Prosecutors say Mike Lynch firm ‘paid customers to buy software’ as part of revenue fraud

New Jersey executive testified that the UK company Autonomy made millions of dollars’ worth of deals offering to fund purchases

The British technology firm Autonomy struck millions of dollars’ worth of “handshake deals” through which it paid customers to buy its software, the jury in the fraud trial of its co-founder Mike Lynch has heard.

Lynch, who co-founded and led Autonomy, has pleaded not guilty to 16 counts of wire fraud, securities fraud and conspiracy. He stands accused of orchestrating a huge fraud before Hewlett-Packard’s blockbuster takeover of the company in 2011.

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Trump could net $3bn after investors approve Truth Social to go public

Plan approved by vote of shareholders in Digital World Acquisition, with which Trump’s business sought to combine

Investors approved plans to take Donald Trump’s social media platform public on Friday, netting the former president a paper fortune of $3bn.

Trump Media & Technology, the firm behind his minnow social network Truth Social, has spent years fighting to land on the stock market via a so-called “blank check” merger with a shell company.

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Kenyan Del Monte farm seeks human rights manager after claims of violence

Exclusive: new role created after Guardian uncovered allegations against company’s security guards

A vast Del Monte pineapple farm in Kenya that supplies most British supermarkets is advertising for a human rights manager to address its “human rights challenges” in the wake of allegations of killings and violence by its security guards.

The job advert says the candidate will need to “develop a detailed action plan to address human rights challenges in the workplace and in surrounding communities”.

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Israel must allow humanitarian relief to reach Gaza, Australia and UK say in new joint statement – as it happened

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As part of the latest Aukus developments, Australia will send A$4.6bn to the UK to clear bottlenecks at the Rolls-Royce nuclear reactor production line.

Richard Marles was asked why it costs so much, and why this component needs to be done in the UK. He told ABC News Breakfast:

We made clear a year ago that we wouldn’t be building the nuclear reactors in Australia. They will be built by Rolls Royce at its facility in Derby in the UK and once the sealed reactors are built, they will be taken here to the Osborne Naval ship yard and placed in the submarines which the rest of which will be built here at Osborne.

Building nuclear reactors is difficult to do and in order for this to play out, that facility in Derby, which is building nuclear reactors for Britain’s navy, that needs to be expanded and that is what this contribution is for.

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Sixteen states sue US over ban on approvals for LNG exports

States including Texas, Louisiana and Florida say federal government lacks authority to broadly deny permits

Sixteen US states, including Texas, Louisiana and Florida, have filed a lawsuit to challenge the US federal government’s ban on approving applications to export liquefied natural gas, the office of Texas attorney general Ken Paxton said on Thursday.

The lawsuit argues the federal government lacks the authority to broadly deny those permits.

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UAE-backed bid for Telegraph group dealt fatal blow by new legislation

Proposed law bans foreign states and government officials from holding direct stakes in UK newspapers

The UAE-backed bid for the Telegraph group appears to be dead in the water after the UK published proposed laws that ban foreign states or government officials from holding any direct stakes in newspaper assets.

Foreign states and government officials will be banned from holding any direct stakes in newspaper assets – effectively dealing a death blow to the £600m bid for the Telegraph group from RedBird IMI, a consortium backed by the United Arab Emirates.

The head of a foreign state.

A foreign government.

Authorities responsible for administering the affairs of an area within a foreign country.

Governing political parties.

Officers of governing political parties.

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Thousands of UK women owed pension payout after ombudsman’s Waspi ruling

The way women’s state pension age was raised plunged retirement plans into chaos with many now in line for compensation

Thousands of women are owed compensation because of government failings related to the way changes to the state pension age were made, a long-awaited official report has said.

The Parliamentary and Health Service Ombudsman (PHSO) said those affected were owed compensation but added that that Department for Work and Pensions (DWP) had clearly indicated it would “refuse to comply”, which was “unacceptable”.

