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Netflix(NFLX.O)has defeated a lawsuit filed by shareholders in a federal court in California that accused the streaming entertainment company of hiding the extent to which account-sharing was hindering its growth.

A Texas-based investment trust sued in May 2022, after Netflix shares lost a third of their value when the company said subscribers were decreasing for the first time in a decade.

The lawsuit sought damages on behalf of investors who bought Netflix shares between January 2021 and April 2022.

U.S. District Judge Jon Tigar ruled on Friday that the lawsuit included no evidence that the company was aware of the extent of the problem for as long as the investors alleged.

The judge said the investor can refile the lawsuit if it adds facts to bolster the claims.

A spokesperson for Netflix and attorneys for the trust did not immediately respond to requests for comment on Monday.

Netflix lost around half of its value between January 2022, when it warned of weak subscriber growth, and April, when shares plunged after the company said account-sharing and competition had hampered new subscriptions.

Netflix’s then-CEO, Reed Hastings, said at the time that the COVID-19 pandemic had made it difficult for the company to interpret subscription trends.

Netflix shares were up 1.1% at $479.09 at midday on Monday.

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Business

Primark boss Paul Marchant resigns and admits ‘error of judgement’ after allegation over his behaviour towards woman

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Primark boss Paul Marchant resigns and admits 'error of judgement' after allegation over his behaviour towards woman

The boss of Primark has resigned after admitting an “error of judgement” in his behaviour towards a woman in a social environment.

Paul Marchant stepped down as chief executive of the high-street fashion brand with immediate effect following an investigation.

Primark‘s parent firm, Associated British Foods (ABF), said he had co-operated with the investigation, and “acknowledged his error of judgment and accepts that his actions fell below the standards expected by ABF”.

“He has made an apology to the individual concerned, the ABF board and also to his Primark colleagues and others connected to the business,” the firm added.

The group’s overall chief executive George Weston said he is “immensely disappointed”.

“At ABF, we believe that high standards of integrity are essential,” he said in a statement.

“Acting responsibly is the only way to build and manage a business over the long term.

“Colleagues and others must be treated with respect and dignity.

“Our culture has to be, and is, bigger than any one individual.”

ABF’s finance director Eoin Tonge will take over as chief executive on an “interim basis” – and his role will be taken up by Joana Edwards, the group’s financial controller.

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A Primark store. Pic: PA
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File pic: PA

The group’s statement added it “seeks to provide a safe, respectful, and inclusive work environment where all employees and third parties are treated with dignity and respect”.

“Primark is committed to doing business the right way at all levels of the company,” it said.

ABF promised to continue supporting the woman who made the complaint.

Primark results due soon

The group will still publish its interim results for the financial year as planned on 29 April, according to its statement.

In January, ABF reported an uncharacteristic decline in like-for-like sales at Primark across the UK and Ireland.

Sales at the store fell by 6% – with Primark saying it expects “low single-digit” sales growth for 2025 as a result – down from mid single-digit levels in November 2024.

Speaking at the time, Russ Mould, investment director at AJ Bell, said: “If Primark is struggling, you know the UK retail sector is in trouble.”

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Politics

Japan to classify cryptocurrencies as financial products: Report

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Japan to classify cryptocurrencies as financial products: Report

Japan to classify cryptocurrencies as financial products: Report

Japan’s finance regulator is planning to change the country’s laws to classify cryptocurrencies as financial products as early as 2026, according to the local outlet Nikkei.

The Financial Services Agency (FSA) plans to submit a bill to parliament to revise the Financial Instruments and Exchange Act as early as next year after having considered the changes through internal study groups, Nikkei reported on March 30 without citing a source.

The outlet reported that the details are still being finalized, but the change would see cryptocurrencies likely put under insider trading laws that currently apply to other financial products, such as stocks, which outlaw trades based on insider information.

However, cryptocurrencies are likely to be put in a separate category from securities such as stocks and bonds.

If the changes go through and crypto is regulated under the country’s finance laws, companies offering crypto would have to register with the FSA.

Nikkei reported that the regulator plans to enforce the new rules regardless of whether a company operates in Japan, but it was unclear how the laws would be enforced against overseas entities.

Also unclear was what cryptocurrencies would be regulated and how distinctions would be made between widely traded assets such as Bitcoin (BTC) and Ether (ETH) compared to speculative and high-risk tokens such as memecoins.

Japan to classify cryptocurrencies as financial products: Report

The FSA’s headquarters is in central Tokyo, just across the street from the Ministry of Finance. Source: Wikimedia

The reported upcoming change comes amid a wave of pro-crypto moves made by Japan’s regulators and government.

Related: USDC stablecoin receives approval for use in Japan, says Circle 

Earlier this month, the country issued its first license allowing a company to deal with stablecoins to SBI VC Trade, a subsidiary of the local financial conglomerate SBI, which said it was preparing to support Circle’s USDC (USDC).

The country’s ruling Liberal Democracy Party also moved ahead with reforms to slash the capital gains tax on crypto from 55% to 20% and categorize digital assets as a distinct asset class.

In February, local reports said the FSA was looking to lift a ban on crypto-based exchange-traded funds (ETFs) to align with the policy position of Hong Kong, which approved crypto ETFs for trading in April 2024.

Asia Express: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster 

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World

Myanmar earthquake: Military regime targeting ‘civilian areas’ with airstrikes in wake of disaster, armed group claims

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Myanmar earthquake: Military regime targeting 'civilian areas' with airstrikes in wake of disaster, armed group claims

An armed resistance group in Myanmar has accused the ruling military government of continuing to carry out airstrikes on “civilian areas” in the wake of the huge earthquake in the country.

The 7.7 magnitude quake struck near the city of Mandalay at around 12.50m local time (6.20am UK time) on Friday while Myanmar is in the grips of a bloody civil war.

