FirstFT: Trump Organization and senior executive accused of fraud

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Donald Trump’s family business and its longtime CFO Allen Weisselberg have been charged with criminal fraud by New York prosecutors.

The charges were laid in an unsealed 15-count indictment in Manhattan court yesterday, marking a watershed in a nearly three-year investigation into Trump’s cases by Cyrus Vance, prosecutor for the Manhattan District, in tandem with the New York State Attorney General. Letitia James.

They allege that Weisselberg and other senior leaders in the Trump organization managed to withhold part of their income from the government by making the company pay their rent, tuition, car leases and others. “offered” benefits that have never been reported to the tax authorities.

Weisselberg, 73, who surrendered to authorities early yesterday morning, was taken to a crowded handcuffed courtroom hours later, where he pleaded not guilty in a brief arraignment hearing. His lawyer said he would “fight these accusations”.

Six other articles in the news

2. Alibaba Founders Obtain Company Stock-Backed Global Bank Loans Chinese billionaires Jack Ma and Joe Tsai have pledged part of their combined $ 35 billion stake in e-commerce group Alibaba in return for large loans from Western investment banks. The stock pledges were made to banks including UBS, Credit Suisse and Goldman Sachs, according to documents seen by the Financial Times.

2. Aggregate minimum corporate tax rate agreed The world’s major economies have signed a plan to force multinational companies to pay a global minimum tax rate of at least 15 percent following intense negotiations at the OECD in Paris. The rules are expected to be in place next year and implemented in 2023.

3. Robinhood targets valuation of at least $ 40 billion when it IPO Online brokerage associated with the rise of day trading by retail investors is targeting a valuation of $ 40 billion or more in its initial public offering, people familiar with the plans said as the company released its prospectus for fundraising yesterday. Here are his five most revealing numbers.

4. U.S. Supreme Court upholds Arizona election laws In a 6-3 decision, the Supreme Court justices upheld two Arizona voting laws that opponents said discriminated against racial minorities. The ruling may make it more difficult to challenge voting restrictions enacted in US states.

5. Hong Kong policeman stabbed as city marks Communist Party anniversary A Hong Kong man has died after stabbing a policeman and then himself in a case that the city’s security chief described as “a lone wolf terror attack”. The attack, on the day the Chinese Communist Party celebrated the centenary of its founding, left the policeman in serious condition. Chinese stocks, meanwhile, suffered their worst day in three months.

6. Richard Branson set to beat Jeff Bezos in space Sir Richard Branson has vowed to beat Jeff Bezos in space, confirming his intention to advance his maiden voyage aboard a Virgin Galactic spacecraft to July 11. Meanwhile, Bezos’ space company Blue Origin announced yesterday that Wally Funk, 82, will accompany the Amazon founder, his brother and an as-yet-unidentified person on their July 20 flight.

Coronavirus digest

  • the EU has launched a new app that will allow citizens with proof of vaccination, a negative Covid-19 test or who can show recovery from the virus, to travel across the 27 Member States.

  • Lambda, the variant of Covid-19 which was first detected in Peru and has spread to 27 countries, is worrying officials in Latin America due to its “unusual” set of mutations.

  • Indonesia is set to tighten distancing measures to counter a record number of Covid-19 cases, as experts warn the country is on the brink of “disaster.”

For the latest news on the coronavirus, Register now for our Coronavirus Business Update newsletter.

The day to come

US employment data Job gains in the United States are expected to accelerate in June, as the world’s largest economy continues to recover from the shock of Covid-19 and hires catch up with relentless demand for workers. The data, which will be released by the Bureau of Labor Statistics, comes at a critical time for the US economy. Don’t panic if the employment numbers aren’t great, says Robert Armstrong in today’s edition of the Unhedged email.

Johnson-Merkel meeting The British Prime Minister will urge his German counterpart to help reopen the rest of Europe to British visitors when they meet today. Angela Merkel is on her 22nd and what should be her last visit to the UK as German Chancellor, before stepping down in September.

