I thought Spare would be the most boring 400 odd pages I would read this year but Adani has really served up a stinker in its 413-page “response” to Hindenburg. This scene from Billy Madison comes to mind.

The lowdown

• 🐥 Twitter makes first interest payment on its $12.5 billion of buyout debt.

• 🤝 Renault and Nissan complete renegotiation of two-decade old alliance to make interests more equal.

• ✂️ Goldman Sachs CEO David Solomon gets pay cut 29% to $25 million.

Featured Stories

PwC accused of leaking client information

PwC is accused of being a leaky ship by former clients Quindell and the Australian government, in two separate matters.

PwC had been engaged by the Australian government to provide advice on measures to prevent tax avoidance. One PwC partner then used the confidential information obtained through this engagement to assist his clients to sidestep the new measures ($) – sounds like the plot to a very boring 007 movie. The double agent was promptly deregistered by the Australian Taxation Board. 

Separately, PwC is also accused of leaking client information that may have impacted the price paid for former client Quindell’s professional services unit ($) when it was bought by Slater and Gordon for about £637 million in 2015. Given Slater and Gordon paid about £637 million more than the business unit ended up being worth ($), you would’ve thought that Quindell might have left this one alone.

The content we're consuming today

• WSJ on YouTube: It Took 53 Years for AMD to Beat Intel. Here's Why.

• Bloomberg: AIG Says Interim CFO Lyons Fired Over Confidentiality Breach ($).

• FT: UK government scraps in-house consultancy as departments prefer Big Four ($).

Off-balance sheet items

• I’m eight years late but I just discovered the reality TV show Alone in which participants test their survival skills in wild, unforgiving environments. If you spend most of your day sitting in an office chair staring at spreadsheets, this could be a nice change of pace.

The bottom line