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Tom Hayes: Court overturns ex-Citi trader criminal conviction for interest rate rigging

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London
Reuters
 — 

Tom Hayes, the first trader ever jailed for interest rate rigging, had his conviction overturned by Britain’s top court Wednesday after a years-long fight to clear his name.

The UK Supreme Court unanimously allowed Hayes’ appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate.

The court said there had been “ample evidence” for a jury to reasonably conclude Hayes had conspired with others to manipulate Libor submissions – much of it coming from Hayes’ own interviews with Britain’s Serious Fraud Office, which brought the charges against him.

But the jury 10 years ago was misdirected by the judge, the court said, and that “undermined the fairness of the trial.”

Supreme Court judge George Leggatt said Hayes was entitled to present his defense against allegations that he conspired to submit false information, including his insistence that he acted honestly, and to have those claims fairly considered by the jury.

“He was deprived of that opportunity by directions which were legally inaccurate and unfair,” the court said, adding that his convictions were “therefore unsafe and cannot stand.”

Hayes attends a press conference in London on July 23, 2025.

Hayes had initially received a 14-year prison sentence, later reduced to 11 years on appeal. He served five and a half years before being released on license in 2021.

A former star Citigroup and UBS trader, Hayes became the face of the global Libor scandal and challenged his conviction during three days of hearings at the UK Supreme Court along with Carlo Palombo, 46, a former Barclays trader who was found guilty in 2019 of skewing Libor’s euro equivalent, Euribor.

The court also quashed Palombo’s conviction. He was given a four-year sentence in 2019.

The SFO said that after considering the judgment it would not be in the public interest for it to seek a retrial.

Hayes and Palombo had argued that their convictions depended on a definition of Libor and Euribor that assumes there is an absolute legal bar on a bank’s commercial interests being taken into account when setting rates.

The Libor rate, phased out in 2023, was designed to reflect banks’ short-term funding costs and based on daily estimates from a group of banks as to how much they would expect to pay to borrow funds from each other for a range of currencies and periods.

Hayes’ challenge at the Supreme Court followed a landmark US court decision in 2022 that overturned the Libor rigging convictions of two former Deutsche Bank traders.



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Russia-Ukraine: Third round of peace talks begin in Turkey

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Russian and Ukrainian delegates have begun their third set of direct talks in Istanbul, days after US President Donald Trump gave Moscow a 50-day deadline to make peace or face “very severe tariffs.”

Russian President Vladimir Putin has not publicly acknowledged Trump’s ultimatum, and Moscow has continued to pummel Ukrainian cities with drones and missiles while its ground troops grind forward in the east.

The two previous rounds of talks in Istanbul, in May and June, helped facilitate the exchange of thousands of prisoners of war and the remains of dead soldiers, but made little progress toward a potential ceasefire agreement.

Before Wednesday’s latest round of talks, Kremlin spokesperson Dmitry Peskov sought to downplay expectations, stressing that the two sides’ negotiating positions remain “diametrically opposed.”

“No one expects an easy path. It will be a very difficult discussion,” Peskov said Wednesday. A day earlier, he told reporters not to expect “any miraculous breakthroughs.”

Peskov confirmed that Moscow’s delegation is unchanged from the previous rounds of talks and will be headed by Vladimir Medinsky, a former culture minister and now a senior Putin aide.

Rustem Umerov, Ukraine’s former defense minister, is leading Kyiv’s delegation after heading the previous two.

Last month, Russian casualties hit a grim milestone, with the UK’s Ministry of Defence estimating that Putin’s war has likely cost Russia more than 1 million casualties since the start of its full-scale invasion in February 2022.

That number tracked with an assessment the same month from the Center for Strategic and International Studies, a think tank in Washington, DC, which put the number of casualties at 950,000 and predicted that “Russia will likely hit the 1 million casualty mark in the summer of 2025.”

Rustem Umerov, Ukraine's former defense minister, is heading Kyiv's delegation.

Despite those losses, the Russian president has shown little sign of compromising on his maximalist war aim of dismantling Ukraine’s sovereignty. In a long essay published months before the full-scale invasion, Putin falsely argued that Russia and Ukraine are one country; his comments suggesting to many that the war has been waged to make that a reality.

In addition to Trump’s fresh threat of new sanctions on Russia and other countries that purchase Russian oil if peace isn’t reached in 50 days, the US also secured a deal to funnel new weapons to Kyiv through European allies. The moves were in stark contrast with previous approaches the US leader has taken with the conflict.

