Vatican Bank risks blacklist for weak money laundering controls December 8, 2013 THE VATICAN’S bank could this week be blacklisted by the international finance community after investigators found poor anti-money laundering controls in place. The 71-year old lender is being probed by Moneyval, the Council of Europe’s watchdog which monitors standards in finance. If the watchdog rules against the Institute for the Works of Religion, as the [...]
Lenders predict another boom in legal bills December 8, 2013 BANKS expect their litigation costs to rise another 30 per cent in the coming year, after already spending an extra 60 per cent in the last 12 months, according to research from Legal Business. The study found 84 per cent of respondents have had to increase legal budgets since the financial crisis, and the level [...]
Management consultancy faring well as firms turn to outside help December 8, 2013 GROWTH in the UK management consulting sector has outpaced the wider economy in the last two years, according to a new report. The Management Consultancies Association (MCA) think tank said companies were increasingly turning to consultants to help them recover and boost growth. The think tank also said levels of optimism had surged in the [...]
MoD set to overhaul plans to privatise procurement unit December 8, 2013 THE MINISTRY of Defence is close to making an announcement on the future of its procurement arm, after a privatisation scheme failed to attract enough interest. The MoD was considering replacing its inefficient procurement process with a so-called GoCo scheme, creating a government-owned, contractor-operated body. But the plan is expected to be shelved after private [...]
City Moves for 09 December 2013 | Who’s switching jobs December 8, 2013 Lombard The asset finance provider has announced the hire of Lee Simms as head of agriculture. He joined Lombard 10 years ago, and has since held various roles in sales and strategy. JP Morgan Private Bank Faraj Saghri has been named head of the private bank for the UK and Nordics. He has worked at [...]
Two heads for heights at Smith & Williamson December 8, 2013 The accountant and investment manager duo who are on the hunt for growth tell Marion Dakers about their long-term plans SMITH & Williamson (S&W) is keen to get away from its reputation as investment’s “best kept secret” – even if it’s a name the firm has used to describe its own services. From a quiet [...]
South England sees record high in growth index December 8, 2013 FIRMS are reporting healthy growth across England and Wales, with parts of the south of England reporting the quickest improvement in business activity on record. Lloyds Bank’s latest purchasing managers’ index (PMI) came in at or above 60 for the fifth month running, suggesting a rapid expansion, well above the country’s long-term trend. The headline [...]
Mexico raises radical oil reform December 8, 2013 Mexico’s oil monopoly, Petroleos Mexicanos, is set to face international competition if a number of reforms proposed by the government this weekend are passed into law. Senators from a coalition of the country’s political parties have raised the issue, with the support of President Enrique Pena Nieto. The changes would need constitutional ammendments, and keep [...]
Iran budget to attack inflation December 8, 2013 New Iranian president Hassan Rouhani revealed his first budget yesterday, pledging to rid the country of the stagflation that it currently suffers from. Iran entered a recession during late 2012, following the EU’s embargo on the Iranian oil industry, which began in July. The country is also gripped by an inflationary crisis: according to Professor [...]
Greece’s 2014 budget approved December 8, 2013 The Greek parliament approved the government’s budget for the next financial year in the early hours of yesterday morning, with a razor-thin majority in the country’s parliament. Just 153 MPs voted for the package, out of 300, giving Prime Minister Antonis Samaras just enough backing to go ahead with €3bn (£2.51bn) of further cuts. The [...]