Saturday, November 1, 2014   

3 banks accused of market fixing
(05-20 18:18)

The European Commission's top competition regulator has accused JPMorgan, HSBC and Credit Agricole of colluding to manipulate the price of financial products -- "derivatives'' -- linked to interest rates.
Commissioner Joaquin Almunia said Tuesday the banks will now have a chance to respond to his preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a maximum fine of up to 10 percent of their annual turnover.
In December 2013, the Commission levied fines totaling 1.04 billion euros on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case, which covers 2005-2008. They were granted a reduction in their fine for cooperating in a settlement. --AP
   
Other Business breaking news:
German retail sales post biggest drop for 7 years (10-31 17:59)
Hang Seng finishes higher (10-31 17:22)
IAG airlines group logs improving Q3 profits (10-31 17:21)
European stocks rally at open (10-31 16:47)
Panasonic says half-year profit dives (10-31 15:53)
Nikkei soars to seven-year high (10-31 15:44)
Japan Airlines H1 net profit slips (10-31 15:43)
Sony says half-year loss balloons six-fold (10-31 15:42)
RBS sets aside 400m pounds for forex probes (10-31 15:41)
BoJ chief says at 'critical moment' for exiting deflation (10-31 15:40)

More breaking news >>

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