Former Barclays COO who admitted sanctioning Libor manipulation
received a £8.75mn payoff
Scottish news: Top stories today - Thursday
Pro-independence figures disagree on SNP's proposed Nato policy
Disagreements have emerged among pro-independence campaigners over the SNP leadership’s plans to drop the party’s opposition to Nato membership. Scottish Green leader Patrick Harvie and SSP leader Colin Fox have joined a ‘No to Nato in Scotland’ pressure group.
Sillars challenges Unionist criticisms
Veteran Scottish nationalist and former SNP MP Jim Sillars has challenged Unionist parties over their objections to the SNP’s defence policy for an independent Scotland. The SNP has faced criticism from the anti-independence camp for proposing that Scotland become a member of Nato without holding nuclear weapons in the country.
New Archbishop of Glasgow links MP’s death to being gay
The new Archbishop of Glasgow has caused outrage after relating the premature death of the late Scottish Labour MP David Cairns to the politician’s homosexuality. After public apologies, Archbishop Tartaglia has agreed to meet David Cairns widower, Dermot Kehoe. As Bishop of Paisley, Mr Tartaglia had been an outspoken critic of the Scottish Government’s plans to legalise same-sex marriage.
High peak insolvency in Scotland
The number of Scots declared bankrupt has shot up by more than one-quarter in first three months of 2012, according to a report by Accountant in Bankruptcy (AiB) - supervisor of insolvencies in Scotland. However, some experts pointed out yesterday's figures may indicate a rise in people seeking legal resolution of their debts. Figures published also showed 420 Scottish companies went into bankruptcy in the quarter to June, 22.4 percent higher than in the same period last year.
- Rate rigging traders to be ‘scapegoats’ as arrests imminent
- Scots in show of solidarity against Spanish austerity cuts
- Tom McCabe lands policy job at Glasgow City Council
- Mervyn King defends Libor record to MPs
- Labour foisting austerity cuts on Scotland, says SNP
Plan for world-class golf course on Jura
Australian hedge fund manager, Greg Coffey, plans to build an international class 18-hole golf course as part of his investment in the island. Mr Coffey's ambition is to attract more visitors to the island and renovate various run-down properties on his 14,000 acre Ardfin Estate.
UK and International
Mitt Romney in Olympics gaffe
US presidential candidate Mitt Romney's diplomatic credentials are under scrutiny after he criticised London's Olympic preparations. The Republican has Olympic experience as he was called in to head up and troubleshoot the scandal-ridden 2002 Winter Games in Salt Lake City. Mr Romney also questioned whether Britons were behind the Games.
U.S. Treasury Secretary grilled over Libor
U.S. Treasury Secretary Timothy Geithner has said that he did everything within his power to prevent Libor rigging, telling Congress that he was aware of the scandal in 2008 when he was president of the New York Federal Reserve Bank. Documents released by the banking regulator have shown that Barclays warned Fed analysts about Libor problems as early as August 2007.
HSBC fined £18 million for 'money laundering'
Europe's biggest bank has been fined $27.5m in Mexico for lax controls of its anti-money laundering systems. The action taken by Mexican regulators comes only a week after the US Senate alleged that HSBC had allowed drug cartels and terrorists to launder money. It is the largest fine ever charged against a bank by Mexico's National Banking and Securities Commission (CNBV).
Barclays chief gets £8.75m payoff
It is being reported that the former Barclays COO Jerry del Missier, who admitted that he believed he was being told by the Bank of England to manipulate Libor interest rates and advised his traders accordingly, received a cash payoff from Barclays of £8,750,000. The news, revealed by Sky, comes while the EU is proposing to make Libor rigging a criminal offence.
Libor manipulation to be criminal offence proposes European Commission
The European Commission is proposing to make interest rate rigging, such as happened with Libor manipulation, a criminal offence. Such a move would help "put an end to criminal activity in the banking sector" said Justice commissioner Viviane Reding. Manipulating interest rates, such as Libor and Euribor, will be designated alongside insider dealing as criminal offences, a Commission statement said.
Lloyds fined £700 million for mis-selling loan insurance
Lloyds Banking Group has been fined £700m for mis-selling loan insurance. The Group's have had to factor in a total of £4bn for the year. In terms of the impact of Libor and other financial scandals, Lloyds said it could not “predict the scope and ultimate outcome” of various investigations.
Spain seeks French support as Eurozone crisis accelerates
Spain is seeking French support as the former’s national debt mounts, borrowing costs soar and unemployment nears 25 percent. Spain, alongside Greece is at the forefront of the Eurozone crisis whilst many of Italy’s major banks have been severely downgraded, UK growth declines rapidly and business confidence in Germany slumps. Hundreds of thousands of Spaniards have protested austerity across the country and in greater numbers as the situation worsens.
Iran and Israel in war of words over Bulgaria attack
Israel has been accused of planning and executing a suicide bomb attack on a bus in Bulgaria last week. Before the Bulgarian authorities could identify those involved Israel pinned the blame on Iran. At a UN debate yesterday (Wednesday), Iran's UN Ambassador Mohammad Khazaee said: "It's amazing that just a few minutes after the terrorist attack, Israeli officials announced that Iran was behind it,"
Battle for Syria’s second city Aleppo
Thousands of troops reportedly have been sent to the Syrian city of Aleppo. The move is an attempt by the government to reclaim areas taken by rebels. The 16-month revolt against President Bashar al-Assad has become a battle for control of the government’s main bases of support.
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