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Dec 03, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Markets » Libor

Racking up Debt for ML-1
Libor

Racking up Debt for ML-1

Main Line 1 (ML-1) is the most important railway line operated by Pakistan Railways, stretching from Karachi to...
Published 17 Nov, 2020 01:55pm
Govt-IPPs agreement
Libor

Govt-IPPs agreement

ARTICLE: IPP issue has been dangling for a long time now. Negotiations were going on for the last few months after...
Published 20 Aug, 2020 02:57am
BoE's Bailey says now is the time to plan for post-Libor era
Libor

BoE's Bailey says now is the time to plan for post-Libor era

  • Bailey acknowledged there had been calls to step back from the Libor transition as a priority because of the shock to global financials markets caused by the coronavirus crisis.
  • But in my view, what we saw in financial markets in March in response to the shock of Covid only reinforces the importance of removing the financial system's dependence on Libor in a timely way.
Published 13 Jul, 2020 09:05pm
Bank of England tells banks to push on with climate risk analysis
Libor

Bank of England tells banks to push on with climate risk analysis

  • The guide drawn up by the Climate Financial Risk Forum (CFRF), which was set up by the BoE and Britain's Financial Conduct Authority last year.
  • "It's much easier said than done. It takes time to develop," Breeden told an online launch event for the guide.
Published 29 Jun, 2020 07:02pm
LIBOR posts biggest fall in over 2-1/2 weeks
Libor

LIBOR posts biggest fall in over 2-1/2 weeks

A key gauge of interbank bank borrowing costs recorded its biggest one-day decline in more than 2-1/2 weeks, hinting less stress in US money markets as the Federal Reserve has injected over $200 billion in temporary cash in the US banking system. The Lond
Published 21 Sep, 2019 12:00am
Dollar LIBOR posts steepest one-day drop in a decade
Libor

Dollar LIBOR posts steepest one-day drop in a decade

The interest rate that banks charge each other to borrow dollars for three months posted its biggest daily fall in 10 years on Friday as traders betted that the Federal Reserve may boost the number of US rate cuts to counter the potential economic impact
Published 04 Aug, 2019 12:00am
Licence renewal fee: PTA rejects mobile operators' apprehensions
Libor

Licence renewal fee: PTA rejects mobile operators' apprehensions

Pakistan Telecommunication Authority (PTA) has rejected mobile operators' apprehensions relating to the price of licence renewal and passed an order while fixing the fee for license renewal at $39.5 million per MHz for frequency spectrum of 900 MHz and $2
Published 25 Jul, 2019 12:00am
KP to bring throw-forward of uplift schemes
Libor

KP to bring throw-forward of uplift schemes

The provincial government of Khyber Pakhtunkhwa has decided to bring the throw-forward of development schemes during the current financial year 2019-20 to 4 years. The development situation inherited by the new government had a throw-forward of more than
Published 08 Jul, 2019 12:00am
Rs 52.73 billion budgeted from 3G licences for FY-20
Libor

Rs 52.73 billion budgeted from 3G licences for FY-20

The government has budgeted Rs 52.73 billion from 3G licences under the head of non-tax revenue for the next fiscal year 2019-20 against Rs 6.854 billion budgeted for the current fiscal year which was later revised to Rs 66.620 billion.
Published 14 Jun, 2019 12:00am
Rs 52.73 billion budgeted from 3G licences for FY-20
Libor

Rs 52.73 billion budgeted from 3G licences for FY-20

The government has budgeted Rs 52.73 billion from 3G licences under the head of non-tax revenue for the next fiscal year 2019-20 against Rs 6.854 billion budgeted for the current fiscal year which was later revised to Rs 66.620 billion.
Published 14 Jun, 2019 12:00am
Swiss ditch Libor as rate reference
Libor

Swiss ditch Libor as rate reference

  • Switzerland's central bank said Thursday it was dropping Libor as a reference in setting interest rates in another blow to the scandal-plagued benchmark.
Published 14 Jun, 2019 12:00am
Renewal of cellular mobile licences policy for 15 years approved
Libor

Renewal of cellular mobile licences policy for 15 years approved

The federal government on Tuesday approved renewal of cellular mobile licences policy for 15 years that would generate estimated revenue of $1.37 billion. However, senior officials in the Ministry of Information Technology and Telecomm-unication described
Published 08 May, 2019 12:00am
Renewal of cellular mobile licences policy for 15 years approved
Libor

Renewal of cellular mobile licences policy for 15 years approved

The federal government on Tuesday approved renewal of cellular mobile licences policy for 15 years that would generate estimated revenue of $1.37 billion. However, senior officials in the Ministry of Information Technology and Telecomm-unication described
Published 08 May, 2019 12:00am
Renewal of cellular mobile licences policy for 15 years approved
Libor

Renewal of cellular mobile licences policy for 15 years approved

The federal government on Tuesday approved renewal of cellular mobile licences policy for 15 years that would generate estimated revenue of $1.37 billion. However, senior officials in the Ministry of Information Technology and Telecomm-unication described
Published 08 May, 2019 12:00am
Revamped Euribor, Eonia set to win regulatory approval by year-end
Libor

Revamped Euribor, Eonia set to win regulatory approval by year-end

Revamped versions of the Euribor and Eonia interest rate benchmarks are set to get the regulatory green light by the end of the year, helping the euro zone catch up with reforms aimed at avoiding a repeat of the global rate-rigging scandals. Jean-Louis Sc
Published 07 May, 2019 12:00am
Dollar LIBOR falls as Fed tweaks interest on US reserves
Libor

Dollar LIBOR falls as Fed tweaks interest on US reserves

What banks charge each other to borrow dollars for three months fell to its lowest level in over six months on Thursday in the wake of the Federal Reserve's decision to lower the interest it pays banks on excess reserves in a bid to stabilize money market
Published 05 May, 2019 12:00am
Cabinet may approve mobile licence renewal policy today
Libor

Cabinet may approve mobile licence renewal policy today

The Federal Cabinet is likely to approve the policy for renewal of licences of cellular companies on Tuesday (today) after incorporating legal adjustment, through which the government has estimated to generate $1.3 billion. Prime Minister Imran Khan will
Published 09 Apr, 2019 12:00am
Banks cut CLO forecasts as spreads hit two-year high
Libor

Banks cut CLO forecasts as spreads hit two-year high

Banks are cutting Collateralized Loan Obligation (CLO) issuance forecasts after spreads on the most senior tranches of the funds hit a more than two-year high, challenging the creation of new deals. Barclays last week cut its forecast for US CLO refinanci
Published 01 Apr, 2019 12:00am
Three-month dollar LIBOR climbs to 2-1/2 weeks high
Libor

Three-month dollar LIBOR climbs to 2-1/2 weeks high

A key barometer of interbank borrowing costs increased on Friday to its highest level in about 2-1/2 weeks, partly in anticipation of US quarterly corporate tax payments in three months. The London interbank offered rate (LIBOR) to borrow dollars for thre
Published 16 Mar, 2019 12:00am
Zimbabwe central bank borrows $985 million from African banks
Libor

Zimbabwe central bank borrows $985 million from African banks

Zimbabwe's Reserve Bank has borrowed $985 million from African banks to purchase fuel and other critical imports with current reserves covering imports for just four weeks, underscoring the severity of dollar shortages, governor John Mangudya said.
Published 05 Mar, 2019 12:00am
Dollar LIBOR falls for six straight weeks
Libor

Dollar LIBOR falls for six straight weeks

A key gauge of inter-bank borrowing costs has declined for six consecutive weeks, the longest such streak since 2013, prompted by expectations the US Federal Reserve will refrain from raising interest rates in 2019. Signs of softening domestic growth, tog
Published 17 Feb, 2019 12:00am
Incentivizing local investors
Libor

Incentivizing local investors

Airbus has decided to discontinue its production of A380 which will perhaps take jobs of over three thousands of workers and technicians. Had Airbus been operating out of Pakistan, there would have been hue and cry on media that the rich company made prof
Published 17 Feb, 2019 12:00am
Dollar LIBOR posts biggest drop since May 2009
Libor

Dollar LIBOR posts biggest drop since May 2009

A key barometer of interbank borrowing costs recorded its biggest single-day fall on Thursday to its lowest level since late November amid bets that the US Federal Reserve might lower interest rates.
Published 08 Feb, 2019 12:00am
'PBCs timing is not appropriate given rating downgrades'
Libor

'PBCs timing is not appropriate given rating downgrades'

The timing of the issuance of Pakistan Banao Certificates was not appropriate given Fitch's downgrading of Pakistan's long-term currency issuer default rating to 'B-' from 'B' on December 15, 2018 followed more recently by Standard and Poor's downgrading
Published 08 Feb, 2019 12:00am
'PBCs timing is not appropriate given rating downgrades'
Libor

'PBCs timing is not appropriate given rating downgrades'

The timing of the issuance of Pakistan Banao Certificates was not appropriate given Fitch's downgrading of Pakistan's long-term currency issuer default rating to 'B-' from 'B' on December 15, 2018 followed more recently by Standard and Poor's downgrading
Published 08 Feb, 2019 12:00am
''PBCs timing is not appropriate given rating downgrades''
Libor

''PBCs timing is not appropriate given rating downgrades''

The timing of the issuance of Pakistan Banao Certificates was not appropriate given Fitch''s downgrading of Pakistan''s long-term currency issuer default rating to ''B-'' from ''B'' on December 15, 2018 followed more recently by Standard and Poor''s downg
Published 08 Feb, 2019 12:00am
''''PBCs timing is not appropriate given rating downgrades''''
Libor

''''PBCs timing is not appropriate given rating downgrades''''

The timing of the issuance of Pakistan Banao Certificates was not appropriate given Fitch''''s downgrading of Pakistan''''s long-term currency issuer default rating to ''''B-'''' from ''''B'''' on December 15, 2018 followed more recently by Standard and P
Published 08 Feb, 2019 12:00am
Dollar LIBOR posts biggest monthly fall since 2010
Libor

Dollar LIBOR posts biggest monthly fall since 2010

A key barometer of interbank interest rates recorded its biggest monthly decline in January on Thursday after the US Federal Reserve signaled it was not rushing to increase borrowing costs, prompted by muted inflation and risks to economic growth.
Published 04 Feb, 2019 12:00am
Dollar LIBOR falls to lowest in 6-1/2 weeks
Libor

Dollar LIBOR falls to lowest in 6-1/2 weeks

A key gauge of inter-bank interest rates decreased on Friday to its lowest in 6-1/2 weeks as traders expect short-term borrowing costs to decline on worries about slowing economic growth and the US Federal Reserve being in no hurry to raise rates.
Published 20 Jan, 2019 12:00am
Bankers take first step towards replacing scandal-hit Euribor rate
Libor

Bankers take first step towards replacing scandal-hit Euribor rate

Eurozone bankers took a first, tentative step on Thursday towards ditching their scandal-hit Euribor interest rate and finding a new benchmark for trillions of euros worth of mortgages and derivatives. The industry has been at an impasse since it emerged
Published 24 Dec, 2018 12:00am
Bankers take first step towards replacing scandal-hit Euribor rate
Libor

Bankers take first step towards replacing scandal-hit Euribor rate

Eurozone bankers took a first, tentative step on Thursday towards ditching their scandal-hit Euribor interest rate and finding a new benchmark for trillions of euros worth of mortgages and derivatives. The industry has been at an impasse since it emerged
Published 24 Dec, 2018 12:00am
Dollar LIBOR increases for 13th straight week
Libor

Dollar LIBOR increases for 13th straight week

A key barometer of what banks charge each other to borrow dollars for three months rose for a 13th week as traders expect the US Federal Reserve to raise short-term lending rates next month. The London interbank offered rate (LIBOR) to borrow three-month
Published 19 Nov, 2018 12:00am
Dollar LIBOR posts smallest weekly rise
Libor

