What will $100 buy you in Nebraska?

Independent research organisation the Tax Foundation reveals some interesting differences in the cost of living across the USWhere in the US do you get the biggest bang for your buck?

Feeling the pinch? Well, how far your money stretches pretty much depends on where you live, according to independent research organisation, the Tax Foundation. Data has recently been collated to find out how much $100 buys you on a state-by-state basis and the results show that regional variations can be significant. While there is a correlation between income levels and prices, it’s not as clear cut as you might imagine. Read more…

First conviction secured in Libor rigging scandal

A former derivatives trader has been convicted of fraud following rate rigging scandalFormer City trader imprisoned for his part in the Libor rate rigging scandal

Seven years after it began, the global investigation of the rate-rigging scandal that caused shockwaves across the world has resulted in its inaugural conviction. A 14-year jail sentence has been handed down to former UBS and Citigroup derivatives trader Tom Hayes after becoming the first to be found guilty by a jury of rigging the Libor interest rate. The trial, which is being held in London has resulted in a number of charges against individuals as well as $9 billion-worth of bank regulatory settlements. Read more…

 

Greek stock market plummets as financial woes continue

Greek stock market plummets as financial woes continueTough times for the Greek economy as stocks fall

The Greek stock market plummeted by more than 20% on its first day of trading after the month-long closure prompted by concerns that Greece may be about to leave the eurozone. The Athens stock index saw its worst-ever performance in the minutes after trading began, with banking shares, which make up about a fifth of the index, being hit particularly hard. The overall banking index fell to its 30% volatility limit. Read more…

Chancellor Osborne initiates RBS sale

RBS sell-off

RBS sell-off underway

British Chancellor George Osborne has started the controversial process of transferring bailed-out bank RBS back to private ownership. The sell-off of a 5% stake in the bank – around £2bn-worth of shares – will reduce the taxpayers’ holding to under 75% and is the first sale of shares since the bank was rescued in 2008. The sell-off will result in a loss of around £1bn to the UK taxpayer. Read more…