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.

    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. 

     

     

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Revival: The Muslim Response to the Crusades

    Revival: The Muslim Response to the Crusades

    This part of 'The Crusades: An Arab Perspective' explores the birth of the Muslim revival in the face of the Crusades.

    Is Mexico the most dangerous country on earth?

    Is Mexico the most dangerous country on earth?

    Or does it just suffer from the misfortune of being a neighbour of the US?

    Africa is not poor, we are stealing its wealth

    Africa is not poor, we are stealing its wealth

    It's time to change the way we talk and think about Africa.