UBS, Credit Suisse investigated over rate-fixingFebruary 3, 2012 - 17:46 AMT PanARMENIAN.Net - The Swiss Competition Commission has launched an investigation into possible cartel behavior by a dozen banks including UBS and Credit Suisse. The commission said in a statement Friday, Feb 3, that the banks are suspected of colluding to influence key interest rates and the trading conditions for derivatives. It says the probe covers Switzerland’s two biggest banks. Competition authorities in the United States and Britain have also begun investigations into whether banks misstated the London Interbank Offered Rate, or LIBOR, that underlies many commercial interest rates, The Washington Post reported, citing AP. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |