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Europe moves to stop benchmark rigging after Libor scandal – economy
European Union regulators are putting forward new rules to stop the rigging of benchmarks for…
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http://www.euronews.com/2013/09/18/europe-moves-to-stop-benchmark-rigging-after-libor-scandal
European Union regulators are putting forward new rules to stop the rigging of benchmarks for interest rates and commodity prices.
That was in response to the scandal involving banks distorting the information provided for the London Interbank Offered Rate.
That benchmark – known as Libor – is used to set the interest rates for home loans and credit cards around the world.
The rules will also cover commodity benchmarks for things like crude oil prices.
EU Internal Market Commissioner Michel Barnier explained: “What we are proposing is establishing rules of good governance to ensure transparency, to manage the inherent conflicts of interest in these benchmarks, and ensure the quality and credibility of the benchmarks. There is a framework of regulations for supervision and provision for sanctions.”
Benchmarks would be regulated for the first time at the European level, but enforced by individual countries’ authorities.
Commenting on that Barnier said: “It’s not weak supervision that I’m proposing. I put my confidence in these British or Belgian supervisors to do their jobs.”
The regulators abandoned the idea of much broader oversight by Brussels following objections from the commodities industry and Britain, the region’s largest financial centre.
London’s main financial community said it was largely happy with the proposals although commodity traders said their business should be exempt from any Brussels oversight.
Traders, who for decades have relied on an all-but unregulated system of contributing information to guide prices for oil and other valuable commodities, say the rules would discourage market participants from submitting their prices.
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More world leaders arrive in Doha to honour Qatar’s former emir
More world leaders arrive in Doha to honour Qatar’s former emir
European delegations continued to arrive in Qatar on the third day of national mourning, with France, Germany and Britain among those sending senior representatives, as Iran’s foreign minister, the UAE president, Jordan’s king and Palestinian president also paid their respects.
READ MORE : http://www.euronews.com/2026/07/15/more-world-leaders-arrive-in-doha-to-honour-qatars-former-emir
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Australia’s new $69 million library becomes home to a copy of Shakespeare’s First Folio
Australia’s new $69 million library becomes home to a copy of Shakespeare’s First Folio
Australia’s Museum of Old and New Art (MONA) has opened its highly anticipated new library, featuring 30,000 items, including Shakespeare’s First Folio. The collection ranges from children’s books and artworks to rare books and historic maps.
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Latest news bulletin | July 16th, 2026 – Morning
Latest news bulletin | July 16th, 2026 – Morning
Catch up with the most important stories from around Europe and beyond this July 16th, 2026 – latest news, breaking news, World, Business, Entertainment, Politics, Culture, Travel.
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Latest news bulletin | June 25th, 2026 – Morning
Catch up with the most important stories from around Europe and beyond this June 25th, 2026 – latest news, breaking news, World, Business, Entertainment, Politics, Culture, Travel.
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Queen Elizabeth’s coffin travels from Buckingham Palace to Westminster
The coffin with late Queen Elizabeth II’s body travels from Buckingham Palace to Westminster through central London on a gun carriage, with the king and other royals walking behind.
It will be placed in Parliament’s medieval Westminster Hall, where the Archbishop of Canterbury will conduct a short service. The queen will then lie-in-state for four days, until the morning of her funeral. Members of the public will be able to pay their respects and troops will keep a round-the-clock vigil.
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