Category Archives: Business

CBI tells Jeremy Hunt to focus on green investment instead of tax cuts in budget

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Lobby group joins calls for chancellor to resist pre-election giveaways next month and spend on projects to boost economy

A leading business lobby group has urged Jeremy Hunt to resist calls for large-scale tax cuts in his budget next month, saying the government needs to avoid “short-termism” and devote spending to projects that boost the economy.

Adding its voice to a growing clamour for green investment, the Confederation of British Industry said pre-election giveaways at the budget should be kept to a minimum to allow for a surge in spending to achieve net zero.

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Nationwide’s Dominic West ad prompts complaint from rival

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Watchdog receives complaint, reportedly from Santander UK, that advert paints misleading picture of bank branch closures

Dominic West’s portrayal of an arrogant, smoothie-drinking, branch-closing banker has landed Nationwide in potentially hot water, with the building society now facing a formal complaint over its TV advert from a rival lender.

Santander UK is understood to have lodged a complaint with the Advertising Standards Authority (ASA) over the television commercial, on the basis that it “discredits and denigrates” Nationwide’s rivals and paints a misleading picture about bank branch closures.

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Shares in chip designer Arm soar by more than 50% leaving it valued at $120bn

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Chief executive, Rene Haas, says UK-based firm is benefiting from huge demand for AI-powered products and apps

Shares in Arm have soared by more than 50% after raising profit and revenue forecasts amid red-hot demand for artificial intelligence technology, valuing the UK-based tech company at double the market capitalisation when it floated in September.

Shares in the world’s biggest supplier of design elements for processing chips used in products from smartphones to games consoles opened up 58% on the Nasdaq in the US on Thursday.

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China has seen a fourth month of falling prices, but will it act to curb deflation?

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Plunge in consumer prices has fuelled calls for a stimulus package – yet Beijing may stick to the new normal of lower growth

• China consumer prices plunge at fastest rate for 15 years

China’s economy has gone from bad to worse – and it is only February.

Figures released on Thursday showed consumer prices fell by 0.8% in January compared with a year earlier, outstripping economists’ expectations and marking the biggest contraction in 15 years.

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China consumer prices plunge at fastest rate for 15 years as deflation fears deepen

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Plummeting food prices feed steep annual drop amid renewed calls to stimulate economy and offset weakening demand

China’s consumer prices fell at their fastest pace in 15 years in January, as the world’s second-largest economy sank deeper into deflation amid weakening demand.

Data released on Thursday showed that China’s consumer price index tumbled last month, falling by 0.8% compared with a year earlier. It marks the fourth consecutive month of declines, as well as the sharpest drop since September 2009, when the global economy was still grappling with aftershocks from the 2008 banking crisis.

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UK workers must accept lower pay deals to help beat inflation, says Bank ratesetter

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Deputy governor Sarah Breeden also says firms must rein in profits as there is ‘some way to go’ to meet 2% inflation target

Victory in the war on inflation will require British workers to accept lower pay deals and companies to rein in their profits, a senior Bank of England policymaker has said.

Sarah Breeden, one of the central bank’s four deputy governors, said there was still “some way to go” before inflation would fall back to the 2% target set by the government for the Bank to achieve on a sustainable basis.

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DEI is a ‘strategic decision’ CEOs can make, business leaders tell companies

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Diversity-focused groups outline concerns in letter to Fortune 500 companies amid conservative attacks on inclusivity initiatives

A coalition of business leaders sent letters to the CEOs of the Fortune 500 companies on Wednesday urging them to maintain a commitment to diversity, equity and inclusion (DEI) initiatives as they come under conservative attack.

“Business decisions intended to capture the value from diversity initiatives have been politicized by a vocal minority of ideologically motivated voices who ignore both facts and the law,” the letter from groups including US Black Chambers and the Global Black Economic Forum read. “We believe it is imperative that CEOs and other company leaders are able to make strategic decisions for their companies without threats of frivolous lawsuits and political pressure.”

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Sweden to drop inquiry into Nord Stream pipeline explosions

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Investigators previously found blasts that damaged undersea pipelines in 2022 were an act of sabotage

Swedish prosecutors have said they will end their investigation into the sabotage of the Nord Stream 1 and 2 gas pipelines in 2022, dodging the question of who destroyed the then new energy link between Russia and Europe shortly after Moscow launched its full-scale invasion of Ukraine.

After a near 18-month inquiry, the investigators concluded they did not have jurisdiction in the case because Sweden’s citizens and interests had not been harmed.

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UK house prices rise at fastest rate since January 2023

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Lower mortgage rates lead to increased buyer and seller confidence, says Halifax

UK house prices rose 2.5% in the year to January, recording the biggest increase since January last year, as lower mortgage rates and fading inflationary pressures led to increased buyer and seller confidence, Halifax has said.

January marked the fourth consecutive monthly rise, with a 1.3% uplift on December, the UK’s biggest mortgage lender said, with the average home costing £291,000, £3,9000 more than in December.

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‘Diabolical actions’: Snoop Dogg and Master P sue Walmart in breakfast cereal spat

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Rappers entered breakfast market with Snoop Cereal in 2023, and allege conspiracy between manufacturer Post Consumer Brands and supermarket chain Walmart to ‘choke’ startup brand

Rappers Snoop Dogg and Master P are suing US supermarket chain Walmart and food manufacturer Post Consumer Brands, claiming that the two companies conspired to sabotage the success of the pair’s new breakfast cereal enterprise.

