Topic: Barclays plc

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Five ways big banks' Libor scandal affects you

London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
In Pictures: Tiger Woods through the years

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Stocks end down, but sharply off lows

Dow Jones falls 88 points after falling nearly 180 points. Stocks on S&P and Nasdaq also pare losses at the close.
Credit repair: What's the smart plan for clearing out debts?

Credit repair (Question #1) and recovering from bankruptcy (Question #10) let you erase old debt and improve your credit score – in the long run. But be careful about short-term implications.
Strong holiday season for retail bolstered by online shopping

Online shopping posted growth of 15.4 percent this season compared with last year, a new report finds. Overall, consumers spent 5.5 percent more between Nov. 5 and Dec. 24.
Britain's government-owned banks: Sell, but not too fast

The British government should wait on Santander bank's public offering, then sell Lloyds. RBS is more problematic.
August recap: misguided gratitude for government stimulus

Government economists claim the economy would be worse without their stimulus package. We'll never know.
Tiger Woods set to tee off in tournament he helped create

Tiger Woods scrambled to qualify for this week's Deutsche Bank Championship outside Boston. The tournament, which benefits the Tiger Woods Foundation, is the second round in the PGA Tour's FedEx playoffs.
Bond funds: Why they're risky -- and why they're safe

Bond funds have been a popular investor choice in recent weeks, but some investment gurus warn of a bond-fund bubble that will burst. Here's the case for and against bond funds.
Seven of 91 EU banks fail in stress tests

By not including the sovereign debt that the banks hold, are the EU stress tests credible?
Anna Chapman dubbed femme fatale of Russian spy case

Anna Chapman, called the femme fatale of a spy case with Cold War-style intrigue, is a self-styled entrepreneur who dabbled in real estate.
US economy expands in first quarter, as consumers spend more

GDP grew by 3.2 percent in the first quarter, indicating improvement in the US economy. Consumer spending rose by 3.6 percent.
Concerns grow that Greece debt crisis could overstress European Bank

The Greece debt crisis, which is still subject to German parliamentary approval and may be challenged in court, is putting unsustainable stress on the European Central Bank, some analysts say.
Greek debt crisis: Bailout likely, but will it be enough?

The Greek debt crisis continued to roil European debt markets on Wednesday after a leading rating agency cut the country's debt status to junk. While short term aid to Greece is a near certainty, economists warn that more international cash – and painful political steps in Athens – will be needed.
Dodd financial reform bill goes too far

Senator Dodd's financial reform gives regulators too much leeway to crack down on the financial industry.
Phillips-Van Heusen to buy Tommy Hilfiger for $3 billion

Analysts say Phillips-Van Heusen purchase of Tommy Hilfiger makes strategic sense.
Wall Street snubbed in European sovereign bond sales

US banks are losing the opportunity to earn fees on the roughly $500 billion in planned European debt offerings this year.
A British dinner theater mystery: Who will Barclays buy?
In Pictures: Tiger Woods through the years
Federal mortgage modification plan disappointing so far

Red tape and limited savings are hampering the much-lauded $75-billion mortgage modification plan. A new round of government help may be on the way as foreclosures are expected to reach 3 million in 2010.
Chávez vows to punish 'bourgeoisie speculation' after devaluing currency

Venezuelan President Hugo Chávez this weekend devalued the country's currency, the bolivar, by half, in a move that economists say underscores the dire economic straits of the oil-rich nation.
In Britain, the big bonus rises again

Lawmakers and unions press for greater limits on financial institutions as some firms make sizable awards to high flyers.
In limelight for Barclays deal, BlackRock also faces controversy
Jobless rate hits 9.4 percent, a 25-year high

A silver lining is the US economy shed fewer jobs in May than forecasters had predicted.
Home sales slide in March

Sales of existing homes fell 3 percent from February to March, but activity with lower-priced units may be picking up.
Key change in accounting may boost banks' balance sheets

Under the new ‘mark-to-market’ rule, banks can consider the value of assets as if they are being sold in an orderly fashion, not in a distress sale.
Geithner to G-20: Stay the course

'Substantial' fiscal and monetary moves across the globe will get traction, US Treasury secretary says.