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Former NBA player and assistant coach Damon Jones is expected to plead guilty in a landmark US gambling case, marking a significant development in a sweeping investigation that has led to the arrests of over 30 individuals, including reputed mobsters and other basketball figures.A change-of-plea hearing for Jones is scheduled for April 28 in Brooklyn federal court. He faces charges of wire fraud conspiracy and money-laundering conspiracy related to two separate indictments. The first indictment accuses him of profiting from rigged poker games, while the second charges him with providing sports bettors with non-public information about injuries to NBA stars LeBron James and Anthony Davis.Jones, 49, had previously pleaded not guilty to the charges. He was arrested last October alongside Portland Trail Blazers head coach Chauncey Billups and Miami Heat guard Terry Rozier, among others. According to prosecutors, Jones sold or attempted to sell non-public information to bettors, including a tip that James was injured and wouldn’t play in a February 9, 2023, game against the Milwaukee Bucks. He also allegedly received $2,500 for a tip that Davis would see limited playing time against the Oklahoma City Thunder.In the poker scheme, Jones was among former NBA players used to lure unwitting players into rigged poker games. He was paid $2,500 for a game in the Hamptons where he was instructed to cheat. The poker scheme often made use of illegal poker games run by New York crime families that required them to share a portion of their proceeds with the Gambino, Genovese, and Bonnano crime families.Jones, who earned more than $20m playing for 10 teams in 11 seasons from 1999 to 2009, is a native of Galveston, Texas. He played alongside James in Cleveland from 2005 to 2008 and served as an unofficial assistant coach for James’s Los Angeles Lakers during the 2022-2023 season.

California's attorney general has filed a lawsuit accusing Amazon of orchestrating price‑fixing schemes, based on newly unsealed court records released this week. The filing alleges the e‑commerce giant colluded with vendors to artificially set product prices, violating state antitrust statutes and potentially harming consumers.The unsealed documents, obtained through a freedom‑of‑information request, detail internal communications suggesting Amazon pressured sellers to maintain uniform pricing across its platform. Prosecutors argue this practice restricts competition and inflates costs for shoppers in the Golden State.While the case is still in its early stages, legal experts warn that a ruling against Amazon could set a precedent for broader antitrust scrutiny of online marketplaces nationwide. The lawsuit also underscores growing regulatory focus on big‑tech firms' market power.Amazon has declined to comment on the allegations pending further proceedings. The outcome may influence future policy debates on how digital platforms should be regulated to ensure fair pricing and competition.

The government touts the British industrial competitiveness scheme (Bics) as "bold action" to sharpen the United Kingdom’s industrial edge, offering up to a 25% reduction in electricity bills for firms operating in eight "modern" sectors of its industrial strategy. Union leader Gary Smith of the GMB immediately challenged the claim, warning that gas‑intensive industries such as ceramics and brickmaking have been "shamefully ignored" and left out of the support package. At a cost of roughly £600 million a year for 10,000 companies, the scheme is widely viewed as a modest drop in the ocean. While the rollout has been broadened from the originally announced 7,000 firms and now includes a back‑dated claim period starting in April 2025, the financial scale remains limited. Eligibility is deliberately intricate: firms must belong to a "frontier" or "foundational" industry and meet strict electrical‑intensity thresholds for specific product lines. Those that qualify receive relief from three policy charges on their electricity bills, including two green levies, amounting to up to £40 per megawatt‑hour. Two broader observations emerge. First, the programme marks the clearest governmental admission to date that the UK’s business energy costs – the highest among developed economies – are eroding competitiveness. The stated ambition is to bring electricity prices for the targeted sectors in line with European averages. Second, policymakers are beginning to untangle the web of levies that inflate bills. The carbon price support mechanism, a charge on generators passed through to consumers, is slated for abolition by April 2028, after it helped phase coal out of the grid. Nevertheless, the £600 million figure underscores a deeper debate about how to fund the energy transition and new grid infrastructure. Countries such as Germany absorb a larger share of policy costs through general taxation to keep industry competitive, whereas the UK has traditionally shifted those costs onto electricity bills. The Bics announcement signals a tentative shift toward rebalancing, but the scale remains modest. In an ideal, fiscally unconstrained scenario, a broader scheme could run into the billions and target a wider swath of industry. Treasury officials, however, remain skeptical that a larger outlay would generate sufficient long‑term growth and tax revenue to justify the expense, a view reportedly shared by Chancellor Rachel Reeves. Ultimately, Bics can be seen as an unsatisfactory stopgap. It acknowledges that soaring electricity prices are a structural problem but confines the remedy to a narrow slice of the economy, leaving the broader competitiveness challenge largely unaddressed.

