Kamis, 13 Februari 2020

Barclays chief under investigation in UK for ties to Epstein - Aljazeera.com

The United Kingdom's financial regulators are investigating past links between Barclays Chief Executive Jes Staley and the United States financier Jeffrey Epstein, who killed himself while awaiting trial on sex trafficking charges, the bank said on Thursday.

Barclays said its board had looked into media reports on Staley's relationship with Epstein, and investigated Staley's characterisation of it. The Financial Conduct Authority and the Prudential Regulation Authority are investigating.

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The bank said its board believes Staley has been sufficiently transparent about his ties to Epstein, whom Staley said he had not seen since taking over as Barclays chief executive in 2015.

Speaking to reporters on Thursday, Staley said he regretted his relationship with Epstein, which began in 2000 while he was employed by JPMorgan and "tapered off significantly" after he left the Wall Street lender.

The relationship ended in late 2015, Staley said.

"I thought I knew him well, and I didn't. I'm sure with hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein," he said.

The New York Times last year said Epstein had referred "dozens" of wealthy clients to Staley when the chief executive ran JPMorgan's private banking business.

It also reported that Staley visited Epstein in prison when he was serving a sentence between 2008-09 for soliciting prostitution.

Staley also went to Epstein's private island in 2015, Bloomberg reported.

Barclays has previously said Staley never engaged or paid fees to Epstein to advise him or provide professional services.

The probe is the second regulatory investigation into Staley's conduct in recent years, after the FCA and PRA fined him 642,000 pounds ($832,803) in 2018 for trying to identify a whistle-blower who sent letters criticizing a Barclays employee.

Barclays shares fell 3.4 percent on Thursday morning.

Staley received a bumper pay package of 5.9 million pounds ($7.65m) in 2019, up from 3.36 million pounds ($4.36m) a year earlier. The sum was boosted by the paying out of a long-term incentive plan worth 1.48 million pounds ($1.92m).

His bonus also rose to 1.65 million pounds ($2.14m), reflecting the bank's strong annual performance.

Both Staley and Finance Director Tushar Morzaria took cuts to their pension allowances in 2019, and will now receive fixed cash contributions equating to 10 percent of salary in line with the broader workforce.

Lower-paid employees will see their employer pension contributions rise to 12 percent.

The bank, meanwhile, reported a better-than-expected profit before tax of 6.2 billion pounds ($8.04bn) for 2019, as its investment bank reported bumper returns from fixed-income trading.

Its profit was 9 percent higher than in 2018 and above the 5.7 billion pound ($7.39bn) average of analysts' forecasts compiled by the bank.

The UK lender also reiterated its ambition of achieving a 10 percent return on equity this year, although it repeated a warning from October that the worsening economic outlook might make reaching that target difficult.

Staley has said Barclays's mix of investment and retail banking businesses should partly insulate it from economic and market fluctuations.

Barclays paid a dividend of nine pence ($0.12) for the year, compared with 6.5 pence ($0.08) for 2018, as its core capital ratio came in at a better-than-expected 13.8 percent.

SOURCE: Reuters news agency

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2020-02-13 10:01:00Z
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Coronavirus: Hunt for contacts of latest UK case - BBC News

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Officials are attempting to trace the contacts of the latest person to be diagnosed with coronavirus in the UK.

The woman, being treated at Guy's and St Thomas' in London, flew into Heathrow from China a few days ago.

England's chief medical officer has said experts are exploring how to limit a potential epidemic in the UK to avoid an NHS crisis.

People quarantined on the Wirral after returning from the city at the centre of the outbreak are set to be released.

More than 80 people staying in accommodation at Arrowe Park Hospital will be allowed to leave after testing negative for the new strain of coronavirus.

They are one of two groups of British nationals evacuated from Wuhan, with the second quarantined near Milton Keynes.

The new case - announced on Wednesday evening - is the UK's ninth and the first to be identified in London.

England's chief medical officer, Professor Chris Whitty, said the patient contracted the virus in China and sources said the woman developed symptoms after landing, called NHS 111 and later tested positive.

'Contain and delay'

Prof Whitty told BBC Radio 4's Today programme it was hoped China "gets on top of the epidemic".

But he said that containment and isolation remain the focus for medical teams - and that work was now under way to work out how to delay any potential outbreak in the UK.

He said: "We basically have a strategy which depends upon four tactical aims: the first one is to contain; the second of these is to delay; the third of these is to do the science and the research; and the fourth is to mitigate so we can brace the NHS."

