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West Africa Must Emulate Ghana’s Peaceful Elections — TinubuBarclays fined £40m over 'reckless' Qatar fundraising during the financial crisis By CALUM MUIRHEAD Updated: 22:01, 25 November 2024 e-mail View comments Barclays has been fined £40million after raising cash from Qatar. Regulators said the move was ‘reckless and lacked integrity’. The Financial Conduct Authority (FCA) told the banking giant that it should have provided more details about an emergency cash injection that helped it avoid a taxpayer bailout during the 2008 financial crisis. The Government took large stakes while bailing out Lloyds and Royal Bank of Scotland as the industry teetered on the brink of collapse more than a decade ago. The Treasury is still a major shareholder in NatWest, as RBS is now called, with a stake of just under 11 per cent. Barclays stayed out of taxpayer hands, however, as it raised £11.8billion through two share sales to foreign investors in 2008. Regulators said Barclays should have provided more details about the £40m cash it raised from Qatar that helped it avoid a taxpayer bailout during the 2008 financial crisis As part of the rescue package, Barclays paid £322million worth of ‘advisory fees’ to a Qatari state-backed firm that helped organise the deal, allegedly in return for a £4billion investment. But other shareholders were not told about the fees. The FCA launched an investigation into the fundraising in 2013 but it was held up by a probe by the Serious Fraud Office. The FCA fined Barclays £50million in 2022 over the scandal but the bank appealed. And its challenge at the Upper Tribunal was due to begin yesterday with former boss John Varley appearing as a key witness – but it was dropped by the bank at the last minute. The FCA yesterday reduced the fine to £40million while declaring that Barclays’s ‘conduct in its October 2008 capital raising was reckless and lacked integrity’. Steve Smart, the FCA’s joint executive director of enforcement and market oversight, said: ‘Barclays’ misconduct was serious. RELATED ARTICLES Previous 1 Next Energy tycoon cedes control of flying taxis start-up as part... The loss of ITV's independence would be a blow to creative... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account However, the events took place over 16 years ago and we recognise that Barclays is a very different organisation today.’ A Barclays spokesman said it ‘does not accept’ the FCA’s findings but wished to ‘draw a line under the issues’. The bank also said it had earmarked funds to cover the financial penalty in 2022, so it will suffer no material financial impact from the fine. Barclay’s decision finally closes the book on a legal battle which left the reputations of both the bank and the FCA hanging in the balance. Varley, who ran the bank from 2004 to 2011, became one of the first British bankers to face criminal charges over financial crisis-era conduct when he and senior colleagues were taken to court by the SFO in 2019 over their role in the fundraising. But Varley, Roger Jenkins, Thomas Kalaris and Richard Boath were ultimately acquitted. Charges against Barclays itself were also dropped before the trial. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: Barclays fined £40m over 'reckless' Qatar fundraising during the financial crisis e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top stories
In an era of global uncertainty, the United Arab Emirates (UAE)-India partnership stands as a paragon of stability and progress. Our relationship — built on shared values and mutual respect — has evolved into a comprehensive strategic alliance that transcends mere economic cooperation. It is a partnership that envisions a future of shared prosperity, innovation and global leadership. The year 2024 has been pivotal in cementing this extraordinary bond. High-level visits, including those of UAE President Sheikh Mohamed bin Zayed Al Nahyan to India in January, Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in September, and Indian Prime Minister (PM) Narendra Modi to the UAE, underscore the depth of our commitment. These exchanges have not only reinforced our shared vision but have also paved the way for groundbreaking collaborations. The UAE has proudly upheld a “legacy of diplomacy” in its relationship with India, symbolised by the visits of three generations of UAE leaders. This tradition began with the late Sheikh Zayed, the founding father of the UAE, who visited India in 1992 and planted an amaltas sapling (Cassia fistula) at the Mahatma Gandhi Mausoleum in New Delhi. In 2016, Sheikh Mohamed bin Zayed followed