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Final broker cleared in Libor-rigging trial

A sixth and final defendant has been cleared of trying to manipulate the official Libor interest rate used for lending between banks.

All six men in the trial were acquitted Credit: PA

Darrell Read, 50, of Wellington, New Zealand, was found not guilty of conspiracy to defraud by a jury at London's Southwark Crown Crown.

His five-co defendants were also cleared yesterday of by trying to manipulate the Libor rate linked to the Yen.

All six men in the trial had been accused of helping trader Tom Hayes to manipulate the Libor rate over a period of four years.

Hayes was was convicted of conspiracy to defraud earlier this year.


BAE Systems boss: Global economy fears are 'more than just a blip'

Sir Roger Carr, chairman of multinational defence and engineering company BAE Credit: ITV News

The boss of BAE Systems has told ITV News that the current global economic troubles were more than just a blip, but cautioned against over-reacting.

Sir Roger Carr, chairman of the multinational defence and engineering company, told Economics Editor Richard Edgar at the World Economic Forum is Davos that there is a "climate of uncertainty".

The China position is serious - although there's still solid growth - and the oil position is clearly a huge change which may ultimately lead to positive cost of production benefits but in the short term creates turmoil.

All of which feeds through to the stock market and it creates a climate of uncertainty so I don't think in any way we should consider this to be a blip, but I don't think in any way we should see it as an absolute crisis.

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