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Abduction alert of Eya, 10 years old: the disturbing profile of his father who has already been “violent with his wife and daughter”: Current Woman Le MAG

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Sam Bankman-Fried sentencing: Sam Bankman Fried is jailed for 25 YEARS for $8bn crypto fraud, as FTX scammer ignores grim-faced parents in court and judge slams him for perjury

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Samuel Bankman-Fried will head to prison for 25 years for scamming crypto investors out of $8billion – despite his apologies and pleas for a lighter sentence.  

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‘A lot of people feel really let down and they were very let down. I’m sorry about that. I’m sorry about what happened at every stage,’ Bankman-Fried said. ‘Things I should have done, things I shouldn’t have.’ 

Judge Lewis Kaplan said the 32-year-old FTX founder – commonly known as SBF – was being sentenced to 300 months and forfeit more than $11billion. The judge also blasted him for committing perjury three times during the October trial that saw him convicted by a jury.    

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The prosecution wants the disgraced crypto exec to spend 40 to 50 years behind bars, while the defense is asking for a much more lenient sentence of no greater than six and a half years.

Judge Lewis Kaplan was quick to bash Bankman-Fried during the hearing and noted the fraudster committed perjury multiple times during a trial that saw him convicted on all counts by a jury. 

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He also called Bankman-Fried a ‘thief’ who ‘is not entitled’ to a lighter sentence. The judge also ripped Bankman-Fried’s claims that investors could get their money back despite the fraud. 

One of the 200 victims scammed by Sam Bankman-Fried testified about the ‘nightmare’ they have endured. 

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Bankman-Fried paid little attention to the victims as they testified – despite his later apology to victims and FTX employees – and also ignored his parents who sat in the gallery as the fraudster entered the courtroom. 

Sam Bankman-Fried was sentenced to 25 years behind bars and ordered to forfeit $11billion for scamming FTX crypto exchange investors. Pictured: Bankman-Fried arrives at court in August

Sam Bankman-Fried 's parents Fried have arrived at court and before their son was sentenced to prison

Sam Bankman-Fried ‘s parents Fried have arrived at court and before their son was sentenced to prison

Judge Lewis Kaplan was quick to bash Bankman-Fried during the hearing and noted the fraudster committed perjury multiple times during a trial that saw him convicted on all counts by a jury

Judge Lewis Kaplan was quick to bash Bankman-Fried during the hearing and noted the fraudster committed perjury multiple times during a trial that saw him convicted on all counts by a jury

‘I have new baby son and older and have spoken to tens of thousands of victims like myself who have had their dreams destroyed,’ victim Sunii Kavuri said. ‘My house, the money I wanted to spend on a family home was taken away as well as my children’s education.’

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Kavuri said he disputed the idea that FTX customers would get all their money back. Judge Kaplan agreed and said that would be ‘incorrect’.

‘All the creditors continue to suffer, not only monetary loss, but emotional and mental distress,’ Kavuri said.

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‘People are on medication, recovering, mental health issues, depression and sadly at least three people I’ve heard of have committed suicide as a result of this FTX fraud.’

The judge, in his opening remarks, quickly dismissed the idea that Bankman-Fried deserves a lighter sentence because FTX customers didn’t lose anything in the fraud.

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‘The defendant’s argument hinges on what amounts to an assumption that customers of FTX are going to be made whole in the bankruptcy,’ the judge said. 

‘Even if that were true they would not be entitled to a reduction of the loss amount (of sentence). The defendant’s assertion that FTX customers and creditors will be paid in full is misleading

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‘It is logically flawed, it is speculative.’

The judge said it made no difference that cryptocurrencies had gone up in value since FTX went bankrupt in November 2022. This, in part, makes it likelier that FTX victims could be repaid in full through the bankruptcy process.

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‘The fact that a combination of successes in some of those investments, persistence by the current leadership of the FTX bankruptcy estate in clawing back stolen assets and fortuitous but radical run-up in the value of some crypto currencies might result in benefit to some creditors, it bears no logical reactions to the gravity of the crime that were committed.’

The judge then delivered a blunt assessment of his view in the case that cost investors $1.7billion. 

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‘A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his winnings to pay back what he stole if he gets caught.

The judge noted that Bankman-Fried perjured himself three times during trial and that the felon committed witness tampering. 

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Defense attorneys for Bankman-Fried asked for a sentence of no greater than six and a half years. Pictured: Bankman-Fried in February 2023

Defense attorneys for Bankman-Fried asked for a sentence of no greater than six and a half years. Pictured: Bankman-Fried in February 2023

A judge quickly dismissed the idea that Bankman-Fried deserves a lighter sentence because FTX customers didn’t lose anything in the fraud. Pictured: Bankman-Fried leaves a courthouse in March 2023

Kaplan ruled Bankman-Fried’s sentence should be increased because of his efforts to obstruct justice.

The judge also ruled that Bankman-Fried’s texts to the former counsel of FTX ‘did constitute attempted witness tampering and a judgement is warranted on that alone’.

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The judge made three findings of perjury in addition and said Bankman-Fried willfully and materially committed’ it.

He committed perjury in relation to the claim that until the Fall of 2022 he had no knowledge Alameda had spent FTX customer deposits, Judge Kaplan said.

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Judge Kaplan said: ‘He testified falsely that he first learned Alameda had a roughly $8bn liability to FTX in October 2022.

‘He falsely testified that he did not know repayment of third party loans to Alameda in June 20202 would require Alameda to borrow more customer funds’.

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The judge added: ‘Also think appropriate to be clear that I have limited my findings with respect to obstruction.

‘This does not necessarily exhaust my view as to occasions where the defendant obstructed justice by perjury and otherwise in relation to this case.’

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Bankman-Fried (pictured in 2023) apologized to victims and his employee as he begged for a lighter sentence

Bankman-Fried (pictured in 2023) apologized to victims and his employee as he begged for a lighter sentence

Judge Kaplan noted how the felon committed witness tampering, which landed him the Metropolitan Detention Center in Brooklyn (pictured) ahead of his trial

Judge Kaplan noted how the felon committed witness tampering, which landed him the Metropolitan Detention Center in Brooklyn (pictured) ahead of his trial

Bankman-Fried addressed the court where as he pleaded for less than a decade behind bars. His comments lasted 20 minutes and veered between apologetic, self pitying and defiant.

