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Business Daily: Banks under Scrutiny

Banks under Scrutiny

17/08/2012

BBC World Service - Business Daily, Banks under Scrutiny

Is there a fundamental cultural problem at the banks? Plus, the economic impact of Ramadan

Does the evasion of sanctions against Iran and interest rate manipulation at banks point to a wider cultural problem in the business? And the economic consequences of fasting during Ramadan.

There have been new developments in US banking investigations. Standard Chartered agreed to pay a penalty of $340 million over alleged breaches of sanctions against Iran. And we had confirmation that the investigation into manipulation of the interest rates known as LIBOR has spread to additional banks. Philip Augar, a writer and former investment banker says these developments point to a wider cultural problem. 

And as the end of Ramadam approaches, the Jordanian economist Samer Sunuqrot says the fasting has an impact on productivity and on the pattern of consumer spending.

(Image: A market seller in Yemen displays his corn. Credit: AP Photo / Hani Mohammed)

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