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

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    The War in October: What Happened in 1973?

    The War in October: What Happened in 1973?

    Al Jazeera examines three weeks of war from which both Arabs and Israelis claimed to emerge victorious.