New wholesale boss at Standard Chartered August 28, 2012 ALEX Manson is now Standard Chartered’s group head of wholesale banking geographies, after 12 years at Deutsche Bank. He joined on 13 August and will be based in London, although the main operations are based in the Middle East, Africa and Asia. The bank has had a tough month, paying a US regulator $340m (£215m) to settle [...]
StanChart calls on investors to focus on profits September 18, 2012 STANDARD Chartered yesterday tried to move markets on from last month’s sanction-breaking fine, instead calling on investors to focus on the bank’s underlying earnings. The bank’s share price plummeted by almost a quarter in August when a US regulator accused it of breaking the rules in $250bn (£153.8bn) of transactions with Iran – an accusation [...]
Why football cannot ignore Europe’s new rules December 16, 2012 FOR those who aspire to be the next Sir Alex Ferguson, the Premier League’s fantasy football game offers the chance to build your own squad on a budget of £100m. Each fantasy manager has equally sized pockets, so the playing field is level. Thus, competition is fierce. Compare Premier League reality, where the elite maintain [...]
Investors raise questions over Standard Chartered’s defence August 9, 2012 SHARES in Standard Chartered languished 13 per cent below their price on Monday, before the allegations it violated US sanctions against Iran. Despite a thee per cent rise in the share price yesterday, investors question Standard’s defence. The bank, which until recently enjoyed one of the cleanest reputations in British banking, lost more than a [...]
Imperial price hikes help to boost revenue September 20, 2012 PRICE rises improved Imperial Tobacco’s full-year revenue and offset a dip in volumes, the world’s fourth-largest cigarette group said yesterday, as it suffered weakness in recession-hit countries. The Bristol-based group, which sells over 340bn cigarettes annually of brands including Davidoff, Gauloises, JPS and West, said today revenue would rise around four per cent for its [...]
Blues criticised for secrecy over Terry race row punishment October 18, 2012 CHELSEA were denounced last night by equality campaigners for refusing to come clean over their punishment of captain John Terry for his race-row confrontation with QPR’s Anton Ferdinand. The European champions said they had taken disciplinary action against Terry, in addition to his four-match ban and £220,000 fine from the Football Association, but would keep [...]
Banking industry calls for tough Libor punishments September 26, 2012 BANKERS who manipulate key interest rate Libor should face tougher personal fines in future, according to the industry body that oversees the benchmark rate. A leaked letter written by British Bankers’ Association (BBA) boss Anthony Browne urges top regulator Martin Wheatley to ban rate-fixers from working in the industry again, and to name and shame [...]
Banking industry calls for tough Libor punishments September 26, 2012 BANKERS who manipulate key interest rate Libor should face tougher personal fines in future, according to the industry body that oversees the benchmark rate. A leaked letter written by British Bankers’ Association (BBA) boss Anthony Browne urges top regulator Martin Wheatley to ban rate-fixers from working in the industry again, and to name and shame [...]
EC takes next step in campaign to make Libor-fixing a crime September 5, 2012 TOP REGULATOR Michel Barnier yesterday launched a consultation on the future of Libor and other similar key lending rates as he seeks to clamp down on financial manipulation across the EU. The European Commission (EC) wants to make rate-rigging a crime, alongside insider dealing and market manipulation – and that could mean jail terms for [...]
UK pushes Europe for tougher finance rules October 3, 2012 NEW TREASURY minister Greg Clark last night praised the EU’s tough new banking proposals, and demanded the authorities get even stricter on rogue financiers. But analysts warned the proposals derived from a report by Finnish central banker Errki Liikanen could drive up banks’ funding costs by splitting retail and investment operations, and push down stocks [...]