FINANCE & BANKING

Barclays Bank is the first in the UK to be taken to court over manipulating the LIBOR rate (the interbank lending rate) and the miss-selling of derivatives.

There's both good news and very bad news today on the jobs front as two big employers in the UK announce plans to lose people and hire people.

Procedural mistakes are costing Barclays dearly, because not only did they have to cough up £290m in fines for their part in rigging the interbank lending rate.

Citigroup chief executive Vikram Pandit has surprised Wall Street by resigning with immediate effect.

Barclays Bank is doing its best to shake up the investment side of the business and is taking huge strides into retail banking by bringing the ING Direct UK business into the fold.

Lloyds TSB, which is 40 % owned by British taxpayers after it was bailed out during the financial crisis, scooped the dubious gong of most complained about bank, with 391,272 complaints being lodged in the first six months of 2012.

The former Polly Peck tycoon Asil Nadir has been found guilty of three counts of theft totalling £5.5m.The jury is still considering a further nine counts after being given a majority direction by the judge at the Old Bailey.

Defence giant EADS has appointed accountancy firm PwC to launch a parallel investigation to the Serious Fraud Office's (SFO) probe into the group's £2bn with Saudi Arabia, which has been marred with bribery allegations.

The race for regulators to crack down on banks that are being investigated for the possible manipulation of the London Interbank Offered Rate – or Libor- has intensified, after the Florida State regulator issued subpoenas to six banks.

Standard Chartered has settled with the New York State Department of Financial Services - or DFS - following the regulator's charges that it hid at least a quarter of a trillion US dollars' worth of transactions linked to US-sanctioned Iran.

The scandal around the manipulation over the London Interbank Offered rate – or Libor – has heated up – after UBS revealed that one of its employees has left the bank.

Standard Chartered is preparing to defend itself against allegations from the New York state financial regulator that it hid a quarter of a trillion US dollars in transactions tied to Iranian clients in a hearing.

As the recession deepens, a report from The Bank Of England's quarterly Inflation figures, said there will be near zero growth for 2012.

Despite the improved revenue, Facebook posted a net loss of £100m. This wobbly result scared investors which resulted in the share price dropping 11% to $23.94 in afterhours trading.

Our economy shrank by 0.7% between April and June this year. Compare that to a 0.3% dip for the three months before that, and it all adds up to the UK being in the worst double-dip recession in some 50 years.

European shares are on pace for their biggest single-day drop in four months as investors continue to worry that officials have yet to find a lasting solution to the region’s sovereign debt crisis.

After Barclays became the first bank to settle with US and UK regulators for a record fine for its conviction of manipulating Libor, global officials have called into question the way global interbank lending rates and submitted, calculated and monit

The European Commission demanded it, and now Lloyds Banking Group has had to comply. It’s having to sell 632 branches of Lloyds TSB and Cheltenham and Gloucester to the Co-operative Banking Group.

The top US bank regulator says it's going to take 'a much more aggressive posture' after it was chastised for failing to monitor HSBC Bank properly.

In a highly anticipated investor conference call today, JPMorgan announced the ‘highest legal trading losses in history’ on its QT earnings.

Barclays is not the only bank in the spotlight for fraud charges at the moment, as HSBC is set to face US lawmakers following a money laundering, drugs and terrorist financing probe.

German car manufacturer, BMW has pledged to spend a quarter of a million pounds over the next three years in Britain to boost worldwide production of the ever popular Mini, with the jobs of 5,500 British workers secured as a result.

Manchester United Football Club has signalled its intention to list on the US Stock Exchange in the hope of raising around $100m (just short of £64m).

Bob Diamond is due be grilled later today by MPs at the Parliament’s Select Committee a day after resigning as Barclays chief, in the wake of the inter-bank interest rate-fixing scandal.

Barclays Chief Executive Bob Diamond has announced his resignation this morning with immediate effect, over an interest rate-rigging scandal.

Customers have been getting shoddy treatment: The Governor of the Bank of England Sir Mervyn King very politely blasted the banking sector today as he delivered the latest financial stability report.

So, after the banking catastrophe that has hit NatWest, RBS and Ulster Bank customers, it seems the software fault that caused the problem, can be traced to an “inexperienced operative” who accidentally wiped information during a routine software upg

European stocks are holding onto modest gains this morning despite the rising tensions among European leaders ahead of a crucial summit in Brussels aimed at calming global investor concerns over the region’s two-year debt crisis.

Banca Monte dei Paschi di Siena or MPS is the first of the Italy’s banks to receive some form of state aid.