Lloyds Banking Group (LBG) is nearing a settlement with US and UK regulators for its alleged role in the manipulation of Libor rates – the major interest rate benchmark that determines the cost of up to $350 trillion worth of global financial products.
Jim O’Neill would have never imagined his intellectual exercise will turn into flesh and blood one day –the “accidentally” huddled initials of geographically disparate nations will become so real to make the New Development Bank (NDB).
Stalled progress towards EU membership has shifted Turkey’s economic interest, and it is now looking for closer cooperation with Russia’s Customs Union, Economic Development Minister Aleksey Ulyukayev said.
Nobel Prize-winning economist Joseph Stiglitz has praised the new development bank founded this week by the BRICS countries for creating a financial institution that could counter the Western-dominated IMF and World Bank.
One hundred French celebrities have launched a campaign against the upcoming TAFTA deal between the US and Europe. The protesters say the new treaty will lower economic standards and bring a large influx of GMO products from the US.
Russia's leading diplomat in charge of relations with the US has called Washington’s policy of sanctions “a new offensive strategic weapon”, and warned that Russia was preparing a response, albeit not a mirror one.