Global shares rally on tentative Brexit deal
BANGKOK (AP) — Global markets were boosted Thursday by news that Britain and the European have agreed on an outline Brexit deal after days of intense negotiations. Benchmarks in London and Frankfurt rallied and Wall Street was positioned for gains when the market opens in New York. Although news of a Brexit breakthrough had investors optimistic, the deal must still be formally approved by the bloc and ratified by the European and U.K. Parliaments.Further complicating matters was British Prime Minister Boris Johnson's Northern Irish government allies, who immediately said they could not back the outline deal because of provisions for the Irish border.
By Brendan PiersonNEW YORK (Reuters) - Two former Deutsche Bank AG traders will not serve any prison time for conspiring to manipulate the Libor benchmark interest rate between 2005 and 2011, a federal judge ruled on Thursday, sharply criticizing U.S. prosecutors for treating the two men as "proxy wrongdoers" for a much larger scheme.
Matthew Connolly, who once led Deutsche Bank's pool trading desk in New York, was sentenced by U.S. District Judge Colleen McMahon in Manhattan to six months' home confinement, while Gavin Campbell Black, who worked on the bank's London desk, was sentenced to nine months' home confinement, which he will be allowed to serve in England.
Prison reform groups condemn public vote on name of mega-prison
'There's nothing to celebrate about 109 women dying in prison since 2007 alone'A decision to open up the floor for members of the public to name a new £235m mega-prison being built in Wellingborough, Northamptonshire, has been widely criticised by campaigners, who have branded the move "patronising and insensitive.
The sentence is a setback for U.S. prosecutors in one of the few criminal cases to emerge from a sweeping probe of Libor rigging. The prosecutors had asked the judge to order "substantial" prison time for both men, saying federal guidelines called for close to 10 years, along with a $3 million (£2.33 million) fine for Connolly and a $2 million fine for Black.
McMahon, however, said the defendants were "low on the totem pole" and that the prosecutors were trying to hold them responsible for behaviour throughout the financial industry.
"You should be sentenced for what you did, but I do think it is fair to say that the government has used Mr. Connolly and Mr. Black... as proxy wrongdoers," she said.
"We're pleased with the court's ruling," Kenneth Breen, Connolly's lawyer, said after the sentencing. Black's lawyer, Seth Levine, had no immediate comment.
The Libor investigation may be over but we haven't heard the last of it
It has lasted for seven years and cost taxpayers at least £60m - but today the Serious Fraud Office finally announced it was closing its investigation into the alleged rigging of a key interest rate. © PA Trader Tom Hayes and his wife Sarah Tighe are fighting his conviction The SFO launched its investigation into the rigging of Libor, the London Interbank Offered Rate, in 2012.
The U.S. Department of Justice could not immediately be reached for comment.
Libor, or the London interbank offered rate, underpins trillions of dollars of financial products and is based on what banks say they believe they would pay if they borrowed from other banks. It is to be phased out by 2021.
Investigations on whether banks manipulated Libor have led to billions of dollars in global settlements with financial institutions and U.S. and UK cases against several people.
Two former Rabobank traders were sentenced to prison in the United States, but their convictions were thrown out on appeal.
Connolly was the first U.S. citizen charged with Libor rigging. In a 2016 indictment, prosecutors said that from 2005 to about 2011, he, Black and others conspired to submit false estimates for U.S. dollar Libor rates to manipulate the rate for their own gain.
Deutsche Bank agreed in April 2015 to pay $2.5 billion to resolve U.S. and UK investigations of Libor rigging.
(Reporting by Brendan Pierson in New York; Editing by Dan Grebler)
Police warning over fake bank notes circulating in North Wales - how to spot them .
Officers have seized a fake £50 note in the Abergele area North Wales Police has said that they seized a fake Irish £50 note from a shop in Abergele after it was used recently, and believe more money could be in circulation.