Category Archives: Business

EU to put tariffs of up to 38% on Chinese electric vehicles as trade war looms

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Move, to be applied provisionally from July, would trigger duties of more than €2bn a year

The EU has notified Beijing that it intends to impose tariffs of up to 38% on imports of Chinese electric vehicles, triggering duties of more than €2bn (£1.7bn) a year and a likely trade war with China.

The tariffs will be applied provisionally from next month in line with World Trade Organization rules, which give China four weeks to challenge any evidence the EU provides to justify the levies on imported EVs.

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US inflation eases slightly as economic anxiety looms over presidential election

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Consumer price index rose 3.3% in May, as Federal Reserve is due to announce latest decision on interest rates

Inflation cooled slightly in the US last month, as consumers’ frustration over high prices continues to loom over November’s presidential election.

The consumer price index rose at annual pace of 3.3% in May, slipping back from the previous month’s reading of 3.4%.

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‘We’re not backing down’: US grocery workers take on Kroger with strike vote

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Food 4 Less workers to vote on action if new deal is not reached, as employees say wages and benefits lag behind

About 6,000 grocery store workers are set to vote on strike action after the expiration of their union contract with the Kroger-owned Food 4 Less chain.

The contract with United Food and Commercial Workers (UFCW) expired on Saturday. Members are voting on whether to authorize a strike if a new deal is not reached, and results expected late on Friday.

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DFS furniture chain blames Red Sea crisis for profit warning

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Attacks on shipping leading to delays to deliveries and higher shipping costs, says retailer

The furniture retailer DFS has issued its second profit warning of the year, blaming much of the drop on delays to deliveries and higher shipping costs caused by the Red Sea crisis.

The retailer, which owns 118 shops across the UK, said it expected pre-tax profits of £10m-£12m for the year ending 30 June 2024, well down on the £20m-£25m predicted in March, amid supply chain disruption and weaker consumer demand.

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China’s glut of idle property causes headache for the government

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The industry that has traditionally powered about a quarter of GDP has been in a downward spiral that policymakers have struggled to halt

All across China, from Beijing in the north, to Shenzhen in the south, millions of newly built homes stand empty and unwanted. There were nearly 391m sq metres of unsold residential property in China as of April, according to the National Bureau of Statistics. That is the equivalent of Manchester and Birmingham combined – and then some – sitting as vacant, unwanted property.

This glut of idle property has caused a headache for the government, shaken the world’s second largest economy and raised tensions over the purpose of housebuilding in a nation where property investment had been viewed as a safe bet.

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New ‘targeted’ search in Samantha Murphy investigation – as it happened

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This blog is now closed.

Sydney’s light rail network disrupted today amid industrial action

A reminder for Sydney commuters that the light rail network will be disrupted today amid planned industrial action.

Recent estimates have Australians consuming around 3,300,000 bags of cocaine per year, with every single one of them bought off the black market. There is no way of knowing whether any of them have been cut with deadly substances like fentanyl or nitazene.

We have to acknowledge that the majority of people who use cocaine do so recreationally and there is absolutely no chance of stopping people using the drug. We therefore need to consider all options to reduce harm, including regulating cocaine in a similar way to how we regulate alcohol.

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Top civil servant joins EDF after running department that struck nuclear deal

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Alex Chisholm, who led business office during Hinkley Point C negotiations, appointed UK chair of energy firm

One of the UK’s most senior civil servants, Alex Chisholm, has been revealed as the new UK chair of the energy company EDF, after having previously run the department that struck a deal for it to build a new nuclear power station.

Chisholm was permanent secretary at the Cabinet Office, and before that led the business department, which worked on the government deal for EDF to go ahead with the Hinkley Point C nuclear plant in Somerset. The agreement was struck in 2016 with UK bill payers bearing the cost of the construction over a 35-year period.

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US banana giant ordered to pay $38m to families of Colombian men killed by death squads

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Landmark verdict against Chiquita marks first time major US company held liable for funding human rights abuses abroad

A Florida court has ordered Chiquita Brands International to pay $38m to the families of eight Colombian men murdered by a paramilitary death squad, after the US banana giant was shown to have financed the terrorist organisation from 1997 to 2004.

The landmark ruling late on Monday came after 17 years of legal efforts and is the first time that the fruit multinational has paid out compensation to Colombian victims, opening the way for thousands of others to seek restitution.

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Australia news live: Dutton suggests Coalition won’t provide 2030 emissions target before election5; Qld state budget announcement today

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Opposition leader says Coalition will ‘make our announcements in relation to our targets in due course’. Follow today’s news headlines live

Murray Watt says the opposition has “started the new climate wars” after Barnaby Joyce and Keith Pitt, two senior Nationals, called for Australia to pull out of the Paris agreement. You can read more on this from Karen Middleton below:

Speaking to ABC News Breakfast, Watt said:

We’re back to the same old climate wars in the Coalition. I saw overnight that [Joyce and Pitt] openly called for the Coalition to pull out of the Paris agreement. They’ve spent the last couple of days trying to paper over the cracks in the Coalition, saying that they can withdraw the target without withdrawing from the agreement. Now it’s out there in the open for everyone to see. And you can set your clock by Barnaby Joyce causing new climate wars within the Coalition. It’s seem like we’re back to the bad old days.

We’re on track to get to 42%, which is only 1% short of the 43% target.

