The Serious Fraud Office (SFO) is gearing up to bring new charges in connection with the Libor-rigging scandal, its head has told The Times.
David Green, head of the SFO, said that charges against individuals suspected of conspiring to manipulate the crucial inter-bank interest rate were expected to be laid in the autumn.
RBS weighs idea for its investment banking unit
Royal Bank of Scotland is shaping up for another radical restructuring as the majority state-owned bank wrestles with the challenge of finding a new chief executive, reports the Financial Times.
RBS is weighing an idea to dispense with its freestanding investment banking operation and to integrate it with the group’s corporate banking unit, according to two people familiar with the idea.
MPs call for UK financial transactions tax
In a report that calls for the government to implement the Kay recommendations, MPs have called for the government to consider imposing a financial transaction tax (FTT) to help reduce high frequency trading, reports The Daily Telegraph.
Professor Kay, whose report into short-termism in equity markets was published last year, did not contain any mention of the FTT. But Adrian Bailey, chairman of the committee, said he had found support for the tax during evidence sessions.
Ireland sets date for vote on future of upper house
The austerity programmes European governments have imposed on many of the Continent’s residents are now threatening Ireland’s upper house of parliament, reports The Wall Street Journal.
Prime minister Enda Kenny’s coalition government on Wednesday set an October 4 referendum on its plans to close the 60-member Senate, the upper chamber of legislators that is now charged with reviewing laws passed by the Dail, the 166-member lower chamber.
ScottishPower blames government energy efficiency schemes for rising costs
Keith Anderson, the energy giant’s boss, said the government had got its sums wrong over the costs of implementing its new “Energy Company Obligation” (ECO) programme – and refused to rule out raising prices as a result, reports The Daily Telegraph.
Analysts warned that suppliers were likely to increase prices by a “high single digits” percentage before winter, due to rising costs from the schemes as well as wind farm subsidies, the new carbon tax and network upgrade costs.