New job for Pennant-Rea

Rupert Pennant-Rea, the former deputy chairman of the Bank of England ousted after an extra-marital affair in March this year, has been confirmed as a part-time non-executive director of investment bank Caspian. Mr Pennant-Rea will work two days a week for the investment group, which was launched at the start of June by Christopher Heath, who founded Baring Securities and was once Britain's highest-paid company director.

Luxembourg-based Caspian intends to concentrate on agency broking, corporate finance and asset management in Latin American and Far Eastern emerging markets. The venture is funded from sources including Equitable Trust, Scottish Eastern Investment Trust and National Finance (a Thai investment bank) as well as the Cayzer shipping family. Before joining the Bank, Rhodesian-born Pennant-Rea, 47, was editor of The Economist.