Airbus to pay record £3bn in fines for ‘endemic’ corruption

UK court sanctions fines after firm admits using agents across world to bribe officials to land high-value contracts

Airbus, Europe’s largest aerospace multinational, is to pay a record £3bn in penalties after admitting it had paid huge bribes on an “endemic” basis to land contracts in 20 countries.

Anti-corruption investigators hailed the result as the largest ever corporate fine for bribery in the world after judges declared that the corruption was “grave, pervasive and pernicious”.

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Huawei ruling will cost us £500m, says BT

Telecoms group faces big bill for stripping out banned kit from 5G broadband network

Limiting the use of Huawei equipment in BT’s EE 5G mobile and full-fibre broadband networks will cost the telecoms group £500m over the next five years.

BT uses more Huawei equipment in the masts and towers of its mobile network than is allowed under new government rules, meaning it will now have to be stripped out and replaced with hardware from other manufacturers.

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Talking About Trees review – how the lights went out in Sudan’s cinemas

This poignant and witty documentary focuses on four directors whose careers were stalled by a military coup thirty years ago

This witty and engaging cinephile documentary begins surreally with its subjects, four older male Sudanese film-makers, recreating the famous “closeup” scene from Sunset Boulevard. None of these directors has worked properly in years, since a military coup in 1989 triggered the collapse of Sudan’s film industry for religious and economic reasons. Now a power cut prevents them from even watching a movie, so they make do. Ibrahim Shaddad wraps a blue chiffon scarf coquettishly around his face as Norma Desmond, simpering: “I’m ready for my closeup.”

Films are oxygen for these men, and Talking About Trees follows their mission to reopen a neglected outdoor movie theatre near Khartoum and give away tickets. There are almost no cinemas left in Sudan. As plans go, it looks as rickety as the 12ft ladders they climb to scrub the crumbling walls of the cinema. The four amigos – Shaddad, Suliman Ibrahim, Eltayeb Mahdi and Manar Al-Hilo – repaint the peeling sign, print posters and canvass the local community to decide what film to show first. (The people pick Django Unchained.) They accept setbacks philosophically, with stoicism and amusement. Shaddad finds it hilarious when the general from the morality police dealing with their request for a permit gives them the runaround, disappearing off to pray for two hours.

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Stocks and oil slump on fears over China virus outbreak – business live

Equity sell-off deepens and oil falls below $59 as death toll from coronavirus rises, sparking fears over economic impact

  • Stock markets in UK, Germany and France fall more than 2%

My colleague Joanna Partridge writes:

Brexit uncertainty plus political turmoiled equalled financial distress for almost half a million British businesses in the final three months of last year, according to a new survey which measures corporate health.

On currency markets, sterling has risen slightly versus the dollar and the euro (to $1.3087 and €1.1872), as the Brexit date of 31 January approaches.

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Man behind football exposé revealed as source of Dos Santos leak

Football Leaks founder passed on financial records of Africa’s richest woman, says lawyer

A Portuguese man behind one of the biggest exposés in the history of football has been identified as the source of a leaked cache of financial records about the business empire of Africa’s richest woman, Isabel dos Santos.

Lawyers for Rui Pinto, who is awaiting trial in Portugal on charges including alleged hacking and attempted extortion, said in 2018 he passed a non-profit whistleblowing organisation a hard drive containing data relating to Dos Santos’s business empire, which is estimated at $2.2bn.

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Revealed: the £12bn bill for scrapping high-speed rail link

As Boris Johnson assesses project, Tory mayor for West Midlands warns of political cost of scrapping it

Scrapping the HS2 rail project will cost at least £12 billion in write-offs and compensation and plunge major construction companies into financial peril, ministers are being warned.

Sources close to the beleaguered scheme told the Observer that extra costs of £3bn-£4bn would be incurred even if it were scrapped immediately. £9bn has been spent already. With the issue causing tension inside the Conservative party, Whitehall insiders said that Boris Johnson could decide on the fate of the project as soon as this week as concerns grow that costs are spiralling out of control. Billions have already been spent on the first leg of the line linking Birmingham and London.

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Trump speaks to Boris Johnson about security as UK nears Huawei decision

US discusses concerns over Chinese telecoms giant’s role in Britain’s future 5G network

Donald Trump discussed the security of telecommunications networks with Boris Johnson, the White House said, as Britain closes in on a decision on Huawei’s role in the country’s future 5G network.

The US administration told allies not to allow the Chinese tech giant to form part of their 5G networks, claiming it would be a security risk – something Huawei vehemently denies.

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‘Why can’t we use a bear?’ Spanish startup shocked by Haribo legal threat

Founders of firm making alcoholic sweets left puzzled by trademark infringement claim

Small, sweet bears with the capacity to inflict a very sore head have triggered an intellectual property dispute involving a multinational confectioner, a trio of enterprising Spanish students and a shot or two of alcohol.

A couple of years ago, three friends studying in the Basque country experienced an epiphany: what if they combined their childhood love of sweets with their adult taste for alcohol? And what if the delivery system were a small, chewy bear?

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US and Europe clash over climate crisis threat on last Davos day

US Treasury secretary Steve Mnuchin downplay risks posed by climate emergency

The US and Europe have clashed over the threat posed by global heating as Donald Trump’s finance minister downplayed the risks of a climate crisis during the final session of the World Economic Forum in Davos.

Steve Mnuchin, the US Treasury secretary, said the debate should be about “environmental issues” rather than climate change, that the costs were being over-estimated and that climate was only one of several concerns that needed to be discussed.

