New FTX boss, who worked on Enron bankruptcy, condemns ‘unprecedented failure’

US corporate restructuring expert John Ray says ‘never in my career have I seen such a complete failure of corporate controls’

In a stinging court filing posted on Thursday John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

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Aldi’s 29p mince pie a close second to Waitrose’s winner in blind taste test

Waitrose’s No 1 Brown Butter pies wowed with their ‘buttery aroma’, while Aldi’s, at half the price, scored just one point less

Tucking into a mince pie is usually the first sign Christmas is on the way and with budgets under pressure this year getting your fix doesn’t have to break the bank, with a 29p pie from Aldi coming a close second to Waitrose’s brown butter pastry in a taste test.

The upmarket supermarket’s No 1 Brown Butter Mince Pies came top in a “rigorous” blind taste test conducted by Which?. They wowed the panel of baking experts with their “buttery aroma” and “citrussy aftertaste” to achieve the top score of 74%, earning the consumer group’s coveted “best buy” badge of approval.

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Millions of UK households to pay more for energy from April

Jeremy Hunt expected to use autumn statement to announce rise in household energy price cap to as much as £3,100

Millions of UK households will pay more for their energy from next April under plans to cut the generosity of the government’s gas and electricity support scheme expected to be announced by Jeremy Hunt on Thursday.

The chancellor is likely to use his autumn statement to say the need to save money and reduce state borrowing will require the household energy price cap to rise from £2,500 to an expected £3,000 to £3,100.

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British government blocks takeover of Welsh semiconductor producer

BEIS has ‘national security’ concerns over China-owned Nexperia which took control of Newport Wafer Fab

The British government has blocked the takeover of the UK’s largest producer of semiconductors by a Chinese-owned manufacturer, citing “a risk to national security”.

The business department’s decision on Wednesday comes more than a year after semiconductor company Nexperia first announced that it had taken control of Newport Wafer Fab in south Wales in July 2021, in a £63m deal.

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Fashion firm Joules falls into administration putting 1,600 jobs at risk

Shops will stay open while administrators assess options for the company

The fashion firm Joules has formally fallen into administration, putting 1,600 jobs and the future of the retailer’s 132 shops at risk.

The company said on Monday it had filed a notice to appoint administrators after failing to secure emergency funding. It has now hired administrators from Interpath Advisory, who said shops would stay open while they “assess options for the business”.

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US and Israel blame Iran after drone strikes oil tanker off Oman

Pacific Zircon, linked to Israeli billionaire, said to have been ‘hit by projectile’ but suffered only minor damage

The US and Israel have pointed the finger at Iran after an oil tanker associated with an Israeli billionaire was struck by a bomb-carrying drone off the coast of Oman.

The drone attack on the Liberian-flagged oil tanker Pacific Zircon happened on Tuesday night off the coast of Oman, a Middle East-based defence official told the Associated Press.

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Oil prices rise after drone attack on tanker owned by Israeli tycoon

Incident off Oman involved vessel owned by Idan Ofer conglomerate

Oil prices have risen after a tanker owned by an Israeli billionaire was hit by a drone carrying a bomb off the coast of Oman.

The attack on Pacific Zircon, which is owned by Idan Ofer and operated by the Singapore-based Eastern Pacific Shipping, sent Brent crude prices up 65 cents to $94.5 (£79.23). The Liberian-flagged tanker had departed from Sohar, Oman, on Monday afternoon and was destined for Buenos Aires.

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Energy firms accused of profiteering with ‘horrendous rates’ for care homes

Exclusive: Care England calls for Ofgem investigation into suppliers’ practices in letter seen by the Guardian

Energy suppliers have been accused of profiteering by charging “horrendous and financially crippling rates” to care homes facing huge bills this winter.

The chief executive of Care England, the largest body representing independent providers of adult care, has accused gas suppliers of being “unduly onerous” in their practices.

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Neurodiverse women sought for jobs at GCHQ and BAE Systems

Organisations want to recruit more women with autism, dyslexia and ADHD to work in cybersecurity roles

The British spy agency GCHQ and weapons manufacturer BAE Systems have issued an appeal to attract more neurodiverse women to work for them in cybersecurity jobs.

The employers are actively seeking women with autism spectrum disorder, dyslexia, and attention deficit hyperactivity disorder (ADHD) for cybersecurity roles to address gaps in their workforces.

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Clive Palmer fails in supreme court bid to stop criminal charges proceeding

Mining magnate and his company Palmer Leisure Coolum were charged by commonwealth director of public prosecutions for alleged takeover law breaches

Mining magnate Clive Palmer has failed in a supreme court bid to stop criminal charges proceeding against him.

Palmer lost the latest round in his legal fight against the corporate watchdog and regulator after being hit with charges on two fronts.

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Murdoch press turns on Donald Trump in favour of ‘DeFuture’ Ron DeSantis

Rightwing media empire looks for new Republican protege after poor showing in midterm elections

Rupert Murdoch has reportedly warned Donald Trump his media empire will not back any attempt to return to the White House, as former supporters turn to the youthful Florida governor Ron DeSantis.

After the Republican party’s disappointing performance in the US midterm elections, in particular the poor showing by candidates backed by Trump, Murdoch’s rightwing media empire appears to be seeking a clean break from the former president’s damaged reputation and perceived waning political power.

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UK must act over poverty, housing and and equal rights, says UN body

Human rights council makes more than 300 recommendations, with many coming from less well-off countries

The UK must tackle rising poverty, the United Nations human rights council has said in a report that includes demands from less well-off countries for the British government to act.

