Tuesday newspaper round-up: Darktrace, Liberty Steel, fast fashion

by | Apr 13, 2021

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The cybersecurity provider Darktrace has warned that the fraud allegations against its founding shareholder, the former Autonomy chief executive Mike Lynch, threaten its prospects as it gears up for a £3bn stock market debut. In documents published as part of the formal process that must be followed before a London float, Darktrace admitted that the criminal and civil charges against Dr Lynch “could result in a material adverse effect” on its business and prospects. – Telegraph
Extending the retirement age to cut down on pension costs risks backfiring by piling more pressure on the NHS, new research warns. Economists found the rise in the state pension age “substantially” reduced the informal care provided to elderly parents by older workers, threatening to worsen Britain’s mounting social care pressures. – Telegraph

Growing awareness about the environmental impact of “fast fashion” could result in sales of cheap clothing dropping by as much as 30 per cent in the next five to ten years, according to a leading investment bank. As customers formed long queues to get into Primark shops reopening yesterday, analysts at UBS said the retailer’s owner Associated British Foods could be one of the worst-hit stocks if shoppers abandoned their love affair with “throwaway” clothing. – The Times

Last month much of the traditional art world had not heard of Mike Winkelmann. Then the digital artist sold a piece that only exists online for £50 million at a Christie’s auction. Beeple, as he is professionally known, is now the third most expensive living artist in terms of auction prices, after Jeff Koons and David Hockney. The sale of Winkelmann’s computerised collage of 5,000 images – which include a pregnant cyborg Michael Jackson and a Buzz Lightyear with breasts – has catapulted the digital art scene into the spotlight. – The Times

Liberty Steel has missed deadlines to file accounts for some of its biggest British businesses, in the latest sign of the struggles facing Sanjeev Gupta’s industrial empire. Gupta is listed as director of 15 companies whose accounts are overdue at Companies House, including those that operate the Liberty Steel works in Rotherham and Stocksbridge in South Yorkshire.- Guardian

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