EU fines eight banks record 1.7bn euros for rate fixing

The European Union (EU) fined eight finance groups a record 1.7 billion euros (US $ 2.3 billion) yesterday for rigging the Euribor and Japanese yen Tibor interest rates.

German Deutsche Bank, involved in rigging both rates, was fined a total of 725 million euros and French Societe Generale was fined 446 million euros for manipulating the European Euribor rate.

British bank RBS, already mired in controversy, was fined 391 million euros for involvement in cartels which rigged both rates.

a period of a few days in which a U.N. panel estimates that 40,000 non-combatants died.

After Sri Lanka’s rights record again came under fire at a Commonwealth summit last month, China came to Colombo’s defence, saying it had made big strides in promoting human rights and achieving national reconciliation over the years.

The Middle East is the largest market for Sri Lankan tea and accounted for 43 percent of tea exports in 2012. Iran is the largest single importer, with 13 percent, followed by Syria with 7 percent.

So far, tea exports have not been affected by the economic sanctions on Iran and turmoil in Syria. However, the price vulnerability discussed above remains a significant factor of concern for the industry, Verite said.

Next to apparel, tea is the most significant product accounting for nearly 15 percent of the total exports of Sri Lanka.

However, unlike apparel, tea has maintained its export share, which though volatile, has seen an overall increase during 200710, the share has declined thereafter. The industry is currently faced with key challenges in the forms of increased costs, low labour productivity and a declining labour force.