[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
An innovative rehabilitation programme offers Danish fighters in Syria an escape route and help without prosecution.
Street tension between radical Muslims and Holland's hard right rises, as Islamic State anxiety grows.
Take an immersive look at the challenges facing the war-torn country as US troops begin their withdrawal.
Ministers and MPs caught on camera sleeping through important speeches have sparked criticism that they are not working.
Featured
More than 400 gaming dens operate on native lands, but critics say social ills and inequality stack the deck.
The Palestinian president is expected to address the UN with a new proposal for the creation of a Palestinian state.
Nearly 1,200 aboriginal females have been killed or disappeared over 30 years with little justice served, critics say.
Ethnic violence has wracked China's restive Xinjiang region, leading to a tight government clampdown.
Malay artists revitalise the art of puppeteering by fusing tradition with modern characters such as Darth Vader.