Friday, November 27, 2015   

UBS, Royal Bank of Scotland, and Julius Baer investigated for rigging exchange rates
(03-31 16:32)

Switzerland says a range of banks, including domestic heavyweights UBS and Credit Suisse are being investigated along with top global institutions, over suspicions they manipulated currency markets.
The inquiry includes JPMorgan Chase, Citigroup, Barclays and Royal Bank of Scotland as well as the Zurich cantonal bank ZKB and private banking group Julius Baer, the Competition Commission said in a statement.
“There are indications that the banks reached agreements about currency rates,'' the commission said, adding that it suspected the manipulation had affected “the rates of the most important currencies.''
The banks are suspected, among others, of exchanging sensitive information and coordinating their buying and selling of currencies in a bid to impact the exchange rates.
The competition authority, said it could not exclude that other banks and brokerages were involved in the suspected activities.—AFP

Other Business breaking news:
HK, China stocks drop at mid day (9 mins ago)
Global airlines industry predicts China’s emergence as largest travel market (12 mins ago)
CITIC Securities confirms China regulator’s investigation (11-26 20:04)
Average US rate on 30-year mortgage slides to 3.95pc (11-26 18:52)
British bank Barclays fined US$108m over financial crimes risk (11-26 18:08)
Hang Seng gives up gains at close (11-26 16:39)
Alibaba Group makes move on SCMP, insider says (11-26 14:28)
HK, China stocks rally (11-26 13:50)
Deere & Co posts profit, but sales of tractors, bulldozers drop (11-26 13:33)
US state demands fixes for 16,000 more Volkswagen, Audi, and Porsche diesels (11-26 13:11)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.