Category Archives: Business

Treasury analysing whether removal of tampon tax has lowered prices

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Cost of period products has risen and campaigners say saving is not being passed on by retailers

The Treasury is analysing whether the removal of the “tampon tax” – trumpeted last week by Rishi Sunak as one of the benefits of Brexit – has helped lower prices at all, amid concerns the saving is not being passed on by retailers to women.

Responding to a written question from the Labour MP Ruth Cadbury, the government said a tax reduction was able to “contribute to the conditions for price reductions” and it was “looking into whether this important zero-rating is being passed on by retailers to women as intended”.

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Ladbrokes owner funded ‘dishonest’ lobbying against gambling reforms

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Campaign funded by Entain urging people to write to MP was shameful, says chair of parliamentary group

The owner of Ladbrokes, Entain, has been accused of “dishonest” lobbying after it funded an operation mobilising people to complain to their MP about proposals to reform gambling laws.

The government last month unveiled plans for tighter regulation, including measures it said would make gambling safer but would also reduce revenue for brands such as Coral and PartyCasino, owned by Entain.

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Major Tory donor investigated over fraud and money laundering allegations

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Indian rice tycoon Karan Chanana, who gave the Conservatives more than £220,000, is under scrutiny by India’s finance ministry

A leading Tory donor who has given more than £220,000 to the party is being investigated over allegations of fraud and money laundering.

Karan Chanana, head of the global rice brand Amira, is being investigated in India over claims that tens of millions of pounds of bank loans were unlawfully diverted into shell entities. Chanana has not responded to the claims.

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TikTok Australia expands trial of gambling advertising despite widespread criticism

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Two more companies can now run ads targeting young people and women on social media platform

Australian social media users will see more sports gambling ads after TikTok quietly expanded a controversial trial of wagering partnerships despite widespread criticism.

The decision to increase ads could undermine any federal government action to restrict broadcast promotions, with researchers warning that gambling companies are one step ahead of regulators and are targeting new demographics.

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Jaguar Land Rover offered £500m in subsidies to build battery plant in UK

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Incentive from Jeremy Hunt comes only days after three carmakers issued Brexit rules warning

The government has offered the owner of Jaguar Land Rover £500m in subsidies in an effort to persuade the carmaker to build a new electric battery plant in the UK.

The chancellor, Jeremy Hunt, has put forward a package of incentives to entice JLR, days after three global carmakers warned that Brexit rules on where parts were sourced threatened the future of the British automotive industry.

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Tesco chair to stand down after allegations of inappropriate behaviour

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John Allan, a prominent business leader and former CBI president, to leave role at AGM on 16 June

John Allan will stand down as chair of Tesco after allegations of inappropriate behaviour.

Allan, who has been chair of the UK’s biggest supermarket since 2015, will stand down at the retailer’s annual meeting on 16 June.

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Energy bills could fall to average of £2,053 as Ofgem prepares to lower cap

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But campaigners say it will not give much relief to struggling households as government support ends

Household energy bills could fall to an average of £2,053 a year this summer as the regulator prepares to lower its cap on energy prices next week, according to analysts.

However, campaigners have warned that the lower cap on energy bills, to be announced on Thursday, is unlikely to provide much relief to households that struggled to pay their bills over the winter because the government’s support schemes have come to an end.

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Disney cancels plans for $1bn campus in Florida amid battle with DeSantis

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Company has clashed with governor over anti-LGBTQ+ legislation, prompting state to strip its self-governing power

Disney has scrapped plans to build a near $1bn (£804m) corporate campus for 2,000 employees in Florida, amid an increasingly bitter political and legal battle with the state’s governor, Ron DeSantis, over the future of the entertainment giant’s theme parks.

Walt Disney, which has also announced the closure of its $2,500-a-night “Star Wars” Galactic Starcruiser Hotel in Orlando, said it would no longer relocate California-based employees including theme park ride designers to the new campus about 18 miles (30km) east of Walt Disney World.

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Asda plans 5% pay cut for about 7,000 workers just outside London

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Supermarket is consulting about removing a 60p an hour supplement at 39 stores outside M25 despite the cost of living crisis

Asda is planning to cut pay for about 7,000 workers in stores close to London by about 5% despite the surge in the cost of living in Britain.

The UK’s third biggest supermarket, which was bought by the billionaire Issa brothers and private equity firm TDR Capital in 2020, said it was in consultation about removing a 60p an hour supplement from workers at 39 stores sited outside the M25 but near to the capital.

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RMT to hold rail strike across England on eve of FA Cup final

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Latest action on 2 June comes between two days of strikes by Aslef and will bring further disruption to football final

The RMT has announced another rail strike on Friday 2 June, the day before the men’s FA Cup final, warning that the government “cannot wish the dispute away”.

About 20,000 RMT members working for the 14 major rail companies in England will strike for 24 hours in the long-running dispute over pay and conditions.

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Jeep maker Stellantis demands billions to keep battery plant in Canada

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World’s fourth biggest carmaker threatens to move production to US unless government matches incentives offered to Volkswagen

Jeep maker Stellantis has threatened to shift a planned battery plant from Canada to the US unless it receives billions more in state subsidies offered to a rival, in the latest manoeuvre by a big manufacturer in the international battle over green incentives.

