Global regulators are probing whether banks colluded to rig the London interbank offered rate, the benchmark interest rate for more than $360 trillion of securities worldwide -- from mortgages to student loans. Barclays last week was fined a record £290 million by U.S. and U.K. regulators for systematically attempting to rig the rate for profit. At least a dozen banks are still being probed, while British prosecutors are weighing whether to open a criminal investigation.
The chief executive officer of Sharps Pixley Ltd., who has traded gold for 30 years, challenged a study that says the market’s price-setting mechanism is susceptible to manipulation, compromising the $19.6 trillion of the precious metal that trades annually.
Du, the telecommunications provider majority-held by United Arab Emirates state-linked companies, said it secured $1.17 billion of loan facilities to lower its cost of borrowing by as much as $9 million over five years.
Neiman Marcus Group Ltd. is seeking to lower the rate on a $2.94 billion loan that helped finance the luxury retailer’s buyout by Ares Management LLC and the Canada Pension Plan Investment Board four months ago, according to a person with knowledge of the transaction.