logo
Supreme Court to rule on cases of traders jailed over rate-rigging

Supreme Court to rule on cases of traders jailed over rate-rigging

Yahoo3 days ago
Two former financial market traders jailed over interest rate benchmark manipulation are set to find out if their Supreme Court bids to clear their names have been successful.
Tom Hayes, a former Citigroup and UBS trader, was found guilty of multiple counts of conspiracy to defraud over manipulating the London Inter-Bank Offered Rate (Libor) between 2006 and 2010.
He is challenging his conviction, as is Carlo Palombo, an ex-vice president of euro rates at Barclays bank, who was found guilty of conspiring with others to submit false or misleading Euro Interbank Offered Rate (Euribor) submissions between 2005 and 2009.
The Court of Appeal dismissed appeals from both men in March last year.
They then took their cases to the Supreme Court.
The panel of five justices was also asked to look at whether the cheapest rate needs to be submitted, or if it can be one selected from a range of potential borrowing rates.
The Serious Fraud Office (SFO) opposed the appeals.
Supreme Court president Lord Reed, Lords Hodge, Lloyd-Jones and Leggatt, and Lady Simler are expected to hand down their judgment at 9.30am on Wednesday.
At a hearing in March, lawyers for the men said the trial judge had wrongly directed the jury, and injected 'confusion' into their cases.
Adrian Darbishire KC, for Hayes, told the court that there was a 'marked failure to respect the limits of the role of a judge in a jury trial', adding that 'part of the point of juries is that they are not judges – they are representative of society', and their views are sought in 'preference' to that of a judge.
In written submissions, Tim Owen KC, for Palombo, said the trial judge's directions to the jury 'failed to identify the correct issue for the jury' and 'injected confusion into the terms of the indictment'.
Mr Owen said dishonesty was a 'question of fact for the jury to assess', and not 'a matter to be shaped by legal directions'.
In written submissions Sir James Eadie KC, representing the SFO, said the issues identified in Hayes's case go 'far beyond the issues arising from the certified questions', and that his case 'repeatedly mischaracterises the indicted offence'.
He said: 'If as a matter of law the Libor definition does not permit trading advantage to be taken into account, it is still necessary for the prosecution to prove and the jury to find that the defendant acted dishonestly in making the submission.
'In this case it is clear that the issue of dishonesty was left to the jury.'
The Libor rate was previously used as a reference point around the world for setting millions of pounds worth of financial deals, including car loans and mortgages.
It was an interest rate average calculated from figures submitted by a panel of leading banks in London, with each one reporting what it would be charged were it to borrow from other institutions.
Hayes, who has maintained his innocence, spent five and a half years in prison and was released in January 2021.
Palombo had denied acting dishonestly but was jailed for four years in April 2019 after a retrial.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

European and Iranian diplomats meet in Istanbul as return of sanctions looms over nuclear deadlock
European and Iranian diplomats meet in Istanbul as return of sanctions looms over nuclear deadlock

Yahoo

time20 minutes ago

  • Yahoo

European and Iranian diplomats meet in Istanbul as return of sanctions looms over nuclear deadlock