The number of people confirmed dead after the quake stands at more than 1,700, with 3,400 others injured and 300 missing, according to pro-military government Telegram channels, citing the country’s rulers.

Chinese rescuers looks at a collapsed building before conducting a search and rescue operation in Mandalay. Pic: Myo Kyaw Soe/Xinhua via AP)
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Chinese rescuers prepare to carry out a search and rescue operation in Mandalay. Pic: Myo Kyaw Soe/Xinhua via AP)

But the US Geological Survey’s (USGS) predictive modelling estimates that the number of dead will increase into the thousands, and could reach 10,000.

It comes as rescue and relief efforts in the country have been hampered by the ongoing civil war, which has raged since 2021.

Buddhist monks walk past a collapsed building in Naypyitaw, Myanmar. Pic: AP Photo/Aung Shine Oo
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Buddhist monks walk past a collapsed building in Naypyitaw, Myanmar. Pic: AP Photo/Aung Shine Oo

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Monks film as building collapses

The Karen National Union (KNU), one of Myanmar’s oldest ethnic armies, has said in a statement that the military government, known as a junta, is continuing to “carry out airstrikes targeting civilian areas”.

It said the strikes come “even as the population suffers tremendously from the earthquake”.

The KNU said that under normal circumstances, the military would be prioritising relief efforts after an earthquake, but instead it is focused on “deploying forces to attack its people”.

The Free Burma Rangers, a relief organisation, said military jets launched airstrikes and drone attacks in Karen state, near the KNU headquarters, in the south of the country, shortly after the quake on Friday.

It came before there were reports of mortar and drone attacks on Saturday.

A Karen National Union soldier in 2024. Pic: Reuters
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A Karen National Union soldier in 2024. Pic: Reuters

The junta has not confirmed whether or not it has been carrying out strikes since the disaster.

The epicentre of the quake was in an area held by junta forces, but the devastation is widespread and also affected some territory held by armed resistance movements.

On Sunday, the opposition National Unity Government, which includes remnants of the government ousted in a 2021 coup, said anti-junta militias under its command would pause all offensive military action for two weeks.

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Rescuers look for survivors of Myanmar earthquake

A Buddhist monk walks near Maharmyatmuni pagoda in Mandalay after the earthquake. Pic: AP
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A Buddhist monk walks near a pagoda in Mandalay after the earthquake. Pic: AP

Richard Horsey, the senior Myanmar adviser at Crisis Group, which works to resolve armed conflicts, said some anti-junta forces have halted their offensives, but fighting continues elsewhere.

“The regime also continues to launch airstrikes, including in affected areas. That needs to stop,” he said.

He claimed that the junta was not providing much visible support in quake-hit areas.

“Local fire brigades, ambulance crews, and community organisations have mobilised, but the military – who would normally be mobilised to support in such a crisis – are nowhere to be seen,” Mr Horsey said.

The junta broke its self-imposed isolation to appeal for help from the outside world following the earthquake. However, the country’s inaccessibility will likely remain a huge obstacle to aid efforts.

Read more:
Families of those trapped in rubble face agonising wait
Why Friday’s earthquake was so destructive
Inside Myanmar – the hidden war
Quake is first major disaster to suffer the brunt of Trump cuts

Rescuers work at the site of a collapsed building in Mandalay, Myanmar. Pic: Reuters
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Rescuers work at the site of a collapsed building in Mandalay, Myanmar. Pic: Reuters

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Building in Thailand collapses after earthquake

The junta has said the earthquake is one of Myanmar’s strongest in a century – while the USGS suggests financial losses due to the disaster could exceed the country’s annual economic output.

While emergency rescue teams have started trickling into the area hardest hit by the quake, efforts have been hindered by damaged roads, downed bridges, poor communications and the challenges of operating in a country in the middle of a civil war.

Many areas still have not been reached.

Rescuers workers at the site of a collapsed building in Mandalay: Pic: Myo Kyaw Soe/Xinhua via AP
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Rescuers workers at the site of a collapsed building in Mandalay: Pic: Myo Kyaw Soe/Xinhua via AP

A building tilts precariously in Mandalay, Myanmar. Pic: Reuters
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A building tilts precariously in Mandalay, Myanmar. Pic: Reuters

Most rescues occur within the first 24 hours after a disaster, with the chances of survival diminishing as each day passes.

Neighbouring Thailand was also shaken, such as in the capital, Bangkok, where 18 people were killed, including 11 who died when an under-construction skyscraper collapsed. At least 76 people are missing and believed to be trapped under the debris.

Twelve Chinese nationals are among the injured, according to Chinese state media.

Map
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The earthquake struck Myanmar and Thailand, and tremors also affected Laos, Vietnam, and Bangladesh

Debris of damaged building near Maha Myat Muni Pagoda. Pic: AP
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Debris of a damaged building in Mandalay. Pic: AP

An initial report on earthquake relief efforts issued on Saturday by the UN Office for the Coordination of Humanitarian Affairs noted the severe damage or destruction of many health facilities in Myanmar.

And it warned that a “severe shortage of medical supplies is hampering response efforts, including trauma kits, blood bags, anaesthetics, assistive devices, essential medicines, and tents for health workers”.

India, China and Thailand are among the neighbours that have sent relief materials and teams, along with aid and personnel.

The UK government has announced a package of £10m to support the people of Myanmar in the aftermath of the quake.

Four years of civil war

Myanmar has been locked in a conflict involving multiple armed opposition groups since a 2021 coup, when the military seized power from the elected government of Nobel Peace Prize laureate Aung San Suu Kyi.

Many places are now dangerous or impossible for aid groups to reach.

More than three million people have been displaced by the fighting and nearly 20 million are in need, according to the United Nations.

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