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FirstFT: Today’s top stories | Financial Times


Monopoly: Metal mogul Sanjeev Gupta restructuring your business empire Last year in an effort to maximize UK taxpayer-backed loans, he could be obtained through the government’s coronavirus loan program.

Gupta-affiliated firms attracted hundreds of millions of pounds in lending through Greensill Capital, Coronavirus’s Big Business Disruption Loan Program operator, a government program set up at the time. pandemic rush to help companies overcome a crisis.

Documents seen by the Financial Times show that Gupta merged the new institutions last year to further split his empire with the sole purpose of securing more taxpayer-backed loans through Greensill. .

The fall of Greensill, Gupta’s main lender last month, caused his GFG Alliance, which employs 35,000 employees at metal mills stretching from Wales to Australia, to fight for survival.

Private equity company General Atlantic is loan 300 million euros from Goldman Sachs with double-digit interest rates to repay the controversial loan from Greensill, according to two people familiar with the matter.

Former Prime Minister David Cameron and Prime Minister Rishi Sunak will become is called to give evidence for congressional requests on the Greensill case. The scandal has opened up for the UK Lobbying rules are not clear, with calls for reform oversees the appointments of civil servants and ministers. (FT)

Digestive coronavirus

  • The UK has come closer to the Covid-19 vaccination required for caregivers in the UK.

  • Get out of the middle seat for free aircraft You can help reduce the risk of exposure by more than 50 percent, according to the US Centers for Disease Control and Prevention – Read more about us live blog.

  • Indiain the case of Covid-19 hit record on Wednesday before Mumbai locked.

  • A group consisting of 175 former world leaders and Nobel Prize winner urged the United States Suspension of vaccine patents to increase global vaccination rates.

  • Johnson & Johnsonthe suspension of the vaccine will last week. Tim Harford explain why shouldn’t we worry about rare blood clots. (FT, Reuters)

The Covid-19 vaccine shows that governments can be a force to be reckoned with, write Gillian Tett. Registration for our Coronavirus enterprise update newsletter, sent three times a week.

On the news

Coinbase is worth $ 76 billion The investors Coinbase has value at $ 75.9 billion at the Nasdaq launch on Wednesday, the first listing of a leading cryptocurrency exchange and a confirmation time for the digital asset class about 12 years after bitcoin was released. create. (FT)

“What we hope is it just brings more transparency to the industry and a lot more focus,” – Alesia Haas, Coinbase CFO

Hedge fund’s best start in 15 years Hedge funds have been created profit 4.8% In the first three months of the year, the best first quarter since 2006, according to data group Eurekahedge, after short-term navigation GameStop and the demise of the family office Archegos Capital. Funds are modifying the way they are risk monitoring after the attack of retail investors. (FT)

HFR data shows hedge funds made 6.1% in the first three months of the year, marking the strongest first quarter gain since 2000 © FT Editing

Gangs were blamed for violence in N Ireland The worst sectarian violence in Belfast in years is going on caught by criminal gangs and anonymous social media users, making it harder to control compared to Northern Ireland’s past paramilitary clashes, local leaders and security analysts told the FT. (FT)

Darktrace’s IPO profile contradicts Mike Lynch’s statement of role In 2018, the cybersecurity company told FT that billionaire Mike Lynch, who has been charged with fraud in the US, has left its advisory board. But the company’s stock market registration documents this week say the Autonomy founder remained until March 2021, further complicating its potential £ 3 billion float. (FT)

Biden to end the ‘longest US war’ in Afghanistan Joe Biden said the US military would start with their last withdrawal from Afghanistan on May 1, declaring that “America’s longest war end time“. Some Afghans are asking what decline will mean for modest gains for democracy and women’s rights. (Doctor, NOW)

The former official shot Daunte Wright to face charges of manslaughter Kim Potter, a former police officer who shot and killed a black young man in suburbs of Minneapolis over the weekend, has been charged second level manslaughter, a prosecutor said. (FT)

Protesters turned out over the last three nights to denounce the shooting of 20-year-old Daunte Wright on Sunday © Scott Olson / Getty Images

