Wiki Actu en

December 31, 2015

UK\’s Financial Conduct Authority drop inquiry into culture of banking

UK’s Financial Conduct Authority drop inquiry into culture of banking

From Wikinews, the free news source you can write!
Jump to: navigation, search

Thursday, December 31, 2015

United Kingdom
Related articles
Location of the United Kingdom
United Kingdom (orthographic projection).svg
Collaborate!
  • Pillars of Wikinews writing
  • Writing an article

The Financial Conduct Authority, one of Britain‘s banking sector regulators, indicated it has decided to drop an inquiry into banking culture, including practices and payment of banking staff. The inquiry was intended to review “whether culture change programmes in retail and wholesale banks are driving the right behaviour, in particular focusing on remuneration, appraisal and promotion decisions of middle management, as well as how concerns are reported and acted on”.

A spokesman for the Financial Conduct Authority stated: “A focus on the culture in financial services firms remains a priority for the FCA[…] There is currently extensive ongoing work in this area within firms and externally. We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change as well as supporting the other initiatives outside the FCA.”

The Shadow Chancellor, Labour‘s John McDonnell, said shutting down the inquiry would be a “dangerous and costly mistake” and said: “This will be a huge blow to customers and taxpayers who are all still paying the price for the failed culture in the banking sector that’s been widely attributed to be among the main causes of the crash and the scandals over Libor and price-fixing”.

Members of the Treasury Select Committee have also been critical of the cancellation of the review. On Twitter, Labour MP John Mann stated the “FCA surrender to big banks today is entirely from pressure from Treasury and Osborne”. Conservative MP Mark Garnier, told the BBC: “There has always been this great argument that perhaps the Treasury is having more influence over the regulator than perhaps it ought to and certainly, if I was looking for a Machiavellian plot behind what’s happened here and the tone of the regulator, then I suppose I would start looking at the Treasury.”

Richard Lloyd from the consumer group Which? expressed disappointment at the cancellation of the report: “It’s disappointing that the regulator has decided against publishing this report on the culture of banking. Cultural change doesn’t happen overnight, so despite signs of improvement, the FCA must not take their eye off the ball and should continue to clean up the industry”

The FCA has had no leader since Martin Wheatley resigned in July following an expression of no confidence by George Osborne, the Chancellor of the Exchequer.



Sources[]

Bookmark-new.svg

This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

February 19, 2015

Senior Telegraph writer Peter Oborne alleges paper suppressed reports on HSBC

Filed under: Archived,Banking,Europe,HSBC,Journalism,Media,United Kingdom — admin @ 5:00 am

Senior Telegraph writer Peter Oborne alleges paper suppressed reports on HSBC

From Wikinews, the free news source you can write!
Jump to: navigation, search

Thursday, February 19, 2015

United Kingdom
Related articles
Location of the United Kingdom
United Kingdom (orthographic projection).svg
Collaborate!
  • Pillars of Wikinews writing
  • Writing an article

Peter Oborne, former chief political commentator at British broadsheet newspaper the Daily Telegraph, has alleged the paper suppressed and under-reported stories involving banking giant HSBC so as to avoid a loss of advertising revenue. In a public resignation from the paper published on the openDemocracy website on Tuesday, the veteran journalist and columnist alleges the division between advertising and editorial had not been kept watertight and that editors were committing a form of “fraud” on readers of the newspaper.

In Oborne’s article, he details how he submitted a story to the Telegraph regarding HSBC closing a number of prominent British Muslims‘s accounts — despite assurances to the contrary, the story was not published by the paper. This led to Oborne investigating other coverage of HSBC in the newspaper. He cites the example of a story written by the Telegraph banking correspondent Harry Wilson on problems with HSBC’s accounts, which Oborne claims was quietly removed from the Telegraph website. Oborne says the failure of the Telegraph to cover HSBC is also present in the relative coverage given in November 2014 after the bank had to allocate a fund of £1 billion to compensate customers, as well as an investigation into manipulation of the currency market: Oborne argues these developments were given considerable coverage in competing newspapers including the Guardian, Times, and Mail but the Telegraph covered them only briefly several pages into the business section.

Oborne’s article alleges a number of other examples of suppression — calling the coverage of pro-democracy protests in Hong Kong “bizarre”, and noting that the paper under-reported news of false accounting at Tesco but gave significant prominence to stories about the company without a critical edge.

