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Mone’s husband Barrowman says chase our partners for the money

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Mone’s husband Barrowman says chase our partners for the money


A company linked to Baroness Mone and her husband Doug Barrowman passed most of the money it received from the government for personal protective equipment (PPE) to other firms, according to a spokesperson for Mr Barrowman.

On Wednesday a judge ordered PPE Medpro to repay £122m as the gowns it supplied did not meet sterility certification standards.

However, £83m of that was paid to other companies and there was a “very strong case” for the administrator to chase them for the money, the spokesperson said.

Health Secretary Wes Streeting said his department would seek to “recover everything we can”.

When Mr Barrowman spoke to the BBC’s Laura Kuenssberg in 2023, he said PPE Medpro was set up as a consortium with companies called Loudwater Trade and Finance and Eric Beare Associates.

In that interview, Mr Barrowman said: “The British government would have preferred to always trade with a UK company, so we created PPE Medpro as a UK business, so that the three partners could provide PPE to the British government.”

Baroness Mone, a Conservative peer at the time, used her contacts to enter the company into the “VIP lane” to get preferential access to government contracts.

Mr Barrowman’s spokesperson claimed that the company itself did not undertake the technical work of liaising with manufacturers in China, including quality control and sterility assurance levels.

The other parties distanced themselves from PPE Medpro once the government began legal action, and only communicated through lawyers, the spokesperson said.

A High Court judgement on Wednesday ordered PPE Medpro to repay £122m to the Department of Health and Social Care (DHSC), having ruled that the gowns the company supplied did not meet sterility certification standards.

The day before, the directors of PPE Medpro started the process of putting the company into administration. Administrators will seek to wind the company up and try to recover as much money as possible for creditors.

However, the company only has £666,000 of assets, so it is unlikely to be able to repay the DHSC in full.

The government has said it will work closely with the administrators.

Despite Baroness Mone not being a shareholder or director of the company, some politicians have called on her to repay the money personally.

The spokesperson for Mr Barrowman said: “It seems incredibly unfair that all the attention has focused on Doug Barrowman when there was a consortium.

“There is a very strong case for the administrator [of PPE Medpro] to chase the other consortium members whose companies received huge funds.”

However, Mr Barrowman has admitted receiving a large share of the proceeds himself.

In his 2023 interview, he told the BBC he had received around £60m from PPE Medpro.

Baroness Mone said that a share of that sum was paid into a trust in the Isle of Man, of which she and her children are beneficiaries, and so potentially stand to receive the money.

Loudwater’s parent company, Loudwater Holdings Ltd, is based in North London. It had net assets of more than £55m, according to its latest accounts, and a turnover of £95m.

The National Crime Agency is investigating the PPE Medpro case. It declined to comment on whether it was also looking into the other members of the consortium.

Loudwater declined to comment. Eric Beare Associates did not respond to requests for comment.

The DHSC did not say whether it would pursue other members of the consortium.

NOTE: An earlier version of this story attributed the quotations to a spokesperson for PPE Medpro. They later requested to be described as a spokesperson for Mr Barrowman.



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Saudi Oil Supply Assurance Lifts Pakistan Stock Market – SUCH TV

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Saudi Oil Supply Assurance Lifts Pakistan Stock Market – SUCH TV



KARACHI: The Pakistan Stock Exchange rallied on Thursday after Saudi Arabia assured Pakistan of facilitating crude oil shipments through the Red Sea port of Yanbu Port, easing concerns over potential fuel supply disruptions.

The benchmark KSE-100 Index climbed sharply during the trading session, rising 4,439.93 points (2.85%) to reach an intraday high of 160,217.14 points.

Market Recovery

Analysts attributed the market rebound to renewed institutional buying and improving investor sentiment after Saudi assurances on oil supplies.

Market expert Ahsan Mehanti, CEO of Arif Habib Commodities, said easing fuel supply concerns played a key role in the recovery.

He added that rising global crude prices, expectations of a new International Monetary Fund loan tranche for Pakistan, and positive economic indicators also boosted investor confidence.

Alternative Oil Route

Pakistan sought an alternative supply route after Iran announced the closure of the Strait of Hormuz, a crucial global oil transit corridor.

Federal Petroleum Minister Ali Pervaiz Malik held talks with Nawaf bin Said Al-Malki, requesting Saudi support for uninterrupted energy supplies.

Saudi authorities reportedly assured Pakistan that oil shipments could be routed through Yanbu, and one crude vessel has already been prepared for dispatch.

Global Oil Market Impact

Oil prices continued to rise amid tensions in the Middle East conflict involving Iran, Israel and the United States.

Brent crude: up 3.26% to $83.99 per barrel

West Texas Intermediate (WTI): up 3.70% to $77.42 per barrel

Energy markets remain volatile as shipping disruptions threaten supply through the Strait of Hormuz, a route that handles nearly 20% of global oil trade.

Analysts say the Saudi assurance helped calm fears about Pakistan’s energy supply chain, contributing to the strong recovery at the PSX.

 




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Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India

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Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India


Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.



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China sets lowest economic growth target since 1991

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China sets lowest economic growth target since 1991



It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.



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