He paid tribute to his former colleagues at FTX who ‘poured themselves into the company for years then watched me throw away everything they’d built’.

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‘I made a series of bad decision,’ he said. ‘They weren’t selfish decisions, they were bad decisions. Those culminated with a bunch of other factors.’

Bankman-Fried claimed that the collapse of FTX ‘haunts me every day’ but customers could get their money back. 

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But Bankman-Fried continued to insist that FTX customers could be paid back in full.

He said: ‘There were enough assets, there are enough assets to pay back investors in full. There are enough assets for that. It’s not because of a rising price of crypto, that hasn’t hurt certainly. There was always enough value to do that.’

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Bankman-Fried went on to claim it was ‘excruciating to watch all of this unfold in slow motion’, referring to seeing customers not get their money back.

He said: ‘I was the CEO of FTX, I was its leader. That means that I was responsible for what happened to it. It doesn’t matter why things go bad when you’re responsible, it’s on you…it’s collapse is on me.

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‘I’m not the one who matters the most at the end of the day. What matters is the customers, the creditors, the employees, the people who have suffered a lot because of this.’

Bankman-Fried said that the victim letters he read were ‘incredibly moving.’

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‘My useful life is probably over, it’s been over now, from before my arrest. I’ve long since given everything I have to give and I’d’ do anything to be out there trying to help but I can’t really do that from prison,’ Bankman-Fried said.

Marc Mukasey, Bankman-Fried’s lawyer, also told the court: ‘We’ve read the victim impact statements. We think we understand the intensity of the pain of the victims and understand with crystal clarity people have suffered financially, emotionally and otherwise. Everyone at the table’s sympathies are with the victims.’

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Mukasey said in sentencing memos prosecutors pointed to ‘truly vile defendants’ like Bernie Madoff who ‘looked Holocaust survivors in the eye and took their money.’

He said: ‘These defendants are stone cold financial assassins. That level of depravity and cruelty was nowhere I saw in the testimony in this case.

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‘It’s nowhere in Sam’s history as a person because I don’t think it’s anywhere in Sam’s heart.’

Mukasey and his team filed an 11th-hour plea for mercy Wednesday ahead of sentencing, featuring letters from Bankman-Fried’s friends and parents of neurodivergent children.

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Bankman-Fried (picsits in court during a February hearing. He learned on Tuesday he will head to prison for 25 years

Bankman-Fried (picsits in court during a February hearing. He learned on Tuesday he will head to prison for 25 years

Bankman-Fried owned a real-estate empire including a home in the Bahamas before his arrest

Bankman-Fried owned a real-estate empire including a home in the Bahamas before his arrest

Judge Kaplan blasted Bankman-Fried and his actions, but still delivered a sentence half of what prosecutors requested.   

‘I think one of his pithier expressions was I fucked up but never a word of remorse for the commission of terrible crimes,’ the judge said. 

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‘Mr. Bankman-Fried has the right to plead not guilty…but at the end of the day he knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught but he’s not going to admit a thing.’

 Kaplan said the case was a ‘very serious crime’ and criticized the ‘enormous harm that he did, the brazenness of his actions, his exceptional flexibility with the truth, his apparent lack of any remorse’

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During his sentencing Judge Kaplan cited the testimony of former Alameda Research boss Caroline Ellison, who said in her testimony that Bankman-Fried once said that he was so comfortable with risk he would have flipped a coin if tails meant the world was destroyed but heads meant it was twice as good.

Judge Kaplan said: ‘In other words a man willing to flip a coin as to the continued existence of life and civilization on earth if the chances were imperceptibly greater it wouldn’t come out without that catastrophic outcome’.

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The judge went on: ‘Mr Bankman-Fried knew for a protracted period that Alameda was spending large sums of FTX customer funds on risky investments, political contributions, Bahamas real estate and other things in circumstance in which FTX was seriously exposed to downside of market deterioration, loan calls and other risks.

‘He knew that FTX customer funds were not to be used for those purposes.

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‘They were not his to use and that his use of them was not only wrong, it was flatly inconsistent with the image of safety and security he vigorously and endlessly portrayed to the world.

‘He was betting on expected value. In the head of this mathematical wizard, his counsel tells us. that he was viewing the cost of getting caught discounted by probability against the gain of getting away without getting caught.

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That was the game. It started (early in his career) and it continued to the very end. It’s his nature.’

The highly anticipated court hearing drew numerous people, including crypto fans, lawyers, and journalists such as Tiffany Fong

The highly anticipated court hearing drew numerous people, including crypto fans, lawyers, and journalists such as Tiffany Fong

'I collected some trash from the streets and I'm going to try to make a makeshift bed out of this street trash,' she said

‘I collected some trash from the streets and I’m going to try to make a makeshift bed out of this street trash,’ she said

The highly anticipated court hearing drew numerous people, including crypto fans, lawyers, and journalists such as Tiffany Fong.

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Fong posted a video of herself nine hours before the courthouse was set to open.

‘I collected some trash from the streets and I’m going to try to make a makeshift bed out of this street trash,’ she said. 

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‘I’m going to try to take a nap outside of the courthouse, and goodnight to me.’

Her video was greeted with a ‘fire’ emoji from Twitter tsar Elon Musk.

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Bankman-Fried’s parents sat in the courtroom after arriving at the Brooklyn courthouse an hour earlier. Joseph Bankman and Barbara Fried were a mainstay at the October 2023 trial, which resulted in a conviction on all counts of fraud and conspiracy. 

They were often seen trying to make eye contact and waving to their son throughout the proceedings. While Joseph Bankman was usually more stoic, Barbara Fried was often more up front with her emotions. For particularly difficult moments of the trial, she could be seen with her head in her hands or suppressing tears. 

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Bankman-Fried, after being extradited to the US from the Bahamas following his arrest was placed under house confinement at his parents’ multi-million dollar home in Palo Alto, California. The home was used as collateral for their son’s $250million bond, which means they’d likely have to forfeit the property if he had fled.

