Air traffic controllers didn't warn a B-52 bomber crew about a nearby airliner, the Air Force says
A SkyWest pilot performed a sharp turn, startling passengers, to avoid colliding with the B-52 bomber that he said was in his flight path as he prepared to land Friday at Minot International Airport.
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Winnipeg Free Press
34 minutes ago
- Winnipeg Free Press
UK Supreme Court quashes convictions of 2 bank traders after deciding their trials were unfair
LONDON (AP) — Britain's Supreme Court on Wednesday quashed the convictions of two financial market traders accused of manipulating benchmark interest rates in one of the biggest scandals to come out of the global financial crisis in 2008. The charges against Tom Hayes, a former Citigroup and UBS trader, and Carlo Palombo, who worked for Barclays, centered around alleged efforts to influence the London Inter-Bank Offered Rate, or Libor, and its euro currency equivalent Euribor, which were used to set the interest rates on trillions of dollars of loans and other financial products around the world. The court ruled that the convictions of Hayes and Palombo were unfair because the judges in their separate cases gave inaccurate instructions to jurors. That effectively prevented jurors from considering the key question of whether the traders had acted dishonestly. 'That misdirection undermined the fairness of the trial,' Judge George Leggatt wrote in an 82-page decision backed by all five members of the panel that heard the case. Hayes was convicted in August 2015 and sentenced to a maximum of 14 years in prison, which was later reduced to 11 years. Palombo, convicted in March 2019, was sentenced to four years in prison. Both men were released in 2021. 'It destroyed my family, I missed most of my son's childhood,' Hayes told the BBC. 'For so long I've been an international fugitive … and now I can move on with my life, or try to,' he added. The decision came after the U.S. Second Circuit Court of Appeal in 2022 overturned the convictions of two traders charged with similar crimes in the United States. Hayes and Palombo, whose appeals were repeatedly rejected by British judges, were allowed to take their case to the U.K. Supreme Court after that ruling. The U.K.'s Serious Fraud Office began investigating alleged efforts to manipulate Libor in 2012. That ultimately led to the conviction of nine bankers. 'We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial,' the SFO said in response to the Supreme Court ruling. Libor and Euribor were critical benchmarks that were once used to set the interest rates on everything from business loans to home mortgages and credit card debts. As a result, they also became central to more complex financial transactions such as those used by banks and businesses to bet on interest rate fluctuations. Monday Mornings The latest local business news and a lookahead to the coming week. The benchmarks were vulnerable to manipulation because they were set by banks that could profit from swings in interest rates. Each day, major international banks were asked to submit the interest rate at which they could borrow money from other banks. An average of those submissions was then used to set the daily Libor and Euribor rates. During the financial crisis, regulators became aware that some banks were making artificially low Libor submissions to make their institutions seem more creditworthy. Some traders also sought to influence the submissions made by their banks as even small moves in the benchmark rates could boost their profits. Those risks became even more pronounced during the financial crisis, when lending dried up and bankers had to base their daily submissions on a subjective assessment of the market rather than actual loans. Libor and Euribor were phased out in recent years, in part because they were seen as worsening the financial crisis.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Venezuela's returning migrants allege abuses in El Salvador's ‘hell' prison where US sent them
