Category Archives: Business

Ukraine war has marked a turning point in Europe’s gas consumption, says IEA

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Global energy watchdog says Russia cutting supplies has prompted efficiency upgrades and move to heat pumps

The Ukraine crisis has marked a turning point for Europe’s gas consumption, which is expected to fall again this year as homes and firms embrace efficiency upgrades and heat pumps, according to the global energy watchdog.

A report from the International Energy Agency found that the continent’s developed economies reduced their gas use by 15% in 2022 after Russia cut off flows after its invasion.

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One in seven HR heads believe men are better suited to top jobs

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‘Shocking’ poll in England and Wales shows nearly one in five reluctant to hire women they think may go on to have children

A significant minority of human resources executives believe men are better suited to senior management than women, according to the results of a “shocking” poll.

Nearly one in seven HR decision-makers rate men as better for top jobs and nearly one in five admitted they were reluctant to hire women they thought might go on to start families, the survey of personnel managers in England and Wales for the charity Young Women’s Trust (YWT) found.

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Online marketplaces report surge in sales of secondhand goods

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Amazon, eBay and others record rise in reselling as cost of living crisis bites and customers try to shop sustainably

Online marketplaces are experiencing a surge in sales of secondhand goods amid the cost of living crisis and customers choosing to shop more sustainably.

Amazon said it had seen a 15% increase in sales of secondhand goods in the first nine months of the year, with sales across the UK and Europe hitting £1bn a year.

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Charlie Munger, right-hand man of Warren Buffett, dies aged 99

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Vice-chairman of Berkshire Hathaway – and a billionaire in his own right – died at a California hospital, company says

Charlie Munger, the veteran right-hand man of billionaire stockpicker Warren Buffett, has died aged 99.

The vice-chairman of Berkshire Hathaway, Buffett’s sprawling empire, became known for his sharp investment strategies – and tongue – as they transformed it from a textile manufacturing enterprise into a global investment powerhouse.

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First transatlantic flight using 100% sustainable jet fuel to take off

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Virgin Atlantic flight, partly funded by UK government, hailed by ministers but criticised by campaigners


The first transatlantic flight by a commercial airliner fully powered by “sustainable” jet fuel will take off from London Heathrow this morning.

The Virgin Atlantic flight, partly funded by the UK government, has been hailed by the aviation industry and ministers as a demonstration of the potential to significantly cut net carbon emissions from flying, although scientists and environmental groups are extremely sceptical.

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EasyJet returns to profit but Israel-Hamas war reduces bookings

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Budget airline says its research has found two-thirds of Britons are more likely to travel abroad next year

EasyJet has experienced a general drop in bookings since the Israel-Hamas war started, which prompted it to pause flights to Israel and Jordan, but said demand was coming back and consumers were keen to holiday abroad next year.

Johan Lundgren, the budget airline’s chief executive, said: “As we saw with Ukraine, there has been a short-term industry-wide impact on [flight] searches and bookings, though this now seems to be coming back with a recent improvement in trading.”

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Wilko rescue failed because ‘everyone got a little bit greedy’, says HMV owner

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Retailer’s suppliers did not think of 12,000-plus jobs that could have been saved, claims Doug Putman

The HMV owner Doug Putman has said his planned rescue of the retailer Wilko collapsed because “everyone just got a little bit greedy” and was not thinking about the jobs that could have been saved.

The Canadian retail billionaire, who has engineered a turnaround of HMV in the UK and owns Toys R Us in Canada, was close to a deal to take over as many as 200 of Wilko’s 408 stores in September, which would have saved more than 12,000 jobs.

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Chinese fashion giant Shein has filed paperwork to float on US stock market – reports

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Company last month hoped for a valuation of $80-$90bn, according to reports, making it the largest initial public offering (IPO) in years

Fast fashion giant Shein has reportedly lodged confidential paperwork with US securities regulators, informing them of an intention to go public in the US.

The listing would likely be the largest initial public offering (IPO) in years.

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Revealed: Saudi Arabia’s grand plan to ‘hook’ poor countries on oil

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Climate scientists say fossil fuel use needs to fall rapidly – but oil-rich kingdom is working to drive up demand

Saudi Arabia is driving a huge global investment plan to create demand for its oil and gas in developing countries, an undercover investigation has revealed. Critics said the plan was designed to get countries “hooked on its harmful products”.

Little was known about the oil demand sustainability programme (ODSP) but the investigation obtained detailed information on plans to drive up the use of fossil fuel-powered cars, buses and planes in Africa and elsewhere, as rich countries increasingly switch to clean energy.

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Tesla sues Sweden’s transport agency in escalation of strike row

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US carmaker claims ‘discriminatory attack’ after industrial action stops new cars receiving Swedish plates

Tesla is suing the Swedish transport agency, accusing it of a “discriminatory attack” on the US electric carmaker, after strike action prevented its new vehicles from getting licence plates in Sweden.

The lawsuit is an escalation in a row that started between the car company and the union representing Swedish Telsa workers, who are calling for collective bargaining rights and have been on strike for five weeks.

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UK will not return to Cameron era’s close ties with China, Sunak says

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At summit to drum up foreign investment PM says he does not intend to change policy towards Beijing

Rishi Sunak has said the UK will not return to the close relationship with China pursued under David Cameron, as the prime minister met business leaders in an effort to drum up foreign investment.

