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A report in Bloomberg says wrongdoing related to the setting of global interest rates at RBS (NYSE:RBS) was far more pervasive than the activities of the four traders which the bank fired. Apparently, traders and managers thought the practice was par for the course considering how widespread it was in the industry, and because of the encouragement offered by the bank managers for traders and rate setters to coordinate rates with each other.
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According to a report in the Financial Times, Singapore sovereign fund Temasek is scouting for buyers for its 18% stake in Standard Chartered (SCBFF.PK). The intended sale of its £ 6 billion stake in StanChart could be the result of a reorganisation of Temasek’s portfolio which is said to be increasingly focusing on China. There have been reports in the past that JPMorgan (JPM) and Santander (SAN) were interested in StanChart.
Cash-strapped and scandal ridden Olympus is likely to receive a lifeline from Sony by way of an investment of ¥ 50 billion in return for a 10% stake in the former. The stake sale would lead to a joint venture that would manufacture medical equipment, a new line of revenue for Sony (NYSE:SNE).
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