NatWest takes £24m hit from abandoned ‘Tell Sid’-style campaign

Bank left with costs from Sir Trevor McDonald-fronted campaign after early election halted rollout

NatWest was forced to spend £24m on the former Conservative government’s aborted “Tell Sid”-style campaign featuring Sir Trevor McDonald, which would have resulted in a chunk of the bank’s state-owned shares being sold to the general public in a highly anticipated privatisation drive.

The price tag emerged when the bank released its second-quarter results and announced it was snapping up a number of mortgages from the smaller rival Metro Bank for £2.4bn.

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Macron woos top foreign business chiefs after political chaos

French president seeks to reassure guests, including Elon Musk, as data show industry morale slumped in July

Barely six weeks after he dissolved parliament and plunged France into political chaos, Emmanuel Macron has sought to reassure 40 of the world’s most influential businessmen that his country remains a good investment.

Guests at a sit-down lunch at the Élysée palace on Thursday included Tesla’s Elon Musk, Coca-Cola’s James Quincey, Airbnb’s Brian Chesky, YouTube’s Neal Mohan and Eli Lilly’s David Ricks.

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Former Lib Dem leader Vince Cable testifies at inquiry into Post Office Horizon scandal – business live

Cable was business secretary from 2010-15 when the government privatised the Post Office

Cable has agreed with a description of Post Office management as “thugs in suits”, and had a goal of rebalancing the relationship between bosses and subpostmasters during his time in post.

He recounted a story about challenging 8 Post Office closures in his constituency, before he entered government, and being treated poorly by the organisation’s “middle management”.

Mr Bates has, I believe, described them as ‘thugs in suits’ and I recognise the description,” said Cable in his witness statement. “And [the Post Office] dealt with us in an arrogant way when we campaigned against closures.


In my first meeting with Paula Vennells [Post Office chief executive] I suggested this is what the Post Office should do,” he said. “We perhaps should have been more modest and had postmasters on the board, which would have achieved some of our aims, which I think has now happened.

Problems with Horizon barely came across my desk,” he said. “When they did it was usually in a very uncontroversial way and not drawn to my attention as an issue I should focus on. General reason is that the officials who were briefing me and ministers on the subject hadn’t seen it as a particular problem.

In hindsight, I should have been told at the outset what Horizon was,” he said. “That competent people … were suggesting there was a risk factor and I should have been told about Mr Bates and the justice group. I never heard his name until I’d been in the job five years. I wasn’t briefed on them.

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Brazilian rancher ordered to pay $50m for damage to Amazon

Brazil court freezes assets of Dirceu Kruger to pay climate compensation for illegal deforestation

A Brazilian cattle rancher has been ordered to pay more than $50m (£39m) for destroying part of the Amazon rainforest and ordered to restore the precious carbon sink.

Last week, a federal court in Brazil froze the assets of Dirceu Kruger to pay compensation for the damage he had caused to the climate through illegal deforestation. The case was brought by Brazil’s attorney general’s office, representing the Brazilian institute of environment and renewable natural resources (Ibama). It is the largest civil case brought for climate crimes in Brazil to date and the start of a legal push to repair and deter damage to the rainforest.

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Revolut finally receives UK banking licence after three-year wait

Move paves way for fintech firm to hold customers’ deposits and offer own-branded loans, including mortgages

Revolut has secured a UK banking licence – with “restrictions” – more than three years after Britain’s most valuable fintech firm lodged its application with regulators.

It is a milestone for the company, though it may still be some time before it can hold its customers’ deposits.

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Australia’s health star rating system exploited by companies making ultra-processed foods, experts say

Labelling focused on nutrients such as protein or fat distracts from ‘poor quality’ or ‘chemically transformed’ products, according to experts

The food industry in Australia is allowed to use labelling and marketing tactics to distract from the harmful ingredients in ultra-processed foods due its outsize political power, health experts say.

As state, territory and federal health and food ministers meet on Thursday, experts are concerned the current voluntary food labelling regimes are failing to meet international standards for warning consumers against industrial techniques used in food processing.

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Government should have intervened at time of Post Office lawsuit, ex-minister says

Margot James says she should have ‘delved more closely’ as Post Office developed legal defence of Horizon system

A former postal minister has said it was a mistake for the government not to step in as Post Office executives developed their ultimately unsuccessful legal defence of the flawed Horizon IT system against a lawsuit brought by branch owner-operators.

Margot James, who held the role from mid-2016 to early 2018 when Sir Alan Bates and 554 other prosecuted post office operators brought the case to clear their names, told the public inquiry into the IT system she should not have stuck to the line adopted by the executives and UK Government Investments, the body that manages state-owned assets.

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EasyJet forecasts record-breaking summer as profits jump

Strong results follow drop in European airline stocks this week after Ryanair reported profit plunge

The budget airline easyJet is predicting a record-breaking summer of travel after profits jumped 16% in its most recent quarter of trading.

The bumper figures come only two days after the rival no-frills carrier Ryanair reported a plunge in earnings and a poor outlook for the holiday getaway season, pushing down many European airline stocks.

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‘Inexcusable’: should climate hypocrites get the petrostates label?

Suggestions definition of petrostate is too narrow as many rich countries that could phase out fossil fuels double down

“Drill, baby, drill!” Donald Trump’s ominous avowal to pump up the oil and gas production of the US has horrified many people around the world about the intentions of the Republican candidate, who has also declared he wants to be “dictator for a day”. Rather than the prospective leader of the free world, the election frontrunner sounds more like the tyrant of a petrostate.

That should not be entirely surprising given the country’s recent record: it has ramped up fossil fuel production to become the world’s biggest producer. As a Guardian investigation reveals, the total number of projected licences by the US for 2024 could lead to an estimated 397m tonnes of planet-heating emissions.