Dollar LIBOR posts smallest weekly rise

A key measure of what banks charge each other to borrow dollars for three months on Friday posted its smallest weekly increase in five weeks as the US Federal Reserve hinted it may raise key short-term lending rates in December. The London interbank offer
Published 11 Nov, 2018 12:00am
Societe Generale toasts Q3 net income jump
Libor

Societe Generale toasts Q3 net income jump

French banking giant Societe Generale pointed to strong revenue growth Thursday as it lifted its third quarter net profit by a third, outperforming analysts' expectations.
Published 10 Nov, 2018 12:00am
Swiss to replace scandal-hit Libor rate with SARON
Libor

Swiss to replace scandal-hit Libor rate with SARON

Switzerland has fleshed out plans for making the Swiss Average Rate Overnight (SARON) the reference rate for new corporate and private loans as the country moves away from the Libor lending standard which is being abandoned after a manipulation scandal.
Published 05 Nov, 2018 12:00am
Swiss to replace scandal-hit Libor rate with SARON
Libor

Swiss to replace scandal-hit Libor rate with SARON

Switzerland has fleshed out plans for making the Swiss Average Rate Overnight (SARON) the reference rate for new corporate and private loans as the country moves away from the Libor lending standard which is being abandoned after a manipulation scandal.
Published 05 Nov, 2018 12:00am
Dollar Libor posts biggest one-day jump since March
Libor

Dollar Libor posts biggest one-day jump since March

A key measure on what banks charge each other to borrow three-month dollars registered its largest one-day gain since mid-March, as the US government's growing debt load and the Federal Reserve's shrinking balance sheet have ratcheted up private borrowing
Published 05 Nov, 2018 12:00am
US LIBOR posts biggest weekly rise
Libor

US LIBOR posts biggest weekly rise

A key measure of inter-bank borrowing costs rose on Friday, resulting in its biggest weekly increase since March, as traders expect further interest rate hikes from the Federal Reserve due to solid US economic growth. The London interbank offered rate for
Published 21 Oct, 2018 12:00am
US LIBOR posts biggest weekly rise
Libor

US LIBOR posts biggest weekly rise

A key measure of inter-bank borrowing costs rose on Friday, resulting in its biggest weekly increase since March, as traders expect further interest rate hikes from the Federal Reserve due to solid US economic growth. The London interbank offered rate for
Published 21 Oct, 2018 12:00am
Two former Deutsche Bank traders convicted in Libor scandal
Libor

Two former Deutsche Bank traders convicted in Libor scandal

Two former Deutsche Bank traders were convicted of fraud on Wednesday for their roles in manipulating a benchmark interest rate, the US Justice Department announced. The convictions of Michael Connolly, 53, of New Jersey, and Gavin Campbell Black, 48, of
Published 19 Oct, 2018 12:00am
Eurozone banks adopt ECB rate after Euribor scandal
Libor

Eurozone banks adopt ECB rate after Euribor scandal

The euro zone's top lenders decided on Thursday to adopt the European Central Bank's interest rate of overnight inter-bank lending as their new benchmark, in a first move to reform a crucial market compromised by manipulation scandals. The ECB's euro shor
Published 14 Sep, 2018 12:00am
Saudi Aramco, Petronas tap banks for jumbo financing
Libor

Saudi Aramco, Petronas tap banks for jumbo financing

Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said. The two
Published 13 Aug, 2018 12:00am
China-Pakistan economic partnership
Libor

China-Pakistan economic partnership

China extended 13.1 billion dollars to Pakistan during the five-year tenure of the Sharif/Abbasi administration - 6.3 billion dollars as balance of payment support (1.8 billion dollar bilateral loans, 4.5 billion dollars commercial loans at LIBOR plus 2.7
Published 07 Aug, 2018 12:00am
BoE consults on plugging gap in plans for replacing Libor
Libor

BoE consults on plugging gap in plans for replacing Libor

The Bank of England published proposals on Tuesday for tailoring its overnight interest rate benchmark to plug a gap in the market and speed up the replacement of Libor. After banks were fined billions of pounds for trying to rig Libor, which measures bor
Published 20 Jul, 2018 12:00am
UK watchdog tells banks to speed up ditching of Libor
Libor

UK watchdog tells banks to speed up ditching of Libor

Banks must press on with using new "risk free" interest rate benchmarks instead of Libor in financial contracts, Britain's markets watchdog said on Thursday. Banks have been fined $9 billion for trying to rig Libor, a measure of the borrowing costs among
Published 16 Jul, 2018 12:00am
UK watchdog tells banks to speed up ditching of Libor
Libor

UK watchdog tells banks to speed up ditching of Libor

Banks must press on with using new "risk free" interest rate benchmarks instead of Libor in financial contracts, Britain's markets watchdog said on Thursday. Banks have been fined $9 billion for trying to rig Libor, a measure of the borrowing costs among
Published 16 Jul, 2018 12:00am
ISDA lays out options for money market 'fallback' rates
Libor

ISDA lays out options for money market 'fallback' rates

The International Swaps and Derivatives Association (ISDA) has launched a market-wide consultation on potential money market fallback rates for derivatives contracts worth trillions of dollars. The move is the latest step in the almost decade-long effort
Published 16 Jul, 2018 12:00am
Egyptian Electricity Holding signs $900 million syndicated loan
Libor

Egyptian Electricity Holding signs $900 million syndicated loan

State-owned Egyptian Electricity Holding Company (EEHC) has completed a $900 million syndicated loan, banking sources close to the matter said. The debt facility, guaranteed by the Ministry of Finance, was coordinated by Credit Suisse and HSBC. It was mar
Published 25 Jun, 2018 12:00am
Britain proposes guidelines on brokers swapping market talk
Libor

Britain proposes guidelines on brokers swapping market talk

Traders must be clear about what information they can share with others in the market to avoid new rigging scandals, a British industry body said on Friday. The FICC Markets Standards Board (FMSB) proposed guidance on what sort of "market colour", or info
Published 11 Jun, 2018 12:00am
SocGen to pay $1.34 billion for Libya bribes, Libor manipulation
Libor

SocGen to pay $1.34 billion for Libya bribes, Libor manipulation

France's second-biggest bank Societe Generale will pay US authorities $1.34 billion to settle allegations that it bribed officials in Libya and also manipulated the Libor interest rate benchmark, the US Justice Department announced Monday. French prosecut
Published 05 Jun, 2018 12:00am
SocGen to pay $1.34 billion for Libya bribes, Libor manipulation
Libor

SocGen to pay $1.34 billion for Libya bribes, Libor manipulation

France's second-biggest bank Societe Generale will pay US authorities $1.34 billion to settle allegations that it bribed officials in Libya and also manipulated the Libor interest rate benchmark, the US Justice Department announced Monday. French prosecut
Published 05 Jun, 2018 12:00am
SocGen to pay $1.34 billion for Libya bribes, Libor manipulation
Libor

SocGen to pay $1.34 billion for Libya bribes, Libor manipulation

France''s second-biggest bank Societe Generale will pay US authorities $1.34 billion to settle allegations that it bribed officials in Libya and also manipulated the Libor interest rate benchmark, the US Justice Department announced Monday. French prosecu
Published 05 Jun, 2018 12:00am
SocGen to pay $1.34 billion for Libya bribes, Libor manipulation
Libor

SocGen to pay $1.34 billion for Libya bribes, Libor manipulation

France''''s second-biggest bank Societe Generale will pay US authorities $1.34 billion to settle allegations that it bribed officials in Libya and also manipulated the Libor interest rate benchmark, the US Justice Department announced Monday. French prose
Published 05 Jun, 2018 12:00am
Mexico central bank makes final call to sign new FX ethics code
Libor

Mexico central bank makes final call to sign new FX ethics code

Mexico's central bank this week made a final push to convince local banks and brokers to sign on to a code of conduct for the foreign exchange market that aims to curb abusive practices like collusion. Banks and brokers face a Thursday deadline to sign on
Published 03 Jun, 2018 12:00am
Mexico central bank makes final call to sign new FX ethics code
Libor

Mexico central bank makes final call to sign new FX ethics code

Mexico's central bank this week made a final push to convince local banks and brokers to sign on to a code of conduct for the foreign exchange market that aims to curb abusive practices like collusion. Banks and brokers face a Thursday deadline to sign on
Published 03 Jun, 2018 12:00am
Barclays CEO fined $872,000 over whistleblower affair
Libor

Barclays CEO fined $872,000 over whistleblower affair

British regulators on Friday said they have fined Barclays chief executive Jes Staley £642,430 ($872,000, 730,000 euros) after he breached rules by trying to uncover a whistleblower. They had already last month announced their intention to fine Staley fol
Published 12 May, 2018 12:00am
Bank of England expects big Libor switch to start in earnest
Libor

Bank of England expects big Libor switch to start in earnest

Financial markets should start accelerating efforts to ditch Libor in favour of the Bank of England's revamped interest rate benchmark being launched next week, a senior BoE official said. Banks have been fined around $9 billion for trying to rig Libor, o
Published 30 Apr, 2018 12:00am
From corporate bonds to Hong Kong dollar, analysts see QE unwind
Libor

From corporate bonds to Hong Kong dollar, analysts see QE unwind

The long-awaited unwinding of the Federal Reserve's balance sheet could be having negative consequences across markets, including recent US corporate debt weakness, elevated bank funding costs, volatile stock markets and a tumbling Hong Kong dollar. While
Published 23 Apr, 2018 12:00am
From corporate bonds to Hong Kong dollar, analysts see QE unwind
Libor

From corporate bonds to Hong Kong dollar, analysts see QE unwind

The long-awaited unwinding of the Federal Reserve's balance sheet could be having negative consequences across markets, including recent US corporate debt weakness, elevated bank funding costs, volatile stock markets and a tumbling Hong Kong dollar. While
Published 23 Apr, 2018 12:00am
ICE Europe says could make Brexit changes quickly
Libor

ICE Europe says could make Brexit changes quickly

The shift in contracts from London to New York earlier this year showed how the transatlantic Intercontinental Exchange could respond rapidly to Brexit if need be, the bourse's European head said on Wednesday. ICE moved 245 derivatives contracts on North
Published 22 Apr, 2018 12:00am
Global regulators get toolkit to combat banking misconduct
Libor

Global regulators get toolkit to combat banking misconduct

Making senior employees directly accountable for their actions is one of the options in a new "toolkit" to combat the misconduct that has damaged public trust in financial services, a global regulatory body said on Friday. The Financial Stability Board (F
Published 21 Apr, 2018 12:00am
New York Fed launches US Libor contender, slow takeup seen
Libor

New York Fed launches US Libor contender, slow takeup seen

The New York Federal Reserve launched a benchmark US rate on Tuesday to potentially replace Libor, and market participants hope it will prove more reliable after a long and complex switchover. The Secured Overnight Financing Rate (SOFR) set at 1.80 percen
Published 09 Apr, 2018 12:00am
New York Fed launches US Libor contender, slow takeup seen
Libor

New York Fed launches US Libor contender, slow takeup seen

The New York Federal Reserve launched a benchmark US rate on Tuesday to potentially replace Libor, and market participants hope it will prove more reliable after a long and complex switchover. The Secured Overnight Financing Rate (SOFR) set at 1.80 percen
Published 09 Apr, 2018 12:00am
Fed's FX swap line may not cap dollar LIBOR/OIS spread
Libor

Fed's FX swap line may not cap dollar LIBOR/OIS spread

The Federal Reserve's currency swap line with overseas central banks may not stem a further widening of the spread on dollar three-month London interbank offered rate and overnight indexed swap rate, a Citi Research analyst said on Tuesday. The premium of
Published 19 Mar, 2018 12:00am
Rising Libor lifts two-year yield to decade high
Libor