ISTANBUL (AP) — Talks between Iranian and European diplomats in Istanbul ended Friday with the sides agreeing to meet again to seek to unpick the deadlock over Tehran's nuclear program. Representatives from Britain, France and Germany, known as the E3 nations, gathered at the Iranian Consulate building for the first talks since Iran's 12-day war with Israel in June, which involved U.S. bombers striking nuclear-related facilities. The talks, which ended after four hours, centered on the possibility of reimposing sanctions on Iran that were lifted in 2015 in exchange for Iran accepting restrictions and monitoring of its nuclear program. Iranian negotiator, Deputy Foreign Minister Kazem Gharibabadi, said that the 'serious, frank and detailed' meeting focused on the nuclear issue and the status of sanctions while agreeing to further discussions. Snapback mechanism The E3 nations had earlier warned that sanctions could return under a process known as the 'snapback' mechanism, which allows one of the Western parties to reimpose U.N. sanctions if Tehran doesn't comply with its requirements. 'Both sides came to the meeting with specific ideas,' Gharibabadi said in a social media post. 'It was agreed that consultations on this matter will continue.' As the talks were ongoing, Iran's Foreign Ministry spokesman, Esmail Baghaei, said that he hoped that the meeting would see the E3 nations reassess their 'previous unconstructive attitude.' European leaders have said sanctions will resume by the end of August, if there is no progress on containing Iran's nuclear program. The snapback mechanism 'remains on the table," a European diplomat said on condition of anonymity because of the sensitivity of the talks, 'A possible delay in triggering snapback has been floated to the Iranians on the condition that there is credible diplomatic engagement by Iran, that they resume full cooperation with the IAEA (International Atomic Energy Agency), and that they address concerns about their highly-enriched uranium stockpile,' the diplomat said prior to Friday's negotiations. Rebuilding trust Tehran, meanwhile, has said that Washington, which withdrew from the 2015 deal during the first term of U.S. President Donald Trump, needs to rebuild faith in its role in negotiations. Gharibabadi previously said that Iran's engagement was dependent on 'several key principles' that included 'rebuilding Iran's trust — as Iran has absolutely no trust in the United States.' In a social media post on Thursday, he also said that the talks shouldn't be used 'as a platform for hidden agendas such as military action.' Gharibabadi insisted that Iran's right to enrich uranium 'in line with its legitimate needs' be respected, and sanctions removed. Iran has repeatedly threatened to leave the Nuclear Nonproliferation Treaty, which commits it to refrain from developing nuclear weapons, if sanctions return. Europe's role Friday's talks were held at the deputy ministerial level, with Iran sending Gharibabadi and a fellow deputy foreign minister, Majid Takht-e Ravanchi. A similar meeting was held in Istanbul in May. The identity of the E3 representatives weren't immediately clear, but the European Union's deputy foreign policy commissioner was thought to be attending. The U.K., France and Germany were signatories to the 2015 deal, alongside the U.S., Russia and China. When Washington withdrew in 2018, Trump insisted the agreement wasn't tough enough. Under the original deal, neither Russia nor China can veto reimposed sanctions. Since the Israeli and U.S. strikes on Iran, which saw American B-52 bombers hit three nuclear sites, Iranian Foreign Minister Abbas Araghchi has accused the E3 of hypocrisy, saying that they failed to uphold their obligations while supporting Israel's attacks. Uncertainty ahead Against the backdrop of the conflict, in which Iran responded with missile attacks on Israel and a strike on a U.S. base in Qatar, the road ahead remains uncertain. While European officials have said they want to avoid further conflict and are open to a negotiated solution, they have warned that time is running out. Tehran maintains that it's open to diplomacy, though it recently suspended cooperation with the IAEA. A central concern for Western powers was highlighted when the IAEA reported in May that Iran's stockpile of uranium enriched to 60% — just below weapons-grade level — had grown to more than 400 kilograms (nearly 900 pounds). In an interview with Al Jazeera that aired Wednesday, Iranian President Masoud Pezeshkian said that Iran is prepared for another war and reiterated that its nuclear program will continue within the framework of international law, while adding that the country had no intention of pursuing nuclear weapons. A spokesman for Iran's Atomic Energy Organization said Thursday that the country's nuclear industry would 'grow back and thrive again' after the recent attacks by Israel and the U.S. ___ Stephanie Liechtenstein reported from Vienna. Nasser Karimi and Amir Vahdat contributed to this report from Tehran, Iran. ___ The Associated Press receives support for nuclear security coverage from the Carnegie Corporation of New York and Outrider Foundation. The AP is solely responsible for all content. ___ Additional AP coverage of the nuclear landscape: Andrew Wilks And Stephanie Liechtenstein, The Associated Press Sign in to access your portfolio

Trump's visit to Scotland is in ‘public interest', says Chancellor
Trump's visit to Scotland is in ‘public interest', says Chancellor

