Five banks get slammed with $5.7 billion in fines for LIBOR rigging

Five of the world’s largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on Wednesday. A fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said…

Tsipras says time for lenders to meet halfway after Greece makes IMF payment

Greece emptied an emergency IMF holding account to repay 750 million euros ($839 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country’s finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had […]

VIDEO: Non-Brits guide to UK’s general election

Britain is getting very excited, and apprehensive, about politics at the moment. But why all the fuss? Thursday just happens to mark the most uncertain general election in British political history. Here is a guide for non-Britons to the election’s contenders and an explanation as to why the election is unlikely to produce a clear winner after the votes are counted…

Can the U.S. economy right the ship in Q2 and beyond?

America has had the wind knocked out of its sails this year. Volatile stock markets, weak economic growth and a hiring slowdown have created a perfect storm for nearly flat growth. The question is whether the U.S. economy and markets can right the ship in May and beyond. There’s reason to believe they can start to this week. “We’re in a slow growth economy,” says Dorothy Weaver…

Greece resumes efforts to break deadlock as default looms

Greece is struggling to amass cash to pay its pensioners and employees this week, as the country and its creditors resume efforts to break the deadlock in bailout talks. Europe’s most-indebted state is counting on deposits of local governments, cities and other funds to meet end-of month payments of over 1.5 billion euros ($1.6 billion) after euro area finance ministers on Friday said they won’t disburse more aid until bailout terms are met…

Be careful which broker you use!

(Reuters) – After the Swiss National Bank abandoned its price cap on the franc in January, some dealers such as Bank of America Corp (BAC.N), Barclays Plc (BARC.L) and Goldman Sachs Group Inc (GS.N) approached customers about changing some trades, Bloomberg reported, citing people familiar with the discussions…

Dollar bulls turning cautious as Fed seen delaying rate hike

(Reuters) – Some of the biggest dollar bulls in the global bond fund sector have reversed course in recent weeks, cutting exposure to the greenback amid concern the U.S. Federal Reserve will delay a widely-anticipated interest rate hike. The shift comes as the dollar’s rally to 12-year highs shows signs of flagging, hurt by soft U.S. economic data and efforts by European central banks to stimulate their own economies…

Is the U.S. economy looking a little tired?

America’s economy is starting to see cracks after closing out 2014 with Superman strength. The U.S. job market had its best year of gains last year since 1999, and economic activity hit a whopping 5% in the third quarter — the best quarter since 2003. Three months later, the U.S. economy is looking a little tired. It’s losing momentum in puzzling ways. Hiring is still strong, but experts are starting to scale back their growth forecasts….

What do rising interest rates mean to most Americans?

Many Americans don’t pay much attention to what Federal Reserve Chair Janet Yellen and “the Fed” do, but that could change very soon. In June, the Fed could do something it hasn’t done since Barack Obama was a U.S. senator: raise interest rates. Don’t hit the snooze button. An interest rate hike will impact everyone who has a home mortgage, car loan, savings account or money in the stock market…

Will the Fed stop being ‘patient’ on raising rates?

(Reuters) – For a world economy coming to terms with a soaring dollar and a plunge in oil prices, this week will be all about the U.S. Federal Reserve’s policy meeting and its intentions on interest rates. A combination of the European Central Bank printing lots of euros and expectations of a first U.S. rate rise has caused turmoil on the foreign exchanges and in emerging markets…

Greece says referendum or new elections if proposed reforms are rejected

Greece’s anti-austerity government has raised the spectre of further political strife in the crisis-plagued country by saying it will consider calling a referendum, or fresh elections, if its eurozone partners reject proposed reforms from Athens. Racheting up the pressure ahead of a crucial meeting of his eurozone counterparts on Monday, the Greek finance minister, Yanis […]

Near majority of Fed officials align in favor of a June interest rate liftoff

(Reuters) – Janet Yellen’s premium on consensus may lead to a Federal Reserve decision the chair hasn’t yet endorsed, as a near majority aligns in favor of a possible June interest rate hike. Seven of the Fed’s current 17 members have now said they at least want the option of a June tightening on the table, or have pushed in general for an earlier increase amid an expectation that wages and inflation will turn higher…

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