Browse content similar to 01/07/2012. Check below for episodes and series from the same categories and more!
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Be chairman of Barclays resigns in the wake of the rate fixing scandal | :00:16. | :00:22. | |
saying it shows an unacceptable standard of behaviour. Marcus Agius | :00:22. | :00:25. | |
will formally announce his departure in the morning but there | :00:25. | :00:28. | |
is still pressure on the chief executive and on other banks. | :00:28. | :00:32. | |
David Cameron says a referendum on Europe is a possibility when the | :00:32. | :00:36. | |
time is right. Violent thunderstorms wreak havoc | :00:36. | :00:42. | |
on the east coast of America as a state of emergency is declared. | :00:42. | :00:48. | |
What an opening! And Spain gives Italy a lesson in counting as they | :00:48. | :00:58. | |
:00:58. | :01:06. | ||
score four to be crowned champions Good evening. The chairman of | :01:06. | :01:08. | |
Barclays, Marcus Agius, is resigning in the fall-out from the | :01:08. | :01:18. | |
bank being fined for rate fixing. Admitting that it demonstrated an | :01:18. | :01:21. | |
unacceptable standard of behaviour. There will be a formal announcement | :01:21. | :01:24. | |
in the morning, days after Barclay's was fined nearly �300 | :01:24. | :01:27. | |
million for fixing interbank interest rates. In a moment, we | :01:27. | :01:30. | |
will speak to our business editor Robert Peston, who broke the news | :01:30. | :01:33. | |
that the Barclays chairman was to stand down. But first, this report | :01:33. | :01:41. | |
from Ben Thompson. The rate fixing scandal has sent | :01:41. | :01:45. | |
shockwaves through the industry but tonight it claimed its first high- | :01:45. | :01:50. | |
profile victim. Marcus Agius, the chairman of Barclays, will resign. | :01:50. | :01:55. | |
The fixing of interbank lending rates has already cost the bank | :01:55. | :02:00. | |
�298 million in fines. A total now that those at the top of the bank | :02:00. | :02:08. | |
had refused to quit. Mr Agius, who is also won the BBC's board, joined | :02:08. | :02:11. | |
Barclays in 2006. Tomorrow, his departure will be officially | :02:11. | :02:15. | |
announced. This goes to the heart of the British economy and the | :02:15. | :02:19. | |
heart of the city of London. I really hope that the authorities | :02:19. | :02:24. | |
react aggressively and fast in the next few days. But Barclays is just | :02:24. | :02:31. | |
one of more than 20 banks currently under investigation. Rival RBS | :02:31. | :02:34. | |
sacked four of its traders at the start of the year, a move designed | :02:34. | :02:41. | |
to prove it was, and is, in control of the crisis. Today, the head of | :02:41. | :02:45. | |
the city watchdog called for greater powers to bring sanctions | :02:45. | :02:49. | |
against those involved. Further steps were made to give us the | :02:49. | :02:54. | |
ability to bring critical charges in particular areas of market abuse, | :02:54. | :02:59. | |
but they did not cover the LIBOR market. I think if we should look | :02:59. | :03:02. | |
further to see if we should strengthen these powers on top of | :03:02. | :03:08. | |
what we have got at the moment. after a surge of shareholder | :03:08. | :03:14. | |
activism, like these protests, the Business Secretary Vince Cable says | :03:14. | :03:18. | |
it is the shareholders, not government or regulators, who | :03:18. | :03:23. | |
should hold management boards to account. Barclays boss Bob Diamond | :03:23. | :03:28. | |
will have to answer to MPs that the Treasury Select Committee on | :03:28. | :03:31. | |
Wednesday. With growing public anger, there will also be questions | :03:31. | :03:35. | |
about whether he, too, should now step down. | :03:35. | :03:41. | |
Our business editor Robert Peston is here. Why did Marcus Agius feel | :03:41. | :03:46. | |
he had to go? In his resignation statement that will be released | :03:46. | :03:51. | |
