Ineffective systems culminated in serious case of Covid fraud that cost UK taxpayers £800,000

Nationwide has been fined £44m by the City watchdog over “weak” financial crime controls that culminated in a serious case of Covid fraud that cost UK taxpayers £800,000.

The Financial Conduct Authority (FCA) fined the building society for failures stretching over nearly five years. It said the lender had been aware that some customers were using personal accounts for business activity, in a breach of its own terms.

Weaker-than-forecast quarterly data for Larry Ellison’s tech company shows slowdown in revenue growth and big rise in spending

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Oracle’s shares tumbled 15% on Thursday in response to the company’s quarterly financial results, disclosed the day before.

Roughly $80bn vanish from the value of the business software company co-founded by Donald Trump ally Larry Ellison, falling from $630bn (£470bn) to $550bn and fuelling fears of a bubble in artificial intelligence-related stocks. Shares in the chipmaker Nvidia, seen as a bellwether for the AI boom, fell after Oracle’s.

Emma Walmsley’s praise for US pharmaceutical market piles pressure on UK government

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The chief executive of GSK has declared that the US is the best place for pharmaceutical companies to invest.

Emma Walmsley said the US led the world in launches of drugs and vaccines and, alongside China, was the best market for business development.