Wednesday newspaper round-up: Visa, Caroline Ellison, Brookfield
Business leaders have warned that the government’s plans for a major global investment summit are in danger of falling flat, amid growing frustrations over high costs of involvement and its timing two weeks before the budget. As a central plank in Labour’s proposals to drive up investment in Britain, the party pledged in the general election campaign to host the summit within the first 100 days of winning power to show that the UK would be “open for business” under a new government. – Guardian
The US Department of Justice has sued Visa, accusing one of the world’s largest payment networks of antitrust violations that affect “the price of nearly everything”. The financial giant has suppressed competition by threatening merchants with high fees and paying off potential rivals, according to the complaint, filed in US district court for the southern district of New York. – Guardian
Caroline Ellison, the ex-girlfriend of FTX founder Sam Bankman-Fried, has been sentenced to two years in prison for her role in the $8bn (£6bn) fraud that triggered the implosion of the cryptocurrency exchange. Ellison, 29, was given a prison sentence on Tuesday night at a hearing in Manhattan, even though the judge recognised her extensive cooperation with prosecutors. She had pleaded guilty to seven felony counts of fraud and conspiracy. – Telegraph
The City regulator has admitted that it mishandled plans to start naming firms it is investigating after the proposals faced a fierce backlash from the financial services industry. In a sign that the Financial Conduct Authority is preparing to compromise on elements of its plan, a senior official at the watchdog used a speech on Tuesday to reassure the industry that the regulator was listening to business concerns. – The Times
Brookfield, the asset manager chaired by Mark Carney, the former Bank of England governor, has sold its 25 per cent stake in the hydropower group First Hydro Company to a leading Canadian pension fund. Caisse de dépôt et placement du Québec (CDPQ) is buying the stake for £500 million, valuing the company at £2 billion. Engie, the French utility company, remains the largest shareholder with a 75 per cent holding. – The Times