UK traders face the prospect of prosecution for fraudulently rigging £3.5 trillion-a-day foreign exchange markets. Following a comprehensive probe, RBS, HSBC, JPMorgan Chase, UBS and Citibank have been fined a total of £2.6 billion.
The European Central Bank has agreed to use “unconventional” monetary stimulus to boost eurozone recovery but so far hasn’t announced any radical monetary policy change. The bank also kept the benchmark interest rate unchanged at 0.05 percent
Standard& Poor’s rating agency has held Russia’s sovereign rating steady at BBB- dismissing concerns of a possible downgrade to junk status and admitting Russia’s debt is “moderate” compared to most of the other major world economies.
A senior London banker has become the first person to be prosecuted for fixing the London interbank offered rate (Libor), a scandal that resulted in billions worth of losses for savers as banks fraudulently boosted their profits.
The International Monetary Fund has given a green light for Ukraine to receive the second tranche of financial assistance totalling $1.39 billion, meaning more austerity measures for the already struggling economy.
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.
A modest increase in interest rates could render almost 25 percent of UK households in severe financial stress, according to a report published on Thursday. The Bank of England (BOE) has confirmed that such rate hikes are imminent.
The European Central Bank lowered its deposit rate to -0.10% as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery.