Australian company says FTSE 100-listed group’s board did not engage with its all-share approach
Anglo American has rejected a second takeover approach by its Australian rival BHP that values the London-listed mining company at £34bn.
BHP said Anglo’s board had not engaged with its offer, which came after an initial £31bn offer was also rejected last month. Anglo rejected the second offer on Monday, BHP said.
Continue reading...Customers take to social media to complain after stores in Brisbane and state’s south-east left without fresh produce
A “terrible IT problem” is behind empty shelves at some Woolworths stores in Queensland.
In scenes reminiscent of the panic buying of the early Covid pandemic, some Woolworths chains have been stripped of fruit and vegetables.
Continue reading...Tech investor led £800m funding round into UK self-driving car software company Wayve
The Japanese tech investor SoftBank made a profit for the second consecutive quarter as it tries to turn its performance around before big planned investments in artificial intelligence.
SoftBank reported net income of 231bn yen (£1.18bn) in the first three months of 2024, compared with a 57.6bn yen loss in the same period last year, according to financial results published on Monday.
Continue reading...MP criticises policies on interest rates and bond-selling as Tory rightwingers call for review of Bank’s independence
Jacob Rees-Mogg has accused the Bank of England of “miserable incompetence” over its failure to reduce inflation more quickly and its bond-selling strategy, as rightwing Tories prepare to renew their attacks on the Bank’s independence.
The former business secretary accused the Bank of damaging the economy with its interest rate decisions and costing the taxpayer tens of billions of pounds by selling off government debt too quickly in an attempt to reduce its balance sheet – a policy known as quantitative tightening (QT).
Continue reading...Kepco has held discussions about developing Wylfa Newydd site on Anglesey
South Korea’s state-owned nuclear developer has discussed building a multibillion-pound power plant in Wales with the UK government, it has emerged.
Kepco, the largest utility provider in South Korea, has held early-stage discussions with Westminster officials about developing the Wylfa Newydd site on the island of Anglesey (Ynys Môn), the Financial Times reported.
Continue reading...Leading US investor pours cash into shares after cut helps allay fears of state intervention
A leading US investor has started pouring cash into NatWest shares after a notable cut in the government’s shareholding helped to allay fears of state intervention in the bailed-out banking group.
Los Angeles-headquartered Capital Group, which is one of the world’s oldest and largest investment firms, with more than £2.5tn under management, has bought more than £110m worth of NatWest shares, days after the government cut its position, pushing the group into the bank’s top 30 shareholder list.
Continue reading...No longer just drunk for courage at karaoke clubs, the ‘food-friendly’ rice spirit is becoming a first choice of connoisseurs
When sommelier Erika Haigh opened the UK’s first independent sake bar, in London’s West End in 2019, passersby would wander in and try to order milkshakes, bewildered by the unfamiliar drink advertised in the window.
“Today, that confusion has largely disappeared,” said Haigh, who has since opened Mai Sake, a shop offering tasting events and meals. “You can now go on a sake bar crawl across London, and you’ll find it featured on the beverage lists of many restaurants – including non-Japanese establishments.”
Continue reading...Company, which operates roughly 2,000 stores, declined to disclose number of stores where merchandise will not be available
Target confirmed Friday that it won’t carry Pride Month merchandise at all stores in June after the discount retailer experienced a backlash and lower sales over its collection honoring LGBTQ+ communities.
Target, which operates roughly 2,000 stores, said decisions about where to stock Pride-themed products, including adult apparel, home goods, foods and beverages, would be based on “guest insights and consumer research”.
Continue reading...Charities and campaign groups are calling on bodies to say they may stop funding country if legislation comes into effect
The World Bank and the International Monetary Fund are coming under pressure to use their financial might to persuade Ghana to reconsider a proposed law that could lead to anyone who identifies as LGBTQ+ being jailed for three years.
Charities and campaign groups are calling on the global development bodies to tell Ghana they may stop funding the country if the proposed legislation – which will be challenged in the country’s supreme court next week – comes into effect.
Continue reading...A huge increase in fees means many vulnerable people have to leave the Derwentwater site they call home
Retired and vulnerable holiday homeowners claim they are being priced out of a “breathtaking” waterside campsite in the Lake District after the Camping and Caravanning Club raised one of the main charges by more than 60%.
The row at the static caravan park on the edge of Derwentwater, sometimes called “Queen of the Lakes” because it is cradled by fells, is over the “siting” fee owners pay when ageing vans are replaced.
Continue reading...Sources say Singapore-based online fashion retailer founded in China prefers a float in New York but faces tougher scrutiny than expected
The fast-fashion company Shein is stepping up preparations for a London listing after its attempt to float in New York faced regulatory hurdles and pushback from US lawmakers, sources have told Reuters.
The online clothing retailer plans to update China’s securities regulator on the change of the initial public offering (IPO) venue and file with the London Stock Exchange (LSE) as soon as this month, said one source.
Continue reading...Short, shallow recession is over, as UK economy grows faster than forecast in January-March quarter, by 0.6%, fastest quarterly growth in over two years
Labour’s shadow chancellor, Rachel Reeves, has posted that it’s ‘time for change’.
Following this morning’s GDP report, Reeves says:
From no growth to low growth - is that really the scale of the Conservatives’ ambitions?
Food prices are still high, families are paying more on their monthly mortgage bills and working people are worse off.
Construction remains the one area of weakness, particularly in the commercial sector. That’s no surprise.
Real estate is particularly exposed to the effect of higher interest rates, and the upheaval of the pandemic is still rocking the office and retail sector - with increased home working and online shopping permanently changing demand. That’s not a trend that’s unique to the UK.
Continue reading...Further job cuts likely as JLP says it is investing in automation as part of ‘simplifying the way we work’
The owner of John Lewis and Waitrose cut 3,500 jobs last year amid efforts to save costs in a tough market – but employed its first group chief executive on a more than £1m pay deal.
The staff-owned group, which has 34 John Lewis department stores and 329 Waitrose supermarkets, said it employed 72,900 people in its annual report published on Thursday, down from 76,400 a year before, helping to reduce its pay bill to £1.79bn from £1.82bn.
Continue reading...President likely to add sectors such as electric vehicles, batteries and solar cells to range of levies set up under Donald Trump
Joe Biden is expected as early as next week to announce fresh tariffs on Chinese trade, with levies focused on strategic sectors including electric vehicles, in a review of measures first put into place under Donald Trump.
An announcement planned for Tuesday will keep the blanket tax rises introduced by the president’s predecessor but supplement them with targeted levies on industries connected to EVs, including batteries and solar cells, according to reports.
Continue reading...But such a takeover of London-listed mining firm opposed by politicians and unions in South Africa
South African shareholders of the mining company Anglo American have signalled they are open to a revised takeover offer from BHP, despite warnings from South African politicians and unions that a deal could be bad for the country.
Investors, which collectively own more than 15% of the London-listed mining company, told the Financial Times that they were not opposed in principle to an acquisition by its Australian rival but said an improved and less complex offer would be needed.
Continue reading...Administrators tell creditors meeting they are ‘moving heaven and earth’ to secure a future for grounded airline
The federal and Queensland governments have told the administrators determining the future of budget airline Bonza they’re unlikely to provide financial support to help save the carrier, as the search for aircraft and a new buyer continues.
During a first meeting of creditors on Friday administrators from the firm Hall Chadwick said “we’re moving heaven and earth” to secure a future for the grounded airline.
Continue reading...Warm welcome for Chinese president contrasts with rest of EU, with up to 18 cooperation agreements expected
Hungary has rolled out the red carpet for Xi Jinping in a show of warmth that contrasts with wariness in the rest of the EU about China’s stance on trade, global politics and human rights.
On the third and final stop of his first European tour in five years, Xi was given a ceremonial welcome by Hungary’s president, Tamás Sulyok, at Buda Castle, in Budapest, before talks with Viktor Orbán. The Hungarian prime minister, the EU’s longest-serving leader, has sought to deepen ties with Beijing and blocked EU motions criticising China’s human rights abuses.
Continue reading...In a crisis of her own making, Qu Jing also threatened Baidu staff who dared to question her management style
The head of public relations at China’s biggest search engine, Baidu, has apologised after creating her own PR crisis with a series of videos glorifying the country’s work-till-you-drop culture.
Qu Jing, who is also vice-president at the company, said she would not take responsibility for her staff’s wellbeing “as I’m not your mother” in the videos posted over the May bank holiday on Douyin, the most popular short-video app in China. In another she said: “If you work in public relations, don’t expect weekends off.”
Continue reading...Policymakers say they want to see more evidence that price pressures are easing before cutting rates
The Bank of England has signalled it could start cutting interest rates as early as June after inflation was found to be “moving in the right direction”, as it kept borrowing costs on hold at 5.25% for the sixth time in a row.
Alongside the decision to keep rates on hold, the Bank said inflation was already on course to hit its target of 2% and would fall to just 1.6% in two years, opening the door to future cuts in interests.
Continue reading...Santiago Paredes says he raised concerns over defects on fuselages leaving Spirit AeroSystems factory
A former employee of Boeing’s largest supplier has alleged that key aircraft parts regularly left the factory with serious defects.
Santiago Paredes, who worked for Spirit AeroSystems in Kansas between 2010 and 2022, said he was used to finding “anywhere from 50 to 100, 200” defects on fuselages – the main body of the plane – that were being shipped to Boeing, and he felt threatened for raising his concerns.
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