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Soros gives $1bn to fund universities ‘and stop drift towards authoritarianism’

Philanthropist unveils plan for global network of institutions at Davos and attacks Trump as ‘ultimate narcissist’

The philanthropist and former financier George Soros has announced that he is to donate $1bn to fund a new global network of universities designed to promote liberal values and his vision of an open society.

In what he hailed as the “most important and enduring project of my life”, Soros said it was important to fund institutions that would help resist the drift towards growing authoritarianism in the US, Russia and China. He also launched a fresh attack on Donald Trump, calling the US president “the ultimate narcissist”.

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Isabel dos Santos responds to Luanda Leaks investigation

Former Angolan president’s daughter and her husband deny corruption accusations

Isabel dos Santos issued the following statement on Thursday after being formally named as a suspect by the Angolan attorney general in connection with a criminal inquiry into embezzlement at the state oil company Sonangol.

The allegations which have been made against me over the last few days are extremely misleading and untrue.

We will seek to clarify our position in relation to the latest accusations.

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‘National shame’: MP sounds alarm over UK fast fashion factories

Leicester workers allegedly paid £3 an hour in ‘miserable conditions’, with other serious labour abuses suspected in the north-west

Concerns over the ongoing situation of up to 10,000 garment workers in Leicester, who are feared to be trapped in conditions of modern slavery and paid £3 an hour, have been raised in Parliament.

Andrew Bridgen, MP for North West Leicestershire, raised a question on Tuesday about the continuing state of working conditions in factories supplying the UK’s booming fast fashion industry, and sought a meeting with business secretary Kelly Tolhurst for clarity over enforcement of the national minimum wage.

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Protesters who demanded Huawei CFO’s release revealed to be paid actors

More than a dozen people outside Vancouver courtroom with ‘Free Meng’ signs were promised C$100 for two hours’ work on a movie

Protesters calling for the release of a senior Chinese telecommunications executive arrested in Canada have admitted they were paid actors, in the latest twist in a closely watched extradition case that has chilled relations between Ottawa and Beijing.

More than a dozen people joined a demonstration on Monday outside a Vancouver courtroom where the Huawei executive Meng Wanzhou is fighting extradition to the US for alleged fraud related to sanctions against Iran.

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UK could tap into Africa’s $24bn market for off-grid solar power

Rapidly growing sector could prove lucrative as Britain seeks post-Brexit trade opportunities

UK investors could seize a $24bn investment opportunity by helping to connect millions of people without access to electricity to off-grid home solar power systems.

The market for pay-as-you-go home solar packages is expected to boom in Africa, where millions of homes are using mobile technology to rent low-cost solar panels.

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Diamond as big as a tennis ball makes Louis Vuitton debut in Paris

1,758-carat Sewelô snapped up by luxury brand is world’s second-largest rough diamond

Louis Vuitton has made a splash as it showed off its latest purchase: the world’s second-largest rough diamond.

The LVMH-owned brand, which announced last week that it was the new owner of the 1,758-carat Sewelô, displayed the glinting, blackened stone at its Place Vendôme store in Paris.

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Heads could roll at PwC over Isabel dos Santos links, says chairman

Exclusive: Bob Moritz says he is ‘shocked and disappointed’ by Luanda Leaks disclosures

The global chairman of PwC has warned that heads could roll at the professional services firm over its links to Isabel dos Santos, Africa’s richest woman, who is battling allegations that she obtained her wealth through corruption and nepotism.

Bob Moritz, whose firm advised companies belonging to Dos Santos and her husband across multiple jurisdictions, told the Guardian he was “shocked and disappointed” by recent disclosures about the British-headquartered accounting firm’s work for the daughter of Angola’s former president.

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Trump blasts ‘prophets of doom’ in attack on climate activism

Comment came as Greta Thunberg demanded immediate action in Davos

Donald Trump told the world’s business leaders to stop listening to “prophets of doom” as he used a keynote speech at the World Economic Forum to attack the teenage activist Greta Thunberg over her climate crisis warnings.

The US president hailed America’s growth record and compared campaigners against global heating with those who feared a population explosion in the 1960s and mass starvation in the 1970s.

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UN report: half a billion people struggle to find adequate paid work

Study also shows global unemployment due to rise for the first time in a decade

Nearly half a billion people around the world are struggling to find adequate paid work, trapping individuals in poverty and fuelling heightened levels of inequality, according to a UN report.

In a study published as world leaders fly into the Swiss ski resort of Davos to voice concerns over inequality and the climate crisis, the UN’s International Labour Organization (ILO) said more than 473 million people around the world lacked the employment opportunities to meet their needs.

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Angola vows to force return of Isabel dos Santos by ‘all possible means’

Pledge comes as former ruler’s daughter denounces Luanda Leaks investigation

The Angolan government has vowed to use “all possible means” to force the return of Isabel dos Santos following the Luanda Leaks investigation into how the ex-president’s daughter accrued her $2bn fortune.

Angola’s prosecutor general, Hélder Pitra Grós, said on Angolan public radio on Monday that the country would use “all possible means and activate international mechanisms to bring Dos Santos back to the country”.

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Libya oil production nosedives as Haftar ignores calls to end war

Increasingly erratic general shows no sign of relenting despite international pressure

Libya’s oil production and exports have almost ground to a halt as the increasingly unpredictable Gen Khalifa Haftar, the military leader in the country’s east, ignores international calls to seek a negotiated political settlement to the civil war.

World leaders had convened in Berlin on Sunday to endorse plans to entrench, monitor and enforce a ceasefire intended as a precursor to the disarming of militias and political talks in Geneva to build a reunified government, and a fair distribution of oil revenues between the east and west of the country.

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