Britain extends deadline for Libor loan switch due to pandemic

LONDON (Reuters) - Britain's markets watchdog has extended the deadline for ending the use of the Libor interest rate benchmark in new loans until the end of March next year to avoid crimping the flow of cash to companies struggling to deal with the coronavirus pandemic.The Financial Conduct Authority (FCA) had said that new sterling-denominated loans should stop using the London Interbank Offered Rate from the end of the third quarter of this year as part of a wider transition to the Bank of..