Sharecast - Sam Bankman-Fried, the co-founder and former head of FTX, will be released on a $250 million bond while he awaits trial on fraud charges related to the collapse of the crypto exchange, a court in New York ruled yesterday. The 30-year-old appeared in the dock soon after his extradition from the Bahamas, where he lived and FTX was based, as two former associates pleaded guilty to defrauding investors. - The Times
The shopworkers union Usdaw has been given the green light by the supreme court to challenge Tesco’s controversial tactic of firing staff then rehiring them on less favourable contracts. The union was granted permission to proceed with a case after the appeal court overturned a high court ruling that banned Tesco (LON:TSCO) from dismissing staff at its warehouses in Daventry and Litchfield and then seeking to re-employ them on lower pay. - Guardian
Britain is on course to suffer the deepest recession of any significant developed nation next year as stagnating wages and a slowdown in household spending hold back a recovery. The bleak forecast came yesterday as the Office for National Statistics released an analysis suggesting that the UK’s economy contracted more sharply than previously thought in the third quarter of 2022. It calculates that gross domestic product, the main measure of output, shrank by 0.3 per cent in three months to September, compared with a preliminary estimate of 0.2 per cent. Manufacturing and construction output declined more steeply than first thought, down by 2.8 per cent and 0.2 per cent, respectively, reflecting “a bigger impact of rising prices on energy consumption”. - The Times
Divorce rates will climb at the fastest pace since 1971 and unhappiness will reach the highest levels since record began next year, as British workers get poorer than the French. Real wages in France are set to overtake British counterparts even though most employees across the Channel work fewer hours, PwC predicts, as real wages in Britain will fall back to levels last seen in 2006 next year. - Telegraph