The Wall Street boom boosted US bank profits JPMorgan Chase, Goldman Sachs and Wells Fargo reported profit is higher than expected on Wednesday, fueled by the rapid growth of investment banking fees, a vibrant capital market and a drop in credit costs as the economy was improving. (FT)

US companies are committed to against voting restrictions Hundreds of America’s largest firms including Amazon, Apple, BlackRock and Goldman Sachs along with top executives and top law firms have pledged to fight the state. attempts to limit voting rights. (FT)

Bernard Madoff died The investment manager, who runs the biggest Ponzi scheme in history already died at the age of 82 at a federal prison in North Carolina, where he is serving a 150-year sentence after pleading guilty in 2009. In 2011, Madoff talks to FT from behind bars. This is three lessons for investors from Madoff’s program. (FT)

Prosecutors pegged the size of Bernard Madoff's Ponzi scheme at $ 64.8 billion, the biggest scam in history.

Prosecutors pegged the size of Bernard Madoff’s Ponzi scheme at $ 64.8 billion, the biggest fraud in history © Jin Lee / Bloomberg

Yesterday

Income Bank of America, PepsiCo, Citigroup, Charles Schwab, BlackRock, TSMC, US Bancorp and Oxford BioMedica report the above earnings Thursday. AppLovin, a mobile advertising technology company and video game publisher, is preparing for an IPO. (FT)

Norwegian AstraZeneca’s Decision Oslo is set to announce whether it will permanent suspension vaccine AstraZeneca coronavirus after at least four women under 54 years of age die. (FT)

Economic data Germany, France and Poland have consumer price indexes for March. Investors will find out whether else stimulus payout reaching US households in March caused sales to skyrocket after falling in February. Industrial production of the United States is also set to bounce back for March. (FT, WSJ)

Deliveroo transaction updates The food delivery company will provide its first quarterly trading updates two weeks after The IPO in London was disappointing. (FT)

What else we are reading

Nuclear negotiations intensify Tehran’s power struggle Iran has passed the biggest sanctions in its history, costing the economy at least $ 200 billion. But The regime has been encouraged by surviving the policy pressure of Donald Trump, with hardliners seeking to gain a political advantage at home over their reformist rivals. (FT)

Investors try to create momentum and value for a collision The strength of the recent bull run against the low-priced stocks may trigger Rare change in stock market dynamics which some investors expect will boost financial and energy firms’ profits. (FT)

The YTD Relative Yield Line chart (%) shows that Value Stocks are finally enjoying a renaissance

How Jack Ma fouled Xi Jinping China’s most outspoken billionaire has been silent. Since Chinese President Xi Jinping abruptly canceled the public offering of Ant Group’s blockbuster, Ma’s payments and lending business, five months ago, the founder of Alibaba made a first appearance. general public. This is how he falls out of grace.

  • While fintech is suffering “Corrections” As Chinese regulators, Ma’s e-commerce leader Alibaba appears to have escaped the harsher punishment. (FT)

Johnson’s strategy to save the Alliance Whether you call Boris Johnson’s strategy to deal with the existential Brexit aftershocks that are booming or “harden it” more muscular, it is underestimated as a political approach. The UK’s future may later depend on his success, Writes Robert Shrimsley. (FT)

Robert Shrimsley: 'No major approach to managing Brexit aftershocks, could see Scotland make concessions and Ireland reunited'

Robert Shrimsley: ‘There is no major approach to managing Brexit aftershocks, one could see Scotland conceding and Ireland reunited’ © Ellie Foreman-Peck

The persecution in Hong Kong entered the classroom Beijing is expanding the city’s crackdown on pro-democracy movement into schools with a curriculum that forces teachers to warn students against “subversion” and “foreign intervention.” . The FT has spoken to more than a dozen teachers, parents, and administrators about their concerns that national security law will set up wholesale censorship. (FT)

Hong Kong principals ordered libraries to remove books that were deemed politically inaccurate and that teaching materials would be examined.

Hong Kong principals ordered libraries to remove books that were deemed politically inaccurate and instructional materials to be examined © Anthony Wallace / AFP / Getty

Podcasts of the day

England’s unhealthy imperial legacy Gideon Rachman talks to Sathnam Sanghera about his book Empireland and legacy of racism and nostalgia but I have not come to an agreement yet. (FT)

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