EU sanctions on Iran prompt oil price spike January 4, 2012 EUROPEAN diplomats unveiled an agreement to block imports of Iranian crude yesterday, sending oil prices soaring to a seven week high. Brent crude futures touched $113.97 per barrel, up 2.4 per cent on the day, before settling at around $113. Benchmark US crude edged over $103 after climbing more than $4 in the previous session. [...]
Standard Chartered looks to clear up scandal at US hearing August 12, 2012 STANDARD Chartered hopes to move a step closer to resolving its dispute with US authorities at a hearing on Wednesday – where regulators want to hear why the bank should keep its licence to operate in New York state. The UK bank has been accused by the Department of Financial Services in New York of [...]
Misselling set to cost banks £12bn October 18, 2012 BARCLAYS put aside another £700m yesterday to deal with soaring payment protection insurance (PPI) misselling claims, as analysts warned that other banks would also have to increase their provisions. Analysts expect the four biggest banks to have set aside an additional £2.2bn over the last quarter to cover PPI misselling, taking the total for the [...]
EC plans mean Libor-fiddlers could face jail July 25, 2012 LIBOR manipulation will become a crime across the European Union under new plans unveiled yesterday by commissioners Viviane Reding and Michel Barnier. The announcement comes after Barclays was fined £290m by the Financial Services Authority for entering false interest rates to the British Bankers’ Association (BBA) who set the key interbank lending rate. That scandal [...]
Gulfsands presses on in Syria despite sanctions December 14, 2011 GULFSANDS Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union sanctions on oil production in Syria. On Monday Gulfsands said production in the country would cease. “The company is continuing with drilling of the Khurbet East 102 appraisal well, which is anticipated [...]
Gulfsands presses on in Syria despite sanctions December 14, 2011 GULFSANDS Petroleum said its exploration activities in Syria remained ongoing and would not be restricted by the recent introduction of additional European Union sanctions on oil production in Syria. On Monday Gulfsands said production in the country would cease. “The company is continuing with drilling of the Khurbet East 102 appraisal well, which is anticipated [...]
Tesco faces illegal worker fines August 20, 2012 SUPERMARKET giant Tesco may be hit with fines after the UK Border Agency (UKBA) found it was employing foreign students for more hours than allowed by their visas. Twenty students were arrested in a 3am raid on a Croydon warehouse where employees work on fulfilling internet orders. Tesco faces fines of up to £10,000 per [...]
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 [...]
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 [...]
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 [...]