UBS Said Near Settlement Over Libor Manipulation: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include UBS(UBS) as the Swiss lender is said to be close to settling allegations its traders tried to manipulate the London interbank offered rate, or Libor.
Reports said UBS is nearing an agreement to pay more than 290 million pounds ($465 million) to settle the allegations. Regulators are said to be investigating whether UBS worked with other banks in an attempt to influence rates. UBS issued a statement saying it has been "co-operating fully with the regulatory and enforcement authorities in connection with Libor investigations."
More than a dozen banks are currently being investigated for rate-rigging. In June, Barclays(BCS) paid $450 million to settle claims that its traders tried to manipulate the Libor.
Virgin Atlantic Airways is trending as reports said Delta Air Lines(DAL) is said to considering a bid for Singapore Airline's 49% stake in the carrier.
Virgin Atlantic is the second-biggest airline at London's Heathrow airport, where takeoff and landing rights are limited. The deal would give Delta increased access to the busy airport and more opportunity for trans-Atlantic business. Delta is reportedly considering buying all or part of Singapore's stake.
Though Starbucks said it has always complied with British tax laws and its low tax payments in the past are due to a difficult operating environment in the country, the company also said it is considering changes to its U.K. tax practices.
We have listened to feedback from our customers and employees, and understand that to maintain and further build public trust we need to do more," said a Starbucks spokeswoman in a statement. "As part of this we are looking at our tax approach in the U.K. The company has been in discussions with HMRC for some time and is also in talks with the Treasury."
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.