Bankman-Fried didn’t flee, but Judge Kaplan said Bankman-fried violated his bail agreement in August 2023 when prosecutors accused the crypto founder of leaking personal letters of his ex-girlfriend and Alameda Research CEO Caroline Ellison to the New York Times. 

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The judge ruled the move was witness tampering, and Bankman-Fried has been held at the Metropolitan Detention Center ever since.

Joseph Bankman and Barbara Fried are seen leaving a courthouse on Thursday after their son was sentenced to 25 years in prison

Joseph Bankman and Barbara Fried are seen leaving a courthouse on Thursday after their son was sentenced to 25 years in prison

Sam Bankman-Fried ignored his parents (pictured leaving a courthouse) when he arrived in the courtroom for his sentencing

Sam Bankman-Fried ignored his parents (pictured leaving a courthouse) when he arrived in the courtroom for his sentencing 

Barbara Fried was seen entering the courthouse hours before her son was sentenced to two decades in prison and ordered to forfeit $11billion

Barbara Fried was seen entering the courthouse hours before her son was sentenced to two decades in prison and ordered to forfeit $11billion

The two parents looked glum when they arrived at the New York City courthouse

The two parents looked glum when they arrived at the New York City courthouse

Bankman-Fried’s sentencing comes months after a Manhattan jury convicted him on all seven counts of fraud, conspiracy and money laundering.

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The monthlong trial began in October 2023, and ended days before the anniversary of the FTX collapse in November 2022. Some of the key testimony against Bankman-Fried came when Ellison took the stand. 

She was romantically involved with Bankman-Fried and also oversaw Alameda Research which received money from FTX.

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She cited the reason for the couple’s breakup as her dumping him because he was ‘distant’ and for ‘not paying attention to me’.

When Ellison was asked if she committed the crimes alone, she told the court in New York: ‘No, they were committed with Sam.’ 

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Ellison testified that Alameda took FTX deposits for ‘whatever’ it needed and that Bankman-Fried ‘directed me to commit these crimes.’

Part of what Ellison said Bankman-Fried instructed her to do was to draft seven different balance sheets to send to Genesis, one of Alameda’s main lenders, when it recalled its $500 million loan to Alameda.

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He and Ellison agreed to send a falsified balance sheet that understated Alameda’s liabilities and omitted any mention of it borrowing money from the FTX exchange, aka customers, Ellison testified.

All told, Ellison said Alameda took about $14billion from FTX customers over the firm’s lifetime.

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Bankman-Fried told the court that he and Ellison ended their romantic relationship because he couldn't dedicate his time to her. Pictured: Bankman-Fried on the stand

Bankman-Fried told the court that he and Ellison ended their romantic relationship because he couldn’t dedicate his time to her. Pictured: Bankman-Fried on the stand

According to testimony, Bankman-Fried told an FTX insider months before the collapse that the exchange wasn't 'bulletproof.' Pictured: A sketch of Bankman-Fried talking to lawyers during trial

According to testimony, Bankman-Fried told an FTX insider months before the collapse that the exchange wasn’t ‘bulletproof.’ Pictured: A sketch of Bankman-Fried talking to lawyers during trial

The government claimed that billions worth of customer money was funneled out of FTX and into Alameda to pay back the giant loans it had taken out from other crypto lenders.

The other highlight happened when SBF took the stand in his own defense. 

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Bankman-Fried told the court that he and Ellison ended their romantic relationship because he couldn’t dedicate his time to her. 

‘I didn’t have the time or the energy to put in what I think she wanted from a relationship,’ Bankman-Fried said. ‘It wasn’t the first time that I had that problem.’ 

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Some of the most damning testimony came from FTX insiders. One of the first government witnesses was Adam Yedidia, a longtime friend of the now-convicted fraudster and a FTX employee who dealt with the backend code.

Yedidia told the court that Bankman-Fried told him in the summer of 2022 that FTX wasn’t ‘bulletproof’ and that it could take about six months to three years for it to become bulletproof again. Yedidia said that throughout this conversation – which occurred on a paddle tennis court at the Albany, a luxury Bahamas apartment complex – Bankman-Fried appeared ‘worried or nervous.’

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For context, this was around the time Yedidia found out that Alameda owed roughly $8billion to FTX.

FTX co-founder Gary Wang testified soon after Yedidia, telling the jury that he had built ‘special privileges’ for Alameda into FTX’s code. The main advantage Alameda had was that its account on FTX could make ‘unlimited’ withdrawals even if its balance went negative.

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Wang testified that none of this was known to the public. 

Sam Bankman-Fried took the stand to testify in his own defense after being blamed for the collapse of FTX

Sam Bankman-Fried took the stand to testify in his own defense after being blamed for the collapse of FTX

Caroline Ellison leaves Manhattan Federal Court in Manhattan, New York City on October 10, 2023, after giving testimony against Bankman-Fried. The two were in a romantic relationship

Caroline Ellison leaves Manhattan Federal Court in Manhattan, New York City on October 10, 2023, after giving testimony against Bankman-Fried. The two were in a romantic relationship 

Ellison told the jury that Bankman-Fried 'directed me' to commit Fraud, and all the crimes 'were committed with Sam'

Ellison told the jury that Bankman-Fried ‘directed me’ to commit Fraud, and all the crimes ‘were committed with Sam’

The trial, with a guilty verdict, capped off the fall for FTX and Bankman-Fried himself, who was once thought of as the most promising man to herald crypto into equal standing with traditional finance.

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Bankman-Fried also had a reputation in politics Initially, he was charged with donating $90million of FTX deposits to political candidates and political action committees. Those charges were later dropped.

In the 2022 election cycle Bankman-Fried donated $6million to the House Majority PAC, the main outside group supporting House Democrats.

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He also shelled out $27million to Protect Our Future PAC, a group advocating pandemic preparedness, and $6million to the Future Forward PAC’ in 2020 which supported Biden’s 2020 Presidential run.

Bankman-Fried also reportedly considered paying former US president Donald Trump $5billion to not run, ‘Going Infinite’ author Michael Lewis told 60 minutes in October 2023.

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Not only that, Ellison revealed during her testimony that Bankman-Fried thought he had a 5 percent chance of becoming president one day.

