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A top Swiss court on Wednesday acquitted Credit Suisse, now part of UBS, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 conviction.

The Federal Criminal Court’s original ruling was seen as a test case for the prosecution of banks.

It had found an ex-employee of the bank guilty of money-laundering, and Credit Suisse of failing to do enoughtostop thegang from laundering profits through thelender from2004 to 2008.

The former employee died in April 2023; her heirs and the bank filed an appeal that November.

In a statement, the federal court’s appeals chamber said that, because the woman had died, it was not possible to examine the alleged violation of the criminal code without violating the presumption of innocence in her case.

“For this reason, the bank was acquitted and the compensation demand imposed on it was canceled,” it said.

In 2022, Credit Suisse had been fined 2 million Swiss francs ($2.3 million).

The court at the time also ordered the confiscation of assets worth more than 12 million francs that the gang held in Credit Suisse accounts, and told the bank to pay compensation of over 19 million francs — the value of the gang’s assets that could not be confiscated due to deficiencies at the bank.

Credit Suisse collapsed in March 2023 after a series of scandals and setbacks, and was taken over by UBS.

UBS welcomed the ruling, noting that the case was a legacy matter relating to Credit Suisse.

“Subject to an appeal by the Swiss federal attorney general’s office, the verdict brings this legal issue to a close,” UBS said in a statement.

The attorney general’s office said it would analyze the findings and then decide on appropriate action.($1 = 0.8832 Swiss francs)

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Former Centrica chief Laidlaw in frame to chair embattled BP

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Former Centrica chief Laidlaw in frame to chair embattled BP

Sam Laidlaw, the former boss of Centrica, is among the candidates being considered as the next chairman of BP, Britain’s besieged oil and gas exploration giant.

Sky News has learnt that Mr Laidlaw is being considered by BP board members as a potential successor to Helge Lund, who announced in April that he would step down.

BP’s chair search comes with the £62bn oil major in a state of crisis, as industry predators circle and the pace of its strategic transformation being interrogated by shareholders.

Elliott Management, the activist investor, snapped up a multibillion pound stake in BP earlier this year and is pushing its chief executive, Murray Auchincloss, to accelerate spending cuts and ditch a string of renewable energy commitments.

Mr Lund’s departure will come after nearly a quarter of BP’s shareholders opposed his re-election at its annual meeting in April – an unusually large protest given that his intention to step down had already been announced.

BP’s senior independent director – the Aviva chief executive Amanda Blanc – is said to be moving “at pace” to complete the recruitment process.

A number of prominent candidates are understood to be in discussions with headhunters advising BP on the search.

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Mr Laidlaw would be a logical choice to take the role, having transformed Centrica, the owner of British Gas, during his tenure, which ended in 2014.

Since then, he has had a long stint – which recently concluded – on the board of miner Rio Tinto, which has been fending off activist calls to abandon its London listing.

He also established, and then sold, Neptune Energy, an oil company which was acquired by Italy’s Eni for nearly £4bn in 2023.

Last December, Mr Laidlaw was appointed chairman of AWE, the government-owned body which oversees Britain’s nuclear weapons capability.

He also has strong family connections to BP, with his father, Christopher Laidlaw, having served as its deputy chairman during a long business career.

One person close to BP said the younger Mr Laidlaw had been approached about chairing the company during its previous recruitment process but had ruled himself out because of his Neptune Energy role.

The status of his engagement with BP’s search was unclear on Saturday.

Another person said to have been approached is Ken MacKenzie, who recently retired as chairman of the mining giant BHP.

Mr MacKenzie headed BHP during a period when Elliott held a stake in the company, and is said to have a good working relationship with the investor.

Shares in BP have continued their downward trajectory over the last year, having fallen by nearly a fifth during that period.

The company’s valuation slump is reported to have drawn renewed interest in a possible takeover bid, with rivals Shell and ExxonMobil among those said to have “run the numbers” in recent months.

Reports of such interest have not elicited any formal response, suggesting that any deal is conceptual at this stage.

BP is racing to sell assets including Castrol, its lubricants division, which could command a price of about $8bn.

This weekend, BP declined to comment, while Mr Laidlaw could not be reached for comment.