Rising Libor lifts two-year yield to decade high

The Treasury bond yield curve continued to flatten on Thursday as the surging spread between Libor and the overnight indexed swap rate pressured the short end of the curve, lifting the two-year yield to a decade high. The spread between those two rates, a
Published 17 Mar, 2018 12:00am
Rising Libor lifts two-year yield to decade high
Libor

Rising Libor lifts two-year yield to decade high

The Treasury bond yield curve continued to flatten on Thursday as the surging spread between Libor and the overnight indexed swap rate pressured the short end of the curve, lifting the two-year yield to a decade high. The spread between those two rates, a
Published 17 Mar, 2018 12:00am
Positive earnings give European shares a boost but SocGen weighs
Libor

Positive earnings give European shares a boost but SocGen weighs

European shares rose on Thursday, buoyed by good results from companies including insurance heavyweights Munich Re and Generali, while Societe Generale fell after its deputy CEO unexpectedly resigned. SocGen shares slid 2.5 percent after the French bank s
Published 16 Mar, 2018 12:00am
US Libor exposures larger than thought at $200 trillion
Libor

US Libor exposures larger than thought at $200 trillion

A committee of large banks tasked with helping US derivatives markets move away from reliance on the London interbank offered rate (Libor) said on Monday that the benchmark rate underpins more derivatives and loans than previously thought, adding to the n
Published 12 Mar, 2018 12:00am
UK watchdog fines ex-Deutsche Bank trader over Libor
Libor

UK watchdog fines ex-Deutsche Bank trader over Libor

Britain's Financial Conduct Authority has fined ex-Deutsche Bank trader Guillaume Adolph 180,000 pounds ($249,000) for "improperly influencing" quotes used for the Libor interest rate benchmark and banned him from working in finance. Banks have been fined
Published 07 Mar, 2018 12:00am
Saudi Arabia's $16 billion syndicated loan cuts funding costs
Libor

Saudi Arabia's $16 billion syndicated loan cuts funding costs

Saudi Arabia's planned $16 billion syndicated loan, one of the largest ever in emerging markets, will cut the kingdom's cost of funding by paying banks much less than on previous borrowings. The ministry of finance said on Twitter that it would offer bank
Published 05 Mar, 2018 12:00am
Saudi Arabia's $16 billion syndicated loan cuts funding costs
Libor

Saudi Arabia's $16 billion syndicated loan cuts funding costs

Saudi Arabia's planned $16 billion syndicated loan, one of the largest ever in emerging markets, will cut the kingdom's cost of funding by paying banks much less than on previous borrowings. The ministry of finance said on Twitter that it would offer bank
Published 05 Mar, 2018 12:00am
US tax reform, litigation costs push Barclays into red
Libor

US tax reform, litigation costs push Barclays into red

Barclays fell into the red last year on the sale of its African business, litigation costs and one-off impact from the US tax reforms, the British banking giant said Thursday. The bank posted a net loss of £1.92 billion ($2.7 billion, 2.2 billion euros) i
Published 23 Feb, 2018 12:00am
$71.6 million loans procured from foreign banks in December
Libor

$71.6 million loans procured from foreign banks in December

The government procured $71.6 million commercial loans from foreign banks in December, bringing the total to $1.163 billion in the first half (July-December) of 2017-18. The government had budgeted $1 billion for the entire fiscal year 2017-18, however it
Published 23 Jan, 2018 12:00am
$71.6 million loans procured from foreign banks in December
Libor

$71.6 million loans procured from foreign banks in December

The government procured $71.6 million commercial loans from foreign banks in December, bringing the total to $1.163 billion in the first half (July-December) of 2017-18. The government had budgeted $1 billion for the entire fiscal year 2017-18, however it
Published 23 Jan, 2018 12:00am
$71.6 million loans procured from foreign banks in December
Libor

$71.6 million loans procured from foreign banks in December

The government procured $71.6 million commercial loans from foreign banks in December, bringing the total to $1.163 billion in the first half (July-December) of 2017-18. The government had budgeted $1 billion for the entire fiscal year 2017-18, however it
Published 23 Jan, 2018 12:00am
Foreign banks $7.9 billion loans procured at higher interest rates
Libor

Foreign banks $7.9 billion loans procured at higher interest rates

Pakistan Muslim League (PML-N) government has procured $7.9 billion commercial loans from foreign banks from June 2013 to-date at considerably higher interest rate ranging between + 4.5 percent to 2.5 LIBOR. The Economic Affairs Division shared details of
Published 16 Jan, 2018 12:00am
Foreign banks $7.9 billion loans procured at higher interest rates
Libor

Foreign banks $7.9 billion loans procured at higher interest rates

Pakistan Muslim League (PML-N) government has procured $7.9 billion commercial loans from foreign banks from June 2013 to-date at considerably higher interest rate ranging between + 4.5 percent to 2.5 LIBOR. The Economic Affairs Division shared details of
Published 16 Jan, 2018 12:00am
Foreign banks $7.9 billion loans procured at higher interest rates
Libor

Foreign banks $7.9 billion loans procured at higher interest rates

Pakistan Muslim League (PML-N) government has procured $7.9 billion commercial loans from foreign banks from June 2013 to-date at considerably higher interest rate ranging between + 4.5 percent to 2.5 LIBOR. The Economic Affairs Division shared details of
Published 16 Jan, 2018 12:00am
Fed says will begin publishing new reference rates in Q2 2018
Libor

Fed says will begin publishing new reference rates in Q2 2018

The US Federal Reserve will begin publishing new reference rates in the second quarter of next year, providing an alternative to the London interbank offered rate (Libor) used as a common benchmark for financial products. The three new rates had been rele
Published 10 Dec, 2017 12:00am
US trial threatens funding for Turkey's dollar-dependent banks
Libor

US trial threatens funding for Turkey's dollar-dependent banks

Turkey's deteriorating finances are hurting the country's banks whose reliance on dollar funding makes them vulnerable to the worst-case scenario: a sudden halt or reversal of foreign investment flows. International investors are growing nervous about Tur
Published 01 Dec, 2017 12:00am
Kenya's economic growth to rebound in 2018: finance minister
Libor

Kenya's economic growth to rebound in 2018: finance minister

Kenya's economy should rebound in 2018 after drought and political turmoil during a prolonged election cycle cut nearly 1 percent from this year's early economic growth forecast, Finance Minister Henry Rotich said on Tuesday. The economy is expected to gr
Published 09 Nov, 2017 12:00am
SNB to keep rates on hold, but may change wording on franc
Libor

SNB to keep rates on hold, but may change wording on franc

Switzerland's central bankers may be feeling more relaxed following the recent weakening of the Swiss franc against the euro, but they are still expected to hold their ultra-loose monetary policy at their September policy meeting. Instead, the main focus
Published 17 Sep, 2017 12:00am
AJK and GB Council okays policy directives for NGMS 3G/4G
Libor

AJK and GB Council okays policy directives for NGMS 3G/4G

Azad Jammu and Kashmir (AJ&K) and Gilgit-Baltistan Council on Wednesday approved policy directives for next generation mobile services (NGMS) 3G/4G in AJ&K and GB. After the approval of AJ&K/GB Council, the policy directive was issued to Pakistan Telecomm
Published 24 Aug, 2017 12:00am
Venezuela jail 'massacre' kills 37
Libor

Venezuela jail 'massacre' kills 37

Relatives waited Thursday to recover the bodies of loved ones killed in a Venezuelan prison riot that left at least 37 people dead in what the local governor called a "massacre." The prosecutors' office said an investigation had been launched into "the de
Published 18 Aug, 2017 12:00am
Foundations for post-Libor system sliding into place
Libor

Foundations for post-Libor system sliding into place

Critical steps for replacing Libor could be taken by next year, British industry officials told Reuters, increasing the chances of a smooth transition from the interest rate benchmark used to price financial contracts worth tens of trillions of pounds. Wh
Published 12 Aug, 2017 12:00am
Changing profile of foreign assistance
Libor

Changing profile of foreign assistance

The latest estimate, as of and June 2017, of the external government debt of Pakistan is over $57 billion. The largest part, up to March 2017, of 48 percent is owed to Multilateral Agencies like the World Bank, ADB and IDB. The share of Paris Club countri
Published 01 Aug, 2017 12:00am
Foreign rupee limit poses new threat to Indian high-yield bonds
Libor

Foreign rupee limit poses new threat to Indian high-yield bonds

Three years after stirring controversy, an offshore financing structure pioneered by Indian renewable energy producer Greenko Energy Holdings is now under threat as foreign investors near their quota limits on rupee bonds. Greenko last Monday sold $1 bill
Published 31 Jul, 2017 12:00am
Foreign rupee limit poses new threat to Indian high-yield bonds
Libor

Foreign rupee limit poses new threat to Indian high-yield bonds

Three years after stirring controversy, an offshore financing structure pioneered by Indian renewable energy producer Greenko Energy Holdings is now under threat as foreign investors near their quota limits on rupee bonds. Greenko last Monday sold $1 bill
Published 31 Jul, 2017 12:00am
DBS takes orders for Singapore's first offshore Green bonds
Libor

DBS takes orders for Singapore's first offshore Green bonds

DBS Group Holdings, rated Aa2/AA- (Moody's/Fitch), is marketing five-year US dollar Green bonds at Treasuries plus low 80 basis points area, the first offshore Green bond offering by a Singaporean issuer. The Singaporean bank is also marketing a five-year
Published 30 Jul, 2017 12:00am
DBS takes orders for Singapore's first offshore Green bonds
Libor

DBS takes orders for Singapore's first offshore Green bonds

DBS Group Holdings, rated Aa2/AA- (Moody's/Fitch), is marketing five-year US dollar Green bonds at Treasuries plus low 80 basis points area, the first offshore Green bond offering by a Singaporean issuer. The Singaporean bank is also marketing a five-year
Published 30 Jul, 2017 12:00am
DBS takes orders for Singapore's first offshore Green bonds
Libor

DBS takes orders for Singapore's first offshore Green bonds

DBS Group Holdings, rated Aa2/AA- (Moody's/Fitch), is marketing five-year US dollar Green bonds at Treasuries plus low 80 basis points area, the first offshore Green bond offering by a Singaporean issuer. The Singaporean bank is also marketing a five-year
Published 30 Jul, 2017 12:00am
DBS takes orders for Singapore's first offshore Green bonds
Libor

DBS takes orders for Singapore's first offshore Green bonds

DBS Group Holdings, rated Aa2/AA- (Moody's/Fitch), is marketing five-year US dollar Green bonds at Treasuries plus low 80 basis points area, the first offshore Green bond offering by a Singaporean issuer. The Singaporean bank is also marketing a five-year
Published 30 Jul, 2017 12:00am
Barclays reports loss on Africa unit sale
Libor

Barclays reports loss on Africa unit sale

Troubled British bank Barclays on Friday reported a first-half net loss after it offloaded part of its African business. Barclays posted a loss after tax of £1.21 billion ($1.58 billion, 1.35 billion euros) in the six months to the end of June, while in t
Published 29 Jul, 2017 12:00am
Barclays reports loss on Africa unit sale
Libor

Barclays reports loss on Africa unit sale

Troubled British bank Barclays on Friday reported a first-half net loss after it offloaded part of its African business. Barclays posted a loss after tax of £1.21 billion ($1.58 billion, 1.35 billion euros) in the six months to the end of June, while in t
Published 29 Jul, 2017 12:00am
Nepra approves new tariff for Thar coal projects
Libor

