Energy minister Andrea Leadsom has vowed to banish pessimism as questions continue over her time in the City July 7, 2016 Supporters of energy minister Andrea Leadsom have staged a march on parliament after the energy minister promised to “banish the pessimists” on Brexit. Leadsom backers walked for half a mile between her speech at Millbank Tower and Houses of Parliament. Along the way, they chanted in support of the energy minister. https://twitter.com/jimwaterson/status/750979473277943808 https://twitter.com/MichaelPDeacon/status/750977498998079488 The march came [...]
Fraud squad calls for retrial for two ex-Barclays traders for Libor-rigging offences July 6, 2016 The fraud squad has today announced it is seeking a retrial for two ex-Barclays traders accused of Libor-rigging offences. Stylianos Contogoulas, 44, and Ryan Reich, 34, have been charged with conspiracy to defraud in relation to manipulating US-dollar linked Libor between June 2005 and September 2007. The pair previously stood trial for the offence, but [...]
Banks agree to dish out Carney’s £150bn loan windfall July 5, 2016 The UK's biggest lenders have agreed to dish out up to £150bn in extra loans to households and businesses after George Osborne and Mark Carney heaped pressure on them to prop up the economy after the EU referendum. This morning, Carney announced a cut to major UK banks' capital requirements which will reduce the amount of capital [...]
The Libor trial could be a turning point for SFO July 5, 2016 The UK's fraud squad has had a rough ride in recent years. Wave after wave of criticism has battered its modest West End headquarters, especially since the botched investigation into property tycoon Vincent Tchenguiz. Just over four years have passed since the Serious Fraud Office (SFO) admitted that there were “no longer reasonable grounds” for pursuing [...]
Multinationals warned over risk of cyber attacks July 5, 2016 Large multinationals are being warned over their preparations against cyber attacks. Companies have admitted to feeling constrained by regulation, resources, and dependence on third parties, with only a fifth of IT decision makers confident they are able to deal with the growing threat of cyber-criminals. Research from KPMG and BT found that almost half (47 [...]
Libor three – Who’s who? July 4, 2016 After a trial lasting just short of three months, three ex-Barclays bankers have been found guilty of Libor-rigging related offences. The jury was, however, unable to arrive at a decision for the other two before being discharged. But who were the men in the docks? Jonathan Mathew (Source: Getty) Jonathan Mathew, 35 Verdict: Guilty, 11-1 majority [...]
Everything you ever wanted to know about Libor (but were too afraid to ask) July 4, 2016 It may be hard to believe but, four years since the Libor-rigging scandal first rocked the City, the fallout is still being felt. Today, the jury on the most recent Libor trial was discharged after reaching guilty verdicts for three of the men involved but being unable to arrive at a verdict for the other [...]
Four years after the Libor scandal broke – how many bankers have been found guilty, and how many have been acquitted? July 4, 2016 Four years ago, Bob Diamond sensationally quit as chief executive of Barclays as a scandal over Libor-rigging sent shockwaves through London’s banks. Shortly after, on 6 July 2012, the Serious Fraud Office (known as the SFO) kicked off an investigation into the manipulation of Libor – the “London Interbank Offered Rate”, an interest rate benchmark [...]
Three ex-Barclays bankers found guilty of Libor-rigging July 4, 2016 Three more former bankers have been slapped with guilty verdicts for their roles in Libor manipulation, taking the total number of UK convictions to five. Former traders Jay Merchant, 45, and Alex Pabon, 38, and ex-Libor submitter Jonathan Mathew, 35, all stood trial charged with conspiracy to defraud. The prosecution said that the trio of [...]
Retail investors snap up shares in bumper week for trading platforms amid Brexit volatility July 1, 2016 Last week's referendum sparked waves of volatility on the financial markets, triggering interventions from the Bank of England and causing trading to be suspended on a handful of the UK's biggest companies. Banking shares were butchered. Housebuilders were demolished. But, the FTSE 100 now stands at a 10-month high after it became clear some of the big [...]