Firm said in October it had not paid any UK windfall taxes because of heavy investment in North Sea
Shell has revealed it expects to pay about $2bn (£1.7bn) in UK and EU windfall taxes for the final quarter of 2022 – the first time it has paid UK tax for five years.
The oil company had previously sparked anger in October when it said it had not paid any UK windfall taxes because of heavy investment in the North Sea.
Continue reading...Lockdowns were good news for book trade as people read more and sought out bookshops when they reopened
The number of independent bookshops in the UK and Ireland climbed to a 10-year high in 2022, as the book trade defied the odds in an otherwise brutal year for high street retailers.
The lifestyle changes brought about by the coronavirus pandemic lockdowns were a boon for the book trade, as Britons with more time on their hands read more and sought out bookshops when they reopened.
Continue reading...Exclusive: Officials took one day to conclude no laws were broken at VK Garment factory and workers say their words were deleted
Thai police have been accused of conducting a “sham” investigation into potential forced labour at a garment factory formerly used by Tesco, after officials took one day to conclude no laws were broken.
The Guardian revealed last month that Burmese workers who produced F&F jeans for Tesco in Thailand reported being made to work 99-hour weeks for illegally low pay in terrible conditions.
Continue reading...Retailer reports much better than expected data in December but remains ‘cautious’ about 2023
Next has upped profit forecasts for the year by £20m after better sales than expected in the run-up to Christmas, but said it remained “cautious” about the year ahead.
The fashion and home retailer said sales had risen by 4.8% in the nine weeks to 30 December, well above predictions of a 2% fall, delivering £66m more sales than expected.
Continue reading...CEOs pass milestone nine working hours earlier than last year, with pay up 39% on January 2022
The bosses of Britain’s biggest companies will have made more money in 2023 by Thursday afternoon than the average UK worker will earn in the entire year, according to analysis of vast pay gaps amid strike action and the cost of living crisis.
The High Pay Centre, a thinktank that campaigns for fairer pay for workers, said that by 2pm on the third working day of the year, a FTSE 100 chief executive will have been paid more on an hourly basis than a UK worker’s annual salary, based on median average remuneration figures for both groups.
Continue reading...Ministers missed crucial opportunities but should use energy windfall tax to speed up insulation efforts, committee says
A national “war effort” on energy efficiency is required to cut energy bills, reduce climate-heating emissions and ensure energy security, according to a cross-party committee of MPs.
Boosting efficiency in homes and businesses is the fastest way to cut energy use but the government missed a “crucial window of opportunity” last summer, the report from the environmental audit committee (EAC) said. The energy bills crisis was sparked by Russia’s invasion of Ukraine in February 2022, while political turmoil in the UK resulted in three prime ministers in office between July and October.
Continue reading...Queensland Resources Council says industry would welcome restrictions easing but new long-term customers since found elsewhere in Asia
Australia would benefit from a lifting of China’s ban on its coal but any gains would likely be modest as miners have largely redirected supplies elsewhere, analysts said.
Shares of ASX-listed coalminers shot up on Wednesday after reports China was considering lifting its restrictions on coal imports from Australia from April. The ban was imposed in mid-2020 amid deteriorating bilateral relations that have since begun to improve.
Continue reading...Consortium spearheaded by Direct Line founder, Sir Peter Wood, have swooped for company
A consortium spearheaded by Direct Line founder Sir Peter Wood has swooped for the funeral services company Dignity in the first UK takeover attempt of the year.
A subsidiary of Valderrama – a joint venture between Wood’s investment firm SPWOne and investment house Castelnau Group – has made a possible offer for the London-listed company, whose board recommended the deal to shareholders.
Continue reading...Irish regulator fines Facebook owner €390m after EU rejects argument for use of data to drive personalised ads
The business model of Mark Zuckerberg’s Meta empire has been dealt a blow following a ruling that its legal justification for targeting users with personalised ads broke EU data laws.
