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A former Nigerian oil minister has been cleared of taking bribes from wealthy oil ​and gas industry figures seeking lucrative contracts in Nigeria. Diezani Alison-Madueke was found not guilty after a trial at London's Southwark Crown Court of five counts of accepting bribes and a charge of conspiracy to commit bribery. Alison-Madueke was Nigeria's oil minister between 2010 and 2015 and the one-time president of oil cartel Opec. Her acquittal is a blow for the UK's National Crime Agency (NCA), which had been investigating her for 13 years. "This case has exposed just how tough it is to investigate and prosecute alleged corruption involving political elites," said Zainab Saleem from campaign group Spotlight on Corruption. Alison-Madueke's lawyers argued the spending cited by the prosecution was reimbursed, by the Nigerian state for official business or by herself for personal ​expenses.

 

Barron's

Financial Times

Reuters

BBC News

EU banks will gain more freedom to move funds between countries in the bloc and could be given capital relief on mortgages and loans to unrated companies, the Financial Times has reported, ‌citing a draft European Commission report. The proposal would ⁠tackle concerns that national requirements force lenders to hold excess capital and liquidity in ​local subsidiaries.

 

Financial Times

Reuters

German chemicals group Evonik is to cut 3,200 jobs worldwide between 2027 and 2029, most of them in its home market of Germany. Evonik is also to discontinue its global polyester ‌business ⁠in 2027, affecting about 350 roles at its German sites in Witten and Marl and the Chinese site in Shanghai. "Global competitive pressure, structural disadvantages in Europe, and ​declining market ​dynamics mean that ⁠none of the alternatives examined would have been economically viable for Evonik in the ​long term," executive board member Lauren Kjeldsen, who ​is ⁠responsible for the unit, said.

 

France 24

Reuters

Sir Dave Lewis, Diageo's new chief executive, has instructed senior executives to reduce costs and cut headcount across their divisions as he begins a major restructuring programme aimed at reviving the performance of the drinks group behind Guinness and Johnnie Walker. According to reports, executives have been given cost-reduction targets rather than specific job-cut quotas, with support functions and other non-revenue-generating teams expected to be most affected. An announcement detailing the scale of the restructuring is expected in the coming weeks. The restructuring follows Diageo's February commitment to redesign its operating model and improve shareholder returns. Mr Lewis has also signalled a strategic shift towards more affordable products, including ready-to-drink cocktails, and previously indicated a willingness to lower prices to regain market share.

 

Financial Times

Reuters

RTÉ

The Daily Telegraph

Workers at ‌Czech Television and Czech Radio have called a strike to protest a planned government overhaul of a decades-old financing system. Critics ​say the changes will lead to cuts in funding and leave public television and radio stations vulnerable to political interference. The government earlier this week ⁠agreed on a plan to end the licence fees that have ​been the main source of funding for public broadcasters, and instead wants to finance them from the state budget. The chief of Czech Television said this could mean forced layoffs of about 300-500 of the station's 2,900 staff.

 

Reuters

The EU has “cut off” access for recycled plastic exports from Britain, according to the British Plastics Federation, which added the “immediate impact on . . . supply chains is severe and highly disruptive”.

 

Financial Times

French department store BHV has ended its partnership with fast-fashion retailer Shein just seven months after opening a permanent shop in Paris, following criticism over the Chinese group's business practices and product standards. The decision comes as BHV changes ownership, with current management taking control from operator Société des Grands Magasins. New leader Karl-Stéphane Cottendin described the partnership as a mistake, while Shein said the collaboration had always been intended to be temporary. The tie-up sparked protests when it launched in November and prompted some brands to leave BHV in opposition to Shein's low-cost business model. Customer reaction was also mixed, with shoppers complaining that prices in the physical store were significantly higher than those available on Shein's online platform.

 

France24

Reuters

An influential group of peers has condemned the UK government for removing the Lords' oversight of financial watchdogs in the Financial Services and Markets Bill. Baroness Noakes, chair of the Financial Services Regulation Committee, said the government had "eliminated" a crucial part of the regulatory framework. The change strips the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) of their obligation to report to Parliamentary committees. Noakes remarked: "The [Financial Services Regulation Committee] will no longer be able to do the job that . . . parliamentary resolutions require of it." The committee has called for discussions with the government regarding the changes.

 

City AM

Commercially gained bulk advertising intelligence (Adint) is now one of the major sources of government surveillance, according to a survey of 11 European intelligence agency regulators by German security academics. 

 

Financial Times

The UK's Supreme Court has unanimously ruled that billionaire trader Alex Gerko must pay an additional £22.5m in income tax. Gerko, the founder of XTX Markets and one of Britain’s highest taxpayers, argued that HMRC’s taxation on deferred trading profits from his HFFX partnership amounted to unfair double taxation. The five judge panel rejected his argument, concluding a legal battle that began in 2022.

 

Bloomberg

Financial Times

The Daily Telegraph

The Times

Volkswagen is seeking to avoid conflicts of interest in its $10bn engine unit sale, including demanding bids in sealed envelopes and forcing supervisory board members to recuse themselves from the process.

 

Financial Times

Sweden's parliament has passed a law which allows authorities to revoke immigrants' residency permits following instances of bad behaviour, ​such as having unpaid debts, doing undeclared work or ‌links to extremist organisations. Opposition and ​human rights advocacy groups say the law is arbitrary because it would involve decisions about behaviour that has not been deemed criminal. "The good behaviour law leaves people in uncertainty about what actions or expressions can be used against ​them," Stockholm-based group Civil Rights Defenders said. "It ​undermines the rule of law and the principle of equality before the ‌law." The Swedish parliament has also adopted legislation obliging public sector workers, including employees of tax authorities, employment and social insurance agencies and prison and probation services, to report to the police any migrants who are not authorised to live in Sweden.

 

AP News

Reuters

The White House has dropped a Biden-era investigation into Delta Air Lines’ handling of a worldwide computer meltdown in 2024. The CrowdStrike software outage disrupted the travel plans of 1.3m customers ​and cost the carrier $500m. A DOT spokesperson said that Delta “ensured passengers received prompt refunds and baggage assistance.” The department said it had determined that “enforcement was not warranted” based on the carrier’s efforts. Delta ​said it was grateful DOT recognized "the catastrophic circumstances we faced ​as an industry during the unprecedented outage and its dismissal of the investigation citing how we ‌cared ⁠for customers, which included millions of dollars in refunds, hotels, food and baggage assistance."

 

Politico

Reuters