Martin Shkreli, branded the “most hated man in America” for hiking the price of Aids medication, has been found guilty of fraud.
Shkreli, 34, was accused of lying to investors about the performance of two hedge funds. He allegedly stole from his drugs firm to pay back investors.
His lawyer told a New York City court that Shkreli was a “nerd” and quoted Lady Gaga when he told jurors Shkreli was “born this way”. Shkreli was found guilty of three counts of securities fraud, but cleared of five others.
Builders defy slowdown
Bellway will update on sentiment in the housing market when it reports on trading on Tuesday. The builder’s shares surged 29% this year, amid buoyant sales and orders, defying a wider slowdown in the property market. Rival Taylor Wimpey last week said customer confidence remained strong.
Bookie hunts for new boss
Gambling giant Paddy Power Betfair, formed last year in a £7bn merger, is thought to be on the hunt for a new chief executive.
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The company has hired headhunter Spencer Stuart to find a successor to Breon Corcoran, according to reports this weekend.
The Irishman ran Betfair from 2012 until the tie-up, when he took control of the enlarged business. Sky News, which first reported the story, said it was unclear when Corcoran, 46, planned to leave. Paddy Power Betfair declined to comment.
2.7%
The Bank of England’s forecast for inflation this year, according to last week’s quarterly inflation report — an increase from its previous prediction of 2.6%. Inflation will run at 2.6% next year and 2.2% in 2019, the Bank predicts. The inflation report also lowered the growth forecast for 2017 to 1.7% from 1.9%.
King: stand firm on brexit
Britain must make it clear that it is prepared to walk away from Brexit talks to force a better deal from the EU, former Bank of England governor Lord (Mervyn) King said yesterday.
“If you are going to have any successful negotiation, you have got to have a fallback position which the other side understands and believes is credible,” he said. “So we need to able to say if we can’t reach an agreement, we will leave and we can make it work.”