Tom Hayes verdict is yet another blow to the Serious Fraud Office
Reeling from a string of blunders in the years before Hayes's trial, the successful prosecution of the former trader was a much-needed win for the agency at a time when its very existence was in doubt and it was also arguably the most significant result for the agency's then director, Sir David Green KC.
By the same token, the quashing of Hayes's conviction on Wednesday by the Supreme Court also comes at a difficult moment for the crime-fighting body.
In the decade since Hayes was sent to prison, the SFO's reputation has been marred by another series of setbacks that have once again led to questions about the future of the agency.
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The Guardian
11 minutes ago
- The Guardian
Air India under growing pressure as safety record scrutinised after deadly crash
Just three years ago, it looked as if the fortunes of Air India were finally looking up. After decades of being regarded as a floundering drain on the Indian taxpayer, with a reputation for shabby services and dishevelled aircraft, a corporate takeover pledged to turn it into a 'world class global airline with an Indian heart' that would outgrow all its domestic and international competitors. Yet, after tragedy struck on 12 June, the airline is instead facing critical questions about its ability to operate safely, throwing its long-term ambitions into jeopardy. It was less than a minute after Air India flight 423, bound for London, took off from Ahmedabad airport that it lost momentum and dropped from the sky, exploding into flames, killing 241 people on board and 19 on the ground. So far, only a preliminary report into the crash by the Indian aviation authority has been released, which found that both switches that controlled fuel going into the engines were cut off just after take-off, causing the plane to fatally lose altitude. Focus has reportedly turned to the actions of the pilots, amid unanswered questions over whether the switches were moved manually or due to a faulty mechanism. The report did not recommend action against Boeing, the manufacturer of the plane. In the weeks after the crash, Air India has faced growing scrutiny after attention has turned to its own recent alleged chequered safety record. Last week, the Indian government began holding direct meetings with senior Air India management, calling for better oversight on safety and engineering. It came as India's aviation watchdog issued four show-cause notices to the airline last week, citing 29 safety-related violations over the past year. These breaches include lapses in crew duty norms, fatigue management and training oversight. They were based on disclosures made by the airline itself. 'Despite repeated warnings and earlier enforcement measures, systemic problems in compliance monitoring, crew scheduling and training oversight remain unresolved,' stated one notice. The aviation watchdog warned the airline that continued non-compliance could leave them facing heavy financial penalties or even the removal of senior executives. It also emerged that in the days after Air India 423 crash, over 100 Air India pilots went on medical leave, leading to questions over the company's handling of the welfare and morale of its pilots. One senior Indian government official with direct knowledge of the notices told Reuters the administration was concerned that 'Air India is taking things for granted' adding: 'We have given them many warnings.' Air India acknowledged receipt of the notices. 'We will respond to the said notices within the stipulated period. We remain committed to the safety of our crew and passengers,' they said in a statement in response. It was late 2021 when one of India's largest conglomerates the Tata Goup – which founded the airline back in 1932 – agreed to pay about $2 to buy back Air India from the government, pledging to restore it to its former glory. For decades, the legacy Indian airline had languished under state ownership and overturning years of neglect and underfunding was seen as a gargantuan task; at the time of the takeover; its newly appointed CEO Campbell Wilson said the airline was in an 'absolute shambles'. But Tata immediately began to make major moves to invest in, modernise and expand Air India's fleet. Billons of dollars worth of new planes were ordered and it began a multimillion dollar refit of some of its older planes. A merger was also announced with an emerging, successful airline Vistara. Recently the airline had shown signs that its losses were narrowing. However, while the cause of the crash in June has yet to be confirmed, it has already proved damaging for Air India and Tata, shaking consumer confidence and shining a light on a series of operational challenges and mishaps involving their aircraft. Over the past six months, Air India received 13 notices for multiple safety violations and incidents. Recent incidents included a fire in the power unit of an Airbus A321 that had just landed from Hong Kong to Delhi, a Kochi-Mumbai flight that veered off the runaway and suffered damage to an engine cover, and a Delhi-Kolkata flight was forced to abort take-off at the last minute. Despite the pledged upgrades, customer complaints about the standard of Air India aircraft – including dishevelled and uncomfortable interiors, broken armrests, faulty entertainment systems and frequent delays on international flights – have also continued, sometimes with significant consequences; in March, Air India Flight 126 from Chicago to Delhi had to turn back after 10 hours when 11 out of the plane's 12 toilets became clogged. In June last year, hundreds of cabin crew working for Air India express went on strike over working conditions. The budget airline is also now under investigation by the EU's aviation agency after reports it did not change the engine parts of an Airbus A320 in a timely manner. In a memo to Air India staff after the release of the preliminary report into June's crash, CEO Wilson emphasised that it had found 'no mechanical or maintenance issues with the aircraft or engines, and that all mandatory maintenance tasks had been completed'. Air India also found 'no issues' with the fuel switches after it completed a full inspection of its Boeing planes. A full report is due next year. Jitender Bhargava, a former Air India executive, said that most major international airlines had faced similar periods of scrutiny but emphasised that the airline had a responsibility to be open and transparent. 'They need to clearly spell out what steps they are taking: for the families of the victims who want closure, for the operators of Boeing planes who want answers and for the millions and millions of people who watched footage of that plane come crashing to the ground on their televisions around the world,' he said. Nonetheless, Bhargava believed this would only be a 'temporary setback' for Air India's ambitions. 'It's always the case that after such an incident, the regulatory agency is on their toes and an airline faces greater pressure surveillance for its safety record,' he said. 'It's not a reflection on the overall safety track record of Air India.'
