What the other papers say this morning January 30, 2011 FINANCIAL TIMES BANKS WATCH BARCLAYS’ COCO PLANS Big banks on both sides of the Atlantic are weighing whether to follow Barclays as it pushes ahead with a plan to pay bonuses with innovative bonds, dubbed cocos. According to several banks present at last week’s World Economic Forum in Davos, the idea of using contingent convertible [...]
BAE fined over Tanzania deal December 21, 2010 ARMS group BAE Systems yesterday received a £725,000 penalty after a probe into allegations about an arms sale to Tanzania, but a judge criticised a deal it struck with the Serious Fraud Office (SFO) to end the investigation. A London court handed down the sentence, including a £500,000 fine plus costs of £225,000, to BAE for [...]
Judge casts doubt on BAE’s deal with SFO December 20, 2010 A DEAL between arms group BAE Systems and the Serious Fraud Office to settle a long-running investigation into allegations linked to an arms sale to Tanzania looked in doubt yesterday after a judge challenged it. BAE and the SFO had agreed under the terms of the deal that BAE would not have to admit to allegations that [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 5, 2010 FINANCIAL TIMES IRISH BANKS FACE LOANS SELL OFF Ireland will have to accelerate the shrinking of its troubled banks’ balance sheets in return for gaining continued access to emergency European funding. According to people briefed on the details of Ireland’s €85bn (£72bn) bail-out by the European Union and the International Monetary Fund, the banks will [...]
Prince Andrew lashes out at Saudi arms probe November 29, 2010 PRINCE Andrew described an investigation by the Serious Fraud Office (SFO) into the massive Al Yamama arms deal with Saudi Arabia as “idiocy”, according to Washington’s ambassador to Kyrgyztan that has emerged as part of the Wikileaks revelations. Andrew, who travels as a special UK trade representative, made his comments during what was described by [...]
SFO chief in vow to chase Russian fraud November 16, 2010 RICHARD Alderman, director of the UK Serious Fraud Office (SFO), has told the Anglo-Russian business community that his organisation will actively seek to exercise new powers worldwide in the global fight against corruption. Referring to new powers available to the SFO following the implementation of the Bribery Act in April 2011, Alderman told an event [...]
Sport retailers cleared by fraud probe but individuals are still under scrutiny October 19, 2010 SPORTS Direct and JJB Sports have been cleared by a fraud probe, although investigations into unidentified individuals continue, the two companies announced yesterday. Britain’s Serious Fraud Office (SFO) had been investigating both sporting goods retailers over possible price fixing and fraud. “No charges are to be brought against the companies or any companies within their [...]
Sports Direct fraud probe dropped October 19, 2010 Sports Direct International has been told that no charges will be brought against it by the Serious Fraud Office. The SFO had launched an investigation into Sports Direct International and JJB Sports over alleged anti-competitive practices. Office of Fair Trading and the SFO officials visited Sports Direct’s head office in September 2009 as part of [...]
Walker to bid £1bn for food firm Iceland October 10, 2010 THE boss of frozen food chain Iceland is planning a £1bn takeover of the firm he founded four decades ago, although he faces a potential bid battle, it emerged yesterday. Malcolm Walker, who together with other managers owns about a quarter of the retailer, is thought to have offered to buy the remaining 76 per cent [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 6, 2010 FINANCIAL TIMES BUSINESS PLEADS FOR A STRATEGY Business leaders urged David Cameron to turn his pro-enterprise rhetoric into a detailed strategy that would deliver better infrastructure and remove obstacles to growth. David Frost, director-general of the British Chambers of Commerce said corporate Britain was strongly behind the government’s effort to shrink the budget deficit but [...]