LOBATERA, Venezuela (AP) — Carlos Uzcátegui tightly hugged his sobbing wife and stepdaughter on Wednesday as the morning fog in western Venezuela lifted. The family's first embrace in more than a year finally convinced him that his nightmare inside a prison in El Salvador was over. Uzcátegui was among the migrants being reunited with loved ones after four months in prison in El Salvador, where the U.S. government transferred them in one of its boldest moves to crack down on immigration. 'Every day, we asked God for the blessing of freeing us from there so that we could be here with family, with my loved ones,' Uzcátegui, 33, said. 'Every day, I woke up looking at the bars, wishing I wasn't there.' 'They beat us, they kicked us. I even have quite a few bruises on my stomach,' he added before later showing a mildly bruised left abdomen. The migrants, some of whom characterized the prison as 'hell,' were freed Friday in a prisoner swap between the U.S. and Venezuelan governments, but the latter sequestered them upon arrival to their country. Venezuela's President Nicolás Maduro and other officials have said many of the immigrants were physically and psychologically tortured during their detention in El Salvador, airing on state television videos of some of the men describing the alleged abuse, including rape, severe beatings and pellet-gun wounds. The narratives are reminiscent of the abuses that Maduro's government has long been accused of committing against its real or perceived, jailed opponents. As the men reached their homes, they and their relatives shared deeply emotional moments in which sad tears and happy tears rolled down their cheeks at the same time. Uzcátegui's wife, Gabriela Mora, 30, held onto their home's fence and sobbed as she saw the military vehicle carrying him approach after a 30-plus-hour bus ride to their mining community nestled in Venezuela's Andean mountains. She had set up gifts and decorations in their living room, including a star-shaped metallic blue balloon with a 'Happy Father's Day' greeting that his stepdaughter had saved since the June holiday. 'We met a lot of innocent people' The 252 men ended in El Salvador on March 16 after the administration of U.S. President Donald Trump agreed to pay $6 million to the Central American nation to house them in a mega-prison, where human rights groups have documented hundreds of deaths and cases of torture. Trump accused the men of belonging to the violent Tren de Aragua street gang, which originated in Venezuela. The administration did not provide evidence to back up the accusation. However, several recently deported migrants have said U.S. authorities wrongly judged their tattoos and used them as an excuse to deport them. Interior Minister Diosdado Cabello on Friday said only seven of the men had pending cases in Venezuela, adding that all the deportees would undergo medical tests and background checks before they could go home. Arturo Suárez, whose reggaeton songs surfaced on social media after he was sent to El Salvador, arrived at his family's working-class home in the capital, Caracas, on Tuesday. His sister hugged him after he exited a vehicle of Venezuela's intelligence service. 'It is hell. We met a lot of innocent people,' Suárez told reporters, referring to the prison he was held in. 'To all those who mistreated us, to all those who negotiated with our lives and our freedom, I have one thing to say, and scripture says it well: Vengeance and justice is mine, and you are going to give an account to God Father.' The Associated Press could not verify the abuse allegations that Suárez and other migrants narrated in the videos aired by state media. Attorney General Tarek William Saab on Monday said he had opened an investigation against El Salvador President Nayib Bukele based on the deportees' allegations. Bukele's office did not respond to requests for comment. Appointment to seek asylum The men left El Salvador as part of a prisoner exchange with the U.S., which received 10 citizens and permanent residents whom Maduro's government had jailed over accusations of plotting to destabilize Venezuela. Mora said her husband migrated after the coal mine he had long worked at halved his pay and their street food shop went out of business in 2023. Uzcátegui left Lobatera in March 2024 with an acquaintance's promise to help him find a construction job in Orlando. On his way north, Uzcátegui crossed the punishing Darien Gap that separates Colombia and Panama, and by mid-April he had reached Mexico City. There, he worked at a public market's seafood stall until early December, when he was finally granted an appointment through a U.S. government smartphone app to seek asylum at a border crossing. But Uzcátegui never walked free in the U.S., where authorities regarded his tattoos with suspicion, said Mara. He was sent to a detention center in Texas until he and other Venezuelans were put on the airplanes that landed in El Salvador. Still, she said she does not regret supporting her husband's decision to migrate. 'It's the country's situation that forces one to make these decisions,' she said. 'If (economic) conditions here were favorable…, it wouldn't have been necessary for him to leave to be able to fix the house or to provide my daughter with a better education.'