Telegraph
11 minutes ago
- Telegraph
Quiet luxury is out and that's great news for Burberry
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest After a wild and scary ride, we are back to breakeven in our Burberry position. This gives us the option to check out of the British fashion icon without any undue portfolio damage, but it is early in the turnaround sought by chief executive Joshua Schulman. For the moment, we are inclined to give him and the company the benefit of the doubt, even if the headline financial figures do not entice at first glance. This month's first-quarter trading update was no great thing of beauty either. Comparable store sales for the three months to June fell 1pc year on year at the retail arm, and that came on top of a 21pc plunge in the equivalent period a year ago. Yet that was still better than the analysts' expectation of a 3pc decline. Moreover, it does seem as if things have stopped getting worse, and if they have stopped getting worse then at some stage they might just start getting better – especially if Mr Schulman's plans to reinvigorate the brand and product ranges come to fruition. At least 'quiet luxury' is out, according to this columnist's daughter's editions of Vogue, and a return to favour for luxury would at least provide a more encouraging backdrop, despite the uncertain macroeconomic environment. Last year's operating loss and absence of a dividend mean investors have to buy into the turnaround plan for them to be even vaguely optimistic about Burberry's share price maintaining its momentum – it is up 85pc in a year and by more than double from the autumn 2024 lows. A price-to-earnings ratio of more than 80 for the year to March 2026 and forecasts of a 6pc operating margin show just how much work the luxury goods specialist has to do after a terribly difficult two years. Analysts only expect a 12pc operating margin by March 2028, well below the 20pc-plus return on sales generated by leading plutocratic product makers such as LVMH and Richemont. A return to the 16pc level that prevailed between 2016 and 2021 would leave Burberry on 17 times 2028 earnings, and a dash to 20pc would put it on a tempting 13 times. Again, we are long way from that, but the worst may be behind Burberry and patience could yet get a reward. Questor says: Buy Genus (GNS) £24.75 We are off to a fast start with Genus and already have a paper gain of around 25pc to show for our initial analysis back in spring. This month's year-end update reads well and offers more than enough hints to suggest that our investment thesis for the genomics expert is still on the mark. The trading statement revealed that adjusted pre-tax profit for the year to June 2025 would be at least £72m, even though unhelpful foreign exchange movements cost the company some £8.4m. Of Genus' two divisions, Pig Improvement Company (PIC) continued to perform strongly, and the bovine-oriented American Breeders Service (ABS) showed some signs of improved momentum. In the latter case, things can hardly get any worse given that US cattle inventory languishes at 70-year lows. Any upturn here could bring benefits to ABS. Its expertise in genomics helps dairy farmers increase the chances of cows giving birth to female calves suitable for dairy production or young more suited to beef production. Perhaps most importantly of all, the trading statement flags the first tangible benefits of American regulatory approval from the Food and Drug Administration (FDA) for Genus' PRRS (Porcine Reproductive and Respiratory Syndrome) Pig Resistant Programme (PRP). FDA approval opens the way to the commercialisation of PRP and is already triggering milestone payments from partner companies, as evidenced by the £3.7m received from Beijing Capital Agribusiness. Such payments should help cash flow, too, and, as a result, chief executive Jorgen Kokke signals a reduction in net debt in this month's update. This is a further boost for the investment case, as Genus' record for free cash flow generation in the past few years is spotty at best. If the investment in PRRS starts to pay off, then cash flow could blossom and a reduction in debt would reduce net interest costs and provide a further kicker to profits growth. As it is, the forecast of £72m in pre-tax income for the fiscal year just ended would be a record for the FTSE 250 index member, yet the share price still stands at less than half 2021's peak, even after the recent run.