Nepra approves new tariff for Thar coal projects

The National Electric Power Regulatory Authority (Nepra) has approved new upfront generation levelised tariff of 7.2281 cents (Rs 7.5895) per unit for Thar coal-fired single unit and two units wet cooling and air cooling projects. The previous upfront tar
Published 29 Jul, 2017 12:00am
Nepra approves new tariff for Thar coal projects
Libor

Nepra approves new tariff for Thar coal projects

The National Electric Power Regulatory Authority (Nepra) has approved new upfront generation levelised tariff of 7.2281 cents (Rs 7.5895) per unit for Thar coal-fired single unit and two units wet cooling and air cooling projects. The previous upfront tar
Published 29 Jul, 2017 12:00am
Nepra approves new tariff for Thar coal projects
Libor

Nepra approves new tariff for Thar coal projects

The National Electric Power Regulatory Authority (Nepra) has approved new upfront generation levelised tariff of 7.2281 cents (Rs 7.5895) per unit for Thar coal-fired single unit and two units wet cooling and air cooling projects. The previous upfront tar
Published 29 Jul, 2017 12:00am
Federal loans: KP government saves over Rs 6 billions per annum
Libor

Federal loans: KP government saves over Rs 6 billions per annum

Khyber Pakhtunkhwa government has made a saving of Rs 6.065 billion per annum as result of premature retirement of federal loans. According to White Paper for FY 2017-18, the provincial government after realizing the heavy debt servicing liability on the
Published 24 Jul, 2017 12:00am
London's gold benchmark hit by volatility after banks exit
Libor

London's gold benchmark hit by volatility after banks exit

London's gold benchmark experienced large, unpredictable fluctuations after some banks left the auction that sets the price relied upon by the $5 trillion-a-year bullion market, according to a Reuters analysis of trading data. The benchmark is meant to be
Published 04 Jun, 2017 12:00am
'Symphony' sets sights on financial world and beyond
Libor

'Symphony' sets sights on financial world and beyond

Having won over Wall Street and Silicon Valley with a low-cost messaging platform that aims to remake the way traders communicate, Symphony creator David Gurle has set his sights on new industries. Barely three years old, Symphony quickly caught on in the
Published 22 May, 2017 12:00am
Under-fire Barclays CEO apologises to shareholders
Libor

Under-fire Barclays CEO apologises to shareholders

Barclays chief executive Jes Staley on Wednesday used the bank's annual general meeting to apologise to shareholders after bypassing rules to try and uncover a whistleblower, further tarnishing its reputation. "I feel it is important that I acknowledge to
Published 11 May, 2017 12:00am
Fear of regulation causes big swings in London's silver benchmark
Libor

Fear of regulation causes big swings in London's silver benchmark

London's silver price benchmark is plagued by big, unpredictable fluctuations that risk undermining its credibility and may complicate efforts by the London Bullion Market Association to find a new operator, according to a Reuters analysis of trading data
Published 30 Apr, 2017 12:00am
Saudi Arabia close to securing $10 billion bank loan
Libor

Saudi Arabia close to securing $10 billion bank loan

Saudi Arabia is close to securing a $10 billion, five-year bank loan, the government's first significant foreign borrowing for over a decade, as the world's top oil exporter seeks to fill a record budget gap caused by low crude prices. The kingdom had ini
Published 21 Apr, 2016 12:00am
Saudi Arabia close to securing $10 billion bank loan
Libor

Saudi Arabia close to securing $10 billion bank loan

Saudi Arabia is close to securing a $10 billion, five-year bank loan, the government's first significant foreign borrowing for over a decade, as the world's top oil exporter seeks to fill a record budget gap caused by low crude prices. The kingdom had ini
Published 21 Apr, 2016 12:00am
Saudi Arabia close to securing $10 billion bank loan
Libor

Saudi Arabia close to securing $10 billion bank loan

Saudi Arabia is close to securing a $10 billion, five-year bank loan, the government''s first significant foreign borrowing for over a decade, as the world''s top oil exporter seeks to fill a record budget gap caused by low crude prices. The kingdom had i
Published 21 Apr, 2016 12:00am
Bankers 'driven by money' in 'rigging' Libor
Libor

Bankers 'driven by money' in 'rigging' Libor

Five former bankers who worked for Barclays were "driven by money" when they conspired to fix the Libor lending rate, prosecutors told a London court as their trial opened Tuesday. "This is a fraud case," prosecutor James Hines told the jury at Southwark
Published 06 Apr, 2016 12:00am
US judge rejects 14 banks' bid to throw out rate-rigging lawsuit
Libor

US judge rejects 14 banks' bid to throw out rate-rigging lawsuit

A federal judge in Manhattan on Monday rejected an effort by 14 of the world's biggest banks to throw out a private lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market. US District Judge Jesse Furman sa
Published 29 Mar, 2016 12:00am
Jailed Libor trader fined almost £900,000
Libor

Jailed Libor trader fined almost £900,000

A former British trader, who was jailed last year for Libor rate-rigging, was ordered Wednesday by a senior judge to pay almost £900,000 ($1.3 million, 1.1 million euros) in a confiscation order. Tom Hayes, 36, will have to hand over assets worth £878,806
Published 24 Mar, 2016 12:00am
SEB, CBA ride yankee wave for senior debt
Libor

SEB, CBA ride yankee wave for senior debt

Foreign banks continued to tap the US dollar market for funding on Tuesday, filling up on short-dated senior debt amid a continued improvement in sentiment towards financial credits.
Published 14 Mar, 2016 12:00am
Two former Rabobank traders sentenced to prison for Libor fraud
Libor

Two former Rabobank traders sentenced to prison for Libor fraud

Two former Rabobank traders convicted of fraud in connection with a scheme by large banks to manipulate the Libor benchmark interest rate were sentenced to prison Thursday, the US Justice Department said. British nationals Anthony Allen and Anthony Conti,
Published 12 Mar, 2016 12:00am
Negative rates encourage Japan firms to issue long-dated bonds
Libor

Negative rates encourage Japan firms to issue long-dated bonds

The Bank of Japan's (BOJ) decision to impose negative interest rates has spurred some companies to seek to lock in cheap funding with long maturities that investors once balked at. Traditionally, investors deemed only a few companies such as utilities and
Published 05 Mar, 2016 12:00am
Negative rates encourage Japan firms to issue long-dated bonds
Libor

Negative rates encourage Japan firms to issue long-dated bonds

The Bank of Japan's (BOJ) decision to impose negative interest rates has spurred some companies to seek to lock in cheap funding with long maturities that investors once balked at. Traditionally, investors deemed only a few companies such as utilities and
Published 05 Mar, 2016 12:00am
EU regulators investigating possible rigging of debt market
Libor

EU regulators investigating possible rigging of debt market

EU antitrust regulators are investigating several banks for possible rigging of the $1.5 trillion government-sponsored bond market, two people familiar with the matter said on Wednesday. The investigation is the latest in a series of actions against suspe
Published 14 Feb, 2016 12:00am
EU regulators investigating possible rigging of debt market
Libor

EU regulators investigating possible rigging of debt market

EU antitrust regulators are investigating several banks for possible rigging of the $1.5 trillion government-sponsored bond market, two people familiar with the matter said on Wednesday. The investigation is the latest in a series of actions against suspe
Published 14 Feb, 2016 12:00am
Sixth broker cleared of Libor fixing 'plot'
Libor

Sixth broker cleared of Libor fixing 'plot'

A financial broker nicknamed "Big Nose" was cleared Thursday of conspiring with a convicted currency trader to fix the Libor lending rate, to cheers and applause in a London court. Darrell Read, 50, from Wellington, New Zealand, the sixth and final broker
Published 30 Jan, 2016 12:00am
Bankers face 2017 trial over Euribor alleged rate fix
Libor

Bankers face 2017 trial over Euribor alleged rate fix

The first bankers charged over alleged manipulation of the Euribor interest rate will face trial in London in September next year, a court ruled on Wednesday. London's Southwark Crown Court said that the trial of six bankers charged with manipulating the
Published 14 Jan, 2016 12:00am
Six bankers charged as UK begins Euribor rigging case
Libor

Six bankers charged as UK begins Euribor rigging case

Six bankers were formally charged in a British court on Monday with conspiring to manipulate Euribor benchmark interest rates, while another five accused in the case did not appear for the hearing. The case involving 11 former Deutsche Bank, Barclays and
Published 12 Jan, 2016 12:00am
Six bankers charged as UK begins Euribor rigging case
Libor

Six bankers charged as UK begins Euribor rigging case

Six bankers were formally charged in a British court on Monday with conspiring to manipulate Euribor benchmark interest rates, while another five accused in the case did not appear for the hearing. The case involving 11 former Deutsche Bank, Barclays and
Published 12 Jan, 2016 12:00am
Six bankers charged as UK begins Euribor rigging case
Libor

Six bankers charged as UK begins Euribor rigging case

Six bankers were formally charged in a British court on Monday with conspiring to manipulate Euribor benchmark interest rates, while another five accused in the case did not appear for the hearing. The case involving 11 former Deutsche Bank, Barclays and
Published 12 Jan, 2016 12:00am
UK's Serious Fraud Office to charge 11 over Euribor-rigging
Libor

UK's Serious Fraud Office to charge 11 over Euribor-rigging

Britain's Serious Fraud office said on Monday it would next month charge 11 individuals accused of rigging the Euribor interest benchmark with conspiracy to defraud. In the latest phase of a global investigation into allegations of manipulating benchmark
Published 22 Dec, 2015 12:00am
Swiss franc rises against euro in Europe
Libor

Swiss franc rises against euro in Europe

The Swiss franc rose against the euro on Thursday after Switzerland's central bank kept interest rates on hold at record lows, defying some expectations that it might act to weaken an overvalued currency. The Swiss National Bank kept its target range for
Published 11 Dec, 2015 12:00am
Gulf banks rush to loan market to cope with liquidity squeeze
Libor

Gulf banks rush to loan market to cope with liquidity squeeze

Gulf banks are rushing to raise money via the loan market by the end of the year in a flurry of activity attributed to a liquidity squeeze caused by lower oil prices, banking sources aware of the matter said on November 23. At least nine institutions, inc
Published 30 Nov, 2015 12:00am
Barclays fined for lax crime checks in 'deal of century'
Libor

Barclays fined for lax crime checks in 'deal of century'

Britain's financial watchdog has fined Barclays 72 million pounds ($109 million) for cutting corners in vetting wealthy customers in order to win a huge transaction described by one senior manager as potentially the "deal of the century." Barclays arrange
Published 27 Nov, 2015 12:00am
Ten bankers charged with Euribor rate-rigging
Libor

Ten bankers charged with Euribor rate-rigging

British authorities charged 10 bankers Friday with manipulating the Euro Interbank Offered Rate, the first to be charged with rigging Euribor. The Serious Fraud Office issued proceedings against six bankers from Germany's biggest lender Deutsche Bank and
Published 14 Nov, 2015 12:00am
Ten bankers charged with Euribor rate-rigging
Libor

Ten bankers charged with Euribor rate-rigging

British authorities charged 10 bankers Friday with manipulating the Euro Interbank Offered Rate, the first to be charged with rigging Euribor. The Serious Fraud Office issued proceedings against six bankers from Germany's biggest lender Deutsche Bank and
Published 14 Nov, 2015 12:00am
Ten bankers charged with Euribor rate-rigging
Libor

Ten bankers charged with Euribor rate-rigging

British authorities charged 10 bankers Friday with manipulating the Euro Interbank Offered Rate, the first to be charged with rigging Euribor. The Serious Fraud Office issued proceedings against six bankers from Germany''s biggest lender Deutsche Bank and
Published 14 Nov, 2015 12:00am
Saudi index stabilises but Gulf markets mostly weak
Libor

