Financial

Manchester City say they are ‘disappointed and surprised’ by the verdict and will appeal.

Manchester City have been found guilty of ⁠all charges ⁠of serious breaches of the Premier League’s financial rules between the 2009/10 and 2017/18 seasons, the league has said in ⁠a statement.

City were charged in February 2023 with breaches of the league’s financial rules spanning nine seasons following ⁠a four-year investigation.

The club said in a statement it would appeal.

An independent commission found that City “arranged ‘sham’ contracts (which ‌misrepresented the true agreement between the parties) with a number of its commercial partners”, the league said on Tuesday.

The league added that the commission had found City used schemes “to artificially inflate the club’s revenues, and reduce its costs, by more than 900 million pounds during the affected period, to appear to comply with financial rules”.

“The ⁠core decision … details how the club systematically ⁠broke Premier League Rules for nearly a decade,” said Richard Masters, the chief executive of the Premier League.

“There are elements of the case that remain to be ⁠decided, including, importantly, what sanction must follow for these breaches.”

City, who deny any wrongdoing, said ⁠they were “disappointed and surprised” by the ⁠commission’s opinion.

“The club is innocent of the accusations made by the Premier League and a comprehensive body of irrefutable evidence exists in support of all of its ‌positions, relating to this case,” the club said.

“Manchester City FC will now pursue the appeal avenues open to it, on the ‌basis ‌that the opinion contains clear material errors, of law, principle and fact, and is unsafe.”

The Premier League has confirmed that Manchester City have been found guilty of all charges related to breaches of Premier League financial rules between 2009-10 and 2017-18.

An independent Commission found that during that time period, the club arranged “sham contracts” with a number of its commercial partners, as well as “relying on sham agreements to artificially inflate the club’s revenues and reduce its costs”.

The statement also said that City were guilty of the majority of charges in relation to its failure to co-operate, but an exact figure was not given.

More to follow.

Investors shrug off AI safety concerns and Iran war, sending market to a new peak.

Wall Street’s Nasdaq stock exchange has hit an all-time high, shrugging off concerns about AI safety risks, sky-high tech valuations and the energy shock caused by the United States’ war on Iran.

The Nasdaq Composite index, which is dominated by US tech giants such as Nvidia, Apple and Microsoft, rose 0.45 percent on Tuesday, taking its gains to date this year to more than 17 percent.

The Nasdaq 100, a narrower index that tracks 100 top companies, jumped 0.82 percent.

The S&P 500, the most popular measure of the overall US stock market, closed essentially flat.

Monolithic Power Systems, a Florida-based manufacturer of power circuits, and Canadian e-commerce company Shopify led the gains, surging 8.1 percent and 7.1 percent, respectively.

Micron Technology, one of the world’s top three memory chip makers along with South Korea’s SK Hynix and Samsung Electronics, rose 5 percent.

Chip giant Nvidia, the world’s most valuable company, gained 0.7 percent, while Apple edged up 0.2 percent.

Meta Platforms, which soared 11.4 percent on Monday on excitement surrounding its new AI assistant Muse, dropped 0.63 percent.

Major Asian stock markets opened higher on Wednesday, with Japan’s benchmark Nikkei 225 and South Korea’s Kospi up about 1.4 percent and 0.1 percent, respectively, in morning trading.

Hong Kong’s Hang Seng Index opened lower, falling more than 0.7 percent during the morning trade.

Oil prices were largely flat on Tuesday, after falling more than 3 percent the previous day amid improving oil flows out of the Gulf and hopes of renewed diplomacy between Washington and Tehran.

Futures for Brent crude, the international benchmark, were trading at $99.18 a barrel as of 01:00 GMT.

⁠US President Donald Trump on Tuesday told reporters that US officials ‌held a “very good” meeting with their Iranian counterparts on the sidelines of the United Nations General Assembly in New York, hours after using his address to the session to warn that he could “annihilate” Iran if Tehran did not agree to a deal on the war.

Trump, whose war on Iran is nearing the seven-month mark, said US and Iranian officials would hold another round of talks in the “very near future”.

Jay Goldberg, a senior analyst at Seaport Research Partners in San Francisco, said signs of diplomatic progress between the US and Iran had refocused investor attention on the potential of AI to generate profits after years of multibillion-dollar investments.

“We have been searching for a clear consumer use case to justify the AI spend, and many see Muse as just that product,” Goldberg told Al Jazeera.

“Personally, I think Muse is just a step in the right direction; there will be better products – probably soon – but Muse is one of those things that are so useful they get investors excited about AI prospects again,” Goldberg said.