What the other papers say this Morning December 6, 2012 FINANCIAL TIMES Regulator sat in on Deutsche audits German regulators were briefed about Deutsche Bank’s valuation of a clutch of complex derivatives now under investigation by the Securities and Exchange Commission. The revelation potentially sets up a transatlantic regulatory conflict with US investigators. Deutsche reiterated a statement that the allegations were “wholly unfounded”. The bank’s [...]
Pharma firms hit by EU ruling December 6, 2012 The European Union’s highest court has upheld a €52.5m (£42m) antitrust fine levied against AstraZeneca for blocking the entry of cheaper rivals to its then bestseller ulcer drug Losec. The decision is a blow for the British drugmaker and the wider pharmaceutical industry, which will in future have to take greater care not to overstep [...]
More bidders enter RBS sell-off December 6, 2012 Two private equity giants are to team up and enter the race for 316 Royal Bank of Scotland branches, it emerged last night. JC Flowers and Apollo Global Management, two of the biggest buyout houses in the world, are understood to be on the cusp of launching a joint venture to bid for the branches, [...]
US and Ireland tax evasion pact December 6, 2012 The United States and Ireland have agreed to share information about wealthy citizens’ financial accounts in a pact intended to combat tax evasion, another in a series of bilateral deals announced in recent weeks by the US Treasury Department. The deals are part of the implementation of the US Foreign Account Tax Compliance Act, or [...]
StanChart set for another $330m US fine December 6, 2012 SHARES jumped in British bank Standard Chartered yesterday, as it revealed its final fine for breaking US sanctions against Iran will be smaller than previously feared. It expects to pay $330m (£205.6m) to regulatory authorities including the Federal Reserve, the Department of Justice, the Treasury department and the local district attorney. That takes Standard Chartered’s [...]
HSBC expects to be hit with $1.8bn charge over laundering December 6, 2012 HSBC is likely to face a bigger than expected fine from the US authorities, after lax controls allowed terrorists and drug dealers to launder money through its accounts. The bank had already pencilled in a $1.5bn (£935m) hit, but it is now thought the fine could come in at $1.8bn. But markets held steady, as [...]
Barclays unveils final plan to combine African banking units December 6, 2012 BARCLAYS yesterday announced African bank Absa is taking over its banking operations in the continent, while the British bank is increasing its majority shareholding in Absa. The consolidation is worth 18.33bn rand (£1.3bn) in shares and increases Barclays’ stake in the bank from 55.5 per cent to 62.3 per cent. The combined firm will be [...]
Former FSA boss Sants mulls bank move December 6, 2012 HECTOR Sants may head up Barclays’ regulation and compliance operations, it emerged yesterday, as another major firm vies to win the former Financial Services Authority chief executive’s services. Professional services firm Deloitte is also thought to want to hire Sants.
Rolls-Royce hit by allegations of corruption December 6, 2012 ROLLS-ROYCE could face prosecution after handing over details of possible bribery and corruption in its overseas operations. The firm said it had given the Serious Fraud Office (SFO) information about allegations of malpractice in Indonesia and China, and has identified “matters of concern” in these and other countries. The allegations, which have not been revealed, [...]
Veteran money manager quits Jupiter as new stars promoted December 6, 2012 ONE of the country’s longest serving money managers and mentor to a host of rising stars yesterday announced he is leaving the industry. Tony Nutt, who has worked at retail equity manager Jupiter Asset Management for the past 17 years, turns 60 next year and has decided to retire from the business in 2014. Nutt, [...]