Nigerian central bank governor suspended four months before term ends February 20, 2014 The President of Nigeria Goodluck Jonathan has suspended the governor of the country's central bank Lamido Sanusi. Sanusi, who was due to end his term in June, alleged in the Financial Times last week that the massive shortfall in Nigeria's crude oil earnings were due to gross mismanagement of the country's oil wealth. Earlier this [...]
Indecisive Europe is acting too late to save Ukraine from Kremlin discipline February 19, 2014 LIKE a slow-motion car wreck, the tragic violence that has erupted in Ukraine over the last few days – which some fear could result in bloody civil war – has been inexorably coming for some time. In November 2013, the country’s President Viktor Yanukovych abruptly broke off talks with the EU over a political and [...]
Gold demand fell 15pc in 2013 on US recovery February 18, 2014 OVERALL gold demand slid by 15 per cent in 2013, despite 21 per cent growth in demand from consumers, according to a new report by the World Gold Council yesterday. Interest from the retail market was offset by large-scale outflows from exchange traded funds (ETFs) as confidence in the US economy improved, the report said. [...]
What the other papers say this morning – 12 February 2014 February 11, 2014 FINANCIAL TIMES Planners seek cash for fast ruling Westminster Council has sought permission from the Treasury to accept cash payments from property developers to speed up their planning applications and resolve backlogs in what could become a template across London. In a joint letter to George Osborne the leader of Westminster council, deputy London mayor [...]
Retiring Lloyds chairman to join the Financial Reporting Council January 23, 2014 THE OUTGOING chairman of Lloyds Banking Group has been picked to chair the Financial Reporting Council (FRC), the accounting regulator said yesterday. Sir Win Bischoff, who retires from Lloyds in April, will replace Baroness Hogg at the FRC on 1 May. He was chosen for the job after an eight-month search for Hogg’s replacement, conducted [...]
Fresh probe for former Bradford & Bingley exec January 21, 2014 THE ACCOUNTING watchdog has launched an investigation into Chris Willford, the former finance director of bailed-out banking group Bradford & Bingley. The Financial Reporting Council’s probe comes a month after Willford was fined £30,000 by the Financial Conduct Authority for failing to alert the bank’s board to key financial risks ahead of B&B’s attempted rights [...]
Watchdog to formally probe KPMG audit of troubled bank January 20, 2014 KPMG’S work on the Co-operative Bank’s accounts will be formally investigated, the Financial Reporting Council said yesterday. The watchdog said it will probe KPMG’s approval and audit of the Co-op Bank’s 2012 results, following the bank’s revelation last year that it had a £1.5bn capital hole. The FRC, which has powers to fine and suspend [...]
Experian picks chief exec as its new chairman January 16, 2014 EXPERIAN’S chief executive is stepping into the chairman’s role from July, the firm announced yesterday, eight months after hiring headhunters to search for a new chair. The credit checking and data services group said Don Robert will leave the chief exec post to replace Sir John Peace, who said last May that he planned to [...]
EY pays £1.2m over its audit of Christmas savings club Farepak December 19, 2013 EY, the accountancy group that checked the books for collapsed Christmas savings club Farepak, was yesterday reprimanded and agreed to pay £1.2m in fines and costs. Farepak’s collapse in 2006 left more than 100,000 savers out of pocket by a total of £37m. The Financial Reporting Council found yesterday that EY and its then-partner Alan [...]
Complaints bodies beefed up December 18, 2013 The government has announced four bodies that have been given the power to report problems in the financial services sector to the Financial Conduct Authority. Which?, the Consumer Council Northern Ireland, Citizens Advice and the Federation of Small Businesses can make complaints to the FCA which it must respond to within 90 days. Sajid Javid, [...]