Business picks from elsewhere, Monday 12 March

Electronic money, the oil industry, and the tyranny of the smartphone.

1. Difference Engine: meet the meth drinkers (Babbage)

Businesses surrounding the oil industry are failing to react to the spike in petrol prices, writes Babbage.

2. M&A lawyers lob stones at Goldman from glass house (Reuters)

Banking conflicts are front and center in deal land right now. If they’re not careful, though, the lawyers could soon find themselves the topic of conversation, writes Reynolds Holding.

3. The pros and cons of ditching cash for electronic currency (Washington Post)

In his cashless society, people can text money - but there are disadvantages, writes Michelle Singletary.

4. Just let housing regulator DeMarco do his job. (Reuters)

The knives are coming out for Edward DeMarco, writes Agnes Crane.

5. Slaves to the smartphone (Schumpeter)

Schumpeter writes about the horrors of hyperconnectivity—and how to restore a degree of freedom.

Glass house: lawyers shouldn't throw stones, Getty images.
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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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