Euro 2020 quarter-finals Thanks in large part to the duo of Jorginho and Marco Verratti, Italy are heading to their quarter-final against Belgium as favorites to win. Danish team trip Through the starless tournament, Christian Eriksen rekindled memories of his victory in 1992. Follow our Euro 2020 coverage here and register on Dashboard for weekly sports affairs updates.

FT Alphaville will host its first Live markets on Twitter Spaces at 4 p.m. UK time with a view to holding it three times a week once everyone returns to their desks in September.

What else do we read

The real estate challenge of central banks Home prices are increasing around the world at a tremendous rate. The causes are well known: The wealthier workers who save money at home have been drawn to properties with much more outdoor space. Central bankers have played a role in lowering interest rates and repurchasing assets in an attempt to keep financial markets functioning and workers’ jobs. But at the end of the day, governments must take responsibility for solving the housing puzzle, writes the FT editorial board.

British private schools lose their grip on Oxbridge The anger of wealthy, mostly white parents at losing the perks they expected to buy for their children by sending them to better schools is part of a larger pattern of status anxiety among some sections. of the British and American upper classes. It’s out of step with reality, writes Brooke Masters.

‘Home in the World’ by Amartya Sen – citizen everywhere The economist and human rights activist spoke with FT’s Edward Luce about his new book, his youth and his long battle for a more just world. At 87, Sen’s mind remains as sharp as when he won the Nobel Prize in economics in 1998. But his body is painfully fragile.

We feel more alone at the top with everyone working from home Bob, the imaginary CEO of Global Cryptobank, driven to distraction by his empty desk, wrote in a memo to all staff: “I started to wonder what the point of my job is.

FT Film: How the 20 Years War Changed Afghanistan An Afghan photojournalist, a former politician, a young musician, a NATO performer, a film director and a student whose mother was murdered, reveal the impact of the war. . . as US troops retreat and the Taliban gain ground.

Q&A: The Chinese Communist Party at 100

Xi Jinping marked the centenary of the The Chinese Communist Partyis founded yesterday with a nationalist speech in Beijing. Ahead of the anniversary, James Kynge, the FT’s global China editor, wrote about the party’s long-standing struggle for reconcile growth and stability. We asked him a few questions about the deep meaning of the centenary.

A screen in Tiananmen Square in Beijing broadcasts a speech by President Xi Jinping during celebrations marking the founding of the Chinese Communist Party © Wang Zhao / AFP via Getty Images

A screen in Tiananmen Square in Beijing broadcasts a speech by President Xi Jinping during celebrations marking the founding of the Chinese Communist Party © Wang Zhao / AFP via Getty Images

What does the 100th anniversary of the party mean for President Xi Jinping?
For Xi personally, this represents a public affirmation of his power and that of the Chinese Communist Party, which he leads. These decisive events may seem stilted in the west, but in China they are going very well. The reactions to a huge parade in central Beijing in 2019 to celebrate the 70th anniversary of the founding of the People’s Republic of China were greeted by Chinese people at home and abroad with genuine pride.

How does Xi use the centenary to shape China’s image at home and abroad?
Challenge. Nationalism. Pride. These are the emotions Xi knows will stir the crowds and they were the touchstones of his Tiananmen Square speech on Thursday. He warned foreigners that any attack on China’s sovereignty would face a “great wall of steel.” He added that China would not tolerate “moralizing preaching” from foreigners. He said unification with Taiwan remains an “unwavering commitment” of the CCP.

What will the CCP’s biggest challenges be in the next 100 years?
Obviously, the succession after Xi. He shows no sign of preparing for a successor and has abolished presidential term limits, setting himself up to rule until his death. Another challenge will be to realize China’s territorial ambitions – to recapture Taiwan, by force if necessary – and to enforce its claims over most of the South China Sea and a range of disputed territories. The suppression of free speech among a middle class of 400 million people will also require constant attention.

Learn more about our coverage of China at FT.com.

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