Budget uncertainty triggers plunge in UK construction activity; Trustpilot shares slump after short-seller claims – as it happened

Newsflash: Britain’s construction sector has suffered its sharpest downturn since the first Covid-19 lockdown forced building sites to shut five and a half years ago.Activity across housebuilding, commercial building work and civil engineering all tumbled last month, a new survey of puchasing managers at building firms has found.Construction firms are blaming fragile market confidence, delays with the release of new projects and a lack of incoming new work.The report, by data firm S&P Global, shows there was “a sharp and accelerated reduction in output levels across the construction sector”. Many builders reporting that market conditions were challenging, with new orders slumping at the fastest rate in five and a half years, and job cuts rising

Rachel Reeves will not be investigated over pre-budget briefing, FCA says

The UK’s financial regulator has decided not to immediately investigate Rachel Reeves and the Treasury over pre-budget briefings but left the door open for further examination of what the Conservatives claimed amounted to market manipulation.In a letter addressed to the chair of the Treasury committee, Meg Hillier, the the chief executive of the Financial Conduct Authority (FCA) said the regulator had turned down requests by politicians including the shadow chancellor, Mel Stride, to open an inquiry into briefings made before last week’s announcement by the chancellor.Nikhil Rathi said the FCA had “not commenced an enforcement investigation” into potential market abuse, but added that the regulator would consider the findings of a Treasury inquiry into pre-budget leaks.On Wednesday, the Treasury minister James Murray said the department’s permanent secretary, James Bowler, would review “security processes” to inform future events. He said the inquiry had the “full support” of Reeves and the “whole Treasury team”

Irish authorities asked to investigate Microsoft over alleged unlawful data processing by IDF

Irish authorities have been formally asked to investigate Microsoft over alleged unlawful data processing by the Israeli Defense Forces.The complaint has been made by the human rights group the Irish Council for Civil Liberties (ICCL) to the Data Protection Commission, which has legal responsibility in Europe for overseeing all data processing in the European Union.It follows revelations in August by the Guardian with the Israeli-Palestinian publication +972 Magazine and the Hebrew outlet Local Call that a giant trove of Palestinians’ phone calls was being stored on Microsoft’s cloud service, Azure, as part of a mass surveillance operation by the Israeli military.The ICCL alleges that the processing of the personal data “facilitated war crimes, crimes against humanity, and genocide by Israeli military”. Microsoft’s European headquarters are located in Ireland

HyperVerse promoter ‘Bitcoin Rodney’ accuses Australian Sam Lee in US court of duping him with ‘elaborate deception’

A key promoter of an alleged global $3bn Ponzi scheme claims in newly filed US court documents he was trapped by an “elaborate” fraud orchestrated by Australian Sam Lee, and should be released from custody.Rodney Burton – known as Bitcoin Rodney – was charged in the US in early 2024 for his alleged part in the HyperVerse scheme, which swept the globe from 2020 and allegedly defrauded investors of US$1.89bn (A$2.9bn at current rates).Burton’s lavish lifestyle was regularly flaunted in his promotional videos, including his fleet of luxury cars and branded Lamborghini, diamond-encrusted watches and meals of steak and sausages enrobed with real gold

Report takes aim at Fifa and IOC over policies for athletes convicted of sexual assault

With the draw for the 2026 Fifa World Cup set to take place on Friday, a report examining the participation of athletes convicted of sexual offences at major sporting events has highlighted significant distrust of international sports governing bodies in how they deal with these situations.The report, titled No One Wants to Talk About It, is the result of interviews with elite athletes directly affected by sexual abuse and is intended to gauge attitudes around the eligibility and accreditation criteria for athletes with prior criminal sexual convictions and their participation at mega sporting events.The athletes highlighted “institutional inaction, silence, or complicity” in a lack of regulation by Fifa and the International Olympic Committee (IOC), among other organizations.The report is a collaboration between the Sports and Rights Alliance and Thomas More University in Belgium. The Sports and Rights Alliance is a coalition that includes Amnesty International, Football Supporters Europe, Human Rights Watch, and World Players Union as well as other trade unions and human rights groups

No ‘fire drill’ at TNT after painful loss of Champions League and England rugby | Matt Hughes

It has been a tough couple of weeks for TNT Sports, with the loss of three days of Ashes cricket due to England’s two-day defeat in Perth following on from some bruising rights negotiations.On the eve of the first Test, the Guardian revealed TNT had lost UK rights to the Champions League to Paramount+, with Sky Sports picking up the decent consolation prize of Europa League rights, while this week it emerged that TNT has also lost the rights to international rugby union with ITV having paid £80m for the inaugural Nations Championship.Senior figures at TNT are open about being “absolutely gutted” at losing the Champions League, which has been their biggest property since predecessor BT Sport first bought the rights in 2013, but do not regret the level of their bid, which was gazumped by Paramount. The value of the UK rights has increased from £1.2bn to £2