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Ex-Star Trader Wins Bid to Overturn Libor Conviction

Ex-Star Trader Wins Bid to Overturn Libor Conviction

Bloomberg3 days ago
Tom Hayes, the former star UBS trader who became the face of the Libor rigging scandal, speaks to reporters outside the UK Supreme Court after winning a bid to overturn his criminal conviction, clearing his name a decade after he was sent to jail. (Source: Bloomberg)
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Man dies trying to cross English Channel to the UK
Man dies trying to cross English Channel to the UK

Yahoo

time4 minutes ago

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Man dies trying to cross English Channel to the UK

A man has died after suffering a cardiac arrest on board a boat attempting to reach the UK, French authorities have confirmed. A boat attempting to reach English shores turned back towards Equihen beach in northern France on Saturday morning. When the boat arrived at the beach, a man was found on board in cardiac arrest, the Pas-de-Calais department's sub-prefecture told the PA news agency. Despite emergency services intervening at the scene, the man died soon after. According to UK Home Office provisional statistics, almost 24,000 people have arrived on small boats in the UK in 2025. An investigation is under way under the authority of the prosecutor to determine the circumstances of the man's death, the French authorities confirmed.

Police warning sent to protestors ahead of village's latest demonstration
Police warning sent to protestors ahead of village's latest demonstration

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time4 minutes ago

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Police warning sent to protestors ahead of village's latest demonstration

Police have issued a warning ahead of a planned protest due to take place in a Midland village today, July 26. The demonstration was set to take place in Shenstone, near Lichfield in Staffordshire. Protests have taken place outside a drone engine factory called UAV Engines Limited in Shenstone for a number of years. READ MORE: Handsworth police incident live as blue tent pictured on driveway Get breaking news on BirminghamLive WhatsApp, click the link to join Protestors claim the factory - which is owned by Israeli-based Elbit Systems Ltd - makes 'parts used in Israeli combat drones'. UAV Engines Limited categorically denies that allegation. Protest action has in the past been carried out by Palestine Action, which was proscribed by the UK government on July 5 under the Terrorism Act 2000 - a move which has been criticised by the United Nation's human rights chief. Following the group's proscription, Staffordshire Police has issued advice to protestors heading to the village today. A document published by Staffordshire Police said: "On 5 July 2025, the Government announced the proscription of Palestine Action. "Palestine Action is a UK-based protest group that has engaged in direct action campaigns primarily targeting sites associated with arms manufacturing and exports. "Actions have included: occupations of premises, property damage, road blockades and site disruptions. "Once an organisation is proscribed there are a number of criminal offences that are associated with membership or showing support for that organisation." The force said offences include: Belonging to a proscribed organisation Recklessly expressing support for a proscribed organisation Arranging a meeting in support of a proscribed organisation Wearing clothing or carrying articles in public which arouse reasonable suspicion that an individual is a member or supporter of a proscribed organisation Publish an image of an articles such as a flag or logo in the same circumstances However Staffordshire Police sought to advice that protestors can still demonstrate and be 'supportive of Palestine and display the national flag of Palestine'. The force said protestors can still "express political views, provided they do not breach the Terrorism Act 2000" and "advocate for human rights, peace, and justice causes - lawfully". But the police force urge protestors to "be cautious of affiliation with proscribed groups and organisations" and "avoid acts that could be construed as supporting a proscribed group or organisation". A spokesperson added: "We are aware of a planned protest in Shenstone, near Lichfield, today. "We're sharing the attached document, which offers information on protest and the proscription of Palestine Action. "Members of the public are advised to avoid the area." It comes as the government's decision to proscribe Palestine Action under terrorism legislation was criticised by the United Nation's high commissioner Volker Türk. He warned that the proscription of the group raised serious concerns that counter-terrorism laws are being applied to conduct that is not terrorist in nature. He said: "UK domestic counter-terrorism legislation defines terrorist acts broadly to include 'serious damage to property'. "But, according to international standards, terrorist acts should be confined to criminal acts intended to cause death or serious injury or to the taking of hostages, for purpose of intimidating a population or to compel a government to take a certain action or not. "It misuses the gravity and impact of terrorism to expand it beyond those clear boundaries, to encompass further conduct that is already criminal under the law." Those found to be a member of Palestine Action or expressing support can now face fines and prison sentences of up to 14 years, the Office of the United Nations High Commissioner for Human Rights (OHCHR) said. Mr Türk continued: "The decision appears disproportionate and unnecessary. "It limits the rights of many people involved with and supportive of Palestine Action who have not themselves engaged in any underlying criminal activity but rather exercised their rights to freedom of expression, peaceful assembly and association. "As such, it appears to constitute an impermissible restriction on those rights that is at odds with the UK's obligations under international human rights law. "The decision also conflates protected expression and other conduct with acts of terrorism and so could readily lead to further chilling effect on the lawful exercise of these rights by many people." The OHCHR claimed that since the UK Government's ban came into effect on July 5, at least 200 people have been arrested under the UK Terrorism Act 2000, many of them while attending peaceful protests. Mr Türk added: "I urge the UK Government to rescind its decision to proscribe Palestine Action and to halt investigations and further proceedings against protesters who have been arrested on the basis of this proscription. "I also call on the UK Government to review and revise its counter-terrorism legislation, including its definition of terrorist acts, to bring it fully in line with international human rights norms and standards."

