Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Socialite James Stunt allowed his offices in London’s Mayfair to become a “trusted hub” for criminality, prosecutors claimed on Thursday at one of the UK’s biggest money laundering trials.
The former son-in-law of Formula 1 head Bernie Ecclestone was accused of being part of a scheme that allowed criminals to funnel more than £200mn of “dirty money” into the banking system over two years.
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Stunt, 42, is one of five individuals standing trial at Leeds Crown Court charged with money laundering alongside Gregory Frankel, 47, Daniel Rawson, 47, Haroon Rashid, 54, and Arjun Babber, 32.
A Bradford-based precious metals and jewellery dealer owned by Frankel and Rawson, Fowler Oldfield, was a financial “gateway” for criminals between 2014 and 2016, the court heard.
Prosecutors said that the scheme allowed the criminals, whose identity was unknown, to circumvent financial due-diligence checks. This allowed them to hide the illicit sources of their funds as it “appeared to be a legitimate source” and most of it was used to buy gold, jurors were told.
“A reputable bank or trader would have insisted on proper due diligence being carried out before accepting the cash or exchanging it for gold,” said Jonathan Sandiford KC, opening the prosecution case.
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The barrister claimed that Stunt & Co, owned by Stunt, took the “lion’s share” of profits — about 70 per cent — from the scheme. Tens of millions of pounds in cash was dropped by couriers at the offices in Mayfair and deposits were made into Fowler Oldfield’s NatWest bank account, he said.
Sandiford told jurors that Stunt, the former husband of Petra Ecclestone, allowed the location “to be used for the delivery of criminal cash and some of the gold that had been purchased with it” and it “became a trusted hub for money laundering”.
The court was told that Stunt denies knowing or suspecting that the cash was criminal property.
It heard that while Frankel accepts that at least part of the cash delivered to Fowler Oldfield was criminal, he denies knowing or suspecting it to be criminal property. Rawson, along with the two other defendants, dispute that the cash was criminal property.
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Sandiford said the most likely source of the cash was drug dealing, although it could also be other illegal activities including fraud, human trafficking or illegal gambling.
As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.
The plans included help for the country’s crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending.
Shares in mainland China and Hong Kong chalked up record gains after the announcements.
But economists warn the policies may not be enough to fix China’s economic problems.
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Some of the new measures announced by the People’s Bank of China (PBOC) on 24 September took direct aim at the country’s beaten-down stock market.
The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares.
Governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending.
Just two days after the PBOC’s announcement, Xi Jinping chaired a surprise economy-focused meeting of the country’s top leaders, known as the Politburo.
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Officials promised to intensify government spending aimed to support the economy.
On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis. The move capped off a five-day rally that saw the index jump by 20%.
The following day, with markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%.
“Investors loved the announcements”, China analyst, Bill Bishop said.
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While investors may have been popping champagne corks, Mr Xi has deeper issues to tackle.
The People’s Republic marking its 75th anniversary means it has been in existence longer than the only other major communist sate – the Soviet Union – which collapsed 74 years after its founding.
“Avoiding the fate of the Soviet Union has long been a key concern for China’s leaders,” said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.
At the forefront of officials’ minds will be boosting confidence in the broader economy amid growing concerns that it may missits own 5% annual growth target.
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“In China targets must be met, by any means necessary,” said Yuen Yuen Ang, professor of political economy at Johns Hopkins University.
“The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.”
One of the main drags on the world’s second-largest economy has been the downturn in the country’s property market which began three years ago.
Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry.
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It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers.
But there’s scepticism that such moves are enough to shore up the housing market.
“Those measures are welcome but unlikely to shift the needle much in isolation,” said Harry Murphy Cruise, an economist at Moody’s Analytics.
“China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so.”
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At the Politburo session, leaders vowed to go beyond the interest rate cuts and tap government funds to boost economic growth.
However, beyond setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending.
“Should the fiscal stimulus fall short of market expectations, investors could be disappointed,” warned Qian Wang, chief economist for the Asia Pacific region at Vanguard.
“In addition, cyclical policy stimulus does not fix the structural problems,” Ms Wang noted, hinting that without deeper reforms the problems China’s economy face will not go away.
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Economists see tackling entrenched problems in the real estate market as key to fixing the broader economy.
Property is the biggest investment most families will make and falling house prices have helped undermined consumer confidence.
“Ensuring the delivery of pre-sold but unfinished homes would be key,” said a note from Sophie Altermatt, an economist with Julius Baer.
“In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems.”
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On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People’s Daily, struck an optimistic tone, recognising that “while the journey ahead remains challenging, the future is promising”.
According to the article, concepts created by President Xi such as “high-quality development” and “new productive forces” are key to unlocking that path to a better future.
The emphasis on those ideas reflects Xi’s push to switch from the fast drivers of growth in the past such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries.
