News

Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

James Moore: US Justice Department is targeting RBS over Libor to fight off its critics

Outlook If you were wondering why Royal Bank of Scotland's settlement with regulators over its role in the Libor fixing scandal was taking so long to finalise, a little light has been shed on the matter.

President Obama was accused of failing to crack down on Wall Street during his first term in office

US View: There are big bucks at stake now regulators are on the front foot

The drive by American regulators to secure a guilty plea from the Royal Bank of Scotland division accused of fiddling bank lending rates shows that US officials are taking an increasingly aggressive stance.

James Moore: Only 'mercenaries' are right for this job

Outlook "Mercenaries," is the term former UBS boss Marcel Rohner, has used to describe traders the bank hired from rivals who got involved in the Libor-fixing scandal.

The Week Ahead: Afren shrugs off the Nigerian oil worries

A mismanaged and corrupt Nigerian oil and gas industry doesn't sound like a great place to invest. A report last year commissioned by the country's oil minister in the wake of fuel protests found just that, and more than £20bn was lost in the country in the last decade from oil theft and gas price fixing. So not the best country to drill for oil perhaps? Afren begs to differ.

Market Report: Lloyds strengthens after Basel III boost

Lloyds Banking Group was the best-performing FTSE 100 stock last year and it looks like 2013 is shaping up to be pretty decent too. Lloyds jumped to the top of the tree today after analysts at UBS rated it a buy and awarded it a share price target of 60p, up from 50p.

Jérôme Cahuzac welcomed news of the investigation

French tax-the-rich minister 'hid money in Swiss bank'

The French minister responsible for enforcing new taxes on the rich is to be investigated for tax evasion.

Retailers and banks say good riddance to a brutal year

The squeeze on consumer spending coupled with a wave of hefty fines make 2012 one to forget. By Mark Leftly and James Thompson

James Moore: Diamond got a rough deal as Barclays took first blow in punishment for Libor

Was there just a hint of schadenfreude in the air at Barclays' HQ yesterday morning? After months of promises, someone else finally got it in the neck for attempting to fix Libor (and Euribor) interest rates. And how.

The logo of Swiss banking giant UBS is covered with tape, reading in German: 'Deported!!!' in Zurich on October 15, 2011 during a protest as part of a global day of protests inspired by the 'Occupy Wall Street' and 'Indignant' movements against the banking industry.

UBS admits fraud in £940m Libor rigging settlement

Swiss bank UBS agreed today to pay £940 million to regulators in the biggest penalty yet from the industry's Libor-rigging scandal.

RBS 'set to agree £350m payment for Libor scandal'

Taxpayer-backed Royal Bank of Scotland is close to agreeing a £350m settlement with US and UK regulators over the Libor-fixing scandal, according to reports. This dwarfs the £290m penalty for Barclays in June. The furore cost then-chief executive Bob Diamond his job.

UBS set to settle with regulators over Libor fixing

One of the City’s top investment banks UBS is close to settling with UK and US regulators to pay a record amount over claims that its traders fixed the key Libor interest rate.

James Moore: If rogue traders pull it off…

Outlook What would have happened if Kweku Adoboli's bets had been winners?

Simon English: Kweku Adoboli’s compulsive gambling chimed with the culture of investment banks

At some level a man who can gamble away $2bn – at one point his losses were closer to $12bn – must be an interesting and clever man.

Business week in review

In profit...

Trader who lost £1.4bn 'told to push boundaries'

An alleged rogue trader accused of gambling away £1.4bn was urged to "push the boundaries" by his bosses, a jury heard yesterday.

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