Metro Bank has approved a £2.6 million annual remuneration package for chief executive Dan Frumkin, the highest ever for the lender since its 2010 launch. The figure more than doubles the £1.2 million he earned in 2024. The pay rise comes on the heels of a dramatic restructuring that saw the bank cut over 1,000 jobs in spring 2024 and suspend Sunday trading, measures taken after a £925 million rescue led by Colombian billionaire Jaime Gilinski Bacal, who now owns 53% of the institution. Metro’s turnaround has delivered a record pre‑tax profit of £87 million for 2025, prompting the board to approve a complex bonus scheme. The package includes a £1.2 million annual bonus, a £470,000 deferred bonus from 2023, and a salary of £938,875, plus additional tax, life‑insurance and pension benefits. Under the scheme, Frumkin could earn up to £60 million over five years if Metro’s share price exceeds certain thresholds – it must stay above 120p in 2028 and could reach 437p, a level that would trigger the maximum payout. Metro’s shares currently trade around 141p. The bonus plan was endorsed by 88.6% of voting shareholders, despite objections from proxy advisers ISS and Glass Lewis. The bank did not disclose how many of those votes were cast by Gilinski’s holdings. Founded by US billionaire Vernon Hill, Metro Bank distinguished itself with dog‑friendly branches and seven‑day opening hours. However, a 2019 accounting error forced the resignation of its founder and top executives, and the bank struggled to satisfy regulators, leading to the 2023 capital infusion. In a statement, a Metro Bank spokesperson said the remuneration committee’s approach is “based on the delivery of long‑term growth generation and the continued turnaround of the bank,” emphasizing alignment with shareholder interests. Frumkin, who joined Metro in 2020 after senior roles at RBS and Northern Rock, now stands at the centre of a debate over executive pay in a sector still recovering from the 2007‑08 financial crisis.

The Marine Stewardship Council (MSC), a leading certifier of sustainable seafood, has been accused of masking widespread labour abuses through its 'blue tick' scheme. A recent study found that one in five vessels where crew reported abuses to the International Transport Workers' Federation (ITF) were certified by the MSC.The study identified 80 cases of labour abuses onboard 72 vessels in 25 MSC-certified fisheries across the globe. These abuses included forced labour, human trafficking, and forced criminalisation, as well as unpaid or delayed wages, excessive hours, violence, harassment, and denial of medical care.The MSC has long claimed that it is an environmental organisation with no social assurance mandate nor labour assessment capacity. However, Chris Williams, ITF fisheries co-ordinator, said that this risks masking abuses and leading people to buy products that aren't necessarily what they think they are.Dr. Jessica Sparks, co-author of the report, added that the MSC's policies and practices may obscure labour abuses in seafood supply chains by undermining enforcement efforts and reducing scrutiny. The study's findings have sparked concerns that the MSC's 'blue tick' scheme may be creating an 'illusion' of ethical sourcing.The International Labour Organization estimated in 2022 that about 128,000 workers were trapped in forced labour on fishing vessels globally. The MSC has engaged in evolving efforts to support the elimination of forced and child labour in supply chains, but critics argue that more needs to be done.

