Current Affairs Global - 8 January 2014

1. Global investment bank and largest US bank by assets, JPMorgan Chase will pay a USD 1.7-billion fine for failing to report suspicious activities by Bernard Madoff, a jailed investor whose financial scheme eventually cost his clients billions of dollars. Under the terms of the deal, the US bank will pay the fine to victims of Madoff-s fraud and admit to its conduct, according to a statement by federal prosecutors. In addition, the bank separately agreed to pay USD 543 million to deal with private claims.

2. The euro zone's unemployment rate remained stable at 12.1% in November. With this, the euro zone jobless rate has now been unchanged at its current record level for eight consecutive months now. Greece has the highest unemployment rate of 27.4% followed by Spain at 26.7%. Austria has the lowest unemployment rate of 4.8% followed by 5.2% in Germany.