Founder of failed crypto exchange FTX apologises to ex-employees

Sam Bankman-Fried continues to say firm’s downfall can be solely explained by misplaced $8bn

The founder of the failed crypto exchange FTX has written to its former employees apologising for his role in its collapse and continuing to insist its downfall can be solely explained by a misplaced $8bn (£6.7bn).

In the letter, first published by the industry news site CoinDesk, Sam Bankman-Fried wrote: “I deeply regret my oversight failure. In retrospect, I wish that we had done many many things differently … I’m going to do what I can to make it up to you guys – and to the customers – even if that takes the rest of my life.”

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Solar farm owner Toucan Energy enters administration amid Thurrock scandal

Authority lent total of £655m over four years to owner of 53 solar parks across Britain

One of the country’s largest solar farm owners has entered administration amid the fallout from a scandal that forced an Essex council leader to resign.

Administrators at Interpath Advisory have been appointed to Toucan Energy Holdings, which owns a portfolio of 53 solar parks with a combined capacity of 513 megawatts across England, Wales and Northern Ireland.

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FTSE 100 firms hand billions in dividend payouts to Qatar investors

Critics say everyday UK consumer spending has funnelled billions to controversial World Cup host since 2010

Some of the UK’s largest listed companies including water and energy giants have handed almost £500m to Qatari state-owned investors this year, raising concerns that blue-chip company profits are supporting the controversial World Cup host.

The dividend payouts are the result of the Gulf nation’s investments in a raft of FTSE 100 firms, including Barclays, Shell and utility firm Severn Trent, which have reported strong profits amid a cost of living crisis and the worst UK drought in centuries.

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Ban Bain & Co from US government contracts, Joe Biden is urged

Exclusive: Labour peer calls on US president to follow UK in banning firm over misconduct in South Africa

Joe Biden should follow the UK in banning the global management consultancy firm Bain & Company from future government contracts, the Labour peer Peter Hain has said.

In a letter shared with the Guardian, the former minister and anti-apartheid campaigner urged the US president to “act on this matter and establish a clear precedent that will signal to all US global companies, consultancies, lawyers, auditors and financial advisers that collusion with corrupt politicians and their business cronies in other countries will not be tolerated”.

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Bain & Co barred from UK government contracts over ‘grave misconduct’ in South Africa

Global management consultancy’s three-year ban follows pressure by ex- Labour minister Peter Hain

The global management consultancy Bain & Company has been barred from tendering for UK government contracts for three years after its “grave professional misconduct” in state corruption in South Africa, the Cabinet Office said.

Britain became the first western country to take this step, after pressure from the former Labour minister and anti-apartheid campaigner Peter Hain.

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The Uber files: how the leak prompted outrage across the world

From Europe to India and the US, the revelations have fuelled anger from across the spectrum, from the drivers to politicians

The release of the Uber files has prompted a frenzy of reaction around the world, piling pressure on senior politicians, fuelling calls for a crackdown on corporate lobbying and drawing outrage from groups including traditional taxi drivers.

The fuse was lit with the publication of revelations from a trove of more than 124,000 documents about Uber spanning from 2013 to 2017, leaked to the Guardian and shared with the International Consortium of Investigative Journalists (ICIJ) and international media.

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Queen’s ‘seabed rights’ swell to value of £5bn after auction of plots

British crown estate portfolio rises in value by 8.3% to £15.6bn

The value of rights owned by the Queen’s property company to exploit the seabed around Britain’s coastline has swelled to £5bn after a record-breaking auction of plots for offshore windfarms.

Profits for the crown estate, which generates money for the Treasury and the royal family, jumped by £43.4m to £312.7m in the year to the end of March.

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EU agrees ‘landmark’ 40% quota for women on corporate boards

Binding targets for boardroom gender equality come 10 years after proposals first made

The EU has agreed that companies will face mandatory quotas to ensure women have at least 40% of seats on corporate boards.

After 10 years of stalemate over the proposals, EU lawmakers hailed a “landmark” deal for gender equality. As well as the legally binding target, companies could also be fined for failing to recruit enough women to their non-executive boards and see board appointments cancelled for non-compliance with the law.

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Consultant who ditched Shell: ‘take a look at yourselves in the mirror’

Caroline Dennett says she has been flooded with support after decision that has cost ‘around 60%-70% of my business’

Caroline Dennett’s eye was caught by a placard with two stark words: “insiders wanted”. The safety consultant was watching a video of Extinction Rebellion climate protesters who had glued themselves inside Shell’s headquarters in April and were encouraging employees to jump ship to aid its cause.

This week Dennett, who runs the independent agency Clout, released a bombshell video severing ties with Shell after an 11-year business relationship. She emailed 1,400 Shell employees and accused the £177bn behemoth of causing “extreme harms” to the environment and having a “disregard for climate change risks”.

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JD Sports boss Peter Cowgill quits with immediate effect

Outspoken leader thought to have resisted board’s attempts to split the roles of chair and chief executive

The boss of JD Sports has stepped down with immediate effect just months after the retailer was fined more than £4m for breaching the competition regulator’s rules with clandestine meetings with a takeover target.

The company said Peter Cowgill, the outspoken chair and chief executive officer of JD, who has led the group since 2004, would be temporarily replaced as chief executive by Kath Smith, its senior independent director who spent 25 years as managing director of the Adidas and Reebok brands.

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Westpac fined $40m for charging fees to the dead

Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m

Westpac has been fined $40m for charging fees to more than 11,800 dead people, bringing the total the federal court has ordered the bank to pay in a string of misconduct cases brought by the corporate regulator to $130m.

The Australian Securities and Investments Commission launched the six cases against Westpac in November, accusing the bank of charging financial advice service fees to the dead, double-charging for insurance, collecting and paying illegal commissions, failing to properly disclose fees, allowing company accounts that should have been closed to stay open and selling personal debts to collectors at an interest rate higher than allowed.