tomorrow, as I understand it, Marcus Agius will say that this | :03:51. | :03:55. | |
market rigging scandal, the disclosure that Barclays managers | :03:55. | :04:00. | |
were lying about the interest rate and Barclays was paying to borrow, | :04:00. | :04:07. | |
has dealt a devastating blow to this bank's reputation. It was | :04:07. | :04:11. | |
clear to many politicians and shareholders that somebody at | :04:11. | :04:15. | |
Barclays had to carry the can and Marcus Agius decided last night, | :04:15. | :04:19. | |
the buck stopped with him. The board had already decided they | :04:19. | :04:25. | |
wanted Bob Diamond to stay. Marcus Agius felt there was no alternative | :04:25. | :04:30. | |
but for him to quit. But once he does, where does that leave | :04:30. | :04:35. | |
Barclays and does it make Bob Diamond's position secure? | :04:35. | :04:40. | |
Diamond, the chief executive, will be appearing in front of MPs on | :04:40. | :04:44. | |
Wednesday. One of the things he has got to talk about is an | :04:44. | :04:47. | |
extraordinary meeting, or conversation he had with the deputy | :04:48. | :04:52. | |
governor of the Bank of England, Paul Tucker, in 2008, which I | :04:52. | :04:58. | |
learned about earlier today. In that conversation, they talked | :04:58. | :05:04. | |
about the damage to Barclays' public reputation at the time of | :05:04. | :05:07. | |
the credit crunch, from the perception that it was having to | :05:07. | :05:11. | |
pay a high interest rate to borrow. This led people to believe it was | :05:11. | :05:17. | |
weak as a bank. For some reason or another, we are not quite clear why, | :05:17. | :05:21. | |
Barclays managers took away from that conversation, her belief that | :05:21. | :05:25. | |
somehow the Bank of England had instructed them to lie about the | :05:25. | :05:31. | |
interest rates they were paying. The Bank of England did not issue | :05:31. | :05:35. | |
that instruction but Bob Diamond will undoubtedly be asked by MPs | :05:35. | :05:40. | |
what it was he took away from that conversation with the deputy | :05:40. | :05:43. | |
governor of the Bank of England, and indeed, there will also be | :05:43. | :05:47. | |
questions about his own involvement and knowledge of Barclays line | :05:47. | :05:52. | |
about these interest rates. Robert, thank you very much. | :05:52. | :05:55. | |
The prime minister has suggested Britain could have a referendum on | :05:55. | :05:59. | |
its relationship with the European Union, when the time is right. In a | :05:59. | :06:02. | |
newspaper article, David Cameron said he and the British people were | :06:02. | :06:04. | |
not happy with the current relationship. Labour says the | :06:04. | :06:07. | |
Conservative position on Europe is a shambles. Here is our political | :06:08. | :06:15. | |
correspondent, Carole Walker. So is David Cameron prepared to | :06:15. | :06:20. | |
give the British people a say on Europe in a referendum? The answer, | :06:20. | :06:25. | |
quite possibly, but not yet. The Prime Minister says with Europe | :06:25. | :06:29. | |
changing fast, we need to establish a new relationship with our | :06:29. | :06:33. | |
partners and then consider had to get the support of the British | :06:33. | :06:37. | |
people. This could be at a general election or in a referendum as the | :06:37. | :06:41. | |
Foreign Secretary explained this morning. The Prime Minister is | :06:41. | :06:47. | |
saying, the time to decide is when we know how Europe is going to | :06:47. | :06:50. | |
develop over the coming months and years with the eurozone crisis, and | :06:50. | :06:56. | |
when we know whether we can get a better relationship. When will the | :06:56. | :07:01. | |
Prime Minister consult us? Probably not before the next election in | :07:02. | :07:04. | |
2015. What about the question? David Cameron wants it to be on a | :07:04. | :07:10. | |
new relationship with Les EU power. But an in or out referendum remains | :07:10. | :07:17. | |