Yahoo

time20 minutes ago

  • Yahoo

Trump's visit to Scotland is in ‘public interest', says Chancellor

The visit of US President Donald Trump to Scotland is in the 'public interest', Chancellor Rachel Reeves has said. Mr Trump is due to touch down in Scotland on Friday evening ahead of a four-day visit, during which he will meet Prime Minister Sir Keir Starmer and First Minister John Swinney. His meeting with Sir Keir is seen as a chance to refine the UK-US trade deal which came into force last month. Speaking to journalists during a visit to the Rolls-Royce factory near Glasgow Airport on Friday morning, the Chancellor talked up the importance of the visit. 'It's in Britain's national interest to have strong relations with the US administration and as a result of both that long-term special relationship, but actually more importantly, the work that our Prime Minister Keir Starmer has done in building that relationship with President Trump has meant that we were the first country in the world to secure a trade deal,' she said. 'That has a tangible benefit for people here in Scotland, whether it is people working in the Scotch whisky industry or people working in the defence sector like here at Rolls-Royce, that trade deal means lower tariffs than any country in the world on things that we send to the US.' Ms Reeves dodged a question relating to senior ministers – including Health Secretary Wes Streeting, Foreign Secretary David Lammy and Scottish Secretary Ian Murray – supporting a motion when in opposition in 2019 calling for the president's first state visit to be cancelled and accusing him of 'misogyny, racism and xenophobia'. Mr Trump is expected to visit both of his golf clubs in Scotland – in South Ayrshire and Aberdeenshire – during the visit, which has been described as 'private' by the White House, before leaving on Tuesday. His presence is likely to spark protests across the country, with Police Scotland being forced to request aid from other forces to help increase manpower for the trip. In a carefully worded statement ahead of the visit, Mr Swinney said the focus it will bring to Scotland will allow people to have their voice heard on issues including 'war and peace, justice and democracy'. Speaking to the PA news agency on Friday, the First Minister said his meeting with Mr Trump would present an opportunity to 'essentially speak out for Scotland' on issues like trade and the increase of business from the United States in Scotland. 'But there are clearly also significant international issues upon which the people of Scotland have a view and want to have that view expressed by their First Minister,' he said. 'That relates to the awfulness of the situation in Gaza and the unbearable human suffering that is going on in Gaza. 'I want to make sure that those concerns and those views are expressed to the President of the United States. 'We have that opportunity, and I intend to take that opportunity to make sure that Scotland's voice is heard.' Mr Swinney also urged all of those set to protest against the President's visit to do so 'peacefully and to do so within the law'.

Every One of Radisson's Hotel Brands, Explained
Every One of Radisson's Hotel Brands, Explained

