UK law firms get ready for crackdown on money laundering

UK law firms are bracing themselves for a money-laundering crackdown as ministers race to improve the City’s reputation ahead of a fresh financial crime review.The Financial Conduct Authority (FCA) has been designated as the new anti-money laundering watchdog for the legal sector, in a move that experts warn could result in “sharper” penalties and ultimately reshape the industry.The decision to consolidate regulation, which at present is spread across nine separate supervisors, is part of the government’s wider efforts to combat the UK’s reputation as a hub for “dirty money”. The National Crime Agency estimates that £100bn is being laundered through or within the UK every single year, with the help of enabling entities such as law firms.The City’s poor reputation for money laundering came into focus in 2018, following an assessment by the Financial Action Task Force (FATF), the Paris-based global crime watchdog

Oil prices record steepest annual fall since Covid pandemic

Oil markets have recorded their steepest annual fall since the Covid pandemic and could be on track to plummet further as oil producers continue to pump more crude than needed by the global economy.Oil prices slumped by almost 20% in 2025, marking the biggest annual loss since 2020 and the first time that the oil market has recorded three consecutive years of annual losses.The steady slide in prices has emerged despite ongoing conflict in some of the world’s most important energy-producing regions due to a “cartoonishly” oversupplied market, according to analysts.Crude fell below $60 a barrel for the first time in almost five years last month as political leaders began to inch towards a Russia-Ukraine peace deal which could increase the glut in the global market if western sanctions are lifted on Russian exports.The International Energy Agency expects supplies to outstrip demand for crude by about 3

Apple reportedly cuts production of Vision Pro headset after poor sales

Poor sales have reportedly forced Apple to cut production of the Vision Pro headset that it had hoped would herald a new era in “spatial computing”.The tech company also reduced marketing for Vision Pro by more than 95% last year, according to the market intelligence group Sensor Tower in figures first reported by the Financial Times.Apple continues to sell iPhones, iPads and laptops in the millions each quarter, but analysts say sales of Vision Pro headsets, which cost at least £3,199 ($3,499) each, have been sluggish.Apple has not released sales figures for the device, but the market research group International Data Corporation (IDC) estimates it will have sold only 45,000 in the last quarter of last year.IDC said Apple’s Chinese producer, Luxshare, had stopped production of the headset at the start of 2025, and Apple has not expanded direct sales beyond a select 13 countries

‘They sowed chaos to no avail’: the lasting legacy of Elon Musk’s Doge

The billionaire – who had no government experience – left various federal agencies in disarray while overseeing an ‘efficiency’ drive across WashingtonAs Elon Musk, the world’s richest person, splurged more than $250m on Donald Trump’s 2024 re-election campaign, the US president commissioned his new ally to oversee a sweeping “efficiency” drive across the federal government.The Tesla and SpaceX boss, who had no experience inside government, was tasked with eradicating waste and cutting spending as part of the so-called “department of government efficiency” (Doge) – and was quick to stoke expectations.“I think we can do at least $2tn,” Musk declared of the potential savings during a campaign rally at Madison Square Garden in New York City a week before Trump’s re-election.Following Trump’s return to office in January, these ambitious plans were swiftly on a collision course with reality. Tens of thousands of federal workers were fired, leaving agencies in disarray and triggering myriad legal challenges

Usman Khawaja announces retirement from international cricket after SCG Ashes Test

Usman Khawaja has announced his retirement from international cricket, saying the fifth Ashes Test in Sydney will be his last.The batter’s future in Test cricket has been one of the hottest topics of this summer’s Ashes series, he turned 39 last month.With Australia 3-1 up in the series headed into the final Test, Khawaja addressed the speculation on Friday at the SCG.“I’m here to announce today that I will be retiring from all international cricket after the SCG Test match,” he said.“God through cricket has given me far more than I could have imagined

PDC World Championship darts quarter-finals: Van Veen and Littler cruise into semis

Old acquaintance forgot, and never brought to mind. A new year, a new crowd and perhaps even a clean slate for the world champion, Luke Littler, who continued his largely untroubled progress towards back-to-back titles with an embarrassingly one-sided 5-0 win over Krzysztof Ratajski in Thursday night’s first quarter-final.AveragesHumphries 101.12Van Veen 105.41CheckoutsHumphries 11/32 (34