Four more traders appeal rate-rigging convictions after Supreme Court ruling
"In those circumstances, they don't intend to comment further at this time," the firm added.The four convictions came after an investigation from the Serious Fraud Office into whether traders had been manipulating Libor for profit.Libor became the focus of allegations of wrongdoing following the financial crisis in 2008 and has now been discontinued, while its European equivalent Euribor is being reformed.Because the Supreme Court has now ruled in favour of Mr Hayes and Mr Palombo, the four traders' appeal is likely to be a more straightforward process than for Mr Hayes and Mr Palombo who argued their case for years.The Serious Fraud Office declined to comment on the appeal from the four traders on Thursday.However, it said on Wednesday in response to the ruling on Mr Hayes and Mr Palombo's case that it had "considered this judgement and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial".The Libor scandal came to light in 2012, when it was discovered that banks were artificially inflating rates to profit from trading and were also lowering them to mask the troubles they faced following the outbreak of the global financial crisis.However, in 2023, the BBC uncovered evidence of a much larger, state-led "rigging" of interest rates, under pressure from central banks and governments across the world during the financial crisis.Mr Hayes and Mr Palombo argued they were wrongly prosecuted for what were normal commercial practices in order to appease public anger towards the banks over the financial crisis.
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South Wales Guardian
2 hours ago
- South Wales Guardian
Irish premier welcomes trade deal between EU and US
The deal was reached during a meeting between Donald Trump and the president of the European Commission on Sunday. The US president met European Commission president Ursula von der Leyen to hammer out the final details on the trading relationship between Europe and the US. Reacting to the deal, Taoiseach Micheal Martin said the agreement was very welcome. I welcome the outcome of trade talks today between the European Commission and the US. — Micheál Martin (@MichealMartinTD) July 27, 2025 'It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world,' the Fianna Fail leader said. 'That is good for businesses, investors and consumers. It will help protect many jobs in Ireland. 'The negotiations to get us to this point have been long and complex, and I would like to thank both teams for their patient work. 'We will now study the detail of what has been agreed, including its implications for businesses exporting from Ireland to the US, and for different sectors operating here. 'The agreement is a framework and there will be more detail to be fleshed out in the weeks and months ahead.' Mr Martin said the higher tariffs will have an impact on trade between the EU and the US, which will make it more expensive and more challenging. 'However, it also creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US, which is important not just for the EU and the US, but for the global economy,' he added. 'Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many.' The deal was also welcomed by deputy Irish premier and Minister for Foreign Affairs and Trade Simon Harris, who said it brings clarity to businesses. 'While we have yet to see the detail, I welcome that an agreement has been announced by Commission President von der Leyen and US President Trump,' Mr Harris said in a statement. 'A deal provides a measure of much-needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. Ireland makes a key contribution to this with the Ireland-US economic relationship valued at more than one trillion euros. 'The US had made clear, and this has been replicated in other recent agreements, which the US has reached with other countries, that a baseline tariff was always going to be part of the outcome. 'I have always stressed that tariffs are damaging and will have a negative impact on companies exporting to the US. 'While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment. 'President von der Leyen described this as 15% tariffs across the board, all-inclusive.' He said further detail is needed around pharma, aviation and other sectors. Mr Harris said he will examine the details of the agreement over the coming days to establish the effect on Irish businesses and the economy. Earlier, EU commissioner Michael McGrath said the meeting was a 'significant and decisive moment'. Mr McGrath, EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, said it would involve substantive negotiations between both sides. 'It's a significant moment, we hope a decisive moment, and it builds on an enormous amount of work that has been done over quite a period of time,' Mr McGrath said ahead of the meeting. 'President Trump invited President von der Leyen to Scotland for a meeting. 'This follows on the back of intensive negotiations over a number of months. He added: 'It is not a case of turning up and signing on the dotted line. There will be a real discussion that will happen, and it will take on a dynamic of its own, and let's see what happens over the course of the afternoon. 'But from the EU's point of view, we are determined to do all that we can to get a deal for European businesses, because we recognise the cost of uncertainty. 'It manifests in trade and in investment decisions and ultimately in employment and of course tariffs can cost consumers at the end of the day. 'We want a good deal. We have negotiated hard, and we're at a point now where hopefully the two leaders can today bring it to a concluding phase.'
