Rolling coverage of the opening day of the World Economic Forum in Davos
Ukraine’s president, Volodymyr Zelenskiy, has met business chiefs at a session for “CEOs for Ukraine”, here at the World Economic Forum, before his speech this afternoon.
He was seated alongside Ursula von der Leyen, European Commission President, who will also address WEF today:
Continue reading...UK’s mobile and broadband firms were accused of ‘greedflation’ last year by the Guardian
BT has become the first major telecoms company to scrap controversial above-inflation price rises for mobile and broadband customers – but not before pushing through a final increase this year.
The owner of mobile operator EE has moved to address the pressure on consumers from rising household costs during the cost of living crisis, after telecoms companies were criticised for increasing bills.
Continue reading...Standing ovation greets Ukrainian president’s speech amid strong support from EU and business leaders
Volodymyr Zelenskiy has made an impassioned plea for international support for his country’s war against Russia, insisting that Vladimir Putin must live to regret starting the conflict almost two years ago.
In a speech that received a standing ovation from the World Economic Forum in Davos, the Ukrainian president said the Putin had stolen 13 years of peace and would only respond to military defeat.
Continue reading...‘Crucial’ that countries build social safety nets to mitigate impact on workers, says Kristalina Georgieva
Artificial intelligence will affect 40% of jobs around the world and it is “crucial” that countries build social safety nets to mitigate the impact on vulnerable workers, according to the head of the International Monetary Fund.
AI, the term for computer systems that can perform tasks usually associated with human levels of intelligence, is poised to profoundly change the global economy with advanced economies at greater risk of disruption.
Continue reading...Surrey-based construction company has been hit by rising costs and impact of high interest rates
One of Britain’s largest housebuilders, Crest Nicholson, has issued its third profit warning in a matter of months because of rising costs, raising speculation that it could become a takeover target unless its fortunes reverse.
The latest warning comes less than a week before the Surrey-based company will issue its full-year results, which are expected to lay bare the challenging year that housebuilders such as Crest Nicholson have faced amid surging interest rates, which have deterred buyers and caused house prices to fall.
Continue reading...Air Astana, which is 49% owned by the British defence firm, announces plans to float on London stock market
Kazakhstan’s national airline has announced plans to float on the London stock market, bringing a potential windfall to BAE Systems, which has been an investor for more than two decades.
Air Astana, which is 49% owned by the British defence company, hopes to list in London and Kazakhstan and raise $120m (£94m). The airline, which is majority owned by the Kazakh sovereign wealth fund, did not say how much of the company would be floated and is yet to confirm an expected valuation range.
Continue reading...Experts warn of economic impact of sustained shipping attacks and Middle East tensions
Oil prices have hit $80 (£62.83) as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.
Raising concerns about a possible inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel on Friday, while US West Texas Intermediate crude also increased after US and UK airstrikes against Houthi rebel sites in Yemen.
Continue reading...British brand affected by continued slowdown in luxury demand during cost of living crisis
Burberry has warned that annual profits will be sharply lower than previously expected after consumers left its expensive trenchcoats, bags and scarves off their Christmas shopping lists.
The luxury British brand said trading had been affected by a continued slowdown in luxury demand after rises in the cost of living and increases to interest rates globally.
Continue reading...Delays in delivery of parts result in suspension of manufacturing at factory near Berlin for two weeks
The electric car manufacturer Tesla is to halt most production at its factory near Berlin for two weeks because of delays in deliveries of parts because of attacks on ships in the Red Sea.
Shipping delays in the Red Sea, caused by attacks by Iranian-backed Houthi militants, has caused Tesla to suspend most production at its German factory from 29 January to 11 February.
Continue reading...GDP rises by 0.3% in November after October decline, with car leasing and video games fuelling bounceback
The UK economy returned to growth in November after a recovery in consumer spending driven by Black Friday sales, with shoppers hunting for bargains as the key Christmas shopping season got under way.
Gross domestic product rose by 0.3% on the month, after a decline of 0.3% in October, according to the Office for National Statistics (ONS). City economists had forecast more modest growth of 0.2%.
Continue reading...Critics say assumption in English and Welsh law that computers are ‘reliable’ reverses usual burden of proof in criminal cases
Ministers need to “immediately” update the law to acknowledge that computers are fallible or risk a repeat of the Horizon scandal, legal experts say.
