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European regulators have fined eight large banks a total of more than $2 billion over an illegal cartel scheme to fix interest rates. The fine, the largest ever issued in such a case by the European Union, comes after a two-year investigation into banks' collusion. And the inquiry isn't yet complete.

Two American banks — JPMorgan Chase and Citigroup — are included in the list of financial institutions fined as part of a settlement deal. Several banks that cooperated with investigators saw their fines reduced or eliminated.

"Barclays received full immunity for revealing the existence of the cartel and thereby avoided a fine of around 690 million euros [$938 million] for its participation in the infringement," according to a news release from the EU.

Similarly, UBS also received immunity from what would have been a fine of around 2.5 billion euros — about $3.4 billion — in return for its cooperation.

For NPR's Newscast unit, Teri Schultz reports from Brussels:

"EU regulators found traders at some of the world's largest banks joined forces to manipulate borrowing rates, the euro interbank offered rate, or Euribor, and London interbank offered rate, or Libor. A record fine of about $2.3 billion dollars will be shared among eight institutions including Citigroup, Deutsche Bank and Royal Bank of Scotland.

"EU competition commissioner Joaquin Almunia says if the public could hear the conversations between traders found to be manipulating benchmark interest rates they would be 'appalled.'

" 'They discussed confidential, commercial and sensitive information that they are not allowed to share with other market players according to the antitrust rules,' Almunia says.

"Almunia says today's fines are not the 'end of the story,' as regulators continue their investigations."

As it has done for the past 16 years, the Embassy of Norway decorated a Christmas tree at Union Station in Washington, D.C. — a gift to the American people to say thanks for helping Norway during World War II.

This year is no different. The tree was lit in a ceremony Tuesday evening, but what stands out is the nature of the ornaments that adorn the artificial tree: In addition to small American and Norwegian flags, the tree is decked out with 700 shining decorations with the iconic image from Norwegian Edvard Munch's painting The Scream.

This month marks the 150th anniversary of Munch's birth, and Norway's ambassador to Washington, Kare Aas, told All Things Considered's Melissa Block the artist is being feted across the world.

"As you know, The Scream is one of Edvard Munch's masterpieces," Aas says.

Munch's painting of a ghostly figure pressing his hands to his cheeks, mouth open to deliver the nominal utterance and cowering against a swirling orange-skied backdrop is one of the most recognizable artworks in existence. It's been parodied by Andy Warhol and The Simpsons, and the image has been on the receiving end of psychological diagnoses — depersonalization disorder, according to the New York Times — and society's generalized anxieties.

The image may seem a decidedly unfestive choice to whip up Christmas spirit, but Aas says that the dread implicit in Munch's screaming figure is perhaps not far off from how many anticipate the upcoming holiday.

"Sometimes, you know, when I prepare for Christmas, I really feel like I am scared from time to time and that it is too hectic," Aas tells Block. "The Scream symbolizes an angst which some people have before Christmas."

That aside, Munch's Scream has become one of the priciest pieces of art ever sold. Last year, a version of the painting — Munch made four of them — sold for nearly $120 million, making it the most expensive artwork sold at auction at the time. (That superlative now belongs to Francis Bacon's 1969 triptych, Three Studies of Lucian Freud, which sold for more than $142 million in November.)

The Scream-ornamented tree at Union Station will be on display through December. So, what do you do with 700 Scream ornaments when the tree comes down? They'll be given as gifts, according to Aas. He says they could be used as reflectors when walking at night, perhaps. "We're always very practical, the Norwegians," the ambassador says.

The nuclear deal between Iran and six world powers will face its first test this weekend. Inspectors from the International Atomic Energy Agency are due to make a long-delayed visit to a nuclear site in Iran where plutonium could be produced.

A nuclear reactor and associated production plant in Arak are a special concern because plutonium can be used in a nuclear bomb. Under last month's accord, Iran promised to allow inspections of its nuclear facilities.

Officials on both sides say they are committed to the nuclear deal, but keeping it on track will be a challenge.

Iranian officials also plan to meet next week with representatives from the United States and other countries to plan the next steps in implementing their deal.

Olli Heinonen, a longtime nuclear inspector, says this is the good news.

"There is now a process in place where the people are talking with each other," he says. "Whether they agree or disagree with each other, that's a different thing. But we got to the process."

The bad news? A deal might not be possible.

The overall concern is that Iran might develop a nuclear bomb.

Two Types Of Fuel

To keep that from happening, international watchdogs have to focus on two elements of a nuclear weapons program. The first is the fuel for a bomb — highly enriched uranium, or plutonium. The second is the design and manufacture of the explosive device itself — the nuclear warhead.

The accord reached in Geneva theoretically limits Iran's production of enriched uranium or plutonium — the fuel part. There's nothing about warhead research, at least not directly.

Parallels

Will Progress On Nuke Talks Mean More Engagement From Iran?

China has been building up its military strength for some time now, and pushing ever farther from its coastline and into international waters. The real concern now is for miscalculation — particularly with Japan — that ends up in gunfire.

Just six months ago, the Pentagon released its annual report on China's military. Its defense budget was growing. The country was building more stealthy aircraft and submarines. It even bought an aircraft carrier from the Ukraine.

Pentagon official David Helvey highlighted particular areas of concern.

"In recent years, China has begun to demonstrate a more routine and capable presence in both the South and East China seas, which has increased regional anxieties over China's intentions," he said in May.

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