UK ambassador to Yemen took part in opening of Jordanian cigarette factory

Michael Aron praised facility part-owned by British American Tobacco at ribbon-cutting event in 2019

A UK ambassador took part in the opening ceremony of a Jordanian cigarette factory part-owned by British American Tobacco (BAT) and praised the new facility in a televised interview, in the latest example of British diplomats breaching strict guidelines against mixing with the tobacco industry overseas.

The envoy stood at the ribbon as it was cut and later appeared in promotional material on the tobacco company’s website, but no record of his presence at the event was kept by the British embassy in Amman because the event was not considered a “formal meeting”.

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Rail strikes to severely disrupt travel in Great Britain this weekend

RMT staff at 14 operators to take action, affecting LNER, Avanti, LNER and Southern among others

Rail travel around Great Britain will be severely disrupted again this weekend after the second 24-hour strike in three days started on Saturday morning.

Thousands of members of the RMT union working as train staff at 14 operators are on strike in the long-running dispute over pay and jobs.

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Credit Suisse shares continue to fall despite efforts to calm nerves

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns

Credit Suisse shares came under renewed pressure on Friday, despite fresh attempts by central banks and politicians to calm fears about a crisis in the global banking industry sparked by the collapse of two US banks this week.

Shares in Credit Suisse, Switzerland’s second largest bank, fell 8% on Friday despite securing a £45bn emergency loan from the Swiss National Bank just days earlier to shore up its liquidity after a week of panic.

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Jacqueline Gold’s proudly smutty Ann Summers changed the UK high street

Lingerie and sex toy chain’s boss tapped into the female market by embracing Britain’s peculiar erotic humour

When Jacqueline Gold arrived to shake up Ann Summers, the company had already been in the family for a decade, bought by her father, David, and uncle Ralph Gold. They had made the initial leap from sex shop to what they styled as a “lingerie boutique”; it would be more accurate to say they took it from a shop women never went into to a shop women did go into, while still selling the same sex toys and lucky knickers.

The impact of Jacqueline Gold, who has died aged 62, went far beyond the shops themselves or even the operation. The irony is that British culture in the 80s was hardly a stranger to images of women in their underwear, but these images were pretty well always used to sell random things to men. The notion of erotic imagery and shop frontage aimed at women was quite novel, and freighted with innuendo – this is one sense in which I can just about allow that Britain is exceptional, the peculiar humour it derives from sex: that Carry-On, seaside postcard, slightly mirthless and dutiful performance, where anyone revealing a sexual identity is considered to make themselves ridiculous, becoming the butt of some inexpressible joke. It was not cost-free, therefore, for women to go browsing in Ann Summers, and Gold attacked this from two directions.

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Silicon Valley Bank’s parent company files for bankruptcy

SVB Financial Group files for chapter 11 protection but failed Silicon Valley Bank, now under FDIC control, is not part of it

Silicon Valley Bank’s parent company filed for bankruptcy protection on Friday, a week after the tech lender was taken over by federal regulators following a 36-hour surge of depositor withdrawals that triggered the worst bank collapse since the financial crisis.

SVB Financial Group filed for chapter 11 protection on Friday in New York bankruptcy court where administrators will set about selling off assets to meet creditors claims.

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Four arrested after climate protesters occupy Dominic Perrottet’s office – as it happened

Six teenagers and a dozen adults occupied NSW premier’s office, protesting approval of new coal and gas projects. This blog is now closed

We’ve got some more information on the news the Albanese government is set to spend $1.3bn buying 220 Tomahawk cruise missiles.

The deputy prime minister, Richard Marles, said Australia would be working closely with the US to get more missile capability.

Making sure we have longer-range strike missiles is a really important capability for the country. It enables us to be able to reach out beyond our shores further and that’s ultimately how we are able to keep Australia safe.

The cruise missiles are a critical part of that, as are the submarines that launch them.

Our banking system is really well capitalised. It’s well regulated. We’re well placed in Australia to withstand some of the vulnerability in banking systems.

