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SC says builder-buyer agreement important to protect homebuyers
Swiss bank UBS is expected to pay about USD 1 billion to settle charges of rigging the Libor interest rate benchmark, according to a person familiar with the situation, making it the second major bank to be officially ensnared by the global scandal.
Bombay Bullion Association today said it has appointed Mohit Kamboj as its president for 2012-14. Kamboj, who succeeds Prithviraj Kothari, is the chairman and managing director KBJ Mohit Kamboj Group of Companies.
The man in charge of a UK government report into what went wrong with the manipulation of the London interbank offered rate (Libor), the benchmark interest rate, will Friday call for a "complete overhaul" of the "broken" system.
Gold is likely to hit a record high of over Rs 32,000 per 10 grams during Diwali due to rising tensions in West Asia, Bombay Bullion Association (BBA) said.
LIBOR, or the daily London interbank offered rate, is a key benchmark rate that reflects how much it costs banks to borrow from each other. It is the reference rate for about USD 350 trillion of financial products, ranging from interest rate swaps and corporate loans to credit cards, mortgages and savings accounts.
Ever the gentleman, Marcus Agius quit as chairman of Barclays last week in a doomed attempt to protect Bob Diamond, who was resisting calls to step down as chief executive over the rigging of interest rates by the British bank's traders.
Barclays Plc today said its chief executive officer Bob Diamond has resigned with immediate effect after increasing pressure to step down following global interest rate manipulation scandal.