The former crypto kingpin’s ambitions weren’t limited to the political. He was also very fond of celebrities and wanted them to be synonymous with the FTX name. Some of them, including Brady, his ex-wife Gisele, comedian Larry David and tennis star Naomi Osaka. 

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David was featured in one of FTX’s most iconic ads that aired during Super Bowl 2022, where the grumpy comic played a historical character who makes a series of incorrect predictions. The narrative culminating in David ironically saying that he didn’t think FTX was a good investment.

At the actual Super Bowl that year, Bankman-Fried was photographed with 2022 Perry, actor Orlando Bloom, actress Kate Hudson and Hollywood agent turned investor Michael Kives.

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This façade of success, wealth and fame was all brought to a screeching halt in November 2022, when the exchange began to falter.

The FTX exchange was worth $32billion at its peak and Bankman-Fried appeared on the cover of Forbes magazine which touted him as the future of finance

The FTX exchange was worth $32billion at its peak and Bankman-Fried appeared on the cover of Forbes magazine which touted him as the future of finance

Bankman-Fried appears front and center of a group picture with his arm around Caroline Ellison as men in curly wigs ¿ believed to be mocking his signature hairstyle ¿ pose around them. They're pictured with FTX co-founder Gary Wang (left)

Bankman-Fried appears front and center of a group picture with his arm around Caroline Ellison as men in curly wigs – believed to be mocking his signature hairstyle – pose around them. They’re pictured with FTX co-founder Gary Wang (left)

Numerous A-list celebrities are still facing a major lawsuit following Sam Bankman-Fried's conviction on fraud charges, here he is pictured with Gisele at a conference in 2022

Numerous A-list celebrities are still facing a major lawsuit following Sam Bankman-Fried’s conviction on fraud charges, here he is pictured with Gisele at a conference in 2022

Brady was filmed at home calling around his friends to sign them up with FTX. The company marketed the ad campaign with the slogan: 'Tom Brady is in. Are you?'

Brady was filmed at home calling around his friends to sign them up with FTX. The company marketed the ad campaign with the slogan: ‘Tom Brady is in. Are you?’

Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee in 2021. He operated the FTX exchange before its stunning collapse

Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee in 2021. He operated the FTX exchange before its stunning collapse

The fall of FTX included the arrest of Bankman-Fried in December 2022 as he was accused of taking $8billion from investors

The fall of FTX included the arrest of Bankman-Fried in December 2022 as he was accused of taking $8billion from investors

Bankman-Fried’s rise to prominence was preceded by him getting an education at MIT. Before he graduated in 2014 with a physics degree, he took an internship at Jane Street Capital, a proprietary trading firm. He would return there full-time after leaving school. This was where he got his start as a trader, and also, where he met his eventual on-again off-again girlfriend Caroline Ellison. 

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Bankman-Fried was older than Ellison by about two years, and he would later ask her to join his new venture. Alameda Research. It was a crypto trading firm, sometimes called a hedge fund.

When he later testified in his own defense, Bankman-Fried was asked what he knew about crypto, to which he said ‘basically nothing.’

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‘I knew a bitcoin was digital, you could trade it on website. I knew there were other crypto currencies, I had absolutely no idea how they worked.’

But Bankman-Fried looked at the opportunities to make money and went ahead.

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Bankman-Fried had a lot of initial success exploiting something called the Kimchi premium. Bitcoin was cheaper in the US than Korea, so he began buying the digital asset on US exchanges and selling for substantive returns in Korea.

That initial success for Bankman-Fried wasn’t enough though, so in 2019 he founded FTX. That decision was crucial in growing his wealth, and by early 2022, FTX was valued at $40billion. Since he was the majority owner of FTX, Bankman-Fried became a very rich man, peaking at around $26billion.

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Bankman-Fried arrives for court hearing on March 30, 2023

Bankman-Fried arrives for court hearing on March 30, 2023

Ellison was one of the key witnesses at trial against Bankman-Fried. He was convicted by a federal jury and is being sentenced on Thursday

Ellison was one of the key witnesses at trial against Bankman-Fried. He was convicted by a federal jury and is being sentenced on Thursday

FTX co-founder and former chief technology officer Gary Wang took a plea deal and testified against Bankman-Fried

FTX co-founder and former chief technology officer Gary Wang took a plea deal and testified against Bankman-Fried

Given his convictions for stealing customer money, the question at trial became, how much of that massive net worth amounted to ill-gotten gains. 

On the stand, Bankman-Fried denied stealing $10billion from customers. 

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The collapse itself, for those on the outside, happened at lightning speed. In less than two weeks, FTX went from appearing solvent to bankrupt. But as the testimony later showed, cracks were starting to appear as early as the summer of that year.

The first major sign of trouble that went public was when crypto news site CoinDesk published an Alameda balance sheet.

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The balance sheet showed that a substantial portion of Alameda’s assets were held in FTT, FTX’s proprietary token. According to keen watchers of the crypto industry, this appeared incredibly risky because FTT was essentially a made-up currency by Bankman-Fried, yet it was serving as collateral for many of the hefty loans granted to Alameda for trading purposes.

Bankman-Fried and Ellison’s subsequent attempts to downplay the CoinDesk story proved fruitless because by around November 8, a classic bank run was in full swing. FTX processed billions of dollars worth of panic withdrawals.

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As the chaos continued, rival crypto exchange Binance offered to buy out FTX, and users rejoiced.

But it wasn’t meant to be, because after one look at FTX’s books, then-CEO of Binance Changpeng Zhao backed out of the deal on November 9, just one day after announcing the possible buyout.

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By November 11, the jig was up. FTX went bankrupt and Bankman-Fried stepped aside as CEO, letting John J. Ray take over the liquidation of the company. The fraudster was then arrested a month after the failed deal and collapse of FTX.

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Quirk in US maritime law may be key to liability in Baltimore bridge disaster

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The investigation continues to determine why a container ship, the Dali, smashed into a pillar of the 2.6 km span of Baltimore’s Francis Scott Key bridge in early morning darkness on Tuesday, causing it to collapse and leaving six construction workers presumed dead.

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2 min

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However, establishing the precise cause of the accident will be just the first step in untangling the question of who will shoulder the financial cost of the disaster, which will be considerable. 