Whether it’s Silicon Valley banks, and the steps taken by the Americans, or credit Swiss, and the loans provided by the central bank, we’re monitoring it closely.

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US banks launch $30bn rescue of First Republic to stem spiraling crisis

Bank of America, Goldman Sachs, JP Morgan agree to prop up troubled bank after its shares tumbled amid wider turmoil

Wall Street’s giants moved to end the US’s spiraling banking crisis on Thursday by agreeing to prop up troubled First Republic, a mid-sized bank whose shares have been pummeled amid a wider banking turmoil.

Bank of America, Goldman Sachs, JP Morgan and others will deposit $30bn in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next.

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ECB raises eurozone interest rate despite banking sector fears

Concerns half-point could set off domino effect across financial industry knocked by Credit Suisse crisis

The European Central Bank has raised interest rates across the eurozone by 0.5 percentage points, despite fears that higher borrowing costs could set off a domino effect across a banking sector already reeling from a collapse in confidence in Switzerland’s second largest lender, Credit Suisse.

Officials at the ECB, the central bank covering the 19-member euro bloc, said inflation was likely to remain high “for too long”, forcing it to continue with its planned run of rate increases.

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NHS workers expected to be offered one-off payments worth up to 6% as part of revised pay offer – UK politics live

Health secretary expected to announce a formal pay offer to key unions later today

Sinn Féin’s US fundraising arm has caused a row by calling for a referendum on Irish unity in adverts in the New York Times, Washington Post and other US publications.

The half-page ads were paid for by Friends of Sinn Féin and ran on Wednesday urging support for unity referendums in Northern Ireland and the Republic of Ireland. “It is time to agree on a date,” it said. “Let the people have their say.”

They’re ads from Irish American organisations whose view on reunification is well known and held for a very long time and they take out ads every year. So, the focus now needs to be on getting back to work [at Stormont].

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Budget: UK on track for ‘disastrous decade’ of income stagnation

Thinktank says taxes as share of GDP are on course to reach 70-year high but public services are being cut

The UK remains on track for a “disastrous decade” of stagnant incomes and high taxes, despite cuts to public services, the Resolution Foundation has said in its analysis of the budget on Wednesday.

The thinktank, whose stated aim is to improve the standard of living for low- and middle-income families, said typical household disposable incomes were on course to be lower by the end of the forecast period in 2027-28 than they were before pandemic, when inflation was taken into account.

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Jeremy Hunt defends pensions giveaway as Labour vows to scrap it

Shadow chancellor says decision to axe lifetime allowance is ‘wrong priority at the wrong time for the wrong people’

The Labour party has vowed to reverse the chancellor’s £1bn budget pensions tax “gilded giveaway” for the wealthiest 1% if it wins the next general election, as Jeremy Hunt defended his decision to scrap the lifetime pensions allowance.

The shadow chancellor, Rachel Reeves, said Labour would seek to force a Commons vote next week on the decision, which critics argue will allow the wealthiest people to put a limitless amount into their pension pots, which can then be passed on to their heirs without paying inheritance tax.

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Jeremy Hunt is helping rich instead of helping people into work, says thinktank

IFS says budget pensions giveaway could open up loophole for avoidance of inheritance tax

Jeremy Hunt’s huge pensions giveaway for the wealthiest 1% may have no impact on increasing the number of people in work, while opening a loophole for avoidance of inheritance tax, a leading economic thinktank has warned.

The Institute for Fiscal Studies said the surprise measure in the chancellor’s budget “probably won’t play a big part, if any” in increasing the number of people in work.

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ECB faces dilemma over interest rate rise amid Credit Suisse crisis

European Central Bank could opt for smaller increase as concerns spread over health of banking system

The European Central Bank is facing a dilemma over whether to push ahead with its plans for a large interest rise on Thursday amid fears over the strength of the banking system after Wednesday’s heavy sell-off of the Swiss banking firm Credit Suisse.

