UK bankers could face US prison for sanctions busting August 7, 2012 IT IS American regulators that British multinationals must really fear. By alleging that Standard Chartered Bank is a “rogue institution”, the New York State Department of Financial Services has dunked the bank’s share price and caused it untold reputational damage. The investigation into breaches of the Iranian sanctions regime may be almost complete. But Standard [...]
RAPID RESPONSES August 7, 2012 Regulatory favours [Re: Another banking scandal was the last thing the City needed, yesterday] I’m glad Allister Heath has addressed this issue: all regulators, American or otherwise, are not necessarily acting with justice and fairness. We need to question their motives. I don’t know the specifics behind the allegations made against Standard Chartered Bank. But [...]
Stan Chart shares plummet following Iran probe August 6, 2012 Standard Chartered lost 16 per cent of its share price on the FTSE 100 early this morning, following allegations of covering up financial transactions with the Iranian government. US regulators have accused the bank of scheming with the government to hide $250bn (£160bn) worth of transactions and reaping hundreds of millions of dollars in fees [...]
Another banking scandal was the last thing the City needed August 6, 2012 JUST when it felt as if it couldn’t get any worse for the City, it is now Standard Chartered’s turn to be engulfed in a major scandal. The bank – which didn’t need a bailout and is hugely successful thanks to its emerging market focus – stands accused by US regulators of having deliberately ignored [...]
StanChart stays strong despite industry slump August 1, 2012 STANDARD Chartered’s profits jumped again in the first half of the year thanks to its focus on growing markets in Asia and Africa rather than the troubled Eurozone, the bank revealed yesterday. But it even managed to notch up growth in its currency area operations despite the sovereign debt crisis, in stark contrast to the [...]
Asia-focused bank is proving that if you get it right, even the bad times can look rather good August 1, 2012 EARLIER this week Deutsche Bank, a Europe-focused bank with a core Tier 1 ratio well below seven per cent, announced plans to axe 1,900 bankers. Yesterday, Standard Chartered, an Asia-focused bank with a core Tier 1 ratio of 11.6 per cent, said it is hiring more than 1,500 new staff. The divide couldn’t be clearer, [...]
FTSE lifted by strong results August 1, 2012 BRITAIN’S benchmark share index rose yesterday following strong numbers from retailer Next and other blue-chip companies, although many investors held off trading ahead of key US and European central bank policy meetings. The blue-chip FTSE 100 ended up 77.54 points, or 1.4 per cent higher, at 5,712.82 points – its highest closing level in nearly [...]
StanChart eyes tenth record year, new hires August 1, 2012 Standard Chartered is stepping up hiring and investment to take advantage of rivals retreating from its core Asian markets, after a strong first six months set it up for a 10th straight year of record profits. The London-based bank plans to add 1,000 to 1,500 jobs and increase investment spending by about $100 million (£64m) [...]
ADVISERS GOLDMAN SACHS July 30, 2012 London Mining was advised on the royalty transaction by Goldman Sachs, while Standard Chartered was lead adviser on the debt finance component of the planned expansion of its Marampa mine. Goldman is no stranger to mining deals, and has a long pedigree of involvement in the sector, including its ongoing role advising Xstrata on its [...]
Can the payday loan industry be trusted to protect consumers from excessive charges? July 30, 2012 YES Richard Griffiths Despite all the negative media commentary, responsible payday lenders work hard to provide customers with an excellent service, resulting in extraordinarily high satisfaction ratings. The industry isn’t perfect and does have a poor reputation. But the four main associations representing payday and short-term lenders have launched a new customer charter, setting out [...]