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THG rejects ‘unacceptable’ takeover approaches as revenues jump by 35%

Online shopping group says it has dismissed ‘multiple’ attempts to buy company

Online shopping group THG has dismissed “numerous” takeover approaches as “unacceptable”, saying they undervalued the company.

Manchester-based THG (formerly known as The Hut Group), which runs beauty and nutrition websites including Lookfantastic, Cult Beauty and Myprotein, confirmed there had been interest from third parties, but said the company was not currently involved in any talks.

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London-based port operator accused over Abramovich $600m superyacht

Global Ports Holding facility in Turkey may be breaching UK sanctions by letting vessel dock, say lawyers

A London-headquartered port operator could be breaching sanctions laws by allowing Russian oligarch Roman Abramovich to dock his $600m (£460m) superyacht Solaris at a port that it operates in Turkey.

Legal experts said Global Ports Holding, which has been listed on the London Stock Exchange since 2007, was taking “a very big risk” by allowing a superyacht owned by a sanctioned individual to use one of its ports.

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Infosys to ‘urgently’ shut Moscow office as pressure grows on Rishi Sunak

Chancellor’s wife, Akshata Murthy, has £690m stake in Indian IT firm, which is now moving staff out of Russia

Indian IT services company Infosys, in which the chancellor Rishi Sunak’s wife owns an estimated £690m stake and collects about £11.5m in annual dividends, is “urgently” closing its office in Russia.

Infosys’s decision to shut its Moscow office comes as pressure mounts on Sunak to answer accusations that his family is collecting “blood money” dividends from the firm’s continued operation in Russia despite the invasion of Ukraine.

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Women-led UK firms struggle to attract equal investment, study finds

The Gender Index aims to support growth of female-led companies, which tend to have lower turnovers

Companies led by women disproportionately attract less investment than those led by men, according to a large-scale study of female entrepreneurship in the UK.

The Gender Index, which was launched on Thursday, is a research study of all 4.4m active UK companies and allows users to track the impact of female-led firms on the economy via an online, interactive tool.

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Night-time attack on controversial Canadian gas pipeline site

Police release video of attack on workers’ equipment at camp of Coastal GasLink, a 400-mile pipeline opposed by First Nation groups

Police in Canada have released footage of axe wielding attackers as they investigate a “calculated and organised” night-time raid on a remote work camp.

Up to 20 people are believed to have attacked Coastal GasLink’s pipeline construction camp last week on Marten Forest Service Road in British Columbia.

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Millionaires call on governments worldwide to ‘tax us now’

Group of 102 wealthy people say tax would help tackle gulf between rich and poor

More than 100 members of the global super-rich called on Wednesday for governments around the world to “tax us now” to help pay for the pandemic response and tackle the gulf between rich and poor.

The group of 102 millionaires and billionaires, including Disney heiress Abigail Disney, said the current tax system is rigged in their favour and needs to be rewritten to make taxation fairer for hard-working people and restore trust in politics.

Pay for the Health and Social Care Levy twice over every year – eliminating the need to raise national insurance on working people.

Cover the salaries of an additional 50,000 new nurses.

Pay for the permanent increase of universal credit.

Build 35,000 affordable houses and retrofit the UK’s draughtiest homes to reduce the cost of energy bills and help fight the climate crisis.

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Google to pay £183m in back taxes to Irish government

Firm’s subsidiary in Ireland agrees to backdated settlement to be paid in addition to corporation tax for 2020

Google’s Irish subsidiary has agreed to pay €218m (£183m) in back taxes to the Irish government, according to company filings.

The US tech company, which had been accused of avoiding hundreds of millions in tax across Europe through loopholes known as the “double Irish, Dutch sandwich”, said it had “agreed to the resolution of certain tax matters relating to prior years”.

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G20 leaders to endorse Biden proposal for global minimum corporate tax

Leaders of the world’s 20 biggest economies will endorse a US proposal for a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit in Rome showed on Saturday.

The G20 plans to have the rules in force in 2023.

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Why progressive gestures from big business aren’t just useless – they’re dangerous

From climate crisis to anti-racism, more and more corporations are taking a stand. But if it’s only done because it’s good for business, the fires will keep on burning

In early 2020, bushfires raged across Australia. More than 3,000 homes were destroyed, reduced to ash and rubble by the unrelenting onslaught of flames. Tragically, 34 people died in the fires themselves, with an estimated 445 more dying as a result of smoke inhalation. More than 16m hectares of land burned, destroying wildlife and natural habitats. Nearly 3 billion animals were affected. So massive were the fires that the smoke was visible over Chile, 11,000km away. The record-breaking inferno that engulfed Australia was described as a “global catastrophe, and a global spectacle”. As reported in the New Statesman, Australia had come to symbolise “the extreme edge of a future awaiting us all” as a result of the climate crisis. The Australian government’s inquiry into the bushfires unequivocally reported that “it is clear that we should expect fire seasons like 2019–20, or potentially worse, to happen again”.

If we turn the clock back to less than a year earlier, 15 March 2019 marked the day that 1.4 million children turned out at locations around the world, on “strike” from school in support of action against the climate crisis. In Australia, the strikes were especially targeted at the government’s dismal record of inaction, with many politicians being climate-change deniers. The Australian prime minister, Scott Morrison, was vocal in his criticism of the strikes. He wanted students to stay in school instead of engaging in democratic protest. His public statement said: “I want children growing up in Australia to feel positive about their future, and I think it is important we give them that confidence that they will not only have a wonderful country and pristine environment to live in, that they will also have an economy to live in as well. I don’t want our children to have anxieties about these issues.”

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