Banking giant Barclays is facing more boardroom upheaval after announcing that its finance director since 2007 is to leave the group.

Chris Lucas will remain in the post until the lender finds a replacement, a process which could take a "considerable time" to complete.

News of his departure and that of Mark Harding, general counsel, comes just days before new chief executive Antony Jenkins bids to repair the bank's battered reputation with a presentation on the company's new strategy.

Barclays shares opened 1% lower.

Mr Lucas is one of several past and present Barclays staff being investigated over whether the bank broke the rules when it took big cash infusions from Qatar's sovereign wealth fund in 2008.

Barclays has also seen several top executives, including chief executive Bob Diamond, leave since a rate-fixing scandal erupted last year.

The bank was hit with a 453 million US dollars (£289 million) fine after it emerged that executives had been involved in a campaign to rig a key interest Libor rate.

Published: 04 February 2013

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The trial of former Cabinet minister Chris Huhne and his ex-wife over claims she took speeding points for him a decade ago is set to start.

Huhne and former wife Vicky Pryce are both charged with perverting the course of justice relating to a speeding offence in 2003.

It is alleged the former energy secretary, who stood down from the Cabinet after he was charged last year, persuaded her to take the points so he could avoid prosecution. Both Huhne, 58, and economist Pryce, 60, deny the charge.

The events which led to the charges date back to March 2003 when Huhne's car was allegedly caught by a speed camera on the motorway between Stansted Airport in Essex and London.

It is alleged that between March 12 2003 and May 21 2003, Pryce, of Crescent Grove, Clapham, south London, falsely informed police that she was the driver of the car so Huhne could avoid prosecution.

Published: 04 February 2013

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George Osborne has told bankers they must give up their bonuses to pay international fines imposed for the Libor rate-rigging scandal.

The Chancellor is understood to have "laid down the law" to state-backed Royal Bank of Scotland in recent days as it braces itself for a major penalty from United States regulators.

Senior RBS figures were warned that leaving taxpayers to cover the US penalty for the bank's role in fixing the lending rate, which governs the price of more than 500 trillion US dollars-worth of loans and transactions around the world, would be 'totally unacceptable'.

RBS is rumoured to be preparing to hold back on some perks in preparation for the fines. The bank is thought to be close to reaching a deal with regulators in Britain, America, Japan and Singapore and faces paying out an estimated £350 million.

A senior Treasury source said: "Fixing the Libor market is a symbol of all that went wrong with the banking system over the past 10 years. We are now putting those things right.

"Ahead of any other country, we legislated to make abuse of the system a criminal offence and are stripping the banks of the power to administer it themselves.

"The authorities are rightly pursuing those individuals who abused the system; and the regulators are rightly fining the banks they worked for.

Published: 02 February 2013

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Hopes that Britain will avoid a triple-dip recession have been boosted by figures showing that output from the manufacturing sector rose last month at its fastest pace since September 2011.

The latest Markit/CIPS purchasing managers' index (PMI) showed overall activity expanded thanks to the rise in output, with a headline reading of 50.8 in January - above the 50 level that separates growth from contraction for the second month in a row.

While this was down on the 51.2 reading in December, it came despite last month's snow and adverse weather, which many had feared would impact on manufacturers badly.

The sector was a significant drag on the wider economy at the end of last year, contributing to the worse-than-expected 0.3% decline in gross domestic product (GDP) in the fourth quarter of 2012.

Last week's GDP blow has raised fears that the UK is heading for an unprecedented triple-dip recession .

The economy would have to contract again this quarter to be back in recession, and there has been little optimism following the snow-hit start to 2013.

But the latest manufacturing report suggests the worst is over for the sector, which accounts for more than 10% of the economy.

Published: 01 February 2013

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Banking giant HSBC has appointed a team of heavyweights including a former UK tax chief as part of a crackdown on financial crime following its 1.9 billion dollar (£1.2 billion) money laundering settlement.

Dave Hartnett, previously permanent secretary for tax at HM Revenue & Customs, and Bill Hughes, the former head of the Serious Organised Crime Agency, are among a number of advisers who will lead a new financial crime committee, reporting directly to the board. HSBC has also hired former US deputy attorney general Jim Comey to HSBC's board as one of three non-executives who will sit on the committee.

The move comes in the wake of HSBC's record settlement with US regulators last month over accusations the bank had allowed rogue states and drug cartels to launder billions of pounds through its US arm.

The Financial Services Authority (FSA) ordered the bank to establish a committee and independent monitor to oversee anti-money laundering activities after the alleged breaches.

HSBC was accused by the US Senate of ignoring warnings and breaching safeguards that should have stopped the laundering of money from Mexico, Iran and Syria - which led to the resignation of head of compliance David Bagley.

