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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In Pictures Tiger Woods through the years
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The New Economy Retail sales rise more than expected in May
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 Manufacturing growth cools, but it won't disappear
US manufacturing index falls to lowest level since June 2009, according to the Institute for Supply Management, part of a slowdown in factory activity in key areas of the globe. While manufacturing growth is slowing, it's not going away, analysts say.
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The New Economy Facebook IPO: a bittersweet one-year anniversary
One year after the disastrous Facebook IPO, the company is making strides in mobile ad revenue, but its stock price is still far below its original IPO price. Also this week: Consumer sentiment hits six-year high; retail sales rise unexpectedly; and the world has a new (old) richest person.
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The New Economy IRS apologizes for targeting tea party: this week in the economy
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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Energy Voices JPMorgan Chase accused of rigging energy markets
JPMorgan Chase developed schemes to sell electricity at falsely attractive prices in Michigan and California, according to The New York Times. The market manipulation could result in JPMorgan Chase receiving penalties from the Federal Energy Regulatory Commission.
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The New Economy Economy picks up, but still disappoints (+video)
GDP expanded at a 2.5 percent annual rate in the first quarter. Economists expect slowdown in GDP growth this summer as sequester takes hold, which already delayed air traffic briefly.
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The New Economy GDP up 2.5 percent: Smaller-than-expected bounce for US economy
GDP flashed 2.5 percent growth in the first quarter: much better than the fourth quarter but below expectations. Economists expect another slowdown in GDP growth for the summer.
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The New Economy New home sales climb 1.5 percent, bolstering housing recovery
New home sales improved again in March. Despite a minor slowdown in existing home sales, analysts are optimistic that the US housing recovery is continuing and that home prices will rise.
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The New Economy Big drop in jobless claims: this week in the economy
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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Worst lapse in years: Fed probes early release of minutes
More than 100 people received Federal Reserve policy minutes some 24 hours before their scheduled release. Federal Reserve and federal regulators are looking to see if any stocks or other securities were traded based on the information.
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Strong rise in consumer spending caps good week in economic news
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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Global News Blog Now we can talk: Steaks raise stakes for Taiwan-US trade ties
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 rise, pushing Dow back near record
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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Latin America Monitor Desperate for cash, Honduras to hawk bonds
Honduras is broke, writes a guest blogger, and despite a recent credit downgrade it is now trying to privately place over $750 million in bonds.
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American and US Airways to become the world's largest airline (+video)
Leaders of the deal between American Airlines and US Airways decided early on that they would only proceed as long as they had the backing of American employees. The two sides believe they would receive regulatory backing for a merger. The new company is to be called American Airlines and based out of Fort Worth, Texas.
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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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Terrorism & Security Algerian hostage crisis heightens as scores are reported dead (+video)
According to Algerian news sources, some 30 Algerians and 15 foreigners have escaped the natural gas field, and another 35 hostages have reportedly died in an airstrike.
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The New Economy Home, car sales getting back their groove
Notes of optimism at Detroit auto show and stronger home sales and housing starts suggest recovery is gaining strength. But a return to normal will have to wait until 2014.
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‘Fiscal cliff’: Will Wall Street light a fire under Congress?
So far at least, many on Wall Street seem to think that no matter what happens over the next few days with the fiscal cliff, Congress will still come through early in the new year.
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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.
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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.
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HSBC to pay record $1.9 billion to settle money laundering case (+video)
HSBC avoided a damaging legal battle Tuesday by agreeing to pay $1.9 billion to settle a US money laundering probe. The HSBC settlement will be the biggest penalty ever imposed on a bank.
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Stocks waterlogged by Sandy's mounting costs
A solid October jobs report could not keep US stocks from falling Friday. Consumer discretionary stocks had the narrowest loss.
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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.
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Opinion How to give cooperative businesses more clout in the world economy
Against a backdrop of sluggish economic growth, rising wealth inequality, and high unemployment, cooperative businesses are telling an unexpected story of stability, growth, and value. They could do even more good if they received greater political and public support.
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