Category Archives: Business

Brazil may sue VW amid claims firm used ‘slave labour’ under military rule

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Prosecutors seek compensation for workers kept on cattle ranch owned by German carmaker during dictatorship from 1973 to 1987

Brazil is threatening to take the German carmaker Volkswagen to court over allegations that it used slave labour on a vast ranch in the Amazon, after talks on compensating workers ended without agreement.

Public prosecutors in Brazil are seeking compensation for men who they say were forced to work in “humiliating and degrading” conditions, with no clean water or sanitation, on the Fazenda Vale do Rio Cristalino cattle ranch, which was owned by the company in the northern Pará state, between 1973 and 1987.

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FTX founder Sam Bankman-Fried pleads not guilty to bribery charges

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Bankman-Fried, 31, has already pleaded not guilty to eight counts over collapse of cryptocurrency exchange last year

The FTX cryptocurrency exchange founder Sam Bankman-Fried pleaded not guilty on Thursday to new US criminal charges, which include conspiring to violate campaign finance laws and bribe Chinese authorities.

Bankman-Fried, 31, had earlier pleaded not guilty to eight counts of fraud and conspiracy for allegedly stealing billions in FTX customer funds to plug losses at his hedge fund, Alameda Research.

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People in Cheshire village will not be forced to join hydrogen energy trial

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Backlash prompts companies to give residents option of keeping natural gas rather than joining pilot project

Energy firms will no longer force people in a village in Cheshire to stop heating and cooking with natural gas and swap to lower-carbon hydrogen after a local backlash to a planned government-backed pilot.

British Gas and Cadent had been prepared to cut off gas supplies to nearly 2,000 homes in the village of Whitby, just outside Ellesmere Port on the south bank of the Mersey, as part of their proposals to create the UK’s first hydrogen-fuelled village.

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Plans for rail pass for UK staycationers axed over cost concerns

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Exclusive: extensive consultations since idea was proposed 18 months ago have found it would not be commercially viable

Plans to boost domestic tourism by introducing a rail pass for British staycationers have been axed, the Guardian can reveal.

The idea was initially heralded by the government as a way to help struggling businesses get back on their feet as the final Covid restrictions were being lifted in the summer of 2021, but extensive consultations since have found that the plan would not be commercially viable.

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Bernie Sanders accuses ex-Starbucks chief of unprecedented union-busting

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Howard Schultz defends company’s practices before Senate committee, while Republicans condemn Sanders’ ‘witch-hunt’

Starbucks’ former chief executive Howard Schultz was accused at a Senate hearing on Wednesday of running “the most aggressive and illegal union-busting campaign in the modern history of our country”.

The hearing, “No Company is Above the Law: The Need to End Illegal Union Busting at Starbucks,” was chaired by Senator Bernie Sanders, a longtime critic of Starbucks’ anti-union activities.

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‘Simply about survival’: ACTU calls for 7% pay rise for lowest-paid workers to keep pace with inflation

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Minimum hourly rate would rise to $22.88 – or $45,337 a year – if the Fair Work Commission grants the increase

Australian unions have called for a pay rise of 7% for the lowest-paid workers, a raise in the national minimum wage of $1.50 an hour to keep pace with inflation.

The Australian Council of Trade Unions made that submission to the Fair Work Commission’s annual minimum wage review, which sets the pay of more than 2.6 million employees on the national minimum or award wages.

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Australia politics live: rate rises must stop with inflation coming down, Greens say; Brereton named anti-corruption commissioner

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Commission appointments must be signed off by the governor general. Follow live

Sorry – I am told by a couple of senators that it was “technically” 4.13am.

So expect to see a few bleary-eyed senators in the coffee lines this morning.

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Adidas asks US to bar Black Lives Matter from using three stripes in trademark

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The sportswear company claims the BLM Global Network Foundation’s yellow-stripe design would be confused with its three-stripe logo

Sneaker giant Adidas AG has asked the US trademark office to reject an application for a Black Lives Matter trademark featuring three parallel stripes, arguing it could mislead the public.

Adidas told the office in a Monday filing that Black Lives Matter Global Network Foundation Inc’s yellow-stripe design would create confusion with its own famous three-stripe mark. It sought to block the group’s application to use the design on goods that the German sportswear maker also sells, such as shirts, hats and bags.

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Bulb bailout may cost UK government billions less than feared, says watchdog

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National Audit Office estimates bill of £246m for saving energy supplier as result of sharp fall in gas prices

The bailout of the bust energy supplier Bulb is expected to cost the government billions of pounds less than originally feared because of a sharp fall in wholesale gas prices, according to the National Audit Office.

The public spending watchdog said the government may end up spending £246m on saving the supplier, which has 1.5 million customers and was acquired by Octopus Energy late last year.

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China spent $240bn on belt and road bailouts from 2008 to 2021, study finds

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Rise in emergency financing for other countries since 2016 correlates with drop in infrastructure lending

China spent $240bn (£195bn) bailing out countries struggling under their belt and road initiative debts between 2008 and 2021, new data shows.

Research found that Chinese state-backed lenders released bailout funds to 22 countries, including Argentina, Pakistan, Sri Lanka and Ukraine. Almost 80% of the emergency rescue lending was issued after 2016, reaching more than $40bn in 2021.