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UK government borrowing higher than expected in February

Borrowing of £8.4bn last month could threaten OBR forecast for £114.1bn deficit for 2023-24 as a whole

Jeremy Hunt has been handed disappointing news from the public finances after government borrowing was higher than expected in February, leaving the national debt at the highest levels since the 1960s.

The Office for National Statistics said public sector net borrowing was £8.4bn in February, £3.4bn less than in the same month a year ago. However, it was higher than any economist expected in a Reuters poll that predicted a deficit of £6bn.

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Nationwide agrees £2.9bn deal to take over Virgin Money

Richard Branson has already indicated he will back takeover that will require the agreement of the group’s shareholders

Nationwide Building Society is lined up to take over its smaller rival Virgin Money after the pair formally agreed a deal worth £2.9bn.

The deal, which will solidify Nationwide’s position as the UK’s second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy, and is likely to lead to job cuts as well as an official “review” of the combined group’s workforce.

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Next cheers retail sector with bumper profits and talk of falling prices

Shares hit new high as chain says consumer backdrop is improving and ‘feels like it is now entering a new era’

Next said the prices it charges customers are falling this year, as the fashion and homeware retailer reported bumper profits and said the UK consumer backdrop was improving.

Simon Wolfson, the group’s chief executive, said that it had been “a long time” since the group had started a financial year in such a positive frame of mind after the positive sales and growth results for the year to January.

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Reddit shares priced at $34 in largest IPO by social media company in years

Platform to make its debut on New York stock exchange on Thursday with a market value of $6.4bn

Reddit will enter a new era as a publicly traded company with a market value of $6.4bn after the social media platform’s initial public offering was priced at $34 per share.

The price, announced late on Wednesday, came in at the top of the target range set by Reddit’s investment bankers as they spent the past few weeks gauging investor demand for the stock. It sets the stage for Reddit’s shares to begin trading Thursday on the New York stock exchange under the ticker symbol RDDT in the largest initial public offering by a social media company in years.

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David Shoebridge says Julian Assange ‘may not survive’ trial and extradition – as it happened

This blog is now closed.

Expect to hear a lot more on this today:

Southern Australia could face gas shortages during “extreme peak demand days” from 2025 as Bass Strait supplies dwindle, the Australian Energy Market Operator has said.

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Fed leaves interest rates unchanged but signals three cuts this year

Rates to stay at 25-year high of 5.25% to 5.5% as central bank says ‘inflation has eased over the past year but remains elevated’

The Federal Reserve announced on Wednesday that it would leave US interest rates at a 25-year high as it continues to assess their impact on cooling inflation and the wider economy.

After a two-day meeting, the Fed announced rates would be unchanged at 5.25% to 5.5%, where they have been since July. But the Fed signaled it still expects to cut rates three times this year.

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Dutch airline KLM misled customers with vague green claims, court rules

Operator also found by Amsterdam court to have painted ‘overly rosy picture’ of sustainable aviation fuel

The Dutch airline KLM has misled customers with vague environmental claims and painted “an overly rosy picture” of its sustainable aviation fuel, a court has found.

In a greenwashing case brought by the campaign group Fossielvrij, the district court of Amsterdam ruled on Wednesday that KLM had broken the law with misleading advertising in 15 of the 19 environmental statements it assessed. They include claims that the airline is moving towards a “more sustainable” future and statements on its website about the benefits of offsetting a flight.

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Australia politics live: Peter Dutton claims PM ‘misrepresented’ earlier comments about Kevin Rudd’s performance as US ambassador

Follow the day’s news live

The Republican candidate for the US presidency, former president Donald Trump, has had a few things to say about former Australian prime minister and current US ambassador Kevin Rudd.

Trump spoke to UK conservative Nigel Farage on GB News, saying if Rudd is hostile “he will not be there long”:

The Aukus deal that is in place, America, you know, the UK, Australia, very, very important deal, it is there to try and combat that huge growth in China. But now of course things have changed in Australia, we have a Labor government in Australia. The previous ambassador, Joe Hockey, I think was quite a good friend of yours, you got on pretty well with him. Now they have appointed Kevin Rudd. Former Labor MP, an he has said the most horrible things, you were a destructive president, a traitor to the west, and he is now Australia’s ambassador in Washington. Would you [take a phone call from him?]”

