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US senator calls for insider trading inquiry over Trump donors buying $12m worth of shares

about 9 hours ago
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A senior Democratic senator is calling for an investigation into potential insider trading by fossil-fuel billionaires close to the Trump administration, after a Guardian investigation raised questions about an unusual share buying spree,Robert Pender and Michael Sabel, the founders and co-chairs of Venture Global, a liquefied natural gas (LNG) company headquartered in Virginia, bought more than a million shares worth almost $12m each, just days after meeting with senior Trump officials in March,The meeting included Chris Wright, the energy secretary, who days later granted the company an export license essential for its expansion plans in Europe, the Guardian reported last week,“Dirty oil and gas bucks are fueling the Trump Administration, which should outrage all of us,This latest reporting portrays a pattern of pay-to-play donations and favorable actions by the administration,” said Jeff Merkley, senator for Oregon and senior member of the Senate appropriations and budget committees.

“The timing of the stock trades certainly merits investigation for potential conflicts of interest and insider trading.”The Guardian reported the unusual share-buying spree by the billionaire Republican donors, who took the company public three days after Trump’s inauguration in January.In response to the findings, a spokesperson for Venture Global said the share acquisitions “fully complied with SEC rules and regulations” and the company “strictly adhered to all laws, rules and regulations relating to our interactions with government officials.”Karoline Leavitt, the White House press secretary, said: “The president has never engaged, and will never engage, in conflicts of interest.”Sabel was among about 20 people who attended an event in April 2024 at Trump’s private club, Mar-a-Lago, when he reportedly requested $1bn in campaign donations from the fossil fuel industry in return for favorable legislation.

Venture Global was among the “top donors” to Trump’s inauguration, donating $1m, according to the Wall Street Journal.Individuals connected to Venture Global spent $860,000 on lobbying on Capitol Hill in 2024, and another $810,000 so far this year, according to Open Secrets, a non-profit campaign financial watchdog.This is more than 12-fold the previous high of $70,000 in 2019.On his first day back in the White House, Trump issued an executive order rolling back regulations to favor fossil fuel production, including LNG export licences, while revoking existing climate and clean energy policies.He withdrew the US from the global climate action treaty, the Paris agreement, and boycotted this year’s UN climate negotiations.

Still, 2025 is on track to be the third hottest in history, with catastrophic floods, fires and extreme temperatures killing Americans and causing billions of dollars in damages across the US,“Altogether, the fossil industry and Trump team are producing expensive, dirty energy instead of cheaper, clean energy,” said Merkley,“The result is higher utility prices for American households, and accelerated climate chaos,”Venture Global has been contacted for comment on the call for an investigation,
politicsSee all
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Reeves criticises budget leaks and says income tax decision taken ‘in partnership’ with PM

Rachel Reeves has condemned leaks before her make-or-break budget as “unacceptable” as she revealed her income tax U-turn was agreed in partnership with Keir Starmer.Defending her tax and spending plans before MPs on the Commons Treasury committee, the chancellor said she had been frustrated by “leaks that were clearly not authorised” before her November speech.“I want to reiterate in the strongest terms that leaks are unacceptable,” she said. “The budget had too much speculation, there were too many leaks, and much of the leaks and speculation were inaccurate. [It was] very damaging, as well as the IT security issues

about 7 hours ago
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Badenoch criticises Farage over refusal to apologise for alleged racist remarks

Kemi Badenoch has questioned why Nigel Farage has not apologised for alleged racist and antisemitic comments while at school, saying the weight of the evidence of more than 20 former schoolmates is significant.In her strongest comments yet on the issue, the Conservative leader said she was struck that Farage had not admitted any fault or apologised, saying it would have been her first instinct as a politician.She said the Reform UK leader’s refusal to apologise suggested that he “doesn’t care” about having hurt people in the past.Twenty-eight of Farage’s Dulwich college contemporaries have told the Guardian of allegations that they experienced or saw racist or antisemitic behaviour by him when he was a teenager, including Peter Ettedgui, 61, who is Jewish and said Farage repeatedly told him “Hitler was right” and “gas them”.On Friday, Yinka Bankole said a then 17-year-old Farage had told him “that’s the way back to Africa” when he was much younger and new to the school

about 8 hours ago
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Leader of Reform-run council accused of ‘authoritarian’ attempt to silence opposition

The leader of a Reform UK-run local authority has been criticised for an “authoritarian” attempt to silence opposition after sending a legal threat to a Labour councillor, demanding he stops mentioning her name in public.Ed Kimberley, a Worcester city councillor, said he received the cease and desist letter from the leader of Worcestershire county council, Jo Monk, in late November.The letter, seen by the Guardian, demanded Kimberley stop publishing or sharing “videos, posts or commentary” about the Reform leader and the wider Reform party.It also claimed Kimberley’s videos contained content that “misrepresents” Monk and contributed to her harassment by members of the public.Kimberley denied the claims and told the Guardian there was no legal basis for the demands, adding the letter was written as if “someone fed into ChatGPT ‘write me an angry legal letter’”

1 day ago
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Davey claims ‘historic victory’ for Lib Dems after tokenistic vote in favour of customs union with EU – as it happened

Ed Davey, the Lib Dem leader, has issued this statement about his party’s narrow victory in the 10-minute rule bill vote on joining a customs union with the EU.Today was a historic victory for the Liberal Democrats – winning a vote in parliament to finally end the economic nightmare of the Conservatives’ broken Brexit deal.Across the country, people are crying out for real change and a solution to the cost-of-living crisis. A customs union with the EU is the single biggest step the government could take to grow our economy, put money back into people’s pockets and generate billions for our public services.The prime minister must now listen to parliament and the public, drop his self-imposed red lines and finally go for proper growth through an ambitious trade deal with the EU

1 day ago
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Roy Darke obituary

My husband, Roy Darke, who has died aged 85, was a town planning lecturer and Labour councillor in Sheffield and later in Oxford. He championed ordinary people having a voice in how their communities developed. Roy pioneered public participation in planning while a lecturer at Sheffield University from the late 1960s to the 80s, when the city was radicalising as part of the New Urban Left, with David Blunkett leading the city council.The impact of Thatcherism on South Yorkshire drew us both into the Labour party in the early 80s. Roy became a city councillor in 1990, and when chair of finance helped the city to recover from from the socially successful but financially disastrous World Student Games

1 day ago
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Having nothing to say has never stopped Kemi holding a press conference | John Crace

If a press conference takes place and no one is around to take notice, can it be said to have really happened? Sometimes the most interesting thing is the person saying the thing they did not mean anyone to notice. It was always thus with Brexit.Time was when a press conference was a relatively rare event. Called only after diplomatic summits or when there was an important piece of news to be announced. Now, though, the format has been so downgraded it is being used for when any politician needs some attention

1 day ago
technologySee all
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Trump clears way for Nvidia to sell powerful AI chips to China

1 day ago
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AI researchers are to blame for serving up slop | Letter

1 day ago
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EU opens investigation into Google’s use of online content for AI models

1 day ago
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Australia launches a social media ban – and is AI a bubble about to pop?

1 day ago
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‘I feel it’s a friend’: quarter of teenagers turn to AI chatbots for mental health support

1 day ago
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Social media use damages children’s ability to focus, say researchers

2 days ago