The government on Monday said £29.5bn of new investment had been earmarked for the UK, including projects by the ScottishPower owner, Iberdrola, and BioNTech, the German company that partnered with Pfizer on its Covid vaccine.

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Dick Smith criticises Facebook after scammers circulate deepfake video ad

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Businessman warns people to ‘never ever’ purchase from advertisers on Facebook and Instagram after ‘totally fraudulent’ video appears

Australian businessman Dick Smith has urged people to stop buying anything from Facebook or Instagram after a deepfake video of him spruiking an investment opportunity was circulated by scammers online.

Smith posted a message on his personal website on Monday afternoon about the video, which was designed to appear like a segment on A Current Affair, featuring host Ally Langdon apparently interviewing him, Gina Rinehart and Andrew Forrest.

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Let boardrooms look beyond shareholder returns to drive productivity, report urges

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Adapting business laws to include benefits other than profit in decision-making could add £149bn to UK economy, says Demos thinktank

Britain’s economy could receive a £149bn boost from a change to UK business laws that would ensure companies put social, economic and environmental benefits at the heart of their decision-making, according to a report.

With the UK on course for the second lowest growth rate in the G7 group of leading economies in 2023, the study by the thinktank Demos said it was clear that cutting taxes or raising public spending had not been effective at driving economic growth.

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Climate crisis adds average £605 a year to UK household food bills, study finds

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Report quantifies UK food inflation caused by extreme weather reducing global crop yields since end of 2021

Food bills in the UK have risen by £605 a year for the average household because of the effects of climate breakdown, according to research.

Floods and droughts, which scientists have said were probably exacerbated by global heating, have reduced crop yields over the past two years, said the Energy and Climate Intelligence Unit (ECIU), a nonprofit organisation.

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‘They thought I had cancer’: painkiller banned in UK linked to Britons’ deaths in Spain

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Patients’ group says reactions to metamizole can cause sepsis and organ failure – and British and Irish people are at higher risk

A patients group representing several British victims has launched legal action against the Spanish government over claims it failed to safeguard people against the potentially fatal side effects of one of the country’s most popular painkillers, involved in a series of serious illnesses and deaths.

The drug metamizole, commonly sold in Spain under the brand name Nolotil, is banned in several countries, including Britain, the US, India and Australia. It can cause a condition known as agranulocytosis, which reduces white blood cells, increasing the risk of potentially fatal infection.

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How the climate credentials of Australia’s big banks stack up

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ANZ stands out as ‘laggard’ while Commonwealth Bank and Westpac have restrictions on facilitating bonds for fossil fuel clients

There is a growing gulf between the climate policies of Australia’s big banks, with some pledging to severely limit future financing for fossil fuel projects, while others have left the door open, according to an analysis of updated lending policies.

Part of the discrepancy lies in the banks’ approach to arranging bonds, which are used by companies to access financing along with, and sometimes instead of, a direct loan.

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UK’s flagship post-Brexit trade deal worth even less than previously thought, OBR says

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Office for Budget Responsibility says UK entry into the Indo-Pacific agreement will add just 0.04% to GDP in the long run

The UK’s flagship trans-Pacific trade deal, which was presented as a cornerstone of post-Brexit “global Britain”, will deliver even less benefit to the economy than the tiny uplift that was previously predicted, according to the Office for Budget Responsibility.

In a report accompanying last week’s autumn statement, the OBR said the UK’s entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would add just 0.04% to GDP in the “long run”, which it defines as after 15 years of membership.

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Thousands of HSBC customers in UK unable to access online banking services

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Consumers report problems using bank’s app on one of the busiest shopping days of year, Black Friday

Thousands of HSBC customers reported they were unable to access its online and mobile banking services on one of the busiest online shopping days of the year – Black Friday.

More than 4,000 customers said they could not access their accounts via the HSBC app on Friday, according to Downdetector, which tracks and collates website outages and complaints.

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Cruise firm Carnival UK withdraws threat to fire and rehire more than 900 staff

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Operator of P&O Cruises and Cunard fleets agrees to consult with seafarers’ union over any proposed changes to employment contracts

Carnival UK has committed not to fire and rehire its cruise ship staff, after it was revealed that the company had made provisions to potentially dismiss and re-engage more than 900 seafarers on its P&O Cruises and Cunard fleet.

The cruise operator’s Bermuda-based employment firm last week notified authorities including the UK Insolvency Service of a consultation to vary the terms and conditions of 919 maritime workers across its 10 UK-based ships.

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‘What do we want? £15!’ Hundreds join Amazon picket line for Black Friday strike

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Trade unionists from US and Europe stand with staff at Coventry hub over local pay dispute amid global day of action

Hundreds of strikers outside Amazon’s Coventry warehouse were joined on Black Friday by trade unionists from Europe and the US as part of a global campaign calling for better working conditions at the internet retailer.

Wearing orange beanie hats branded with the GMB union logo, activists from Germany, Italy and California, on strike at their respective Amazon workplaces, expressed solidarity with the Coventry strikers, who have taken 28 days of industrial action since January.

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