Browse content similar to 01/08/2016. Check below for episodes and series from the same categories and more!
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A gamble or two away from destroying Switzerland's largest bank. | :00:00. | :00:21. | |
In his first ever TV interview, the former UBS trader convicted | :00:22. | :00:24. | |
of fraud tells the BBC it could happen again. | :00:25. | :00:34. | |
A new law in Malaysia gives this man - the Prime Minister - | :00:35. | :00:38. | |
sweeping new powers to crack down on basically anything he wants. | :00:39. | :00:41. | |
Problem is his critics fear it might be used to silence | :00:42. | :00:43. | |
If you are joining us for the first time, this is a bite shot of what is | :00:44. | :01:04. | |
going on in business. In a minute we'll have reaction | :01:05. | :01:05. | |
to last Friday's stress tests Kweku Adoboli the former UBS trader | :01:06. | :01:08. | |
convicted of fraud has told the BBC, in an exclusive first broadcast | :01:09. | :01:19. | |
interview that the culture of profit "no matter what" in banking | :01:20. | :01:22. | |
has not changed. The 36 year-old's unauthorised | :01:23. | :01:29. | |
trading lost the Swiss bank $2.2bn and in 2012 and he was sentenced | :01:30. | :01:31. | |
to seven years jail on two Let's just have a quick look | :01:32. | :01:35. | |
at the details of the case. Mr Adoboli became a junior trader | :01:36. | :01:43. | |
at just 25 and by the age of 27 he was part of a team, | :01:44. | :01:46. | |
responsible for $50bn in assets. He claimed in court he had "lost | :01:47. | :01:54. | |
control" of his trades but the prosecution said his actions | :01:55. | :01:57. | |
amounted to fraud, pure and simple. His actions cost fellow | :01:58. | :02:03. | |
traders their jobs, prompted the resignation of the Chief | :02:04. | :02:06. | |
Executive and wiped $4.5bn from the UBS share price.It | :02:07. | :02:13. | |
was the largest trading loss in British banking history | :02:14. | :02:15. | |
and the prosecution said that he was only "a gamble or two | :02:16. | :02:19. | |
away from destroying Mr Adoboli is a Ghanaian national | :02:20. | :02:22. | |
and because he was sentenced to more than four years in prison | :02:23. | :02:30. | |
he is automatically Last month he lost his appeal | :02:31. | :02:32. | |
against being deported from the UK Speaking to the BBC's | :02:33. | :02:38. | |
Economics Editor Kamal Ahmed in his first ever TV interview | :02:39. | :02:42. | |
he was asked if he should I have apologised and will continue | :02:43. | :02:59. | |
to apologise. I am devastated, not for myself but for my institution | :03:00. | :03:04. | |
and the people I worked with. The very first thing I did when I was | :03:05. | :03:11. | |
arrested was that I was sorry. During my trial I said I was sorry | :03:12. | :03:17. | |
repeatedly. These are not just devices, it is how I feel. I failed, | :03:18. | :03:25. | |
I made mistakes. Do you think the culture has changed and that it | :03:26. | :03:33. | |
could not happen again? Unfortunately, I have to say that | :03:34. | :03:39. | |
the conversations I have had with people in the industry over the last | :03:40. | :03:45. | |
year, through the conferences, the seminars I have been involved in, | :03:46. | :03:52. | |
the young traders, the senior executives, everyone is still | :03:53. | :03:59. | |
looking for a way to change culture within the industry. We still have | :04:00. | :04:05. | |
so much work to do to get the finance industry in a position where | :04:06. | :04:10. | |
it is trusted by society, where it is contributing consistently to help | :04:11. | :04:15. | |
society move forward in a positive way. Has it changed enough in | :04:16. | :04:22. | |
banking? Absolutely not. The young people I have spoken to, the former | :04:23. | :04:28. | |
colleagues, are still struggling with the same issues, conflicts, | :04:29. | :04:31. | |
pressures, to achieve no matter what. And the no where conflict | :04:32. | :04:39. | |
goes? When conflict comes it is where people fall into this maze. It | :04:40. | :04:46. | |
can happen again, absolutely, especially as we go into the next | :04:47. | :04:51. | |
phase of the great financial crisis. Looking back now, do you think of | :04:52. | :04:58. | |
yourself as a criminal? I do not think I am a criminal. It is a label | :04:59. | :05:05. | |
I have. You made a terrible mistake. You made a sequence of terrible | :05:06. | :05:11. | |
choices you'll intentions were always in the right place. I accept | :05:12. | :05:17. | |
that I was found guilty of a crime that had dishonestly central to it. | :05:18. | :05:24. | |
I was called a liar and I accept responsibility for what I was doing. | :05:25. | :05:30. | |
Kweku Adoboli speaking for the very first time on television. | :05:31. | :05:33. | |
Markets are expected to be digesting the results | :05:34. | :05:35. | |
of European Banking Authority's stress tests that came out | :05:36. | :05:38. | |
The tests to see how the continent's biggest banks would cope | :05:39. | :05:42. | |
