.S. government bought the controlling stake in the company as part of the $182 billion bank bailout in 2008. The sale would bring an end to the government's run as the company's largest shareholder, which represented a 16-percent ownership in the company.

Update at 7 a.m. ET, Dec. 11. Settlement Announced:

Saying that "we accept responsibility for our past mistakes," the chief executive of Britain's HSBC has confirmed that the banking giant will pay a record $1.9 billion to settle charges related to a money laundering scheme in the U.S.

The women's shoe department at Nordstrom's flagship store in Seattle is bustling. Shoppers are trying on everything from stilettos to rain boots — and when they're ready to buy, they can pay up right where they are.

The sales associate simply whips out a modified iPod Touch and scans the shoe box's bar code. The handheld device contains a credit card reader, too, so the customer can just hand over the plastic and sign with a fingertip. There's no trek to the cash register and no line to wait in.

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MICHEL MARTIN, HOST:

We want to turn now from Ghana to Nigeria, where there is disturbing news. The mother of Nigeria's finance minister, Ngozi Okonjo-Iweala, was kidnapped this weekend. Police say they've launched a massive search to find her.

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MICHEL MARTIN, HOST:

This is TELL ME MORE from NPR News. I'm Michel Martin. Coming up, we'll hear about elections in Ghana. We'll talk about whether the election of President John Dramani Mahama to a new term confirms the country's reputation for leadership in democratic processes, or perhaps undermines it. That's later.