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UPI NewsTrack Business

Nov. 3, 2012 at 2:01 PM   |   Comments

RBS said ready to settle on Libor charges

LONDON, Nov. 3 (UPI) -- Royal Bank of Scotland is prepared to settle complaints that bank traders manipulated the Libor lending benchmark, the bank's chief executive officer said.

"We are up for settling with each and every one of them when they're ready. (But) we have to dance to the tune of the relevant regulator," CEO Stephen Hester said.

The Daily Telegraph reported Saturday the taxpayer bailed-out bank, which reported losses of $2.2 billion in the third quarter, has set aside $2.7 billion for compensating customers as settlements for several complaints, including fraudulent sales of complicated interest hedges.

The bank could expect to shell out more than the $460 million paid by Barclays in June to settle charges about its involvement in the growing Libor scandal. The $2.7 billion does not include funds set aside to cover the bank's Libor manipulations, the newspaper said.

Authorities are investigating several major banks in the United States and Britain regarding manipulation or fixing of the London inter-bank offered rate, called the Libor, which is an average of interest rates banks charge each other for loans and is used to set borrowing rates on trillions of dollars worth of business and consumer lending.

The bulk of the bank's third-quarter losses included a $2.4 billion correction on the value of its own debt and $641 million set aside for the derivatives scandal, The Daily Telegraph reported.


Russian regulator to keep Google informed

MOSCOW, Nov. 3 (UPI) -- Internet regulators in Russia said Google and YouTube agreed to receive information on websites and content that are banned in the country.

RIA Novosti said Saturday the regulators' website at zapret-info.gov.ru had begun a service in which Internet users can send in screen shots or Internet addresses (URLs) of illegal or offensive websites.

Internet users sent in more than 5,000 complaints the day the service was initiated. The agency said 96 percent of those were reviewed and dismissed.

Seventy-three websites were red-flagged for child pornography or suspicion of involvement in illegal drug activity, or were found to require review by consumer affairs regulators, RIA Novosti said.

Both Google and YouTube LLC would "receive information from the register regarding content banned in Russia," the agency said in a news release.

"The company's email address is included in the mail-out regarding links added to the register," the release said.


Groupon says SEC review is completed

CHICAGO, Nov. 3 (UPI) -- Deal-setting Internet firm Groupon says U.S. finance regulators have finished a review of the company's questionable corporate reports.

The Wall Street Journal reported Saturday that Groupon released a letter dated Oct. 4 from the Securities and Exchange Commission that said it could take up the investigation at a later date, but for now had completed a review of Groupon's corporate reports that was promoted by a revision of its 2011 report.

Groupon revised its 2011 report, saying customer refunds were higher than expected.

The surprise move came on the heels of an SEC request in the fall for Groupon to revise its financial statements before the firm made its public debut last fall.

Groupon went public in November 2011 at $20 per share. By Friday, shares had fallen to a new low at $3.83 per share.


Chrysler exec slams Trump on China tweet

DETROIT, Nov. 3 (UPI) -- A Chrysler executive has apologized for his language but stands by a tweet calling out Donald Trump for saying U.S. Jeep production is moving to China.

Ralph Gilles, Chrysler Group LLC vice president for product design, was responding to a Trump online posting that said: "(President Barack) Obama is a terrible negotiator. He bails out Chrysler and now Chrysler wants to send all Jeep manufacturing to China -- and will!"

Chrysler has repeatedly corrected stories appearing in right-wing media and social networking sites claiming the company plans to move Jeep production out of the United States. The company said it plans to produce Jeeps in China for sale in China but is expanding Jeep production in the United States.

Chrysler last week said Republican presidential nominee Romney was wrong when he repeated the story at a campaign rally in Ohio, and Chrysler Chief Executive Officer Sergio Marchionne told employees in an email Tuesday Jeep production "will not be moved from the United States to China."

Gilles has had thousands of favorable responses to his tweet telling Trump, "You are full of sh*t," the Detroit News reported Saturday.

Despite getting so much positive response for his tweet, Gilles apologized for his choice of words.

"I apologize for my language, but lies are just that, lies," he tweeted. "Thanks for the support People.

"No idea 5 words would blow up like that today! The truth is we ARE rebuilding jobs, lives & GDP, respect to all hard working Americans!" he wrote.

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