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Business Bites: Global probe into interest rate manipulation

2 July 2012 Last updated at 16:14 BST

Marcus Agius, the chairman of Barclays - one of the world's largest banks - has resigned following revelations about interest-rate manipulation by its staff.

It has now been confirmed that 20 other banks across the world are being investigated for their alleged involvement in the rigging of the so-called Libor inter-bank lending rates.

Meanwhile, unemployment has reached a new high in the eurozone with the number of people without work rising above 17.5 million in May.

The BBC's Philip Hampsheir discusses the key financial stories of the day.