Uk Court To Hear Evidence Ahead Of Landmark Libor Ruling

UK’s drive to expand business in India

Patricia Hewitt/Photo: UKIBC By Rita Payne, eTN Correspondent, London | Oct 13, 2013 The recent launch of the UKs first business center in India marks the governments plans to transform the way it operates in several countries and help boost jobs and growth in Britain. The center is located in Gurgaon, the new business hub in the Indian capital, Delhi. The initiative is led by the UK-India Business Council with support from UK Trade and Investment (UKTI) and the British Business Groups (BBGs). The Gurgaon center was the first to open since Prime Minister David Cameron announced plans in November 2012 to open a network of Business Centers in 20 key emerging markets, to transform the support given to UK business overseas. UK Minister for Trade Lord Green who flew to India with a delegation of British Trade Associations to launch the center in Gurgaon said, The center will help UK small and medium sized businesses work closer with more established British businesses in India and provide them with the support needed to capitalize on the huge potential of the Indian market. The network of centers across India will also drive a step change in the number of UK companies doing business in India contributing to prosperity in both countries. The facilities, which are available to all UK companies, include office space, meeting facilities, hot-desking and event space. Patricia Hewitt, Chair, UK India Business Council (UKIBC) said, Each center will provide meeting, training, networking and conference space alongside advice and other market entry services, with a particular emphasis on SMEs wanting to get into the Indian market for the first time. The UK-India Business Council plans to open its next UK India Business Centre in Bangalore in the first half of 2014. It will build on the format of the center in Gurgaon. Mr. Ian Felton, Deputy High Commissioner, Bangalore said. Bangalore is one of the future faces of India – hi tech, cosmopolitan and global in outlook. It is a great place for British – Indian collaboration in science, innovation, trade and cultural relations. The UK government is already engaged with the State to work on initiatives such as co-funding UK start-ups, connecting UK and Indian innovative technology companies and developing incubation linkage for entrepreneurs. Leading Indian Entrepreneur and Philanthropist, Kiran Mazumdar-Shaw, who has joined the UK India Business Councils Advisory Council, said, The UK is extremely rich in innovation and research across all sciences, specifically Biotechnology and Life Sciences. The eco-system that the UK offers through research institutes, innovative companies and large scientific pool, fits very well with what Indian companies need at this stage.

A combination photo shows two e-fit images released by the Metropolitan Police on October 14, 2013 of a man they want to identify and trace in connection with their investigation into the disappearance of Madeleine McCann. Credit: Reuters/Metropolitan Police/Handout LONDON | Mon Oct 14, 2013 12:38am BST LONDON (Reuters) – Police conducting a global search for Madeleine McCann, the British girl who disappeared in 2007, have come up with a new version of events surrounding her suspected abduction and want to question one unidentified man in particular. McCann, then aged three, went missing from her room at the Praia da Luz holiday resort in Portugal in May 2007 while her parents were dining with friends at a nearby restaurant, triggering a search that gripped the world’s media. In a statement on Sunday ahead of their most detailed TV appeal for information on the case, British police said they planned to release a series of e-fit images of individuals they want to question. “The purpose of the appeal is to try and identify these men, to eliminate any innocent sightings or to establish if they are connected in any way,” British police said. “The timeline we have now established has given new significance to sightings and movements of people.” Police said they wanted to identify one man in particular who had been seen by two witnesses in the resort area around the time of McCann’s disappearance. “Whilst this man may or may not be the key to unlocking this investigation, tracing and speaking to him is of vital importance to us,” Detective Chief Inspector Andy Redwood said. Working with the BBC’s Crimewatch programme, police said they had put together the most detailed reconstruction of the day McCann disappeared. It is to be broadcast in Britain on Monday before similar appeals are launched in the Netherlands and Germany, they said. “Our work to date has significantly changed the timeline and the accepted version of events,” said Redwood, without giving further details. British police began their own inquiry into the disappearance in July, saying they believed McCann might still be alive. (Reporting by Andrew Osborn; Editing by David Goodman)