After raising interest rates since last summer at a record pace to tackle high inflation across the eurozone, the ECB had in effect committed to another 0.5 percentage point increase in borrowing costs this week.

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Qantas criticised for ‘unfair’ Covid credit scheme despite 12-month extension

Choice says flight credits should work like gift cards with customers able to split them over a number of transactions

Qantas and Jetstar are being criticised for an “unfair” Covid credit scheme, despite extending the deadline for customers to use the credits by 12 months.

The airlines announced on Thursday they were giving customers an additional 12 months to use their Covid credits, carry-overs from the extensive cancellations and border closures that came during the pandemic.

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Credit Suisse takes $54bn loan from Swiss central bank after share price plunge

After largest shareholder was unable to provide backing, Europe’s 17th largest lender says it will use government help to become ‘simpler and more focused’

Credit Suisse has announced that it will take a CHF50bn ($53.7bn) loan from the Swiss central bank, in an action it says will “pre-emptively strengthen its liquidity” as it moves to stem a crisis of confidence a day after its share price plummeted.

This additional liquidity would support the bank in taking the “necessary steps to create a simpler and more focused bank built around client needs”, its statement said. The bank said it was also making buyback offers on about $3bn worth of debt.

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Jeremy Hunt aims to spur business investment with ‘full expensing’ tax break

Measure over next three years will allow firms to write off costs of IT equipment and machinery against tax on profits

Jeremy Hunt has launched a flurry of tax breaks to encourage investment by businesses after the double blow of microchip designer Arm opting for a New York stock market listing and AstraZeneca deciding to build a new factory in Dublin.

Businesses that invest in IT equipment and machinery will be able to claim back the cost by writing it off against tax on their profits, the chancellor announced in his budget on Wednesday.

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Jeremy Hunt makes U-turn on planned cut to energy support

Campaigners unite with suppliers to call on ministers to give long-term help to struggling households

Ministers are under pressure to announce plans for a social tariff to help Britons struggling with their energy bills over the long term, after the government performed a U-turn on a planned cut to support for households.

On the morning of the chancellor Jeremy Hunt’s budget speech, the government confirmed the energy price guarantee would continue at its current rate, which limits a typical annual household bill to £2,500. It is being extended from April, when it was due to expire, for a further three months until the end of June.

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Budget pension shake-up is £4bn tax giveaway for wealthy, critics say

Jeremy Hunt criticised for scrapping lifetime allowance and increasing annual contribution cap

The chancellor has been accused of unveiling a £4bn tax giveaway that will benefit the wealthiest people in the UK by dramatically increasing how much they can stash away in pensions while enjoying the full tax benefits.

Jeremy Hunt announced a major shake-up of the rules governing how much people can pay into their retirement pots, which will have no impact on the vast majority of the population but could lead to huge gains for the top few per cent of wealthy, older pension savers. Labour claimed it was a handout for “the richest 1%” and that someone with a £2m pension pot would pay up to £275,000 less in tax as a result.

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Hunt’s disability plans put 1m at risk of losing £350 a month, IFS says

Charities and disability campaigners say chancellor’s proposals set out in his budget more ‘stick than carrot’

Up to 1 million people currently claiming incapacity benefits could lose hundreds of pounds a month as a result of plans outlined in the budget to push ahead with the “biggest reforms to the welfare system in a decade,” experts have said.

The warning came as ministers unveiled a range of measures to try to drive more people back into the workplace, including scrapping controversial “fit for work” tests for disabled claimants and stepping up the threat of benefit sanctions against part-time workers.

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SVB collapse may be start of ‘slow rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

The collapse of Silicon Valley Bank could just be the start of “a “slow rolling crisis” in the US financial system with “more seizures and shutdowns coming”, the chief executive of the world’s largest asset manager has warned.

The CEO of BlackRock, Larry Fink, also predicted in a letter to investors and company bosses that inflation would persist and rates continue to rise, trends that both contributed to SVB’s collapse.

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