Toronto Sun
2 hours ago
- Toronto Sun
Science and local sleuthing identify a 250-year-old shipwreck on a Scottish island
Published Jul 23, 2025 • 3 minute read In this image provided by Wessex Archaeology, the Sanday Wreck is seen on the shores of Sanday on Orkney, Feb. 2024. Photo by Wessex Archaeology via AP / AP LONDON — When a schoolboy going for a run found the ribs of a wooden ship poking through the dunes of a remote Scottish beach, it sparked a hunt by archeologists, scientists and local historians to uncover its story. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Through a mix of high-tech science and community research, they have an answer. Researchers announced Wednesday that the vessel is very likely the Earl of Chatham, an 18th-century warship that saw action in the American War of Independence before a second life hunting whales in the Arctic — and then a stormy demise. 'I would regard it as a lucky ship, which is a strange thing to say about a ship that's wrecked,' said Ben Saunders, senior marine archeologist at Wessex Archaeology, a charity that helped community researchers conduct the investigation. 'I think if it had been found in many other places, it wouldn't necessarily have had that community drive, that desire to recover and study that material, and also the community spirit to do it,' Saunders said. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. In this image provided by Wessex Archaeology, the Sanday Wreck timbers are seen before being placed in a freshwater tank at the Sanday Heritage Centre, on Orkney, Sept 23, 2024. Photo by Fionn McArthur/Wessex Archaeology via AP / AP The wreck was discovered in February 2024 after a storm swept away sand covering it on Sanday, one of the rugged Orkney Islands that lie off Scotland's northern tip. It excited interest on the island of 500 people, whose history is bound up with the sea and its dangers. Around 270 shipwrecks have been recorded around the 20-square-mile (50-square-kilometre) island since the 15th century. Local farmers used their tractors and trailers to haul the 12 tons of oak timbers off the beach, before local researchers set to work trying to identify it. 'That was really good fun, and it was such a good feeling about the community — everybody pulling together to get it back,' said Sylvia Thorne, one of the island's community researchers. 'Quite a few people are really getting interested in it and becoming experts.' This advertisement has not loaded yet, but your article continues below. Dendrochronology — the science of dating wood from tree rings — showed the timber came from southern England in the middle of the 18th century. That was one bit of luck, Saunders said, because it coincides with 'the point where British bureaucracy's really starting to kick off' and detailed records were being kept. 'And so we can then start to look at the archive evidence that we have for the wrecks in Orkney,' Saunders said. 'It becomes a process of elimination. 'You remove ones that are Northern European as opposed to British, you remove wrecks that are too small or operating out of the north of England and you really are down to two or three … and Earl of Chatham is the last one left.' Wars and whaling Further research found that before it was the Earl of Chatham, the ship was HMS Hind, a 24-gun Royal Navy frigate built in Chichester on England's south coast in 1749. This advertisement has not loaded yet, but your article continues below. Its military career saw it play a part in the expansion — and contraction — of the British Empire. It helped Britain wrest control of Canada from France during the sieges of Louisbourg and Quebec in the 1750s, and in the 1770s served as a convoy escort during Britain's failed effort to hold onto its American colonies. Sold off by the navy in 1784 and renamed, the vessel became a whaling ship, hunting the huge mammals in the Arctic waters off Greenland. Whale oil was an essential fuel of the Industrial Revolution, used to lubricate machinery, soften fabric and light city streets. Saunders said that in 1787 there were 120 London-based whaling ships in the Greenland Sea, the Earl of Chatham among them. A year later, while heading out to the whaling ground, it was wrecked in bad weather off Sanday. All 56 crew members survived — more evidence, Saunders says, that this was a vessel blessed with luck. This advertisement has not loaded yet, but your article continues below. The ship's timbers are being preserved in a freshwater tank at the Sanday Heritage Centre while plans are discussed to put it on permanent display. Saunders said that the project is a model of community involvement in archeology. 'The community have been so keen, have been so desirous to be involved and to find out things to learn, and they're so proud of it. It's down to them it was discovered, it's down to them it was recovered and it's been stabilized and been protected,' he said. For locals, it's a link to the island's maritime past — and future. Finding long-buried wrecks could become more common as climate change alters the wind patterns around Britain and reshapes the coastline. 'One of the biggest things I've got out of this project is realizing how much the past in Sanday is just constantly with you — either visible or just under the surface,' said Ruth Peace, another community researcher. Canada Sunshine Girls Olympics Columnists Sunshine Girls
