Category Archives: Business

London’s biggest minicab firm Addison Lee makes emissions U-turn

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Lack of public chargers blamed for decision to be only ‘zero-emissions capable’ by April 2024

London’s biggest minicab company has U-turned on plans for all its cars to produce zero emissions this year, blaming a lack of public chargers in the capital.

Addison Lee said it had spent £30m on new Volkswagen Multivans, plug-in hybrid electric vehicles (PHEVs), which combine a small battery with a polluting internal combustion engine, and admitted that the switch to electric cars had been harder than it had expected.

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‘Brands to avoid’: Mars and Cadbury among chocolate firms criticised in ethics report

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Only 17 out of 82 companies investigated were found to use suppliers that paid cocoa farmers enough to live on

Leading chocolate brands have been criticised for having “inadequate” ethical standards in their cocoa supply chain in a report from Ethical Consumer. Only 17 out of 82 brands investigated by the consumer organisation were judged to be using chocolate from suppliers that ensured farmers were paid enough to live on.

As a result, there is a risk that Advent calendars, chocolate Santas and other Christmas treats will have been produced with child labour. About 60% of the world’s cocoa comes from west Africa, and about six in 10 cocoa-growing households in Ghana are estimated to use child labour, with four in 10 in Ivory Coast.

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Digital pound should not be considered until risks addressed, MPs warn

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Treasury select committee highlights concerns over data privacy and increased possibility of bank runs

The idea of creating a digital pound should not even be considered until the UK government and Bank of England address concerns over data privacy and the increased risk of bank runs, a parliamentary committee has warned.

MPs on the Treasury select committee said that while it was true that the rollout of a central bank digital currency could trigger fresh innovation and competition in the payments sector, serious questions remained about whether the positive effects outweighed the risks and costs.

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Rail strikes: passengers face weekend of disruption in England

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No trains will run on East Midlands and LNER services from London to Scotland will have a limited service

Rail passengers face severe disruption this weekend as two 24-hour strikes by train drivers from different companies halt many long-distance routes.

Saturday’s strikes by members of the Aslef union at LNER and East Midlands kick off a series of similar actions running until Friday, while an overtime ban across all operators in England will also hit services nationwide until next weekend. The action will also affect some cross-border services into Scotland and Wales.

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Sunak accused of retreating from global climate leadership at Cop28

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PM attracts cross-party criticism with claim that ‘climate politics is at breaking point’ during combative summit visit

Rishi Sunak has been accused of “shrinking and retreating” from global leadership as he used the Cop28 summit to claim that “climate politics is at breaking point” because of the costs of net zero.

While many other world leaders, including King Charles, spoke of the urgency of action on the climate, the prime minister used his brief appearance at the summit in Dubai to promote his approach to slowing the pace of net zero policies and reducing pressures on family finances.

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United Auto Workers calls for ceasefire in Gaza – the largest union to do so

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UAW, representing 400,000 in the US and over 580,000 retired workers, makes announcement as military operations resume

The United Auto Workers, one of the US’s largest labor unions, has come out in support of a ceasefire in Israel and Palestine as a temporary ceasefire ended on Friday with Israel resuming military operations in Gaza.

The UAW is now the largest union to have called for a ceasefire. It represents 400,000 workers in the US and more than 580,000 retired workers.

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Fear and anger rise in Germany over handling of budget crisis

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Der Spiegel accuses Scholz of ‘leading country into chaos’ as MPs scramble to plug €60bn shortfall

The German government is struggling to find a way out of a billion euro budget crisis that risks stifling its vision for environmental and industrial transformation and plunging the country into years of economic stagnation.

More immediately, the consequences of a ruling by the country’s highest court – which stunned economists and policy-makers by deeming that the government’s 2024 budget broke fiscal rules enshrined in the constitution – risks toppling the already embattled two year coalition under Olaf Scholz.

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UK house prices rise for third straight month as mortgage rates fall

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Nationwide says average property price was £258,557 in November, £5,231 down on same month last year

UK house prices rose for a third consecutive month in November as the market responded to hopes that mortgage rate costs had peaked.

Nationwide, the UK’s biggest building society, said prices rose 0.2% month on month in November, after a 0.9% rise in October and a 0.1% rise in September. Economists polled by Reuters had forecast a 0.4% fall in prices in November.

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Iceland boss hits out at parent ‘exploitation’ in baby milk market

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Richard Walker calls for price cap on infant formula as competition watchdog finds evidence of greedflation

The boss of Iceland has hit out at “exploitation” of new parents and joined calls for a price cap on baby formula after the competition watchdog found evidence of greedflation by leading manufacturers.

The Competition and Markets Authority (CMA) on Wednesday revealed manufacturers had increased prices by more than their costs during the inflation crisis, fattening profit margins and imposing an average 25% increase on shoppers in two years. It warned competition could be hampered because the market is dominated by two companies, Danone and Nestlé, which between them account for 85% of sales.

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Cristiano Ronaldo faces US$1bn lawsuit for promoting Binance NFTs

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Class-action lawsuit alleges footballer’s promotion of world’s largest cryptocurrency exchange was ‘deceptive and unlawful’

Cristiano Ronaldo has been hit with a class-action lawsuit seeking at least $US1bn in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance.

The lawsuit filed in federal court in the Southern District of Florida on Monday alleges the footballer’s promotion of Binance was “deceptive and unlawful”.

