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Yahoo
11 minutes ago
- Yahoo
Traders jailed for interest rate rigging have convictions overturned
Two traders jailed for rigging benchmark interest rates have had their convictions overturned by the Supreme Court. Tom Hayes, 45, was handed a 14-year jail sentence - cut to 11 years on appeal - in 2015, which was one of the toughest ever to be imposed for white-collar crime in UK history. The former Citigroup and UBS trader, along with Carlo Palombo, 46, who was jailed for four years in 2019 over rigging the Euribor interest rates, took their cases to the country's highest court after the Court of Appeal dismissed their appeals last year. The Supreme Court unanimously allowed Hayes' appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate. Ex-vice president of euro rates at Barclays bank Mr Palombo's conviction for conspiring with others to submit false or misleading Euribor submissions between 2005 and 2009 was also quashed. A spokesperson for the Serious Fraud Office (SFO), which opposed the appeals, said it would not be seeking a retrial. In 2012, the SFO began criminal investigations into traders it suspected of manipulating the Libor and Euribor benchmark interest rates. Mr Hayes was the first person to be prosecuted by the SFO, which brought prosecutions against 20 people between 2013 and 2019, seven of whom were convicted at trial, two pleaded guilty and 11 were acquitted. He had also been facing criminal charges in the US but these were dismissed after two other men involved in a similar case had their convictions reversed in 2022. Mr Hayes, a gifted mathematician who is autistic, was described at his Southwark Crown Court trial as the "ringmaster" at the centre of an enormous fraud to manipulate benchmark interest rates and boost his own six-figure earnings. He has always maintained that the Libor rates he requested fell within a permissible range and that his conduct was common at the time and condoned by bosses. Mr Hayes and Mr Palombo argued their convictions depended on a definition of Libor and Euribor which assumes there is an absolute legal bar on a bank's commercial interests being taken into account when setting rates. The panel of five Supreme Court justices found there was "ample evidence" for a jury to convict the two men if it had been properly directed. But in an 82-page judgment, Lord Leggatt said jury direction errors made both convictions unsafe, adding: "That misdirection undermined the fairness of the trial."
Yahoo
11 minutes ago
- Yahoo
Aviva enhances freight liability insurance offering
Aviva's Global, Corporate and Specialty (GCS) division has enhanced its Freight Liability insurance product for freight forwarding and haulage sectors. It is now available on the Acturis E-Trade and Fast Trade platforms. The insurance product features enhanced cover limits for both per tonne and per vehicle to accommodate the varied requirements of businesses and address the diverse risks they may encounter. The conditions of carriage have been expanded to include terms from Logistics UK and the British International Freight Association. Aviva UK marine manager Chris Green said: 'We have invested in making our Cargo and Freight Liability propositions more accessible, flexible and responsive to today's needs. That includes enhanced cover limits, broader carriage condition options and a new lower-cost 'economy' tier for clients not handling Theft Attractive Goods. 'We have also grown our team significantly to ensure we can support brokers with both digital and traditional trading.' The insurer introduced a 'new lower-cost economy cover' for clients whose operations do not include handling goods that are prone to theft and errors, and omissions cover can be obtained directly through the online platform. The company also added three new marine underwriters. Aviva marine head Howard Potter stated: 'Aviva's ambition is to lead the marine insurance market by combining deep technical expertise with a clear understanding of what brokers and clients need. Alongside evolving our products, we are transforming how we work, how we connect and how we deliver value.' Earlier this month, Aviva completed the acquisition of Direct Line, a transaction valued at £3.7bn ($5bn), which has been approved by the UK's Competition and Markets Authority. "Aviva enhances freight liability insurance offering " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
11 minutes ago
- Yahoo
Green bond issuance dives almost a third amid climate backtracking
LONDON (Reuters) -The amount of "green" bonds sold by governments, banks and companies has slumped by almost a third this year amid the rollback of climate change policies in the United States and Europe, new figures show. Data published by Fitch Ratings agency showed overall "labelled" bond issuance, which also includes other types of sustainability-focused bonds, was down 25% year-on-year to $440 billion, with Q2 also the weakest quarter since 2019. Green bonds - where the money raised is earmarked for environmental or climate projects - had a near $100 billion, or 32%, drop in the year, while the overall share of environmental, social and governance-labelled bonds has fallen back to 10.2% of total global bond issuance from 11.7% for 2024. The drop off comes as the U.S. under President Donald Trump withdraws from a raft of global sustainability initiatives and rolls back environmental standards. European Union policymakers are also negotiating proposals that would loosen the bloc's corporate sustainability reporting rules for a large majority of businesses. Fitch said the main factor impacting the market was the uncertainty around capital expenditure, driven by macro challenges and geopolitical instability. "Ongoing uncertainty over ESG-related regulations – amid implementation delays and rollbacks in the U.S. and EU – may be prompting issuers to wait for regulatory clarity," it added.
