Barclays pays a further $100m in the US over Libor fraud
Barclays bank has paid a further $100m (£77m) to settle a claim by 44 US states that it rigged the Libor rate system between 2005 and 2009.
Libor - or London inter-bank offered rate - is used by banks to set the cost of lending money to each other. The New York attorney-general, Eric Schneiderman said government bodies and not-for-profit organisations had been defrauded of millions of dollars. The Libor scandal has already cost Barclays $453m.
That sum was paid to the US Justice Department, the US Commodity Futures Trading Commission and the UK's Financial Services Authority in 2012. As part of the latest legal settlement, Barclays admitted what had already been firmly established; that some of its dealers rigged Libor rates in a system of mutual back-scratching between 2005 and 2009.
Mr Schneiderman said: "There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions that engage in fraud or impair the fair functioning of financial markets." Other banks that have reached settlements with the US authorities in similar Libor cases include UBS, which paid $1.5bn (£940m), RBS, Deutsche Bank and ICAP.
But Mr Schneiderman said Barclays was the first bank to settle cases brought by individual US state authorities. For its part, Barclays said it was "pleased" to have settled this latest legal threat in the US. "We believe this settlement is in the best interests of our shareholders and clients," it said.
Walmart to buy Jet.com for $3.3bn
Walmart has announced plans to buy e-commerce site Jet.com for $3.3bn (£2.5bn) in a move that could help boost its online retail sales.
Walmart has been struggling to compete against online retailers like Amazon. Jet.com has soared in the e-commerce space since it launched in 2015, undercutting some of Amazon's prices.
Doug McMillon, Walmart's chief executive, said the deal would help accelerate the growth of Jet.com and Walmart's own website. "We're looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that's what our customers want," said Mr McMillon. "We believe the acquisition of Jet accelerates our progress across these priorities."
Walmart will pay $3bn in cash and $300m in stock. Walmart and Jet.com will remain separate companies, but will co-operate over technology.
Jet.com launched in July 2015 by entrepreneur Marc Lore. Mr Lore sold his last company Quidsi, the parent company of a family of websites including Diapers.com and Soap.com, which was sold to Amazon in 2011 for $545m.
Jet.com started off using a pricing strategy that offered discounts for placing larger orders and charged a $50 subscription fee. The subscription model was dropped after three months. "The combination of Walmart's retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets - together with the team, technology and business we have built here at Jet - will allow us to deliver more value to customers," said Mr Lore.
Android bug fear in 900 million phones
Serious security flaws that could give attackers complete access to a phone's data have been found in software used on tens of millions of Android devices.
The bugs were uncovered by Checkpoint researchers looking at software running on chipsets made by US firm Qualcomm. Qualcomm processors are found in about 900 million Android phones, the company said. However, there is no evidence of the vulnerabilities currently being used in attacks by cyberthieves.
"I'm pretty sure you will see these vulnerabilities being used in the next three to four months," said Michael Shaulov, head of mobility product management at Checkpoint. "It's always a race as to who finds the bug first, whether it's the good guys or the bad."
Affected devices included:
BlackBerry Priv
Blackphone 1 and Blackphone 2
Google Nexus 5X, Nexus 6 and Nexus 6P
HTC One, HTC M9 and HTC 10
LG G4, LG G5, and LG V10
New Moto X by Motorola
OnePlus One, OnePlus 2 and OnePlus 3
US versions of the Samsung Galaxy S7 and Samsung S7 Edge
Sony Xperia Z Ultra
Mr Shaulov said six months of work to reverse engineer Qualcomm's code revealed the problems. The flaws were found in software that handles graphics and in code that controls communication between different processes running inside a phone. Exploiting the bugs would allow an attacker to gradually be able to take more control over a device and gain access to its data.
Prince's estate denies planning to sell his Paisley Park home
The administrator of Prince's estate has denied reports it is planning to sell Paisley Park, the star's former home and recording studio complex.
A court filing on Friday had included the property among a list of assets that could be sold. But the Bremer Trust issued a statement on Saturday saying it "has no plans" to offload Paisley Park. It added that the "Purple Rain house" - which featured in the career-making film of the same name - was also safe.
