UK scraps investor visas in money-laundering crackdown, O2 apologises for data outage, and more top news

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Britain is suspending tier 1 investor visas in a crackdown on money laundering and organised crime. The golden visas, which offer non-EU residents over three years’ residence for ￡2 million in investment, will be suspended from December 7. The government says it won’t tolerate visas being used to launder illegally gained funds. More than 1,000 of the tier-one investor visas, particularly popular with Russian and Chinese applicants, were granted in the year ending September 2018.

O2 and Ericsson have issued a joint apology after millions of users were hit by a massive data outage, leaving them unable to use 3G or 4G services. O2 confirmed in a tweet that a software issue had been discovered by a third-party supplier, and encouraged people to use Wifi until it was fixed. The outages affected scores of businesses across the country and resulted in information screens at bus stops going dark. Consumer experts say O2 customers will be able to claim for out-of-pocket expenses.

Two Tesco executives have been cleared of fraud charges. John Scouler, former UK food commercial director, and Chris Bush, former UK managing director, were accused of manipulating figures in 2014 that resulted in the supermarket giant’s profits being overstated. Both men denied the charges, brought by the UK Serious Fraud Office, and they were dismissed by judges over a lack of evidence. “In certain crucial areas the prosecution case was so weak it should not be left for a jury's consideration," Judge Royce said.

Train performance this summer was the worst it has been in 20 years. That’s according to official figures released this week, which show 4.6% of services across all rail operators were significantly late or cancelled. Industry body Rail Delivery Group has apologised for the disruptions, blaming the effects of the “unprecedented heatwave”, the congested railway system and the May timetabling fiasco. A new timetable is due to be introduced on Sunday. The government has announced a “sweeping” review of the British rail system.

The founder of Pizza Express has died at the age of 89. Peter Boizot opened the first Pizza Express in 1965 and saw the restaurant chain expand to more than 500 outlets worldwide in his lifetime. Prior to becoming a restaurateur, Boizot had an eclectic life, working in Paris, Switzerland and Rome, where he worked for the Associated Press. When he returned to London, he imported an Italian pizza oven and opened his first outlet in Wardour Street, Soho. He died at home in Peterborough.

Idea of the Day: A sense of purpose is the fuel behind every success — personal or professional, says EY Americas Vice Chair of Accounts Bob Patton.

“Simply put, purpose is how you transform business from revenue and profit to long-term value for you, your stakeholders and your employees.”

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— Orlando Crowcroft & Capucine Yeomans