Four Traders Jailed for Rate Fixing to Appeal After Tom Hayes Win
Ex-Barclays Plc bankers Jay Merchant, Philippe Moryoussef and Jonathan Mathew along with ex-Deutsche Bank AG trader Christian Bittar will all now seek to quash convictions that saw them jailed for fixing Libor or Euribor, law firm Hickman & Rose said in an emailed statement on Thursday.
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Yahoo
19 minutes ago
- Yahoo
UK could save £5bn if Bailey changes course on debt sales
Taxpayers would save up to £5bn next year if Andrew Bailey overhauls the Bank of England's controversial programme of bond sales, analysts have Bank has said Rachel Reeves would be spared from transferring billions of pounds to Threadneedle Street if it stopped selling long-term debt amid a dramatic drop in bond prices. The Bank is currently unwinding the stockpile of gilts it amassed during the financial crisis and lockdown, when it created almost £900bn to boost the economy. When interest rates were at record lows of 0.1pc during the pandemic, the Bank earned far more on its returns from government bonds than it had to pay in interest to commercial banks. However, this reversed dramatically once interest rates started to rise. The Bank is now also actively selling gilts back to the market as part of so-called quantitative tightening (QT), crystallising billions of pounds of losses for the taxpayer. This has since added further strain to Britain's public finances, prompting calls for the Bank to overhaul this programme when it makes a key decision on future bond sales in investors have dumped long-dated bonds around the world amid uncertainty about the economic outlook, resulting in a big dip in prices, which move in the opposite direction to yields. Sanjay Raja, chief economist at Deutsche Bank, said the Treasury faced a £24bn bill in the coming year if it continues to follow a policy of selling down its stockpile of short-term, medium and long-dated debt evenly. By contrast, if it restricts active sales to short and medium-term gilts, that bill could come down to £18.9bn – £5bn less – assuming Threadneedle Street continues to reduce its stockpile of bonds by £100bn a year. Markets believe the Bank will slow down the pace of sales to £75bn, which Deutsche said would result in an even lower bill of £15.6bn if policymakers avoid selling long-dated debt. Reform has advocated stopping active bond sales altogether. The Treasury has already transferred nearly £90bn to the Bank of England to cover losses incurred as a result of QT, including £53bn in interest payments to commercial lenders and £37bn on losses from active bond sales. Deutsche highlighted that sales of its longer-dated debt account for roughly two thirds of all QT valuation losses, amounting to just under £20bn. This dwarfs the £5bn loss the Bank has incurred from selling short-term debt. Mr Raja said: 'From a borrowing perspective, less QT means less borrowing and less issuance. Moving from a £100bn envelope to £75bn would result in some meaningful savings on the borrowing side. 'Skewing sales away from longs to shorts/mediums evenly would also result in some modest savings. For a £100bn QT envelope, we estimate savings to be a non-negligible £5bn. No active sales would mean substantial savings, but only in the near-term.' Mr Bailey is coming under intense pressure to overhaul QT as losses continue to mount. He recently signalled that the 'global steepening of bond curves' would 'play into' the Bank's looming decision on active bond sales. Richard Tice, the deputy leader of Reform, urged the Bank to rethink the programme. He said: 'They shouldn't be selling anything at all. Zero. 'We now know that it's driven up gilt yields, and the perception is it's going to carry on keeping yields higher than otherwise should be. So what the Bank should be doing immediately is cancelling all further QT.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Business Insider
8 hours ago
- Business Insider
The Godfather of AI says most tech leaders downplay the risks — except one
The "Godfather of AI" said many people at tech companies publicly "downplay" the risks. He named one tech leader, though, who is aware of and trying to address the dangers. Geoffrey Hinton called many of the tech leaders "oligarchs." Geoffrey Hinton, the ex-Google employee known as the "Godfather of AI" for his work on neural networks, has been vocal about the risks of the technology. He said on a recent episode of the "One Decision" podcast that "most" people at tech companies understand the risks, but don't act on them. "Many of the people in big companies, I think, are downplaying the risk publicly," Hinton said on the episode, which aired on July 24. But he mentioned one tech leader who is attuned to the potential dangers of the technology. " Demis Hassabis, for example, really does understand about the risks, and really wants to do something about it," he said. Hassabis is the CEO of Google DeepMind, the company's main AI lab. He cofounded DeepMind in 2010 and sold it to Google in 2014 for $650 million, under the caveat that the tech giant would create an AI ethics board. A Nobel Prize winner, Hassabis had for years hoped that academics and scientists would lead the AI scramble. Now, he's at the center of Google's push for AI dominance, and some company insiders previously told Business Insider they think he might be in the running for CEO. In February, Hassabis said that AI poses long-term risks and warned that agentic systems could get "out of control." He has pushed for having an international governing body to regulate the technology. Late last month, protesters demonstrated outside DeepMind's London office to demand more AI transparency. Hinton spent more than a decade at Google himself before quitting to discuss the dangers of AI more openly. He said on a previous podcast episode that the company had encouraged him to stay and work on safety issues. The so-called Godfather didn't heap much praise on other Big Tech leaders — earlier in the podcast, he said that "the people who control AI, people like Musk and Zuckerberg, they are oligarchs." Representatives for Musk and Zuckerberg did not respond to BI's request for comment. And as to the question of whether he trusts them? "I think when I called them oligarchs, you know the answer to that."
Business Insider
8 hours ago
- Business Insider
The Godfather of AI says most tech leaders downplay the risks — except one
There doesn't seem to be much godfatherly love in the AI world these days. Geoffrey Hinton, the ex-Google employee known as the "Godfather of AI" for his work on neural networks, has been vocal about the risks of the technology. He said on a recent episode of the "One Decision" podcast that "most" people at tech companies understand the risks, but don't act on them. "Many of the people in big companies, I think, are downplaying the risk publicly," Hinton said on the episode, which aired on July 24. But he mentioned one tech leader who is attuned to the potential dangers of the technology. " Demis Hassabis, for example, really does understand about the risks, and really wants to do something about it," he said. Hassabis is the CEO of Google DeepMind, the company's main AI lab. He cofounded DeepMind in 2010 and sold it to Google in 2014 for $650 million, under the caveat that the tech giant would create an AI ethics board. A Nobel Prize winner, Hassabis had for years hoped that academics and scientists would lead the AI scramble. Now, he's at the center of Google's push for AI dominance, and some company insiders previously told Business Insider they think he might be in the running for CEO. In February, Hassabis said that AI poses long-term risks and warned that agentic systems could get "out of control." He has pushed for having an international governing body to regulate the technology. Late last month, protesters demonstrated outside DeepMind's London office to demand more AI transparency. Hinton spent more than a decade at Google himself before quitting to discuss the dangers of AI more openly. He said on a previous podcast episode that the company had encouraged him to stay and work on safety issues. The so-called Godfather didn't heap much praise on other Big Tech leaders — earlier in the podcast, he said that "the people who control AI, people like Musk and Zuckerberg, they are oligarchs." Representatives for Musk and Zuckerberg did not respond to BI's request for comment. And as to the question of whether he trusts them? "I think when I called them oligarchs, you know the answer to that."
