Two former senior executives at Serco have been cleared of hiding millions in profits from electronic tagging contracts with the government after their trial collapsed following three weeks of evidence. The prosecution’s move yesterday to ditch charges against Nicholas Woods and Simon Marshall is the latest blow to the Serious Fraud Office, after eight years investigating the allegations. – The Times
Tesla announced a record quarterly profit on Monday as sales of its electric vehicles boomed in the first three months of the year. The world’s most valuable car company recorded a profit of $438m on revenues of $10.39bn despite facing supply issues and the latest in a series of safety investigations following a fatal crash in Texas. – Guardian
For the many City bosses who viewed Brexit as a mistake, the past few months will have cemented their argument that Britain’s financial services industry was going to be left in the lurch. Financial services exports are worth ÂŁ56bn, according to industry body TheCityUK, yet the sector was largely excluded from the Brexit trade deal and has been stripped of its vital EU passporting rights. Banks have moved around ÂŁ1.3 trillion worth of UK assets into the EU as a result of Brexit and almost €6bn of EU share trading shifted from London to the continent in the first trading day of this year. – Telegraph
The auditor of a peer-to-peer lender that has raised ÂŁ121 million from investors resigned after uncovering a catalogue of issues including poor governance, weak record-keeping and accounting errors. EY stepped down as the auditor of Kuflink after it highlighted what it called “significant” deficiencies in internal controls at the business, a sponsor of Southampton FC. Kuflink, which is regulated by the Financial Conduct Authority, links retail and corporate investors with property developers seeking loans via an online platform. – The Times
Wealthy holidaymakers buying premium seats will cushion airlines from the…