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GUARDIAN Tue, 09 Feb 2010 10:45:00 GMT
• City regulator thrown into chaos as chief executive resigns • Move casts doubt over future of the FSA The City regulator was thrown into chaos this morning as chief executive Hector Sants resigned. Sants, a former banker, is stepping down from the Financial Services Authority (FSA) in the summer. He has decided to tender his resignation ahead of the election, which has cast uncertainty over the future of the FSA because the Conservatives have a policy to disband the regulator. Concerns will now be mounting about the willingness of chairman Lord Turner to remain in his post during a radical overhaul of financial regulation following the taxpayer bailout of the banking system. While Sants had told friends that he intended to stay as chief executive for only three years, the timing of his departure so close to the election will raise speculation that he decided to announce his departure now because of the uncertainty facing the FSA. The Conservatives have announced plans to disband the FSA and hand its powers for supervising banks to the Bank of England, effectively tearing up the system of regulation introduced by Labour when it was swept to power in 1997. The opposition has blamed the current tripartite system – involving the FSA, the Bank of England and the Treasury – for the current financial crisis. Sants said: "When I was appointed I told the board that I planned to serve as chief executive for three years, and I intend to stick to that timetable. Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets. "Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation. "I believe the FSA has made great strides in ensuring that such individuals are in place in the UK and I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers." He joined the regulator in May 2004 as the managing director responsible for wholesale and institutional markets which allowed him to avoid direct criticism of the supervision of Northern Rock, the first bank to endure a crisis of confidence in living memory. The banking crisis erupted just as he became chief executive in July 2007, from which point he was embroiled in overseeing the nationalisation of Northern Rock and the bailout of Royal Bank of Scotland and HBOS. Turner tried to present a picture of business as usual at the FSA and paid tribute to Sants. "Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation. He will leave behind an organisation with strong purpose and a clear strategy," said Turner. "We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure. In the meantime, we will continue to work together to deliver the FSA's reformed and intensive supervisory approach and drive forward the global regulatory reform agenda.". Financial Services Authority (FSA) Banking Conservatives Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
GUARDIAN Tue, 09 Feb 2010 09:47:09 GMT
• Former world No1 goes down 6-3, 7-6 to Spaniard • 'I never felt I could get into his service games' Former world No1 Pete Sampras admitted to feeling his age during his 6-3, 7-6 exhibition loss to Spain's Fernando Verdasco at the SAP Open in San Jose, California. "It was a pretty rough night," Sampras said. "I never really felt I could get into his service games. Playing defence is harder for me. That's something I used to do a pretty good job at. It's harder to move." Sampras received a rousing standing ovation once it was over. He waved and hit three balls into the crowd before telling everybody he "felt a little old" out there. It was the 38-year-old's first exhibition match since he beat Andre Agassi 3-6, 6-3, 10-8, in Macau in late October. The 14 times grand slam winner, who retired in 2003, plays about a half-dozen exhibition events a year and is using a bigger racket these days to try to keep up with the hard-hitting youngsters on tour now – like the overpowering Verdasco. Sampras hit back-to-back aces in the first game of the second set and a big first serve that Verdasco couldn't return to capture that game. Sampras's impressive scoop volley for a winner four games later drew a thumbs-up from Verdasco across the net. Yet the very next game, Sampras sent a forehand long and shook his head and looked at his racket. When the chair umpire called another forehand by Sampras long on the next point and then corrected it, Sampras held his arms in the air and twirled his racket. "I felt a little old," he said. "I tried. At times it wasn't all that competitive." Tennis guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
GUARDIAN Tue, 09 Feb 2010 08:52:41 GMT
