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Guilty Verdict in First Libor Rate-Rigging Trial

A former City trader is found guilty of rigging the Libor rate and sentenced to 14 years in prison. Plus, shares in Athens take a dive after the stock market reopens.

The first trader to face trial following the global investigation into the Libor rate-rigging scandal has been found guilty by a court in London. Former City derivatives trader Tom Hayes was convicted of 8 counts of conspiracy to defraud and sentenced to 14 years in prison. His trading activities were based around movements in the Libor rate, an interest rate used by banks worldwide to set the price of financial products worth trillions of dollars. We ask if there are likely to be more prosecutions in the future.

The Athens stock market re-opened on Monday after a 5 week shut-down. And, as expected, there were heavy falls in share prices. The main index, the Athex, fell by 23% at one point before ending the day 16% down. Greece's big four banks were the biggest losers - all down by 30%.

Also on the programme, if you tend to find you are too cold in the office it could be because you are the wrong gender. According to a new study, office air conditioning is often set to keep 40 year old men comfortable, but what suits their metabolic rates does not necessarily keep everyone else warm. So does the approach to workplace temperatures need to be updated?

Meanwhile, our regular commentator Lucy Kellaway gets heated about pointless business jargon.
Picture: Tom Hayes (R) and his wife Sarah arrive at Southwark Crown Court; Picture Credit: Getty Images

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28 minutes

Last on

Mon 3 Aug 2015 22:32GMT

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  • Mon 3 Aug 2015 22:32GMT