Prof Whitty added: "If we are going to get an outbreak here in the UK - and this is an if not a when - then putting it back in time, into the summer period away from the winter pressures on the NHS, buying us a bit more time to understand the virus better, possibly having some seasonal advantage, is a big advantage."

On Wednesday, British businessman Steve Walsh, one of the nine UK cases of coronavirus, left hospital having fully recovered.

Mr Walsh, a 53-year-old scout leader from Hove in East Sussex, now posed "no risk to the public", NHS England said.

He was the third case of the virus to be confirmed in the UK, following two Chinese nationals testing positive in York.

Mr Walsh contracted coronavirus on a business trip to Singapore and unknowingly passed it on to 11 other people - five of whom then returned to the UK.

Two of them are known to be GPs who worked at a nursing home, Worthing Hospital and two medical centres in the Brighton area.

A total of 1,750 people in the UK have tested negative for the virus, which causes the disease now known as Covid-19.

On Wednesday, there was a sharp increase in the number of new cases diagnosed in Wuhan and the surrounding province, Hubei, with a total of 60,000 infections and 1,350 deaths across China.

What are the symptoms of coronavirus and what can help stop its spread?

The main signs of infection are fever (high temperature) and a cough as well as shortness of breath and breathing difficulties.

Frequent hand washing with soap or gel, avoiding close contact with people who are ill and not touching your eyes, nose and mouth with unwashed hands, can help cut the risk of infection.

Catching coughs and sneezes in a tissue, binning it and washing your hands can minimise the risk of spreading disease.

Anyone experiencing symptoms, even if mild, after travelling from mainland China, Thailand, Japan, Republic of Korea, Hong Kong, Taiwan, Singapore, Malaysia or Macau, is advised to stay indoors and call theNHS 111 phone service.

Read more about the coronavirus

SHOULD WE WORRY? Our health correspondent explains

YOUR QUESTIONS: Can you get it more than once?

WHAT YOU CAN DO: Do masks really help?

UNDERSTANDING THE SPREAD: A visual guide to the outbreak

LIFE UNDER LOCKDOWN: A Wuhan diary

ECONOMIC IMPACT: Why much of 'the world's factory' remains closed

Do you have information to share about coronavirus in the UK? You can get in touch by emailing haveyoursay@bbc.co.uk.

Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:

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2020-02-13 07:39:37Z
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Coronavirus: Hunt for contacts of latest UK case - BBC News

Media playback is unsupported on your device

Officials are attempting to trace the contacts of the latest person to be diagnosed with coronavirus in the UK.

The woman, being treated at Guy's and St Thomas' in London, flew into Heathrow from China a few days ago.

England's chief medical officer has said experts are exploring how to limit a potential epidemic in the UK to avoid an NHS crisis.

People quarantined on the Wirral after returning from the city at the centre of the outbreak are set to be released.

More than 80 people staying in accommodation at Arrowe Park Hospital will be allowed to leave after testing negative for the new strain of coronavirus.

They are one of two groups of British nationals evacuated from Wuhan, with the second quarantined near Milton Keynes.

The new case - announced on Wednesday evening - is the UK's ninth and the first to be identified in London.

England's chief medical officer, Professor Chris Whitty, said the patient contracted the virus in China and sources said the woman developed symptoms after landing, called NHS 111 and later tested positive.

'Contain and delay'

Prof Whitty told BBC Radio 4's Today programme it was hoped China "gets on top of the epidemic".

But he said that containment and isolation remain the focus for medical teams - and that work was now under way to work out how to delay any potential outbreak in the UK.

He said: "We basically have a strategy which depends upon four tactical aims: the first one is to contain; the second of these is to delay; the third of these is to do the science and the research; and the fourth is to mitigate so we can brace the NHS."

Prof Whitty added: "If we are going to get an outbreak here in the UK - and this is an if not a when - then putting it back in time, into the summer period away from the winter pressures on the NHS, buying us a bit more time to understand the virus better, possibly having some seasonal advantage, is a big advantage."

On Wednesday, British businessman Steve Walsh, one of the nine UK cases of coronavirus, left hospital having fully recovered.

Mr Walsh, a 53-year-old scout leader from Hove in East Sussex, now posed "no risk to the public", NHS England said.

He was the third case of the virus to be confirmed in the UK, following two Chinese nationals testing positive in York.

Mr Walsh contracted coronavirus on a business trip to Singapore and unknowingly passed it on to 11 other people - five of whom then returned to the UK.

Two of them are known to be GPs who worked at a nursing home, Worthing Hospital and two medical centres in the Brighton area.

