Thursday newspaper round-up: Diesel, Glencore, HBOS
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Published Nov 03, 2022 07:09
Updated Nov 03, 2022 07:42
Thursday newspaper round-up: Diesel, Glencore, HBOS
Glencore (LON:GLEN) flew cash bribes to officials in Africa via private jet amid “endemic” corruption within the mining company, a London court has heard, in sentencing of the first ever UK corporate conviction on charges of bribing another person. Third-party agents used Glencore’s money to bribe officials in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan, causing harms worth $128m, a sentencing hearing at Southwark crown court heard. – Guardian
Apollo Global Management acquired assets worth $1.1 billion from British pension funds during the fire sale in the wake of September’s mini-budget. The American investment group’s Athene business raced to acquire collateralised loan obligations — securities backed by debt, also known as CLOs — as pension funds scrambled to raise cash. – The Times
A review into whether executives at Lloyds Banking Group (LON:LLOY) covered up a fraud has been held up yet again, with a witness to the inquiry calling the series of delays an “ongoing scandal”. Dame Linda Dobbs, who is leading an investigation into the bank’s handling of the HBOS Reading scam, said yesterday that she had experienced “significant delays in concluding interviews with a number of important witnesses”, which was having a “material impact” on the completion of her review. – The Times
The cost of capping Britain’s energy bills is expected to be slashed by an expected 30pc slide in gas prices this winter, as mild weather and full storage eases fears of shortages across Europe. City economists said the slump in gas prices in recent months will provide a £5bn boost to Chancellor Jeremy Hunt as he mulls options to help families with energy bills beyond next spring. – Telegraph
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