Snoop Cereal launched last summer, with Master P hailing parent company Broadus Foods as the first Black-owned cereal company in the US: “This has been going on for over 100 years, that we’ve been consumers and never owners, so we’re changing that game.” The rappers partnered with Post to produce the cereal itself.

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India’s plan for untouched Nicobar isles will be ‘death sentence’ for isolated tribe

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Exclusive: $9bn port, airport and military base on Great Nicobar Island will cause ‘genocide’ of isolated Shompen, academics warn

Academics from around the world have urged India to cancel a huge construction project on Great Nicobar Island, warning it would be “a death sentence” for the Shompen hunter-gatherer people who live there.

The $9bn (£7bn) port project, planned to transform the Indian Ocean island of 8,000 inhabitants into what has been called the “Hong Kong of India”, includes the construction of an international shipping terminal, airport, power plant, military base and industrial park. It will also develop tourism.

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Four bolts appeared to be missing from Boeing panel that blew off, regulator says

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National Transportation Safety Board says four bolts meant to hold door plug of 737 Max 9 in place were apparently absent

A cabin panel that blew off a brand-new Boeing 737 Max 9 jet mid-flight appeared to be missing four key bolts, according to an initial report by the US safety regulator.

The bolts meant to hold the door plug in place were absent, the National Transportation Safety Board said. It released photographic evidence alongside the preliminary findings of its investigating on Tuesday.

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Australia politics live: army to hire UK military helicopters to fill Taipan gap; PNG PM coming to Canberra

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The ‘Juno’ training helicopters will support essential training for aircrew before the arrival of new Black Hawks from the US later this year. Follow the day’s news live

The ADF expects that the training helicopters will be available for operations in Oakey in Queensland by around the middle of this year.

The government will argue these helicopters have been chosen because they can perform a variety of roles “including personnel and equipment transport and Defence assistance to the civil community”.

We need a highly capable Army. When the tough but necessary decision was made last year to expedite the withdrawal of the MRH-90s from service, it meant that we needed to look at all options when it came to filling the capability gap and the training which our servicemen and women need.

We have been working with the United States and United Kingdom on ways in which we can bridge this gap, and their support and willingness with the acceleration of the Black Hawks and leasing of training helicopters will have a significant impact.

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Super Bowl expected to be biggest sports betting event in US history

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Tens of millions of Americans estimated to bet record $23.1bn on game as concern mounts over gambling addiction rates

An estimated 67.8 million Americans will bet a record $23.1bn on this weekend’s Super Bowl, according to an industry survey, as a nationwide gambling boom continues.

Super Bowl LVIII is widely expected to be the biggest sports betting event in United States history. It will take place in Las Vegas amid mounting concern over rising gambling addiction rates.

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Misconduct claims tipped CBI into ‘near death experience’, says president

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Rupert Soames says Guardian revelations over sexual misconduct claims were ‘appalling shock’ but is bullish about the future

The new president of the Confederation of British Industry has admitted the Guardian’s revelations of sexual misconduct were “an appalling shock” that tipped the lobbying group into a “near-death experience’’.

Rupert Soames, the City grandee recently appointed president of the CBI, said that this newspaper’s revelations about sexual misconduct at the organisation had triggered an existential crisis – one he is trying to rescue it from.

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German firm BASF urged to quit Xinjiang over ‘gross abuses’ of Uyghurs

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Exclusive: Politicians say chemicals producer ‘appears to be implicated’ in abuses of minorities in Chinese province

The German chemicals producer BASF “appears to be implicated in gross abuses” of Uyghurs in Xinjiang and should withdraw from the Chinese province, a group of politicians from around the world have said.

The group made the allegation in a letter to BASF’s chair, Martin Brudermüller, on Monday, after the German media outlets Der Spiegel and ZDF published a joint investigation on Friday.

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Australia politics live: Coalition votes to back Labor’s changes to stage-three tax cuts

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PM says opposition ‘tying themselves in knots’ as parliament resumes. Follow the day’s news live

School funding data

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Make used electric cars cheaper and tackle battery fears, peers tell ministers

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Grants needed towards buying EVs as well as a battery health testing standard to reassure consumers

Ministers need to intervene to boost the secondhand electric vehicle market and allay “uncertainty and concerns” over the health of their batteries, a House of Lords committee has said.

Peers on the environment and climate change committee urged the government to step up efforts to encourage electric vehicle adoption amid consumer jitters over the cost of vehicles, the longevity of their batteries and the availability of charging points.

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Don’t wait for Post Office-style scandal before regulating AI, ministers told

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Government to say binding measures for overseeing artificial intelligence are needed, but not immediately

Ministers have been warned against waiting for a Post Office-style scandal involving artificial intelligence before stepping in to regulate the technology, after the government said it would not rush to legislate.

The government will acknowledge on Tuesday that binding measures for overseeing cutting-edge AI development are needed at some point – but not immediately. Instead, ministers will set out “initial thinking for future binding requirements” for advanced systems and discuss them with technical, legal and civil society experts.

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UK’s January sales failed to revive consumer spending, say retailers

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Sales growth slowed last month amid cost of living crisis, poor weather and rail strikes

The traditional January sales on the high street failed to inspire a revival in consumer spending last month, as households continued to cut back amid the cost of living crisis.

Britain’s largest retailers said sales growth slowed last month as higher living costs weighed heavily on consumers, while weather conditions and strikes on the transport network also hit spending.

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