Company worker in Hong Kong pays out £20m in deepfake video call scam

Police investigate after employee says she was tricked into sending money to fraudsters posing as senior officers at her firm

Hong Kong police have launched an investigation after an employee at an unnamed company claimed she was duped into paying HK$200m (£20m) of her firm’s money to fraudsters in a deepfake video conference call.

The Hong Kong police force said it had received a report from a worker that she had been tricked into transferring the money by someone “posing as senior officers of the company”.

Continue reading...

Lloyds and Santander accused of providing accounts for Iranian front companies

Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctions

Two of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.

The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could face penalties if they are found to have in any way assisted Iran’s state-controlled Petrochemical Commercial Company (PCC).

Continue reading...

Comments on Weibo giraffe post bemoan state of Chinese economy

Social media users get around government crackdown on negativity via US embassy conservation update

A social media post about giraffe conservation has become the latest place for people in China who are unhappy about the economy to vent their frustration, as the Chinese government increasingly cracks down on negative commentary.

On 2 February, the US embassy in China posted an update on its Weibo account about tracking giraffes in Namibia using GPS technology. As of Monday afternoon local time, the post had received approximately 166,000 comments, many of them about China’s economic pains.

Continue reading...

News live: Australian government ‘appalled’ by Yang Hengjun’s suspended death sentence, Wong says

The foreign minister, Penny Wong, says ‘Australia will not relent in their advocacy for justice’ for Dr Yang. Follow the day’s news live

Finance minister Katy Gallagher was asked about the Grattan Institute research (we had this earlier in the blog) showing that a third of households don’t pay tax and therefore miss out on the benefits.

Will the government consider raising jobseeker?

I think the treasurer and I have made it clear that every budget, we look at all aspects of expenditure across government, that would include looking at our payments and looking at our services … I think the PM committed to that before the election, this is something that we keep under consideration. It has to be balanced up with all of the other competing pressures where people want additional spending as well.

I think people are up for a rational and reasonable discussion… We made this decision based on putting people before politics.

I’m sure there’ll be others that will write things about [this] in future, but that hasn’t been something that we’ve been conscious of, it really has been about what we can do to help people – particularly those that have been feeling the crunch from the interest rate increases.

Continue reading...

‘It’s all a bit marginal’: claims of Brexit trade perks don’t add up, say firms

A business department report trumpeting the four-year benefits of leaving the EU does not match the reality faced by companies

On the four-year anniversary of Brexit last Wednesday, business and trade secretary Kemi Badenoch trumpeted its successes. “The British people’s conviction that the UK would excel as masters of our own fate has paid dividends,” she said, launching a report detailing the benefits.

Among the top achievements listed were booming sales of honey to Saudi Arabia, surging pet food exports to India, a rush of UK pork, worth £18m over five years, heading into Mexico’s restaurants and homes, and UK beauty products sales leaping in China, thanks to barriers being smashed.

Continue reading...

Fuel efficiency standards: Labor unveils proposal, highlighting petrol savings of $1,000 a year for motorists

Coalition-led scare campaign predicted for plan to place yearly cap on emissions for new cars sold in Australia

The Albanese government has unveiled its long-awaited plan for fuel efficiency standards for new cars while highlighting potential savings of $1,000 a year and predicting a Coalition-led scare campaign.

The proposed model, announced on Sunday, would place a yearly cap on the emissions output for new cars sold in Australia to incentivise carmakers to supply low- and zero-emissions vehicles and penalise companies that do not.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Labour’s mixed messages on £28bn green pledge put it in worst of all worlds

Tories watch on delighted as Starmer repeats figure while the shadow Treasury team distance themselves

For weeks, Labour officials have been locked in meetings as they try to figure out how to present Westminster’s worst kept-secret: Keir Starmer’s slow U-turn away from his pledge to spend £28bn a year on the green economy.

Publicly, senior party figures insist that nothing has changed since last summer, when the shadow chancellor, Rachel Reeves, said the party would spend £28bn only if the party’s strict fiscal rules allowed.

Continue reading...

‘I’m devastated it’s closing’: London shoppers bid sad farewell to Fenwick

New Bond Street department store, which opened in 1890s, to close doors for final time this weekend

More than 130 years after it opened, the flagship Fenwick department store in central London, will close its doors for the last time on Saturday.

The historic four-storey shop in New Bond Street, Mayfair, is shutting after the retailer – which is owned by more than 40 descendants of John James Fenwick who founded the company with a single store in Newcastle in 1882 – sold the property to developers for £430m.

Continue reading...

Mark Zuckerberg to receive $700m from Meta dividends

Facebook’s parent company to pay out to shareholders as it reports $40bn revenues for final quarter

Mark Zuckerberg, the chief executive of Meta, the parent company of Facebook, Instagram and WhatsApp, is expected to receive $700m (£549m) a year in dividends.

On Thursday, Meta announced it would pay its first-ever quarterly dividend to investors since Facebook floated on the stock market in 2012, after beating Wall Street expectations with $40bn in revenues for the final quarter last year.

Continue reading...

UK manufacturers hit by Red Sea disruption and rising shipping costs

Supply chain difficulties have led to job losses and cuts in purchasing and stocks, S&P Global poll shows

Britain’s factories have been hit by disruption caused by Houthi rebel attacks in the Red Sea that led to shipping delays and contributed to rising costs, as the boss of Adidas warned about “exploding” global freight rates.

