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The French authorities have launched an investigation into Sanjeev Gupta’s business empire, deepening the challenge faced by the British metal tycoon, once hailed as the “savior of steel”.
Paris prosecutors told the Financial Times that they are investigating Gupta’s French operations on allegations of “misuse of corporate assets” and “money laundering”.
France is home to several key assets in the GFG Alliance, the collection of plants and cottages that Gupta amassed during a multi-billion dollar acquisition funded by Greensill Capital. The collapse of Greensill in March plunged GFG into a crisis and sparked investigations in Germany and the British Serious Fraud Office.
Paris prosecutors said they opened their investigation in July after officials reported suspicious activity.
Thank you for reading FirstFT Europe / Africa. Here’s the rest of the news – Gary
Five more stories on the news
1. X-rays sent abroad due to acute lack of radiologists The UK’s NHS is sending patient scans all the way to Australia and New Zealand for analysis by radiologists to address staff shortages and a record-breaking hospital supply backlog.
2. Galderma in talks about a possible $ 22 billion IPO After two years of record growth, thanks in part to the pandemic, Galderma, the Swiss skin care specialist, has started talks with international investors about a possible $ 22 billion IPO in the first half of next year.
3. Hedge fund makes $ 400 million on natural gas Volatility in natural gas prices helped a US hedge fund, Miami-based Statar Capital, which manages approximately $ 2 billion in assets, generated more than $ 400 million in profits in October alone.
4. Vatican loses £ 100m on property sales in London The Holy See is about to sell a London building to private equity group Bain Capital, with the sale expected to result in a loss of approximately £ 100 million to the Catholic Church. The building is at the heart of an international criminal investigation that has forced the Vatican to overhaul the way it manages its finances.
5. The Fed leadership issue risks market uncertainty The reappointment of Jay Powell is considered a safe choice, but the Biden administration is now under pressure to decide whether to re-nominate the incumbent for another four-year term or choose new leadership.
BHP, the largest miner in the world, will be 1.35 billion
US Democrats arrive in Glasgow for the final days of the COP26 environmental conference without adopting their promised measures.
Despite promises from world leaders, enforcement officials working in the US have Amazon say they lack the resources and political support to fight deforestation.
To the young Climate activists, dissatisfaction with measures against carbon emissions is spreading in broader activism for social justice.
The day ahead
Facebook The whistleblower Frances Haugen appears before the members of the European Parliament to discuss the negative effects of the products and business models of large technology companies on users.
Merits The third quarter results come from the German chemical and consumer goods company Henkel and PayPal. SoftBank will hold its earnings report for the second quarter.
travel After 21 months of travel restrictions, the US is reopening its borders to vaccinated passengers from China, India, the UK and many other European countries.
China The Chinese Communist Party’s Central Committee gathers in Beijing to set the agenda for its sixth plenary session. The meeting will pave the way for President Xi Jinping to secure an unprecedented third term at next year’s 20th Congress.
What else we read
Suspenders in the travel sector for the post-pandemic world After losing $ 6 trillion during the coronavirus crisis, the global travel industry – from hotel groups to airlines – faces a precarious future.
Bankrupt Lebanon left to regret criticism of Saudi Arabia Comments on the Yemen war have sparked a diplomatic firestorm between Lebanon and the Gulf States. Saudi Arabia responded by banning all Lebanese imports, expelling the Lebanese ambassador and recalling his envoy in Beirut, a blow to a country already in crisis.
How China’s tech bosses are spending money at the right time When Xi Jinping complained that relentless home schooling was putting too much pressure on Chinese children, the heads of at least two Chinese tutoring companies began selling their shares in New York. Documents verified by the FT show dozens of other executive sales at the right time as Chinese tech companies came under fire.
Scroll through TikTok to see the real stars of the workplace Social media has rewritten the rules. Employees can now promote themselves as well as the brand, and short videos help reach students who have been left cold by recruiting fairs at a time when so many workers are leaving what has been called “The Great.” Resignation “is called.
Would you like a raise? Grace Lordan offers six wage-increasing life hacks and explains how to recognize the prejudices that keep us from asking for more money.
Chumbe Island just off the coast of Zanzibar is a small but successful model of how tourism and conservation can work together. With just seven cottages, a ban on single-use plastic, and efforts to rent locally, Chumbe offers a positive model for ocean rewilding in Africa.
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