Citywire for Financial Professionals

View the article online at

Sunday Papers: US suicide linked to Iran dollar scandal

And Bob Diamond has hit back after MPs accused him of providing them with "highly selective" evidence in their investigation the Libor rate-rigging scandal.

Sunday Papers: US suicide linked to Iran dollar scandal

Top stories

  • The Sunday Telegraph: The family of a senior partner at Deloitte has called for answers after he apparently committed suicide days after the auditing firm was linked to the Standard Chartered Iran dollar trades scandal.
  • The Sunday Telegraph: Bob Diamond has hit back after MPs accused the former Barclays chief executive of providing them with "highly selective" evidence in their investigation into the Libor rate-rigging scandal.
  • Mail on Sunday: City regulators have rejected claims by the Treasury Select Committee that they pushed Bob Diamond out of his job at Barclays in a knee-jerk reaction to public fury at the Libor rate-rigging scandal.
  • The Independent on Sunday: Guinness stout-to-Veuve Clicquot champagne producer Diageo will announce that revenue has broken the £10 billion mark in its annual results this week.

Business and economics

  • The Sunday Telegraph: Virgin Money is taking retail market share from the "Big Five" banks as borrowers shun the traditional high street lenders following a succession of industry scandals.
  • The Sunday Telegraph: Glencore chief executive Ivan Glasenberg is expected to stand firm on the terms of the planned $26 billion takeover of Xstrata as Glencore unveils pre-tax profits in the region of $1.96 billion for the first six months of the year.
  • The Sunday Telegraph: Losses at fashion retailer White Stuff have risen almost tenfold to £67 million as the value of the brand fell sharply last year.
  • The Sunday Telegraph: Lord Rothschild has taken a near-£130 million bet against the euro as fears continue to grow that the single currency will break up.
  • The Sunday Telegraph: HSBC is willing to "fight to the death" to prevent British regulators from attempting to force it to stop paying its dividend in order to preserve capital.
  • Mail on Sunday: Relief for millions of household budgets from falling inflation could prove short-lived with warnings this weekend that petrol is heading for £1.50 a litre and a poor harvest will send food prices spiralling.
  • The Sunday Telegraph: One of Standard Chartered's key UK investors has questioned the bank's decision to pay a $340 million fine for suspect Iranian dollar trades, despite insisting that the claims against it were flawed.
  • The Sunday Telegraph: Ocado is to launch a price war against supermarkets and pledge that its groceries will be cheaper than other retailers in an attempt to shake off its image as an under-performing online business in danger of collapse.
  • The Sunday Telegraph: Bank of England officials were so concerned about the potential for a financial crisis late last year they took the extra¬ordinary step of warning the entire banking system could collapse "before Christmas".
  • The Independent on Sunday: Agricultural commodities such as corn and soya beans have soared in value since the start of the year as extreme weather decimates American crop.
  • The Independent on Sunday: A coalition of the country's biggest airlines has ramped-up its campaign for air passenger duty to be axed with an investigation into how badly the tax hurts the UK economy.

Share tips, comment and bids

  • The Sunday Telegraph: Funds linked to Sheikha Mozah, the wife of the Emir of Qatar, can be revealed as the mystery purchaser of a £27 million stake in luxury handbag and accessories manufacturer Anya Hindmarch.
  • The Sunday Telegraph: BSkyB'S stranglehold on premium rights to movies from Hollywood's six biggest studios looks set to be broken after Netflix, the US film-streaming service, vowed to outbid it for the rights.
  • The Sunday Telegraph: FirstGroup will press ahead with bids for three other major UK rail contracts this year after its successful £10 billion offer for the West Coast franchise.
  • The Independent on Sunday: The venture capital firm, Finance Yorkshire, has invested £500,000 to take a minority stake in the online grocer Farmison.
  • The Sunday Telegraph (Comment): Antony Jenkins, the chief executive of retail and business banking at Barclays, is the leading contender to be the replacement for flashy Bob, the former CEO whose surname seemed to reflect his style - Diamond.
  • Mail on Sunday (Comment): One problem new Barclays chairman Sir David Walker must tackle quickly is the bank's foot-dragging over handling payment protection insurance complaints.
  • Mail on Sunday (Comment): Life support for jobs threatens economic growth. The danger is of a new breed of zombie companies, kept alive by banks under pressure to bolster business lending.
  • Mail on Sunday (Taking Stock): The Qataris are playing hardball over the planned £50 billion merger of commodities trader Glencore and mining group Xstrata. That could come to a head this week.
  • Mail on Sunday (Comment): It is an enormous relief to read the Treasury Select Committee's report into the Libor-rigging scandal at Barclays and find that they have seen through it all and reached quite sound conclusions.
  • Mail on Sunday (Midas share tip): Buy Personal Group
  • The Independent on Sunday (Comment): The latest labour market figures caused a bit of a stir because the continuing robust rise in employment contrasted with the published GDP figures. If the economy really is in recession, how come it has added more than 300,000 jobs in the past six months?
  • The Observer (Comment): The Commons report on the rate-fixing scandal may not fully explain what went on at Barclays, but it is surely right to condemn 'a prolonged period of extremely weak governance'.
  • The Observer (Comment): The acrimony surrounding Virgin's loss of the west coast main line to FirstGroup marks the start of two hectic years of franchise.
  • The Observer (Business Agenda): Tony Hayward plunges back into a conflict zone, Premier Oil's Falklands adventure excites investors and BAA gets ready for another rush.

