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 [...]
American regulator denies claim that it has an anti-British stance August 8, 2012 THE US regulatory body at the centre of allegations against Standard Chartered yesterday came out fighting against criticism that it had acted without consulting its fellow watchdogs, and denied that the case was proof of an anti-UK bias. One of the New York’s state financial services department’s senior officials told City A.M. yesterday that the [...]
Watchdog in last-ditch bid to save Libor September 27, 2012 A MASSIVE shake-up of Libor will be announced today by the City’s watchdog, in an attempt to stop traders ever again manipulating the key interest rate for their own gain. A new independent body will run the system, and bankers who break the rules could face criminal sanctions – including up to seven years in [...]
Oil hits three-month high above $114 August 13, 2012 Oil rose above $114 (£73) per barrel today to the highest in more than three months as concern about supplies and hopes that governments will roll out more stimulus measures trumped signs of weakening fuel demand. Supply of the North Sea crudes underpinning the Brent crude contract is set to hit a record low. Iranian [...]
City fears over US pressure on British banks August 7, 2012 PROMINENT City figures raised concerns yesterday that US authorities are increasingly targeting the British banking sector following damning allegations that Standard Chartered laundered billions of dollars. The UK-listed firm is the second bank in two months to face US criticism for lax money laundering controls, after HSBC was accused of failing to scrutinise money being [...]
A leading barrister considers the case for prosecutions July 3, 2012 IN 2011, the Serious Fraud Office (SFO) decided not to investigate allegations concerning Libor manipulation. At that stage, one reason was that it did not have the necessary resources to take on such an investigation. Although the FSA has conducted its own investigation, the results of which will have been passed to the SFO, the [...]
Economic malaise reveals itself behind a global surge in nationalist violence September 20, 2012 ONE of the most extraordinary images of the week was a display of militarised toothpaste tubes at a Nanjing supermarket. Beneath the Chinese flag, the green boxes were artfully arranged into the shape of an artillery gun, with an uncompromising slogan – “The Daioyu islands belong to China!” – between its wheels. The combination of [...]
Greece must stop hitting snooze and wake up to economic reform October 17, 2012 WHEN the International Monetary Fund (IMF) and European finance ministers meet today at the European Union (EU) summit, they are bound to butt heads over the decision to release Greece’s next €31.5bn bailout installment. The prospect of default may be a possibility once again. European leaders and international lenders will likely come to an eleventh-hour [...]
Boxing faces shake up as Warren considers licensing breakaway July 15, 2012 BRITAIN’S top boxing promoter Frank Warren has threatened to overhaul the sport in this country after revealing he will consider prolonging his partnership with the controversial Luxembourg Boxing Federation (FLB). David Haye’s clinical fifth-round stoppage of the durable Dereck Chisora on Saturday night concluded an acrimonious six-month period in which a press conference brawl between [...]