Category Archives: Business

‘Watershed moment’ for Tesla as Elon Musk’s visit to China reaps quick reward

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Deal to use mapping data from web search giant Baidu is a big step towards launching driver assistance tech in world’s biggest car market

Elon Musk’s visit to China has reportedly reaped immediate rewards with a deal for Tesla to use mapping data provided by web search company Baidu, a big step in introducing driver assistance technology in the world’s largest car market.

Musk made an unannounced visit to China over the weekend. The billionaire posted a picture of his meeting with the Chinese premier, Li Qiang, on X, the social network he took over in 2022.

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Average cost of UK car insurance rises by one-third in a year, analysis finds

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ABI reports annual jump of £157 in first quarter of 2024 but says 1% increase on previous quarter indicates rises are easing

The average price paid for comprehensive motor insurance in the UK was about a third (33%) or £157 higher in the first quarter of this year than a year earlier, according to figures from the Association of British Insurers (ABI).

Based on analysis of policies sold, the typical price paid in the first quarter of 2024 was £635, marking a 1% increase on the previous quarter, the ABI said.

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Thames Water collapse could trigger Truss-style borrowing crisis, Whitehall officials fear

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Exclusive: Concerns over effect on UK’s finances lead officials to believe utility should be renationalised before general election

Senior Whitehall officials fear Thames Water’s financial collapse could trigger a rise in government borrowing costs not seen since the chaos of the Liz Truss mini-budget, the Guardian can reveal.

Such is their concern about the impact on wider borrowing costs for the UK, even beyond utilities and infrastructure, that they believe Thames should be renationalised before the general election.

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BHP’s pursuit of Anglo American has a major obstacle: South Africa

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The De Beers owner is a longstanding jewel in the African' state’s economic crown – it would be a ‘big blow’ to see it sold off

The world’s largest mining company has a problem. Australia’s BHP has set out its intention to snap up the rival miner Anglo American in a multibillion-pound deal that would reshape the global industry. Its proposed £31bn takeover plan has already been rebuffed as a lowball offer that undervalues the company. But Anglo’s deep roots in South Africa could be a far more sensitive issue to address.

Africa’s most advanced economy was built on mining. For more than 150 years since the first discovery of diamonds, gold and coal, the industry has remained South Africa’s economic lifeblood. Today it is the world’s fifth largest producer of coal and diamonds and the 10th largest producer of gold.

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Workers accuse Google of ‘tantrum’ after 50 fired over Israel contract protest

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Tech giant fired number of people who protested against $1.2bn Project Nimbus, which supports Israeli military and government

Google has been accused of throwing a “tantrum” after sacking more than 50 workers in response to a protest over the company’s military ties to the Israeli government – firings that have shone a light on a controversial project and long-simmering tensions between staff and management.

The workers were sacked following protests at Google offices in New York City and Sunnyvale, California, organized by No Tech for Apartheid – an alliance of Google and Amazon workers who have been protesting against a $1.2bn contract with the Israeli government called Project Nimbus that they claim will make it “easier for the Israeli government to surveil Palestinians and force them off their land”.

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Remote working and whiffy workout wear fuel laundry revolution

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Home workers aim to tackle smelly athleisure clothing, save money and be kinder to the environment

For years, laundry detergents have focused their cleaning power on stain removal and getting whites white but now a new invisible enemy has emerged in the shape of the musty smell that clings to your gym gear.

The shift to remote working has fuelled the popularity of “athleisure” clothing such as T-shirts, joggers and leggings which, rather than shirts and dresses, are now the default work wardrobe of many Britons.

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Littler India: why Britain’s south Asian garment stores are struggling

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They have been resilient amid wider high street decline – but units are now emptying in areas such as Southall, west London

The south Asian high street is facing a fight for its future in Britain as customers scale back wedding celebrations because of the cost of living crisis and young people’s changing preferences.

Businesses in London and Manchester have said they have witnessed a huge decline in customers after the pandemic with the cost of living crisis prompting many to decide against the traditional big south Asian wedding and to seek out cheaper products online.

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Tesla Autopilot feature was involved in 13 fatal crashes, US regulator says

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Federal transportation agency finds Tesla’s claims about feature don’t match their findings and opens second investigation

US auto-safety regulators said on Friday that their investigation into Tesla’s Autopilot had identified at least 13 fatal crashes in which the feature had been involved. The investigation also found the electric carmaker’s claims did not match up with reality.

The National Highway Traffic Safety Administration (NHTSA) disclosed on Friday that during its three-year Autopilot safety investigation, which it launched in August 2021, it identified at least 13 Tesla crashes involving one or more death, and many more involving serious injuries, in which “foreseeable driver misuse of the system played an apparent role”.

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Anglo American rejects £31bn takeover offer from mining rival BHP

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All-share proposal had potential to be one of biggest deals in sector for decade but deemed ‘opportunistic’

The board of Anglo American, the London-listed mining company, has rejected a “highly unattractive” £31bn takeover approach from its Australian rival BHP.

BHP’s all-share proposed offer for Anglo American had the potential to be one of the biggest deals in the global mining sector for a decade but has attracted criticism from Anglo’s shareholders as being too low and “highly opportunistic”.

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Barclays accused of greenwashing over financing for Italian oil company

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Exclusive: Environmental groups say bank is misleading public over ‘sustainable’ financing for Eni as company vastly expands fossil fuel production

Barclays is being accused by environmental groups of greenwashing after helping to arrange €4bn (£3.4bn) in financing for the Italian oil company Eni in a way that allows them to qualify towards its $1tn sustainable financing goal.