7 comments so far. Why not have your say?

Andrew Milne

Aug 19, 2012 at 06:39


"The Treasury select committee has called for urgent reform of the Bank of England, accusing regulators of arbitrarily pushing Bob Diamond out of his job as Barclays’ chief executive when the Libor scandal recently burst into the open.

"In its preliminary report on the scandal, the influential parliamentary body criticised the Financial Services Authority, the city watchdog, and the central bank for bowing to public pressure by urging for the removal of Mr Diamond in the wake of Barclays’ £290m fine for rigging the London interbank offered rate – a key benchmark interest rate."

TSC spent all that hearing harrassing Diamond, raving about his retirement package.

Talk about the guy who writes the minutes has the Last Say!!!!!!!

report this

Rob Walker

Aug 19, 2012 at 09:55

Yes, I watched that committee meeting live. There was hardly a single answer Bob Diamond gave that was not interrupted or cut short. This was just the Bear Pit and a disgraceful way for our elected representatives to behave. I think they have watched too many journalists and Paxman! It was much the same with the Treasury Select Committee and the bankers last year. Whatever the rights and wrongs, there is a way of dealing civily and respectfully with any member of the public and not bring the MP's own brand of Yahoo and Yob bashing they practice in parlaiment into any dealings with the unelected public.

report this

Andrew Milne

Aug 19, 2012 at 10:31

Indeed. The worry is that most TSC and other Parliamentary hearings are likely to prejudice subsequent legal proceedings , civil and criminal. They are distorted to suit Party Lines. Keith Vaz apart, the belligerent displays of bad manners, ignorance, arrogance, and "don't let ignorance stand in the way of bullying experts" performances are just appalling. A bit like "Question to PM by elder MP" to Cameron - response "You can retire any time you like" - sycophantic laughter

They should all read Tom Binghams book "Rule of Law" before blathering about it.Including the bit about acting quasi-judicially. (So should many lawyers!)

.Back to TSC, the report upon which we are commenting is a complete distortion and often reversal of what took place. Maybe an attempt to metamorphose dross, but gold it is not.

Finally, who is running the country, working on the economy,learning from their Departments, fighting for freedom of speech, Justice and Wefare? Listening to the constituents whom they serve while all these "we can do anything" displays are wasting time?

Colin Powell's former Chief of Staff recently observed that the quality of Representatives and Senators had declined dramatically.Maybe this is why our representatives, especially our Leaders, click so neatly into the US morass.

report this

Bernard Bedford

Aug 19, 2012 at 11:07

Is there any chance of including a section of comments on funds eg. Unit Trusts, Oeics, Investment Trusts and ETFs in the "Sunday Papers" review for those of us who don't invest in single companies? OK, I know ETFs and ITs are single companies in a sense but I'm sure you know what I mean.

report this

Andrew Milne

Aug 19, 2012 at 11:55

Great idea! Or could be done here, they all to some extent involve Banking, or are Banking Products.And are "person traps" to be politically correct - silly isn't it!

report this

John Bell

Aug 19, 2012 at 12:11

M P's complain of "selective" answers! Words like pot and kettle come to mind.

report this

Graham Barlow

Aug 20, 2012 at 15:39

Politicians throwing mud is a way of diverting attention from their own reprehensible behaviour in Parliament over the last decade. The TSC is a clear Kangaroo Court . Diamond was hardly allowed to reply with their barbed interuptions. Tyrie is poor quality in my view to be Chairman of what should be a forensic committee. If they had been subject to the same treatment over the expenses scandals you can imagine we would have never heard the end of their bleating and whinning excuses. Lets face it their own Political tinkering and the ludicrous invention of the toothless FSA caused the break down in the first place. I have a number of questions to ask this lot which I doubt you would ever get a cogent answer.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.


FTSE 100 hands back gains as Bank turns hawkish

by Michelle McGagh on Jun 21, 2018 at 17:05

Sorry, this link is not
quite ready yet