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Goldmanaccusedofbriberyin 'Massiveconspiracy'over1mdb Newspaperof theYear THURSDAY 22 NOVEMBER 2018 WORLDBUSINESSNEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00 Stuck on EU FaultsintheValley Taiwan election The European project has not lost Big Tech’s close-knit community is Has China been sharpening its soft its way — TIMOTHY GARTON ASH, PAGE 13 breaking ranks — NOTEBOOK, PAGE 12 powerontheisland? — BIG READ, PAGE 11 May welcomes Briefing ‘good progress’ i Royal Mail pressed to clarify writedowns Shareholders have lobbied the postal operator for answers after it wrote down 85 per cent of the value on Brexit deal of two recently acquired US parcel delivery groups, adding to doubts over its global expansion.— PAGE 15 Theresa May and Jean-Claude Juncker, president of the European Commission, i West thwarts Russian Interpol candidate in Brussels yesterday before a two-hour South Korea’s Kim Jong Yang has been elected meeting where they made “good president after western nations thwarted Russia’s progress” towards agreeing the final Alexander Prokopchuk, whose standing sparked a elementofaBrexitdeal. row over alleged abuse of the global body.— PAGE 8 The prime minister said last night thatthepairwouldmeetagainonSatur- i FCA looks at wider ban on exit fees day to finalise Britain’s EU exit package Investment industry leaders have warned that the and the outline of its future partnership City watchdog is considering broadening a proposed with the bloc, raising hopes of a smooth ban on exit fees to include the biggest wealth summittoendorsethedealonSunday. managers and pensions companies.— PAGE 20 ThemeetingwithMrJunckermarked oneofthelaststagesinalmosttwoyears i Watchdog says student loans sold cheaply ofgruellingnegotiations. The public accounts committee Labour eyes minority rule page2 has said that the government Bronwen Maddox & received “too little in return for Timothy GartonAsh page13 what it gave up” when it ABNAmroseekslicences page 27 conducted the biggest sell-off John Thys/AFP/Getty Images of student loans.— PAGE 2 i G20 draft dodges protectionism question A draft communiqué being considered by national officials before the Argentina meeting makes no explicit pledge to fight protectionism, raising Goldman accused of bribery in doubts on the G20 free trade commitment.— PAGE 4 i OECD warns of trade war growth threat The club of rich nations has said an escalation in the hostilities between the US and China could take a heavy toll on global growth by 2021 and could lead ‘massive conspiracy’ over 1MDB the Federal Reserve to raise interest rates.— PAGE 8 i Spy case student sentenced to life in UAE Durham university PhD student Matthew Hedges 3 Abu Dhabi wealth fund sues 3 Officials induced to aid fraud 3 Bank to contest claims has been sentenced to life imprisonment in the Gulf state for spying. Foreign secretary Jeremy Hunt has LAURA NOONAN — NEW YORK government agreed to repay IPIC in a IPIC’s subsidiary, to induce them to act has not been available for comment. urged the UAE to reconsider the case.— PAGE 2 SIMEONKERR— DUBAI settlement that has since been chal- against its interests as part of “a mas- Goldmanhasinsistedithadnoknowl- An Abu Dhabi sovereign wealth fund lengedbythenewgovernment. sive,internationalconspiracytoembez- edge of a bribery and embezzlement has sued Goldman Sachs over the The long-running 1MDB scandal, in zlebillionsofdollars”from1MDB. scheme that US prosecutors say saw Malaysian 1MDB scandal, accusing the which high-ranking Malaysian officials In exchange for bribes, Mr Qubaisi around $2.7bn plundered from 1MDB Datawatch US bank of bribing its officials during a including former prime minister Najib and Mr Husseiny agreed to manipulate after Goldman helped the state-backed “massiveglobalconspiracy”. Razakhavebeenaccusedofhelpingloot IPIC and Aabar, misusing the compa- Goldman’s role fund raise $6bn in 2012 and 2013. Gold- Trading places About 74 per cent The International Petroleum Invest- $4.5bn from the government fund, has nies’ names and infrastructure to fur- has come under mansaiditwas“intheprocessofassess- UK goods importers and exporters of the 300,000 ment Company,a former partner of the spread beyond the country’s borders to therthescheme,thesuitadded. increasing ing the details” of the IPIC lawsuit and (2017, ’000) UK businesses scandal-hit1MDBfund,filedalawsuitin ensnare officials and executives around IPIC said it had also filed criminal scrutiny since expectedtocontestit“vigorously”. registered as New York yesterday, seeking unspeci- the globe. Mr Najib, who was charged complaintsinAbuDhabiagainstthetwo US prosecutors The Department of Justice has Non-EU only an importer and fied punitive damages from Goldman thisyear,hasdeniedallaccusations. men.MrQubaisi,whodeniestheallega- filed