Trump’s reversal came after the European Union unveiled a new package of sanctions proposing to lower the price cap on Russian oil exports and introducing a full transaction ban on Russian banks and financial institutions in third countries that help Russia dodge existing sanctions.

It is unclear whether Trump’s latest decisions will sway Moscow’s approach, but his about-face could provide a much-needed boost to Ukraine’s military coffers, and signals his growing frustration with Putin.

“My conversations with him are very pleasant, and then the missiles go off at night,” Trump explained last week.

Before the talks, Ukrainian President Volodymyr Zelensky reiterated his call for a direct meeting with Putin, saying only a meeting of the two leaders can end the war.



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Macron sues Candace Owens over claims his wife is a man

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Paris
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PARIS – French President Emmanuel Macron and his wife, Brigitte, filed a 22-count defamation lawsuit in the United States against right-wing podcaster Candace Owens Wednesday over the claim that Brigitte could be a man.

The lawsuit filed in Delaware Superior Court alleges Owens has broadcast “a relentless year-long campaign of defamation against the Macrons” according to a statement from Tom Clare, the Macrons’ lawyer.

In March, conservative commentator Candace Owens revived an absurd conspiracy theory with a YouTube video titled “Is France’s First Lady a Man?” according to the complaint.

Promoted widely on X, Owens said the conspiracy theory was, “likely the biggest scandal in political history.”

Since then, Owens has produced numerous videos about Brigitte Macron for her nearly 4.5 million YouTube subscribers, including a multi-part series called “Becoming Brigitte.”

The lawsuit further claims she has also sold merchandise promoting the claim.

The Macrons’ complaint alleges Owens was the first person to bring these baseless claims to the US media and an international audience. The couple are suing for punitive damages and allege that they have suffered “substantial economic damages” including loss of future business opportunities.

On Instagram, Owens posted a screenshot Wednesday of an article referencing the Macrons’ lawsuit and a picture of the couple with the caption: “I will be coming for this wig today. Stay tuned.”

CNN has reached out to Owens for comment.

Separately, Brigitte Macron sued two French women for spreading similar claims in 2022. After winning the initial case, this year the women won an appeal and the lawsuit will go to a higher court, according to CNN affiliate BFMTV.

According to the statement, these retraction demands to Owens were accompanied by, “incontrovertible evidence disproving her allegations and proving, among other things, that Mrs. Macron was born a woman named Brigitte Trogneux, that she is not a blood relative of President Macron,” and that the Macrons are not being controlled or blackmailed by unknown forces by a CIA-linked program.

“Owens has used this false statement to promote her independent platform, gain notoriety, and make money,” the official complaint said.

The claims caused, “tremendous damage” to the Macrons, the complaint added.

“Every time the Macrons leave their home, they do so knowing that countless people have heard, and many believe, these vile fabrications. It is invasive, dehumanizing, and deeply unjust,” the complaint continued.

The Macrons are seeking punitive damages against Owens and her business entities for 22 counts of defamation, false light, and defamation by implication, the statement said.

At a Paris event in March 2024, Macron addressed the rumor around his wife saying that the worst part of being a president was having to deal with “the false information and fabricated stories.”

“People end up believing them, and it disrupts your life, even in your most private moments,” Macron said.

France’s Elysee Palace said the lawsuit was a “private affair” and would not comment on the matter.



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Ukraine sees first major anti-government protests since start of war, as Zelensky moves to weaken anti-corruption agencies

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CNN
 — 

Ukraine has seen the first major anti-government protests since the start of Russia’s full-scale invasion over three years ago, as a move by President Volodymyr Zelensky to curb anti-corruption agencies sparked fury across the nation.

Defiant crowds gathered in the capital Kyiv on Tuesday, as well as Lviv in the west, with smaller groups gathering in Dnipro in the east and Odesa in the south, after Ukraine’s Parliament — the Verkhovna Rada — approved a bill that grants oversight of two key anti-corruption agencies to the prosecutor general, a politically appointed figure.

Critics say the move will hamper the two bodies, the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO), and take Ukraine further away from its dream of joining the European Union. The EU has made it clear to Kyiv that it must implement strong anti-graft measures if it wants to become a member. The Biden administration urged the Ukrainian government to do more to root out corruption in 2023.

Ukraine has long been seen as one of the most corrupt countries in Europe. Allegations of corruption have been wielded against some of the country’s top officials, including several close allies of Zelensky – such as former Deputy Prime Minister Oleksiy Chernyshov.

