the 69-year-old businessman best known for his Youre fired catchphrase on The Apprentice, announced he was running for president on Tuesday with an eccentric speech attacking Mexican immigrants and promising to build a great wall along the USs southern border.Trump hasflirted with the idea of standing for the countrys highest office for decades, but on Tuesday made it official on a stage in the basement of his Trump Tower building in Manhattan, in front of eight American flags.Sadly the American dream is dead, but if I get elected president I will bring it back, he said. Bigger, better and stronger than ever before.Trump took to the stage as speakers bellowed out Neil Youngs 1989 song Rockin in the Free World, and went on to attack most of the rest of the world as he blamed Barack Obama for letting the country collapse to the level of a third world country.Most of his wrath was directed at Mexico, which he accused of bringing their worst people to America, including criminals and rapists.Theyre sending us not the right people, he said, adding: The US has become a dumping ground for everyone elses problems.Theyre sending people that have lots of problems and theyre bringing their problems, he said. Theyre bringing drugs, theyre bringing crime, theyre rapists, and some I assume are good people but I speak to border guards and they tell us what we are getting.AdvertisementHe promised that as President Trump, one of his first actions would be to build a great, great wall on our southern border, and I will make Mexico pay for that wall.Trump said that Obama, and previous administrations, had allowed Mexico, China and other countries to take American jobs and prosperity. China has our jobs, Mexico has our jobs, he said.Our enemies are getting stronger and stronger by the day, and the US as a country is getting weaker and weaker. How stupid are our leaders, how stupid are our politicians to let this happen? Our president doesnt have a clue.Trump said the Chinese leadership was much smarter than Obama and his team. Its like the New England Patriots and Tom Brady [playing] a high school team.He added: Politicians are all talk and no action. They will not bring us, believe me, to the promised land.Also at the top of his to-do list as president would be scrapping Obamacare, the current presidents signature healthcare legislation, and drastically cutting spending on education. He described Obamacare as a disaster and a big lie.Obamacare is going to be amazingly destructive, he told the crowd beside a banner reading TRUMP: MAKE AMERICA GREAT AGAIN!Trump said he would replace Obamacare with a new system that would be much better and much less expensive.He also called for a radical reduction on education spending, saying people are tired of spending more money on education per capita than any other country.He accused Republican rival Jeb Bush of being weak on education, saying: How the hell can you vote for this guy?Trump also pledged that nobody will be tougher on Isis than Donald Trump, and that he would be the greatest jobs president that God ever made.He told the crowd not to believe government statistics showing unemployment had fallen to 5.4%. Our real unemployment is 18-20%, dont believe their 5.6% [in fact the official figure is 5.4%]. China has our jobs, Mexico has our jobs. Ill bring back our jobs and bring back our money.HSBC pays out 27.8m over money-laundering claimsGeneva prosecutor agrees to close investigation into HSBC in return for the financial settlement

The penalty is the biggest ever imposed by the Geneva authorities. Photograph: Harold Cunningham/GettyJuliette Garside

@JulietteGarside

Thursday 4 June 201516.03BSTLast modified on Thursday 4 June 201518.16BST Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Google+Shares687HSBChas been ordered to pay a record 40m Swiss francs (27.8m) and been given a final warning by the Geneva authorities for organisational deficiencies which allowed money laundering to take place in the banks Swiss subsidiary.The settlement means the Swiss will not prosecute HSBC or publish the findings of their the probe into alleged aggravated money laundering. But Genevas chief prosecutor, Olivier Jornot, cautioned that the bank was on notice, saying: This is an excuse which will only apply once.Announcing the biggest financial penalty ever imposed by the Geneva authorities, Jornot launched a stinging attack on his own countrys financial laws, adding his voice to a growing a number of Swiss politicians and campaigners calling for reform of the countrys secretive banking system.0:00/0:00EmbedFacebookTwitterPinterestHow the story came to light video.This matter shows the weakness of Swiss law in the matter of entry of criminal funds into the financial system, said Jornot.AdvertisementWhen we have a law that doesnt punish financial intermediaries accepting doubtful funds then we have a problem. This problem dates from long before the HSBC affair.HSBC agreed to the settlement after being notified of the charges being prepared against it at a private meeting on 10 April following which, prosecutors claimed, the bank rapidly agreed to begin negotiations over financial damages for past illegal acts.The Geneva authorities said the payment, which is being described as compensation rather than a fine, was in line with the profits obtained by HSBC from processing illicit funds.The probe was prompted, Jornot said, byrevelations in the Guardian, the BBC, Le Monde and other media co-ordinated by the International Consortium of Investigative Journalists. This showed that HSBCs Swiss arm banked the proceeds of political corruption and accepted deposits from arms dealers while helping wealthy people evade taxes.HSBC: Swiss bank searched as officials launch money-laundering inquiryInvestigation into suspected aggravated money laundering comes after Belgium and France begin scrutinising tax affairs of Europes biggest bankRead moreOn 18 February, Jornot ordered a raid on HSBCs Geneva offices, a day after Switzerlands federal prosecutor, Michael Lauber, had told the press there was no call for a probe into wrongdoing at the bank. Lauber had argued it was not appropriate for the state to launch an investigation into HSBC based on stolen information.Wrongdoing at HSBC was exposed after an IT worker at the bank, Herv Falciani, leaked details about its Swiss accounts. The documents ended up in the hands of the French government and were subsequently leaked to Le Monde.In a statement, HSBC said: The investigation conducted by the public prosecutor of the canton of Geneva into HSBC Private Bank (Suisse) has been formally closed today. The investigation found that neither the bank nor its employees are suspected of any current criminal offences.

FacebookTwitterPinterestHerv Falciani leaked details about Swiss accounts that ended up in the hands of the French government. Photograph: Gerard Julien/AFP/Getty ImagesThe Geneva prosecutor acknowledges the progress the bank has made in recent years, including the improvements in its compliance function, internal processes and technology.HSBC claims to have undergone a radical transformation, with initiatives designed to prevent its banking services being used to evade taxes or launder money. The repositioning has reduced its client base by almost 70%, from about 30,000 accounts in 2007 to some 10,000 in 2014.Explaining the decision not to bring HSBC to court, Jornot said Swiss law demanded a high burden of proof. Those laundering money had to be shown to be doing so deliberately, not accidentally, and the money had to be demonstrably obtained from criminal acts, not simply deposited by a known criminal. To fine the bank, prosecutors would also have needed to show organisational failure caused the money to be laundered.In addition, many of the revelations in Falcianis data, which gave a detailed picture of events at the bank between 2005 and 2007, concerned older accounts or people who were no longer clients of the bank.Nonetheless, Jornot stressed that the evidence showed HSBC has suffered from organisational failings which were to blame for the money laundering which occurred.