John Neal, chief executive of the leading global insurer Lloyds of London, told British media on Thursday that the accident is “certainly going to be one of the largest marine losses in history”.  

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Mathilde Jakobsen, senior director of analytics at the credit rating agency AM Best, agreed, noting that “while the total cost of the bridge collapse and associated claims will not be clear for some time, it is likely to run into the billions of dollars”. 

The tragedy could lead to up to $4 billion in insurance claims, Morningstar DBRS said.

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Reinsurers – insurers that handle risks that are too large for insurance companies to handle alone – “will bear the bulk of the insured cost of the collapse of the Francis Scott Key Bridge in Baltimore”, according to Jakobsen. 

The Dali’s insurer, Britannia P&I Club, is part of a global group of mutual insurance organisations that pool liability for the shipping industry

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Known as protection and indemnity (P&I) clubs, they provide “liability cover for most shipping vessels” and “collectively insure approximately 90% of the world’s ocean-going tonnage”, notes Jakobsen.  

Insurance claims from the bridge collapse will take a long time to determine and involve the families of those who died, the injured, those suffering damage to property, cargo and the cost of the indefinite closure of the Port of Baltimore, one of the busiest on the US eastern seaboard.  

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Maritime law from the 19th century

But according to the maritime lawyer John Fulweiler, the Dali’s owners, Singapore-based Grace Ocean Private, will certainly try to limit their liability from lawsuits by using a 19th century US maritime law that he calls “a powerful tool that favours vessel owners”.  

The law was originally meant to prevent shipping companies from having to pay overwhelming losses from accidents at sea. 

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The ship’s owners, Fulweiler told FRANCE by email, can petition federal court under the Limitation of Liability Act of 1851, and bring all potential claims against them “into a single courtroom before a single federal judge”.  

“When the Act is triggered, the court issues an order halting all claims that might be pending in other forums,” notes Fulweiler. 

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“It’s an old piece of legislation” that produces “a lot of injustices,” says Fulweiler, by capping the ship owner’s liability to a sum equal to the “post-incident value of the vessel” and the earnings it collected from carrying the freight on board. 

The wreckage wrought by the Dali is estimated to far exceed its current value.  

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According to Fulweiler, “the murky waters of the marine world give amplified lobbying power to those representing marine insurers and vessel owners”. 

(FRANCE 24 with Reuters)

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International

Off the deep end: France’s love of swimming pools

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With more than 3 million private swimming pools, France has more “piscines” than any other nation in Europe. We find out why the sector has been booming for years and how the government is using AI to crack down on illegal pools. We also look into the challenges, benefits and heritage of France’s public swimming pools.  

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International

Remains of George Washington’s long-lost grandnephews are identified using DNA from 200-year-old bones found in unmarked graves

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Unmarked graves belonging to the grandnephews of the first US president have been identified after 200 years using DNA.

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The bones belonged to Samuel Walter Washington and George Steptoe Washington Jr., along with their mother, Lucy Payne Washington.

The graves were discovered during a 1999 excavation at the Harewood Family Cemetery in Charles Town, West Virginia that aimed to find the remains of Washington’s younger brother, Samuel Washington.

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Researchers at the Armed Forces DNA Identification Laboratory (AFDIL) used DNA from the fragmented bones and a living descendent, Samuel Walter Washington.

This marks a significant discovery for the researchers who said their findings could lead them to identify service members extending back to World War II.

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Researchers identified the remains of three of George Washington's ancestors using new DNA sequencing methods

Researchers identified the remains of three of George Washington’s ancestors using new DNA sequencing methods 

George Steptoe Washington Jr. lived from 1806 to 1831 and was buried in the Harewood Family Cemetery in West Virginia

George Steptoe Washington Jr. lived from 1806 to 1831 and was buried in the Harewood Family Cemetery in West Virginia

Samuel Walter Washington lived from November 16, 1734 to September 26, 1781 and was a planter, politician and military officer buried at the Harewood Family Cemetery in West Virginia

Samuel Walter Washington lived from November 16, 1734 to September 26, 1781 and was a planter, politician and military officer buried at the Harewood Family Cemetery in West Virginia

In the study, the researchers had set out to identify all the unmarked graves at Harewood Cemetery and believed the recovered remains belonged to George Washington’s descendants, but conducted DNA tests to be sure.

The researchers believed the recovered remains belonged to Washington’s descendants because the burial ground sat on the land of the Harewood Estate, which was built by Samuel Walter Washington in 1977.

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The most common form of DNA profiling is short tandem repeat analysis – which repeats DNA sequences to verify family connections – but it is often difficult, if not impossible, to use this method on degraded remains.

People who were embalmed using post-war techniques – such as Samuel, Lucy, and George Steptoe – involved formaldehyde which can damage the DNA.

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Instead, the researchers performed a series of DNA tests that compared the remains to a living descendant: S.W. Washington. 

The researchers analyzed the Y chromosomes to determine the paternal relationship and mitochondrial DNA sequencing to determine the maternal relationships to build a family tree.

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The grandnephews were more closely related than previously thought because of a cross-cousin marriage

The grandnephews were more closely related than previously thought because of a cross-cousin marriage

The Herewood estate in Charles Town, West Virginia

The Herewood estate in Charles Town, West Virginia

The family of three was buried at the Harewood Family Cemetery in West Virginia

The family of three was buried at the Harewood Family Cemetery in West Virginia

Mitochondrial DNA sequencing detects the smallest forms of biological material that is passed down from a mother to her child.

They also used a new method that analyzed DNA data from 95,000 sets of genomes which houses all the genetic information of a person.

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‘This particular case gave us an opportunity to test methods for extended kinship prediction that we developed using a set of known, degraded DNA samples needing identity confirmation,’ said senior author Charla Marshall, Deputy Director of DoD DNA Operations. 

‘Our laboratory is currently validating these novel methods to be used in routine casework.’ 

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Through these methods, the researchers not only confirmed that Lucy, Samuel and George Steptoe Jr. were Washington’s descendants, but they were surprised to find that their family tree was closer than they expected. 

The familial relationships were one degree closer, but the researchers were able to confirm that it was due to cross-cousin marriages in the Washington family tree. 