The bill was fast-tracked through the parliament and signed into law by Zelensky late Tuesday. The Ukrainian leader said in his nightly address that both organizations would “continue to work” but defending his move as a necessary step to rid the two agencies of “Russian influence.” This came after Ukrainian authorities raided one of the bodies on Monday and arrested two of its employees “on suspicion of working for Russian special services.”

He also criticized the previous system as leading to cases being stalled for years.

But opponents say the two agencies will no longer be able to operate independently because the new law gives the prosecutor general power to influence investigations and even shut cases down.

Criticism came from all corners of society. Former Foreign Minister Dmytro Kuleba slammed the move in a statement, calling Tuesday a “bad day for Ukraine.”

The move didn’t go unnoticed on the frontlines, where the military is struggling to hold back Russian forces. Referring to corruption that the agencies were working to root out, Yegor Firsov, chief sergeant of a drone strike platoon, said on X that “this is not a question of NABU or SAP. This is a question of barbarism,” adding that “nothing is more demoralizing than seeing that while you are sitting in a trench, someone is robbing the country for which your brothers are dying.”

Responding to the criticism on Wednesday, Zelensky said “everyone would work solely in a constructive manner to resolve existing issues, deliver greater justice, and truly protect the interests of Ukrainian society.”

The two agencies affected by the law, said in a joint statement on Wednesday that they were “deprived of guarantees that previously enabled them to effectively carry out their tasks and functions in combating high-level corruption.” They called on the government to reverse the law.

Crucially for Kyiv, the criticism is coming from both inside and outside of Ukraine, including from some of the country’s key Western allies.

People protest against the new law in Kyiv on July 22, 2025.

The Ukrainian branch of Transparency International, a leading independent nonprofit group that monitors corruption around the world, previously urged Zelensky to veto the new law.

It said that the new law destroys Ukraine’s independent anti-corruption institutions, which it said were “one of the greatest achievements” since pro-European protests sparked the Revolution of Dignity in 2014 that ousted pro-Russian President Viktor Yanukovych.

The two agencies were both founded after the revolution, specifically to tackle corruption among Ukraine’s top political echelon.

NABU is in charge of investigation corruption allegations, passing them to SAPO to prosecute once it has gathered evidence. Transparency International also said the new law would undermine the trust of Ukraine’s international partners, as a myriad of global organizations stepped in to criticize the law.

Marta Kos, European Union’s top official in charge of the process of admitting new member states, said she was “seriously concerned” over the law.

“The dismantling of key safeguards protecting NABU’s independence is a serious step back. Independent bodies like NABU & SAPO, are essential for (the) EU path. Rule of Law remains in the very center of EU accession negotiations,” Kos said on X.

Meanwhile, the American Chamber of Commerce said the move was disappointing. It said the law “threatens the independence of Ukraine’s anti-corruption infrastructure and undermines trust in the country’s anti-corruption efforts.”

Ukrainians attend a rally against the new law in central Lviv, Ukraine on July 22, 2025.

The Agency for Legislative Initiatives (ALI), a leading Ukrainian think tank that focuses on democracy building and scrutinizes the work of the country’s parliament, said in a statement that the new law is a “180-degree turn” in European integration efforts.

ALI said the law gives the Ukrainian prosecutor general “nearly unlimited powers,” including the authority to transfer cases to different prosecutors and effectively block any investigations by pushing through administrative obstacles.

The prosecutors working for SAPO have gone through a rigorous selection process that included international expert advisors, ALI said, adding they have expertise that is unparalleled in other parts of the law enforcement system.

ALI also said that while the law purports to be a response to the war and the current extraordinary circumstances, it envisions the oversight of the top prosecutor to continue for three years after Ukraine’s martial law is lifted.

Fighting rampant government corruption was Zelensky’s main campaign pledge ahead of the 2019 election. A former comedian who played Ukraine’s president on a hit TV show, Zelensky had zero political experience before his victory – but he tapped into voters’ dismay on the issue.

During the war, Zelensky has fired a slew of senior Ukrainian officials over corruption allegations, and his government has instigated anti-corruption measures, including the National Anti-Corruption Strategy.

International organizations, including the EU, the United Nations and the Group of 7 have previously praised Zelensky’s government for its anti-corruption efforts.

But those same organizations are now denouncing the new law – while its critics in Ukraine say Zelensky’s campaign platform to rid the country of corruption was simply empty promises.



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