Hector Sants, CEO of the FSA, is under fire at home as well as the office after his £3m plans to renovate a Victorian property have been slammed by local residents, the Daily Mail reports.
Sants’ plans for his £2.4m home counties home include a lift, subterranean indoor swimming pool, gym, electronic gates, six bedrooms and nine bathrooms.
However, the redesigns have been criticised for being ‘vulgar and extravagant’, according to the Daily Mail, with neighbours and the local Victorian society opposing the plans.
One neighbour is quote by the mail as saying Sants, who earns £700,000 a year, should be working to save Britain’s economy instead of spending a fortune turning a historic house into a flashy palace.
In his defence, Sants says he is restoring a wrecked house to its former glory.
The G7 has issued a statement saying it is ready to step into ease the yen’s advance, which is threatening global financial stability, the Financial Times reports.
Its statement failed to stop the yen hitting a 13-year high against the dollar, further threatening Japanese exports. The yen was trading at 92.80 to the dollar by late afternoon in Tokyo while Japan’s Nikkei 225 index ended the session down 6.4% at its lowest close since 1982 as exporters fell on the stronger yen.
The IMF last night agreed to offer Ukraine a loan of up to $16.5bn as the country seeks to "maintain confidence and economic and financial stability", The Independent reports.
Ukraine has been one of the worst hit countries in the global financial crisis. Its stock market fell by more than 10% last Friday before trading was suspended; the third time in a week the exchange had been halted.
The IMF said the package would help to meet the balance of payments needs created by the combined effects of a collapse in steel prices and the global credit turmoil.
It follows a $2.1bn loan granted to Iceland last week. Pakistan, Hungary and Belarus are also in talks with the IMF about possible funding.
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