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‘Our data confirmed the identities of the three sets of remains, and we furthermore resolved which male was the direct ancestor of S.W. Washington, the living descendant,’ Marshall added.

Samuel was Washington’s brother and a planter, politician and military officer who lived from 1734 to 1781.

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He was the county lieutenant of Berkeley County, Virginia during the early revolution and resigned in 1777 at 43 years old.

Little is known about George Steptoe II who lived from 1806 to 1831.

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He was the youngest son of a Virginia planter and militia officer who died of Tuberculosis at 36.

This is not the first time researchers have had to use new DNA methods after scientists analyzed the hair of a man who claimed to be the great-grandson of Sitting Bull – a legendary Native American Chief. 

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In 2021, the scientists used autosomal DNA from a lock of Sitting bull’s hair to match it to Ernie Lapointe and found it was a positive match.

Now, uncovering Washington’s grandnephews through new DNA sequencing could mean that formerly unknown and unidentified remains can be identified.

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It will allow the researchers to expand the reference points to third and fourth-degree living relatives ‘in an effort to increase the number of DNA-assisted identifications, particularly those of past conflicts such as World War II, Korea, Cold War, and Southeast Asia/Vietnam,’ Marshall said.

Dailymail.com has reached out to the authors for comment. 

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France takes down fake website inviting volunteers to ‘enlist in Ukraine’

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French authorities have uncovered a website containing a fake recruitment drive for French volunteers to join the war in Ukraine, the defence ministry said on Thursday.

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The site has now been taken down by French services, a government source, who asked not to be named, told AFP without giving further details on the nature of the operation.

The site, which is now inaccessible, said 200,000 French people were invited to “enlist in Ukraine“, with immigrants given priority.

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A link to the site – that resembled the French army’s genuine recruitment portal – had been posted on X, formerly Twitter, the French defence ministry said.

“The site is a fake government site,” the ministry said, also on X, “and has been reposted by malevolent accounts as part of a disinformation campaign”.

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The ministry did not name any suspects in the website spoof, but a government official, speaking on condition of anonymity, said the site bore “the hallmarks of a Russian or pro-Russian effort as part of a disinformation campaign claiming that the French army is preparing to send troops to Ukraine”.

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French President Emmanuel Macron angered the Russian leadership last month by hardening his tone on the conflict sparked by Russia’s invasion of Ukraine, refusing to rule out sending ground troops and insisting Europe had to do all that was needed for a Russian defeat.

Similar recent examples of disinformation posts included pictures of French army convoys wrongly presented as moving towards the Ukrainian border, the official said.

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The fake website invited potential recruits to contact “unit commander Paul” for information about joining.

The defence ministry and government cyber units are investigating, ministry staff told AFP.

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The French government has recently stepped up efforts to denounce and fight what it says are Russian disinformation and destabilisation campaigns aimed at undermining French public support for Ukraine in its war against Russia.

(AFP)

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France’s parliament condemns 1961 police massacre of Algerians in Paris

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The French parliament’s lower house on Thursday approved a resolution condemning as “bloody and murderous repression” the killing by Paris police of dozens of Algerians in a crackdown on a 1961 protest to support Algerian independence.

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In recent years France has made a series of efforts to come to terms with its colonial past in Algeria.

Dozens of peaceful demonstrators died during a crackdown by Paris police on a protest by Algerians in 1961. The scale of the massacre was covered up for decades by French authorities before President Emmanuel Macron condemned it as “inexcusable” in 2021.

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The text of the resolution stressed the crackdown took place “under the authority of police prefect Maurice Papon” and also called for the official commemoration of the massacre.

The bill, put forward by Greens lawmaker Sabrina Sebaihi and ruling Renaissance party MP Julie Delpech, was approved by 67 lawmakers, with 11 against.

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Sebaihi said the vote represented the “first step” towards the “recognition of this colonial crime, the recognition of this state crime.”

The term “state crime” however does not appear in the text of the resolution, which was jointly drafted by Macron’s party and the Elysee Palace.

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Read more October 17, 1961: A massacre of Algerians in the heart of Paris

On the 60th anniversary of the bloodshed in 2021, Macron acknowledged that several dozen protesters had been killed, “their bodies thrown into the River Seine.”

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The precise number of victims has never been made clear and some activists fear several hundred could have been killed.

“Let us spare a thought here today for these victims and their families, who have been hit hard by the spiral of violence”, Dominique Faure, the minister for local and regional authorities, said on Thursday.

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She noted that efforts had been made in the past to recognise the massacre.

In 2012, then president Francois Hollande paid “tribute to the victims” of a “bloody crackdown” on the men and women demonstrating for “the right to independence”.

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The rally was called in the final year of France’s increasingly violent attempt to retain Algeria as a north African colony, and in the middle of a bombing campaign targeting mainland France by pro-independence militants.

However, Faure expressed reservations about establishing a special day to commemorate the massacre, pointing out that three dates already existed to “commemorate what happened during the Algerian war”.

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“I think it is important to let history do the work before considering a new day of commemoration specifically for the victims of October 17, 1961.”

France has made several attempts over the years to heal the wounds with Algeria, but it refuses to “apologise or repent” for the 132 years of often brutal rule that ended in 1962.

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Read moreMacron’s condemnation of 1961 massacre in Paris ‘not enough’, historians say

(AFP)

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BUSINESS LIVE: Recession confirmed; Thames Water survival fears; Lloyd’s of London swings to profit

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Britain’s economy entered a recession in the second half of last year, fresh data from the Office for National Statistics confirms, with GDP shrinking by 0.1 and 0.3 per cent in the third and fourth quarters of 2023, respectively. 

The FTSE 100 is up 0.3 per cent in afternoon trading. Among the companies with reports and trading updates today are Thames Water, Lloyd’s of London, Spirent Communications, AO World and JD Sports. Read the Thursday 28 March Business Live blog below.

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> If you are using our app or a third-party site click here to read Business Live 

AO World eyes more than £1bn in sales this year

AO World shares surged on Thursday as the FTSE 250 online retailer upped its profit guidance, with bosses cheering ‘clear progress’.

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On Thursday, AO told shareholders it expects adjusted pre-tax profits to come in ‘at least’ at the top of its previous guidance, of between £28million and £33million for the year to 31 March.

