Category Archives: Business

AstraZeneca buys Chinese cancer therapy firm Gracell for $1.2bn

Posted on by

Gracell Biotechnologies acquisition marks China’s growing importance to the Anglo-Swedish drugmaker

AstraZeneca has struck a deal to buy a Chinese cancer therapy company for up to $1.2bn (£950m), as Britain’s biggest drugmaker expands its footprint in its second-largest market.

The Anglo-Swedish pharmaceutical firm announced on Tuesday it would acquire Gracell Biotechnologies, which is focused on a type of cancer therapy known as CAR-T that modifies a patient’s cells to fight the disease.

Continue reading...

Hackers steal customer data from Europe’s largest parking app operator

Posted on by

Owner of RingGo and ParkMobile says data including parts of credit card numbers taken in cyber-attack

Europe’s largest parking app operator has reported itself to information regulators in the EU and UK after hackers stole customer data.

EasyPark Group, the owner of brands including RingGo and ParkMobile, said customer names, phone numbers, addresses, email addresses and parts of credit card numbers had been taken but said parking data had not been compromised in the cyber-attack.

Continue reading...

Ski resorts battle for a future as snow declines in climate crisis

Posted on by

International Ski Federation urged to cut emissions, while activists warn of damage through heavy use of snowmaking

After promising early dumps of snow in some areas of Europe this autumn, the pattern of recent years resumed and rain and sleet took over.

In the ski resorts of Morzine and Les Gets in the French Alps, the heavy rainfall meant that full opening of resorts was delayed until two days before Christmas, leaving the industry and the millions of tourists planning trips to stare at the sky in hope.

Continue reading...

Boxing Day sales: retailers expect shoppers to spend $1.25bn amid cost-of-living crisis

Posted on by

Australian Retail Association predicts $23.9bn in spending for sales period ending on 15 January

Retailers are expecting Boxing Day shoppers to spend $1.25bn on Tuesday as the sector hopes for relief from a drop in discretionary spending.

Retail sales have been sluggish throughout 2023 as cost-of-living pressures bite.

Continue reading...

Labour to crack down on ‘dodgy’ candy stores in push to revive high streets

Posted on by

Party says American-style sweetshops – some under investigation for tax evasion – are ripping off public

A Labour government will launch a crackdown on “dodgy” candy stores if it wins the next election, as part of plans to revitalise Britain’s high streets.

There are more than 20 of the US-themed sweet stores on Oxford Street, London, alone. Many of them appeared during lockdown as high-street stalwarts closed down and landlords faced the prospect of long-term empty shops.

Continue reading...

Christmas Eve shopper numbers fall amid Sunday trading and cost-of-living crisis

Posted on by

Footfall was nearly 7% lower than last week and more than a fifth down on 2022 levels

The number of in-person shoppers has fallen on Christmas Eve compared to last year amid Sunday trading hours and the cost-of-living crisis.

Footfall across all UK retail destinations up to 5pm on Sunday was 6.8% lower than last week, and 20.6% lower than 24 December 2022, the latest data from industry analyst MRI Software shows.

Continue reading...

George Osborne to collect share of £28m payout for work at City advisory firm

Posted on by

The former chancellor is one of four partners at Robey Warshaw, which did not specify how much he would collect

George Osborne will collect a share of a £28m payout for his work as partner at the City advisory firm Robey Warshaw.

The former chancellor, who orchestrated the austerity drive after the financial crisis, is one of four partners at the Mayfair-based company which announced on Friday it would pay out a total of £27.98m to four men.

Continue reading...

Fintech firm Revolut hit by £25m loss after rise in staff wages

Posted on by

Firm gave near 80% pay increase to founder despite uncertainty over approval of UK banking licence

Revolut swung to a £25m loss in 2022 after shelling out more on staff and a near 80% pay jump for its founder, despite uncertainty over the approval of the fintech firm’s UK banking licence.

The company, which became the UK’s most valuable fintech firm in 2021, detailed the loss in its delayed annual report on Friday, marking a return to the red after reporting its first-ever annual pre-tax profit – worth £39m – a year earlier.

Continue reading...

Nike to axe hundreds of jobs in bid to save $2bn amid sales slump

Posted on by

US sportswear brand announces job cuts and simplification of product ranges in ‘streamlining’ of operations

Nike is to cut hundreds of jobs, simplify its product ranges and increase its use of automation as part of attempts to save $2bn (£1.6bn) in costs over the next three years amid poor sales.

The US sportswear brand said it was “taking steps to streamline the organisation” and would be spending up to $450m on the changes, mainly on payoffs for employees.

Continue reading...

Post Office almost halves amount set aside for Horizon IT scandal compensation

Posted on by

Annual results show it holds only £244m for payments to wrongly convicted branch managers, after fewer appeals than expected

The Post Office has almost halved the amount set aside for payments to branch managers wrongly convicted in the Horizon IT scandal as fewer than expected have won or brought appeals.

The scandal, frequently described as “the most widespread miscarriage of justice in UK history”, resulted in more than 700 post office operators being prosecuted between 1999 and 2015 for theft, fraud and false accounting because of faulty accounting software installed in the late 1990s.

