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 [...]
TUC’s plan to ban business in public sector is outdated September 9, 2012 ACROSS Europe, governments are trying to take the tough decisions to get their economies moving again. The Spanish constitution has been changed so every part of government has to balance its budget. Public sector salaries have been cut, and hours have been increased. Italian trade unions have just agreed a package of reforms, including spending [...]
Regulatory rivalry is driving New York’s Standard Chartered attack August 9, 2012 THE interplay of US federal and state regulators is at the heart of the Standard Chartered scandal. Multinational banks desire a consistent approach from the regulators in the various countries in which they operate, and have come to expect a high degree of cooperation between those agencies. But Standard Chartered has been blindsided by the [...]
Standard Chartered is the victim of US warfare against British banking August 7, 2012 STANDARD Chartered, one of the few British banks hitherto left untainted by allegations of misconduct, saw its share price nosedive yesterday, after accusations by a New York regulator that it had violated sanctions against Iran. I’m now left more convinced than ever that US politicians and regulators have a hidden objective in exposing the wrong-doings [...]
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 [...]
What the other papers say this morning August 21, 2012 FINANCIAL TIMES Generali set to exit US reinsurance Generali has become the latest European insurer to plan an exit from the US after Italy’s largest insurer by annual premiums put its US life reinsurance business up for sale, according to a person familiar with the matter. Citigroup is advising the company on a sale of [...]
O’Sullivan takes Snooker break June 6, 2012 SNOOKER: World champion Ronnie O’Sullivan will take a break from the sport after refusing to sign the players’ contract, consequently making himself ineligible to participate in any World Snooker-sanctioned event. “I have not signed the players’ contract as I feel the contract is too onerous,” O’Sullivan’s statement read.
Minister: cash in hand is wrong July 23, 2012 TREASURY minister David Gauke declared yesterday that cash in hand payments are morally wrong, during an event at a Westminster think-tank. In the speech to Policy Exchange, Gauke outlined plans to toughen up oversight of tax avoidance schemes, including measures that could see the government name and shame advisers that help their clients who aggressively reduce [...]
HSBC braces for $1bn US penalty July 11, 2012 BANKING giant HSBC plans to “acknowledge and apologise” for failing to spot and deal with money laundering within the bank during a US Senate panel hearing next week, according to an internal memo sent by its chief executive. “It is right that we are held accountable and that we take responsibility for fixing what went [...]
Treasury wants to jail reckless bank directors July 3, 2012 RECKLESS bankers who take excessive risks could end up in jail under plans unveiled by the Treasury last night. Following the Financial Services Authority report that revealed widespread management failures in the run-up to the collapse of RBS, the government also wants to make it harder for the bosses of failed banks to take up [...]