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A US lawmaker who has long campaigned against congressional stock trading is among the nearly one-in-five in the Senate who own or likely own chunks of Apple stock and watchdogs warn the conflicts of interest could derail major legislation aimed at reining in the Big Tech firms anticompetitive practices.

Sen. John Ossoff (D-Ga.) who famously ripped his Republican opponent David Perdue as a crook over his personal stock trades during his successful bid for the Senate in 2020 has portrayed himself as a champion of the movement to ban congressional stock trading.

The Georgia Democrat co-sponsors a bill that would ban members of Congress their spouses or children from trading stocks while in office and require them to place pre-existing assets into a blind trust or divest them entirely.

However, Ossoff himself owned between $1 million and $5 million in Apple stock prior to setting up his own blind trust in early 2021 and is likely still a shareholder, even while sitting on the Senate Judiciary Committee responsible for regulating the company.

The issue is getting a fresh spotlight as advocates push for Congressional leadership to reintroduce the Open App Markets Act and the American Innovation and Choice Online Act (AICOA) two long-stalled bipartisan bills would impose add new restrictions on how Apple and Google operate their controversial app stores.

Both bills advanced out of committee in 2022, but Senate Majority Leader Chuck Schumer never brought them up for a full floor vote.

In both instances, Ossoff voted in favor of advancing the legislation. But behind closed doors, the Georgia Democrat pushed back and raised concerns about the bills, such as the potential harmful effects they could have for user security and data privacy, a source familiar with the process that year said.

While Ossoff is well-known on the Hill as a user privacy advocate, his stance also happened to align with Apples arguments against the legislation.

Having to deal with a senator who regularly repeated Apple talking points as if it wasnt obvious they were Apple talking points was bad enough, the source said. But it was even worse that in all likelihood he owned millions of dollars in Apple stock as he was doing it.

Ossoff only got on board for the votes after some arm-twisting by the bills supporters, the source said.

Ossoff is a walking embodiment of why his bill is weak, the source added. His Apple stock demonstrates it.

When reached for comment, an Ossoff spokesperson declined to comment on the status of his Apple stake, citing the blind trust, and called criticism “laughable” given his public support for reform.

“As first reported by the New York Post, Sen. Ossoff authored the leading legislation to ban stock trading by members of Congress,” the spokesperson said in a statement. “Sen. Ossoff is one of just six senators who has put his stocks in a qualified blind trust, which the Senate Ethics Committee calls the most comprehensive approach to eliminate conflicts of interests.”

As for the policy, Sen. Ossoff will ask tech companies tough questions on privacy, security, and competition  as he has throughout his tenure,” the spokesperson added. “He will continue thoroughly vetting all proposed legislation.”

The terms of Ossoffs blind trust require that his trustee disclose if the Apple stake or any other stock has been completely sold off or if its value has fallen below $1,000. So far, no disclosure of that kind has surfaced. Any stock sale would trigger capital gains, meaning Ossoff would become aware of major shifts in his holdings while filing his taxes.

Congress has faced growing calls to implement a stock trading ban in recent years amid revelations of massive personal stock trading windfalls for former House Speaker Nancy Pelosi and others. Proposals by Ossoff, Sen. Josh Hawley (R-Mo.) and others to impose more restrictions generated some buzz but quickly fizzled out as Congressional leaders declined to pursue them.

Richard Painter, who served as the White Houses chief ethics lawyer under former President George W. Bush, said Ossoff has showed really bad judgment by not divesting his Apple stake entirely upon taking office and dismissed his proposal as ineffective.

You cant put Apple stock in a blind trust and pretend you dont have Apple stock, Painter told The Post. This blind trust business, it doesnt work unless you actually sell the underlying assets. Thats why so few people set up blind trusts for the disposition of major assets. Youve got to make a decision whether youre going to sell the assets or not.

Stock trading is widespread in Congress — with one report finding that nearly 20% of lawmakers had done transactions that presented a conflict of interest with their committee assignments. As of 2021, 53% of lawmakers — 223 representatives and 61 senators — owned stocks, according to a study by the Campaign Legal Center.

Ossoff is one of just a handful of senators who have even taken the step of transferring assets into a blind trust managed by a third party, effectively giving up control of their holdings while in office.