Conservatives should support referendum to introduce the alternative vote method because that is the system they use for their own internal party elections, say Lib Dems David Cameron was accused of hypocrisy ahead of today's Commons vote on a referendum on electoral reform because Tory MPs will oppose a system they use in internal party elections. Chris Huhne, the Liberal Democrat home affairs spokesman, made the allegation in advance of a vote this afternoon in the Commons on a proposal to hold a referendum on abandoning the first-past-the-post voting system after the general election. Under electoral reform plans championed by Gordon Brown, the country would be asked to choose whether to switch to the alternative vote (AV) method. The prime minister has hailed the change as part of a "new politics" which could restore public trust in Westminster in the wake of last year's expenses scandal. But the Tories will oppose the move, which Cameron dismissed yesterday as a "fiddle", accusing Brown of "a cynical attempt to save his own skin". Although Brown is likely to win the vote this afternoon, the plan has almost no chance of becoming law before the general election because there will not be enough time to get it through the Lords. But Lib Dem MPs and supporters are strongly committed to electoral reform and Brown's move may increase the chances of the Lib Dems doing a deal with Labour in the event of the election producing a hung parliament. This morning Huhne told the Today programme that it was hypocritical of Cameron to oppose AV. "The Conservatives use the alternative vote to elect their own leader, but they don't think it's good enough for us to elect MPs. That's a hypocritical party if ever I saw one," Huhne said. Huhne said that AV was "not a perfect solution" but that it was "a step in the right direction". Hilary Benn, the environment secretary, told the same programme that the government was not proposing a referendum because it wanted to improve relations with the Lib Dems. "It's about trying to do the right thing because we need to restore trust in politics," Benn said. Amendments tabled by Jack Straw, the justice secretary, to the constitutional reform and governance bill would require a referendum to be held by the end of October 2011. It would offer a straight choice between the existing system and AV – under which voters would rank candidates in order of preference. The Lib Dems will seek to change the question to offer the choice of a more proportional system – the single transferable vote – instead of AV. They also want to bring forward the last date of the referendum to May next year and close what they say is a loophole that would allow an incoming Conservative administration to abandon the vote without the need for fresh primary legislation. Campaigners for voting system change welcomed the AV proposal as a "small step" towards making the electoral system more representative. Ken Ritchie, the chief executive of the Electoral Reform Society, said today's vote will reveal "a dividing line between the old and new politics". He went on: "Gordon Brown is prepared to take one small step for democracy with the alternative vote. With the single transferable vote the Lib Dems are prepared to take one giant leap. "Meanwhile, the Conservatives seem content to march as one through the lobbies and endorse our defunct system which they hope will give them power. "This vote will illustrate better than any before the divisions between and within parties. It will send a powerful signal to voters where their MPs' interests lie – whether they value job security or old prejudices over the needs of their voters. "We're not too sure how Conservatives can reconcile their change agenda with a three-line whip in defence of first-past-the-post. But we assume that Tories and Labour rebels will have the opportunity to explain their decision to voters at the coming election." Willie Sullivan from the Vote....
GUARDIAN Tue, 09 Feb 2010 08:21:20 GMT
Tan Zuoren jailed over Tiananmen Square article but supporters say detention owing to research into death of pupils in quake A Chinese activist who investigated the deaths of children in schools that collapsed in the Sichuan earthquake was today jailed for five years for subversion, his lawyer said. The court in Chengdu sentenced Tan Zuoren over comments he made in online articles about the violent crackdown on Tiananmen Square protests in 1989. But he and his supporters believe he was detained owing to his research into the deaths of thousands of pupils. Charges related to his investigation were ignored in the verdict. "The court was very smart. They took out any mention of the earthquake from the verdict because they are afraid of referring to it," said his lawyer, Pu Zhiqiang. The quake in the south-western province in May 2008 left almost 90,000 people dead or missing. But parents demanded to know why many schools collapsed even when buildings around them stood firm. As public outrage about poor quality construction grew, authorities stamped out any discussion of the matter, harassing parents who protested. Tan, 55, received the maximum sentence for subverting state power, highlighting what human rights groups describe as an increasingly punitive environment for dissidents. He plans to appeal. The lawyer of another man who campaigned over the deaths of Sichuan children said today that a court had upheld his three year sentence on appeal. Huang Qi, a well known activist, was convicted in November of revealing state secrets after trying to gather information on shoddy school construction. Tan's wife, Wang Qinghua, was not allowed to attend the 10 minute sentencing session. "Even one day of imprisonment is too much. He only exercised his freedom of expression and addressed corruption from his own conscience," she told Amnesty International. "Tan's case is the most important one to take place recently, because it is a sign of a huge step backwards in China's judicial ethics and independence after decades of reform and opening," said Ai Weiwei, a leading artist who has also attempted to tally the number of pupils who died in the disaster. "Tan Zuoren received such a serious