this gesture with the planting of a molshri (Mimusops elengi) sapling, and this year, Sheikh Khaled bin Mohamed bin Zayed planted an amaltas sapling, further strengthening this legacy. Sheikh Khaled bin Mohamed bin Zayed is the third generation leader from the UAE to plant a sapling at Rajghat, reflecting the UAE’s enduring commitment to this historic partnership. The recent gathering of the 15th UAE-India Joint Committee and the Fourth Strategic Dialogue in New Delhi marks another significant milestone in the relationship between the two nations. It provided an excellent opportunity to look back on what we have accomplished, and to find new ways to work together to make our partnership even stronger. The UAE-India economic partnership has reached unprecedented heights. The Comprehensive Economic Partnership Agreement (CEPA) — signed in 2022 — has ushered in a new era of trade and investment. The bilateral trade, which reached close to $84 billion in 2023-2024, positions the UAE as India’s second-largest export destination and third-largest trading partner. We are well on track to surpass our ambitious goal of $100 billion in non-oil trade by 2030. The UAE’s emergence as India’s fourth-largest foreign direct investor in 2023, with investments exceeding $3 billion, marks another significant milestone. This three-fold increase from 2022 spans critical sectors such as infrastructure, real estate, health care and technology, which reflects the deep trust between the two nations. The UAE-India partnership extends far beyond economic figures. The large community of Indian nationals in the UAE form the bedrock of our people-to-people ties. The inauguration of the BAPS Hindu Mandir and the establishment of the Indian Institute of Technology Delhi campus in Abu Dhabi in 2024 are testaments to our shared cultural and educational aspirations. These initiatives, along with the upcoming Indian Institute of Foreign Trade campus at Expo City Dubai, herald a new era of intellectual and cultural exchange. As we look to the future, our focus shifts to sectors that will define the coming decades. Supercomputing, space exploration, semiconductor technology and genomic sequencing are areas where UAE-India collaboration can lead to groundbreaking advancements. Our recent agreements in civil nuclear energy and LNG supply underscore our commitment to sustainable and cutting edge technologies. The aviation sector also presents immense opportunities for growth. Enhanced connectivity between the two nations will not only prove a boost to tourism and business but also will strengthen their position as global hubs for trade and innovation. The two countries’ partnership extends to the global stage, where they collaborate on platforms such as G20, BRICS, Shanghai Cooperation Organization (SCO) and Indian Ocean Rim Association (IORA). The India-Middle East-Europe Economic Corridor initiative exemplifies the shared vision for transcontinental connectivity and economic integration. Through these engagements, the UAE and India are shaping a more balanced and multipolar world order. The partnership has also expanded significantly in the realm of defence and security. The 12th Joint Defence Cooperation Committee meeting in July 2024 focused on joint military exercises, defence industrial partnerships and research and development initiatives. The two countries have also strengthened their cooperation in counter-terrorism efforts, including combating cross-border terrorism and terrorist financing. The UAE-India partnership is more than a bilateral relationship; it is a model for international cooperation in the 21st century. As we continue to deepen our ties across various sectors, from energy to artificial intelligence (AI), we are not just building economic synergies but fostering a shared future of innovation, sustainability, and global leadership. Our journey together is a testament to what nations can achieve when they unite with a common purpose and shared values. As we stand on the cusp of a new era, the UAE-India partnership is poised to lead the way in creating a more prosperous, sustainable, and interconnected world. Sheikh Abdullah bin Zayed Al Nahyan is minister of foreign affairs and a deputy prime minister of the United Arab Emirates. The views expressed are personal