Ossoff’s stock trading bill has drawn endorsements from ethics watchdogs including the Project on Government Oversight, National Taxpayers Union, Taxpayers Protection Alliance, FreedomWorks, and Issue One.

Still, not everyone is convinced that qualified blind trusts are effective.

“Regardless of what he’s said, up and until he is no longer the known beneficiary of this significant investment, it is a conflict of interest,” said Jeff Hauser, executive director of the Revolving Door Project. “Optimally, what would happen is people would divest holdings before entering office, rather than rely on a trust. That is even easier when it is such a liquid asset.”

Donald Sherman, chief counsel for the watchdog group Citizens for Responsibility and Ethics in Washington, agreed, adding, “Even in cases where members of Congress are not engaged in unethical conduct, their ownership interests in companies that they oversee can create an actual or perceived conflict of interest.

“The questions being raised here are exactly why Senators and members of Congress should ban the ownership and trading of individual stock and that any use of blind trusts must be truly blind,” Sherman added.

The Senate Ethics Committees own guidelines on qualified blind trusts note that initial holdings because they are known to the grantor, continue to pose a potential conflict of interest until they have been sold or reduced to a value less than $1,000.

Ossoff needs to be able to commit proper oversight and look at the legislation in the way that represent his constituents and not stock trades, said Garrett Ventry, a Republican and former Senate Judiciary staffer. Any time you have members with those kinds of holdings, it looks very, very bad.

If they proceed, the pro-competition bills would represent a major headache for Apple, which was sued by the Justice Department this month for allegedly using illegal tactics to ensure the iPhones dominance.

As The Post reported, Apple has enlisted an army of lobbyists whose role in part is to lobby against the renewed consideration of those bills.

Proponents say the competition legislation which reportedly worried Apple boss Tim Cook enough in 2022 that he personally called senators to lobby against it could be held up by lawmakers whose personal profits stand to take a hit in the event of a crackdown.

Momentum for other legislation, such as the House-backed measure that could ban TikTok and the bipartisan Kids Online Safety Act, could delay consideration even longer.

Antitrust advocates point out the problem isnt limited to Ossoff. At least 14 other US senators currently own Apple stock, according to a review of pblic financial disclosures. The Post reached out to their offices for comment.

Republicans who have disclosed owning shares of Apple include Sens. Kate Britt, Tommy Tuberville, John Boozman, Susan Collins, Markwayne Mullin, Tim Scott, Bill Hagerty and Shelley Moore Capito.

Representatives for Mullin and Boozman each side the investments were managed by independent third parties and in compliance with disclosure requirements. A Capito representative said she and her husband comply with all disclosure requirements.

On the Democratic side, Apple shareholders include Sens. Ossoff, John Hickenlooper, Thomas Carper, Jacky Rosen, Ron Wyden and Sheldon Whitehouse. Angus King, an independent who caucuses with the Democrats, also owns shares.

Despite his holdings, a spokesperson for Whitehouse pointed out that he co-sponsored both AICOA and the Open App Markets Act.

The Senator and his wife do not trade stocks, and their account manager acts independently without any input from the Senator or his wife per the terms of a formal agreement, the spokesperson said.

Other than Ossoff, five other senators are known to have assets in blind trusts Sens. Tammy Baldwin (D-Wis.), John Hoeven (R-ND), Mark Kelly (D-Ariz.), Cynthia Lummis (R-Wyo.), Joe Manchin (D-W.Va.).

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Harrods plots legal action against estate of former owner al-Fayed

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Harrods plots legal action against estate of former owner al-Fayed

Harrods is preparing to take legal action against the estate of its former owner, Mohamed al-Fayed, as the multimillion-pound legal bill for compensating his sexual abuse victims continues to escalate.

Sky News has learnt that the Knightsbridge department store, which has been owned by a Qatari sovereign wealth fund since 2010, plans to file a so-called passing-over application in the High Court as early as next week.

The intention of the application is to secure the removal of Mr al-Fayed‘s estate’s current executors, and replace them with professional executors to administer it instead.

Professional executors would be expected to investigate the assets and liabilities of the estate, while Harrods insiders claimed that the current executors – thought to be close family members of the deceased billionaire – had “ignored” correspondence from its lawyers.