The challenge China faces, according to Ms Ang, is that the “old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new”.
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“This is what the leadership has come to realise and is responding to.”
TWO huge chains have already started getting into the festive spirit.
Christmas favourites will be returning to menus at Costa Coffee and Greggs.
The coffee chain will be serving up their much-loved Terry’s Chocolate Orange Muffin, while Greggs will be dishing out the Sweet Mince pies.
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They are following in the footsteps of supermarkets which have already started stocking shelves with festive food.
The wider Christmas menus will be rolled out later in the year.
Costa Coffee
The coffee shop is bringing back it’s own spin on the humble, yet mouthwatering, mince pie.
The Mince Tart is gluten-free and suitable for vegans and looks almost too good to eat.
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Adorned with a pastry star and a sprinkle of icing sugar, the slice is the perfect treat to accompany a frothy coffee.
For those who love a classic, the traditional All Butter Mince Pie has also returned to Costa.
The beloved Terry’s Chocolate Orange Muffin is perfect for chocolate lovers, featuring a rich chocolate and orange muffin filled with sauce in the same flavour.
The sweet treat is topped with a Terry’s segment.
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Greggs
The best way to kick off the start of the festive season is undoubtedly with a Greggs Sweet Mince Pie, which fans can indulge in from just 65p per pie.
By far the best I’ve ever had’ Greggs fan gushes after nabbing £25 of bargain food from the bakery for just £2.50
For those looking to spread the festive cheer with their friends and family, a pack of six Sweet Mince Pies is available from only £2.25.
Vegan lovers of Greggs can also savour the festive favourite, as the vegan-friendly recipe consists of a crumbly shortcrust pastry, filled with a sweet mincemeat made from vine fruits, Bramley apple, candied orange and lemon peel.
For those of you who aren’t quite ready for Christmas just yet, Greggs has launched its Halloween range.
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Fans can enjoy the festive and Halloween feels with a Sweet and Hot Drink Deal, pairing one of the new sweet menu items with a hot drink from just £2.85.
The new Pumpkin biscuit, a ginger biscuit coated in Fairtrade milk chocolate, is available from just £1.25.
The Spooky Bun, a vanilla flavour fairy bun dipped in fondant icing and topped with spine-chilling sugar decorations is also available from only £1.00.
For Greggs fans organising feasts for friends and family this Halloween, the Spooky Bun is also available as a pack of four from £3.15.
The gobsmacked customer wrote in the caption: “Stock up on your mince pies (take in Sainsbury’s a few days ago, so it was actually August!!!!).”
Another shopper who stumbled upon the Christmas treats in the major supermarket also took to X, and wrote: “On Sept 1 I walked into my local Sainsbury and what did I see on the shelves?
Tesco’s Christmas range has been slowly making its way into supermarkets and, with the festive season now on the horizon with under 100 days to go, the goods will soon be available at all of its 4,000 branches.
THERE are a number of ways that you can save money when eating out. Here’s how:
Discount codes – Check sites like Sun Vouchers or VoucherCodes for any discount codes you can use to get money off your order.
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Tastecard – This is a members club where you pay to have access to discounts worth up to 50 per cent off at thousands of restaurants. It costs £4.99 a month or £34.99 for the year.
Loyalty schemes – Some restaurants will reward you with discounts or a free meal if you register with their loyalty scheme, such as Nando’s where you can collect a stamp with every visit. Some chains like Pizza Express will send you discounts for special occasions, such as your birthday, if you sign up to their newsletter.
Voucher schemes – Look out for voucher schemes offered by third party firms, such as Meerkat Meals. If you compare and buy a product through CompareTheMarket.com then you’ll be rewarded with access to the discount scheme. You’ll get 2 for 1 meals at certain restaurants through Sunday to Thursday.
Student discounts – If you’re in full-time education or a member of the National Students Union then you may be able to get a discount of up to 15 per cent off the bill. It’s always worth asking before you place your order.
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For the first time ever, Asda has launched its first signature flavour – brown butter and spiced dark rum.
The flavour runs through a number of the festive food items ,including brown butter and spice dark rum mince pies and a slow cooked turkey with dark rum and brown butter stuffing.
There’s something for all palates and preferences too, with 57 new vegan and 35 new free from products included in the range.
Customers will be able to pick up no-meat turkeys, mushroom pigs in blankets and smoky aubergine bacon.
A TOP chef who worked in Michelin star kitchens and cooked for the US president has seen the doors of his popular restaurant chained shut.
Tarek Thoma owns a string of successful restaurants in Middlesbrough, but his venue, Oven, is set to be ripped away.
Chains were spotted wrapped around the doors while eviction notices have been slapped on windows.
It is understood landlords took possession of the £500,000 eatery.
