Interbank Loan Probe Focuses on Yen Rates
Regulators, who are probing alleged manipulation of interbank lending rates, have now expanded the investigation into yen rates in London as well as a separate rate-setting process in Tokyo.
Led by the US Department of Justice, regulators from the European Union, the UK, the US and Japan have been examining whether the London interbank offered rate was rigged at the height of the financial crisis.
Lawyers involved in the case have already warned their clients, including the biggest names in banking, to get ready for possible dawn raids by regulators.
Apple and Its Cash Hoard
Apple’s cash hoard is getting increasingly enormous and bigger.
At the end of last month, the company had $76 billion in cash and investments, which can never be beat by any other tech company. On Tuesday, the IT giant disclosed the amount in its quarterly earnings report that underscored the company’s marketing skills. Record sales of iPhone and iPad helped Apple to double its profits and boost its cash by more than $10 billion from the previous quarter.
In Europe, an Outline of Options
European finance ministers has promised to lighten lending terms for struggling nations such as Greece and suggested that the existing bailout fund be expanded and allowed to pay for the purchase of sovereign bonds.
After more than 6 hours of talks in Brussels, the ministers issued a statement, which outline a range of options for cutting down the debt burden on nations that have accepted loans, including reducing their interest rates and extending loan maturities, as well as helping them to buy back bonds.
Fears over Italy Ramp up Crisis in Currency Club
The eurozone debt crisis intensified amid the first serious indicates that contagion is spreading to the third biggest economy in the currency club–Italy. Bond yields of Italy, which have an inverse relationship with prices, leapt to nine-year high and the country’s stock market and bank shares tumbled.
Concerns over Italy also hit the euro, which fell by nearly 1% against the dollar. Investors worry that as Italy is considered too large to bail out, problems in Rome might put the eurozone project in doubt.
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