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Bill Hwang, founder of collapsed family office Archegos Capital Management, has been arrested by US authorities and charged with racketeering, fraud and market manipulation. The indictment unsealed on Wednesday accused Hwang, 58, and former chief financial officer Patrick Halligan, 45, of using Archegos as an “instrument of market manipulation and fraud” with “far-reaching consequences for
McKinsey’s managing partner has pushed back against allegations that the consultancy breached conflict of interest rules by advising opioids producers on how to “turbocharge” sales while also working for US health regulators seeking to tackle a deadly painkiller overdose epidemic. Bob Sternfels told a US congressional committee on Wednesday that he regretted McKinsey did not
Tech investors have been on edge about this quarter’s earnings season ever since Netflix stunned Wall Street by revealing that its decade-long run of subscriber growth had come sputtering to a halt. Now, they are finding little to comfort them as more companies report their numbers. On Wednesday, despite insisting that its business is nothing
Spotify chief executive Daniel Ek has sought to distance his company from Netflix, telling investors the two are “vastly different businesses”, after the recent crash in the video streaming service’s stock price sliced Spotify’s value by a fifth. “I think a lot of people are grouping us and Netflix together . . . despite both being media companies and
Most of us are facing the challenge of re-entry into the “new normal”. My FT colleague Rana Foroohar perfectly captured the weirdness of this moment as “the cognitive dissonance of corporate life,” in this week’s Swamp Notes newsletter (and you can sign up here).  There is much to think about as we struggle to manage
The BT Tower. A dank Soho alley. A pub. The highly anticipated anglicisation of the French series Call My Agent! begins with a montage reminding us that we’ve left Eiffel, Haussmann and café culture behind. The venue is now unmistakably London, but it’s a famous French idiom that comes to mind while watching the new
Higher interest rates and investor rotation into value sectors have squashed tech company valuations. When the businesses are listed in the UK, they already come with a discount to US peers built in. Cambridge-based Aveva added a third woe to the list on Wednesday. Russia’s invasion of Ukraine will hit the profitability of the industrial
Two top-10 investors in Moderna have voted against a shareholder resolution that would push the US drugmaker towards transferring its technology to the developing world. The resolution, which will be proposed at the vaccine maker’s annual meeting on Thursday, asks its board of directors to explore the feasibility of transferring Moderna’s intellectual property and technical
Art began with animals – just look at Mayan jaguars, Egyptian cats and the painted bison in Lascaux. The particularly British love affair with the equestrian and canine is ingrained in its art history: see George Stubbs’ regal, romantic horses, Van Dyck’s painting of King Charles II as a child with his eponymous spaniel and