Prince was found dead in an elevator inside Paisley Park in April, after an accidental overdose of painkillers. Thousands of fans gathered outside the property in the following days to lay tributes and pay their respects.
Delta: Thousands of passengers stranded by power cut
Thousands of air passengers around the world have been left stranded after a power cut forced the US airline Delta to suspend flights. The incident caused delays across the US and in Japan, Italy and the UK. Airport check-in systems, passenger advisory screens, the airline's website and smartphone apps were affected by the systems failure on today. After six hours, Delta said flights had resumed on a limited basis but warned of continuing delays and cancellations. The airline suspended dozens of departures early on this morning, with airport agents forced to write out boarding passes by hand.
Mexico searches for victims of deadly Storm Earl
Emergency workers in Mexico are searching for survivors after landslides killed dozens in the wake of Tropical Storm Earl. The worst-affected state was Puebla in central Mexico, where at least 28 people were killed after torrential rains set off mudslides. Puebla Governor Rafael Moreno Valle said dogs had been brought in to search for those missing. Officials said some outlying areas had not yet been reached. At least 40 people have been confirmed dead after Tropical Storm Earl moved over Mexico on Saturday. Earl had earlier hit Belize and Guatemala in Central America.
Ethiopia protests: 'Nearly 100 killed' in Oromia and Amhara
Nearly 100 people were killed in the weekend's protests in Ethiopia as demonstrators clashed with security forces in different parts of the country, Amnesty International says. The rights group says the most deadly incident happened in Bahir Dar, where at least 30 people died on Sunday. The authorities have said seven died in Bahir Dar and that security forces were reacting to violence from protesters. There has been an unprecedented wave of protests in Ethiopia in recent months. People in the Oromo and Amhara regions have been complaining about political and economic marginalisation.
US election 2016: Donald Trump to lay out economic agenda
Republican presidential nominee Donald Trump plans to jump start the US economy by suspending new regulations and cutting corporate taxes. The New York real estate mogul is set to lay out his economic agenda with a major policy speech on today. The campaign hopes to shift focus to economic issues, seen as one of the candidate's strengths, after a bruising week on the campaign trail. Trump’s plans also call for the revival of the Keystone oil pipeline project. The proposed pipeline would run for 1,179 miles (1,897 km) taking 800,000 barrels of oil a day from Alberta, Canada, to Steele City, Nebraska. The Obama administration scrapped plans for the pipeline amid concerns about its effect on the environment.
FUTURE LEADERS OF THE TURKS AND CAICOS ISLANDS URGED TO APPLY FOR A CHEVENING SCHOLARSHIP TO STUDY IN THE UK
Applications open 8th August 2016 – 08th November 2016
Talented professionals and public servants from the Turks and Caicos Islands are able to apply for a fully funded one year Masters Degree, under the UK’s Flagship scholar programme supported by the Foreign and Commonwealth Office (FCO) and partner organizations. The Chevening Scholarship Programme is a global scholarship programme aimed at future leaders.
TCI has been successful in having two persons awarded with this Scholarship in the past two years, Mrs Kenisha Bacchus, who currently works as a Legal Consul for the TCI Financial Services Commission(awarded in 2014) and Miss Myrlchina Lewis, who is currently in the UK finishing up her studies(awarded in 2015).
The Scholarship is awarded to outstanding individuals with leadership potential, and those that are willing to contribute positively to the development of the Turks & Caicos Islands.
Awards are typically for a one year Masters Degree, in any area subject at any of the UK Leading Universities.
The Governor Peter Beckingham welcomed this year’s opportunity for Turks and Caicos Islanders to apply for scholarships, and said “I am delighted that during my three year term TCI has succeeded for the first time in winning Chevening scholarships. It is difficult to exaggerate the competitive nature of these awards, as I have seen for myself in other countries I have worked like India and the Philippines, where hundreds apply annually.
“It is to the great credit of TCI’s winners Kenisha and Myrlchina that they received these prestigious scholarships. I’m sure that they will use their experience for the benefit of the TCI organisations they have returned/will return to, and I hope that everyone in TCI will be proud of their achievements”.
