International

BBA Moves to Relinquish Role in Rate Setting

Sky News reported that the BBA moved a step closer to relinquishing its role in setting interbank borrowing rates as regulators seek to restore their credibility following the LIBOR scandal. read more

WSJ: RBS Plans to Float Stake in Citizens

The Wall Street Journal reported that Royal Bank of Scotland, 81% owned by the British government, is set present plans next week to float up to a quarter of its Citizens' U.S. retail business. read more

WSJ: U.S. Regulators Widen LIBOR Probe

The Wall Street Journal reported that U.S. regulators are widening their probe of global interest-rate-rigging by scrutinizing what they claim is a pivotal role of two UK brokerage firms in the scandal. read more

Barclays to Axe 2,000 Jobs in LIBOR Scandal Recovery Attempt

The Daily Mail reported that Barclays intends to close its tax avoidance unit in an attempt to move away from the bank's involvement in the LIBOR-rigging scandal. read more

Leasing Foundation Appoints New Fellows

The Leasing Foundation announced the appointment of 25 individuals to its fellowship. The fellows come from organizations including PWC, Xerox Financial Services, Arlingclose, Société Générale, Lombard, Pitney Bowes, AGFA, Hitatchi Capital, GE and PWC. read more

Cat Financial Partners With Nigerian Bank to Support Mantrac

According to a local news report, Cat Financial and Stanbic IBTC Bank (Nigeria) have agreed to a pact to provide financial services support to Mantrac Unatrap Group, an authorized Caterpillar dealer. read more

RBS Trader Colluded With UBS Counterpart to Pay Bribes

Bloomberg reported that regulators are saying a RBS trader colluded with a counterpart at UBS to pay bribes to brokers willing to help them manipulate global interest rates. read more

RBS Fined $612 Million for LIBOR Misconduct

RBS announced it has reached an aggregate settlement of $612 million with regulators in both the UK and U.S. in relation to investigations into submissions, communications and procedures around the setting of LIBOR. read more

FT: Barclays Top Execs Face Fresh LIBOR Heat

The Financial Times reported that email evidence presented in a London court suggests that top executives at Barclays knew the bank was “lowballing” its submissions to the rate setting process almost a year earlier than previously disclosed. read more

World Bank: Global Economy Remains Fragile

In a newly released report, the World Bank said four years after the onset of the global financial crisis, the world economy remains fragile and growth in high-income countries is weak. read more

CFO: Relaxed Basel Rules Don’t Increase Bank Risk

CFO reported that finance organizations are responding positively to the news that the Basel III liquidity rules will not be as strict as bankers had feared and that there will be more time to comply. read more

Leasing 'Power 50' Includes Leasing Foundation Members

Three of the directors of the Leasing Foundation, along with Foundation patron Chris Sullivan and 11 governors, were named in Leasing Life's Power 50, a list of the most influential people in the European industry. read more

Leasing Foundation Names First International Intern

Joining the Leasing Foundation for 2013 as the first of its international interns is Gila Birk, who will work with the foundation on a number of projects including the Annual Conference and Women in Leasing. read more

Basel Deal: Banks Win Watered Down Liquidity Rule

Bloomberg reported that global central bank chiefs agreed to water down and delay a planned bank liquidity rule to counter warnings that the proposal would strangle lending and stifle the economic recovery. read more

Mitsubishi Establishes Leasing Company in China

Mitsubishi announced the establishment and commencement of a leasing company, Hongling Financial Leasing, in Shanghai, China. Hongling will be leasing construction machinery manufactured by Hitachi Construction. read more

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Terry Mulreany
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