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FRC to investigate Tesco accounts and auditor PwC

Monday, December 22, 2014 4:36am

Woman walks past a Tesco supermarket in central LondonLONDON (Reuters) - Britain's accounting watchdog has launched an inquiry into the preparation, approval and audit of Tesco's accounts over the last four years, including the role of external auditor PwC . Supermarket chain Tesco said in September that it had overstated first-half profits by 250 million pounds due to incorrectly booking payments from suppliers - a figure later raised to 263 million pounds, compounding earlier profit warnings. ...


UK to extend Libor manipulation laws to cover gold, oil, silver

Monday, December 22, 2014 4:35am

Britain's Chancellor of the Exchequer Osborne tours market stalls promoting the livelihoods of small business owners at Downing Street in LondonLONDON (Reuters) - Britain will widen the scope of laws which make the manipulation of market benchmarks a criminal offence to include seven more rates covering the currency, gold, oil and silver markets by April 1, the government said on Monday. The move is the latest by the Conservative-led government to clamp down on malpractice in the City of London whose reputation has been tarnished by an interest rate-rigging scandal and claims that traders colluded to manipulate currency rates. ...


Kurdish fighters face resistance from IS in Iraq

Monday, December 22, 2014 4:28am

Kurdistan Iraqi regional government President Massoud Barzani arrives to support Kurdish forces as they head to battle Islamic State militants, on the summit of Mount Sinjar, in the town of Sinjar, Iraq, Sunday, Dec. 21, 2014. Iraqi Kurdish fighters pushed their way Sunday into the town of Sinjar, backed by U.S.-led coalition airstrikes against Islamic State militants who captured the town last summer. Loud explosions and intense gunbattles were heard from inside the town. Barzani vowed to crush the Islamic State group as fighting rages in Sinjar. (AP Photo/Zana Ahmed)SINJAR, Iraq (AP) — Kurdish fighters in Iraq have pushed deeper into the town of Sinjar, held by the Islamic State group, but are facing stiff resistance from the Sunni militants who captured it in August.


Spain: Princess Cristina to be tried for fraud

Monday, December 22, 2014 4:19am

FILE - In this April 5, 2013 file photo, Spain's Princess Cristina walks toward her office in Barcelona, Spain. A Spanish judge on Monday Dec. 22, 2014 has ordered Princess Cristina to be tried along with her husband on charges of tax fraud, marking the first time that a member of the country’s royal family heads to court since the royalty was restored in 1975. The legal troubles of King Felipe VI’s sister during a four-year probe have damaged the Spanish monarchy's image. (AP Photo/Manu Fernandez, File)MADRID (AP) — A Spanish judge on Monday ordered the king's sister, Princess Cristina, to be tried along with her husband on charges of tax fraud — making her the first member of the country's royal family to face charges in court since the royalty was restored in 1975.


Australia family found after 10 days in wilderness

Monday, December 22, 2014 4:16am

In this Dec 22, 2014 photo provided by Queensland Police, Steven Van Lonkhuyzen, left, with his sons Timothy, 5, second left, and Ethan, 7, third left, speaks to farmer Tom Wagner, center, and a park ranger in the remote Expedition National Park, northwest of Brisbane in Australia. Their ordeal began Dec. 11 when dad Steven Van Lonkhuyzen took a wrong turn during a family road trip and then got his four-wheel-drive vehicle bogged in mud. The family was rescued Sunday, Dec. 21 after farmer Wagner went searching and found them in the remote Expedition National Park. (AP Photo/Queenland Police)SYDNEY (AP) — A 5-year-old boy and his 7-year-old brother were recovering in an Australian hospital Monday after surviving with their father for 10 days in the wilderness with little food and in weather conditions that ranged from stormy to scorching.


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