In English and Welsh law, computers are assumed to be “reliable” unless proven otherwise. But critics of this approach say this reverses the burden of proof normally applied in criminal cases.
Continue reading...Company faced public backlash over scheme, which campaigners say threatens to increase river pollution
Thames Water is bypassing local democracy to attempt to push through a controversial water recycling project that campaigners say threatens to increase pollution in the river.
Steve Barclay, the secretary of state for environment, food and rural affairs, has agreed to an application by the water company to consider its Teddington water recycling scheme under national infrastructure rules. The decision means local authorities will be bypassed, and the secretary of state will make the decision whether to grant a development consent order.
Continue reading...FCA to examine whether consumers have been charged inflated prices for loans on new and secondhand cars
Millions of drivers could be in line for a payout, it has been claimed, after the UK financial watchdog opened an investigation into whether consumers had been unfairly charged inflated prices for loans on new and secondhand cars.
The Financial Conduct Authority said on Thursday that it had decided to examine whether a compensation scheme was needed to deal with alleged large-scale mis-selling in the £50bn-a-year motor finance sector.
Continue reading...Rise in salary requirements will further fuel staff shortages in industry that relies on skilled migrant workers
• Business live – latest updates
What do you call an Italian restaurant that doesn’t serve pizza?
During the 2022 Edinburgh fringe, Gusto’s restaurant in the city sounded like the punchline to one of the comedy festival’s jokes.
There’s a threshold at which it becomes impossible to make money, so you have to put prices up, which drives inflation, which flies in the face of what the government say they’re trying to do,” says Snell.
Continue reading...Sadiq Khan says cardboard steering wheels could bring to life driverless train experience for children
It is already the most in-demand spot on the London transport network, but plans to install stickers and cardboard steering wheels in driverless Docklands Light Railway (DLR) trains could intensify the scramble for its front seats.
London’s mayor, Sadiq Khan, has said the trains, in which tens of thousands of Londoners have sat pretending to be the driver, could now include a steering wheel and stickers mimicking control panels to make the experience more realistic.
Continue reading...Exclusive: Consumer Affairs Victoria investigating Panthera, which was fined $500,000 in 2020 after pursuing debts from people who were not liable
One of Australia’s largest debt collection companies is continuing to operate in Victoria despite being blacklisted in the state over its unlawful pursuit of false debts, undue harassment and misleading conduct.
Panthera Finance and its subsidiaries are major players in the Australian debt collection and acquisition sector, and were paid millions by the former government to help collect welfare debts for Services Australia.
Continue reading...Consumer price index exceeds economists’ expectations as Fed weighs when to start cutting borrowing costs
Inflation ticked higher in the United States last month as the Federal Reserve weighs the latest stage of its battle against price growth.
The headline consumer price index increased at an annual pace of 3.4% in December, according to the Bureau of Labor Statistics, up from 3.1% in the previous month, and exceeding economists’ expectations of about 3.2%.
Continue reading...Resolution calling for cessation of attacks on shipping vessels by Yemen’s Houthis adopted despite abstentions from Russia and China
The UN security council has called for an immediate end to attacks by Yemen’s Houthi rebels on shipping in the Red Sea, adopting a resolution despite abstentions from Russia and China.
The resolution also called on the Houthis to release the Galaxy Leader, a Japanese-operated vehicle carrier linked to an Israeli businessman that the group commandeered on 19 November, along with its 25 crew.
Continue reading...777 Partners, which launched Australian budget carrier in early 2023, had leased four planes for Flair Airlines in Canada, UK court documents show
The private investment firm poised to take over Everton football club and which owns airlines in Canada and Australia is being chased for almost US$30m (A$44.7m) in unpaid aircraft leasing fees and damages.
777 Partners is facing legal action in the UK from three aircraft lessors over unpaid fees and damages related to four aircraft that were leased to Flair Airlines, the Canadian low-cost carrier that 777 partly owns.
Continue reading...Ministers hope to build fleet of reactors to meet quarter of electricity demand by 2050 but critics highlight long delays and rising costs
The government has set out plans for what it claims will be Britain’s biggest nuclear power expansion in 70 years, despite concerns about faltering nuclear output and project delays.
Ministers published a roadmap on Friday that recommits the government to building a fleet of nuclear reactors capable of producing 24GW by 2050 – enough to meet a quarter of the national electricity demand.
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