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By William Schomberg and William James LONDON (Reuters) - Mark Carney faces probably his toughest questioning so far as Bank of England governor next week when lawmakers will seize on a foreign exchange scandal to press their demands for tighter oversight of the central bank. Carney arrived from Canada last July as an outsider with a mandate to shake up the 320 year-old institution, from monetary policy to its relationship with the powerful banks of the City of London. A group of influential members of parliament wants Carney to change the way the Bank polices itself too. Their long-standing frustrations with what they say is the Bank's outdated governance system broke out again last week when the Bank suspended an official amid an internal review into whether Bank staff turned a blind eye to possible manipulation of key rates by foreign exchange traders.
KABUL, Afghanistan (AP) — Afghan Vice President Mohammad Qasim Fahim, a leading commander in the alliance that fought the Taliban who was later accused with other warlords of targeting civilian areas during the bloody conflict, died Sunday. He was 57.
The Bank of England may appoint a judge, academic or senior financial industry executive to run an independent inquiry into its actions in relation to allegations it allowed manipulation of the foreign exchange market, the Sunday Telegraph reported. The bank has already appointed the law firm Travers Smith to prepare a report on the affair which will be made public. However, the Sunday Telegraph said Travers Smith is on a fact finding exercise rather than an inquiry. The Bank has suspended an employee as part of an internal probe into what Bank officials knew about alleged manipulation of key currency rates by traders.