Sources close to Harrods said the passing-over application paved the way for it to potentially seek to recover substantial sums from the estate of the Egyptian tycoon as it contends with a compensation bill likely to run to tens of millions of pounds.

In a statement issued to Sky News on Saturday, a Harrods spokesperson said: “We are considering legal options that would ensure that no doors are closed on any future action and that a route to compensation and accountability from the Fayed estate remains open to all.”

Mr al-Fayed is believed to have raped or sexually abused hundreds of women during his 25-year tenure as the owner of Harrods.

More on Mohamed Al Fayed

He died in 2023, since when a torrent of details of his abuse have been made public by many of his victims.

Earlier this year, Sky News revealed details of the compensation scheme designed by Harrods to award six-figure sums to women he abused.

In a form outlining the details of the Harrods redress scheme overseen by MPL Legal, which is advising the department store, it referred to the potential “for Harrods to recover compensation paid out under this Scheme from Mohamed Fayed’s estate”.

“You are not obliged to assist with any such claim for recovery,” the form told potential claimants.

“However, if you would be willing to assist Harrods including potentially by giving evidence against Fayed’s estate, please indicate below.”

This weekend, there appeared to be confusion about the legal representation of Mr al-Fayed’s estate.

In March, the BBC reported that Fladgate, a UK-based law firm, was representing it in an article which said that women who worked for him as nannies and private air stewards were preparing to file legal claims against the estate.

This weekend, however, a spokesman for Fladgate declined to comment on whether it was acting for Mr al-Fayed’s estate, citing confidentiality restrictions.

A source close to the law firm, meanwhile, insisted that it was not acting for the estate.

KP Law, another law firm acting for some al-Fayed abuse survivors, has criticised the Harrods-orchestrated process, but has itself faced questions over proposals to take up to 25% of compensation awards in exchange for handling their cases.

Harrods insiders said there was a growing risk that Mr al-Fayed’s estate would not be responsibly administered given that the second anniversary of his death was now approaching.

They added that as well as Harrods itself seeking contribution for compensation paid out for Mr al-Fayed’s abuse, its legal action would also potentially open way for survivors to claim directly against the estate.

Victims with no direct connection to Harrods are not eligible for any compensation through the store’s own redress scheme.

Even if Harrods’ passing-over application was approved by the High Court, any financial recovery for the department store would be subject to a number of additional legal steps, sources said.

“The passing-over action would achieve the goals of acknowledgement and accountability from the estate for survivors who don’t have the resource to undertake a passing-over application themselves,” an insider said this weekend.

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Children orphaned as father killed in Air India plane crash days after mother dies

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Children orphaned as father killed in Air India plane crash days after mother dies

A father returning home after scattering his wife’s ashes was among the victims of the Air India crash, leaving his two young children suddenly orphaned.

Flight 171 was carrying 242 people when it struck a medical college hostel less than a minute after taking off from Ahmedabad airport, in western India.

Twenty-nine people on the ground were killed, taking the total number of victims to 270. A hospital official confirmed 270 bodies have been recovered from the crash site, but DNA testing is being conducted to identify the bodies.

Just one passenger, a British man from Leicester, survived what has become the worst aviation crash in a decade.

Among the victims, 37-year-old Arjun Patoliya had been visiting India to fulfil his wife Bharti’s “final wish” to be laid to rest in her hometown of Gujarat.

Bharti had died just over two weeks ago, following a “courageous battle with cancer”.

A GoFundMe page, set up to raise funds for their two children, says: “Arjun left to bid farewell to his wife, never returned to the children they both raised.

“Now, these two beautiful young girls have been left without parents – their world turned upside down in just over two weeks.”

A fundraiser, which has topped more than a quarter of a million pounds, confirms all money raised will go directly into a legal trust, “to ensure every penny is dedicated to the girls’ needs”.

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Families in India wait for bodies of relatives

Read more on Air India crash:
Air India’s lone survivor is nothing short of miracle

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Everything we know about the crash

Investigation will take three months

India’s aviation minister has said a government panel reviewing the crash will complete its assessment in three months.

Ram Mohan Naidu said the government has also ordered “extended surveillance” of Boeing 787 planes. Air India operates 33 Boeing 787s, while rival airline IndiGo has one, according to data from Flightradar24.

Mr Naidu said the plane started descending after reaching 650 feet.