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Bonza administrators sack airline’s staff ahead of announcement about its future

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Employees voiced frustrations at how the administration process had been conducted, sources say

Bonza appears almost certain to be wound up after the administrators determining the troubled airline’s future terminated its staff.

Guardian Australia understands administrators from the firm Hall Chadwick told staff during a meeting on Tuesday they had been sacked.

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One in three Asda staff have been attacked at work, survey finds

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GMB poll receives reports of workers being stabbed, punched and threatened with syringes

One in three Asda staff have been attacked at work, according to research that included reports of workers being stabbed, punched and threatened with syringes.

The poll of almost 1,000 members of GMB, one of the UK’s biggest unions, returned stories of delivery drivers being chased by people in cars, while store workers had food thrown at them. More than half (58%) of respondents said they had suffered injury or illness on the job.

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Post-Brexit ‘mess’ as Italian driver’s lorry held for 55 hours at UK border post

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Antonio Soprano says he was told to walk to a McDonald’s for food as there was none at Sevington

An Italian lorry driver has described the UK’s new post-Brexit controls as a “mess” after his lorry was held at a government-run border post for more than two days.

Antonio Soprano, 62, who was stopped while bringing plants into the country from central Italy, said he was offered nothing to eat during his 55-hour ordeal and instead was told by border officials that he should walk to a McDonald’s more than a mile away to get a meal.

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BP staff risk sack if they fail to disclose intimate relationships with colleagues

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New policy follows sacking of ex-CEO Bernard Looney with top managers given three months to report all relationships in past three years

BP employees will have to disclose intimate relationships with colleagues or risk losing their jobs, according to a new policy brought out after the dismissal of former boss Bernard Looney for failing to tell the board.

Employees must disclose “familial and intimate relationships at work” without exception, the FTSE 100 oil company said on Monday. That is a tougher stance than before, when they only had to disclose relationships if they thought there was a a conflict of interest risk.

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Vehicle damage claims in Wales fall 20% since speed limit cut to 20mph, says insurer

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Campaigners say lower speeds reduce casualties but scheme has since been amended to give people more choice to rescind limits

Vehicle damage claims in Wales have fallen by 20% at one leading car insurer since the nationwide 20mph speed limit was introduced there last September.

Wales was one of the first countries in the world, and the first nation in the UK, to introduce legislation for a default 20mph speed limit in built-up areas last year.

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Stop Shein listing on the FTSE, workers’ rights campaigners urge

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Groups issue call to next government amid criticism of online fashion retailer’s labour practices and accusations of copying

Workers rights campaigners have called for the UK’s next government to oppose the online fashion business Shein joining the FTSE, arguing that a London listing would be “yet another betrayal to working people everywhere and the planet”.

Alena Ivanova, campaigns lead at Labour Behind the Label, said it had heard the news of senior British politicians courting Shein’s £50bn listing “with dismay” given what she claimed was a lack of transparency about its supply chain and ethical concerns.

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EU expected to impose import tariffs on Chinese electric vehicles

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Experts believe Beijing will retaliate with measures that could hit European exports from cheese to cognac

The EU is expected to notify China that it will impose tariffs on electric vehicle imports this week, firing the starting gun on a potential summer trade war with Beijing.

A formal pre-disclosure of tariffs could happen as early as Wednesday, after a lengthy investigation into China’s state subsidies for its car manufacturing, which is predicted to conclude that massive support continues to be concentrated on the EV sector.

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Badenoch urged to scrutinise business links of Royal Mail bidder Křetínský

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Business secretary is due to meet Czech tycoon to discuss a takeover the Guardian has raised questions about

The business secretary, Kemi Badenoch, is being pressed to question the Royal Mail bidder Daniel Křetínský on his business links, after the Guardian raised questions about a series of controversial global property deals connected to the Czech billionaire’s longtime business partners.

Badenoch is scheduled to meet the tycoon next week to discuss his £3.57bn bid for the 500-year-old institution, which will be subjected to a review under the National Security and Investment Act.

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US adds 272,000 jobs as labor market holds unexpectedly strong amid high interest rates

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Figures show unexpected resiliency of job market as officials try to tamp down 3.4% inflation

The US economy added 272,000 jobs in May, a sign the labor market continued strong amid high interest rates, the Bureau of Labor Statistics announced on Friday.

The number of May jobs was far higher than the 190,000 economists had expected and topped April’s gains, when a revised 165,000 jobs were added to the economy. The unemployment rate rose to 4% for the first time since January 2022, up from 3.9% in April.

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Asda-owning Issa brothers go their separate ways amid family rift

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Union warns of risks to shoppers and staff after Zuber Issa sells 22.5% supermarket stake to private equity co-owners TDR Capital

The billionaire brothers who part-own Asda have gone their separate ways, with Zuber Issa selling his shares in the supermarket to the private equity firm TDR Capital amid a rift between the siblings.

Zuber owned 22.5% of the Leeds-based grocery chain after a £6.8bn takeover alongside his older brother Mohsin and TDR three years ago. The sale of his stake had been expected for months, but was thought to have been complicated by lock-in agreements.

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‘Greed’: John Deere rolls out hundreds of US layoffs and sends work to Mexico

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Agricultural equipment company plans to move production out of the country in move condemned by workers

US workers at John Deere plants have accused the company of acting on “greed” as America’s most famous agricultural equipment company plans to shift more production to Mexico.

The company – famous for its green tractors and leaping deer logo – has announced layoffs of several hundred workers over the last several months with more layoffs planned for later this year.

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