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.
Libor Probe News
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Updated 13 minutes ago
American Express Co., the biggest credit-card issuer by purchases, and drugmaker Merck & Co. led borrowers selling or planning to issue at least $16.5 billion of bonds in the U.S. today.
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American Express Co. issued $1.85 billion of five-year notes in its second two-part offering in the U.S. this year.
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Merck & Co., which yesterday had its unsecured debt rating cut one level by Moody’s Investors Service, plans to sell $6.5 billion of bonds in a six-part offering to fund share repurchases.
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RP Martin Holdings Ltd. suspended its chief executive officer and a senior director almost six months after two employees were arrested as part of the probe into Libor, two people with knowledge of the matter said
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Global financial supervisors are reviewing whether benchmark price-setters for the oil market are meeting international standards amid a European Union probe into potential manipulation of the $3.4 trillion-a-year crude market.
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Updated 2 hours, 37 minutes ago
Three of Europe’s biggest oil explorers are among companies being questioned by European antitrust regulators about potential manipulation of prices in the $3.4 trillion-a-year global crude market.
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Money-market forward indicators signaled little change in short-term dollar funding conditions.
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Two weeks after Royal Dutch Shell Plc and Platts changed the way more than half of the world’s crude is valued, the companies along with BP Plc and Statoil ASA are being probed by European antitrust regulators about potential manipulation of oil prices.
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