A total of 1,750 people in the UK have tested negative for the virus, which causes the disease now known as Covid-19.

On Wednesday, there was a sharp increase in the number of new cases diagnosed in Wuhan and the surrounding province, Hubei, with a total of 60,000 infections and 1,350 deaths across China.

What are the symptoms of coronavirus and what can help stop its spread?

The main signs of infection are fever (high temperature) and a cough as well as shortness of breath and breathing difficulties.

Frequent hand washing with soap or gel, avoiding close contact with people who are ill and not touching your eyes, nose and mouth with unwashed hands, can help cut the risk of infection.

Catching coughs and sneezes in a tissue, binning it and washing your hands can minimise the risk of spreading disease.

Anyone experiencing symptoms, even if mild, after travelling from mainland China, Thailand, Japan, Republic of Korea, Hong Kong, Taiwan, Singapore, Malaysia or Macau, is advised to stay indoors and call theNHS 111 phone service.

Read more about the coronavirus

SHOULD WE WORRY? Our health correspondent explains

YOUR QUESTIONS: Can you get it more than once?

WHAT YOU CAN DO: Do masks really help?

UNDERSTANDING THE SPREAD: A visual guide to the outbreak

LIFE UNDER LOCKDOWN: A Wuhan diary

ECONOMIC IMPACT: Why much of 'the world's factory' remains closed

Do you have information to share about coronavirus in the UK? You can get in touch by emailing haveyoursay@bbc.co.uk.

Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:

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2020-02-13 00:40:11Z
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Rabu, 12 Februari 2020

Why Britain's hated Pacer trains just won't go away - CNN

(CNN) — Every day, Pacer trains trundle through some of the most beautiful scenery in northern England, across rolling dales and moody moorlands, before pulling up in the great cities of the region: Manchester, Leeds and Sheffield.

But while the routes they take are often spectacular, these trains are not. For those that use them, they have become a byword for commuter discomfort and chronic lateness.

Introduced in the early 1980s as a hastily cobbled together stop-gap until more practical trains could be brought in, they should've been phased out years ago. Incredibly, 40 years of hard service down the line, they're still running.

Ironically, it seems that after creating the first ever locomotives and pioneering the incredible high speed engines of the steam age, the United Kingdom can't seem to rid itself of what many no doubt believe is one of the world's worst trains.

While some rail enthusiasts retain a certain affection for these unlikely survivors, for people living in the north of England, they've become a symbol of decades of underinvestment in the local transport infrastructure, and of a widening economic north-south divide in the UK.

The complaints are legion. Social media is awash with tales of train roofs leaking, faulty heating and carriages filling up with noxious diesel fumes from the aging engines which power them.

"When you see the depressing sight of an ancient Pacer come rocking from side to side into a station at about 10 mph, usually running late, your conclusion is that the only rightful place for them is in a railway museum," says David Parkin, a retired teacher.

Parkin has grown so tired of using them that he now drives to his nearest Manchester tram stop, some 12 miles away, rather than traveling via local train station in the village of Marsden in West Yorkshire.

The train that used to be a bus

Pacers were seen as a cheap solution to adding rail capacity in the 1980s.

Shutterstock

If a Pacer looks like a bus that's been converted into a train, that's because that's exactly what it is.

Each carriage consists of the body of a bus on top of a simple train frame. Until recently many Pacers had the same somewhat uncomfortable bench seats found on British-built Leyland buses that plied routes in this region over 40 years ago.

"They are a cheap solution and to some extent they feel cheap," says Mark Smith, founder and editor of rail travel website The Man In Seat 61.

"Unlike most trains they haven't got eight wheels, they've got a four-wheel underframe. That gives them the name 'nodding donkeys', because as they go over the rail joints, you feel it. Four wheel carriages like Pacers end up being slightly bumpy."

Pacers, which tend to run with just two carriages, were introduced to northern England (as well as parts of Wales), rather than in the busier areas around London and southeast England, because of capacity, explains Smith.

"Seventy percent of rail travel in the UK is in London and the southeast," he says. "A two car Pacer wouldn't be able to cope with the sheer loads of the London commuter network."

Therefore, introducing diesel-powered units in the south, where most lines had been electrified, did not make sense.

Still going, 40 years on

The original Pacers had uncomfortable bus-style bench seats.

Alamy

In theory, Pacers are counting down the days until they're finally taken off the rails. But given that's a promise that has been repeatedly broken over the past two decades, no one is holding their breath.

In October 2019, Northern Rail, a regional franchise operating the Pacers, announced it was blowing an end of year deadline to finally kill off the unpopular trains. While some have finally been replaced, many are expected to keep rolling well into 2020.