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SpaceX Starship Rocket Explodes During Ground Test at Texas Launch Pad

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SpaceX Starship Rocket Explodes During Ground Test at Texas Launch Pad

An explosion rocked SpaceX’s Starbase facility in Texas late Wednesdaynight after a Starship rocket exploded on the test pad during a routine ground test. The blast occurred at about 11:00 pm (0400 GMT Thursday) and created a huge fireball in the sky, with no immediate reports of casualties. The test, intended as a so-called static fire of the Starship system, caused the total destruction of the entire vehicle and some damage to nearby infrastructure. A security cordon was already in place, and all staff were safe and accounted for during the security alert.

SpaceX Starship Explosion During Test Linked to Pressurized Tank Failure in Nosecone, Says Company

As per a statement issued by SpaceX, the explosion was caused by “a sudden energetic event” during preparations for a static fire involving the Super Heavy booster. Initial analysis suggests a pressurised tank, known as a COPV (Composite Overwrapped Pressure Vessel) in the rocket’s nosecone, may have failed, though a full investigation is underway. Officials clarified that there were “no commonalities” between the COPVs on Starship and those used in the Falcon series. Fires broke out following the explosion but were quickly contained as the area had been cleared of personnel.

Starship, the rocket that is 403 feet tall, is billed as the most powerful large launch vehicle built. Intended to lift up to 150 metric tonnes and return to Earth, the Starship is a central part of Elon Musk’s dream of building a human settlement on Mars. Musk downplayed the explosion, referring to it as a “scratch” in an official statement. The vehicle was preparing for what would have been its 10th test flight.

The latest failure is the latest in a series of high-profile setbacks for Starship, including a prototype that literally blew up over the Indian Ocean in May. On that mission, the rocket launched as planned, but its booster did not accomplish a planned splashdown. Previous tries also saw the upper stage breaking apart during mid-flight. Notably, despite its own trials and tribulations, SpaceX doubled down on its frenetic development tempo of “test aggressively and iterate quickly”.

In recent days, the Federal Aviation Administration approved a plan by the company to conduct up to 25 launches a year of such craft, turning aside environmental concerns cited by conservation groups. NASA, which uses another SpaceX project, the Dragon, to ferry astronauts to orbit, also continues to support Starship as another deep-space transportation system down the line, so the long-term plan appears to remain on track.

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NASA Postpones Axiom Mission 4 Launch to Ensure Space Station Readiness After Repairs

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NASA Postpones Axiom Mission 4 Launch to Ensure Space Station Readiness After Repairs

NASA has postponed the launch to the International Space Station of an Axiom Space commercial crew mission, Axiom Mission 4 (Ax-4), that was planned to launch on or after June 22 to allow more time to assess the readiness of the station’s configuration. The station is undergoing inspections following recent repair operations on the end of the Zvezda service module. Because the station’s life support systems and other onboard subsystems are interrelated, NASA is scrutinising all available data, including these dates, as the agency considers a new target launch date to ensure that the station has some tasks to remain operable before beginning to support more crew.

NASA Delays Historic Axiom Mission 4 to Ensure ISS Systems Are Ready for International Crew

As per a NASA update, the decision to stand down was made as part of standard operations to validate the readiness of all systems onboard the ISS to accommodate additional crew. The Zvezda module on board, which is central to sustaining life and propulsion, had been recently serviced. Because the space station is such a conjoined system, the agency is being extra cautious, requiring more time than usual to pore over technical data before giving the mission a green light.

Former NASA astronaut Peggy Whitson is serving as Axiom’s Director of Human Spaceflight, leading the remarkably important orbital mission. She is part of the crew accompanying Indian Space Research Organisation (ISRO) astronaut Shubhanshu Shukla as pilot and two mission specialists – Sławosz Uznański-Wiśniewski (Poland) and Tibor Kapu (Hungary). It is a great operation in space, international co-operation, and it’s a great credit to all the countries involved.

While the astronauts remain in quarantine at NASA’s Kennedy Space Centre in Florida, SpaceX’s Falcon 9 rocket and Dragon spacecraft are reported to be in excellent condition at Launch Complex 39A and ready for flight whenever a new launch date is established. Postponing is a precaution, but one that underscores NASA’s prioritisation of crew safety and mission success.

NASA and its collaborators have stressed the symbolic and scientific significance of the mission — its effect on not only the nations involved but on the future of commercial space travel as well. A new date and time for launch will be determined once ongoing evaluations are complete on the station’s readiness to host the incoming crew.

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