punishment only for believing or writing in his [online] diaries that there were problems with the earthquake. It is ridiculous. Though China claims to the world that it is a major country, the case just shows how fragile and lacking in confidence it is." Hong Kong radio station RTHK said police tried to block nine journalists from the territory from interviewing Tan's lawyer outside the court. Chen Yunfei, another Sichuan activist, tweeted that he had wanted to attend the sentencing but that police arrived at his house last night to stop him doing so. "[Tan's] arrest, unfair trial and now the guilty verdict are further disturbing examples of how the Chinese authorities use vague and over broad laws to silence and punish dissenting voices," said Roseann Rife, Asia-Pacific deputy director at Amnesty. "The Chinese authorities cannot continue to claim that they are dealing with human rights defenders according to the law when they violate so many of their own legal procedures in cases like this." Tan stood trial in August last year, but his lawyers were unable to call witnesses to testify or to show video footage they had prepared. Police also detained and threatened supporters including Ai. China earthquake Human rights Freedom of speech China Tiananmen Square protests 1989 Tania Branigan guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
GUARDIAN Tue, 09 Feb 2010 03:11:13 GMT
Tiger Woods will not be making his comeback at the Accenture World Matchplay in Tucson next week. Then again, he might be. It depends on how inclined you are to believe speculation that started last week with an un-attributed, un-sourced story in the Herald-Sun of Melbourne. The blog chooses not believe that story, although this is not a reflection on the Herald-Sun, which has an unblemished record when it comes to scooping the rest of the world on all matters relating to Aussie rules football. But Tiger at the Accenture? That would mean several things would have to happen, and several people would have to be proved wrong, including the unnamed source "close to Woods" who allegedly told Foxnews.com "as far as I know (Woods' return) will not be at the Match Play". Strangely enough, an official connected to the running of the Tucson event used almost same form of words yesterday in response to a query from the blog: "Is he playing here? Off the record? Not as far as we know." The key question here is - how far does anyone know? The answer, it seems, is not very far at all; not unless you happen to be Tiger Woods or his wife Elin Nordegren. As for "sources close to Woods" - they may indeed once have been "close to Woods" but given the upheaval in his life, given his past propensity towards secrecy and given suggestions that several of those closely associated to him in the past haven't been in contact with him since the crash (and not just the former NBA player Charles Barkley), it could be that they know less than they are inclined to admit. Notwithstanding the creditable efforts of TMZ and Radaronline (both of whom appear to be getting whatever information they have from people who have, one way or another, come into contact with the Woods circus over the last 10 weeks rather than from people inside the Woods camp) this has been the most un-crackable story in sport since - well, the secret life of Tiger Woods prior to November's car crash. The absence of credible, verifiable information out there is staggering. Who says Tiger has lost control of his life? Of all the remarkable things about this story, perhaps the most remarkable is that Woods – to the detriment of his image and his financial well-being – has been able to keep the public in the dark. Obviously, he failed in this when it came to the so-called revelations about his alleged mistresses but, beyond that, what do we really know about what happened on the night of the car crash outside his home and what has happened since? The answer, truly, is not much. I mention all of the above as a pre-amble to address the question of what happens next, as well as preparing you for sad but true answer: I don't know. Clearly, this is a journalistic failure but what else can I do – I've made the calls. I have asked the questions. I have neither the inclination or the funds to solicit for "insider" gossip, and even if I did I wouldn't know who to pay. After all, there are no "insiders" when it comes to this story. There are only rumours. And echo chambers, where the rumours you heard last week bounce around for a few days and then come back to you. However, for what it's worth, it is possible to make some educated guesses. Firstly, Tiger probably won't play at the matchplay for reasons stated above and also because Accenture, which sponsors the tournament, was the first of Woods' corporate sponsors to dump him in the wake of the scandal. If past behaviour is any indication of future conduct, Woods, who is unlikely to have shed his long memory through all of this, will not reward Accenture for this act by rewarding them with the greatest gift of free publicity since John, Luke, Mark et al sat down and wrote the New Testament. Nick Faldo has said he expects Woods to return at the Masters and that this would be "a great place to start". For whom? For someone with an unhealthy self-obsession perhaps; someone who might be under the mistaken impression that this –....
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