TFN NEWS BRIEFING: Banking and insurance highlights to 15:45 GMT
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IRAN’S NEW PURGE
New York Post - We’ll protest, but won’t make a big noise.” Aref, Rafsanjani, Khatami: These are the guys that Rice, hoodwinked by her advisers, seems to be banking on to bring the Islamic Republic back to reason. With enemies like that, Ahmadinejad needs no

Oversight powers for Bank sought in MPs’ report
Financial Times - The Treasury declined to comment yesterday, arguing its response would come when it launched its three-month consultation on banking reform legislation. It is expected to strengthen the roles of both the Bank of England and the FSA in handling future

MPs demand new regulator as FSA stands condemned
Times Online - It recommends that a Bank of England deputy governor and head of financial stability be introduced to oversee a new protection scheme for bank deposits, keep a look out for banking problems and oversee the rescue or “orderly failure” of troubled

Experian adds anti-fraud tool
Silicon.com - Brooker stated since the banking community has concentrated on reducing credit card fraud, fraudsters have moved on to other things, such as direct debit and direct credit fraud. With the information on just one cheque, a fraudster can set up a direct

DAVOS-Indian equity issuers need dose of realism-Kotak
Reuters - Kotak Mahindra is one of India’s leading financial conglomerates and is involved in commercial banking, investment banking, stock broking, mutual funds and life insurance. “The challenge is that there’s a lot of exuberance in the minds of issuers and

Citi chief awarded $26.7m in shares
Daily Telegraph - The Credit Suisse job cuts are directly related to the crisis in the US sub-prime mortgage market, with the losses to be focused on the bank’s global securities department within investment banking. The Goldman cuts are part of an annual cull. A

French police seize trader
MSN UK News - A French banker accused of orchestrating one of the biggest banking frauds in history has been arrested. Jerome Kerviel, 31, went on the run after being named as the rogue trader who lost the Société Générale bank £3.7 billion. Kerviel has yet

Financial services CIOs reveal investment priorities
Silicon.com - In UK retail banking alone - just one segment of the huge financial services vertical - IT spend is tipped to reach almost £10bn this year, according to analyst Gartner’s latest forecasts. In securities that figure is £6.6bn while in insurance

Dems SC strategy focused on race
Miami Herald - Poll Manager Brittany Coleman, left, assists Elizabeth Jenkins, right, and Craig Williams, center, as they prepare to cast their votes in the South Carolina Democratic Presidential Primary at Joseph Floyd Manor in Charleston, S.C., on Saturday, Jan

Bush pushes Congress to pass stimulus plan
CNN - Secretary Henry Paulson met Thursday night with Senate Finance Committee Chairman Max Baucus, D-Montana, and Sen. Chuck Grassley of Iowa, ranking Republican on the committee, to start negotiating the Senate bill. Paulson met Friday with Senate Banking

Insurer Friends ready to unveil break-up plans
Times On the web - EMBATTLED insurer Friends Provident will this week reveal plans to break itself up and sell its European wealth Also in Banking & Finance

Societe Generale chief, Daniel Bouton, faces President Nicolas Sarkozy
Times Online - Minister added his voice to the chorus of disbelief over the bank’s story of the rogue trader. “It is difficult for every one of us to comprehend how a single person can, in a relatively short time, inflict such considerable losses in a banking

Woods, rookie Streelman worlds apart
Miami Herald - Tiger Woods never went to any stage of Q-school, had $40 million in endorsements the day he turned pro and played only the top golf tours any continent had to offer. When he was 24, he won the career Grand Slam. Kevin Streelman cut his teeth on tours

Police raid ”rogue” trader’s flat
Reuters UK - Societe Generale has still not named the dealer who lost 7.18 billion dollars in fraudulent trades but Kerviel’s name surfaced within hours of the announcement on Thursday (January 24) and has been confirmed by banking sources. Police have

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