Yeah, well don’t know. He won’t there be long if that is the case. I don’t know much about him. I heard he was a little nasty. I heard he’s not the brightest bulb. I don’t know much about him, but he won’t be there long if he is at all hostile.

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World Happiness Report sounds alarm about the welfare of young people

Lack of education, training and housing is behind loss of gen Z’s traditionally positive outlook

Something is going wrong for young people between the ages of 15 and 24 in the UK, across Europe, the US and Australia.

The latest World Happiness Report shows that while not all teenagers and young adults are suffering, a large and growing number cannot cope with being left adrift with few qualifications on an economic sea that is more testing with each passing year.

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Mike Lynch trial: defense points to difference in accounting standards

Lawyers for UK tech tycoon facing 25 years in jail suggest US workers did not understand UK accounting principles

Lawyers for Mike Lynch tried to highlight differences between UK and US accounting standards as they defended the British businessman against allegations he orchestrated a “massive” years-long fraud.

Lynch, who founded and led Autonomy, a UK software firm, is fighting to avoid prison after federal prosecutors in the US charged him with 16 counts of wire fraud, securities fraud and conspiracy. His criminal trial started in San Francisco on Monday.

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Cross-channel ferry crews must be paid at least £9.95 an hour under French law

New minimum wage law to be brought in two years after P&O Ferries replaced hundreds of workers with low-cost crew

Cross-Channel ferry operators will be required to pay their crew at least £9.95 an hour after France implemented a new minimum wage law aimed at preventing the exploitation of seafarers.

The move comes two years after P&O Ferries caused outrage on both sides of the Channel by sacking almost 800 workers and replacing them with low-cost crew.

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Nearly 1,000 jobs at risk as Ted Baker prepares to appoint administrators

Authentic Brands announces move for brand’s Europe retail and online arm after ‘damage done’ during tie-up with Dutch company

Ted Baker’s European retail and online arm is to appoint administrators, putting almost 1,000 jobs at risk at the British brand.

The fashion brand, which has 46 stores in the UK and Europe, has been struggling for several years as it faced increasing competition and the fallout from the exit of its founder, Ray Kelvin, who stepped down in 2019 after allegations of “forced hugging”.

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Tory party fined £10,750 by Electoral Commission for not accurately reporting non-cash donations – UK politics live

Donations were related to an employee seconded to the party by a donor

The Conservative party has been fined £10,750 by the Electoral Commission for failing to accurately report non-cash donations worth more than £200,000.

The donations related to an employee who had been seconded to the party by a donor. The commission said:

The party under-reported non-cash donations, in the form of an employee seconded to the party by a donor between April 2020 to December 2023. The non-cash donations were under reported by more than £200,000, when the seconded employee went from part-time to full-time work at the party.

The party also reported late a single non-cash donation relating to the same seconded employee, in December 2023.

Our investigation into the Conservative and Unionist Party found a number of donations inaccurately reported or reported late. The political finance laws we enforce are there to ensure transparency in how parties are funded and to increase public confidence in our system, so it’s important donations are fully and clearly reported.

Where we find offences, we carefully consider the circumstances before deciding whether to impose a sanction. We take into account a range of factors before making our final decision, including proportionality.

Penny Mordaunt is not going to become the leader of the Conservative party with a coronation. That idea is inconceivable.

In defence of Rishi Sunak, it is quite hard for a leader to be, at this stage in his leadership, significantly more popular than the party, because the two get quite closely identified and the Conservative party’s popularity fell before Rishi Sunak did, so I wouldn’t hold him personally responsible.

I think we’ve been in office for a long time, and I agree with you that the changes of leadership didn’t help. I was not in favour of removing Boris Johnson, as you may remember, but that has happened and parties need to deal with the current situation, not what might have been.

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