Investors are fretting about Italy's Banca Monte dei Paschi | :05:43. | :05:52. | |
as well as the German giant Deutsche Bank. | :05:53. | :05:54. | |
Of course, the global economic backdrop is getting gloomier: the US | :05:55. | :05:56. | |
economy growing less than expected, a eurozone slowdown and investors | :05:57. | :06:02. | |
are eyeing a slew of recent manufacturing numbers from China | :06:03. | :06:05. | |
Lorenzo Codogno, Founder and Chief Economist, | :06:06. | :06:15. | |
LC Macro Advisors, formerly Chief Economist of the Italian | :06:16. | :06:17. | |
Good morning. Ranks for coming in. Very quickly, I mention of what the | :06:18. | :06:34. | |
stress test was for but, as a layman, are they looking to see how | :06:35. | :06:40. | |
much money they have in the vault? It is like a crash test. You make | :06:41. | :06:46. | |
extreme assumptions on the economic environment and you look at what | :06:47. | :06:51. | |
happens to the banks and whether there is any capital left. If they | :06:52. | :06:58. | |
have any money left after this sort of scenario. Some British banks did | :06:59. | :07:07. | |
not do very well, in particular RBS, but it seems to be the focus on the | :07:08. | :07:12. | |
Italian banks. How much of a mess are they in? Before the test they | :07:13. | :07:19. | |
would be concerns about the Italian backing sector, some concern about | :07:20. | :07:23. | |
the German banking sector and some concern about systemic problems. | :07:24. | :07:30. | |
Despite these concerns, the overall picture that emerges is a | :07:31. | :07:36. | |
reassuring. In other words, there is some improvement. There are some | :07:37. | :07:41. | |
critical issues. You might say, after so many years, why are we | :07:42. | :07:49. | |
still discussing this... Eight is! Posted by an aide, the US banking | :07:50. | :07:53. | |
system went through a huge cleanup and they are solid at the moment. | :07:54. | :07:57. | |
The eurozone banks were less aggressive. That is my point. Eight | :07:58. | :08:05. | |
years on, the eurozone is still in a mess. Well, you know, I think it is | :08:06. | :08:11. | |
a mixed picture. The good news is that, again, very is in proven. I | :08:12. | :08:18. | |
fully agree with you, we should have seen this improvement a long time | :08:19. | :08:22. | |
ago but the system is gradually improving and it basically means | :08:23. | :08:28. | |
there is no systemic risk that is really concerning financial markets | :08:29. | :08:33. | |
at this stage say this is positive news. No major surprises is good | :08:34. | :08:46. | |
news. We will end on the good news. Molte grazie! I fluid in every | :08:47. | :08:50. | |
language! More fallout from the ongoing | :08:51. | :08:54. | |
corruption scandal surrounding Malaysia's state | :08:55. | :08:56. | |
investment fund, 1MDB. The fund was set up | :08:57. | :08:57. | |
by Prime Minister Najib Razak in 2009, and was meant to turn | :08:58. | :09:00. | |
Kuala Lumpur into a financial hub and boost the economy | :09:01. | :09:03. | |
through strategic investments. The man in charge of investigating | :09:04. | :09:05. | |
the Mr Najib's finances is reportedly stepping down due | :09:06. | :09:07. | |
to political pressure. Abu Kassim Mohammed may leave his | :09:08. | :09:10. | |
post more than two years early. Some critics suggest that Malaysia's | :09:11. | :09:16. | |
new security laws are also partly aimed at containing the fallout | :09:17. | :09:19. | |
from the 1MDB saga. Rico Hezon is in our | :09:20. | :09:27. | |
Singpore bureau for us - what's the background | :09:28. | :09:32. | |
to the 1MDB story? How did this corruption allegation | :09:33. | :09:47. | |
come about? It started to attract negative attention in early 2015. It | :09:48. | :09:54. | |
is famous for the $11 billion each owed to banks. It had seen a paper | :09:55. | :10:01. | |
trail that allegedly traced 700 million US dollars from the fund to | :10:02. | :10:10. | |
the Prime Minister's personal fund. The allegation has gone deeper with | :10:11. | :10:15. | |
the US Justice Department looking for a lawsuit. Quickly, this new | :10:16. | :10:26. | |
law, in 15 seconds, this new law gives the Prime Minister powers to | :10:27. | :10:32. | |
do basically what he wants? That's right. Sweeping new powers. He said | :10:33. | :10:41. | |
the legislation was necessary to conduct security areas where forces | :10:42. | :10:46. | |
can be deployed and individual premises and vehicles can be | :10:47. | :10:49. | |
searched without a warrant. Critics are expressing concern that it may | :10:50. | :11:02. | |
lead to problems. That is it with World Business Report. I will be | :11:03. | :11:05. | |
back to look at some of the newspapers from around the world. | :11:06. | :11:39. | |
An Australian family living in the Scottish Highlands face | :11:40. | :11:42. | |
deportation from tonight, despite a high profile campaign | :11:43. | :11:47. | |
Kathryn Brain arrived with her husband and young son | :11:48. | :11:50. |