International

FSA Finalizes New Rules for Financial Benchmarks

The Financial Services Authority said it has finalized new rules and regulations for financial benchmarks that should help restore the trust that has eroded by the LIBOR scandal. read more

India High Court Supports Departure of ILFC’s First Aircraft

International Lease Finance announced the successful removal of its A321 aircraft from India following Delhi’s high court decision to allow the departure of the aircraft that was on lease to Kingfisher Airlines. read more

Bloomberg: Caterpillar's Chinese Lessons

Bloomberg reported that Caterpillar’s performance in China seems to be floundering noting that although the company opened a Beijing office in 1978, Cat’s current market share in China is only about 7%. read more

Leasing Foundation Sets Date for First Conference

The Leasing Foundation will hold its first conference on September 30, 2013. Chris Sullivan, chief executive of the RBS Corporate Banking Division, will open the event. read more

WSJ: UK Financial Services Authority Slow on LIBOR

The Wall Street Journal reported that the UK Financial Services Authority published a critique of its own handling of the LIBOR scandal, saying it failed to act on a series of warnings that banks were trying to manipulate rates. read more

RBS, Barclays to Recoup LIBOR Fines from Employees

Bloomberg reported that RBS will recoup $458 million from employees by cutting its bonus pool and clawing back compensation following its fine for rigging LIBOR. Reuters says Barclays plans to cut or claw back $680 million to recoup its losses. read more

Rabobank Faces LIBOR-Rigging Fine of $440MM Plus

Bloomberg reported that Rabobank faces a fine of more than $440 million for manipulating LIBOR interest rates as global regulators seek to increase the $2.5 billion in penalties already levied in the rate-rigging scandal. read more

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

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Terry Mulreany
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