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Family of Lyle and Erik Menendez told a judge Monday they want the men freed from the life sentences they are serving for the shotgun murders of their parents, as their court case suffered a delay. The pair have been in prison since a blockbuster trial in the 1990s that became almost compulsory viewing for millions of Americans. Television audiences were riveted by the gruesome details of the slayings of Jose and Kitty Menendez at the family's luxury Beverly Hills mansion. The two men, who have spent more than three decades behind bars, had been due to appear by videolink at a hearing in Los Angeles, their first court appearance in 28 years as a campaign to set them free gathers pace. But technical difficulties scuppered the appearance and the hearing was pushed back to the end of January. Nevertheless, Judge Michael Jesic called the two men's elderly aunts to the stand to hear them plead for the brothers to be freed. "I would like to be able to hug them and see them," Jose Menendez's older sister Terry Baralt, 85, said. "I would like them to come home." Kitty's sister, Joan Vander Molen, echoed that. "No child should go through what Erik and Lyle went through," she said. "They never knew if tonight will be the night when they would be raped." Prosecutors painted the crime as a cold-hearted bid by the then-young men -- Lyle was 21 and Erik was 18 -- to get their hands on their parents' $14 million fortune. But their attorneys described the 1989 killings as an act of desperate self-defense by young men subjected to years of sexual abuse and psychological violence at the hands of an abusive father and a complicit mother. The case saw a huge surge of renewed interest this year with the release of the Netflix hit "Monsters: The Lyle and Erik Menendez Story." The hearing comes after a campaign to secure their release, supported by Kim Kardashian and other celebrities. "Set them free before the Holidays!" wrote Tammi Menendez, Erik's wife, on social media last week. Public interest was such that the court held a lottery for the 16 seats in the public gallery. Nick Bonanno, a former high school classmate of Erik's, was the first to arrive at the court, taking his place at the head of the line at 4:30 am (1230 GMT). "I wanted to show support to... Eric and Lyle," he told AFP ahead of the hearing. "It's all about supporting and healing, not just for the families, but for us as a culture." Elena Gordon, 43, said she wanted "to witness a part of our local history." The hearing was intended as a starting point for lawyers working on three routes to free Erik Menendez, 53, and Lyle Menendez, 56. Attorney Mark Geragos has filed a writ of habeas corpus, an attempt to effectively vacate the brothers' first-degree murder conviction, which could free the brothers immediately. Another route is an effort to get the men re-sentenced on the same conviction, which would open the way for them to request parole. Finally, Geragos has submitted a clemency request to California Governor Gavin Newsom. Journalist Robert Rand, who wrote a book about the case, and who is in regular touch with the brothers, said the family was optimistic. But, he said, no one was expecting any quick fixes. "They're hopeful," he said. "They don't know what's going to happen. "I believe this could take much longer than was originally anticipated. It could be six months, could be eight months, could be a year, but eventually they will get out." With excitement over the case near fever pitch, tourists are regularly making pilgrimages to the Beverly Hills home where the killings took place. Australian Christian Hannah, who was born almost two decades after the double murders, made sure the home was a stop on his tour of celebrity hotspots, because of his fascination with the Netflix show. "It's really awesome seeing it in person," he told AFP last week. "It's just because you see it on TV and you see it in person, just feels really cool." pr-hg/amz/jgc29 Deputy Ministers sworn in
Closing Bell: Saudi main index slips to close at 11,849WASHINGTON (AP) — President-elect Donald Trump's incoming administration is set to be less diverse than President Joe Biden's administration, but several people of color and women appear likely to serve in top roles. While Trump vigorously campaigned against diversity and inclusion efforts in business and government, his Cabinet selections and other high-profile staffing choices include some barrier-breaking nominations. The Cabinet, if confirmed, is set to be one-third women and include some historic firsts. Florida Sen. Marco Rubio, Trump’s pick to lead the State Department, would be the first Latino secretary of state. Scott Bessent, an American hedge fund manager and Trump’s pick to lead the Treasury Department, would be the first openly gay man in that post. Susie Wiles, Trump’s choice for White House chief of staff, will also be the first woman to serve in the position. Scott Turner, a former