UK manufacturers have experienced growing supply chain difficulties, as the Red Sea crisis led to the rerouting of deliveries of raw materials, components and other goods away from the Suez Canal, a survey has shown.

Continue reading...

Jeremy Hunt suggests tax cuts in budget won’t match last year’s £20bn giveaway – UK politics live

The chancellor said he wanted to manage people’s expectations ahead of the spring budget

The UK needs a government guided by clear purpose, Reeves says.

Labour has set out five missions. But they are all tied to the economic mission – to raise growth.

These are the symptoms of economic decline.

Continue reading...

Deutsche Bank to cut 3,500 jobs

German bank becomes latest global lender to target staff in post-pandemic cost reductions

Deutsche Bank is to cut 3,500 jobs, making it the latest global lender to target employees as part of post-pandemic cost reductions, amid a drop in profits.

The German bank said that while it had made progress on a €2.5bn (£2.1bn) cost-cutting programme that it first announced in 2022, it still needed to save €1.6bn of that total, meaning thousands of staff had to go.

Continue reading...

Ben Elliot’s Quintessentially warns £29m liabilities could threaten its future

Concierge service for super-rich co-founded by Queen Camilla’s nephew lost £1.5m in latest financial year

Quintessentially, the concierge service for the super-rich co-founded by Queen Camilla’s nephew, Ben Elliot, lost £1.5m in its latest financial year and warned investors it is struggling with £29m of liabilities that could threaten its future as a going concern.

The company that Elliot, a former co-chair of the Conservative party, set up in 2020, reported pre-tax losses of £1.5m in the year to the end of April 2022, compared with a £3.8m loss a year earlier. However, its post-tax losses increased to £12.9m, up from £8m the previous year.

Continue reading...

Owner of UK national lottery operator still in business with Gazprom

Czech tycoon promised Gambling Commission two years ago his
firm would sever Russia ties before taking over the lucrative contract

The Czech billionaire whose company takes over running the UK national lottery from Thursday is still in business with the Kremlin-owned gas company Gazprom, nearly two years after promising regulators he would sever ties with Russia.

The Gambling Commission awarded Allwyn the lucrative 10-year licence to run the lottery, estimated to be worth up to £100bn in sales, in March 2022.

Continue reading...

Carmakers may be using aluminium made by Uyghur forced labour, NGO investigation finds

Companies such as Toyota, Volkswagen, Tesla, General Motors and BYD could do more to ensure their strict standards are applied in China, Human Rights Watch says

Car manufacturers Toyota, Volkswagen, Tesla, General Motors and BYD may be using aluminium made by Uyghur forced labour in their supply chains and could do more to minimise that risk, Human Rights Watch says.

An investigation conducted by HRW has alleged that while most automotive companies have strict human rights standards to audit their global supply chains, they may not be applying the same rigorous sourcing rules for their operations inside China.

Continue reading...

EasyJet announces ‘grans go free’ deal on holidays to Europe

Offer comes as research shows half of families in UK have never holidayed abroad with grandparents

EasyJet’s holiday wing is offering “grans go free” places on trips to Europe, after research found half of families had never holidayed abroad with their grandparents.

Under the offer, one grandparent on the trip can travel free of charge to countries including Spain, Greece and Italy. The tour operator said it hoped the deal would encourage Britons to take a holiday with three generations of their family or more.

Continue reading...

‘I just got laid off’: news startup the Messenger abruptly shutters after a year

Employees blindsided by news that company blew through $50m investment, will offer no severance and will cut off healthcare

The Messenger, a news startup launched last year with a $50m investment and a nonpartisan perspective, is shutting down, according to multiple news reports.

In a staff email, the publication’s founder, Jimmy Finkelstein, wrote that the company had pursued all options “over the past few weeks, literally until last night” but made the “painful” decision to shut down the site effective immediately after failing to raise “sufficient capital to reach profitability”.

Continue reading...

FTX scraps plan to revive exchange and will repay billions to customers

Cryptocurrency exchange founded by Sam Bankman-Fried ‘an irresponsible sham created by a convicted felon’, lawyer says

FTX has abandoned efforts to restart its crypto exchange, instead opting to liquidate all assets and return funds to customers, a company attorney said on Wednesday.

The exchange, founded by Sam Bankman-Fried, has been negotiating for months with potential bidders and investors, but none were willing to put in enough money to rebuild it, FTX attorney Andy Dietderich said at a bankruptcy court hearing in Delaware.

Continue reading...

Yes, it is cricket: Italy gives go-ahead to insect flour for human use

Nutrinsect defies Italian food purists with cricket flour that can be incorporated into range of foods

A company that produces flour made from crickets has become the first in Italy to be given the green light to sell food made from insects for human consumption, defying Italian food purists and even a government attempt to curb its use.

Josè Francesco Cianni, the chief executive of Nutrinsect, said: “a new page in the history of food has been opened” now that his nutrient-packed flour can be incorporated into an array of food items.

Continue reading...

Teamsters union pays $2.9m to settle racial discrimination lawsuit

Exclusive: union’s president, Sean O’Brien, accused of having ‘publicly humiliated’ Black and Hispanic workers

Thirteen former Black and Hispanic employees for the Teamsters International Union filed a racial discrimination lawsuit against the union and its president, Sean O’Brien, alleging racial discrimination over their firings after O’Brien assumed the helm in March 2022.

The lawsuit was filed in Washington DC last February, alleging violation of the DC Human Rights Act. The Teamsters paid $2.9m to settle the lawsuit, according to three union officials.

Continue reading...