Amid worsening financial prospects for millions, the member states of the UN body also demanded action on housing to prevent homelessness, better food security for young children, and equal rights for people with disabilities.

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Walmart announces $3.1bn plan to settle opioids lawsuits

Retail giant is latest major chain to settle lawsuits with state and local governments across the US over toll of opioids sold at its pharmacies

Retail giant Walmart on Tuesday become the latest major player in the drug industry to announce a plan to settle lawsuits filed by state and local governments over the toll of powerful prescription opioids sold at its pharmacies with state and local governments across the US.

The $3.1bn proposal follows similar announcements on 2 November from the two largest US pharmacy chains, CVS Health and Walgreen Co, which each said they would pay about $5bn.

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G20’s dysfunctional family show little sign of working together in a crisis

Communique unlikely to stretch beyond usual platitudes despite the need for a global plan for recovery

The Cambodian prime minister, Hun Sen, was struck down by Covid, the Argentinian prime minister, Alberto Fernández, had gastroenteritis and the Russian foreign minister, Sergei Lavrov, either did or did not have chest pains that sent him to hospital. Given that Indonesia’s G20 slogan plastered all around Bali says: “Recover Together, Recover Stronger”, it was not an auspicious performance by the world’s leaders.

Unfortunately, there is precious little sign of recovery at the G20, either at a political or economic level.

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Crypto exchange FTX expects to have more than 1m creditors

Bankruptcy filing says ‘questions arose’ about founder Sam Bankman-Fried’s leadership

The collapsed crypto exchange FTX expects to have more than 1 million individual creditors, the company has said in its first bankruptcy filing, scattered across more than 100 companies in the wider group.

According to the filing at the bankruptcy court in the US state of Delaware, where FTX US is based, Sam Bankman-Fried, the founder and chief executive, stepped down at 4.30am on Friday, “after consultation with his own legal counsel”.

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Sam Bankman-Fried’s $40m Bahamas penthouse reportedly up for sale

Entrepreneur at center of FTX scandal put luxury residence up for sale the same day crypto exchange filed for bankruptcy

Sam Bankman-Fried, the crypto trader entrepreneur at the center of the FTX scandal, reportedly put his luxury $40m Bahamas penthouse up for sale on Friday – the same day the cryptocurrency exchange filed for bankruptcy.

Bankman-Fried’s penthouse – “the Orchid”, located in Albany, an exclusive private community in Nassau – was listed by real estate agent Seaside Bahamas at $39,500,000. The offering was first reported on Twitter by Autism Capital.

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Australian business hails Albanese’s meeting with Xi as ‘tremendous reset’

Business Council of Australia chief Jennifer Westacott sees a chance to ‘start building relationships’ damaged by trade and human rights disputes

The Business Council of Australia has hailed the Albanese government’s “tremendous reset” with China as a breakthrough meeting was planned for Tuesday between the Australian prime minister and the Chinese president on the sidelines of the G20.

The BCA’s chief executive, Jennifer Westacott, told journalists on Monday night that Labor’s “huge foreign policy reset” with Indonesia and Pacific countries, and the “tremendous reset announced today with China”, was creating opportunity “for business to come in behind … and start building those business-to-business relationships”.

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UK gave away ‘too much for too little’ in free trade deal with Australia, says former minister, blaming Truss – as it happened

George Eustice says the free trade deal with Australia – hailed by Boris Johnson as one of the big gains from Brexit – was poor. This live blog is now closed

James Cleverly, the foreign secretary, was criticised last month for saying that gay football fans visiting Qatar for the Word Cup should “be respectful”, and make allowance for the country’s intolerance of homosexuality.

In an interview on ITV’s Good Morning Britain, Cleverly defended his comments, saying that the Foreign Office always advises people to obey local laws when they are travelling. He told the programme:

My focus is to make sure that British visitors, particularly LGBTQ+ visitors to Qatar going to enjoy the World Cup, are safe and that they enjoy their tournament. So my advice was purely about ensuring that they have a safe and secure time at the World Cup.

We always say that you have to respect the laws of your host nation. That is a universal element of British travel advice.

I’ve spoken at length with the Qatari authorities on this and it’s worth bearing in mind that men and women don’t typically hold hands in Qatar, and other conservative Muslim countries like Qatar, so my strong advice is to look at the UK government’s travel advice.

This deal is just the same as previous deals - spending money and resources on intercepting and obstructing people crossing the Channel, while doing nothing to address their need for safe access to an asylum system.

The inevitable result will be more dangerous journeys and more profits led by ruthless smuggling gangs and other serious criminals exploiting the refusal of the UK and French government to take and share responsibility.

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Climate-focused reform of World Bank could be done in a year, says Al Gore

Former US vice-president says bank should refocus its spending and end its role in ‘fossil fuel colonialism’

Fundamental reform of the World Bank could be completed within a year, to refocus its spending on the climate crisis and end its contribution to “fossil fuel colonialism”, according to the former US vice-president Al Gore.

“I don’t know why it need take longer than a year,” said Gore, a longtime campaigner on the climate crisis since leaving politics, in an interview with the Guardian at the Cop27 UN climate summit. “We have an emergency on our hands.”

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Chinese authorities unveil sweeping measures to rescue property sector

Hong Kong and Chinese markets soared on the announcement that the government would extend loans for distressed developers

Chinese authorities have unveiled sweeping measures to rescue the struggling property sector, as regulators seek to offset years of harsh pandemic curbs and a real estate crackdown that have stalled the world’s No 2 economy.

The banking regulator and central bank issued a 16-point set of internal directives to promote the “stable and healthy development” of the industry.

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