That announcement, coupled with a botched timetable change and years of late running services, prompted a final surge of outrage. The mayors of Manchester, Leeds and Sheffield united to call for fare reductions on routes that still use Pacers, expressing 'deep disappointment and frustration' in a letter to Northern.

Then in January, Northern's German-owned operator, Arriva, was stripped of its franchise, and services were taken under government control -- an extraordinary measure for the UK's free-market supporting Conservative leadership.

Like politicians, passengers have little good to say about the experience of using them.

"The Pacers are terrible," says Rob Weatherhead, a digital consultant based in Bolton, Greater Manchester. "Cold, rickety and no room to stand."

John Moorhouse, company secretary at TravelWatch NorthWest, a passenger advocacy group, says that as well as complaints about the rough ride when traveling by Pacer, there are also major issues with the interior too.

"They're very sparse inside," Moorhouse says. "The seats are very Spartan and at quite high density. The toilet that's provided is very small and not suitable for disabled people. And latterly they haven't had anything done to them because they were supposed to be taken out of service, so they've just deteriorated in quality."

"On one journey we sat outside Wigan Kirkgate not moving for 15 minutes and you could feel the diesel fumes getting into your lungs, making you feel positively nauseous," says David Parkin. "And this is an experience you'll get at most of the big northern stations such as Leeds and Manchester Piccadilly."

Beloved by some

Nice countryside, shame about the trains.

Rail Photo/Construction Photography/Avalon/Getty Images

Despite seemingly widespread dislike for Pacers, rail enthusiasts say that they have actually fulfilled a major purpose.

"Some say that by offering a cheap solution they enabled really small regional branch lines to stay open [in the 1980s] -- that if they had to have really expensive trains, they might have been under greater pressure to close," says Mark Smith.

It's a view echoed by John Moorhouse.

"At the time there was a threat to rail services and it was said that the Pacers helped to prevent the closures."

"There's also a school of thought that says that some of the Pacers, now that they've been refitted with decent seats rather than bus seats, are actually not that bad and on a line with a decent track even the four-wheel frame isn't that bad," adds Smith.

For many in the north, Pacer trains are indicative of a wider trend, with the region constantly overlooked when it comes to major infrastructure investment. London, which is soon to get an £18.2 billion ($23.7 billion) Crossrail service, always seems to take precedence.

The Pacer uses the chassis of a Leyland bus similar to this model from the 1970s.

Evening Standard/Hulton Archive/Getty Images

That, however, is at least beginning to change.

It is claimed that since the introduction of the so-called "northern powerhouse" scheme in 2014 by the then government of former prime minister David Cameron, spending on transport has gone up twice as much in the north as it has in London.

"Previous Northern franchises were contracted on a 'no growth' basis and there was no opportunity for the operator to introduce new rolling stock," Alan Chaplin, program director at Northern, told CNN late last year, before Arriva lost its franchise.

"When Arriva won the rights to operate the new franchise in 2016, an investment plan of £500 million in brand new trains was agreed."

That investment, explained Chaplin, equates to 101 new trains, built by manufacturer CAF, which will eventually replace all Pacer trains.

Even before the 2019 deadline was up, Chaplin said that some would continue to be used, "...to provide planned service provision but all are expected to be out of service by early spring 2020."

'No quick fix'

Northern's new trains are scheduled to replace Pacers in 2020.

Courtesy Northern

Rail Minister Chris Heaton-Harris said in October 2019 that the very last Pacers would come out of service in May 2020.

That can't come soon enough for passengers.

Mark Smith, who has ridden the new rolling stock, says users will be pleased when they do eventually get on board the Pacers' replacement.

"They look very swish," he says. "The north is getting a fleet renewal that is better than anything that has gone before. It's a shame if attention is diverted onto the odd delay. But there are great things in the pipeline."

John Moorhouse says the new trains are just part of the wider story of regenerating transport in the north.

"There's a lot of latent demand out there, so we think that there's still going to be a problem with capacity, he says. "We're still going to need more trains to deal with all the demand that's there. It's not going to be a quick fix."

For train fanatics, though, the next few months provide a final opportunity to ride these creaking carriages and feel them rattle along the rails of England's most beguiling region.

Read more

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2020-02-12 11:37:30Z
CAIiEL4V2kJxwpubanvMnjjgMmYqGQgEKhAIACoHCAowocv1CjCSptoCMMXoyQU

Challenger bank N26 to shut all UK accounts - BBC News

Challenger bank N26 is closing accounts for UK customers on 15 April, blaming difficulties created by the Brexit process.

