Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Currencies

Euro suffers worst month against the pound since financial crisis

Political risks are still all the rage in the currency markets. The euro has suffered its worst slump against the pound since 2009 in November, as investors hone in on a series of looming battles between eurosceptic populists and establishment parties at the ballot box. The single currency has shed 4.5 per cent against sterling […]

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Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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Currencies

China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

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Banks

Carney: UK is ‘investment banker for Europe’

The governor of the Bank of England has repeated his calls for a “smooth and orderly” UK exit from the EU, saying that a transition out of the bloc will happen, it was just a case of “when and how”. Responding to the BoE’s latest bank stress tests, where lenders overall emerged with more resilient […]

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Categorized | Insurance

New York regulator asks Lloyd’s about Iran


Posted on August 29, 2013

New York’s leading financial services regulator has called on Lloyd’s of London to provide it with fresh information about the insurance market’s supposed links with companies that do business in Iran.

Lloyd’s had acknowledged to the state’s Department of Financial Services that some of its members had contracts with two companies that had done business in the Islamic republic, said people with knowledge of the matter.

    The regulator, led by Benjamin Lawsky, has asked Lloyd’s to provide it with details of enquiries the market has made about its members’ compliance with Washington’s intensified sanctions against the country.

    The department has been probing alleged links of non-US insurers with Iran after President Barack Obama signed new rules into law this year that restrict companies’ dealings.

    The rules target Iran’s energy and shipping industries but such companies rely on insurers to manage their risks. Failure to comply could result in tough punishments of non-US companies’ American operations.

    Mr Lawsky’s investigation takes place as he aggressively scrutinises the financial services sector.

    In June, Bank of Tokyo-Mitsubishi UFJ agreed to pay $250m for violating New York state’s banking laws over transactions involving Iran, Sudan and Myanmar.

    Last year, the regulator alleged Standard Chartered hid $250m in transactions with Iran’s government, moving ahead of federal regulators. The bank eventually agreed to pay a $340m fine to the New York regulator, as well as another $327m to other US authorities.

    In a statement, Lloyd’s said: “The New York regulator is engaged in an industry-wide review. Lloyd’s takes sanctions compliance very seriously and there is no evidence of any breach.”