The IMF has cautioned that the ongoing conflict in the Middle East, particularly the escalation of tensions between Iran and Israel, poses a substantial risk to global economic stability. The fund's half-yearly fiscal monitor report highlights that global debt levels are on track to increase due to the war's impact on energy and food prices, higher government borrowing costs, and slower economic growth.Against this volatile backdrop, the IMF has warned that governments may be forced to choose between cushioning the cost of living shock and maintaining sound public finances. The fund's report notes that global debt levels have already risen to almost 94% of GDP and are projected to reach 100% by 2029, a level not seen since the aftermath of World War II.The IMF emphasizes that any energy support schemes to shield households and businesses from the impact of higher energy prices should be targeted and temporary, focusing on those most exposed and least able to absorb price increases. The fund also cautions against using further borrowing to cushion the blow, suggesting that governments should instead reallocate spending within existing limits and prioritize crisis-related spending.The report highlights the risks associated with higher debt and interest costs, which could eventually force governments to make tougher choices or destabilize debt markets. The IMF points to the UK's experience with Liz Truss's 2022 mini-budget as an example of how market confidence can be lost when fiscal policies are perceived as unsustainable.

A former Alabama defensive lineman, Luther Davis, who helped the Crimson Tide win the 2010 national championship, is preparing to plead guilty to a multi‑million‑dollar loan fraud that hinged on impersonating NFL athletes. According to a criminal information filing by the U.S. Attorney for the Northern District of Georgia, Davis and his associate CJ Evins obtained at least thirteen fraudulent loans totaling $19,845,000. The defendants chose to waive a grand‑jury indictment and will enter guilty pleas at a hearing scheduled for 27 April. The scheme targeted lenders that specialize in financing athletes, notably Aliya Sports and All Pro Capital Funding, with loan brokerage services provided by Sure Sports. Three of the loans are detailed in the filing: $4.025 million was secured for a fictitious company linked to Cleveland Browns tight end David Njoku. $4.35 million was obtained for a sham entity tied to Green Bay Packers safety Xavier McKinney. $3.3 million was borrowed for a fabricated venture associated with Atlanta Falcons quarterback Michael Penix Jr. Investigators say the duo created shell companies with names resembling the players’ initials, opened bank accounts, and fabricated email addresses and driver’s licenses. Davis then attended virtual loan closings in disguise—often wearing wigs, makeup, or a durag—to pose as the athletes and convince notaries to certify the fraudulent documents. One closing on 22 January 2024 for the Njoku loan involved Davis presenting a counterfeit Georgia driver’s license that displayed the player’s photo alongside a number belonging to an unrelated Savannah resident. Similar deceptions occurred for the McKinney and Penix loans, with forged Florida and Georgia licenses respectively. The fraud mirrors a separate case in which First Farmers Bank & Trust sued an insurer after a $5.265 million loan, also brokered by Sure Sports, was discovered to have been signed with a fake Njoku identity. While it is unclear whether that loan is part of the thirteen identified in Georgia, the modus operandi aligns closely. Both Davis and Evins face charges of aggravated identity theft and conspiracy to commit wire fraud, offenses that carry potential sentences of up to 20 years in prison. Their attorneys declined to comment on the pending pleas. Beyond the courtroom, the case underscores vulnerabilities in niche financing markets that cater to professional athletes, highlighting how forged identities and shell corporations can be leveraged to extract substantial capital from lenders.