Skift

time21 minutes ago

  • Skift

Every One of Radisson's Hotel Brands, Explained

Radisson is quietly reinventing itself through regional focus and flexible branding, trading name recognition for market adaptability. Under CEO Federico J. González, Radisson Hotel Group has transformed from a legacy operator into a streamlined, regionally focused hotel group. Today, it manages a portfolio of more than 1,575 hotels across more than 100 countries, with strategic bets on lifestyle, soft brands, and conversions rather than chasing global uniformity. Ownership has changed hands multiple times in recent years, most recently in 2018 when a consortium led by China's state-owned Jin Jiang International acquired the business. Since selling its Americas business to Choice Hotels in 2022, Radisson has refocused on Europe, the Middle East, Africa, and Asia-Pacific, where it's quietly rebuilding scale through flexible brand models and a growing presence in India. The result is a brand family that looks different than peers like Marriott or Hilton: fewer marquee names, more localized plays, and a growing mix of midscale and upscale properties designed for specific regions. Here, we run through the brands that make up the Radisson Hotel Group. Note: Global footprint numbers and brand descriptions come from the Radisson Hotel Group as of May 2025. We referred to STR's global chain scales, or categories, and Radisson's own classifications in categorizing the brands. Luxury Radisson Collection Global footprint: 65+ hotels in operation and under development; 13,080+ rooms. Radisson Take: 'Radisson Collection is a luxury lifestyle collection of iconic properties located in unique locations. While the character of each Radisson Collection hotel feels authentic to its location, all of them offer the ultimate template for contemporary living – united by bespoke design and exceptional experiences across dining, fitness, wellness, and sustainability.' Skift Take: Radisson Collection is the group's modern luxury flagship, combining standout architecture with a strong sense of place. Recent additions in Srinagar and Rome highlight the brand's commitment to high design and locally rooted experiences. Its next step is building more consistency across global markets. Upper Upscale art'otel Global footprint: 7 hotels in operation; 1,160+ rooms. Radisson Take: 'art'otel is a contemporary collection of premium arts and lifestyle hotels, designed to deliver a highly distinctive guest experience and purposefully aimed at the high-value, modern-day traveler. Each property has its own design and is dedicated to a signature artist. Integral to its success are strong destination restaurants and bar concepts retaining hotel guests and locals, whilst also being a social hub and gathering place for the local community.' Skift Take: Developed by PPHE, art'otel sits at the crossroads of art, hospitality, and culture. Each hotel showcases a signature artist and bold interiors, creating a boutique feel with strong local ties. While not fully integrated into Radisson's core, it adds creative energy and differentiation to the wider portfolio. Radisson Blu Global footprint: 400+ hotels in operation and under development; 88,370+ rooms. Radisson Take: 'Radisson Blu is an upper upscale hotel brand that delivers meaningful and memorable experiences in stylish spaces. Characterized by attention to detail and the Yes I Can! service philosophy, Radisson Blu hotels are designed to make an unforgettable difference by anticipating travelers' needs through carefully curated touchpoints. Radisson Blu hotels can be found in major cities, key airport gateways, and leisure destinations.' Skift Take: Radisson Blu has long been RHG's most widely recognized upscale brand, with a strong presence in airports, city centers, and resorts. It combines consistent service with approachable design and global familiarity, making it a reliable choice for both business and leisure travelers. While evolution has been gradual, its foundation remains solid. Radisson Red Global footprint: 100+ hotels in operation and under development; 16,690 rooms. Radisson Take: 'Radisson Red is an upper upscale hotel brand that presents a playful twist on the conventional. The brand injects new life into hospitality through informal services where anything goes, a vibrant social scene that's waiting to be shared, and stylish public spaces with standout design to inspire our guests.' Skift Take: Launched as Radisson's answer to the next-gen, digitally savvy traveler, Red tries to balance playful design with digital convenience. The brand's identity is still maturing, but its expansion shows potential and that the concept resonates beyond Europe. The brand is still maturing but provides a fresh contrast to Radisson's more traditional offerings. Park Plaza Global footprint: 70 hotels in operation and under development; 13,780+ rooms. Radisson Take: 'Park Plaza is an upper upscale hotel brand that delivers authentic, genuine service, which is inspired by the personality of each locale. Designed to create a vibrant atmosphere by offering elegant and engaging services in contemporary surroundings.' Skift Take: Park Plaza is a reliable performer in the upper-upscale tier, often located near business hubs and event venues. It offers modern design and efficient service without leaning too heavily on lifestyle trends. Quietly successful, it fits well within RHG's broader strategy. Radisson Individuals Global footprint: 100+ hotels in operation and under development; 14,570+ rooms. Radisson Take: 'Radisson Individuals is a brand that allows hotel properties to maintain and promote their unique characteristics and personalities, whilst meeting the high standards of quality and service that guests have come to expect from the Radisson Hotel Group. Radisson Individuals properties are located in key business and leisure destinations.' 