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Businesses in Japan consider charging tourists more amid surge in visitors

Record-high 17.78 million foreign tourists came to Japan in the first half of year, with arrivals in June led by travellers from South Korea, China, Taiwan and the US

Businesses in Japan are considering a dual pricing system for foreign tourists and local people amid a surge in inbound visitors and the continued weakness of the yen.

The head of the Hokkaido Tourism Organization has called on businesses in Japan’s northernmost prefecture, known for its beautiful scenery and winter resorts, to set lower prices for locals.

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Surprise jump in number of UK people mainly using cash for daily spending

Banking body reports increase to 1.5m in 2023 – the highest since before Covid – despite move to cashless society

There has been an unexpected jump in the number of people who mainly use notes and coins for their daily spending, despite the UK moving closer to becoming a cashless society, a report has found.

The volume of contactless and mobile payments increased last year, while the number of cash payments resumed a downward trajectory after enjoying a brief comeback in 2022, the banking body UK Finance noted in its annual report on the UK payments market.

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Tesla earnings nearly halved as price cuts put pressure on profits

CEO Elon Musk blames ‘bit of a hangover’ from rivals’ discounting but insists challenges are ‘fairly short-term’

Earnings at Tesla almost halved as discounts and price cuts pile pressure on the electric carmaker’s profit margins.

Elon Musk, the company’s CEO, blamed “a bit of a hangover” after rivals cut prices “very substantially, which has made it a bit more difficult for Tesla”.

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Suppliers to top essential oil brand left unpaid and afraid after abuse inquiry

Women who sorted frankincense told to change their story ‘or face consequences’ in doTERRA’s investigation

An investigation into the abuse of women working to supply frankincense to a leading US essential oils brand built on ethical sourcing has left workers unpaid and frightened, with some saying they were told to change their stories “or face the consequences”.

Last year doTERRA, which sells essential oils and other wellness products to a mostly female customer base, launched an investigation into its frankincense supplier in Somaliland after reporting by the Fuller Project uncovered allegations of serious abuses, including sexual harassment and assault. Many women hired as frankincense sorters said they were routinely underpaid and faced harsh working conditions that had impacted their health.

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Elon Musk claims Tesla will start using humanoid robots next year

Billionaire says Optimus will start performing tasks for carmaker in 2025 and could be ready for sale in 2026

The Tesla chief executive, Elon Musk, has claimed the company will produce “genuinely useful” humanoid robots to start working in its factories next year.

The world’s richest person, who has a penchant for making overambitious claims on social media, posted on his platform X, formerly Twitter, that he also hoped to expand into “high production” mode to make robots with a humanlike form available sell to other companies in 2026.

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Cybersecurity firm Wiz rejects $23bn bid from Google parent Alphabet

Israeli company aims for stock market flotation after spurning biggest deal in tech group’s history

The cybersecurity firm Wiz has turned down a $23bn (£18bn) takeover bid from Google’s parent, Alphabet, spurning what would have been the tech company’s biggest ever acquisition and seeking a stock market flotation instead.

Alphabet had been in talks with Wiz, founded by alumni of Israel’s cyberintelligence unit, as it seeks to catch rivals Microsoft and Amazon in the hyper-competitive cloud services market.

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Business secretary confident of ‘market-led solution’ for Harland & Wolff

Jonathan Reynolds says he expects Royal Navy ships will continue to be built at the struggling Belfast yard

The business secretary, Jonathan Reynolds, has said he is confident that the Harland & Wolff shipyard in Belfast will continue to build ships for the Royal Navy, despite ruling out government support for the struggling company.

Harland & Wolff is part of a consortium on a £1.6bn contract to build three naval fleet solid support ships to supply the Royal Navy’s aircraft carriers. However, it has faced months of uncertainty over its future.

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Key Democratic donors back Harris but others warn against ‘coronation’

Some top backers throw weight behind Harris amid flood of grassroots donations but others pointedly decline to do so

Top Democratic donors helped end Joe Biden’s re-election bid in the past weeks by publicly and privately calling on him to stand aside, and threatening to pull their funds.

In the hours after he withdrew from the campaign, some of the party’s highest-profile backers promptly threw their weight behind Kamala Harris. Others pointedly did not.

Joe Biden drops out and endorses Kamala Harris

Democrats praise Biden and Republicans go on the offense

Who will replace Biden? How does the process work?

A look back at Joe Biden’s life in politics

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Ryanair profits plunge by nearly half amid lower summer fares

Europe’s largest airline says passengers are waiting until later in the season to book tickets

Ryanair has said its profits plunged by almost half between April and June and warned that fares this summer would be “materially lower” than last year.

Europe’s largest airline reported profits of €360m (£303m) in the spring quarter, 46% lower than the same period last year, despite passenger numbers rising 10% to 55.5 million.

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Carpetright brand and 54 stores to be bought by rival, saving 300 jobs

Rescue deal with Tapi Carpets and Floors will still result in about 1,000 job losses

The Carpetright brand and 54 of the flooring retailer’s stores are being bought by its rival Tapi Carpets and Floors in a deal that will save 300 jobs.

The multimillion-pound deal, which is expected to be finalised on Monday, does not include Carpetright’s head office in Purfleet, Essex, or 220 further shops, and will result in about 1,000 job losses.

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Labour told it will need to defeat ‘net-zero nimbys’ to decarbonise Britain

Opposition in wealthier areas is likely and overcoming it is essential, says Resolution Foundation

The government will need to “take on net-zero nimbys” and ramp up public investment to decarbonise Britain’s homes, transport and electricity system, a leading thinktank has said.

With Keir Starmer promising a rapid transition to decarbonise the power system by 2030, a report by the Resolution Foundation said achieving the target would require more government spending and private investment.

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