Environmental groups have said the London-based bank is deliberately misleading the public by labelling the financial instruments as “sustainable” at the same time that Eni is in the midst of a multibillion-pound fossil fuel expansion drive designed to increase production.

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Scott Farquhar to resign as joint CEO of Atlassian

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Co-founder leaving ‘to spend more time with his young family, improve the world via philanthropy, and help further the technology industry globally’

Scott Farquhar, the Australian tech billionaire and joint chief executive of software company Atlassian, will step down from his role at the end of August to spend time with his young family and focus on philanthropy, the company says.

Farquhar’s co-CEO, Mike Cannon-Brookes, will lead the Sydney-headquartered company, which has found huge success developing software that allows teams to coordinate resources on complex projects.

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Microsoft’s heavy bet on AI pays off as it beats expectations in second quarter

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World’s largest public company reports $61.86bn revenue after investing billions into artificial intelligence

Profits at Microsoft beat Wall Street’s expectations as its heavy bet on artificial intelligence continued to bear fruit in the second quarter.

The technology giant has invested billions of dollars into AI in a bid to turbocharge its growth, particularly of its cloud computing services. Its cloud computing revenue surged by more than 20% in the latest quarter.

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Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns

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Increase in cost of crude could drive inflation up and force central banks to keep interest rates high

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A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.

The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.

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Barclays profits tumble 12% as UK interest rates hit mortgage demand

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Pre-tax profits drop to £2.3bn between January and March, down from £2.6bn last year

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Profits at Barclays tumbled 12% in the first quarter, as higher UK interest rates weighed on demand for mortgages and loans and its investment bank was hit by a backdrop of economic uncertainty.

The UK bank said pre-tax profits fell to £2.3bn in the first quarter, down from £2.6bn last year, when it reported the strongest quarterly profit since 2011 after a string of interest rate hikes by the Bank of England.

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Sussan Ley ‘really disappointed’ with Elon Musk – as it happened

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Hundreds gather in Sydney for Anzac Day dawn service

AAP has the details on Sydney’s dawn service where hundreds of people – including veterans – gathered under a full moon and clear skies for a solemn service in the CBD.

You who have loved will remember the glow of their glad young years, as you stand today to salute them in silence, with pride and with tears.

The best thing about the ceremony this morning is to see the number of people that come early in the morning.

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Barbados leader halts £3m payout to UK MP for Drax Hall plantation

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Government U-turn as PM Mia Mottley acknowledges anger from reparations movement over plan to buy Barbados land from Dorset MP Richard Drax

The prime minister of Barbados, Mia Mottley, has halted plans for a multi-million-pound payout to the British Conservative MP Richard Drax for the purchase of 53 acres of the Drax Hall plantation, which he owns.

As revealed in the Observer last Sunday, the payout plan had angered those involved in the Caribbean reparations movement, who said Drax, the MP for South Dorset, should hand over all or part of the 617-acre plantation to the people of Barbados.

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Billionaire Jeff Yass linked to $16m in donations to anti-Muslim and pro-Israel groups

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The TikTok investor is also linked to funding challenges to progressive politicians and against Obama’s Iran nuclear deal

Top Republican donor and TikTok investor Jeff Yass is connected to over $16m in funding to anti-Muslim and pro-Israel groups that have advocated for a US war with Iran and other militaristic policies in the Middle East, according to an investigation by the Guardian and Responsible Statecraft.

Media reports on Yass, the billionaire co-founder of Susquehanna International Group, a trading and technology firm, have focused on his outsized role in the Republican party, to which he is now the largest political donor in the 2024 election cycle, contributing more than $46m thus far.

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Multiple crew members hospitalised after accident on set of Eddie Murphy film

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Two crew members were hospitalised when a car and truck collided during shooting of The Pickup in Atlanta, Georgia

Several crew members were injured and two were hospitalised when a car and truck collided during shooting of the Eddie Murphy film The Pickup in Atlanta, Georgia.

Amazon MGM Studios said in a statement that the scene that led to Saturday’s accident in Georgia had been rehearsed and all safety precautions were taken. Neither Murphy nor the film’s other stars, including Keke Palmer and Pete Davidson, were on the set at the time.

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Heathrow expects summer holiday season to be ‘busiest on record’

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Passengers numbers this year predicted to hit 82.4m but airport’s future uncertain, with proposed £6bn sale in doubt

Heathrow is expecting its busiest ever summer holiday season but faces uncertainty over its long-term future as the proposed £6bn sale of the UK’s biggest airport remains in doubt.

The airport said on Wednesday that the summer getaway this year was expected to be “the busiest on record” and promised to have “robust” plans in place to keep the airport “running smoothly”, even if staff strikes held last year are repeated.

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Woodside Energy’s climate plan rejected by shareholders in ‘globally unprecedented’ rebuke

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Investors lodge 58% protest vote against emissions report but defiant chair Richard Goyder maintains company is part of solution to climate change

Woodside Energy has suffered an embarrassing rebuke of its climate credentials after its emissions plan was overwhelmingly rejected by shareholders at its annual general meeting on Wednesday.

Investors lodged a 58% vote against Woodside’s climate report, representing the strongest protest recorded against any of the dozens of listed companies around the world that regularly put climate-related resolutions to shareholders.

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