Following Oborne’s article, a spokesman for the Telegraph responded: “Like any other business, we never comment on individual commercial relationships, but our policy is absolutely clear. We aim to provide all our commercial partners with a range of advertising solutions, but the distinction between advertising and our award-winning editorial operation has always been fundamental to our business. We utterly refute any allegation to the contrary. It is a matter of huge regret that Peter Oborne, for nearly five years a contributor to the Telegraph, should have launched such an astonishing and unfounded attack, full of inaccuracy and innuendo, on his own paper.”

Media commentator Roy Greenslade, writing for the Guardian, described Oborne’s allegations against the Telegraph as “dynamite” and said they go “to the heart of a paper’s credibility”. The Barclay brothers, owners of the Telegraph, “are being held to account”, according to Greenslade, and Oborne “has shone a light on a dark reality”.



Sources

Bookmark-new.svg


This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

May 18, 2014

Bank of England governor warns housing market is biggest threat to UK economy

Bank of England governor warns housing market is biggest threat to UK economy

From Wikinews, the free news source you can write!
Jump to: navigation, search

Sunday, May 18, 2014

Mark Carney in 2010.
Image: World Economic Forum.

United Kingdom
Related articles
  • 26 June 2015: Former Scottish Conservatives leader Annabel Goldie to stand down as MSP
  • 25 June 2015: Petition pressures City of Edinburgh Council to review clause affecting live music scene
  • 13 June 2015: English actor Christopher Lee dies aged 93
  • 6 June 2015: Major haemorrhage linked to alcoholism announced as cause of Charles Kennedy’s death
  • 4 June 2015: Charles Kennedy, former Liberal Democrats leader, dies aged 55
Location of the United Kingdom
United Kingdom (orthographic projection).svg
Collaborate!
  • Pillars of Wikinews writing
  • Writing an article

The governor of the Bank of England, Mark Carney, has warned that the state of the housing market in the United Kingdom is the current biggest domestic threat to the country’s economy, due to lack of house building, and regulatory issues.

In an interview to be aired on Sky News today, he said the housing market is the “biggest risk” to the economy and has “deep, deep structural problems”. Of house building he said: “There are not sufficient houses built in the UK. To go back to Canada, there are half as many people in Canada as in the UK, twice as many houses are built every year in Canada as in the UK and we can’t influence that.”

“We’re not going to build a single house at the Bank of England. We can’t influence that. What we can influence […] is whether the banks are strong enough. Do they have enough capital against risk in the housing market?”

Carney also said the Bank of England would look into the procedures used to issue loans and mortgages to see if they were being granted appropriately: “We’d be concerned if there was a rapid increase in high loan-to-value mortgages across the banks. We’ve seen that creeping up and it’s something we’re watching closely.”

Kris Hopkins responded to Carney on behalf of the government, saying the government “inherited a broken housing market, but our efforts to fix it are working”. “We’ve scrapped the failed top-down planning system, built over 170,000 affordable homes and released more surplus brownfield sites for new housing. We’ve also helped homebuyers get on the housing ladder, because if people can buy homes builders will build them. Housebuilding is now at its highest level since 2007 and climbing. Last year councils gave permission for almost 200,000 new homes under the locally-led planning system and more than 1,000 communities have swiftly taken up neighbourhood planning. It’s clear evidence the government’s long-term economic plan is working.”

Earlier this month, the Organisation for Economic Co-operation and Development called on the UK government to “tighten” access to the ‘Help to Buy‘ scheme introduced by George Osborne and the coalition government in 2013. ‘Help to Buy’ has also recently been criticised by three former Chancellors of the Exchequer — the Conservatives Norman Lamont and Nigel Lawson, and former Labour Chancellor Alistair Darling. Darling said: “Unless supply can be increased substantially, we will exacerbate that situation with schemes like Help to Buy.”



Sources

Bookmark-new.svg


This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

October 11, 2008

G7 says \”all available tools\” will be used to solve crisis

G7 says “all available tools” will be used to solve crisis

From Wikinews, the free news source you can write!
Jump to: navigation, search

Saturday, October 11, 2008

The financial leaders pose for a group photo.

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

  1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
  2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
  3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
  4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
  5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.
HAVE YOUR SAY
Wikinews commentary.svg
Are you confident that the G7 countries are able to solve the current financial crisis?
Add or view comments

“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”



Sources

Wikipedia
Wikipedia has more about this subject:
Financial crisis of 2007–2008
Bookmark-new.svg


This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

October 10, 2008

WTO calls meeting on trade finance and economic crisis

WTO calls meeting on trade finance and economic crisis

From Wikinews, the free news source you can write!
Jump to: navigation, search

Friday, October 10, 2008

The head of the World Trade Organization, Pascal Lamy, has called for a meeting to assess the trade finance situation, including the impact on developing countries. The meeting, which is schedule for November 12, will allow credit institutes and government officials to review the current trade credit situation.