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UK government drops plans for NFT made by Royal Mint

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Labour criticises Rishi Sunak ‘vanity project’ announced weeks before collapse in value of cryptocurrencies

The UK government has dropped its plans to produce a non-fungible token for sale through the Royal Mint, just under a year after it first announced the project.

In response to a question from the Conservative MP Harriett Baldwin, the Treasury’s economic secretary, Andrew Griffith, confirmed the abandonment, saying: “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”

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Royal Mail workers poised for strikes after Easter as talks fail

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CWU union lines up action as MP brands bosses’ threat to put service into administration as ‘scandalous’

Postal workers at Royal Mail are poised to stage a fresh wave of strikes after Easter as talks stalled, amid a “scandalous” threat by bosses to put the company into administration.

The Communication Workers Union (CWU), which represents about 115,000 postal workers, is close to agreeing multiple strike dates to take place later in April, the Guardian understands, in the long-running dispute between the company and union. A formal announcement of the strike dates is expected this week.

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Silicon Valley Bank collapse was fastest since Barings, says BoE governor

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Credit Suisse crisis was ‘drawn out’ compared with SVB demise, Andrew Bailey tells MPs

The governor of the Bank of England has admitted he was surprised by how quickly Silicon Valley Bank failed, saying it was the fastest demise of a lender since Barings Bank collapsed in the mid-1990s.

Andrew Bailey told MPs on the Treasury select committee it had been decades since a lender had gone from “health to death” within a matter of days, saying that Barings Bank – which was brought down by the rogue trader Nick Leeson – was the only worthwhile comparison to what happened to the US tech lender.

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Diageo appoints Debra Crew as its first female chief executive

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Former chief operating officer to be one of fewer than 10 women leading FTSE 100 companies

The world’s biggest spirits maker, Diageo, has appointed Debra Crew as chief executive, one of few women to lead a FTSE 100 company.

The company, which makes well-known brands including Johnnie Walker scotch whisky, Guinness and Baileys, announced that Sir Ivan Menezes would step down on 30 June after 10 years as chief executive. It decided to promote Crew from chief operating officer to the top job, effective from 1 July.

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Latitude Financial faces possible class action after millions affected by data breach

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Cyber-attack in which information of 14 million customers has been exposed dubbed Australia’s largest to date

Latitude Financial Services could face a class action lawsuit from some of the 14 million customers who have had their personal information exposed in what has been dubbed Australia’s largest data breach.

Law firms Gordon Legal and Hayden Stephens and Associates announced on Tuesday they would investigate a potential legal action against Latitude over the breach.

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Saudi National Bank chair resigns after Credit Suisse comments

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Ammar Al Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

The chair of the Saudi National Bank has resigned for “personal reasons” less than two weeks after his comments spurred investor panic over Credit Suisse that ended in an emergency takeover by its larger Swiss rival, UBS.

The Saudi National Bank (SNB), which was Credit Suisse’s largest shareholder, announced on Monday that it had “accepted” Ammar Al Khudairy’s resignation, and that he would be immediately replaced by its chief executive.

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British Airways cancels 300 flights during Heathrow staff’s Easter strikes

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Airport security staff due to hold 10 days of strikes over pay, forcing airline to axe 5% of its schedule

British Airways is to cancel more than 300 flights to and from Heathrow over the Easter holiday period due to strikes by airport security staff.

The airline is axing about 5% of its schedule, with 16 return short-haul flights cancelled daily. It said the majority of affected customers would be booked on to alternative flights within 24 hours, or could be fully refunded.

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Italian academic cooks up controversy with claim carbonara is US dish

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Alberto Grandi also raises hackles with suggestion Wisconsin has most authentic take on parmesan cheese

An Italian academic has caused more than a stir after saying the recipe for carbonara is American and the only place in the world to find bona fide parmesan cheese nowadays is Wisconsin.

Alberto Grandi, a professor of food history at the University of Parma, made the remarks in an interview with the Financial Times. He also claimed tiramisu and panettone were relatively recent inventions and that most Italians had not even heard of pizza before the 1950s.

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EU ministers to approve vehicle emissions law after deal with Germany

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Berlin secures concessions over future use of e-fuels after going back on agreement struck last year

EU ministers are expected to approve a draft law on emissions standards for cars on Tuesday, after reaching a deal with Germany over the weekend that ended a damaging row over a key part of Europe’s green deal.

Pascal Canfin, a French centrist MEP who chairs the European parliament’s environment committee, said an EU law that all cars sold from 2035 must produce zero emissions “will be voted unchanged, including by Germany” on Tuesday.

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Elon Musk memo suggests Twitter worth less than half of what he paid for it

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Calculation based on leaked offer to staff that implies firm valued at $20bn compared with $44bn he bought it for

Twitter is worth less than half of what Elon Musk paid for it six months ago having lost more than $20bn (£16.4bn) in value, according to calculations based on a leaked memo from the billionaire.

Musk suggested in memo to the social media company’s staff that it is now valued at less than $20bn. This compares with the $44bn he paid for it in October 2022.

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