[QODLink]
Europe
Barclays bank fined $453m for market fixing
UK bank's share price plunges after huge fine for distorting key interest rates to rig international markets.
Last Modified: 28 Jun 2012 15:22

Barclays share price has plunged by 17 per cent after the UK bank was hit by record fines for distorting key interest rates. 

The rates concerned play a major role in international financial markets and affect how businesses and consumers borrow money. 

Barclays agreed to pay $453m for using underhand tactics, including price-fixing, to rig the markets.

Other British banks also slumped on reports that the scandal was set to engulf HSBC, Lloyds Banking Group and Royal Bank of Scotland.

Laurence Lee reports from London. 

 

 

85

Source:
Al Jazeera
Topics in this article
People
Country
City
Featured on Al Jazeera
Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.
Featured
Lacking cohesive local ground forces to attack in tandem, coalition air strikes will have limited effect, experts say.
Hindu right-wing groups run campaign against what they say is Muslim conspiracy to convert Hindu girls into Islam.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
Muslim caretakers maintain three synagogues in eastern Indian city, which was once home to a thriving Jewish community.
Amid fresh ISIL gains, officials in Anbar province have urged the Iraqi government to request foreign ground troops.