Saudi index stabilises but Gulf markets mostly weak

Gulf stock markets mostly fell on Wednesday amid concern over weak oil prices, but Saudi Arabia regained some stability after a plunge on the previous day caused by fears that the government would tighten fiscal policy considerably. The Saudi index had su
Published 29 Oct, 2015 12:00am
Cotton prices continue to jump upwards
Libor

Cotton prices continue to jump upwards

Cotton prices continued to rise sharply this week on continuous fears that the current crop (August 2015 / July 2016) is much shorter than envisaged earlier. Some observers put it as low to range between 12 and 12.5 million bales (155 kgs) and the quality
Published 09 Oct, 2015 12:00am
Cotton prices continue to jump upwards
Libor

Cotton prices continue to jump upwards

Cotton prices continued to rise sharply this week on continuous fears that the current crop (August 2015 / July 2016) is much shorter than envisaged earlier. Some observers put it as low to range between 12 and 12.5 million bales (155 kgs) and the quality
Published 09 Oct, 2015 12:00am
Six brokers on trial over Libor fixing 'conspiracy'
Libor

Six brokers on trial over Libor fixing 'conspiracy'

Six financial brokers were "willing and enthusiastic" players in a conspiracy to fix the Libor benchmark interest rate, prosecutors said as their trial opened on Tuesday. The men, known by nicknames including "Lord Libor" and "Big Nose", acted to "corrupt
Published 07 Oct, 2015 12:00am
Fired RBS trader says he was 'scapegoat' for FX fine
Libor

Fired RBS trader says he was 'scapegoat' for FX fine

A former foreign exchange trader fired by Royal Bank of Scotland said he was a scapegoat and that the state-backed bank had "dishonestly contrived" his dismissal to divert attention from its own failings. Ian Drysdale is claiming unfair dismissal in a Lon
Published 01 Oct, 2015 12:00am
UAE bank FGB raises $1 billion in three-year loan
Libor

UAE bank FGB raises $1 billion in three-year loan

First Gulf Bank (FGB), the third largest lender by assets in the United Arab Emirates, has raised $1 billion in loans in order to boost lending as liquidity in the economy tightens, banking sources said. Banks in the Gulf are turning to the loan market to
Published 14 Sep, 2015 12:00am
EU antitrust regulators probe precious metals trading
Libor

EU antitrust regulators probe precious metals trading

European Union antitrust authorities are investigating possible anti-competitive practices in precious metals trading as they joined other regulators in a crackdown on possible rigging of the markets. The European Commission's action follows a record 1.7
Published 06 Sep, 2015 12:00am
ADB approves $1 billion loan for Kazakhstan's slowing economy
Libor

ADB approves $1 billion loan for Kazakhstan's slowing economy

The Asian Development Bank approved on Friday a $1 billion loan for Kazakhstan to help stabilise its economy hit by low world oil prices. The announcement comes a day after Kazakhstan, which had lost competitiveness to trading rivals during a wave of deva
Published 22 Aug, 2015 12:00am
Nerves mount over StanChart regulatory capital deal
Libor

Nerves mount over StanChart regulatory capital deal

Standard Chartered may have completed its latest regulatory capital relief deal - a US $165m four-year synthetic securitisation of credit risk tied to a portfolio of trade finance receivables - in the nick of time. Although it yields a hefty 9.28%, the de
Published 18 Aug, 2015 12:00am
Swiss National Bank still ready to intervene: Zurbruegg
Libor

Swiss National Bank still ready to intervene: Zurbruegg

Switzerland's central bank is still ready to step into currency markets if needed to rein in the Swiss franc, policymaker Fritz Zurbruegg told a newspaper, calling the franc "strongly overvalued" despite its recent dip. "We are ready to intervene if it wi
Published 09 Aug, 2015 12:00am
Trader gets 14 years in jail in UK for rigging Libor rate
Libor

Trader gets 14 years in jail in UK for rigging Libor rate

A trader who worked for UBS and Citigroup was jailed Monday for 14 years by a London court after becoming the first person to be found guilty by a jury of rigging the benchmark Libor interbank lending rate. The verdict on Tom Hayes, 35, came after a two-m
Published 04 Aug, 2015 12:00am
Deutsche Bank to freeze executive bonuses
Libor

Deutsche Bank to freeze executive bonuses

Deutsche Bank is freezing 2015 cash bonuses for current and former management board members while German regulator BaFin reviews the bank's role in an interest rate manipulation scandal, two people familiar with the matter said. Deutsche Bank has been hit
Published 01 Aug, 2015 12:00am
UBS profits jump 53 percent despite Libor guilty plea
Libor

UBS profits jump 53 percent despite Libor guilty plea

Switzerland's largest bank UBS on Monday posted a 53 percent rise in second quarter profits, in its first results since agreeing to plead guilty to fraud as part of the Libor manipulation case. The bank brought in profits of 1.2 billion Swiss francs ($1.2
Published 28 Jul, 2015 12:00am
UBS profits jump 53 percent despite Libor guilty plea
Libor

UBS profits jump 53 percent despite Libor guilty plea

Switzerland's largest bank UBS on Monday posted a 53 percent rise in second quarter profits, in its first results since agreeing to plead guilty to fraud as part of the Libor manipulation case. The bank brought in profits of 1.2 billion Swiss francs ($1.2
Published 28 Jul, 2015 12:00am
German regulator says ex-Deutsche Bank CEO did not lie on Libor
Libor

German regulator says ex-Deutsche Bank CEO did not lie on Libor

Germany's financial watchdog Bafin has cleared Deutsche Bank's former co-chief executive Anshu Jain of lying to the Bundesbank during investigations into interest rate manipulation, the Financial Times reported on Saturday. Citing a copy of a letter seen
Published 26 Jul, 2015 12:00am
Brazil targets 15 banks in forex fixing probe
Libor

Brazil targets 15 banks in forex fixing probe

Brazil's antitrust body announced an unprecedented probe for the country into alleged foreign exchange market rigging by 15 banks including Citigroup and HSBC, which are accused of colluding to form a secret cartel. "There are strong indications of antico
Published 05 Jul, 2015 12:00am
LBMA to start reporting OTC gold trade soon
Libor

LBMA to start reporting OTC gold trade soon

The London Bullion Market Association (LBMA) could soon take steps to report trades of the over-the-counter gold market, but the prospect of higher costs makes an exchange-traded model unattractive to participants for now, its chief executive said. The LB
Published 28 Jun, 2015 12:00am
Britain finalises 'toughest' banker bonus rules in the world
Libor

Britain finalises 'toughest' banker bonus rules in the world

Top bankers in Britain could have their bonuses clawed back a decade after they were awarded under proposals from regulators on Tuesday that would make industry pay curbs the toughest in the world. Critics said the plans meant that British banks would hav
Published 24 Jun, 2015 12:00am
Cotton prices suffer decline
Libor

Cotton prices suffer decline

Cotton prices came under pressure this week in the domestic market due to several reasons. Mills are facing slow demand of yarn while cost of doing business has gone up. Particularly, the All Pakistan Textile Mills Association (APTMA) has sent an urgent m
Published 29 May, 2015 12:00am
Cotton prices maintain high levels
Libor

Cotton prices maintain high levels

With depleting stocks from the current season (August 2014/July 2015) leaving only 125,000 to 150,000 unsold bales in the market, lint prices were firm to steady this week. Despite weaker advices from New York and India, domestic cotton prices were mostly
Published 22 May, 2015 12:00am
Cotton prices maintain high levels
Libor

Cotton prices maintain high levels

With depleting stocks from the current season (August 2014/July 2015) leaving only 125,000 to 150,000 unsold bales in the market, lint prices were firm to steady this week. Despite weaker advices from New York and India, domestic cotton prices were mostly
Published 22 May, 2015 12:00am
Long clean-up, fading hope after Colombia landslide
Libor

Long clean-up, fading hope after Colombia landslide

Residents of the Colombian town hit by a massive landslide began a difficult clean-up Tuesday, as rescuers resumed the increasingly hopeless search for those still missing after a disaster that claimed at least 64 lives. After spending the night in shelte
Published 20 May, 2015 12:00am
US SEC a stumbling block in banks' forex guilty pleas
Libor

US SEC a stumbling block in banks' forex guilty pleas

Banks want assurances from US regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multibillion-dollar settlements, people f
Published 17 May, 2015 12:00am
Barclays approaches tolerable end to FX limbo
Libor

Barclays approaches tolerable end to FX limbo

Barclays' largest regulatory overhang looks to be entering its endgame. The UK bank is close to a deal with regulators for manipulating foreign exchange rates, Reuters reported on May 11. If forecasts of a 2 billion pound fine are accurate, investors' mai
Published 17 May, 2015 12:00am
Rigging key interest rates: Deutsche Bank fined $2.5 billion
Libor

Rigging key interest rates: Deutsche Bank fined $2.5 billion

German banking giant Deutsche Bank will pay a record $2.5 billion for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, US and British authorities said Thursday. "Deutsche Bank secretly conspired with its competit
Published 24 Apr, 2015 12:00am
Rigging key interest rates: Deutsche Bank fined $2.5 billion
Libor

Rigging key interest rates: Deutsche Bank fined $2.5 billion

German banking giant Deutsche Bank will pay a record $2.5 billion for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, US and British authorities said Thursday. "Deutsche Bank secretly conspired with its competit
Published 24 Apr, 2015 12:00am
Rigging key interest rates: Deutsche Bank fined $2.5 billion
Libor

Rigging key interest rates: Deutsche Bank fined $2.5 billion

German banking giant Deutsche Bank will pay a record $2.5 billion for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, US and British authorities said Thursday. "Deutsche Bank secretly conspired with its competit
Published 24 Apr, 2015 12:00am
Britain's watchdog criticises Deutsche Bank over Libor
Libor

Britain's watchdog criticises Deutsche Bank over Libor

Britain's financial regulator has harshly criticized Deutsche Bank's top management for failing to cooperate in its probe of the rigging of benchmark interest rate Libor, German magazine Der Spiegel said on Saturday. Britains Financial Conduct Authority (
Published 19 Apr, 2015 12:00am
Euro's woes
Libor

Euro's woes

The euro's slide against the dollar has ignited fears of a currency war, analysts maintain though some argue that countries are proactively intervening in the marketplace to weaken their currency with the objective of improving exports, while others aver
Published 12 Apr, 2015 12:00am
Investors balk at coal firm Murray's debt deal for Foresight
Libor

Investors balk at coal firm Murray's debt deal for Foresight

Coal firm Murray Energy became the latest commodity issuer to face a pushback in the leveraged finance market as it looked to raise US $3.8bn to finance its planned acquisition of a majority stake in Foresight Energy and to refinance existing debt. Murray
Published 07 Apr, 2015 12:00am
Switzerland halves growth forecast as strong franc bites
Libor

Switzerland halves growth forecast as strong franc bites

Switzerland on Thursday halved its growth forecast for 2015 as the strong franc bit into the country's exports, but the central bank said it was keeping its monetary policy unchanged. The Swiss National Bank caused an upheaval in world currency markets wh
Published 20 Mar, 2015 12:00am
UK bans first trader over Libor rigging
Libor

UK bans first trader over Libor rigging

A former trader at Dutch lender Rabobank has become the first to be banned from Britain's financial services industry for Libor interest rate rigging after he was convicted in the United States. The Financial Conduct Authority (FCA) said on Tuesday that P
Published 18 Mar, 2015 12:00am
Revaluating Wapda assets
Libor

Revaluating Wapda assets

According to a Business Recorder exclusive, the Water and Power Development Authority (Wapda) has decided to revaluate its assets under present market rates and offer part of what is expected to be an increase to the general public. The obvious obj
Published 18 Mar, 2015 12:00am
Dubai refiner ENOC hires M&A team, close to $1.5 billion loan
Libor

