No time to read the papers? Read our 60-second roundup of today’s business market headlines.
Barclays boss Jes Staley faces a fine from the financial watchdogs for trying to track down identity of whistleblower
Barclays boss Jes Staley faces a fine for trying to identify a whistleblower at the bank in 2016, allegedly breaching conduct rules in the process.
Both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) claim Staley’s actions violated rules that require him to ‘act with due skill, care and diligence’.
He used Barclay’s internal security to try and track down the author of two anonymous letters sent to the board and a senior executive in June 2016. On the second occasion, the security team received assistance from a US law enforcement agency, but still failed to identify the whistleblower, the Guardian reported.
Pound hit as Carney casts doubt on UK rate outlook
Sharp falls for the UK pound after comments from the Bank of England’s governor that cast doubt on the pace of interest rate rises has sparked a rally for government debt and London-listed stocks.
Royal Mail chief Moya Greene gets £1m send-off as she steps down
Royal Mail chief executive Moya Greene is to retire in September after eight years in the job with a golden goodbye of £1 million.
That pay-off was agreed when she joined from Canada Post in a contract signed off by then-business secretary Vince Cable.
She will be replaced by Rico Back, who runs European subsidiary General Logistics Systems.
Barclays fined £290m as bid to manipulate interest rates is exposed
The boss of Barclays, Bob Diamond, is under mounting pressure after the bank was hit with fines of £290m for its “serious, widespread” role in trying to manipulate the price of crucial interest rates that affect the cost of borrowing for millions of customers around the world.
There were calls for Diamond to step down after the Financial Services Authority slapped a £59.5m fine on the bank – the largest ever levied by the City regulator – forcing him and other top executives to forgo any bonuses for 2012.
The FSA – and authorities in the US which hit Barclays with penalties of £230m – described repeated breaches of rules dating back to 2005. They involved “a significant number of employees”, including senior managers, and called into question the integrity of the markets.
Pizza Hut’s UK restaurant business just completed a management buyout
Pizza Hut restaurants has confirmed a management buyout of the business, backed by an investment group.
The terms of the deal were not disclosed, but it was reported that it would be worth as much as £100m. It was backed by funding from Pricoa Capital Group, the capital investment arm of PGIM.
Under Armour pulls YouTube ads in fresh extremist video controversy
ouTube is running adverts from major brands alongside extremist content promoting Nazism, conspiracy theories and paedophilia, prompting backlash from advertisers just months after promising to clean up its act.
Adverts for 300 brands and companies, including Under Armour, Amazon, Facebook, Netflix, Adidas, appeared alongside the extremist content, CNN reported.
At least one of the brands, sportswear maker Under Armour, said it had temporarily pulled its advertising until YouTube had addressed the problem.
Hackers advertise stolen card details on Facebook
Criminals are using hundreds of groups on Facebook to advertise stolen credit card details, cyberattacks and logins for hacked Amazon and Netflix accounts.
Brian Krebs, a security researcher, identified nearly 120 groups apparently dedicated to fraud, hacking and money laundering — activities normally associated with the “dark web”. The groups had more than 300,000 members and had been on Facebook for an average of two years, although some had been active for nine years.