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Record revenues at UK gambling firms amid rise of online slot machines

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Industry takings top £15bn as government considers curbs on online slots due to association with addiction

Gambling firms are raking in more money than ever from UK punters, fuelled by a surge in the use of online slot machines, which the government is considering curbing due to their association with heavy losses and addiction.

The betting and gaming industry’s revenues reached £15.1bn in the year to March 2023, or £10.95bn excluding the National Lottery, figures from the Gambling Commission released on Thursday show.

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Industry super funds warn slow transition to net zero puts Australia at risk of losing ‘attractive’ investments

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A new report argues that $12bn a year on average between now and 2050 will be required to transition to renewable energy

Industry super funds have warned the Albanese government that Australia’s energy transition risks falling behind as big funds chase more compelling investment opportunities in the US, UK and Europe.

AustralianSuper, cbus, HostPlus, CareSuper, HESTA and UniSuper have co-authored a new report with Australian fund IFM Investors calling for more favourable investment conditions underwritten by taxpayers to unlock private capital for the domestic transition to net zero emissions.

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Labour vows to ‘rewire Britain’ as pylon plans spark row in Tory party

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Opposition vows to tackle rural connection delays to the grid while Conservatives call for offshore network to preserve landscapes

Labour is promising to “rewire Britain”, making its case to the UK’s rural communities that it will connect farmers and businesses to the National Grid at record-breaking speed.

The pledge comes as Rishi Sunak faces a battle over electricity pylons with the trade secretary, Kemi Badenoch, and former ministers urging him to pull the plug on crucial grid infrastructure.

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One in four adults in UK to buy now, pay later for Christmas, study shows

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Citizens Advice warns such credit schemes risk delivering ‘knockout blow’ to household finances

More than a quarter of adults in the UK will use buy now, pay later to help with festive spending, research suggests, with the proportion rising to more than half of parents with young children.

The survey for Citizens Advice also found 11% of respondents used such credit schemes to pay for groceries, a proportion that rose to 35% for regular BNPL users.

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EU hatches backup plan to lessen impact of 10% Brexit tariff on EVs

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Exclusive: ‘Cushion’ for carmakers facing looming tariff under deal for vehicles traded between EU and UK from start of 2024

The European Commission has hatched confidential Plan B proposals to “cushion” the impact of a looming 10% tariff on imports and exports of electric vehicles, the Guardian has learned.

The proposal was presented to member states on Monday in response to pressure from carmakers to amend some of the conditions imposed when the UK left the EU in January 2021.

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US economy grew faster than expected as businesses invested – business live

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Rolling coverage of business as US revises up GDP growth in third quarter to fastest pace of 2023

At lunchtime in the UK and western Europe markets are fairly flat all around.

The UK’s benchmark FTSE 100 has barely moved, although grocery delivery company Ocado is the top gainer, up 4.8%. (An Ocado director buying shares may have helped.) Trainer retailer JD Sports was the second biggest, up 4.5%.

These allegations are false, not true, incorrect, are not accurate. And it’s an attempt to undermine the work of the COP28 presidency,

I promise you, never ever did I see these talking points that they refer to or that I ever even used such talking points in my discussions.

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How Labour’s plan for ‘fair pay deals’ looks to solve UK social care crisis

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Underfunded, overstretched sector to become testing ground for battle against low pay but critics say policy is weak and vague

“My sister is a care worker. She was a care worker during the pandemic. Fourteen-hour shifts, often overnight. Unimaginable pressure. And the reward? A struggle every week – and I mean every week – just to make ends meet.”

So spoke Keir Starmer last month, drawing on experience close to home in his party conference speech to underline his determination to overhaul the cash-strapped social care sector.

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MPs add to pressure on ministers to vet Barclay family’s Telegraph offer

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Call for national security law to be used to investigate proposed deal involving consortium backed by UAE

A group of MPs including the former Conservative party leader Iain Duncan Smith have asked ministers to use national security law to investigate the Barclay family’s proposed deal to give control of the Telegraph to a consortium backed by the United Arab Emirates.

The group of 18 MPs, which also includes Alicia Kearns, the chair of the foreign affairs committee, have written to the deputy prime minister, Oliver Dowden, arguing that the proposed deal poses a “very real potential national security threat”.

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Central banks ‘risk tipping UK and other developed countries into recession’

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Stance on inflation poses threat to ‘soft landing’ forecast for global economy, says OECD

Continued tough action by central banks to tackle stubborn inflation risks tipping Britain and other developed countries into recession next year, the west’s leading economic thinktank has warned.

The Organisation for Economic Co-operation and Development (OECD) said the chances of policymakers getting it wrong were “pretty high” and posed a threat to its central “soft landing” forecast for the global economy.

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Saudi Arabia’s wealth fund takes 10% stake in Heathrow airport

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Spanish firm Ferrovial sells off holding after 17 years, with other 15% going to French group Ardian

Saudi Arabia’s sovereign wealth fund has taken a 10% stake in Heathrow for £1bn from the Spanish infrastructure company Ferrovial, which is selling off its holding in Europe’s biggest airport after 17 years.

Ferrovial has sold its entire 25% stake in Heathrow’s parent company, FGP Topco, for £2.4bn, with a 15% share of the firm going to the French private equity group Ardian and the rest going to the Saudi Public Investment Fund (PIF).

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