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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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BT reports rise in annual profits

Category : World News

BT reports a rise in full-year profits, a day after setting out its challenge to BSkyB’s dominance of the UK’s sports pay-TV market.

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Bank of America sees profits jump

Category : World News

Bank of America reports a sharp rise in profits after cutting costs and setting aside less money for bad loans.

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VIDEO: World records boost for Middle East

Category : World News

Middle East Business Report examines the growing appeal of setting new world records in the Middle East.

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Baghlan Group FZCO Announces the Completion of Work on Drilling of Well No. 715 on Platform 2 by Bahar Energy Ltd.

Category : World News

BAKU, AZERBAIJAN–(Marketwire – March 13, 2013) - BAGHLAN GROUP FZCO (The Company) announced that Bahar Energy Operating Company (BEOC), the operating company for Bahar Energy Ltd. (BEL) in which the Company owns a 66.67 % interest, has completed drilling Well No. 715 on Platform 2 using PSG 1 Drilling Rig. The well is currently at a true vertical Depth of 3,491 Meters and is being logged. Initial analysis of the open hole wire line logs indicates an estimated 159 meters of potential pay in eleven different zones. After setting 7 inch liner, the well will be completed and put on production.

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BoE rejects more economic stimulus

Category : Business, World News

The Bank of England’s rate-setting committee has kept interest rates at 0.5% and rejected calls to inject more stimulus into the economy.

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VIDEO: What would negative interest rates mean?

Category : World News

The Bank of England has considered setting a negative interest rate in a bid to boost the economy, but what would be the impact of such move?

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Libor rigging: timeline

Category : Business

How the benchmark rate fixing unfolded

The Libor interest-rate scandal dates back to 2005. Little known outside the City, it underpinned trillions of pounds worth of loans, mortgages and financial contracts in Europe and the US.

Regulators have already imposed £1.7bn of fines on a string of the world’s biggest banks, while police are pursuing criminal investigations into staff involved in rigging the rates to suit their employers.

2005

Between January 2005 and June 2009, Barclays derivatives traders made a total of 257 requests to fix Libor and Euribor rates. Initially, traders sought to inflate the bank lending rate to boost profits – and their own bonuses.

2007

After Northern Rock collapses, Barclays submits artificially low rates to give a healthier picture of its ability to raise funds.

In a phone call in December, a Barclays employee tells the New York Fed that the Libor rate was being fixed at a level that was unrealistically low.

2008

In April the New York Fed queries a Barclays employee over Libor reporting.

The Wall Street Journal publishes the first article questioning the integrity of Libor.

Following the WSJ report, Barclays is contacted by the British Bankers’ Association over concerns about the accuracy of its Libor submissions.

Later in the year, the Fed meets to begin inquiry. Fed boss Tim Geithner gives Bank of England governor Sir Mervyn King a note listing proposals to tackle Libor problems.

2009

A year on, the BBA issues guidelines for setting Libor rates.

2010

In June, Barclays makes first effort to clamp down on Libor manipulation in email setting out standards of behaviour.

2011

Royal Bank of Scotland sacks four people for their alleged roles in the emerging Libor-fixing scandal.

2012

22 June Barclays chief executive Bob Diamond learns of emails sent by dodgy traders. He later says reading them made him feel “physically ill”.

27 June Barclays admits misconduct. Regulators fine it £360m.

29 June Diamond insists he will not resign.

July Barclays chairman Marcus Agius and Diamond resign, followed by chief operating officer Jerry del Missier.

The prime minister, David Cameron, announces a review of the banking sector, sets up Banking Commission. Serious Fraud Office (SFO) launches a criminal inquiry into Libor manipulation.

Deutsche Bank confirms that a “limited number” of staff were involved in the Libor rate-rigging scandal. It clears senior management. SFO arrests three men in connection with investigations into Libor.

Swiss bank UBS is fined £940m by US, UK and Swiss regulators.

2013

January Barclays’ new boss, Antony Jenkins, tells staff to sign up to a new code of conduct – or leave the firm – in clean-up operation.

February RBS is fined £390m by

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Congress extends US debt limit

Category : Business

The US Congress extends the nation’s borrowing limit until the middle of May, setting the stage for yet another fiscal fight in the spring.

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EU fails to agree bank supervisor

Category : Business

EU finance ministers fail to reach agreement on setting up a single supervisor for eurozone banks after a meeting in Brussels.

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Energy Bill for ‘cleaner economy’

Category : World News

Energy minister Ed Davey publishes his much-trailed Energy Bill, setting out the roadmap for the UK’s switch to “a low-carbon economy”.

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