EU Widens LIBOR Investigation and Threatens Heavy Fines

``Global banks will soon face even more intense scrutiny and the threat of heavy fines over their alleged involvement in the LIBOR rate rigging scandal. The European Commission is now widening the reach of its 18-month antitrust investigations to include Swiss franc-denominated swaps, the Financial Times reported late on Thursday. Until now, the probes by the competition authority have included yen and euro interbank lending rates.''