ECB can still ‘tweak’ some of its rates

    THE European Central Bank (ECB) can still tweak some of its interest rates, although further cuts to its benchmark refinancing rate are unlikely, the bank’s vice president said Friday.

    The ECB took the bold step of effectively charging banks if they park cash with it Thursday by taking its marginal deposit rate — one of the two rates that straddle its benchmark refi rate — into negative territory.

    S&P 500 nearing the 2,000 summit

    DESPITE the mixed signals from the U.S. economy, the S&P 500 has kept moving higher, putting it just shy of the 2,000 mark.

    With its Friday close, the S&P would need just a 2.5 percent gain to vault the 2,000 level — something most did not expect during the depths of the Great Recession.

    U.K. regulator seeks to fine trader

    BRITAIN’S financial regulator is seeking to fine former Deutsche Bank trader Christian Bittar for his alleged role in trying to fix a benchmark interest rate, media reports said Friday.

    Bloomberg said the potential fine could be 10 million pounds (US$16.8 million), which would make it the largest-ever penalty the Financial Conduct Authority has imposed on an individual.