Leeds, the largest European city still without a mass‑transit system, may finally see a tram line – but not before the late 2030s. The latest West Yorkshire Mass Transit plan, championed by combined‑authority mayor Tracy Brabin, received a fresh £200 million in development funding, part of a broader £2.1 billion allocation for the region.City council leader James Lewis, who began his career on a 1993 work‑experience placement with the council’s highways department, says the new scheme differs from past attempts. Instead of squeezing trams onto existing bus routes, the proposal envisions a dedicated line that could “float over or under the M621 motorway, similar to the Docklands Light Railway,” linking the White Rose shopping centre, Elland Road stadium, Leeds railway station and St James’s Hospital.The Treasury’s independent review, however, forced the government to demand a fresh business case that proves the need for trams rather than buses. This procedural hurdle has added roughly two years to the timetable, pushing the projected opening into the late 2030s. Brabin acknowledges the setback, noting critics now claim the project is effectively “cancelled,” but she insists the work is merely delayed, not abandoned.Leeds’ transport woes date back to the removal of its historic double‑deck tram network in 1959 and the construction of the M621, which many locals blame for isolating the city’s south side. A 2025 Treasury review warned that previous “Supertram” proposals failed because they could not demonstrate sufficient value for money, leading to the withdrawal of funding in 2005 and the abandonment of a trolley‑bus plan in 2016.Supporters argue the tram is essential for unlocking massive regeneration. Leeds United investor Pete Lowy predicts the line could catalyse up to £1 billion of investment, including 2,500 new homes, retail and leisure space, and a 15,000‑seat stadium expansion. Northern Powerhouse Partnership chief executive Henri Murison points to the emerging South Gateway development in Bradford as evidence that transport‑led investment is already materialising.Critics remain sceptical. Leeds University transport professor Greg Marsden questions how an 18‑year‑long project can still be justified, while local residents voice doubts that a tram can ever be built in a city they consider “not big enough.” Tom Forth, co‑founder of data‑city firm Information Group, blames centralised decision‑making in London, arguing that devolved funding would accelerate delivery.In the meantime, the council is focusing on improving bus services, which will come under public control in 2027. Centre for Cities analyst Rob Johnson notes that increasing bus frequencies could immediately benefit the 390,000 residents currently poorly connected, potentially delivering more mobility gains than a tram in the short term.Nevertheless, Brabin maintains that trams are “more attractive, carry more passengers, and generate more jobs and growth” than buses, and she reaffirms her promise: “I promised a tram, and a tram is what we’re going to get.” The pledge to have “spades in the ground” by 2028 for preparatory works remains on the table, even as the project navigates the Treasury’s stringent process.

New research from the Institute for Fiscal Studies (IFS) shows that the Help to Buy mortgage initiatives launched by the Conservative‑Lib Dem coalition in 2013 mainly benefited higher‑income households, rather than the intended first‑time, lower‑income buyers.The policy comprised two components: a taxpayer‑backed loan that reduced required deposits, and a mortgage guarantee scheme that covered part of lenders’ losses on high loan‑to‑value mortgages. Both applied to properties priced up to £600,000 and, by the 2014‑15 fiscal year, accounted for roughly one‑fifth of first‑time buyer transactions.Using a novel methodology that combined survey responses with local property price data, the IFS concluded that the bulk of the advantage accrued to wealthier purchasers—particularly those outside London and the south‑east, where homes are comparatively cheaper. These buyers were likely to secure a property eventually, even without the scheme.Bee Boileau, a research economist at the IFS and co‑author of the briefing, warned that while Help to Buy can theoretically assist newcomers onto the housing ladder, it also risks inflating prices and shifting loan risk onto the public sector. “Our research indicates that the Help to Buy schemes introduced in 2013 had the largest impact – in terms of making more homes affordable – on higher‑income households,” she said.The study notes that the mortgage guarantee scheme had “limited effects on affordability” because borrowers remained constrained by income‑based borrowing caps. Conversely, the loan scheme proved more influential for most households, yet its impact was muted by its restriction to new‑build properties.Both components appear to have had little effect on social mobility. Boileau suggested that future governments aiming to reduce inequality should target assistance at lower‑income families, acknowledging that such a shift would increase taxpayer exposure to loan risk.Critics have long argued that Help to Buy inflated house prices without expanding supply. A 2022 House of Lords built‑environment committee report echoed this view, recommending that funds be redirected toward increasing housing construction.The mortgage guarantee element was revived in 2021 and made permanent by the Labour government last year to preserve access to 95% mortgages. In response, Conservative housing secretary James Cleverly defended the legacy schemes, claiming they enabled “many thousands of people” to achieve homeownership, even as he warned that Labour policies were making the market harder for first‑time buyers.