Trump Tariffs Leave Costly China Supply Question Unanswered
Trump Tariffs Leave Costly China Supply Question Unanswered

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time12 minutes ago

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Trump Tariffs Leave Costly China Supply Question Unanswered

(Bloomberg) -- President Donald Trump's recent flurry of trade deals have given Asian exporters some clarity on tariffs, but missing are key details on how to avoid punitive rates that target China's supply chains. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Trump Administration Sues NYC Over Sanctuary City Policy Trump unveiled tariffs of 20% for Vietnam and 19% for Indonesia and the Philippines, signaling those are the levels the US will likely settle on for most of Southeast Asia, a region that ships $352 billion worth of goods annually to the US. He's also threatened to rocket rates up to 40% for products deemed to be transshipped, or re-routed, through those countries — a move largely directed at curbing Chinese goods circumventing higher US tariffs. But still unclear to manufacturers is how the US will calculate and apply local-content requirements, key to how it will determine what constitutes transshipped goods. Southeast Asian nations are highly reliant on Chinese components and raw materials, and US firms that source from the region would bear the extra tariff damage. That's left companies, investors and economists facing several unanswered questions about Trump's tariffs that appear aimed at squeezing out Chinese content, according to Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore. 'Is that raw materials? All raw materials? Above a certain percentage?' she said. 'How about parts? What about labor or services? What about investment?' In an agreement with Indonesia last week, the White House said the two countries would negotiate 'rules of origin' to ensure a third country wouldn't benefit. The deal with Vietnam earlier this month outlined a higher 40% tariff rate for transshipped goods. And Thai officials, who have yet to secure a deal, detailed that they likely need to boost local content in exports to the US. Missing Details The Trump administration isn't providing much clarity on the matter right now. US officials are still working out details with trading partners and looking at value-based local content requirements, to ensure exports are more than just assembled imported parts, according to a person familiar with the matter, who didn't want to be identified discussing private talks. A senior Trump administration official also said this week that details on the approach to transshipment are expected to be released before Aug. 1, the deadline for when higher US tariffs kick in. Some factories are already adjusting their supply chains to comply with rules that will require more locally-made components in production. Frank Deng, an executive at a Shanghai-based furniture exporter with operations in Vietnam — and which gets about 80% of business from the US — said in an interview his firm is making adjustments as authorities appear to be more strictly enforcing country-of-origin rules. Vietnam has always had specific local content requirements for manufacturers, Deng added, including that a maximum of 30% of the volume of raw materials originates from China, and the value after production in Vietnam must be 40% higher than the imported raw materials. 'We've been struggling to meet all the standards so that we can still stay in the game,' Deng said. 'But I guess that's the only way to survive now.' For most of Southeast Asia, reducing the amount of Chinese-made components in manufacturing will require a complete overhaul of their supply chains. Estimates from Eurasia Group show that Chinese components make up about 60% to 70% of exports from Southeast Asia — primarily industrial inputs that go into manufacturing assembly. About 15% of the region's exports now head to the US, up about four percentage points from 2018. Local Content The US has become increasingly vigilant about China's ability to bypass US trade tariffs and other restrictions through third countries since Trump's first trade war in 2017. Thailand signaled its frustration over the lack of clarity for how much local content is needed in goods exported to the US to avert transshipment rates, but noted it will likely be much higher than a traditional measure of 40%. 'From what we've heard, the required percentage could be significantly higher, perhaps 60%, 70%, or even 80%,' Deputy Prime Minister Pichai Chunhavajira said July 14. 'Emerging countries or new production bases are clearly at a disadvantage,' he said, as their manufacturing capabilities are still at an early stage and must rely on other countries for raw goods. Vietnam, Thailand and Malaysia have all taken steps this year to address Trump's concerns, increasing scrutiny of trade that passes through their ports including new rule-of-origin policies that centralize processing and imposing harsh penalties on transshippers. Developing nations may still struggle to enforce Trump's rules or comply with the rules if it means going up against China, their largest trading partner and geopolitical partner. 'The reality is it's not enforceable at all,' said Dan Wang, China director at Eurasia Group. 'Chinese companies have all kinds of ways to get around it and those other countries have no incentive to enforce those measures, or capacity to collect the data and determine local content.' --With assistance from Patpicha Tanakasempipat, Skylar Woodhouse and Nguyen Dieu Tu Uyen. Burning Man Is Burning Through Cash Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.

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