possible. On Friday, the Prime Minister seemed to rule a | :07:17. | :07:21. | |
referendum out. On Sunday morning he hints he is ruling a referendum | :07:21. | :07:24. | |
in. The Foreign Secretary has been sent out to say the position has | :07:24. | :07:30. | |
not changed. Frankly, it is a shambles. Some Conservatives have | :07:30. | :07:33. | |
welcomed the Prime Minister's move as a step in the right direction, | :07:33. | :07:36. | |
but others say he has to make a much clearer commitment now if he | :07:36. | :07:42. | |
is going to convince the public. What we want is the promise of a | :07:42. | :07:46. | |
referendum, in the next Parliament, a promise on the statute book in | :07:46. | :07:50. | |
this Parliament for a referendum in the next Parliament, so people can | :07:50. | :07:54. | |
have their say. It gives us a chance to have an informed debate | :07:54. | :07:58. | |
about what sort of relationship we want. To add to the pressure on the | :07:58. | :08:02. | |
Prime Minister, tomorrow his former Defence Secretary, Liam Fox, will | :08:02. | :08:07. | |
call for negotiations now on a new, looser relationship with Europe. | :08:07. | :08:10. | |
With a government prepared to recommend leaving the EU if it does | :08:10. | :08:15. | |
not get what it wants. The party's rivals say the Prime Minister is | :08:15. | :08:19. | |
still denying the public a referendum which they want. What he | :08:19. | :08:23. | |
is doing is give a vague promise that there might be a referendum in | :08:23. | :08:27. | |
the future but it will not be about our membership of the euro shim -- | :08:27. | :08:31. | |
European Union. If he thinks he has buried the issue into the long | :08:31. | :08:36. | |
grass, he has another think. Prime Minister knows his stance | :08:36. | :08:40. | |
will not please his Liberal Democrat coalition partners to take | :08:40. | :08:44. | |
a very different view on Europe. And Carole is a Westminster for us | :08:44. | :08:51. | |
now. Where does this debate go now as far as David Cameron is | :08:52. | :08:56. | |
concerned? I think certainly the intervention of Liam Fox will raise | :08:57. | :09:03. | |
the stakes and galvanise the MPs who were not happy with what they | :09:03. | :09:08. | |
have heard so far. Liam Fox has kept a low profile since he had to | :09:08. | :09:12. | |
leave the Cabinet over the role of his adviser. The Prime Minister | :09:12. | :09:16. | |
will make a statement tomorrow. I think the danger for him is he will | :09:16. | :09:20. | |
find his offer of a possible referendum in future, far from | :09:20. | :09:25. | |
meeting the demand of his Tory MPs, will simply fuel those who want a | :09:25. | :09:29. | |
much firmer, clearer commitment to a referendum on Europe. And at the | :09:29. | :09:34. | |
same time, David Cameron appears to have annoyed his coalition partners. | :09:34. | :09:38. | |
Vince Cable said that the whole idea of a referendum was horribly | :09:39. | :09:44. | |
irrelevant at the time of upheaval across Europe. Thank you. | :09:44. | :09:46. | |
The government is planning changes to the test taken by foreign | :09:46. | :09:49. | |
nationals who wish to become British citizens. The revised | :09:49. | :09:51. | |
version will require greater knowledge of British achievements | :09:51. | :09:54. | |
and history, testing candidates on figures such as William Shakespeare | :09:54. | :10:04. | |
and the Duke of Wellington. Ben Geoghegan has more details. | :10:04. | :10:10. | |
Sultanas brassiere came to the UK from Bangladesh five years ago. To | :10:10. | :10:14. | |
become a British citizen she has to pass a test about life in the UK. | :10:14. | :10:19. | |
She has already had one go but her first attempt was unsuccessful. | :10:19. | :10:24. | |
you want to live here, you have to know all the information, all the | :10:24. | :10:30. | |
rules and the way of living here, the way of the culture here. It is | :10:30. | :10:35. | |
