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Home » Daily Briefing » Morning Briefing 2 June 2016

Morning Briefing 2 June 2016

Morning Briefing

Two former Anglo Irish Bank executives have been found guilty of criminal conspiracy in what was the longest trial in the history of the Irish state. John Bowe, former head of capital markets, and Willie McAteer, former director of finance, were remanded on continuing bail after the jury returned a unanimous guilty verdict.

The jury has still to decide the fate of two further defendants who worked for Irish Life and Permanent: its former chief executive, Denis Casey, and former director of finance, Peter Fitzpatrick, both of whom deny the charges they face. The four bankers were charged with conspiring together and with others to mislead investors by setting up a €7.2 billion circular transaction scheme between 1 March and 30 September 2008 in order to boost Anglo's balance sheet, according to the Irish Times.

The US Federal Reserve was hacked more than 50 times between 2011 and 2015 and a number of the incidents were characterised by the Fed as espionage.

The Fed's cybersecurity reports were obtained by Reuters through a Freedom of Information request and, although the reports were heavily redacted, it emerged that spies, as well as hackers, were suspected in a number of the incidents.

The records do not give an accurate picture of all cyberattacks on the Fed as they only include cases involving the Board of Governors, a federal agency subject to public records laws, and not to the Fed's 12 privately owned regional branches. (For more on who exactly owns the Fed, see the official explanation.)

The Financial Conduct Authority in the UK has fined PPI provider CT Capital nearly £2.4 million for wrongly rejecting complaints about its products, in the latest episode of the mis-selling scandal that has so far resulted in almost £24 billion in compensation payouts.

A revolt is brewing among Old Mutual shareholders after the financial services group proposed a payout of 1,000 percent of base salary for its chief executive Bruce Hemphill. Some of the group's biggest investors are considering voting against the payout because of its "unusual nature and size", according to a report by South Africa's Business Day Live.

Mr Hemphill intends to split Old Mutual, which holds a 52 percent stake in Nedbank, into four separate companies, ultimately making his own role redundant.

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