The bank, which had a significant marketing push after launch, only started offering current accounts in the UK after the EU referendum.

However, it said that the "timing and framework" of the Withdrawal Agreement made it impossible to continue.

With about 200,000 customers, it was one of the smaller operators in the UK.

Thomas Grosse, chief banking officer at N26, which has a European banking licence, said: "While we respect the political decision that has been taken, it means that N26 will be unable to serve our customers in the UK and will have to leave the market."

What must customers do?

Accounts will operate as normal until 15 April, by which time funds should be transferred.

Will Sorby, general manager for N26 in the UK, said that accounts would be closed automatically on that date after money has been removed.

Anyone who has money in an account and fails to move it in time will see the cash shifted into a holding account.

Following the closure of the company's UK operations, the majority of its UK staff would move into new roles within the business, the bank said. It is bigger in Germany, where it has its Berlin headquarters, and has recently launched in the US.

The move comes on the day that shadow chancellor John McDonnell has said he fears there's a "risk" of an exodus from the City if the government does not get a swift deal with the EU on financial services.

However, there are no signs as yet of any other challenger or bigger banks following N26 in quitting the UK. Monzo and Starling have a UK banking licence, unlike N26.

It remains tough for challenger banks in the UK current account sector, primarily because a large number of customers do not use their products as their main transactional account.

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2020-02-12 06:37:47Z
52780603637043

Challenger bank N26 to shut all UK accounts - BBC News

Challenger bank N26 is closing accounts for UK customers on 15 April, blaming difficulties created by the Brexit process.

The bank, which had a significant marketing push after launch, only started offering current accounts in the UK after the EU referendum.

However, it said that the "timing and framework" of the Withdrawal Agreement made it impossible to continue.

With about 200,000 customers, it was one of the smaller operators in the UK.

Thomas Grosse, chief banking officer at N26, which has a European banking licence, said: "While we respect the political decision that has been taken, it means that N26 will be unable to serve our customers in the UK and will have to leave the market."

What must customers do?

Accounts will operate as normal until 15 April, by which time funds should be transferred.

Will Sorby, general manager for N26 in the UK, said that accounts would be closed automatically on that date after money has been removed.

Anyone who has money in an account and fails to move it in time will see the cash shifted into a holding account.

Following the closure of the company's UK operations, the majority of its UK staff would move into new roles within the business, the bank said. It is bigger in Germany, where it has its Berlin headquarters, and has recently launched in the US.

The move comes on the day that shadow chancellor John McDonnell has said he fears there's a "risk" of an exodus from the City if the government does not get a swift deal with the EU on financial services.

However, there are no signs as yet of any other challenger or bigger banks following N26 in quitting the UK. Monzo and Starling have a UK banking licence, unlike N26.

It remains tough for challenger banks in the UK current account sector, primarily because a large number of customers do not use their products as their main transactional account.

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2020-02-12 05:45:28Z
52780603637043

Challenger bank N26 to shut all UK accounts - BBC News

Challenger bank N26 is closing accounts for UK customers on 15 April, blaming difficulties created by the Brexit process.

The bank, which had a significant marketing push after launch, only started offering current accounts in the UK after the EU referendum.

However, it said that the "timing and framework" of the Withdrawal Agreement made it impossible to continue.

With about 200,000 customers, it was one of the smaller operators in the UK.

Thomas Grosse, chief banking officer at N26, which has a European banking licence, said: "While we respect the political decision that has been taken, it means that N26 will be unable to serve our customers in the UK and will have to leave the market."

What must customers do?

Accounts will operate as normal until 15 April, by which time funds should be transferred.

Will Sorby, general manager for N26 in the UK, said that accounts would be closed automatically on that date after money has been removed.

Anyone who has money in an account and fails to move it in time will see the cash shifted into a holding account.

Following the closure of the company's UK operations, the majority of its UK staff would move into new roles within the business, the bank said. It is bigger in Germany, where it has its Berlin headquarters, and has recently launched in the US.

The move comes on the day that shadow chancellor John McDonnell has said he fears there's a "risk" of an exodus from the City if the government does not get a swift deal with the EU on financial services.

However, there are no signs as yet of any other challenger or bigger banks following N26 in quitting the UK. Monzo and Starling have a UK banking licence, unlike N26.

It remains tough for challenger banks in the UK current account sector, primarily because a large number of customers do not use their products as their main transactional account.

Let's block ads! (Why?)


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2020-02-12 04:29:00Z
52780603637043