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:

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The New Economy Jobs report stronger than expected in June. What happens next?

The economy added 195,000 jobs in June, a strong showing that beat analysts' expectations. Steady job growth is good news, but it means that higher interest rates and an easing of Federal Reserve bond buying could come sooner rather than later, putting investors on edge.
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Retail sales rose 0.6 percent in May, beating analysts' expectations and hinting at stronger economic growth in the second quarter of 2013. Auto sales, which gained 1.2 percent, lent the biggest boost to May retail sales.
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The New Economy Facebook IPO: a bittersweet one-year anniversary

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The IRS is under fire for the extra scrutiny its workers gave to 'Tea Party' and 'Patriot' groups' applications for tax-exempt status. Plus, the Dow hit a milestone, jobless claims continued to drop, and other news from around the US economy this week.
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A bigger-than-expected drop in jobless claims might mean the employment picture isn't as bleak as thought. But retail sales disappointed, and consumer sentiment is still gloomy.
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Consumer spending went up, so did income and economic output. Consumer confidence was mixed, while home sales took a breather. Here's a roundup of what happened in economic news this week.
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Taiwanese officials let in US beef this summer after years of wrangling over health concerns. Now, Taiwan is getting what it wants: trade talks.
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Stocks closed up on Wall Street Monday as stock investors largely ignored early concerns about China. The Dow Jones industrial average neared its record closing level.
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Barclays to cut 3700 jobs following interest rate scandal

Barclays will cut at least 3,700 jobs in a major restructuring, the bank said Tuesday. The layoffs follow a scandal-ridden year for Barclays, which was was forced to pay a $453 million fine for manipulating a key market interest rate that serves as the basis for trillions in mortgage loans.
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General Motors to buy back US-owned stake. US to lose billions?

General Motors stake owned by the US treasury will be sold over the coming year, assuring a multibillion-dollar loss for the federal government. General Motors will buy back $5.5 billion in shares, and the Treasury will have to sell the rest of the stock at a high price in order to break even on the $50 billion bailout GM received.
UBS to pay $1.5 billion in fines over LIBOR rate scandal

The Swiss bank agreed to the fine Wednesday, settling with US, British, and Swiss regulators. In the case, UBS employees tried to rig the London Interback Offered Rate, or LIBOR, using different currencies.
HSBC to pay record $1.9 billion to settle money laundering case (+video)

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Stocks rise if Romney wins; bonds, if Obama does

Stocks would rally with a Romney win, because it would signal a change of direction, according to a Barclay's survey of professional investors. Stocks would sell off briefly with an Obama victory as investors would move to bonds.