Fed and FSA pushing new regulator to play by rules August 16, 2012 STANDARD Chartered’s treatment at the hands of the New York state Department for Financial Services (DFS) has shocked the more established authorities, which are in frantic negotiations with the new regulator to ensure it doesn’t strike out alone again. Regulators in the UK, US and Hong Kong are understood to be furious that they were [...]
City Moves | Who’s switching Jobs August 16, 2012 RSA The insurer has appointed Matt Hotson as its investor relations director. He joins from Cable & Wireless Worldwide, where he was responsible for corporate finance and investor relations. Hotson was also previously director of investor relations and strategy at Legal & General. Mercer Edmund Teo has been appointed director of wealth management, Asia, at [...]
FTSE 100 flat on worries over retail sales data August 16, 2012 The blue chip index was flat in early trade, having closed modestly down on Wednesday, as investors were cautious ahead of the release of UK retail sales data. Gold producer African Barrick Gold was the top FTSE 250 riser, up almost 10 per cent on speculation parent company Barrick Gold could sell its 74 per [...]
StanChart row hits UK banks’ faith in the US August 15, 2012 BRITISH banks may now think twice about expanding their US operations because of the newly unpredictable regulatory environment, bankers, lawyers and analysts have warned. The unexpected high-profile accusations levelled at Standard Chartered by the New York state Department of Financial Services (DFS), and subsequent $340m (£217m) settlement, are seen by some as bullying tactics, and [...]
How have the bank‘s top brass been hit? August 15, 2012 Nobody at the top of Standard Chartered has resigned over the Iranian sanction-breaching charges – a stark contrast with the outcome of Barclays’ LIBOR scandal. Peter Sands initially responded slowly to last week’s allegations. The chief executive was on holiday and taken by surprise. But since then he has impressed analysts and investors by flying [...]
FTSE 100 dragged down by miners August 15, 2012 The FTSE 100 opened 0.6 per cent down this morning, as mining companies led the blue chip index down. Miners New World Resources, Rio Tinto, Vedanta, Anglo American and Evraz were all clustered in the morning’s biggest fallers on fears of slowing demand. New World and Rio Tinto fell by more than four per cent, [...]
Stan Chart pays £217m to settle Iran claims August 14, 2012 STANDARD Chartered was last night forced to take a $340m (£217m) hit to settle US regulators’ charges that it broke sanctions against Iran and attempted to hide the evidence. The emerging markets banking group will also have to bring in a monitor to evaluate money-laundering risk controls in its New York branch, reporting back to [...]
Osborne faces a delicate balancing act on train ticket hikes August 14, 2012 WHEN the majestic Shard formally opened earlier this summer I was interested to learn that its architect Renzo Piano only catered for 48 car parking spaces in the building’s bowels. “It’s another big shift,” he was quoted as saying. “To tell people, look, stop going around in cars.” Piano’s thinking makes a lot of sense. [...]
StanChart boss in US to clear up Iran accusations August 13, 2012 STANDARD Chartered’s chief executive Peter Sands last night flew to New York to bolster his team, which is working to quickly settle accusations that the bank broke US financial sanctions against Iran. The bank says it has identified $14m (£8.9m) of trades in breach of the rules, while the authorities claim the figure is in [...]
StanChart boss in US to clear up Iran accusations August 13, 2012 STANDARD Chartered’s chief executive Peter Sands last night flew to New York to bolster his team, which is working to quickly settle accusations that the bank broke US financial sanctions against Iran. The bank says it has identified $14m (£8.9m) of trades in breach of the rules, while the authorities claim the figure is in [...]