NFL player who led the White House Opportunity and Revitalization Council in the first Trump term, will serve as secretary of housing and urban development. Turner, who is Black, will be the fourth confirmed HUD secretary of color since 2014. Neurosurgeon Ben Carson, who is also Black, served in that post under Trump. Trump's first administration also included some historic firsts, including Veteran spy Gina Haspel serving as the first female director of the CIA, but, overall, it still lagged behind his predecessors on diversity. The incoming administration is set to include some people of color in other high-profile roles. Vivek Ramaswamy, a former biotechnology executive and 2024 GOP presidential candidate, will co-lead an outside advisory committee on government efficiency with billionaire Elon Musk. Tulsi Gabbard, a former Democratic congresswoman, is Trump's pick to serve as director of national intelligence, the chief coordinator of the nation's intelligence departments. Gabbard is of Samoan descent and Ramaswamy is Indian American. Mehmet Oz, a former TV doctor who unsuccessfully ran for Senate in Pennsylvania, has been tapped by Trump to lead the Centers for Medicare and Medicaid Services. And Janette Nesheiwat, a physician and Fox News personality, is Trump's pick to serve as surgeon general. Nesheiwat is the daughter of Christian Jordanian immigrants; Oz is Turkish American and would be the first Muslim to serve in the role. Trump’s Cabinet also includes a wide breadth of ideological diversity with some nominees holding views broadly considered eccentric in Washington. Others have clashing opinions on priorities for the incoming administration like trade and foreign policy. The Associated Press receives support from several private foundations to enhance its explanatory coverage of elections and democracy. See more about AP’s democracy initiative here . The AP is solely responsible for all content.
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Why parents need to be like Big Ted and ‘talk aloud’ while they use screens with their kids
Western researchers document the sixth ever asteroid spotted prior to impactSHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates LBRDA, BERY, ROIC, PFC on Behalf of Shareholders
LANDOVER, Md. (AP) — Austin Seibert choked back tears taking responsibility for missing the extra point that would have tied the score in the final minute. Jeremy Reaves choked back tears blaming himself for a missed assignment that led to a kickoff return touchdown. And John Bates choked back tears talking about moving forward from his costly fumble. All of those late mistakes contributed to the Washington Commanders' third consecutive loss , 34-26 to the Dallas Cowboys on Sunday in a game that was wholly unremarkable until fourth quarter chaos. The teams combined to score 31 points in the final four minutes, the most in an NFL game in more than a decade, and the Commanders (7-5) came out on the wrong end of it in a defeat that further endangers their playoff chances. “Any time you lose a game or you lose a game in that type of fashion, it’s very difficult and it’s tough, but it never comes down to one play,” rookie quarterback Jayden Daniels said. “There’s plays throughout the game where little things add up to big things.” There were a lot of little things. After Bates fumbled, the Cowboys (4-7) took an 11-point lead and the Commanders made a 2-point conversion to cut the deficit to three, Dallas' KaVonte Turpin returned the ensuing kickoff 99 yards for a touchdown. “I didn’t make the play when it was there to make, and it cost us,” said Reaves, one of the league’s top special teams players and the All-Pro pick for that two seasons ago. “No excuse, man. I’ve made that play 100 times, and I didn’t make it today and it cost us the game. It’s unacceptable. It’s solely on me. It’s going to sting for a while. It’s going to hurt.” After Seibert made a 51-yard field goal, Daniels connected with Terry McLaurin on an 86-yard TD that made it 27-26 with 21 seconds left. Coach Dan Quinn said no thought was given to going for 2 in that situation. Seibert, who missed the past two games with a right hip injury, was wide left on the point-after attempt. “I just wasn’t striking it well,” said Seibert, who added he felt fine and did not blame a low snap for his miss. "It didn’t make a difference at all. It was on me.” Juanyeh Thomas returned the onside kick immediately after 43 yards for a touchdown to put Dallas up eight with 14 seconds left. The 31 combined points are the second most in a game since at least 2000, behind only Minnesota and Baltimore's 36 in their game