World Bulletin/News Desk
Britain's government and main opposition have agreed on who will participate in a parliamentary inquiry into the professional and ethical standards of bankers, documents from parliament showed on Friday, although one lawmaker described the process as a "whitewash".
The government has come under pressure to scrutinise the bank sector, particularly since last month when Barclays was fined for trying to manipulate the London Interbank Offered Rate (Libor), used worldwide as a benchmark for prices on about $350 trillion of derivatives and other financial products.
The parliamentarians from the British assembly's lower house, the House of Commons, put forward for the inquiry are Andrew Tyrie, who chairs parliament's influential cross-party Treasury Select Committee, and fellow committee members Mark Garnier, Andy Love, John Thurso and Pat McFadden.
"The recent scandals demonstrate the need for higher standards in banking," said Tyrie, who was proposed as the chairman of the banking commission.
"It is the fact that so many appear to have got off scot-free that really sticks in the gullet of the electorate."
The House of Commons has yet to approve the membership list, said a spokesman for the house. It is likely to do so, however, as the nominations have been agreed between all three major parties.
The commission will also have members from the House of Lords, the upper house, the spokesman added, and its proposed powers include the ability to summon people and call for records, examine witnesses on oath and appoint specialist advisers.
A spokesman for British Prime Minister David Cameron said: "It will have powers and resources to do a thorough job."
But Treasury Select Committee member John Mann, who was not nominated for the banking commission, called the inquiry "a total whitewash".
"We need to get to the bottom of this scandal, and I'm therefore setting up my own inquiry into this dreadful mess," he said in a statement, without elaborating.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.