Saturday, August 2, 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:
Hang Seng ends lower (08-01 16:45)
Societe General logs strong quarterly profit (08-01 16:20)
European markets open lower (08-01 15:44)
Sharp logs US$17.4m first-quarter net loss (08-01 14:38)
Nikkei tracks Street losses (08-01 14:09)
Hang Seng eases at lunch (08-01 12:35)
Nikkei down at mid-day (08-01 11:13)
China home prices fall faster in July (08-01 11:12)
Wall Street plunges on sell-off (08-01 10:48)
China manufacturing activity surges in July (08-01 10:34)

More breaking news >>

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