Joaquin Almunia, competition commissioner at the European Commission, announces rate-rigging fines relating to Libor and Tibor manipulation as well as who received immunity from fines.» Read More
Swiss bank UBS is close to a settlement with U.S. and U.K. authorities and is expected to pay more than $450 million over claims that some of its employees submitted false Libor rates, the NYT reported.
Nine of the world’s biggest banks are facing increased scrutiny from US state prosecutors probing alleged attempts to manipulate the lending gauge known as Libor, the FT reports.
A pensioner whose home was repossessed is taking on some of the world’s leading banks in the first known class-action lawsuit claiming that alleged Libor manipulation made mortgage repayments for thousands of Americans more expensive than they should have been. The FT reports.
The UK’s plan to reform the world’s most important lending rate will guide a global drive towards more transparent and reliable pricing for everything from home mortgages and gold to heating oil, regulators said on Friday. The FT reports.
Those who took part in the manipulation of the London interbank offered rate (Libor), the key benchmark rate, could face criminal prosecution even though Libor manipulation is not yet a criminal offense.
The Libor scandal, which began in London with bankers accused of manipulating a key global interest rate, has reached the Alaskan wilderness. Or at least that's the hope of New York plaintiffs' lawyer Brian Murray.
The Barclays case has thrust Mr. Gensler—and his once-obscure agency—into the spotlight, the New York Times reports.
The City watchdog will on Friday fire the starting shot on a dramatic overhaul of key benchmark borrowing rates with a package of proposals designed to restore trust following the recent Libor scandal, the Financial Times reports.
The news that U.S. prosecutors are close to arresting traders in connection with the Libor scandal gives rise to the question: what criminal charges are prosecutors likely to levy?
Now that Barclays has admitted that for years it rigged its submissions for the London Interbank Offered Rate, or Libor, it’s probably worth taking a closer look at how this key interest rate benchmark is calculated.
LIBOR is the London InterBank Offered Rate, a key interest rate used by banks for short-term lending with other banks. For those who are fuzzy on the topic, Salman Khan of the Khan Academy explains what LIBOR is and how it is used.
Banks will face security fees for not updating Windows XP-run automated teller machines as Microsoft withdraws support.
VEB needs to be recapitalized to fund housebuilding projects, Russian Prime Minister Dmitry Medvedev said, according to a news agency.
While transparency remains an issue, the scale of shadow banking in China is only a fraction of what is still present in the U.S. and Europe, says David Mann, Regional Head of Research, Asia at Standard Chartered Bank.