UK police explore new line of investigation over missing McCann

Credit: Reuters/Toby Melville By Matt Scuffham LONDON | Sat Oct 12, 2013 7:04pm EDT LONDON (Reuters) – A British court will this week consider whether attempted manipulation of the benchmark interest rate Libor can invalidate loans and other deals or show that banks mis-sold products that were based upon the rate. The Court of Appeal will on Tuesday begin a 3-day hearing examining two separate cases brought by clients against Barclays and Deutsche Bank. It is expected to hand down a landmark ruling later in the year, according to sources familiar with the cases. If the decision goes against the banks, it could open the door to many more cases being brought against the industry by companies citing Libor manipulation, opening banks up to compensation claims worth billions of pounds. The London interbank offered rate (Libor) is used to price over $300 trillion of financial contracts around the world. “To unwind all Libor-linked derivative contracts would be financial Armageddon,” said Abhishek Sachdev, managing director of Vedanta Hedging, which advises companies on interest rate hedging products. In previous legal rulings judges have stopped short of saying Libor is relevant to all claims against banks but said it could be used in cases where contracts have been linked specifically to the benchmark. Barclays is being sued for up to 70 million pounds ($112 million) by Guardian Care Homes, a UK residential care home operator, which alleges the bank mis-sold it interest rate hedging products that were based upon Libor. The case has been delayed until April 2014 so the appeal decision can be heard. It started out as a complaint about the alleged mis-selling of interest rate swaps but a judge ruled last October that it could be amended to include claims of fraudulent misrepresentation connected to Libor manipulation. Barclays said the case has no merit because Guardian Care Homes had sufficient understanding of the products to make its own judgment over whether to enter into the agreements. “The addition of a claim based on what happened with Libor does not change the bank’s view. This business had a suite of advisors and a lot of financial experience and skill in-house,” it said on Friday. Barclays last year paid a $450 million to settle allegations it manipulated Libor, and UBS and Royal Bank of Scotland have been fined for manipulating Libor. Deutsche is among several other banks under investigation.

Cancer costs UK over £12bn a year finds research

Cancer costs each Briton �72 a year, found the study. Picture: TSPL

Across the EU, friends and relatives of people with cancer were estimated to have provided three billion hours of unpaid care, valued at 19.7bn. The researchers also found wide variations in how much different countries were spending on healthcare related to cancer. Across the EU, an average of 87 was spent on cancer treatment per head of the population. But this ranged from 156 in Luxembourg to just 14 in Bulgaria. In the UK, costs of cancer treatment per person in the population stood just lower than the EU average at 72. The researchers pointed out that overall their estimates on cancer costs were conservative as in some categories, such as the costs of screening programmes for the disease, they were unable to obtain data from all the countries so they were not included. Researcher Dr Ramon Luengo-Fernandez, from Oxford University, said: This is the first comprehensive EU-wide study which allows us to not only estimate the total cost of cancer in the EU, but also to make meaningful comparisons between countries. We hope that these results will allow policymakers to better allocate research funds, and to deliver cancer services in a way that provides good value for money. Professor Richard Sullivan, of Kings College, added: More effective targeting of investment may prevent care systems from reaching breaking point a real danger given the increasing burden of cancer. A Scottish Government spokeswoman said: We know that the earlier a cancer is diagnosed the greater the chance it can be treated successfully, and that is why we are investing 30m in our Detect Cancer Early programme. As part of this programme, we are making substantial investment in increasing diagnostic and treatment capacity across Scotland, and we will shortly be launching the next phase of the plan, which will look specifically at lung cancer. In addition, we are continuing to invest in other areas of cancer care, with 5.2m being invested on delivering the breast, bowel and cervical screening programmes in 2012-13. MORE STORIES Search For: (Plumber, Taxi, McDonalds…) Where? (Town, Country …) Please type the postcode as the example above Make: Alfa Romeo Aston Martin Audi Bentley BMW Cadillac Caterham Chevrolet Chrysler Citroen Daewoo Daihatsu Dodge Ferrari Fiat Ford Honda Hummer Hyundai Infiniti Isuzu Jaguar Jeep Kia Lada Lamborghini Lancia Land Rover Lexus Lotus Maserati Maybach Mazda Mercedes-Benz MG MINI Mitsubishi Morgan Nissan Noble Perodua Peugeot Porsche Proton Renault Rolls-Royce Rover Saab SEAT Skoda Smart SsangYong Subaru Suzuki Toyota TVR Vauxhall Volkswagen Volvo Model: What is a Flash Cookie? Can I opt out of receiving Cookies?