important. It is quite hard, but it is important. This is the handbook | :10:35. | :10:38. | |
to life in the UK which people who want to settle in this country can | :10:39. | :10:43. | |
be asked to learn. There are sections on British history as well | :10:43. | :10:48. | |
as human rights, and advice as well on claiming some benefits. The | :10:48. | :10:52. | |
government wants to change this so there is more focus on British | :10:52. | :10:56. | |
culture and people's responsibilities. People are almost | :10:56. | :11:00. | |
encouraged to see what they can get out of the country, rather than | :11:00. | :11:05. | |
what they can contribute. The emphasis is moving towards people | :11:05. | :11:07. | |
having an understanding of the country they are joining, | :11:07. | :11:13. | |
effectively, is absolutely right. The new guide will include key | :11:13. | :11:17. | |
figures and events from British history, like Shakespeare, the | :11:17. | :11:22. | |
Battle of Trafalgar and Florence Nightingale. In this jubilee year, | :11:22. | :11:30. | |
we have heard a lot of the National Anthem. In future, people could be | :11:30. | :11:34. | |
tested on the words of the first verse. This man runs cities has run | :11:34. | :11:40. | |
-- citizenship courses in the east of London. Bear in mind, at the | :11:40. | :11:44. | |
majority of people may not be from a Christian background and it could | :11:44. | :11:48. | |
be against their religious beliefs and personal beliefs. The national | :11:48. | :11:54. | |
anthem itself, is a little bit too biased or unfair to these people. | :11:54. | :11:58. | |
The government hopes its new guide will help migrants become better | :11:58. | :12:02. | |
citizens. Critics say the changes will put up unnecessary barriers | :12:02. | :12:12. | |
:12:12. | :12:17. | ||
for people who want to live in the Mexico has been voting for a new | :12:17. | :12:20. | |
President. The leading candidate, Enrique Pena Niete, has vowed to | :12:20. | :12:23. | |
reduce poverty and bolster the economy. He has also pledged to | :12:23. | :12:26. | |
crack down on the drug-related violence that has plagued parts of | :12:26. | :12:28. | |
the country. Millions of people are without | :12:28. | :12:30. | |
power tonight after the thunderstorms that have hit the US | :12:30. | :12:34. | |
east coast. The storms were fuelled by a heatwave that has seen record- | :12:34. | :12:36. | |
breaking temperatures. Four states have now declared a state of | :12:36. | :12:43. | |
emergency. Jonny Diamond reports from Washington. The US capital has | :12:43. | :12:48. | |
seen nothing like it. A storm which raced in from the West tearing down | :12:48. | :12:55. | |
trees, pulling up power lines and even flipping a small plane. 70 and | :12:55. | :13:00. | |
80 miles an hour or winds ripped roofs off and left roads blocked. | :13:00. | :13:04. | |
It has been compared to a hurricane but hurricanes come with warnings | :13:04. | :13:10. | |
and time to prepare. With the storm there was neither. There was a loud | :13:10. | :13:16. | |
boom! I said, Oh, my God, that lightning has hit something close. | :13:16. | :13:22. | |
Across Washington, crews are trying to fix traffic lights, power lines | :13:22. | :13:26. | |
and telephone exchanges. Some of the damage will take time to clear, | :13:26. | :13:31. | |
toppled trees outside the city's embassies will require heavy | :13:31. | :13:37. | |
lifting equipment. Across four states and here in Washington DC, | :13:37. | :13:41. | |
there are scenes like these where huge winds have torn down trees and | :13:41. | :13:46. | |
pulled out power lines. The storm - - the storm struck in the middle of | :13:46. | :13:51. | |
a heat wave. It is horribly hot here. Life without electricity is | :13:51. | :13:56. | |
dangerous for some and utterly miserable for others. Ham and her | :13:56. | :14:04. | |
mother lost power on Friday night - - Hannah. We are starting to get | :14:04. | :14:11. | |