charges chargedtwoformerGoldmanmanaging exporter traded with the EU last and individuals including Tim Leissner, Goldman’s role has come under tions, has been detained in the United against two of its directors—MrLeissnerandRogerNg— EU and non-EU year. Nearly half a former partner at the bank who has increasing scrutiny since US prosecu- ArabEmiratesfor26months,hislawyer former bankers for their alleged role in the scheme and traded only with pleaded guilty to conspiracy charges tors filed charges against two of its Michael O’Kane said. “It is extraordi- this month has claimed one current Goldman part- EU countries overtheaffair. formerbankersthismonth. nary if he has now been charged when nerwasaco-conspirator. EU only and a quarter In 2015, IPIC guaranteed billions of IPIC argued in the suit that Goldman he has never been subject to a proper Shares in Goldman have fallen almost traded with dollars of bonds arranged by Goldman bribed Khadem al-Qubaisi, its former investigation in the UAE into the 1MDB 14 per cent in the past month, as inves- both EU and and issued by 1MDB. After the Malay- managing director, and Mohammed al- matter.” torsfrettedaboutreputational fallout. Source: HM Revenue & Customs non-EU countries sian fund defaulted, the then Malaysian Husseiny, chief executive of Aabar, MrHusseiny,whoisalsoindetention, Counting the cost page17 Bet365 head hits the jackpot as £220m pay puts her in leading executives pack MURADAHMED £53.5m from a year earlier. Of this, successfully driven the group forward”. £80.1m was paid to four directors, Ms Coates, who is the majority share- Denise Coates, head of UK online gam- including Ms Coates, her brother and holder in Bet365, is credited with trans- blinggroupBet365,receivedmorethan herfather. forming a string of betting shops in £220m last year,making her one of the Her basic pay of nearly a quarter of a Stoke, owned by her father, Peter, and world’shighest-paidexecutives. EDF wants to send nuclear billion pounds means she ranks much turning the organisation into a high- The co-founder and chief executive of higher than other generously remuner- techgamblingbusiness. bills before plant is built Bet365, based in Stoke-on-Trent, has ated corporate leaders, including Elon Bet365’srisehasbeenhelpedbyinter- French state-backed utility EDF wants amassed a net worth of $3.7bn, accord- Musk, the chief executive of electric car netbettingbansinothercountries,such to charge customers for the cost of ingtotheForbeslistofbillionaires. maker Tesla, who received $150m last as the US, China and India, which has building a new nuclear power station Ms Coates’ 10 per cent pay increase year,accordingtoBloomberg. helped make Europe the home of the — before it has been built. It believes sees her leapfrog James Dyson, founder MsCoatesalsogainsmorethanprom- world’sbiggest online gambling compa- that the finance model, based on the of the eponymous private-run technol- inent global executives such as Sundar niesoverthepastdecade. £4.2bn scheme to build a ‘super sewer’ ogy group who was reported to have Pichai, Google’s chief executive, who Bet365revenuesfortheyeartoMarch under the Thames, will help cut power beenpaid£200mlastyear.Accordingto received$144.3mlastyear. rose 25 per cent to £2.86bn. Operating costs to levels competitive with gas regulatory filings published this week, In a statement in Bet365’s accounts, profits rose31percentto£660.3m. and renewables. But since a nuclear Bet365 paid £220m during the year to MsCoatessaidtotalstaffcostsrosefrom Overall profits would have been even plant can take a decade to build, March 2018 to its highest paid director, £490.9m to £646.8m during its finan- higher were it not for a painful failure investor demands for a premium could believedtobeMsCoates. cial year, partly because of “increased for the group: Stoke City’s relegation restrict any savings on the financing. The company, which owns Stoke City remuneration for individuals who have from the Premier League, which led to a Analysis i PAGE 3 football club, also paid dividends of been key to the development of the £22mlossfortheclub. £90m for the period, an increase of overarching corporate strategy that has Lombard page20 World Markets Subscribe In print and online STOCK MARKETS CURRENCIES INTEREST RATES www.ft.com/subscribenow Tel: 0800 298 4708 Nov 21 prev %chg Nov 21 prev Nov 21 prev price yield chg S&P 500 2667.10 2641.89 0.95 $ per € 1.139 1.141 € per $ 0.878 0.876 US Gov 10 yr 93.08 3.08 0.03 For the latest news go to Nasdaq Composite 7009.16 6908.82 1.45 $ per £ 1.278 1.282 £ per $ 0.783 0.780 UK Gov 10 yr 124.44 1.25 0.01 www.ft.com Dow Jones Ind 24618.29 24465.64 0.62 £ per € 0.892 0.890 € per £ 1.122 1.124 Ger Gov 10 yr 141.78 0.37 0.03 FTSEurofirst 300 1399.72 1384.18 1.12 ¥ per $ 112.975
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