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Michael Thomson admitted to breaching a restraining order by selling a range of luxury itemsThe former boss of collapsed investment firm London Capital & Finance (LC&F) has been imprisoned for six months for contempt of court, after admitting breaching a restraining order by selling luxury items including horse saddles and a hot tub.Michael Thomson’s actions were characterised by Judge Milne as an attack on the administration of justice. Thomson was sentenced alongside his wife, Debbie, who also admitted to the offences but whose six-month sentence was suspended for a period of two years. Continue reading...

Abstract expressionist’s Number 7A, 1948, becomes the fourth most expensive work ever sold at auctionA Jackson Pollock painting has sold for a record $181.2m (£135.3m) at Christie’s in New York.The sale on Monday made Number 7A, 1948 the fourth most expensive work ever sold at auction, according to ARTnews. Continue reading...

Politicians still care about traditional media, but winning over people spending more of their lives online is the challenge for modern MPsGet our breaking news email, free app or daily news podcastHe’s up before sunrise, pounding the pavement in a cap and running shorts. He’s still up late into the night, having slipped into a comfortable sweater while he checks figures in a darkened office by lamplight, fuelled by sugar-free Red Bull.It’s “decision week”, Jim Chalmers declares of the annual federal budget in a video that pinged around political group chats this week. The treasurer was keen to take people behind the scenes on social media. Continue reading...

• South Korea's Kospi index plummeted as much as 3.2% early on May 13 due to Samsung Electronics failing to reach a pay deal with its union, but rebounded sharply 2.6% to close at a record 7,708-7,844. • The recovery was aided by government efforts to manage the labor situation and broader AI optimism reviving market sentiment despite US inflation data and Iran tensions. • This standout performance contrasted with mixed regional moves, highlighting Korea's volatility amid corporate labor issues and tech sector strength.

Automaker had given ‘numerous statements reassuring drivers that it would not do so’, says California attorney generalGeneral Motors (GM) agreed to pay $12.75m to resolve claims that it illegally sold hundreds of thousands of Californians’ location and driving data to two data brokers, said the state’s attorney general, Rob Bonta, on Friday. He said this came after the Detroit-based automaker had given “numerous statements reassuring drivers that it would not do so”.“General Motors sold the data of California drivers without their knowledge or consent,” Bonta said in a statement. “This trove of information included precise and personal location data that could identify the everyday habits and movements of Californians.” Continue reading...

• Foreign institutional investors (FIIs) have sold Indian stocks on 150 out of the past 240 trading days, reflecting a sustained outflow trend over the last several months. • The selling pressure is attributed to rising oil prices, rupee weakness, and elevated US bond yields, which have made emerging market assets less attractive relative to US fixed income. • This persistent FII exit contrasts with India's overall attractiveness as a global investment destination and poses near-term headwinds for equity valuations.

Pair apologise in court after being accused of defrauding buyers including some of New York’s most prominent fine art auction housesA father and daughter in New Jersey have pleaded guilty to running a years-long counterfeiting scheme to trick art galleries and auction houses into buying forged paintings of works by prominent artists such as Andy Warhol, Banksy and Pablo Picasso.Federal prosecutors said Erwin Bankowski, 50, and Karolina Bankowska, 26, commissioned an artist in Poland to create at least 200 of the fakes and ultimately defrauded buyers of at least $2m. Continue reading...