“They manipulated UBS’s submissions in order to benefit their own positions and to protect UBS’s reputation”

Business quote of the day.

“They manipulated UBS’s submissions in order to benefit their own positions and to protect UBS’s reputation”

Tracey McDermott, Financial Services Authority director of enforcement and financial crime, as the regulator hands out its largest ever fine to UBS over its manipulation of interbank lending rates. Traders at the Swiss bank showed a “total disregard for the millions of market participants around the world who were also affected by Libor” she said, as she fined UBS £160m.

UBS fines came to £160m. Photograph: Getty Images

Helen Roxburgh is the online editor of Economia

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Tony Blair won't endorse the Labour leader - Jeremy Corbyn's fans are celebrating

The thrice-elected Prime Minister is no fan of the new Labour leader. 

Labour heavyweights usually support each other - at least in public. But the former Prime Minister Tony Blair couldn't bring himself to do so when asked on Sky News.

He dodged the question of whether the current Labour leader was the best person to lead the country, instead urging voters not to give Theresa May a "blank cheque". 

If this seems shocking, it's worth remembering that Corbyn refused to say whether he would pick "Trotskyism or Blairism" during the Labour leadership campaign. Corbyn was after all behind the Stop the War Coalition, which opposed Blair's decision to join the invasion of Iraq. 

For some Corbyn supporters, it seems that there couldn't be a greater boon than the thrice-elected PM witholding his endorsement in a critical general election. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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