Every theory as to what happened will be looked into, he said. But in the meantime, he has instructed the airline to assist the families of passengers to ensure there is no delay in handing over the bodies of those who died.

Black box has been found

India’s aviation ministry says workers have recovered the digital flight data recorder – one of two black boxes on the plane, from the rooftop of the building where it crashed.

This box has data on engine and control settings, so will be able to show if there was a loss of engine power or lift after takeoff.

The investigation will initially focus on the engine, flaps and landing gear, a source told Reuters on Friday.

A possible bird-hit is not among the key areas of focus, the source said, adding that teams of anti-terror experts were part of the investigation process.

There is no information yet on the cockpit voice recorder, the other black box, which will be a crucial part of understanding what caused the plane to crash.

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UK

Weather warnings: 30,000 lightning strikes hit UK – with roads flooded and landslip disrupting trains

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Weather warnings: 30,000 lightning strikes hit UK - with roads flooded and landslip disrupting trains

Roads have been flooded and a landslip has disrupted trains as the UK was hit by tens of thousands of lightning strikes during thunderstorms – with severe weather warnings in place for large parts of the country.

It follows the hottest day of the year on Friday, which saw a high of 29.4C (84.9F) in Santon Downham in Suffolk.

The Met Office has issued an amber weather warning until 6pm across the South West, North East and North of England, Wales and much of Scotland.

Check the weather forecast where you are

It said there had been more thann 30,000 lightning strikes during the night, with the “vast majority” over the sea.

The Met Office has warned some areas could see 30-50mm of rain in a few hours, while a few locations could reach up to 80mm.

At the same time, strong wind gusts and hail accompanying the storms could potentially bring road flooding, difficult driving conditions, power cuts and flooding of homes and businesses.

The Environment Agency urged the public not to drive through flood water, reminding drivers that “just 30cm of flowing water is enough to move your car.”

A further yellow warning is in force in the eastern half of Northern Ireland from 6am to 6pm on Saturday, while a similar warning has been in place across the South East of England overnight following an amber alert on Friday.

Thunderstorm warnings are in place until Saturday evening. Pic: Met Office
Image:
Thunderstorm warnings are in place until Saturday evening. Pic: Met Office

Kent experienced heavy rainfall overnight, with flooded roads in parts of Dover, while a fire in a residential building in St Leonards-on-Sea on Friday night was likely caused by a lightning strike, the East Sussex Fire and Rescue Service say.

Devon received five flood warnings overnight by the Environment Agency, alongside 46 flood alerts in the South West, South East and Midlands.

A further six flood alerts have been put in place by Natural Resources Wales in South Wales.

National Rail said a landslip had stopped all services between Exeter St Davids and Okehampton, with the weather conditions meaning it is not safe for engineers to reach the site. Disruption is expected until around 1pm.

Other rail operators also warned customers to check for updates on services on Saturday morning.

Heathrow Airport apologised to passengers late on Friday night for flights delayed by “adverse weather conditions”.

Sky News weather producer Steff Gaulter said: “The most active thunderstorms are over parts of Wales, Northern Ireland, Northern England and Scotland, and some are still bringing localised downpours and strong winds.

“The storms will continue northwards, becoming largely confined to Northern Ireland and Scotland by the afternoon. Elsewhere will see a mixture of sunshine and showers, with the showers tending to ease during the day.

“Then from tomorrow an area of high pressure will start to stretch towards us, and the weather next week is looking far calmer and quieter.”

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Despite the risk of heavy showers and thunderstorms, not everyone will see rain during the day, with the driest and brightest weather expected in the South East, which will remain very warm.

The UK Health Security Agency (UKHSA) has issued its first yellow heat-health alert of the year, active until 8am on Sunday in the east of England, East Midlands, London, and the South East.

Under the UKHSA and the Met Office’s weather-health alerting system, a yellow alert means there could be an increased use of healthcare services by vulnerable people.

A yellow alert warns of a possible spike in vulnerable people accessing healthcare, and health risks for the over-65s and those with conditions such as respiratory and cardiovascular diseases.

While scientists have not assessed the role of global warming in this short-term event, in general they expect more heavy downpours as the climate changes.

That’s largely because hotter air can hold more moisture and so releases more water when it rains.

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