Dubai refiner ENOC hires M&A team, close to $1.5 billion loan

Dubai's Emirates National Oil Company (ENOC) has hired a five-person team to work on mergers and acquisitions for the company as it seeks to expand beyond its home emirate, banking sources told Reuters on Sunday. The state-owned company could use some of
Published 25 Feb, 2015 12:00am
RLNG plants: Nepra is all set to hear PPIB petition today
Libor

RLNG plants: Nepra is all set to hear PPIB petition today

National Electric Power Regulatory Authority (Nepra) is all set to hear a petition of Private Power Infrastructure Board (PPIB) on Monday (today) to consider upfront tariff of 10.1269 cents for new Re-gasified Liquefied Natural Gas (RLNG) power plants at
Published 23 Feb, 2015 12:00am
RLNG plants: Nepra is all set to hear PPIB petition today
Libor

RLNG plants: Nepra is all set to hear PPIB petition today

National Electric Power Regulatory Authority (Nepra) is all set to hear a petition of Private Power Infrastructure Board (PPIB) on Monday (today) to consider upfront tariff of 10.1269 cents for new Re-gasified Liquefied Natural Gas (RLNG) power plants at
Published 23 Feb, 2015 12:00am
RLNG plants: Nepra is all set to hear PPIB petition today
Libor

RLNG plants: Nepra is all set to hear PPIB petition today

National Electric Power Regulatory Authority (Nepra) is all set to hear a petition of Private Power Infrastructure Board (PPIB) on Monday (today) to consider upfront tariff of 10.1269 cents for new Re-gasified Liquefied Natural Gas (RLNG) power plants at
Published 23 Feb, 2015 12:00am
Apple launches US$6.5 billion five-tranche bond
Libor

Apple launches US$6.5 billion five-tranche bond

Apple has launched a bigger than expected US $6.5bn five-tranche bond on books heard to be around US $20bn. The deal was upsized from US $5bn and includes a US $1.25bn fixed rate tranche at Treasuries plus 42bp; a US $1.25bn seven-year at T+67bp; a US $1.
Published 03 Feb, 2015 12:00am
Apple launches US$6.5 billion five-tranche bond
Libor

Apple launches US$6.5 billion five-tranche bond

Apple has launched a bigger than expected US $6.5bn five-tranche bond on books heard to be around US $20bn. The deal was upsized from US $5bn and includes a US $1.25bn fixed rate tranche at Treasuries plus 42bp; a US $1.25bn seven-year at T+67bp; a US $1.
Published 03 Feb, 2015 12:00am
Apple launches US$6.5 billion five-tranche bond
Libor

Apple launches US$6.5 billion five-tranche bond

Apple has launched a bigger than expected US $6.5bn five-tranche bond on books heard to be around US $20bn. The deal was upsized from US $5bn and includes a US $1.25bn fixed rate tranche at Treasuries plus 42bp; a US $1.25bn seven-year at T+67bp; a US $1.
Published 03 Feb, 2015 12:00am
GM opens high-yield primary market
Libor

GM opens high-yield primary market

Crossover credit General Motors Financial reopened the US high-yield bond market on Wednesday after a three-week hiatus, seizing on stronger conditions spurred by strong economic data. The US $2.25bn drive-by deal, which saw US $5.5bn in demand, was annou
Published 12 Jan, 2015 12:00am
GM opens high-yield primary market
Libor

GM opens high-yield primary market

Crossover credit General Motors Financial reopened the US high-yield bond market on Wednesday after a three-week hiatus, seizing on stronger conditions spurred by strong economic data. The US $2.25bn drive-by deal, which saw US $5.5bn in demand, was annou
Published 12 Jan, 2015 12:00am
Croatian president, rival head for run-off after tight contest
Libor

Croatian president, rival head for run-off after tight contest

Croatia's President Ivo Josipovic and his conservative rival on Sunday headed for a January run-off following a tight first round vote in a country battling a severe economic crisis. Centre-left incumbent Josipovic and his main challenger Kolinda Grabar-K
Published 29 Dec, 2014 12:00am
Japanese investment in Pakistan
Libor

Japanese investment in Pakistan

Japan has remained a cornerstone of Pakistan's economy for the past many years. Japanese Companies have invested in all sectors across Pakistan. Be it auto, trading, manufacturing, infrastructure development, packaging, steel manufacturing, indenting, etc
Published 23 Dec, 2014 12:00am
UK to extend Libor manipulation laws
Libor

UK to extend Libor manipulation laws

Britain will widen the scope of laws which make the manipulation of market benchmarks a criminal offence to include seven more rates covering the currency, gold, oil and silver markets by April 1, the government said on Monday. The move is the latest by t
Published 23 Dec, 2014 12:00am
Relevance of ADB under threat?
Libor

Relevance of ADB under threat?

China has spearheaded a move to launch a multilateral bank - Asian Infrastructure Investment Bank (AIIB) - amidst much US-led Western opposition. The President of the Asian Development Bank (ADB) legitimately concerned that AIIB may compromise the relevan
Published 22 Dec, 2014 12:00am
Swiss central bank introduces negative interest rate
Libor

Swiss central bank introduces negative interest rate

Switzerland's central bank said Thursday it would introduce negative interest rates for the first time in decades to stop the franc getting any stronger, after the Russian ruble crisis sent investors scurrying to the safe haven currency. The Swiss Nationa
Published 19 Dec, 2014 12:00am
HSBC dismisses London forex chief
Libor

HSBC dismisses London forex chief

HSBC has dismissed its London-based European head of currency trading, a source close to the matter said Wednesday, one month after the bank was fined for foreign exchange market rigging. Stuart Scott, HSBC's head of currency trading for Europe, Middle Ea
Published 11 Dec, 2014 12:00am
ANZ suspends traders in Australia interest rate probe
Libor

ANZ suspends traders in Australia interest rate probe

ANZ Bank has suspended seven traders pending the outcome of an investigation by Australia's corporate watchdog into possible rigging of the country's benchmark interest rate. The Australian Securities and Investments Commission (ASIC) is examining trading
Published 21 Nov, 2014 12:00am
Belgium charges HSBC
Libor

Belgium charges HSBC

Belgian prosecutors charged a subsidiary of British bank HSBC on Monday with fraud and money-laundering worth hundreds of millions of euros, mainly for diamond dealers in the industry's international hub of Antwerp. Swiss subsidiary HSBC Private Bank SA (
Published 18 Nov, 2014 12:00am
UBS eyes cancelling bonuses for forex traders
Libor

UBS eyes cancelling bonuses for forex traders

Banking giant UBS, one of six banks fined this week for attempting to manipulate foreign exchange markets, confirmed Saturday it was considering taking back bonuses from traders over the scandal. The bank confirmed a report in Financial Times stating that
Published 16 Nov, 2014 12:00am
Six big banks hit with $4.2 billion forex rigging fines
Libor

Six big banks hit with $4.2 billion forex rigging fines

Global regulators announced Wednesday $4.2 billion in fines against six major US and European banks for attempting to manipulate foreign exchange markets. The hefty fines, unveiled in London, Washington and Zurich, follow a world-wide probe into the scand
Published 13 Nov, 2014 12:00am
Six big banks hit with $4.2 billion forex rigging fines
Libor

Six big banks hit with $4.2 billion forex rigging fines

Global regulators announced Wednesday $4.2 billion in fines against six major US and European banks for attempting to manipulate foreign exchange markets. The hefty fines, unveiled in London, Washington and Zurich, follow a world-wide probe into the scand
Published 13 Nov, 2014 12:00am
Six big banks hit with $4.2 billion forex rigging fines
Libor

Six big banks hit with $4.2 billion forex rigging fines

Global regulators announced Wednesday $4.2 billion in fines against six major US and European banks for attempting to manipulate foreign exchange markets. The hefty fines, unveiled in London, Washington and Zurich, follow a world-wide probe into the scand
Published 13 Nov, 2014 12:00am
HSBC sets aside $378 million for fine over forex scandal
Libor

HSBC sets aside $378 million for fine over forex scandal

HSBC bank on Monday set aside $378 million (302 million euros) for a potential fine in Britain to settle allegations of foreign exchange market rigging, as it posted mixed third-quarter earnings. The Asia-focused lender said in a results statement that it
Published 04 Nov, 2014 12:00am
HSBC sets aside $378 million for fine over forex scandal
Libor

HSBC sets aside $378 million for fine over forex scandal

HSBC bank on Monday set aside $378 million (302 million euros) for a potential fine in Britain to settle allegations of foreign exchange market rigging, as it posted mixed third-quarter earnings. The Asia-focused lender said in a results statement that it
Published 04 Nov, 2014 12:00am
HSBC sets aside $378 million for fine over forex scandal
Libor

HSBC sets aside $378 million for fine over forex scandal

HSBC bank on Monday set aside $378 million (302 million euros) for a potential fine in Britain to settle allegations of foreign exchange market rigging, as it posted mixed third-quarter earnings. The Asia-focused lender said in a results statement that it
Published 04 Nov, 2014 12:00am
Russian central bank sees meagre demand for new forex repos
Libor

Russian central bank sees meagre demand for new forex repos

A debut auction of forex repos by Russia's central bank on Wednesday met with lacklustre demand, with analysts saying banks were deterred from taking up the offer by a relatively high interest rate and short-term nature of the instrument. The $50 billion
Published 02 Nov, 2014 12:00am
Gadani Power Park: six companies submit EoIs
Libor

Gadani Power Park: six companies submit EoIs

Six companies have submitted their Expressions of Interest (EoIs) against imported coal-based IPPs of cumulative capacity of 6600 MW to be set up at the Gadani Power Park, (Balochistan). The EoI opening ceremony was held here yesterday at Private Power &
Published 01 Nov, 2014 12:00am
Gadani Power Park: six companies submit EoIs
Libor

Gadani Power Park: six companies submit EoIs

Six companies have submitted their Expressions of Interest (EoIs) against imported coal-based IPPs of cumulative capacity of 6600 MW to be set up at the Gadani Power Park, (Balochistan). The EoI opening ceremony was held here yesterday at Private Power &
Published 01 Nov, 2014 12:00am
Gadani Power Park: six companies submit EoIs
Libor

Gadani Power Park: six companies submit EoIs

Six companies have submitted their Expressions of Interest (EoIs) against imported coal-based IPPs of cumulative capacity of 6600 MW to be set up at the Gadani Power Park, (Balochistan). The EoI opening ceremony was held here yesterday at Private Power &
Published 01 Nov, 2014 12:00am
Barclays takes huge charge for forex probes, profit drops
Libor

Barclays takes huge charge for forex probes, profit drops

Scandal-hit British bank Barclays revealed a huge charge for probes into allegations it rigged foreign-exchange market prices, cutting into quarterly profits reported on Thursday. The bank has set aside £500 million, equivalent to $800 million or 634 mill
Published 31 Oct, 2014 12:00am
Deutsche Bank litigation costs 1.4bn euros in first 9 months
Libor

Deutsche Bank litigation costs 1.4bn euros in first 9 months

Deutsche Bank incurred fines and litigation costs of 1.363 billion euros ($1.73 bln) from January to September 2014, data released by the ECB showed on Sunday. Germany's flagship lender had said on Friday said it expected to publish litigation costs of 89
Published 27 Oct, 2014 12:00am
Deutsche Bank lawyer found dead by suicide in New York
Libor

Deutsche Bank lawyer found dead by suicide in New York

A senior Deutsche Bank regulatory lawyer has been found dead in New York after committing suicide, New York City officials said on Saturday. Calogero Gambino, 41, was found on the morning of October 20 at his home in the New York borough of Brooklyn and p
Published 26 Oct, 2014 12:00am
Coal-fired project in state of uncertainty
Libor