The bank has since split its compliance department in two, hiring Bob Werner - former head of the US Treasury Department's Office of Foreign Assets Control and Financial Crimes Enforcement Network - as head of financial crime compliance and group money laundering reporting officer.

Ruth Horgan, who joins from KPMG on April 2, will lead the new regulatory compliance division. Mr Werner and Ms Horgan will also sit on the new financial crime committee.

Published: 30 January 2013

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Fashion chain H&M has vowed to step up its expansion by targeting more than 300 new stores this year.

The pledge came even though higher costs and investment in a new brand resulted in a slight dip in its fourth quarter profits to 5.29 billion kronor (£524.2 million).

Stockholm-based H&M, which recently unveiled & Other Stories as a new fascia for the business, is planning the net addition of 325 stores this year, with the highest rate of expansion in China and the United States.

This compares with the opening of 339 stores and closure of 35 during the last financial year to November 30, giving a net addition of 304. It had originally planned to open 275 outlets.

Chief executive Karl-Johan Persson said H&M "stands strong" in a challenging clothing market which in many countries was tougher in 2012 than in 2011.

He said an 11% increase in sales in local currencies in the last financial year - up by 1% on a same-store basis - proved that customers "appreciate our collections". Group profits for the year rose 7% to 16.87 billion kronor (£1.67 billion).

Mr Persson said long-term investments in areas such as online shopping and the launch of & Other Stories, which includes a store on London's Regent Street, weighed on fourth quarter results.

Published: 30 January 2013

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A jury has failed to reach a verdict in the case of a taxi driver who sent a message to the English Defence League (EDL) saying one of its marches was going to be bombed.

Father-of-five Sakander Mahmood, 26, admitted sending the right-wing group a hoax message through its website which said: "14th July in Bristol, You are getting bombed".

But he told Sheffield Crown Court he never meant it to be taken seriously.

Mahmood said he wanted to "to get under their skin a bit" but thought the EDL would ignore his message.

When arrested, he told police he sent the message on July 10 last year "just for a laugh".

Mahmood, of Firth Park, Sheffield, denied a charge of communicating a hoax bomb threat with intent.

Published: 24 January 2013

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Nick Clegg has refused to rule out sending his children to a private school, saying the decision will not be based on politics.

The Deputy Prime Minister indicated that he would prefer his elder son Antonio to go to a state secondary this autumn, but said there was "huge competition" for places in London.

The comments, during his regular phone-in slot on LBC Radio, came after David Cameron confirmed that his daughter Nancy would be going through the state system.

Mr Clegg and his wife Miriam have three sons - Antonio, Alberto, and Miguel.

Last year the family reportedly looked round a £30,000-a-year public school.

The Liberal Democrat leader insisted this morning that they would never choose a school for "political reasons".

"If we can and it works out to send him (Antonio) to a good state, we would do so," he said. "But like all parents living in London, there's huge competition for places and we don't yet know where and exactly at what school.

"I never have sought to impose a decision on my wife as well as my son for political reasons. They are educated at the moment in the state sector, both our oldest, and I will let you know as soon as a decision has been arrived at."

Published: 24 January 2013

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Pubs run by brewery group Marston's reported strong Christmas sales as more families opted to take the strain out of festive entertaining.

The company's managed pubs enjoyed a 5.8% rise in like-for-like sales for the key three weeks to January 5, including a jump of 10% on Christmas Day.

Marston's chief executive Ralph Findlay said the company had been encouraged by the performance, although the impact of last week's snow meant like-for-like sales were 1.2% higher in the 16 weeks to Saturday.

Other pub groups have reported similar trends for the festive period, with Greene King posting record takings for Christmas Day.

Mr Findlay said he was confident of further progress, despite various external factors.

Published: 22 January 2013

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The Prince of Wales has toured a historic porcelain works which is being regenerated thanks to one of his charities.

Charles spent Tuesday morning at the Middleport Pottery site, which was secured by the Prince's Regeneration Trust (PRT) two years ago after a lengthy funding drive attracted public and private donations.

The future of the Stoke-on-Trent site, built in 1888, had been in doubt until the PRT stepped in, as the principal tenant, porcelain-maker Burleigh, had been planning to leave the works altogether.

Since the PRT bought the site, however, the company's sales are up 16%, and more staff have been hired, bringing the total employed at the site to 60, while work to regenerate the area continues.

The red-brick canalside Victorian buildings making up Middleport are in the Burslem area Stoke, in the heart of Staffordshire's Potteries, famed around the world for its quality porcelain.

Tuesday is the second of a two-day UK tour Charles is undertaking to champion British business, engineering and craftsmanship. He has shown a close interest in the Middleport site since 2009 when plans were first discussed for the Prince's charity to step in and regenerate the works.

Published: 22 January 2013

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