Pascal Lamy in 2003
Image: Agência Brasil.

“A number of WTO members, in particular developing countries, have flagged the problems they are facing in arranging trade financing,” wrote WTO Director-General Lamy.

“The purpose of our next meeting will be to review how the international market for trade-financing is faring in view of the current very difficult conditions on international financial markets,” he continued.

Credit is vital to trade with around 90 percent of the US$14 trillion in world trade financed by credit. While this market has done well compared to other credit markets, bankers are suggesting that problems might occur shortly. Rates on these trade loans have increased by 3 percent.

Developing countries have seen several recent years of positive growth but the effects of the global financial crisis on these countries have pushed growth levels down.

Lamy has asked that the heads of the World Bank, International Monetary Fund, and other regional development banks to attend. He also invited the five leading commercial banks in trade finance: Citigroup, Commerzbank, Royal Bank of Scotland, JPMorgan Chase, and HSBC.

Lamy also said that work on the Doha Development Round of trade is continuing but did not say if it would be finished this year.



Sources

Bookmark-new.svg


This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

October 8, 2008

Central banks worldwide cut interest rates

Central banks worldwide cut interest rates

From Wikinews, the free news source you can write!
Jump to: navigation, search

Wednesday, October 8, 2008

Economy and business
Euro coins and banknotes.jpg
Related articles
  • 25 June 2015: Petition pressures City of Edinburgh Council to review clause affecting live music scene
  • 5 June 2015: Australian businessman Alan Bond dies aged 77
  • 5 March 2015: Spanish authorities arrest Yuriy Kolobov, former Ukrainian finance minister
  • 26 February 2015: Southwest Airlines grounds 128 uninspected planes
  • 9 December 2014: New Delhi orders Uber cease operation following alleged rape
Collaborate!
  • Pillars of Wikinews writing
  • Writing an article

Four of the banks involved. (Clockwise from top-left: Federal Reserve, Bank of England, Bank of Canada and European Central Bank)
Image: Photographs by Dan Smith, Adrian Pingstone, Yann and Alexandra Studios. Compiled by Anonymous101.

In an effort to reduce the effect of the ongoing financial crisis, six central banks worldwide have reduced their interest rates by 0.5% in an unexpected move which took place today. The banks involved in the deal are the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank, and the Swiss National Bank.

“Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets,” said the banks in a joint statement. “Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability. “

“Some easing of global monetary conditions is therefore warranted. Accordingly, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank, and the Swiss National Bank are today announcing reductions in policy interest rates. The Bank of Japan expresses its strong support of these policy actions.”

Japan expressed support for the move, although it did not cut its own interest rate by 0.5% as that would mean bringing its interest rate down to 0% from 0.5%.

The US interest rate was lowered to 1.5% as part of the move, while the UK rate was lowered to 4.5%. The European rate was lowered to 3.75%.

The new rate of the Swiss National Bank is 2.5%, while Sveriges Riksbank, the Swedish central bank, lowered its rate to 4.25%.

Stock market data

17:45, 08 October, 2008 (UTC)
  • DJIA
9.487,01 Profit 39,90 Profit 0,42%
  • Nasdaq
1.774,11 Profit 19,23 Profit 1.10%
  • S&P 500
1.004,90 Profit 8,67 Profit 0,87%
  • S&P TSX
9.713,06 Loss 116,49 Loss 1.19%
  • IPC
20.978,30 Profit 93,55 Profit 0,45%
  • Merval
1.346,190 Loss 38.410 Loss 2,77%
  • Bovespa
39.995,34 Loss 144.51 Loss 0,36%
  • FTSE 100
4.366,69 Loss 238,53 Loss 5,18%
  • DAX
5.013,62 Loss 313,01 Loss 5,88%
  • CAC 40
3.496,89 Loss 235,33 Loss 6,31%
  • SMI
6.073,45 Loss 354,31 Loss 5,51%
  • AEX
285,66 Loss 23,78 Loss 7,68%
  • BEL20
2.323,95 Loss 184,74 Loss 7,36%
  • MIBTel
16.793,00 Loss 1,019,00 Loss 5,72%
  • IBEX 35
10.297,60 Loss 564,40 Loss 5,20%
  • All Ordinaries
4.369,80 Loss 228,10 Loss 4,96%
  • Nikkei
9.203,32 Loss 952,58 Loss 9,38%
  • Hang Seng
15.431,70 Loss 1,372,03 Loss 8,17%
  • SSE Composite
2.092,22 Loss 65,61 Loss 3,04%



Sources

Bookmark-new.svg


This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

Powered by WordPress