Wilkinson, employed in the London office of ICAP, supervised a group of derivatives brokers, including Read, who specialized in yen-based products. According to the charges, the desk’s biggest client between 2006 and 2009 was Tom Hayes, the former UBS and Citigroup trader who is also facing criminal charges in Britain and the United States. Read talked to Hayes almost daily, prosecutors said, and a big part of the ICAP traders’ compensation was tied to the business generated by him. Goodman, a cash broker in ICAP’s London office nicknamed “Lord Libor”, was meanwhile in contact with derivatives traders at other banks and sent out a daily email with “SUGGESTED LIBORS”, prosecutors said. Hayes allegedly sent requests in through derivatives traders, who passed them on to Goodman. In 2006, prosecutors said, Read asked Goodman to suggest a high six-month rate, saying: “the trader from ubs Tokyo will come over and buy you a curry himself!”. The conduct stretched into 2010, well after allegations of Libor manipulation had surfaced in the public. “We deeply regret and strongly condemn the inexcusable actions of the brokers who sought to assist certain bank traders in their efforts to manipulate yen Libor,” said ICAP Chief Executive Michael Spencer in a statement. Tracey McDermott, the head of enforcement at the FCA, said the misconduct cast a shadow over the financial services industry as she denounced the “cavalier disregard” the ICAP subsidiary had shown both for its regulatory obligations and the interests of the markets. AUTHORITIES CLOSE IN Three banks – Britain’s Barclays and RBS and Switzerland’s UBS – have paid around $2.6 billion to date to secure civil settlements for rate rigging with UK and U.S. regulators. Britain’s Serious Fraud Office (SFO) has leveled criminal charges at three individuals, and U.S. prosecutors have now charged five. Both have charged Hayes, a Briton being prosecuted in Britain, who once complained in a text message to the Wall Street Journal: “This goes much higher than me.” The cash-strapped SFO has said it hopes to charge more individuals over Libor rate rigging this autumn and has tried to reassure critics it will not hesitate to also pursue senior industry figures or even institutions.
UK bars cut prices in tax protest
Its thought 15,000 bars and restaurants across the UK will take part in Tax Parity Day Tax Parity Day has been organised by Jacques Borel, the man behind the VAT drop in France and other countries across Europe. Currently the UKs on-trade pays a 20% VAT rate on all food and beverage sales, while the off-trade pays 0% VAT on food sales. Borel has campaigned in the UK for several years for a lower rate of VAT to be introduced to ease the regulatory burden on bars and restaurants. He also claims such a rate would generate an extra 1.5bn in taxes in three years, as well as 600,000 jobs. The first consequence [of a VAT reduction] will be a reduction in price for consumers, the VAT Club Jacques Borel said. Based on our surveys prices will fall by around 7.5%. This represents a pass-through of 60% of the decrease in tax. Experience from other European countries, including France, Germany, Ireland and Sweden, suggest an increase of around 10% in customers, requiring additional staff. This is supported by several economic studies. The other 40% will be used for wider benefits such as higher wages and investment. The VAT Club Jacques Borel believes over 15,000 outlets will take part in Tax Parity Day today, with those participating a 10% increase in sales. Tim Martin, chairman of JD Wetherspoon pub chain, told BBC Radio 5 live: Our point is that not everyone pays VAT in the same way pubs do supermarkets can subsidise their sales of alcohol, each pint thats sold in a pub generates far more tax than it does in a supermarket. The UK government however disputes the figures, claiming a 5% reduced rate on catering services would cost the Exchequer around 9bn.
Cash Window: Who’s the Biggest Saver? The UK’s 2013 Spending Habits Revealed.
Markets close in 5 hrs 15 mins Cash Window: Whos the Biggest Saver? The UKs 2013 Spending Habits Revealed. Press Release: Cash Window 59 minutes ago Print LEEDS, England–(BUSINESS WIRE)– A recent survey commissioned to discover the UKs spending habits in 2013, today reveals who the biggest spenders are in the UK, and how theyre spending their hard earned cash. The research aimed to gain insights into how much people spend and on what, how much disposable income the average person has, and which work sector is best at saving. The national research study of 1,000 UK workers, conducted by OnePoll for the new short terms loan company Cash Window, (part of the long-standing financial parent company Albemarle Bond Holdings PLC), discovered that those working in the financial sector are the worst at saving money each month. The majority of UK residents have changed their spending habits in the last 5 years, with 4 out of 5 people now claiming to be more careful with their spending. However, 1 in 4 respondents admitted to not saving anything at all at the end of the month. When broken down by region, the South West are the worst at saving, putting only 18% of their disposable income into savings. 61% of people in the UK have some disposable income each month, with those in the West Midlands having the most disposable income. Over 55s top the chart when it comes to disposable income. Gary Miller-Cheevers, Director of Unsecured Lending at Cash Window, says: The survey revealed some really interesting insights around how the UKs spending habits have changed in recent years, especially when it comes to the battle of the regions and what people are spending their money on. The survey also revealed that people earning 20 25k save a higher percentage of their income than those earning 70-80k, which suggests those who earn less are the most money conscious. For more information and to see the infographic based on the UKs spending habits survey, visit: https://www.cashwindow.co.uk/habits -Ends- Notes to Editors Cash Window has nearly 200 shops throughout the UK and operate online, in store and on mobile.