Daily Mail
16 minutes ago
- Daily Mail
Sacked MasterChef star Gregg Wallace faces 50 more sex misconduct allegations - as he issues blistering rant about the BBC
Gregg Wallace has launched a blistering rant against the BBC after being fired from Masterchef following a nine-month sexual-misconduct investigation. It comes as the BBC has received 50 new claims over the TV presenter, including allegations he pulled his trousers down in front of one worker on the show and groped another. An inquiry into the allegations is expected back imminently after being conducted by an independent law firm on behalf of the show's production company Banijay. Wallace denies the claims and has condemned the corporation in a scathing social media post saying he had been cleared of 'the most serious and sensational accusations'. The fresh claims come from people who say they encountered him across a range of shows with the majority alleging he made inappropriate sexual comments towards them, BBC News reports. Out of the 50 allegations, 11 women have accused him of inappropriate sexual behaviour, such as groping and touching. One woman described Wallace's behaviour 'disgusting and predatory' saying he pulled his trousers down in front of her in a dressing room. While another said she was left feeling 'absolutely horrified' when he groped her. One participant on the BBC's Saturday Kitchen claims during filming in 2002, Wallace put his hand under the table and onto her groin, before asking her: 'Do you like that?' Another claim come from a university student who said when she met him at a nightclub, he put his hand under her skirt and pinched her bottom when taking a photo with him. One woman says that at an industry ball in 2014 he groped her under her dress, while a junior worker says in 2012 he dropped his trousers without wearing underwear in front of her. Several men claim they witnessed Wallace making inappropriate sexual comments. Among the recent claims, a 19-year-old MasterChef worker said in 2022 she tried to raise concerns to the BBC about Wallace's comments about her body. A former policeman said that in 2023 he also tried to complain about Wallace's sexually inappropriate language. The BBC reports that most of the women who have come forward are young freelances who felt they were unable to complain without negative career repercussions. Writing on Instagram, Wallace said he had taken the decision to go public before the Silkins report was published as 'I cannot sit in silence while my reputation is further damaged to protect others'. The 60-year-old had stepped down from MasterChef while complaints from 13 women about historical allegations of misconduct were investigated. Wallace, who has worked for the BBC for 21 years, said 'the most damaging claims (including allegations from public figures which have not been upheld) were found to be baseless'. He said he had recognised 'that some of my humour and language, at times, was inappropriate'. 'I was hired by the BBC and MasterChef as the cheeky greengrocer. A real person with warmth, character, rough edges and all,' Wallace said. 'For over two decades, that authenticity was part of the brand. Now, in a sanitised world, that same personality is seen as a problem.' A source reportedly said Wallace had been cleared of the most high profile allegations that had been brought by Penny Lancaster and Kirsty Wark. 'But the BBC has made it clear there is no way back for him. He is devastated,' they said. The former greengrocer, who was recently diagnosed with autism, accused the BBC of doing nothing to 'investigate my disability or protect me from what I now realise was a dangerous environment for over twenty years'. And he vowed 'I will not go quietly' as he said the full 200 page report will not be published with the BBC instead going to release an executive summary. 'What really concerns me about the short summary is others who have been found guilty of serious allegations have been erased from the published version of events. I, and I'm sure the public, would like to know why?,' he said. A source told The Sun that Wallace was 'both furious and devastated' by the BBC's decision to axe him. The report is to be officially published on Thursday, but Wallace's legal team have claimed to have seen the report. A BBC spokesperson told MailOnline: 'Banijay UK instructed the law firm Lewis Silkin to run an investigation into allegations against Gregg Wallace. 'We are not going to comment until the investigation is complete and the findings are published.' In response to the latest allegations, a spokesperson for Wallace told the BBC: 'Gregg continues to co-operate fully with the ongoing Banijay UK review and as previously stated, denies engaging in behaviour of a sexually harassing nature.' Wallace was initially bullish in the face of the allegations, taking to Instagram to say they mostly came from 'middle class women of a certain age'. He went on to ask: 'Can you imagine how many women on MasterChef have made sexual remarks or sexual innuendo?' Since then, several high-profile names - including TV presenter Ulrika Jonsson as well as Prime Minister Sir Keir Starmer - had condemned his remarks in public statements. The former greengrocer later apologised for the controversial comments which caused a PR storm. The under-fire presenter said of his middle class women slur: 'I wasn't in a good headspace when I posted it. I've been under a huge amount of stress, a lot of emotion.' He told the Mail in April had he how he stopped socialising with young people after first being disciplined by the BBC in 2018, because he was 'scared they would complain about him.' He was disciplined for inappropriate behaviour while working on a quiz show when he told a young runner on the final day of filming that he'd 'really enjoyed working with her, she was brilliantly clever, strikingly attractive and was going to do well'. Wallace said: 'They said that was improper because it was a personal remark and sent me on a course on how to communicate with younger people, which just confused me even more. 'I thought, 'F***, I don't have to do very much to get into a lot of trouble here.' Wallace stopped socialising with young people. When on location, he'd order room service rather than join them for dinner or a drink. 'It was at that point that I realised, in 2018, that I didn't have to do a lot to get into a lot of trouble. Talking about the aftermath in a new interview, he explained: 'My behaviours completely and utterly changed from 2018 and that's why there are no complaints in this big investigation after 2018. It changed me completely and I never got into trouble again. 'But the way I did it was to become a social recluse. I refused to do anything social at work, wouldn't go to the pub with anyone, to the point where when we went out on location everybody else would go out for dinner and I would stay in my hotel room. 'I wouldn't socialise. I stopped any social conversations with younger people that I didn't know very well.' Wallace recalled: 'There's some really good young people at work and they'd say 'Gregg we're all going for a drink are you gonna come?' 'And I'd say no I won't come. You guys make me nervous. The sensibilities of a sixty year old man are different to 25-year-olds and you live in a complaint culture that never existed. 'If I go out with you and I drink and offer an opinion, political or social, I'm scared you're going to complain about me. The anxiety levels were just extraordinary.'
