Germany, UK to sign mutual assistance defence pact, reports Politico
Germany and the United Kingdom are set to sign a defence treaty on 17 July that includes a mutual assistance clause, according to Politico....
Barclays has won a major legal setback for investors in two U.S. securities fraud lawsuits stemming from the bank's unauthorized sale of $17.7 billion in additional securities, a decision delivered by U.S. District Judge Lewis Liman in Manhattan on Friday.
The lawsuits, targeting Barclays’ issuance of its iPath Series B S&P 500 VIX Short-Term Future exchange-traded notes (VXX), were dismissed after the judge ruled that investors could not sue based solely on the bank's general assurances regarding its internal controls. The decision also dismissed similar claims from investors adversely affected by a market squeeze when Barclays halted VXX sales in March 2022—an action that caused the price of VXX securities sold short to soar 140% above their indicative value.
Judge Liman’s 111-page ruling found no evidence of intent to defraud or conscious recklessness by Barclays officials, including former Chief Executive Jes Staley. The court noted that the bank’s remedial efforts—such as suspending sales, issuing timely disclosures to regulators and the public, and offering a buyback of the overissued securities—constituted a prudent response that weakened any inference of fraudulent intent.
The legal action follows revelations that Barclays had, over a span of five years, sold $15.2 billion more structured notes and exchange-traded notes than U.S. regulators permitted—a figure later revised to $17.7 billion. Barclays has described the overissuance as "entirely avoidable" and "self-inflicted." In response to the controversy, the bank reached a $361 million settlement with the U.S. Securities and Exchange Commission in September 2022, which included a $200 million civil fine, and later agreed to a $19.5 million settlement in a related shareholder lawsuit.
Investors had argued that the failure to adhere to regulatory limits and the subsequent disruption when VXX sales were suspended caused significant market distortions and financial harm. However, Judge Liman determined that the claims did not demonstrate a sufficient basis for fraud allegations.
With the dismissal of these lawsuits, Barclays has effectively closed another chapter in the protracted legal battles following its issuance blunder. Neither Barclays nor the investors' lawyers immediately responded to requests for comment.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
British prosecutors are reviewing new evidence to decide whether to charge Lucy Letby over additional baby deaths at two hospitals, as police expand their investigation into both the former nurse and hospital leadership.
Thick smoke and flames rose over Mogadishu airport on Wednesday after a Ugandan military helicopter crash landed during a peacekeeping mission, leaving several crew members unaccounted for.
Poland will invest nearly $665 million in building three ammunition factories, aiming to boost defence readiness amid growing regional tensions.
Belarusian President Alexander Lukashenko has pardoned 16 individuals convicted of various offences, including charges of "extremism", ahead of the country's Independence Day, state media reported on Wednesday.
A UN report claims Rwanda has been providing military support and training to M23 rebels in eastern Congo, gaining political influence and access to mineral-rich areas, despite Rwanda's denials.
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