North Wales Chronicle
2 hours ago
- North Wales Chronicle
Irish premier welcomes trade deal between EU and US
The deal was reached during a meeting between Donald Trump and the president of the European Commission on Sunday. The US president met European Commission president Ursula von der Leyen to hammer out the final details on the trading relationship between Europe and the US. Reacting to the deal, Taoiseach Micheal Martin said the agreement was very welcome. I welcome the outcome of trade talks today between the European Commission and the US. — Micheál Martin (@MichealMartinTD) July 27, 2025 'It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world,' the Fianna Fail leader said. 'That is good for businesses, investors and consumers. It will help protect many jobs in Ireland. 'The negotiations to get us to this point have been long and complex, and I would like to thank both teams for their patient work. 'We will now study the detail of what has been agreed, including its implications for businesses exporting from Ireland to the US, and for different sectors operating here. 'The agreement is a framework and there will be more detail to be fleshed out in the weeks and months ahead.' Mr Martin said the higher tariffs will have an impact on trade between the EU and the US, which will make it more expensive and more challenging. 'However, it also creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US, which is important not just for the EU and the US, but for the global economy,' he added. 'Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many.' The deal was also welcomed by deputy Irish premier and Minister for Foreign Affairs and Trade Simon Harris, who said it brings clarity to businesses. 'While we have yet to see the detail, I welcome that an agreement has been announced by Commission President von der Leyen and US President Trump,' Mr Harris said in a statement. 'A deal provides a measure of much-needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. Ireland makes a key contribution to this with the Ireland-US economic relationship valued at more than one trillion euros. 'The US had made clear, and this has been replicated in other recent agreements, which the US has reached with other countries, that a baseline tariff was always going to be part of the outcome. 'I have always stressed that tariffs are damaging and will have a negative impact on companies exporting to the US. 'While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment. 'President von der Leyen described this as 15% tariffs across the board, all-inclusive.' He said further detail is needed around pharma, aviation and other sectors. Mr Harris said he will examine the details of the agreement over the coming days to establish the effect on Irish businesses and the economy. Earlier, EU commissioner Michael McGrath said the meeting was a 'significant and decisive moment'. Mr McGrath, EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, said it would involve substantive negotiations between both sides. 'It's a significant moment, we hope a decisive moment, and it builds on an enormous amount of work that has been done over quite a period of time,' Mr McGrath said ahead of the meeting. 'President Trump invited President von der Leyen to Scotland for a meeting. 'This follows on the back of intensive negotiations over a number of months. He added: 'It is not a case of turning up and signing on the dotted line. There will be a real discussion that will happen, and it will take on a dynamic of its own, and let's see what happens over the course of the afternoon. 'But from the EU's point of view, we are determined to do all that we can to get a deal for European businesses, because we recognise the cost of uncertainty. 'It manifests in trade and in investment decisions and ultimately in employment and of course tariffs can cost consumers at the end of the day. 'We want a good deal. We have negotiated hard, and we're at a point now where hopefully the two leaders can today bring it to a concluding phase.'
Reuters
2 hours ago
- Reuters
Euro, US stock index futures climb after US-EU trade deal
NEW YORK, July 27 (Reuters) - Investors appeared to embrace news of a trade deal between the U.S. and European Union on Sunday that is expected to bring clarity for companies and some certainty to markets ahead of U.S. President Donald Trump's Friday tariffs deadline. The euro rose against the U.S. dollar and was last up 0.15% at $1.176. The currency also was up about 0.1% against the pound and 0.2% against the Japanese yen . U.S. stock index futures rose after resuming trading late Sunday, with S&P 500 e-minis last up 0.3% and Nasdaq futures up 0.4%. Nikkei futures also traded higher. Trump and European Commission President Ursula von der Leyen on Sunday announced the deal, which imposes a 15% import tariff on most European Union goods, half the threatened rate. The EU-US deal is similar to parts of the framework agreement the U.S. clinched with Japan last week, but it also leaves open questions, including tariff rates on spirits. "It's really in line with the Japan deal, and I assume investors will view it positively as they viewed the Japan deal," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey. "The reality is there will be higher tariffs, which may lead to more inflation, depending on how much of it is absorbed by the manufacturers and how much of it is passed on to consumers." Michael Brown, senior research strategist at Pepperstone in London, said: "For the euro, it removes that risk of a huge tariff and potentially getting towards trade embargo levels with the U.S." Optimism over easing trade tensions broadly helped push U.S. stocks to record highs last week and lifted European shares to their highest since early June. "It is odd to think that a late July week in the middle of the summer could prove to be the most pivotal of the year. It has already started with a key trade deal with a major partner," Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut, wrote in a note following the news. Investors have been bracing for increased volatility heading into August 1, which the U.S. has set as a deadline for raising levies on a broad swath of trading partners. Trump's April 2 "Liberation Day" announcement of sweeping global tariffs sent stocks plunging in the immediate aftermath, due to spiking fears about a recession that have since faded. Holger Schmieding, chief economist at Berenberg Bank in London, said of the EU-U.S. announcement: "The crippling uncertainty is largely over, the deal is bearable for the EU. Modestly good news for equity markets, that probably priced in most of it beforehand. "But of course, the outcome is still bad relative to the situation that prevailed before Trump started his trade wars." The announcement came after Von der Leyen traveled to Scotland for talks with Trump to push a hard-fought deal over the line. Von der Leyen said the 15% tariff applied "across the board," including automobiles, semiconductors and pharmaceuticals. Trump said the deal also calls for $750 billion of EU purchases of U.S. energy in coming years and "hundreds of billions of dollars" of arms purchases. "We will need to see how long the sides stick to the deal," Eric Winograd, chief economist at investment management firm AllianceBernstein, said.
