Flash crash arrest, Yahoo in Japan and mythological obstacles in Europe

A British futures trader was arrested for allegedly contributing to the 2010 “flash crash”, when the Dow Jones Industrial Average plunged more than 600 points in a matter of minutes. Navinder Singh Sarao, 37, had been operating out of a suburban house under the approach path to Heathrow airport. US authorities are trying to extradite him to stand trial in Illinois. (FT)

He was charged with one count of wire fraud, 10 counts of commodities fraud and one count ofspoofing – a form of market manipulation that involves putting in an order and swiftly withdrawing it before the trade takes place in order to trick others into making the trade. Michael Mackenzie explains how futures trading crashed stocks back in 2010. (FT)

In the news

Saudi Arabia ends Yemen bombing The defence ministry announced the end of its three-week campaign against Houthi rebels, saying it had achieved its goals and removed any threat to the kingdom. The Saudi-led bombing has put the Houthis on the back foot but it has not yet brought the rebels to the negotiating table and has drawn criticism for causing a humanitarian crisis. (FT, NYT)

Yahoo wants to max out in Japan It has appointed advisers to explore ways of boosting the value of its stake in Yahoo Japan after an activist shareholder pushed for the internet company to spin off its $9bn stake. Yahoo will spin off the company’s $30bn-plus Alibaba stake by the end of the year but Yahoo Japan has been left out of the plan. (FT)

Booking.com settles a price with authorities European authorities had challenged the online travel agent over its practice of fixing prices with hotels on its website so that it always had the lowest rate. It has settled to allow hotels on its site to offer cheaper rates through other online travel agents and on the telephone but not via their own website, warding off open competition for the moment. (FT)

Hungarian nuclear deal approved The plan for a EUR12bn Russia-financed nuclear power plant was approved by EU regulators after officials revised it to allow for diversity in supplies. Brussels had initially blocked it because it gave Russia’s state-owned energy agency a monopoly on supplying fuel for two reactors at Hungary’s sole nuclear energy site. (FT)

Boris Johnson unleashed Britain’s Conservative party is hoping the London mayor will add some flair to an otherwise flat Tory election campaign. (FT)

It’s a big day for

Loretta Lynch The US attorney for the Eastern District of New York had been nominated for attorney-general but a confirmation vote had been stalled for months by an impasse over a Republican provision in a human-trafficking bill. No other attorney-general nominee has had to wait so long for a vote. A compromise was agreed on the trafficking bill yesterday and a vote should take place in the next day or so. (FT)

Comcast and Time Warner Cable The two companies meet the US Justice Department to allay the concerns of antitrust officials about their merger. They have waited more than a year to obtain antitrust approval – the $45bn deal could give Comcast-TWC control of about a third of US pay television and broadband markets. (FT)

Google The internet giant is reported to be unveiling its US mobile service today, which is expected to allow customers to pay only for the data they actually use each month. (WSJ)

Food for thought

Ghana hustle When Ghana’s economy faltered in the 1970s and import restrictions were put in place, big companies collapsed, leaving hundreds of skilled workers. Now the workers inGhana’s industrial zone have created a centre for overhauling and manufacturing with people coming from as far away as Burkina Faso and Nigeria to do business there. (Roads and Kingdoms)

I was a Lampedusa refugee Hakim Bello, a Nigerian refugee who had been living in Libya, talks of crossing the Mediterranean and making a life in Europe. “We all have different reasons for doing it: some people think they’ll find a better life in Europe, others just want to get away from a war zone. But everyone feels they have no other option.” (Guardian)

Mythological obstacles The current Greek epic will not end well if the people involved do not recognise that they are clinging on to myths, says Martin Wolf. He debunks six Greek myths, while Kerin Hope and Tony Barber profile the real-life ideologists behind the radical Greek government. (FT)

Macau’s big gamble The Chinese territory’s gaming industry is under fire, with its role in enabling wealthy Chinese to take vast sums of money out of the country making it a focus of Beijing’s sweeping anti-graft campaign. It is now looking to learn from Las Vegas , where gaming typically accounts for less than half casino operator revenue. (FT)

Video of the day

Cofco goes global The Chinese state-owned grains trader has plans to become a publicly listed global powerhouse, as Beijing relaxes its policy of food self-sufficiency and increased consumption of meat and milk pushes up imports. Its ambitions will put it in competition with suppliers that dominate global flows of commodities such as US-based Archer Daniels Midland and Cargill. Henry Sanderson talks to chairman Frank Ning about Cofco’s growth prospects and the Chinese economy. (FT)

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

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Image: A sign for Bank Street and high rise offices are pictured in the financial district Canary Wharf. REUTERS/Luke MacGregor.