HONG KONG (Reuters) – Hong Kong is looking to change the way it sets benchmark lending rates, following a review sparked by the Libor scandal that rocked the financial industry earlier this year. The Hong Kong Association of Banks (HKAB) said on Monday that it is considering a series of reforms to the Hong Kong Interbank Offered Rate (Hibor), including bringing in a formal code of conduct and reducing the number of rates it publishes. Faith in the way benchmarks like Hibor are determined plummeted after Barclays was fined 290 million pounds ($464 million) by UK and U.S. …
Eurozone finance ministers grapple with ways to finance extension of reforms for Greece
BRUSSELS – Finance ministers from the 17 EU countries that use the euro are trying to hammer out a deal that will prevent the imminent bankruptcy of Greece.
Malaysia's Petronas makes gas discoveries offshore Sarawak
KUALA LUMPUR (Reuters) – Malaysia’s national oil company Petroliam Nasional Berhad (Petronas) said on Monday it has made two major gas discoveries off the coast of Sarawak state. Petronas said its preliminary assessment of the first discovery, at the Kuang North field, indicates total volume of natural gas around 2.3 trillion standard cubic feet. The second discovery, at the TukauTimur field, indicates total volume of around 2.1 trillion standard cubic feet, Petronas said. (Reporting By Siva Sithraputhran; Editing by Niluksi Koswanage)
Euro officials seek way to unlock Greek crisis
Finance ministers from the 17 EU countries that use the euro are trying to hammer out a deal that will prevent the imminent bankruptcy of Greece.
Greek main opposition radical left extends lead in polls, as Athens awaits creditors' verdict
ATHENS, Greece – Greece’s main opposition radical left party has extended its lead over the governing conservatives, according to a new poll released as Athens awaits its creditors’ verdict on a vital loan payment.
Meteorologist forecasts more cold, snow this winter than last year
TORONTO – The Weather Network’s top forecaster is advising Canadians to keep their winter mitts close and snow shovels even closer as he expects much of the country is in for a harsher blast of winter than it was dealt last year.
Iran carrier hikes fares on international flights
The Iranian national carrier has nearly doubled prices on plane tickets for some foreign destinations, feeling the pinch of international sanctions.
Food as art and entertainment makes St. John's, N.L., a dining destination
ST. JOHN’S, N.L. – New Year’s Eve at Raymonds restaurant in St. John’s, N.L., will feature a luxurious 12-course tasting menu of seafood and wild game crafted by celebrated chef Jeremy Charles.
In shocker, Israel's Barak quits politics
Israeli Defense Minister Ehud Barak on Monday abruptly announced he was quitting politics, shaking up the country's political system just weeks ahead of general elections. 
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