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Thursday, June 29, 2017

Financial services watchdog criticises big four accountants

DutchNews, June 29, 2017

Photo: Depositphotos.com

The Dutch financial services watchdog AFM has criticised the big four accountants groups for again failing to carry out adequate checks on the accounts of listed companies and banks. 

AFM staff carried out additional checks on 32 annual reports and found shortcomings in 19 of them.

‘Although steps have been taken, the monitoring of quality by audit firms continues to be a concern and implementing the change agenda continues to be difficult,’ AFM board member Gerben Everts said in a statement

‘We have also seen good audits, which proves that auditors can deliver quality. But this has to apply consistently across the board in the coming period.’

Wednesday, June 21, 2017

Accused ex-Barclays chief quits Rio Tinto board

Yahoo – AFP, June 21, 2017

Former Barclays chief executive John Varley has been charged with "conspiracy
 to commit fraud" over emergency fundraising from Qatar during the financial
crisis (AFP Photo/Shaun CURRY)

Sydney (AFP) - Former Barclays chief executive John Varley quit as a director of mining giant Rio Tinto on Wednesday after being charged with conspiracy to commit fraud in Britain.

He was among four senior executives from the bank charged on Tuesday by Britain's Serious Fraud Office (SFO) following a five-year investigation over emergency fundraising worth billions of dollars from Qatar during the financial crisis.

The Anglo-Australian miner's chairman Jan du Plessis said he had the "highest regard" for Varley, who has been on the Rio board since 2011.

"I am very grateful for John’s outstanding contribution over the five or so years he has been on the board," he said.

"The board holds him in the highest regard and will miss his valuable insight. Personally, I am not only losing a senior independent director, but a close colleague, whose wisdom and support I am going to miss tremendously."

His resignation as a non-executive director and chair of the company's remuneration committee will take immediate effect.

Britain's SFO said the charges he faces relate to Barclays "capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008".

It added that they also involve a US$3-billion loan facility made available to the State of Qatar acting through the country's Ministry of Economy and Finance in November 2008.

Barclays has said it was "considering its position", with the defendants due to appear before London's Westminster Magistrates' Court on July 3.

Sunday, June 4, 2017

Outrage as Trump targets London mayor over attacks

Yahoo – AFP, Brian KNOWLTON, June 4, 2017

Donald Trump poured scorn on London Mayor Sadiq Khan's attempt to reassure
 the public after three assailants smashed a van into pedestrians on London
Bridge then attacked revelers with knives (AFP Photo/Brendan Smialowski)

Washington (AFP) - Donald Trump lashed out Sunday at London's mayor Sadiq Khan, accusing him of downplaying the threat of terrorism a day after knife-wielding men mowed down and stabbed revelers in the British capital.

London's mayor swiftly shot down the US president's remarks, made in a series of overnight tweets, as critics accused Trump of exploiting a terror attack for political gain -- and not for the first time.

A spokesman said Khan "has more important things to do than respond to Donald Trump's ill-informed tweet."

Trump poured scorn on Khan's attempt to reassure the public after three assailants smashed a van into pedestrians on London Bridge then attacked revelers with knives.

"At least 7 dead and 48 wounded in terror attack and Mayor of London says there is 'no reason to be alarmed!'" the US president said in one tweet.

Trump said the attack showed it was time to "stop being politically correct and get down to the business of security for our people," after tweeting the night before -- as the scenes of panic in London were still unfolding -- that it underscored the need for his contested "travel ban" on several Muslim-majority nations.

Khan, in an interview with BBC just hours after the attack, had said, "My message to Londoners and visitors to our great city is to be calm and vigilant today. You will see an increased police presence today, including armed officers and uniformed officers. There is no reason to be alarmed by this."

Responding Sunday to Trump's criticism, a Khan spokesman issued a pointed statement saying that the mayor -- busy coordinating a response to the attack even while reassuring Londoners and visitors -- had "more important things to do than respond to Donald Trump's ill-informed tweet that deliberately takes out of context his remarks."

The acting US ambassador to Britain, Lew Lukens, threw his support behind Khan in a series of tweets which also praised the "extraordinary" response from Londoners and emergency services.

"I commend the strong leadership of the @MayorofLondon as he leads the city forward after this heinous attack," he said, quoted on the US embassy's Twitter account.

'Nasty & unbecoming'

The attack in central London came just weeks after a suicide bombing at a concert in Manchester left 22 dead, and it recalled an attack in March when a man drove a car into pedestrians near the seat of Parliament, killing five.

It was not the first time Trump has been accused of using a terror attack to make a political point, and with Londoners still in shock Sunday, the president's tweets drew angry responses on both sides of the Atlantic.

David Lammy, a Labor Party member of Parliament, tweeted: "Cheap nasty & unbecoming of a national leader. Sort of thing that makes me want to quit politics on a day like this. Evil everywhere we look."

In the United States, former vice president Al Gore told CNN that "I don't think that a major terrorist attack like this is the time to criticize a mayor who is trying to organize his city's response to this attack."

Regarding Trump's plug for his contested travel ban -- which has been blocked by the courts -- Cecillia Wang, deputy legal director of the American Civil Liberties Union, tweeted, "We need to be outraged when the president exploits a terrible violent crime to push his discriminatory and illegal policy."

Last June, after the deadly shooting attack on a nightclub in Orlando, Florida, Trump had tweeted: "Appreciate the congrats for being right on radical Islamic terrorism, I don't want congrats, I want toughness & vigilance. We must be smart!"

That tweet drew angry rebukes from critics saying that the immediate aftermath of an attack that left 49 people dead was not a time for a president to be "basking in congratulations."