Barclays was hit by a $108.5 million fine on Thursday as it allegedly worked with super-rich clients in a way that could have facilitated financial crime.» Read More
While it was big news when the Barclays chairman, Marcus Agius, resigned Monday over his bank’s role in the Libor rate-fixing scandal. Less noticed was his other resignation that same day, the New York Times reports.
Bob Diamond, the recently-departed chief executive of Barclays, told U.K. politicians that there would be criminal investigations into the manipulation of the London interbank offered rate (Libor) scandal which led to his resignation.
The rapidly developing row over manipulation of inter-bank lending rates is turning into a battle over the future of banks around the world, analysts and politicans have warned.
Britain's growing interest rate-fixing scandal could claim yet another high-level victim: Paul Tucker, the man tipped to eventually become the next head of the Bank of England.
David Cameron was accused on Monday of doing the “hokey-cokey” after he insisted he wanted Britain to stay in the EU but refused to rule out an in-out referendum if he was not able to negotiate a better deal with Brussels, the Financial Times reports.
The spotlight in the European debt crisis has now shifted decisively toward the influential leader of the European Central Bank, Mario Draghi, who emerged from the recent summit meeting in Brussels with new powers and stronger backing to address the Continent’s financial woes. The New York Times reports.
As London braces itself for feared transport congestion when the Olympic Games start this month, the disruption looks set to hit an unexpected victim: the government bond market, the Financial Times reports.
Employees of UK state-backed Royal Bank of Scotland have reportedly been sacked as the Libor scandal draws more banks into its grasp, while Barclays traders have been reported to be under investigation by the FBI.
Bob Diamond, the under-fire chief executive of Barclays, is set to face a grilling from British MPs Wednesday over the bank’s role in the developing scandal over setting interbank lending rates.
An international response is needed to the issue of the manipulation of the Libor to ensure that cartel behavior is not possible, Sharon Bowles, Liberal Democrat MEP for South East England and chair of the European Parliament's Economic and Monetary Affairs Committee, told CNBC on Friday.
UK banks were faced with further damage to their revenues and reputations Friday after the UK financial regulator announced that they would have to pay compensations to customers over mis-selling of interest rate swaps.
Property tycoon Vincent Tchenguiz insists he will bounce back following the decision by the UK’s Serious Fraud Office to drop charges against him in relation to the collapse of Kaupthing Bank.
On June 26 1997, Harry Potter and the Philosopher’s Stone was first published by Bloomsbury Publishing, with an initial run of only 500 copies in hardcover. On the 15th anniversary of that date, Nigel Newton, the CEO and founder of Bloomsbury published called Harry Potter "transformative" for the company.
Wealthy investors including Sir Alex Ferguson, Sven-Göran Eriksson and a host of sports stars and City figures could be liable for huge individual tax bills after an attempt to reduce their liabilities backfired. The Financial Times reports.
The French President is determined to show the French that he is willing to stand up to Berlin, to push the German Chancellor to contribute even more than before toward a lasting solution of the euro mess. The New York Times reports.
The Bank of England is on the verge of approving another round of monetary stimulus, with Governor Mervyn King supporting an extra 50 billion pounds ($78.5 biillion) of gilt purchases, minutes to its June 6-7 policy meeting showed on Wednesday.
US lawmakers and regulators have attacked London as a source of financial crises and promised tougher crossborder rules in the wake of $2 billion of trading losses at the UK unit of JPMorgan Chase., the FT reports.
WikiLeaks' founder Julian Assange has taken refuge in Ecuador's embassy in London and asked for asylum, officials said on Tuesday, in a last-ditch bid to avoid extradition to Sweden over sex crime accusations.
The head of the European Central Bank and other euro zone leaders worked on Saturday on a grand vision for the euro zone meant to reassure investors and allies that flaws in the currency union will be addressed quickly.
The former long-standing UK prime minister, Tony Blair, a self-professed pro-European, said the risk of unrest applied to Europe as a whole, the Financial Times reports.