Friday, May 29, 2015   

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:
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European equities mixed (05-28 20:33)
Athens stumbles from deadline to deadline, bailout deal lies in the background at G7 meeting (05-28 19:26)
Z-Obee auditor quits, cites ‘significant financial difficulties’ at Chinese mobile handset maker (05-28 18:23)
Britain reports tepid growth in first quarter (05-28 17:49)
Despite founder’s denials, market watchdog says Hanergy under investigation (05-28 17:41)
Hang Seng ends lower (05-28 16:18)
European stocks open lower (05-28 15:31)
China shares plunge, Hang Seng dives 2pc (05-28 15:29)

More breaking news >>

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