Spitfire maker GKN loses its Battle of Britain to the barbarians at the gates

Melrose narrowly won the day but will face a tough time convincing customers and workers to play ball
Say goodbye to one of Britain’s oldest manufacturers.
GKN, which once made the Spitfire, in the end failed in its own Battle of Britain against the barbarians at its gates.
Melrose, a financial engineer that buys real engineers for the purposes of shaking ‘em up and selling ‘em off, has won the companies’ bitterly contested takeover battle in a squeaker, securing the support of a shade above 52 per cent of GKN’s shareholders.
Read more Melrose takeover offer approved in GKN shareholder vote Why Melrose’s takeover of GKN is so important to the UK Airbus warns it won’t give business to GKN if Melrose deal goes ahead The real winners, however, are the casino capitalists that poured in, placing big bets on a Melrose victory. The debate around GKN’s problems and who might be best to fix them meant nothing to them.
Having delivered victory and turned their quick buck they will be..

Barclays to pay $2bn settlement over US fraud case dating back to financial crisis

Department of Justice case alleged that Barclays mis-sold billions of dollars of mortgage-backed securities
Barclays has agreed to pay $2bn (£1.4bn) to settle a US civil action related to the mis-selling of residential mortgage-backed securities in the run-up to the financial crisis.
Two former Barclays executives also agreed to pay $2m to resolve claims brought against them, the US Department of Justice said on Thursday.
The complaint, filed in December 2016, alleged that Barclays caused billions of dollars in losses to investors by engaging in a fraudulent scheme to sell $31bn-worth of the securities, and that it misled investors about the quality of the mortgage loans backing those deals.
Read more Barclays Bank charged by Serious Fraud Office over Qatar loan The complaint alleged that Barclays’ investment banking division, Barclays Capital, had committed mail fraud, wire fraud, bank fraud and other misconduct.
Securities backed by sub-prime housing debt sold by Barclays an..

After Dozens Die in a Jail Fire, Venezuela Tear-Gasses Their Relatives

After Dozens Die in a Jail Fire, Venezuela Tear-Gasses Their Relatives Photo Some grieving relatives were told by a policewoman: “Look, I haven’t had any breakfast, so let’s calm down.” Credit Katherine Ortiz/Agence France-Presse — Getty Images VALENCIA, Venezuela — Like most jails in Venezuela, the one attached to the police station in the northern city of Valencia was packed beyond capacity. Built to house roughly 60 inmates, it contained about 200.
Simmering anger fueled a riot there on Wednesday morning: A prison guard, wounded by a knife, was taken hostage. Inmates threatened to kill him with a grenade unless their demands were met. Others set mattresses alight.
The fire turned the jail into an inferno. Emergency workers punched holes in the walls to let the smoke disperse and the inmates escape. But by nightfall, 66 men and two women — who were evidently at the jail to visit loved ones — were dead and scores were injured. Enraging Venezuelas and rights advocates, the police fired..

Britain Signals Harder Look at Wealthy Russians and Russian Wealth

Britain Signals Harder Look at Wealthy Russians and Russian Wealth Photo Russians waiting at the Russian Embassy in London to cast their votes in the presidential election this month. The British government said this week it would review the cases of 700 Russians who were granted visas to live in Britain largely because they could invest in the country. Credit Tim Ireland/Associated Press LONDON — For years, anticorruption campaigners have railed against Britain’s openness to ill-gotten riches from overseas and the foreigners who invest them. After a nerve agent attack on British soil, and the resulting diplomatic showdown between Russia and the West, that may be starting to change.
The British government said this week that it would review the cases of 700 Russians who were granted visas to live in Britain largely because they could invest millions of dollars in the country. And it signaled an openness to cutting off access to British financial markets for President Vladimir V. Putin’..