The incoming chief executive of the Financial Services Authority has warned a number of banks and other financial institutions operating in the UK that they may not have done enough to protect themselves and their investors from an inevitable downturn in the credit markets, the Times reports.
Hector Sants, who takes over from outgoing FSA chief John Tiner today, said a number of institutions need to take steps to improve their internal risk systems.
THE US SECURITIES AND EXCHANGE COMMISSION (SEC) is set to file charges against a board member of Dow Jones in relation to alleged insider trading in the company's shares, the Times reports.
The group is the subject of a $5 billion (£2.4 billion) takeover offer that is being recommended by the Dow Jones board.
Sir David Li, who is also the chairman and chief executive of the Bank of East Asia, has been notified that the SEC is planning to file civil charges against him after the regulator sent the Dow Jones board member a Wells notice, which allows Sir David to make a last appeal to the agency to halt the case, The Wall Street Journal reports today.
SCOTTISH HOUSE PRICES ARE NOW FORECAST to rise at a rate of 10% this year, up from Bank of Scotland's previous estimate of 7%, the Scotsman reports.
But this is still down on 2006 when house price inflation (HPI) north of the Border hit 12.5%. Across the UK, the bank expects HPI to reach 6%, higher than its original prediction of 4%.
The upward revisions from Britain's biggest mortgage lender largely reflect greater-than-expected price growth in the first four months of the year. In Scotland, HPI accelerated from 13% to 16% in the first half of the year.
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