IN ORDER TO SUMBIT AN ELIGIBLE CHEVENING SCHOLARSHIP APPLICANTS MUST:
Be a Citizen of a Chevening-eligible country, and return there for a minimum of two years after completing their scholarship.
Have completed an undergraduate degree
Have at least two years work experience
Be able to meet the Chevening minimum English Language Requirement
Be able to obtain the correct visa, and receive an unconditional offer from a UK university
Chevening Scholarship offers a monthly stipend, travel to and from your country, a thesis or dissertation grant and tuition fees.
Applicants should read the online guidance and be able to demonstrate how they meet the Chevening selection criteria before submitting an application. Further details of closing dates and priority subject’s areas are available at
www.chevening.org/apply
For more Information Contact the Chevening Officer- Mr Neville Misick
Email: Neville.misick@fco.gov.uk
Telephone: +1649 -916-2308/9
Applications open 8th August 2016 – 08th November 2016
TCI & BAHAMAS PUBLIC FORECAST
THE BAHAMAS PUBLIC FORECAST FOR THIS AFTERNOON AND TONIGHT
MONDAY 08TH AUGUST 2016
GENERAL SITUATION: MID TO UPPER LEVEL TROUGHING WILL SUPPORT INCREASED CLOUDINESS AND ENHANCED SHOWER ACTIVITY MAINLY ACROSS THE NORTHWEST AND CENTRAL BAHAMAS.
FOR THE NORTHWEST AND CENTRAL BAHAMAS
WEATHER: PARTLY TO MOSTLY CLOUDY, WARM AND HUMID WITH SCATTERED SHOWERS AND ISOLATED THUNDERSTORMS THROUGH TONIGHT
ADVISORY: BOATERS SHOULD BE ALERT FOR GUSTY WINDS AND HIGHER SEAS IN OR NEAR SHOWERS AND THUNDERSTORMS
WINDS: SOUTHEAST TO SOUTH AT 10 TO 15 OVER OPEN WATERS, FALLING LIGHT AND VARIABLE AT TIMES.
SEAS: 2 TO 4 FEET OVER THE OCEAN.
FOR THE TURKS & CAICOS & SOUTHEAST BAHAMAS
WEATHER: PARTLY TO MOSTLY SUNNY AND HOT WITH THE CHANCE OF A FEW SHOWERS
ADVISORY: BOATERS SHOULD BE ALERT FOR GUSTY WINDS AND HIGHER SEAS IN OR NEAR SHOWERS AND THUNDERSTORMS.
WINDS: EAST TO SOUTHEAST AT 10 TO 15 KNOTS
SEAS: 2 TO 4 FEET OVER THE OCEAN.
DAYTIME HIGH TEMPERATURE: 92F 33C
OVERNITE LOW TEMPERATURE: 79F 26C
SUNSET: 7:50PM
SUNRISE: 6:41AM TUE
MOONSET: 11:37PM
MOONRISE: 12:33PM TUE
HIGH TIDE: 12:31PM LOW TIDE: 6:44PM
HIGH TIDE 12:43AM TUE LOW TIDE: 7:03AM TUE
WEATHER OUTLOOK FOR TOMORROW: PARTLY CLOUDY WITH ISOLATED SHOWERS AND THUNDERSTORMS ACROSS THE NORTHWEST BAHAMAS…SUNNY AND HOT ELSEWHERE WITH A STRAY SHOWER OR TWO.
TROPICAL WEATHER OUTLOOK: DISORGANIZED CLOUDINESS AND SHOWERS LOCATED A FEW HUNDRED MILES NORTHEAST OF THE BAHAMAS ARE ASSOCIATED WITH A MID-LEVEL TROUGH OF LOW PRESSURE. THERE ARE NO SIGNS OF A SURFACE CIRCULATION, AND DEVELOPMENT OF THIS SYSTEM HAS BECOME UNLIKELY AS THE TROUGH MOVES GENERALLY NORTHWARD OFF THE COAST OF THE SOUTHEASTERN UNITED STATES. THIS SYSTEM HAS A LOW CHANCE OF FORMATION THROUGH THE NEXT 5 DAYS.
FORECASTER: K. WARD-FORBES/dg/cwr