'Radisson Individuals Retreats provides guests with unique opportunities to immerse themselves in out-of-the-ordinary experiences through wellness programs, cultural excursions, specialist gastronomy, and more. Situated in scenic leisure destinations, these boutique lifestyle retreats connect guests with the authentic spirit of the locale while ensuring a sustainable stay and the highest standards of quality and service.' Skift Take: Radisson Individuals allows independent hotels to plug into RHG's network while retaining their own identity. It has grown rapidly in Europe and India, where flexibility is a major draw for owners. The 'Retreats' extension adds a boutique layer in India, focused on wellness and cultural immersion. While still early in rollout, it reflects a broader pivot toward experiential leisure in domestic tourism. RHG's ability to scale this niche will likely hinge on demand beyond tier-one cities. Upscale Radisson Global footprint: 220+ hotels in operation and under development; 36,500+ rooms. Radisson Take: 'Radisson is an upscale hotel brand that offers Scandinavian-inspired hospitality, which enables guests to find more harmony in their travel experience. With natural surroundings and unexpected delights, Radisson inspires the art of being in the moment, helping guests find the right balance for their stay and enabling them to switch off and relax. Radisson hotels can be found in leisure destinations, suburban and city settings, and near airports.' Skift Take: The group's namesake brand has shifted away from its U.S. roots to focus on balance, calm, and Scandinavian-inspired design. It's expanding fast in India and EMEA, often in secondary cities and mixed-use developments. A clear repositioning effort is underway, and it's starting to resonate with travelers seeking understated comfort. Midscale Park Inn by Radisson Global footprint: 240+ hotels in operation and under development; 33,810+ rooms. Radisson Take: 'Park Inn by Radisson is a (upper) midscale hotel brand that delivers stress-free experiences, good food, and upbeat environments. Mastering the essentials, Park Inn by Radisson positively lifts our guests' mood for a happy stay – through clever use of color, inspired, contemporary design, and friendly, personalized service with surprising, feel-good extras. Park Inn by Radisson hotels can be found in capital cities, around economic hubs, and near airports and railway stations.' Skift Take: Park Inn delivers accessible, midscale hospitality with bright design and efficient service. It's most visible in transit-oriented and emerging urban markets, where its value appeals to budget-conscious business and leisure travelers. While not flashy, it remains a steady presence in Radisson's portfolio. Country Inn & Suites by Radisson Global footprint: 320+ hotels in operation and under development; 28,770+ rooms. Radisson Take: 'Country Inn & Suites by Radisson is a midscale hotel brand, inspired by a sense of belonging, community, and shared experiences. Country Inn & Suites by Radisson creates inviting modern comfort through its design, products, and services, so that all guests feel that they are welcome and connected.' Skift Take: This brand specializes in homey comfort for families and travelers passing through suburban or secondary markets. Its simple design and friendly service have made it a reliable choice in India and parts of the Asia-Pacific region. Low-key and familiar, it thrives by staying true to its roots. Park Inn & Suites by Radisson Global footprint: (Not available as of July 2025) Radisson Take: 'Park Inn & Suites by Radisson is an entry midscale hotel brand designed to deliver heartfelt hospitality in a modern yet comfortable setting. Inviting modern comfort is at the heart of ensuring our guests feel connected and welcomed. Our hotels across India share an inviting design with a reimagined use of space, harmonizing natural materials and colors that reflect the welcoming hub of a home.' Skift Take: Launched in 2022, Park Inn & Suites by Radisson is a calculated play for India's booming midscale market, aiming for 150 hotels over 10 years in tier 2 to 5 cities. It's a volume-driven bet on domestic travel, where speed, affordability, and local relevance outweigh global name recognition. Prize by Radisson Global footprint: 25 hotels in operation and under development; 4,730+ rooms. Radisson Take: 'Prize by Radisson is a midscale lifestyle hotel brand, focusing on functional lifestyle design. Prize by Radisson's eclectic character combines comfortable accommodation with an informal setting and service culture. Prize by Radisson properties feature vibrant and modern spaces that provide welcoming multipurpose social areas, but also act as a peaceful environment for travelers to get a good night's rest and balance their hectic schedules. […] Prize by Radisson properties are located in city centers near public transportation, dining, and local sites to ensure guests make the most of their visit.' Skift Take: Prize is Radisson's newest entry, aimed at value-driven travelers who want style without the high price tag. Designed for urban centers, it features compact rooms, flexible spaces, and a tech-friendly experience. It's a smart move for RHG as demand for affordable lifestyle brands grows. Radisson Hotel Group CEO speaking at Skift Global Forum 2020. What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance. Read the full methodology behind the Skift Travel 200. Originally Published on March 6th, 2018 | Last updated on July 25th, 2025 Deanna Ting contributed to the earlier version of this story.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store