It comes as the world’s fourth biggest carmaker, which also produces Vauxhall/Opel, Fiat, Citroën, Peugeot, DS, Alfa Romeo, Maserati and Abarth vehicles, leads a campaign in Europe for the UK and EU to renegotiate tariff rules in the Brexit deal.

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Injectable HIV-prevention drug to be made in South Africa for the first time

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Indian drug company to make cheaper generic version of CAB-LA, potentially protecting millions of people in Africa from the virus

An affordable version of a groundbreaking HIV-prevention drug will be made in South Africa for the first time, potentially giving millions of people at risk of HIV infection in Africa access to a two-monthly jab that can almost eliminate their chances of contracting the virus.

The Indian drug company Cipla confirmed that a generic version of the prophylaxis, long-acting cabotegravir (CAB-LA), would be manufactured at its plants in Benoni, near Johannesburg, or Durban.

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SP Hinduja, billionaire head of Britain’s richest family, dies at 87

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Chair of Hinduja Group and his family had estimated collective fortune of more than £28bn

SP Hinduja, the billionaire patriarch of Britain’s richest family and chair of the globe-spanning Hinduja Group conglomerate, has died in London at the age of 87, his family have confirmed.

Srichand P Hinduja, who was known as SP or Sri, had dementia, according to reports.

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Elon Musk: I will tweet what I want even if it loses me money

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Twitter owner and Tesla chief defends tweet about George Soros after being accused of antisemitism

Elon Musk has said he will continue sending controversial tweets even it loses him money, as he defended himself against accusations of antisemitism over tweets about George Soros.

The Twitter owner and Tesla chief executive said he is “allowed to say what I want to”, as he defended a tweet posted on Tuesday saying the billionaire financier “reminds me of Magneto” – the Jewish villain in the X-Men series.

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UBS to make $35bn in Credit Suisse takeover – but lose $17bn in rushed deal

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UBS says it will absorb costs related to litigation, regulatory matters and liability adjustments in emergency rescue

UBS is in line to make an almost $35bn (£28bn) gain after its emergency takeover of Credit Suisse – but has said it will take a $17bn hit from costs related to the rushed rescue deal.

The Swiss lender has said it will make gains of $34.8bn after taking on Credit Suisse, based on an initial assessment of data until the end of last year, according to a regulatory filing. The accounting gain will be one of the biggest ever reported by a bank in a single quarter.

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Ofgem orders three energy firms to pay £8m compensation over late bills

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E.ON Next, Octopus and Good Energy did not supply final bill on time to many households that had switched

Three energy suppliers have been made to pay compensation totalling £8m for failing to supply a final bill on time to more than 100,000 households that had switched provider.

The energy regulator for Great Britain, Ofgem, said E.ON Next was ordered to pay £5.5m to almost 95,000 customers because it did not provide them with a final bill within six weeks of moving to another supplier, nor did it pay compensation for the delay within 10 days of the missed deadline.

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Ford, Vauxhall owner and JLR call for UK to renegotiate Brexit deal

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Carmakers call on Britain to change rules on batteries that they say threaten electric vehicle production

Three big global carmakers have called on the UK government to renegotiate the Brexit deal, saying rules on where parts are sourced from threaten the future of the British automotive industry.

Ford and Jaguar Land Rover have joined Stellantis, which owns the Vauxhall, Peugeot and Citroën brands, to warn the transition to electric vehicles will be knocked off course unless the UK and EU delay stricter “rules of origin”, due to kick in next year, that could add tariffs on car exports.

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No 10 food summit ‘no more than a PR stunt’ and failed to tackle key issues

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Rishi Sunak’s Farm to Fork meeting, the first of its kind, failed to address solutions to inflation, soaring costs and food security, say attenders

Rishi Sunak’s Downing Street food summit has been described as “empty" by food and farming industry representatives, who rounded on the prime minister for failing to discuss soaring inflation or set out measures to safeguard British food production.

The Farm to Fork summit, the first meeting of its kind, brought together farmers, food producers and some of Britain’s largest supermarkets.

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Greggs wins right to late-night opening for Leicester Square bakery store

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Chain resolves heated debate with council amid concerns over antisocial behaviour

A heated debate over Greggs’ right to trade into the early hours in central London, amid warnings it could cause a wave of crime and disorder, has been resolved.

Greggs said it could now open its Leicester Square flagship store until 2am from Thursday to Saturday and until midnight through the rest of the week after Westminster council allowed it to sell hot drinks, such as tea and coffee, as well as its sausage rolls, pizza slices and steak bakes, after an 11pm curfew.

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OpenAI CEO calls for laws to mitigate ‘risks of increasingly powerful’ AI

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Sam Altman says before Senate judiciary committee that he supports guardrails for technology to minimize harms

The CEO of OpenAI, the company responsible for creating artificial intelligence chatbot ChatGPT and image generator Dall-E 2, said “regulation of AI is essential” on Tuesday as he testified in front of a Senate judiciary committee panel.

In his first appearance in front of Congress, Sam Altman said he supported regulatory guardrails for the technology that would enable the benefits of artificial intelligence while minimizing the harms.

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