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Business Daily: Banks Fined for Price-Fixing

12/11/2014

Banks Fined for Price-Fixing

BBC World Service - Business Daily, Banks Fined for Price-Fixing

Banks fined £3bn for foreign exchange price fixing. Will it change things?

Five top banks fined £3bn for foreign exchange manipulation. Will it change their behaviour? And, could the Ebola crisis spawn widespread hunger in west Africa?

We look at the latest fines levied against five of the world's biggest banks - HSBC, the Royal Bank of Scotland in the UK, the American banks, Citigroup and J.P Morgan, and the Swiss firm, UBS. British, US and Swiss regulators are demanding more than $3bn for alleged foreign exchange manipulation. What exactly did the banks do wrong, and will the fines help to correct future errant behaviour? We hear some of the reactions to the fines. 

Also, we assess the latest on the economic cost of Ebola. The UN Development Programme's chief economist, Ayodele Odusola, tells us it is not just the disease itself, serious hunger could yet become a menace for Africans in the worst affected countries in west Africa. And Eduardo Leite, the CEO of the world's biggest law firm, Baker and McKenzie, tells us why the big legal firms are all consolidating and doing so well these days - a move towards the globalisation of law, apparently.

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