Caroline Binham

Saudi Arabia’s sovereign wealth fund is in talks to acquire English Premier League football club Newcastle United for just under £350m, becoming the latest Middle Eastern investor to seek entry into the world’s most popular sport. British financier Amanda Staveley is brokering the deal, with almost all of the funding coming from the Public Investment Fund, controlled by Saudi crown prince Mohammed bin Salman, according to people familiar with the discussions. The club is owned by UK retail mag…

The Bank of England has hit Citigroup with a record £44m fine for “serious” reporting failures that left UK regulators with an incomplete picture of the financial health of one of the world’s biggest banks. Citi’s UK operations, which account for about 15.6 per cent of the US bank’s assets, lacked a proper framework for reporting its capital and liquidity position for more than four years, according to the Prudential Regulation Authority, the arm of the central bank that imposed the penalty on…

Regulators will question representatives of digital currency over threat to financial stability

G7 countries establish group to examine risk to financial system from ‘stable coins’

Goldman Sachs’s London unit has landed a £34.3m fine from the UK financial watchdog for misreporting more than 220m transactions over a 10-year period. The fine is the largest handed out by the UK Financial Conduct Authority for transaction-reporting failures under European rules known as Mifid, topping the £27.6m fine UBS received earlier this month from the regulator for similar errors. The FCA said on Thursday that the bank had failed to properly provide complete and timely data on more tha…

UBS has been fined a record £27.6m by the UK’s financial watchdog for misreporting 136m transactions over nearly a decade. It is the largest fine levied by the Financial Conduct Authority for transaction-reporting breaches — more than double the previous record. In 2005, the Swiss bank was fined £100,000 for similar shortcomings. UBS failed to ensure that complete and accurate information on 87m transactions was sent to the regulator, which uses the details to try to spot market abuse, inside…

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

NCA opens case into limited liability partnership and warns of ‘route for money laundering’

Questions persist about value of football club if it loses Premier League status

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

Ex-traders to face charges in the US related to probe into rigging of forex market

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

Split Tabernula decision sees Dodgson and Hind convicted after eight-year probe

It was a prolonged courtship that stretched down under but left Australia’s top financial regulator feeling slightly bruised. Headhunters appointed by George Osborne to find a new head for the UK’s troubled Financial Conduct Authority tapped up Greg Medcraft, a straight-talking former investment banker at Société Générale and the head of the Australian Securities and Investments Commission, for the job months ago. Mr Medcraft was open to being seduced to London, Europe’s financial capital, and…

Finma, Switzerland’s financial regulator, has imposed industry bans of between one and five years on six former UBS employees involved in attempts to manipulate foreign exchange benchmarks, in what marks the first enforcement actions in the world against individuals stemming from the forex rate-rigging scandal. The decision by the Bern-based organisation followed last year’s global regulatory response to the forex scandal. The six individuals, including the bank’s former global heads of both fo…

Fraud agency probes dealings with Qatar over £5.8bn injection in 2008

Hedge fund tycoon fights divorce claim

UK fraud office steps up probe into Barclays’ dealings with Qatar