Continue reading...

Eurostar cancellations add to disruption on storm-hit rail network

Posted on by

Last-minute Eurotunnel strike by French unions in Calais halts services as Storm Pia causes travel problems across country

Passengers are suffering fresh disruption in the Christmas getaway after severe weather left rail lines blocked around Britain, while a strike by French Eurotunnel workers has halted Eurostar trains and cross-Channel shuttle services.

Strong winds from Storm Pia, including gusts of up to 80mph in northern Britain, have blown down trees on tracks around the country.

Continue reading...

ATO given clear legal advice before launching ‘robotax’ debt campaign

Posted on by

Office told that ‘all debts must be offset’ referring to offsetting taxpayers’ arrears against future refunds and credits

The Australian Taxation Office received “clear advice” from the government’s chief legal adviser before launching a campaign to resurrect historical debts that caused widespread confusion and distress.

Meanwhile, the federal government has distanced itself from the tax initiative, arguing that decisions and processes related to the debts were a matter for the ATO.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Ikea warns Red Sea attacks could disrupt supplies and deliveries

Posted on by

Firm says it is weighing up options to secure product availability amid Yemeni rebel attacks on shipping

Ikea has warned that the disruption to global trade caused by Yemeni rebel attacks in the Red Sea could delay its deliveries and affect availability of some products.

The world’s largest furniture company said it was “evaluating other supply options to secure the availability of our products” after many big shipping companies stopped sending vessels through the Suez canal in response to the attacks by Houthi militants’ protests against the Israel-Gaza war.

Continue reading...

Isabel dos Santos has £580m of assets frozen by UK high court

Posted on by

Billionaire daughter of Angola’s former president is being sued by telecoms company Unitel

Isabel dos Santos, the former president of Angola’s self-exiled billionaire daughter who has long faced claims of corruption, has had £580m of assets frozen by the UK high court.

Dos Santos, Africa’s first female billionaire, is being sued by the Angolan telecoms company Unitel, which she founded during her father’s 38-year reign as president. Jose Eduardo dos Santos ruled Angola until 2017, and died last year.

Continue reading...

Australia news live: only 54.3% of Virgin flights and 66.3% of Qantas flights on time last month, transport minister says

Posted on by

‘Very disappointing results, it is no wonder that so many Australians remain fed up with our major airlines,’ Catherine King says. Follow today’s news updates live

‘Very, very clear’ renewables are the cheapest form of energy, Bowen says

Renewable energy is the cheapest form of energy, including its storage and transmission costs, the energy minister told ABC RN.

Its conclusions this year are unimpeachable and very, very clear.

The cheapest form of energy is renewable energy, even including the costs that go with renewable energy around storage and transmission.

Continue reading...

‘A true icon’: Melbourne mourns death of renowned furniture salesman Franco Cozzo

Posted on by

Due to his TV ads in the 1980s and 90s, Cozzo’s name became synonymous with the western suburb of Footscray

Melburnians are mourning the death of renowned furniture salesman Franco Cozzo, who has died aged 88.

Cozzo’s family announced his death on social media on Wednesday night.

Continue reading...

UK and Switzerland agree to deepen ties between City and Swiss banking system

Posted on by

Treasury says post-Brexit tie-up to be signed on Thursday will ease cross-border market access for financial services

The UK and Switzerland will agree to forge closer links on Thursday in a post-Brexit accord that aims to deepen ties between the City and the Swiss banking system.

In a move that brings Europe’s largest financial centres closer together, the mutual recognition agreement will be signed on Thursday by the chancellor, Jeremy Hunt, during a visit to Berne.

Continue reading...

More than 100 container ships rerouted from Suez canal to avoid Houthi attacks

Posted on by

Cape of Good Hope diversion adds 6,000 nautical miles and three or four weeks to delivery times and has driven up oil prices

More than 100 container ships have been rerouted around southern Africa to avoid the Suez canal, in a sign of the disruption to global trade caused by Houthi rebels attacking vessels on the western coast of Yemen.

The shipping company Kuehne and Nagel said it had identified 103 ships that had already changed course, with more expected to go around South Africa’s Cape of Good Hope.

Continue reading...

UK inflation in unexpectedly steep fall to 3.9% amid lower bread and fuel prices

Posted on by

Forecast-beating drop in November takes rate to lowest level in more than two years

Britain’s two-year cost of living crisis eased last month as cheaper petrol and less expensive food helped send the annual inflation rate sharply lower to 3.9% – its second big monthly fall in succession.

In a much bigger decline than had been anticipated by economists, the annual rate of price rises fell from 4.6% in October to its lowest level since September 2021.

Continue reading...

Drop in UK inflation is welcome but does not erase two years of pain

Posted on by

Food prices were 29% higher last month than in September 2021, leaving many households still under pressure

At last, UK inflation has fallen far and fast enough to start to match countries such as France, where the annual rate of price rises has reduced at a faster pace this year.

At 3.9% last month, the headline figure remains almost double the 2% target set for the Bank of England but significantly lower than the 11.1% peak in October last year and below the 5.3% target Rishi Sunak set for the end of 2023.

Continue reading...