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Banks' lending rates rise for 3rd month in Jan.

SEOUL, Feb. 27 (Yonhap) -- South Korean banks' lending rates rose for the third straight month in January as housing lending rate rose, the central bank said Thursday. The average rate for new loans to households and firms stood at 4.53 percent in January, up 0.01 percentage point from the previous month, according to the Bank of Korea (BOK). The BOK froze the key interest rate at 2.5 percent for the ninth straight month in February after making its first rate cut in seven months in May last year.

US.. consumer bureau sues college chain ITT over student loans

By Elvina Nawaguna WASHINGTON (Reuters) - The U.S. consumer watchdog said on Wednesday it has sued ITT Educational Services Inc for what the agency says are predatory student lending practices that could lead borrowers to default on their loans. The U.S. Consumer Financial Protection Bureau said the Indiana-based for-profit college chain exploited students and pushed them into "high-cost private loans" that leave them strapped with debt.

3 former Barclays traders appear on charges related to manipulating key global interest rate

LONDON - Three former Barclays PLC employees appeared in a London court Wednesday on charges related to the rigging of a key market interest rate. Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas are accused of conspiracy in the manipulation of the London interbank offered rate, or LIBOR, between June 1, 2005 and Aug. 31, 2007. They spoke to confirm their names and addresses. Emma Arbuthnot of Westminster Magistrates' Court granted bail.

China banks strike back against threat from Internet finance

By Gabriel Wildau SHANGHAI (Reuters) - China's brick-and-mortar banks are launching a counter-attack against the assault on their business from Alibaba and other Internet heavyweights, in a bid to staunch the outflow of bank deposits into high-yielding online investment products.

Three ex-Barclays staff charged in Libor scandal

Britain's Serious Fraud Office on Monday charged three former employees of Barclays over the Libor interest rate-rigging scandal, dealing a fresh blow to the embattled banking giant. The scandal over Libor, an interest rate at the heart of the global economy, has badly damaged the reputation of London's financial centre and several big names in world banking, notably British bank Barclays.

British authorities charge 3 former Barclays employees in inquiry into rigging of market rate

LONDON - Britain's Serious Fraud Office is charging three former Barclays employees in a scandal related to the rigging of a key market interest rate. Authorities say criminal proceedings have begun against Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas for actions between June 1, 2005 and Aug. 31, 2007. A court date has not yet been set to enter pleas.

IBK logs 27.5 pct fall in net profit in 2013

SEOUL, Feb. 7 (Yonhap) -- South Korea's state-run Industrial Bank of Korea (IBK) said Friday that its earnings for 2013 declined 27.5 percent from a year earlier on a squeezed interest margin. Net income amounted to 812 billion won (US$754.8 million) last year, compared with 1.12 trillion won the previous year, the bank said in a regulatory filing. In the fourth quarter, net profit fell 13.1 percent on-quarter to 165.5 billion won, it added.

New York regulator launches forex probe

New York state's financial regulator has demanded documents from more than 12 banks in the latest probe of foreign exchange market manipulation, a person familiar with the probe said Wednesday. Benjamin Lawsky, New York's Superintendent of Financial Services, ordered documents from Goldman Sachs, Deutsche Bank, Barclays, Lloyds, RBS and Standard Charter, among others. Authorities in the United States, Britain, Switzerland, Hong Kong and Singapore have opened probes into whether the large banks manipulated foreign exchange.

Bankers take fight over U.S. anti-tax dodge rules to appeals court

By Dena Aubin NEW YORK (Reuters) - Texas and Florida bankers' groups are appealing the dismissal of a lawsuit they brought last year challenging rules meant to help the government implement the Foreign Account Tax Compliance Act (FATCA), a law aimed at combating offshore tax evasion. Enacted in 2010 and set to go into effect in July, FATCA will require foreign banks to disclose to the U.S. government information about Americans' accounts worth $50,000 or more.

Barclays must hand over more ex-boss emails in Libor case

By Steve Slater LONDON (Reuters) - Barclays <BARC.L> has been told to hand over thousands more emails and other documents from its former bosses in a UK court case tied to the alleged manipulation of Libor interest rates, which will start in April. In a case being heard at London's High Court, Barclays is accused by a UK residential care home operator of mis-selling products that were based on Libor rates. The hearing will start on April 29 or 30 and is expected to last for about six weeks.
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