EnQuest posts another loss after hit from oil and gas windfall tax

EnQuest has recorded another hefty annual loss thanks to the UK Government’s windfall tax on North Sea operators.

The London-based petroleum group reported a $30.8million loss in 2023, a drop on the $41.2million loss recorded the prior year, as it paid a $77.2million charge from the Energy Profits Levy.

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Nanoco boss eyes new chapter for tech pioneer after Samsung spat

‘We’re in the strongest position we’ve been in – not just financially, but commercially – in the 20 years since we formed,’ says the chief executive of British tech pioneer Nanoco.

Since joining the AIM-listed firm in August 2018, initially as chief operating officer, Brian Tenner has endured Nanoco’s potentially fatal experience of the pandemic, a lengthy legal spat with Samsung and an attempted boardroom coup.

AO cheers ‘clear progress’ as electronics retailer improved profit guidance

Electronics retailer AO World has increased its profit guidance after “clear progress” over the past year.

Shares in the London-listed company rose by more than a tenth in early trading on Thursday.

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It is the latest upgrade after improving its profit outlook in November last year as its cost-cutting actions continue to bear fruit.

The retailer, which counts Mike Ashley’s Frasers Group as a major shareholder, has cut a number of jobs and closed its German business as part of its turnaround plan.

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On Thursday, AO told shareholders it expects adjusted pre-tax profits “at least” at the top of its previous guidance, of between £28 million and £33 million for the year to March 31.

It added that it expects to report revenues of around £1.04 billion for the year, after its core business returned to growth in the final quarter.

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Nevertheless, the company will still have seen revenues decline by around 8% for the year.

The ten most popular overseas stocks investors buy for their Isa

The clock is ticking for investors to use their annual Isa allowance before the tax year ends at midnight on 5 April.

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Each year, savers and investors get a £20,000 allowance that can be used to pay new money into an Isa, with the most popular types being a cash Isa or stocks and shares Isa.

Competition watchdog clears Aviva’s £460m acquisition of AIG Life

Aviva’s proposed £460million acquisition of AIG Life will not be referred to a phase two investigation by the Competition and Markets Authority (CMA).

In February, the CMA launched an initial probe to assess whether the acquisition could reduce competition across the UK services sector.

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Ithaca Energy shares top FTSE 350 fallers

Top 15 falling FTSE 350 firms 28032024

Spirent Communications shares top FTSE 350 risers

Top 15 rising FTSE 350 firms 28032024

MARKET REPORT: Carnival set for record year as bookings boom

FTSE 250 group Carnival is gearing up for a record year after a surge in people booking cruises for the first time.

Customers are choosing to holiday at sea rather than spend a fortune on hotels or flights.

Spirent ditches Vivai as Keysight gatecrashes deal with £1.2bn offer

Keysight Technologies has reached a deal to snap up Spirent Communications for £1.16billion.

Market update: FTSE 100 up 0.3%; FTSE 250 down 0.1%

The FTSE 100 has opened higher this morning, bolstered broadly by commodity-linked stocks, while telecommunications testing firm Spirent Communications has jumped 10 per cent on a deal with Keysight Technologies.

Energy stocks have added 0.5 per cent as oil prices edged up after two days of declines, while most base metals have been boosted by signs of stabilisation in China’s broader economy.

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JD Sports shares have climbed 5.9 per cnet after the sportswear retailer said its pretax profit for the year to 4 Febuary would meet guidance it downgraded in January in the range of £915million to £935million.

Spirent Communications is up 10.2 per cent on agreeing to Keysight Technologies’s offer valuing the firm at £1.16billion.

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M&G, Smith & Nephew and Taylor Wimpey are down between 1 and 6 per cent as they traded ex-dividend.

Breaking:Competition watchdog clears Aviva’s takeover of AIG Life

The Competition and Markets Authority has cleared Aviva’s acquisition of AIG Life.

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Insurance market Lloyd’s of London toasts best result ‘in recent history’ with £10.7bn profit

Lloyd’s of London has achieved its strongest annual results ‘in recent history’ after swinging to a bumper profit from a loss the prior year.

The world’s biggest insurance marketplace, whose roots date back to a 17th-century coffee house, rebounded to a £10.7billion profit last year after making a £800million pre-tax loss in 2022.

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It credited the performance to higher interest rates and an ‘unwind of the previously booked mark-to-market loss’.

Morrisons boss says turnaround is in ‘full swing’ as sales pick up

The new boss of Morrisons says his turnaround is ‘in full swing’ after sales grew at the fastest rate for three years.

After struggling to make headway following its private equity takeover, the supermarket said sales in the three months to January 31 were 4.6 per cent up on a year earlier.

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Thames Water shareholders refuse £500m lifeline plea

Thames Water shareholders are refusing to give the debt laden utility extra cash unless the group hikes bills for customers.

Fears for the future of Thames Water, which sits on a £14billion debt pile, were heightened on Thursday as it announced shareholders will not be injecting the first £500million of funding that was agreed last summer.

The shareholders blame industry regulations they say make its business plan ‘uninvestible’.

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Commodities broker Marex Group snubs City as it files papers to list in New York

London commodities broker Marex Group is planning to list in New York.

It filed documents with the US regulator about an initial public offering –becoming the latest business to snub London’s stock market as firms look to achieve higher valuations.

EnQuest becomes latest North Sea firm to suffer windfall tax

itish North Sea-focused oil producer EnQuest narrowed its annual loss to $30.8million last year, down from a $41.2million loss in 2022, it said on Thursday.

The company said it posted a loss after tax due to the energy profit levy (EPL) which was extended by one year by Chancellor Jeremy Hunt earlier this month.

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EnQuest has for years been shielded from UK taxes as it could offset bills against reported tax losses, which stood at $2billion at the end of 2023.

‘The EPL has resulted in a number of industry participants accelerating their shift in focus away from the UK North Sea,’ said boss Amjad Bseisu.

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‘Our significant tax loss position and the impact of the EPL on marginal tax rates means that the transfer of assets to EnQuest ownership would increase their relative value to a multiple of that in the hands of existing owners.’

