What’s happening? (April 3-9)
Bet on Twitter and place on his board
Last week, Twitter announced that Elon Musk would join his board after buying a 9.2% stake in the company, making him the largest shareholder. Mr Musk contacted Twitter’s chief executive, Parag Agraval, before buying the company’s shares to tell Mr Agraval he wanted to discuss improvements to Twitter, people familiar with the discussion said. Mr. Musk’s seat on board expires in 2024, and he has agreed not to buy more than 14.9% of Twitter’s stock. But unlike some other members of Twitter’s board, he did not sign an agreement banning him from influencing the company’s policies. Mr Musk, who has been embroiled in his own tweets, has publicly criticized Twitter for its content moderation policies and advocated for open source algorithms on the platform. Last month, he asked his more than 80 million followers if they wanted the capacity to edit tweets.
Europe bans Russian coal
European Union leaders on Thursday announced a fifth round of sanctions against Russia, targeting the country’s energy for the first time. The new measures will stop Russian coal for four months, a month longer than originally proposed. The extended withdrawal schedule – as well as the delay in the bloc’s decision expected on Wednesday – revealed some of the difficulty in reaching an agreement between all 27 member states and the compromises that may have been needed for countries like Germany that rely more on Russia. for coal. And many have warned EU leaders that the ban could do more harm to Europe than Russia, leading to rising energy prices and hurting industry: Russia supplies almost half of the bloc’s coal. However, coal can be the easiest source of energy to replace, with the United States, Colombia and South Africa potentially helping to fill supply gaps.
Conviction for fraud scandal
Roger Ng, a former Goldman Sachs banker, was convicted of bribery and money laundering on Friday. He is likely to be the only person to stand trial in the United States in connection with a scheme to plunder more than $ 4 billion from Malaysia’s Sovereign Wealth Fund 1Malaysia Development Berhad. During the two-month trial, Mr Ng’s lawyers tried to portray a key government witness, Tim Leisner, as a liar. Mr Leissner is another former Goldman banker who pleaded guilty to charges related to his role in the scheme. And Mr Leisner himself admitted during questioning that he had “lied a lot” about his personal life and that of his colleagues and investigators. But a jury on Friday found Mr Ng guilty of all charges, which together carry a sentence of up to 30 years in prison. The architect of the scheme, Joe Lowe, is a fugitive and is believed to live in China.
What next? (April 10-16)
And you thought inflation was high
The consumer price index for March, scheduled for release on Tuesday, could show inflation – which is already rising at its fastest pace in 40 years – moving even faster. Prices rose 7.9% to February, driven largely by higher food and rent costs. As the March report catches rising gas prices that have shocked pump drivers, inflation is expected to rise even higher, to more than 8 percent. That figure is bad news for the Federal Reserve, which is likely to act more aggressively to curb inflation, and for President Biden, whose approval ratings have been shattered by high prices.