sticky, no air-conditioning. There is no air-conditioning and a water | :14:11. | :14:15. | |
tank storage which is run by electricity. When the water has | :14:15. | :14:19. | |
gone from the tank, and thus the electricity comes back on, there | :14:19. | :14:24. | |
will be no water. More than a dozen people have been killed by the | :14:24. | :14:27. | |
storm. Much property has been destroyed and millions are waiting | :14:27. | :14:34. | |
for the lights and the air- conditioning to come back on. | :14:34. | :14:38. | |
Sport now and for all the details of the Euro 2012 final we can cross | :14:38. | :14:43. | |
to the BBC Sports Centre. Quite a night. | :14:43. | :14:48. | |
It was indeed. Spain have made football history tonight and in | :14:48. | :14:52. | |
some style. They outclassed Italy in the final in Kiev to retain | :14:52. | :14:56. | |
their title and become the first team to win three consecutive | :14:56. | :14:59. | |
international tournaments. Olly Foster is outside the Olympic | :14:59. | :15:09. | |
:15:09. | :15:10. | ||
History has been made here in Kiev. To think that Spain's tactics were | :15:10. | :15:16. | |
criticised leading into the final. They won 4-0, 80 Lee the latest to | :15:16. | :15:22. | |
suffer a final Inquisition. -- Italy. The cacophony of conference | :15:22. | :15:27. | |
on the streets of Kiev was Spanish, and they had every right to enter | :15:27. | :15:32. | |
this eastern outpost of European football with a certain swagger. | :15:32. | :15:36. | |
The Italians come a penalty conquerers of England in this very | :15:36. | :15:40. | |
city never thought they would be back until those semi-final | :15:40. | :15:50. | |
:15:50. | :15:52. | ||
pyrotechnics from Balotelli against It was that other manner of | :15:52. | :15:56. | |
Manchester City, Silva, who provided the first spark in this | :15:56. | :16:03. | |
final. Silva, one of Spain's six- man midfield, picked out by | :16:03. | :16:07. | |
Fabregas. No strikers in the team, but they were not shy in coming | :16:07. | :16:13. | |
forward. The Italians threatened, Castano with a hat-trick of chances | :16:13. | :16:18. | |
that found Casillas every time. The Spaniards only needed the tiniest | :16:18. | :16:22. | |
of cracks to prise the second goal before half-time. Jordi Alba, a | :16:22. | :16:27. | |
defender on scoring duty. Di Natale almost made an impact for Italy | :16:27. | :16:31. | |
with his first touch. The Italians used all three substitutes, and | :16:31. | :16:35. | |
when one of them, a Thiago Motta, was stretchered off with half an | :16:35. | :16:39. | |
hour to play, the match was effectively over. Playing Spain is | :16:39. | :16:44. | |
hard enough, with 10 it was impossible. Torres scored the | :16:44. | :16:47. | |
winner four years ago to win the European Cup, he made sure they | :16:47. | :16:54. | |
were keeping it. He set up a 4th for another substitute, Juan Mata. | :16:54. | :16:59. | |
The matadors showed no mercy. The Spanish dynasty it is dominating | :16:59. | :17:08. | |
all before them, claiming the prize So, a very familiar climax to Euro | :17:08. | :17:13. | |
2012, all the major book Portrait these stay with Spain. Now it is | :17:13. | :17:18. | |
onto the road to Brazil, the World Cup, in 2014. The Spanish will be | :17:18. | :17:23. | |
going for the quadruple! England's cricketers have won the | :17:23. | :17:26. | |
second one-day international against Australia with ease at the | :17:26. | :17:33. | |
Oval. Bopara start for England, hitting 82. They chased down the | :17:33. | :17:38. | |
target at 252, with six wickets to spare. Alastair Cook's side now | :17:38. | :17:43. | |
have a 2-0 lead. Great Britain have suffered further | :17:43. | :17:46. | |
disappointment in the relay at the European athletics championships. A | :17:46. | :17:49. | |
day after the women's team were disqualified, the men have had | :17:49. | :17:54. | |
their hopes of a medal dashed. Their challenge in the four by 100 | :17:55. | :17:59. |