FTSE100 suffers a ‘somewhat unnoticed and certainly unloved rally’

Richard Hunter, head of markets at Interactive Investor

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‘Despite the drag of the usual raft of Thursday ex-dividend stocks, including but not limited to M&G, Melrose and Prudential, progress was also made on home shores, helped along by buying interest in the miners and oil majors. The more recent advances for the FTSE100 have resulted in a somewhat unnoticed and certainly unloved rally which leaves the premier index up by 2.8% so far this year and indeed less than 1% away from the record high of just over 8000, achieved in February last year.

‘The more domestically focused FTSE250 has also turned positive of late and is now ahead by 0.7% in the year to date despite confirmation of a technical recession in the UK. The recession is, however, widely expected to be shallow and brief and the prospects of interest rate cuts towards the middle of the year have buoyed sentiment. This also comes with the possibility that the UK market as a whole is being considered anew by international investors, who have eschewed investment but are now increasingly being tempted by the deeply discounted valuation levels compared to many global peers.’

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Americans crashing Mondi bid for DS Smith plot UK listing should their deal go through

NEW: Thames Water shareholders blame watchdog

A joint statement from Thames Water’s nine shareholders:

‘Shareholders and Thames Water have been working with the regulator Ofwat for over a year on how to address the complex challenges facing the business. These include both meeting current funding demands and the urgent need for substantial investment to improve performance.

‘These discussions led to the submission of a business plan which included the largest ever investment programme by any UK water company – over £18 billion – to improve customer service and environmental standards. To support such unprecedented investment, shareholders committed to supporting a further £3.25 billion of investment on top of the £500 million provided last year, and pledged to take no cash out of the business until a turnaround was delivered. This was a solution which addresses the root cause of Thames Water’s challenges without the need for any taxpayer funding.

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‘However, after more than a year of negotiations with the regulator, Ofwat has not been prepared to provide the necessary regulatory support for a business plan which ultimately addresses the issues that Thames Water faces. As a result, shareholders are not in a position to provide further funding to Thames Water.

‘Shareholders will work constructively with Thames Water, Ofwat and Government on how to address the consequences of Ofwat’s decision.’

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‘UK economy shows signs of steadying, yet caution remains paramount’

Lindsay James, investment strategist at Quilter Investors:

‘It would be premature to declare that the economy has completely turned a corner; however, the indicators suggest that the recession experienced was relatively brief.

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‘The current expectations align more with a stabilisation in the first half of 2024 rather than a robust bounce-back, primarily due to the ongoing impact of high interest rates and their delayed effects on the market.

‘Governor Andrew Bailey’s recent remarks that interest rate cuts are now ‘in play’ for future meetings hint at potential stimuli for growth in the latter part of the year.

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‘Nevertheless, while there are indications that business activity is on an upswing, the threat of inflationary pressures making a comeback cannot be ignored.

‘Despite the base effects and a reduction in the Energy Price Cap contributing to a decrease in headline figures in the near term, the possibility of experiencing further inflationary surges persists. Such developments could constrain the Bank of England’s ability to implement rate cuts in the subsequent quarters.

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‘In summary, the UK economy shows signs of steadying, yet caution remains paramount as we navigate through the complexities of inflation and interest rate dynamics.’

Lloyd’s of London swings to £10.7bn profit

Lloyd’s of London swung to a pre-tax profit of £10.7billion in 2023, with the commercial insurance market boosted by strong underwriting and investment performance.

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The insurance market, which has more than 50 member firms, suffered an £800million loss in 2022.

Commercial insurers, who underwrite anything from oil rigs to professional footballers’ legs, have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.

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‘We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting,’ Chief executive John Neal said.

Thames Water survival fears as investors refuse to provide £500m funding lifeline

Thames Water shareholders have refused to stump up a promised £500million of equity, heightening concerns about Britain’s largest water utility’s survival, after it failed to agree future bills and conditions with the regulator.

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Thames Water said is is operating ‘business as usual’, seeking to reassure its 16 million customers after a year of speculation that it could collapse under the weight of its more than £14billion of debt.

‘Discussions with Ofwat and other stakeholders are ongoing,’ Thames Water said in its statement.

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The company’s shareholders, who include Ontario Municipal Employees Retirement System and the UK’s Universities Superannuation Scheme, had been due to provide the new equity by 31 March.

Trader Tom Hayes vows to fight on in bid to clear his name as Court of Appeal upholds Libor rigging conviction

Convicted Libor trader Tom Hayes has vowed to fight on to clear his name after losing his appeal against conviction.

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Hayes, who was jailed in 2015 for manipulating benchmark lending rate Libor, will now seek to take his case to the Supreme Court.

The former Citigroup and UBS trader claims he was made a scapegoat for the financial crisis.

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Recession ‘almost certainly already over’

Thomas Pugh, economist at RSM UK:

‘This morning’s data confirmed that the UK endured the smallest of recessions in the second half of last year. But it’s almost certainly already over.

‘A jump in retail sales and an improvement in business surveys, such as the PMIs, point to the economy improving in the first quarter of this year. We then expect growth to accelerate in the second half of this year and into 2025 as sharply lower inflation, tax cuts and falling interest rates give households an income boost.

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‘The big unknown is how much of this rise in incomes households will actually spend. Indeed, despite real households’ disposable income growing by 0.7% in Q4, the household saving ratio rose to 10.2% in the latest quarter, up from 10.1% in Quarter 3, suggesting that households were still rebuilding saving buffers at the end of last year.

‘The good news is that consumer confidence has been improving gradually over the last year and UK consumers’ confidence in their personal finances has reached the highest since 2021 as the impact of rising real wages filters through into people’s pockets, even though consumers remain cautious overall.

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‘We expect this to continue over the next year. That suggests household savings patterns will start to return to more normal levels in the first half of the year.

‘On that basis, we think the improvement in households’ real incomes that is set to intensify later this year will translate into an increase in spending that will kick start the economic recovery and finally drag the UK out of stagnation.’

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UK recession confirmed

Britain’s economy entered a recession in the second half of last year, fresh data from the Office for National Statistics confirms.

GDP shrank by 0.1 per cent in the third quarter and by 0.3 per cent in the fourth quarter, unchanged from preliminary estimates.

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