Devastated fans shared their fury on social media, one wrote: “After booking a table at the Oven Restaurant Middlesbrough on Monday for tonight for 14 people for a special occasion we turned up to find the establishment chained up and a possession order stuck to the door.”
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Another added: ” “Feel sorry for the staff and owner. Always always nice food and service, one of the better restaurants in Middlesbrough.”
Meanwhile an eviction notice taped to the windows read: “To all and any others this may concern. Take notice that the landlord has this day 2 October, 2024, exercised their right to peaceably re-enter and take possession of this premises known as ground floor, 202-204 Linthorpe Road, Middlesbrough, TS1 3QW.
“Any lease or license is hereby determined. This property is now legally occupied by the landlords.
“Any attempt to break into this property will be classed as an attempt to break into this property will be classed as a criminal offence and will be reported to the police.”
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Taerek also runs the popular Bazaar, in Captain Cook Square, from which an employee confirmed the downfall of Oven.
A spokesperson for the landlords, Pneuma Group, claimed there had been problems with the tenancy which resulted in the “difficult decision to re-enter our premises”.
Oven was created nearly 10 years ago after opening its doors to hungry customers, and 45 employees, in 2015.
Mr Thoma poured £500,000 into the business, and vowed to provide a Michelin experience for affordable prices.
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Outside there is a generous, and stylish seating area, while inside holds enough space for up to 160 people.
The menu offered British, French, Mediterranean and Middle Eastern cuisine, meaning there was something for everyone.
Dishes were prepared by chefs who learnt from professionals with Michelin star training.
Tarek himself previously cooked for President George and Prime Minister Tony Blair.
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Tarek, who has also worked at Michelin-starred restaurants including the L’Escargot in London and Chapter One in Kent, previously said: “My staff and I are looking forward to welcoming guests to Oven and serving them with Michelin star-style food at very affordable prices.
“This area of Middlesbrough is becoming a hive of culinary activity and Oven will bring something different to this growing gastronomic scene.”
ARRIVING at the London Dungeon, I had a pretty good idea of the frights that lay in store.
Or so I thought. Little did I realise I was going to be part of the attraction myself — by going behind the scenes for 30 minutes of make-up that turned me into the Plague Doctor.
Nothing prepared me for the shock of seeing myself in the mirror.
With zombie-like eyes and yellow crusted boils all over my face, part of me wondered if I was patient zero for the nextpandemic.
At least I looked the part for the horrors that awaited on my tour through London’s dark and depraved past.
After a terrifying drop into dimly lit, plague-infested streets, I suddenly found myself immersed in a plot to kill the King . . . axe and all.
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Things soon turned even more sour. We got caged in the torture chamber, chains and manacles clinking on the wall.
I was then strapped to a chair while the dungeon’s chief torturer brandished all sorts of mean-looking iron instruments.
This was a man who clearly loved his job.
Later, we came face to face with a doctor who seemed to prefer her patients more dead than alive.
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Then there was the haunting encounter with a witch that left us a little pale.
Finally, after a chilling run-in with Jack the Ripper, I was more than ready for a drink in the tavern at the end.
Stunning British seaside campsites
But keeping the glass steady while my hands were still shaking wasn’t easy.
Richard Quincey, the attraction’s head of performance, told me: “Each year we know our guests expect more scares than before — and we really think this year we will match that expectation as we celebrate our 50th birthday.
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“The team have worked incredibly hard to deliver the scariest seance show yet, and our actors are ready to bring out the most terrifying story we’ve ever told.”
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The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said.
In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years.
She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”.
But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects.
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After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.
The green schemes are two new carbon capture and storage projects on Merseyside and Teesside.
The government said they will create and support thousands of jobs, draw in private investment and help the UK meet its climate goals.
Funding of up to £21.7bn over 25 years will subsidise three projects once they start capturing carbon from hydrogen, gas, and energy from waste.
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Oil and gas giants BP and Equinor will be among the firms providing private sector funding for the projects, she said, adding that other countries “would love to get this sort of investment”.
But Greenpeace UK’s policy director Doug Parr said more than £21bn “is a lot of money to spend on something that is going to extend the life of planet-heating oil and gas production”.
The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment – which is money spent on items such as buildings, equipment, and IT.
She directly criticised the fact that the UK’s capital budget is due to fall from 2.5% of the size of the economy to 1.6%.
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However, Conservative shadow energy secretary Claire Coutinho said “it’s thanks to the Conservatives that funding was already announced for these projects in the spring of 2023”.
She added that the announcement “will not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea”.
But Ms Reeves said the previous government “were cutting back on investment at exactly the time we needed to be increasing investment in our economy”.
“I’m not going to make those mistakes,” she said.
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Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit.
That summit will be a “massive opportunity for us to show what Britain has to offer to some of the biggest investors”, she said, including private equity, venture capitalists, and sovereign wealth funds.
She also denied suggestions that the government’s budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.
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