Coal-fired project in state of uncertainty

Sindh Engro Coal Mining Company's (SECMC) 660 MW local coal-fired project being established in Thar is in doubt with Chinese banks unwilling to extend a loan for the power plant on a Pakistani sovereign guarantee. SECMC, however, believes that the flagshi
Published 25 Oct, 2014 12:00am
Coal-fired project in state of uncertainty
Libor

Coal-fired project in state of uncertainty

Sindh Engro Coal Mining Company's (SECMC) 660 MW local coal-fired project being established in Thar is in doubt with Chinese banks unwilling to extend a loan for the power plant on a Pakistani sovereign guarantee. SECMC, however, believes that the flagshi
Published 25 Oct, 2014 12:00am
Coal-fired project in state of uncertainty
Libor

Coal-fired project in state of uncertainty

Sindh Engro Coal Mining Company''s (SECMC) 660 MW local coal-fired project being established in Thar is in doubt with Chinese banks unwilling to extend a loan for the power plant on a Pakistani sovereign guarantee. SECMC, however, believes that the flagsh
Published 25 Oct, 2014 12:00am
EU fines JP Morgan for rigging interest rates
Libor

EU fines JP Morgan for rigging interest rates

The European Commission fined US banking giant JP Morgan more than 61 million euros ($78 million) on Tuesday for its role in rigging benchmark international interest rates. JP Morgan worked with Royal Bank of Scotland in 2008-09 to fix interest rates on S
Published 22 Oct, 2014 12:00am
EU fines JP Morgan for rigging interest rates
Libor

EU fines JP Morgan for rigging interest rates

The European Commission fined US banking giant JP Morgan more than 61 million euros ($78 million) on Tuesday for its role in rigging benchmark international interest rates. JP Morgan worked with Royal Bank of Scotland in 2008-09 to fix interest rates on S
Published 22 Oct, 2014 12:00am
EU fines JP Morgan for rigging interest rates
Libor

EU fines JP Morgan for rigging interest rates

The European Commission fined US banking giant JP Morgan more than 61 million euros ($78 million) on Tuesday for its role in rigging benchmark international interest rates. JP Morgan worked with Royal Bank of Scotland in 2008-09 to fix interest rates on S
Published 22 Oct, 2014 12:00am
Banks to get instruction manual for submitting Libor quotes
Libor

Banks to get instruction manual for submitting Libor quotes

Banks who submit quotes for compiling Libor interest rates will have to follow a manual of instructions to avoid a repeat of the rigging seen in the past, the benchmark's new administrator said on Monday. Ten banks and brokerages have paid more than $6 bi
Published 21 Oct, 2014 12:00am
Barclays in $20 million class-action Libor settlement
Libor

Barclays in $20 million class-action Libor settlement

British bank Barclays agreed to pay $20 million to settle a class-action suit from investors who lost money in the Libor interest rate-rigging conspiracy, according to a US court filing. The banking giant also agreed to cooperate with plaintiffs as they s
Published 10 Oct, 2014 12:00am
Barclays in $20 million class-action Libor settlement
Libor

Barclays in $20 million class-action Libor settlement

British bank Barclays agreed to pay $20 million to settle a class-action suit from investors who lost money in the Libor interest rate-rigging conspiracy, according to a US court filing. The banking giant also agreed to cooperate with plaintiffs as they s
Published 10 Oct, 2014 12:00am
Barclays in $20 million class-action Libor settlement
Libor

Barclays in $20 million class-action Libor settlement

British bank Barclays agreed to pay $20 million to settle a class-action suit from investors who lost money in the Libor interest rate-rigging conspiracy, according to a US court filing. The banking giant also agreed to cooperate with plaintiffs as they s
Published 10 Oct, 2014 12:00am
US, European banks near deals on Libor, forex rigging
Libor

US, European banks near deals on Libor, forex rigging

Large American and European banks are nearing settlement deals with British regulators over rigging interest rates and manipulating the foreign exchange market, sources told AFP Tuesday. The overall settlement for charges of illegally manipulating the Lon
Published 09 Oct, 2014 12:00am
Lloyds bank sacks eight staff after rate-rigging probe
Libor

Lloyds bank sacks eight staff after rate-rigging probe

Lloyds Banking Group has sacked eight workers and withheld bonuses in disciplinary measures linked to the Libor interest rate-rigging scandal, the state-rescued lender said on Monday. Earlier this year, Lloyds was fined £218 million ($353 million, 279 mil
Published 30 Sep, 2014 12:00am
Lloyds bank sacks eight staff after rate-rigging probe
Libor

Lloyds bank sacks eight staff after rate-rigging probe

Lloyds Banking Group has sacked eight workers and withheld bonuses in disciplinary measures linked to the Libor interest rate-rigging scandal, the state-rescued lender said on Monday. Earlier this year, Lloyds was fined £218 million ($353 million, 279 mil
Published 30 Sep, 2014 12:00am
Cocoa surges on output fears over Ebola outbreak
Libor

Cocoa surges on output fears over Ebola outbreak

Cocoa soared to 3.5-year highs this week on fears the Ebola outbreak could reach Ghana and Ivory Cost, the two biggest producers of the commodity used to make chocolate. Brent oil prices however tumbled to two-year lows on worries over ample supplies and
Published 28 Sep, 2014 12:00am
UK to widen law against benchmark rigging, aims for year-end
Libor

UK to widen law against benchmark rigging, aims for year-end

Britain plans to extend laws criminalising the rigging of Libor interest rates to seven other financial benchmarks by the end of this year, the finance ministry said on Thursday. The Treasury launched a consultation on widening the legislation to a range
Published 26 Sep, 2014 12:00am
Barclays takes $77 million hit from British and US fines
Libor

Barclays takes $77 million hit from British and US fines

British bank Barclays was hit with a combined $77 million in fines from British and US regulators on Tuesday as the lender continues to be dogged by problems from its past. Barclays was fined 38 million pounds ($62 million) by Britain's Financial Conduct
Published 24 Sep, 2014 12:00am
Swiss central bank lowers growth outlook, holds key rate
Libor

Swiss central bank lowers growth outlook, holds key rate

Switzerland's central bank held its key interest rate steady on Thursday and restated its pledge to hold down the value of the Swiss franc, but warned the economic outlook had "deteriorated considerably". The Swiss National Bank (SNB) maintained its targe
Published 20 Sep, 2014 12:00am
Barclays picks chairman to oversee revamp
Libor

Barclays picks chairman to oversee revamp

Barclays has appointed banking and insurance veteran John McFarlane as its new chairman to oversee the British bank's efforts to stamp out wrongdoing and improve performance. McFarlane, a Scot, will step down as chairman of British insurer Aviva and take
Published 13 Sep, 2014 12:00am
Bitcoin gets boost as US watchdog approves first swap
Libor

Bitcoin gets boost as US watchdog approves first swap

TeraExchange on Friday launched a swap based on the bitcoin virtual currency, becoming the first to receive approval from a US federal regulator for a financial product based on the budding technology. The derivative allows clients to protect the value of
Published 13 Sep, 2014 12:00am
Bitcoin gets boost as US watchdog approves first swap
Libor

Bitcoin gets boost as US watchdog approves first swap

TeraExchange on Friday launched a swap based on the bitcoin virtual currency, becoming the first to receive approval from a US federal regulator for a financial product based on the budding technology. The derivative allows clients to protect the value of
Published 13 Sep, 2014 12:00am
Banks join forces in push for coordinated FX settlement
Libor

Banks join forces in push for coordinated FX settlement

Banks caught up in the British investigation into alleged manipulation of global currency markets are pushing for a coordinated settlement that would reduce their exposure to potential reputational damage, banking and legal sources told Reuters. In the ye
Published 13 Sep, 2014 12:00am
The truth about Xi's visit
Libor

The truth about Xi's visit

Officials in Islamabad and Beijing announced last Saturday that they had decided to postpone Chinese President Xi Jinping's visit to Pakistan because of the political impasse in the country. President Xi was due in Islamabad on 15th September for a two-da
Published 10 Sep, 2014 12:00am
Woodford dumps HSBC on banking fine inflation fears
Libor

Woodford dumps HSBC on banking fine inflation fears

Star British fund manager Neil Woodford sold his fund's stake in HSBC last month, citing concerns about the impact of potential fines from several industry-wide investigations on the banking group.
Published 02 Sep, 2014 12:00am
G20 edging towards deal on 'bail-in' bond cushion for banks
Libor

G20 edging towards deal on 'bail-in' bond cushion for banks

Government leaders are expected to agree in November that the world's top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and G20 officials sa
Published 30 Aug, 2014 12:00am
G20 edging towards deal on 'bail-in' bond cushion for banks
Libor

G20 edging towards deal on 'bail-in' bond cushion for banks

Government leaders are expected to agree in November that the world's top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and G20 officials sa
Published 30 Aug, 2014 12:00am
Political turmoil hurts power-generation prospects
Libor

Political turmoil hurts power-generation prospects

Current political turmoil in the country has marred government's plans to establish ten coal fired power plants of 6600 MW capacity (660 MW each) as the response from investors is negligible, well informed sources told Business Recorder. Private Po
Published 22 Aug, 2014 12:00am
Political turmoil hurts power-generation prospects
Libor

Political turmoil hurts power-generation prospects

Current political turmoil in the country has marred government's plans to establish ten coal fired power plants of 6600 MW capacity (660 MW each) as the response from investors is negligible, well informed sources told Business Recorder. Private Po
Published 22 Aug, 2014 12:00am
Political turmoil hurts power-generation prospects
Libor

Political turmoil hurts power-generation prospects

Current political turmoil in the country has marred government''s plans to establish ten coal fired power plants of 6600 MW capacity (660 MW each) as the response from investors is negligible, well informed sources told Business Recorder. Private P
Published 22 Aug, 2014 12:00am
Lloyds bank says interim net profits more than halve
Libor

Lloyds bank says interim net profits more than halve

Britain's state-rescued Lloyds Banking Group said on Thursday that net profits slumped 57 percent in the first half, hit by compensation for insurance mis-selling and fines over Libor rate rigging. Earnings after taxation dived to £665 million ($1.125 bil
Published 01 Aug, 2014 12:00am
Lloyds bank says interim net profits more than halve
Libor

Lloyds bank says interim net profits more than halve

Britain's state-rescued Lloyds Banking Group said on Thursday that net profits slumped 57 percent in the first half, hit by compensation for insurance mis-selling and fines over Libor rate rigging. Earnings after taxation dived to £665 million ($1.125 bil
Published 01 Aug, 2014 12:00am
Lloyds bank fined £218 million over Libor rigging
Libor

Lloyds bank fined £218 million over Libor rigging

Britain's Lloyds Banking Group said Monday it will pay £218 million in fines to British and US regulators, becoming the latest global lender to be fined for rigging interbank lending rates. The punishment, worth $370 million or 276 million euros, is the l
Published 29 Jul, 2014 12:00am
Lloyds bank fined £218 million over Libor rigging
Libor

Lloyds bank fined £218 million over Libor rigging

Britain's Lloyds Banking Group said Monday it will pay £218 million in fines to British and US regulators, becoming the latest global lender to be fined for rigging interbank lending rates. The punishment, worth $370 million or 276 million euros, is the l
Published 29 Jul, 2014 12:00am
Lloyds bank fined £218 million over Libor rigging
Libor

Lloyds bank fined £218 million over Libor rigging

Britain''s Lloyds Banking Group said Monday it will pay £218 million in fines to British and US regulators, becoming the latest global lender to be fined for rigging interbank lending rates. The punishment, worth $370 million or 276 million euros, is the
Published 29 Jul, 2014 12:00am
HSBC, Deutsche Bank named in US suit for silver price-fix
Libor