Dec. 8, 2013. Cowboys-Commanders was the first game in the Super Bowl era to have two missed extra points, two kickoff return touchdowns and a blocked punt. “We got down to the end there and it was a game-situational extravaganza,” Dallas coach Mike McCarthy said. “It was like Yahtzee. Everything was in there." While Washington's skid continued, the Cowboys ended their losing streak at five thanks to strong play from QB Cooper Rush, a defense that forced two turnovers and, of course, special teams success. Rush was 24 of 32 for 247 yards and TD passes to Jalen Tolbert and Luke Schoonmaker. “Lot of games left,” Rush said. “We’re sitting at 4-7. This is why you play them.” The Commanders have some soul-searching to do after losing as a 10 1/2-point favorite in the meeting of NFC East rivals and doing so in a way that left players so emotional. “The crazy games, I know they feel a little bit better whenever you win them,” punter and holder Tress Way said. “But that’s a tough pill to swallow.” Cowboys: LG Tyler Smith was inactive with ankle and knee injuries. ... RG Zack Martin (ankle), CB Trevon Diggs (groin/knee) and TE Jake Ferguson (concussion) were ruled out prior to game day and did not travel for the game. Commanders: RB Austin Ekeler was concussed on a kickoff return in the final seconds and taken to a hospital for further evaluation. ... RB Brian Robinson Jr. left with an ankle injury in the first half, returned and then left again. ... RT Andrew Wylie was concussed in the third quarter and did not return. ... C Tyler Biadasz was evaluated for a concussion in the fourth. ... CB Marshon Lattimore (hamstring) missed a third consecutive game since being acquired at the trade deadline from New Orleans. Cowboys: Host the New York Giants on Thursday in the traditional Thanksgiving Day game in Dallas. Commanders: Host the Tennessee Titans next Sunday in Washington’s final game before its late bye week. AP NFL: https://apnews.com/hub/nflUtah Hockey Club walks to arena after bus gets stuck in Toronto traffic
AP Sports SummaryBrief at 6:25 p.m. ESTMenendez brothers' bid for freedom delayed until JanuaryThe Republican-controlled chamber recently agreed without opposition to update its conflict of interest rule to clearly exclude from voting any member who has a direct personal or pecuniary interest in a proposed new law. Senate rules previously set guidelines for senators to consider when evaluating potential conflicts of interest. But the rules did not explicitly require senators to sit out votes on those matters. The updated rules state that a senator "is precluded" from voting on legislation when his or her personal interest in it is "so substantial as to affect the senator's independent legislative judgment." "When that is the case, we feel it's appropriate that member of the body not vote," said Senate President Rod Bray, R-Martinsville. The new conflict of interest rule, similar to the old one , allows a senator with a conflict to still participate in committee and floor debate on the legislation, so long as the senator openly discloses his or her conflict prior to speaking. Senators may also continue to request an opinion from the Senate Ethics Committee to determine whether a potential conflict of interest is sufficiently substantial as to require the senator to sit out a vote, according to the rules. The Senate's updated conflict of interest rule more closely aligns with the longstanding Indiana House rule that specifies any representative with a direct personal or pecuniary interest "shall" ask to be excused on any vote related to that interest — except the state budget or general revenue legislation. "Any member requesting to be excused from voting may make a brief statement of the reasons for making such request and the question then shall be taken without further debate," according to the House rules. In general, both state senators and state representatives are expected to vote on every question that comes up when they are physically present in their chamber at the Statehouse and not otherwise ineligible to vote due to a conflict of interest or another excuse permitted by the Senate or House rules. The four-month regular session of the Indiana General Assembly is set to begin Jan. 8 when the 100 representatives and 50 senators return to Indianapolis focused primarily on devising a new, two-year state budget, while also potentially tackling property tax reform, education policy, health care costs, and gambling expansion, among other issues.
Ravens finally got the breaks in their series with Pittsburgh, and they won convincingly
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