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Defendant shot dead outside court in Mississippi

A man is being held in custody following the shooting of a defendant outside a court in Mississippi.

A defendant has been shot dead outside a court in Mississippi. Credit: Google Maps

The suspect fired one shot with a handgun, Madison County sheriff Randy Tucker said, hitting the man in the chest, who then died at the scene. Neither man has been identified.

Madison County district attorney Michael Guest said they do not know the motive for the shooting.

The victim had been due to appear in court on drug charges.

UBS and Citigroup react to trader's rigging conviction

The two banks, where Tom Hayes worked while he was rigging Libor rates, have made the following statements, after he was sentenced to 14 years in prison for conspiracy to defraud.

UBS was not a party to this case. It was a matter between the SFO (Serious Fraud Office) and Mr Hayes and UBS has no comment. The bank has resolved this legacy matter with most authorities and is committed to reducing operational risks and upholding a culture of doing the right thing.

– UBS statement

Tom Hayes was terminated in September 2010 following an incident that was reported to compliance. Citi (Citigroup) also reported the matter to the appropriate regulators at the time.

– Citigroup statement

Hayes was employed at UBS from August 2006 to December 2009, and at Citigroup from December 2009 to September 2010.


Hauliers invite PM to visit Calais to see the 'mayhem'

The Prime Minister has been invited to travel to Calais to witness the impact of the migrant crisis "first hand", by the Road Haulage Association.

Lorries have repeatedly been targeted by migrants trying to reach Britain and pressure is building on the Government to secure a long-term solution.

Migrants trying to board UK bound lorries on the main road into Calais ferry port. Credit: PA

Without witnessing the mayhem at Calais first hand, neither the Prime Minister, nor his advisers can fully grasp the severity of the situation.

I have therefore issued an invitation to David Cameron to travel with him across the Channel to see for himself the appalling conditions that drivers are facing.

– RHA chief executive Richard Burnet

Libor rate-rigging proved costly for a number of banks

Libor rate-rigging was a practice that proved costly for a number of banks when the extent of the scandal emerged in the wake of the 2007 and 2008 financial crisis.

Barclays was the first bank to be fined over the affair
was paid by UBS and the US Justice Department filed charges against British trader Tom Hayes
was the fine for Royal Bank of Scotland
was the fine levied on Lloyds Banking Group in July 2014 after it admitted rate-rigging

Much of the money paid in fines in the UK has been allocated to charities.


Libor scandal prompted reform of financial markets

In the wake of the Libor rigging scandal, there has been a renewed focus on the practices of the financial markets.

A review in September 2012 found that manipulation of the way Libor was fixed had damaged trust in the financial system and called for urgent reforms.

Dozens of traders have been fired as a result of their alleged involvement in the Libor scandal. Credit: PA

The role of the British Bankers' Association in overseeing Libor was severely criticised and responsibility for it was handed to America's Intercontinental Exchange Benchmark Administration this year.

Rules published in 2013 laid out new requirements for checking banks' submissions and monitoring for suspicious activity by benchmark administrators, as well as the policy on handling conflicts of interest.

In June, Bank of England governor Mark Carney backed plans laid out by the Fair and Effective Markets Review for the lengthening of the maximum sentence for market abuse from seven to 10 years.

Libor: What is the rate that was rigged?

A number of banks including Barclays, Lloyds Banking Group, the Royal Bank of Scotland and Deutsche Bank have been fined billions of pounds for their part in the Libor rigging scandal. But what exactly is the rate that was manipulated?

  • Libor - or The London Interbank Offered Rate - is a benchmark that indicates the interest rate that banks charge when lending to each other.
  • Each day, a panel of banks set out what rates they think they can borrow from others over a range of periods - from overnight up to 12 months.
  • The data is collated, the top and bottom estimates are removed and the rest are then averaged to give a final figure.
  • It is used as the basis for hundreds of trillions of dollars of loans and transactions around the world from complex derivatives to mortgages.
  • Libor is seen as fundamental to the operation of UK and world markets.
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