HSBC, Deutsche Bank named in US suit for silver price-fix

HSBC, Deutsche Bank and Canada's Bank of Nova Scotia have been accused of conspiring to fix the price of silver in a US lawsuit filed in federal court in New York. Plaintiff Scott Nicholson, an investor from the north-western US state of Washington, said
Published 27 Jul, 2014 12:00am
HSBC, Deutsche Bank named in US suit for silver price-fix
Libor

HSBC, Deutsche Bank named in US suit for silver price-fix

HSBC, Deutsche Bank and Canada's Bank of Nova Scotia have been accused of conspiring to fix the price of silver in a US lawsuit filed in federal court in New York. Plaintiff Scott Nicholson, an investor from the north-western US state of Washington, said
Published 27 Jul, 2014 12:00am
HSBC, Deutsche Bank named in US suit for silver price-fix
Libor

HSBC, Deutsche Bank named in US suit for silver price-fix

HSBC, Deutsche Bank and Canada''s Bank of Nova Scotia have been accused of conspiring to fix the price of silver in a US lawsuit filed in federal court in New York. Plaintiff Scott Nicholson, an investor from the north-western US state of Washington, said
Published 27 Jul, 2014 12:00am
Big Gadani power project marred by bigger violations
Libor

Big Gadani power project marred by bigger violations

Stakeholders, including Chairman Central Development Working Party (CDWP) headed by Minister for Planning, Development and Reforms Ahsan Iqbal, have pointed out serious violations in Nawaz Sharif government's flagship Gadani Power Park designed to establi
Published 23 Jul, 2014 12:00am
Big Gadani power project marred by bigger violations
Libor

Big Gadani power project marred by bigger violations

Stakeholders, including Chairman Central Development Working Party (CDWP) headed by Minister for Planning, Development and Reforms Ahsan Iqbal, have pointed out serious violations in Nawaz Sharif government's flagship Gadani Power Park designed to establi
Published 23 Jul, 2014 12:00am
Big Gadani power project marred by bigger violations
Libor

Big Gadani power project marred by bigger violations

Stakeholders, including Chairman Central Development Working Party (CDWP) headed by Minister for Planning, Development and Reforms Ahsan Iqbal, have pointed out serious violations in Nawaz Sharif government''s flagship Gadani Power Park designed to establ
Published 23 Jul, 2014 12:00am
G20 watchdog orders Libor alternatives by 2016 in benchmark reform
Libor

G20 watchdog orders Libor alternatives by 2016 in benchmark reform

Global regulators will implement a twin-track approach to ensuring interest rate benchmarks are less prone to manipulation, recommending safeguards to the current system as well as developing alternatives. Ten banks and brokerages including Barclays and U
Published 23 Jul, 2014 12:00am
G20 watchdog orders Libor alternatives by 2016 in benchmark reform
Libor

G20 watchdog orders Libor alternatives by 2016 in benchmark reform

Global regulators will implement a twin-track approach to ensuring interest rate benchmarks are less prone to manipulation, recommending safeguards to the current system as well as developing alternatives. Ten banks and brokerages including Barclays and U
Published 23 Jul, 2014 12:00am
G20 watchdog orders Libor alternatives by 2016 in benchmark reform
Libor

G20 watchdog orders Libor alternatives by 2016 in benchmark reform

Global regulators will implement a twin-track approach to ensuring interest rate benchmarks are less prone to manipulation, recommending safeguards to the current system as well as developing alternatives. Ten banks and brokerages including Barclays and U
Published 23 Jul, 2014 12:00am
Foreign exchange rigging: Britain opens criminal probe
Libor

Foreign exchange rigging: Britain opens criminal probe

Britain's fraud agency on Monday said it has launched a criminal probe on Monday into allegations of price rigging in foreign exchange markets. The investigation into "fraudulent conduct" comes after EU, British, and US and other regulators have levied hu
Published 22 Jul, 2014 12:00am
Foreign exchange rigging: Britain opens criminal probe
Libor

Foreign exchange rigging: Britain opens criminal probe

Britain's fraud agency on Monday said it has launched a criminal probe on Monday into allegations of price rigging in foreign exchange markets. The investigation into "fraudulent conduct" comes after EU, British, and US and other regulators have levied hu
Published 22 Jul, 2014 12:00am
Foreign exchange rigging: Britain opens criminal probe
Libor

Foreign exchange rigging: Britain opens criminal probe

Britain''s fraud agency on Monday said it has launched a criminal probe on Monday into allegations of price rigging in foreign exchange markets. The investigation into "fraudulent conduct" comes after EU, British, and US and other regulators have levied h
Published 22 Jul, 2014 12:00am
Want euros in London? Don't ask your bank
Libor

Want euros in London? Don't ask your bank

From a small, white-washed basement close to London's Liverpool Street station, Sakthi Ariaratnam is beating banks at what you would have thought was their own game - and it is relatively easy. On a recent Tuesday morning in the heart of London's City fin
Published 21 Jul, 2014 12:00am
UK fraud office to launch currency trading probe
Libor

UK fraud office to launch currency trading probe

Britain's Serious Fraud Office is poised to begin its first criminal investigation of alleged rigging by traders in the foreign exchange market, the Sunday Times reported. The SFO, which is already conducting a criminal probe into the rigging of benchmark
Published 21 Jul, 2014 12:00am
Modinomics
Libor

Modinomics

According to India's Economic Survey released yesterday, India's fiscal situation is worse than it appears. It has underscored the need for taking tough measures to shore up public finances and reduce inflation. The newly-elected Prime Minister Narendra M
Published 10 Jul, 2014 12:00am
Not the whole truth
Libor

Not the whole truth

The Finance Minister informed the National Assembly in a written response that the rupee depreciation during 2008-13 was a reflection of a weak overall balance of payment (BoP) position while the incumbent government took a number of steps that improved t
Published 05 Jul, 2014 12:00am
UK watchdog says no evidence that gold price is rigged
Libor

UK watchdog says no evidence that gold price is rigged

Collusion in setting gold prices was possible but there is no evidence of this, a senior British markets regulator said on Wednesday. "It is possible but I have no clear evidence that that has actually happened," David Bailey, head of markets infrastructu
Published 03 Jul, 2014 12:00am
China eyes gold market clout with new exchange
Libor

China eyes gold market clout with new exchange

China must have a bigger influence on the global gold market being the top consumer of the precious metal, the head of state-backed Shanghai Gold Exchange (SGE) said, as the country targets establishing its own pricing benchmark. "We should have gold fixi
Published 28 Jun, 2014 12:00am
Barclays seeks outside help to speed up probe
Libor

Barclays seeks outside help to speed up probe

Barclays Plc said it is bringing in outside help to speed up an investigation into alleged misconduct in its "dark pool" operations, which have rekindled concerns that the cost of past problems at its investment bank will rise. More than 2 billion pounds
Published 28 Jun, 2014 12:00am
Barclays shares plummet as bank faces US lawsuit
Libor

Barclays shares plummet as bank faces US lawsuit

Shares in Barclays plunged by more than six percent on Thursday after New York prosecutors sued the British bank for fraud - the latest blow to hit the scandal-hit company. Barclays tumbled 6.52 percent to finish at 215 pence on London''s FTSE 100 index,
Published 27 Jun, 2014 12:00am
Barclays shares plummet as bank faces US lawsuit
Libor

Barclays shares plummet as bank faces US lawsuit

Shares in Barclays plunged by more than six percent on Thursday after New York prosecutors sued the British bank for fraud - the latest blow to hit the scandal-hit company. Barclays tumbled 6.52 percent to finish at 215 pence on London''''s FTSE 100 index
Published 27 Jun, 2014 12:00am
Barclays shares plummet as bank faces US lawsuit
Libor

Barclays shares plummet as bank faces US lawsuit

Shares in Barclays plunged by more than six percent on Thursday after New York prosecutors sued the British bank for fraud - the latest blow to hit the scandal-hit company. Barclays tumbled 6.52 percent to finish at 215 pence on London's FTSE 100 index, w
Published 27 Jun, 2014 12:00am
Barclays shares plummet as bank faces US lawsuit
Libor

Barclays shares plummet as bank faces US lawsuit

Shares in Barclays plunged by more than six percent on Thursday after New York prosecutors sued the British bank for fraud - the latest blow to hit the scandal-hit company. Barclays tumbled 6.52 percent to finish at 215 pence on London's FTSE 100 index, w
Published 27 Jun, 2014 12:00am
ECB says forex benchmark rates compiled on too narrow basis
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ECB says forex benchmark rates compiled on too narrow basis

The European Central Bank said in a briefing paper on Wednesday that benchmark foreign exchange rates are not necessarily reliable as they are often fixed using just one set of data. The European Union is in the process of approving a law to regulate mark
Published 20 Jun, 2014 12:00am
Forex is weakest link in UK market abuse crackdown
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Forex is weakest link in UK market abuse crackdown

George Osborne is taking financial market abuse seriously. The British chancellor wants to criminalise the practice in more asset classes, so manipulators can be sent to jail. He has been spurred to action by accusations of rigging in the $5-trillion-a-da
Published 15 Jun, 2014 12:00am
ADB principal creditor: Punjab debt stands at Rs 451.8 billion
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ADB principal creditor: Punjab debt stands at Rs 451.8 billion

Asian Development Bank (ADB) with 46 percent holding is the principal creditor of Punjab foreign debt followed by the World Bank and government of Japan with 46 percent and 6 percent foreign debt holding, respectively. Punjab's total debt, 6 percent or Rs
Published 14 Jun, 2014 12:00am
European shares near multi-year highs
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European shares near multi-year highs

European equities closed near recent multi-year highs on Thursday, as merger hopes buoyed some telecom stocks but mining shares fell amid global growth concerns. The FTSEurofirst 300 index of top European shares finished flat at 1,392.02 points, just belo
Published 13 Jun, 2014 12:00am
EU warns British broker over alleged interest rate rigging
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EU warns British broker over alleged interest rate rigging

The European Commission said on Tuesday it believes British-based broker ICAP may have helped rig interest rates vital for the global financial markets in a global scandal which has cost billions in fines. The Commission, the European Union's executive ar
Published 11 Jun, 2014 12:00am
EU warns British broker over alleged interest rate rigging
Libor

EU warns British broker over alleged interest rate rigging

The European Commission said on Tuesday it believes British-based broker ICAP may have helped rig interest rates vital for the global financial markets in a global scandal which has cost billions in fines. The Commission, the European Union''s executive a
Published 11 Jun, 2014 12:00am
EU warns British broker over alleged interest rate rigging
Libor

EU warns British broker over alleged interest rate rigging

The European Commission said on Tuesday it believes British-based broker ICAP may have helped rig interest rates vital for the global financial markets in a global scandal which has cost billions in fines. The Commission, the European Union's executive ar
Published 11 Jun, 2014 12:00am
UK anti-fraud agency 'examining data' in currency fixing probe
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UK anti-fraud agency 'examining data' in currency fixing probe

Britain's anti-fraud agency is examining information from a global investigation into the possible manipulation of currency markets, in the first sign it might follow the United States in launching a criminal investigation. Britain is keen to be at the fo
Published 07 Jun, 2014 12:00am
Japan inks accord to extend Rs 5 billion loan for energy sector
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Japan inks accord to extend Rs 5 billion loan for energy sector

The Government of Japan formally agreed to extend a concessional loan of JPY 5 billion (approximately Rs 5 billion) to the Government of Pakistan for supporting the energy sector reforms in Pakistan. The agreement was signed between Hiroshi Inomata, Ambas
Published 05 Jun, 2014 12:00am
Lagarde warns on slow pace of financial sector reform
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Lagarde warns on slow pace of financial sector reform

Progress to overhaul the global banking sector and prevent another financial crisis has been "too slow", International Monetary Fund chief Christine Lagarde warned here on Tuesday. "The good news is that the international community has made progress on th
Published 28 May, 2014 12:00am