Closing summary
Tom Hayes, the first banker to be convicted over the Libor interest rate scandal, has said he is “not a quitter” and vowed to continue his near-10-year battle to clear his name after losing an appeal.
Hayes and another former banker, Carlo Palombo, had their convictions considered by the court of appeal in London in a three-day hearing. On Wednesday, it rejected their cases.
Hayes was found guilty in 2015 of several charges of conspiracy to defraud by “rigging” the now-defunct London Interbank Offered Rate (Libor). He served five and a half years in a UK prison and was released in January 2021.
Libor was a major interest rate benchmark which at its peak underpinned $300tn of financial contracts, including derivatives, bonds and loans. It has since been replaced by alternative interest rate benchmarks.
Shares in Donald Trump’s social media business rose nearly 18% in early trading on Wall Street, after making its stock market debut yesterday when they closed 16% higher.
The gains added $1.4bn to the firm’s market value, and took Trump’s personal stake to more than $5bn. Later, the shares were up 13%, valuing the firm at $9.3bn.
Trump Media & Technology is trading under the ticker symbol “DJT”, using Trump’s initials.
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Thank you for reading. We’ll be back tomorrow. Take care – JK
‘You’ve got to be joking’: Mandelson dismisses prospect of UK rejoining EU
Peter Mandelson has dismissed the prospect of an incoming Labour government taking Britain back into the EU, saying “you’ve got to be joking” that Brussels would want to renegotiate the UK’s membership.
The Labour peer, a former EU trade commissioner and close adviser to Keir Starmer, said rejoining the 27-country bloc would require a referendum that UK voters had little desire for, after the Conservatives’ botched handling of Brexit.
“I cannot see the British people running towards [a referendum] for love nor money after what we went through during the last one. I really do not think that people are going to run towards a repeat of that experience,” he told a British Chambers of Commerce (BCC) event at Heathrow airport on Wednesday.
