Rolls-Royce turbulence finally nearing an end February 28, 2019 On the the face of it, aircraft engine manufacturer Rolls-Royce looks to be stuck on the runway. Shares fell 2.5 per cent yesterday as it reported £2.9bn total losses in 2018. These were largely down to long-running mechanical problems which have grounded one of British Airways’ new Boeing 787 Dreamliner jets at Heathrow airport for [...]
Ex-Barclays boss John Varley says £322m Qatar payment ‘not conditional’ on its involvement in the bank’s fundraising February 28, 2019 The former chief executive of Barclays John Varley said the bank’s controversial £322m services agreements with Qatar were “not conditional” on the Gulf state’s participation in its financial crisis fundraising, a court heard today. Varley, who is on trial for fraud alongside former colleagues Roger Jenkins, Tom Kalaris and Richard Boath, was in court to [...]
Ex-Barclays director says controversial deal with Qatar helped it win work in the Middle East February 27, 2019 A former Barclays executive told a court today that the bank’s two controversial £322m services agreements with Qatar at the time of its £12bn financial crisis fundraisings subsequently helped it win work in the Middle East. Former Barclays director Glenn Leighton said projects he had worked on in Bahrain and Kuwait were landed with the [...]
Barclays banker says she knew nothing of £322m services deal with Qatar February 26, 2019 Evidence from a former vice-chairman of Barclays Capital was read to a London court today, revealing she was not aware of two services agreements the bank struck with Qatar in 2008. Gay Huey Evans, who is currently deputy chairman of the Financial Reporting Council, said Barclays’ former executive chairman of investment banking Roger Jenkins was [...]
Serious Fraud Office drops probes into Rolls-Royce and GSK February 22, 2019 Britain’s corruption watchdog closed the curtains on major probes into Rolls-Royce and GlaxoSmithKline (GSK) this morning. The Serious Fraud Office (SFO) said today that it is closing its investigations into both the car maker and the pharmaceuticals giant. The long-standing investigation into Rolls Royce, which centred around bribery and corruption to win business in countries [...]
Former Barclays chair will appear at SFO fraud trial February 18, 2019 Marcus Agius, the former chairman of Barclays, is set to appear as a witness for the prosecution at the high-profile trial of four of the bank’s former executives on fraud charges. Agius quit the bank nearly seven years ago over its role in the Libor-rigging scandal. He will be called on by the Serious Fraud [...]
Qataris pushed ‘quite aggressively’ for Barclays fee during investment scramble, court hears February 14, 2019 A Barclays boss warned his colleagues that Qatari investors were pushing “quite aggressively” to be paid for a controversial services contract at the height of the financial crisis, a court heard today. Richard Boath told fellow executive Rich Ricci that Doha was growing impatient with the bank, after it apparently missed the deadline to pay [...]
‘No winners’ from spat with Tanzanian government says Acacia boss February 11, 2019 There will be “no winner” in the dispute between Acacia Mining and Tanzania’s leaders, chief executive Peter Geleta said today as the company returned to profitability. Acacia’s shares closed down around 1.1 per cent despite profit before tax reaching $97m (£75m) last year after the company lost $710m in 2017, hit by a $850m impairment [...]
Ex-Barclays trader accused of Euribor rigging felt ‘let down and used’ by private messages February 11, 2019 A former Barclays employee on trial for Euribor rigging has said he felt "let down and used" when he discovered that a colleague had been privately discussing with another trader at a rival bank how they could alter submissions for the interest rate benchmark. Colin Bermingham, 62, told Southwark Crown Court he felt it was "absolutely not right" that [...]
Former Petrofac sales executive pleads guilty to bribery over oil contracts February 7, 2019 A former Petrofac executive charged with using illicit payments to secure oil contracts in the Middle East has pleaded guilty to 11 charges of bribery, the Serious Fraud Office (SFO) said this morning. David Lufkin, 51, formerly the UK-headquartered oil and gas firm’s global head of sales, made the plea at Westminster Magistrates’ Court as [...]