Germany intends to reverse increase in air traffic tax, Bild reports
"The increase in air traffic tax must be cancelled, and charges at German airports must also be reduced. Otherwise there will soon be even fewer flight connections at German airports than is currently the case," the paper quoted Christoph Ploss, the government's tourism policy coordinator, as saying.
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The Independent
25 minutes ago
- The Independent
What does the overturning of a City trader's fraud conviction mean for deregulation?
Tom Hayes, the former City trader who was jailed in 2015 for his part in rigging inter-bank interest rates, the so-called Libor scandal – was a patsy. The former UBS and Citigroup trader was convicted and sentenced to 14 years in prison, later reduced to 11. This week, that conviction was quashed by the Supreme Court. I'm all for white collar criminals getting their just desserts, but Hayes' penalty always seemed more than a little excessive. It is more than twice what the rogue trader Nick Leeson got for bringing down Barings Bank. However, proportionality never came into this. Hayes' trial was designed to deliver a head on a plate to a public that was justifiably angry about what the City was getting up to after the bankers nearly crashed the economy. There was a widespread feeling that overpaid boys – and they were mostly boys – with massively inflated egos and little sense of morality were thumbing their noses at the rest of Britain, which was just starting to feel the impact of the then-government's austerity policies. But Hayes, who ended up serving five-and-a-half years, had nothing to do with that crisis, and contributed not a whit to austerity. Libor – the interest rate at which key banks were willing to lend unsecured loans to each other – was unregulated at the time, which also wasn't Hayes' fault, but rather an issue for the politicians and regulators who were asleep at the wheel. It did ultimately set the rate for a number of loans, including some mortgages, but the day-to-day activities of Hayes and his peers didn't have much effect on what ordinary borrowers paid. No one was able to convincingly show any, otherwise we would have seen a string of compensation claims. The chief losers were likely other trading desks, which were often playing the same game anyway. That's not to justify what went on. Cheating is still cheating, and the whole business knocked confidence in the City and its markets. But, then, the whole system was a joke. 'Tom Hayes' penalty always seemed more than a little excessive. It is more than twice what the rogue trader Nick Leeson got for bringing down Barings Bank' (PA Wire) Libor was set based on what some rube at Bank A estimated would be their cost of borrowing from other banks. These were put together, and a daily rate declared. If a hotshot trader got in touch, suggesting that the Libor guy tweak their Tuesday submission to help their trading position, they tended to comply. This is how the scandal got going. Needless to say, all this was unregulated. Yes, you read that right. Stupid is as stupid does, and this was really stupid. The Financial Services Authority, which was then the City's chief watchdog, ended up using failings in systems and controls and violations of its principles of business to justify the chunky fines it ultimately levied on the banks involved. Back to Hayes: the Supreme Court didn't completely exonerate him. It said there was 'ample evidence' during the trial that could have led to a conviction. But the judges raised issues with the trial judge's summing up, the directions given to the jury, and the impact it had on Hayes' defence. This was deemed to be unfair and the conviction unsafe as a result. It wouldn't be a surprise to see the other seven convicted traders up next. Similar cases have also been quashed in the US. The whole deck of cards is collapsing. The Serious Fraud Office said it would not seek to re-try Hayes or Carlo Palombo, another former trader, at Barclays, who received a four-year sentence for manipulating another benchmarked interest rate, Euribor, but has also won his appeal. They've done their time, and it's unlikely that the taxpayer will be coughing up any compo. Best sweep this one under the carpet because who wants all that stupid aired in public again, right? Here's the problem. The government had promised to deregulate financial services in the hope that reducing its oversight of the financial sector would light a fire under the City of London, boost the UK's stalling economy and bring in the tax revenues that the Treasury is in dire need of. This will likely involve loosening the rules governing the conduct of senior bankers that were ushered in following the 2008 credit crunch and the wave of scandals that followed in its wake, including interest-rate fixing. Can you see the problem with that? I think Andrew Bailey, governor of the Bank of England, can. Earlier this week, he advised the Treasury select committee that any big reforms to dramatically loosen City regulation – what the chancellor Rachel Reeves described in her Mansion House speech as a "boot on the neck" of business – and encourage more risk-taking might actually do more harm than good. He hinted that it might even trigger another financial meltdown. If traders can find an edge, an opening, they will jump on it. It was ever thus. They had good reason to think they had with Libor and that they were okay because there weren't any proper rules in place at the time. Their bosses will either turn a blind eye, just as they did then, or quietly encourage it, especially if the numbers come up good. And when this results in another scandal, there will be fines, which banks see as the cost of doing business, and an attempt to find another Tom Hayes to carry the can. The supervising bosses, who do the hiring and set the culture and who are supposed to be on top of what their banks are up to, will ride out the storm and pocket their bonuses as they always have. Justice, of a sort, has been served this time. But as for all that talk we heard about lessons being learned? They never are.
Auto Express
25 minutes ago
- Auto Express
New cheaper Tesla Model Y to battle Chinese upstarts
Tesla's long-rumoured cheaper model has been announced by the firm's CEO, Elon Musk but it turns out it'll be a more affordable version of the huge-popular Model Y SUV. Speaking at a Q2 investor conference, Musk replied to a question regarding an upcoming new model and what it would look like, stating 'it's just a Model Y'. Lars Moravy, Tesla's Vice President of Engineering had whet appetites earlier this year by saying "the models that come out in the next months will resemble in form and shape the cars that we currently make." During the call this week, Musk also reasoned why a cheaper Model Y version was important for the brand. "The desire to buy the car is very high. Just people don't have enough money in their bank account to buy it. Literally, that is the issue. Not a lack of desire, but a lack of ability. So the more affordable we can make the car, the better." Advertisement - Article continues below Here in the UK, the Model Y kicks off £44,990 - though the Model 3 starts at £39,990 so we'd expect a cheaper Model Y variant to sit between the two. As for what the new car will feature, we expect it could be similar to the cheaper Model 3 that was unveiled for the Mexican market last year that does without vegan leather upholstery (trading for cloth instead) and removes features such as ambient interior lighting and heating functionality for the seats and steering wheel. Production of the new Model Y variant is believed to have already started with Tesla claiming it has 'first builds of a more affordable model in June, with volume production planned for the second half of 2025.' The addition of a cheaper Model Y should help Tesla fight back against falling sales. The Model Y was the best-selling EV in the world last year, but this year Tesla's overall deliveries and profits have taken a hit with revenue dropping 12 per cent - the firm's biggest drop in a decade. Tesla also confirmed that both the autonomous Cybercab already in limited operation in Austin, Texas, and the big Semi truck, will enter volume production next year. Tell us which new car you're interested in and get the very best offers from our network of over 5,500 UK dealers to compare. Let's go…
Reuters
26 minutes ago
- Reuters
EU regulators to investigate if KKR provided misleading information in Telecom Italia deal
BRUSSELS, July 24 (Reuters) - EU antitrust regulators will investigate whether U.S. investment firm KKR (KKR.N), opens new tab provided incorrect or misleading information in its 22-billion-euro ($26 billion) acquisition of Telecom Italia's (TIM) ( opens new tab fixed-line network deal, the European Commission said on Thursday. The Commission, which acts as the competition enforcer in the 27-country bloc, approved the deal unconditionally in May last year, attributing this in part to long-term agreements between FiberCop and telecoms companies Fastweb and Iliad. FiberCop is Telecom Italia's last-mile grid unit. "Under the investigation opened today, the Commission will assess whether KKR provided incorrect or misleading information about these agreements," the EU watchdog said in a statement. The Commission has in recent years cracked down on companies providing misleading information during merger reviews and handed out hefty fines.