Campaigners said the move could force the Facebook and Instagram owner to ask users to “opt in” to having their data used for targeted ads.
Continue reading...Agreement caps regulator’s investigation into cryptocurrency’s compliance with requirements to prevent money laundering
US-based cryptocurrency exchange Coinbase has reached a $100m settlement with New York’s Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday.
The settlement, which includes a $50m penalty, caps the regulator’s investigation into the firm’s compliance with requirements to prevent money laundering.
Continue reading...Business groups fear government will halve energy support after March, while commuters face more disruption on the railway
Households in the UK spent £1.1bn more on groceries in December than a year earlier, taking Christmas spending to a record £12.8bn, but got fewer items in their baskets as rampant inflation hit home.
Many stocked up on alcohol to enjoy while watching the men’s football World Cup, with sales of beer reaching the highest level for the year on the day of England’s quarter-final against France on 10 December.
This was a big drop. Mortgage approvals fell by 11,800 in November, the biggest fall since April 2020 and are at their lowest level since June 2020. This is not the news the housing market was hoping for in the first week of the new year.
Mortgage approvals are the key lead indicator for housing transactions, lower mortgage approvals today means fewer housing transactions tomorrow. A reduction in housing transactions will hurt all those businesses that are involved in the home-moving process, but the absence of forced sellers implies that house prices will not fall as far or as fast as housing transactions.
Continue reading...UK company makes decision because of growing tensions between Beijing and the island
Brompton, the UK’s largest bicycle maker, has said it is planning to reduce its dependence on China and Taiwan for parts, amid fears of a growing military threat to the island from Beijing.
The company known for its folding bikes is among various western firms hoping to ensure they can source supplies from other countries, as concerns mount over rising geopolitical tensions, and even a possible future invasion of Taiwan by China, which considers the island to be a breakaway province.
Continue reading...Exclusive: military veterans’ group RE:ACT gets £200,000 yearly contract to ensure welfare of lorry drivers gridlocked in Kent
The government has signed a £200,000-a-year contract with a disaster response charity established by the former head of Britain’s armed forces to help drivers stuck in lorry queues in Kent.
The Department for Transport has enlisted RE:ACT, which uses military veterans to distribute humanitarian aid in war zones and following natural disasters, amid concerns over driver welfare.
Continue reading...Passengers advised to travel only if necessary on Wednesday, although No 10 and Network Rail optimistic about reaching deal
• UK strike calendar: service stoppages in January
More disruption awaits commuters returning to work after the Christmas break on Wednesday, the second of five consecutive days of rail strikes.
Once again, much of Britain’s rail network will not be operating, with only about a fifth of trains expected to run, leaving only a skeleton service for commuters on some urban and intercity lines.
Continue reading...People with disabilities more likely to cut back on energy use and food, Resolution Foundation says
Disabled people in the UK are much more likely to struggle to heat their homes and cut back on food this winter, according to a report highlighting “massive” income gaps amid the cost of living squeeze.
Research from the Resolution Foundation found people with disabilities had an available amount to spend that was about 44% lower than that of other working-age adults, exposing them hugely to the rising cost of essentials.
Continue reading...Mick Lynch says strikes could carry on into spring unless a reasonable offer is made to the RMT union; transport secretary denies blocking a deal
Huw Howells, head of manufacturing and industrials at Lloyds Bank corporate & institutional banking, said:
Manufacturers start 2023 on somewhat uncertain ground as December shows a fifth month of contraction.
There are silver linings in the supply chain, but unknowns remain for 2023, making forecasting difficult as manufacturers balance demand and supply.
Continue reading...Crypto exchange founder accused of using deposits to support hedge fund, buy real estate and make political contributions
Fallen crypto billionaire Sam Bankman-Fried is expected to enter a plea of not guilty on Tuesday to criminal charges that he cheated investors and looted billions of dollars at his now bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter.
Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions, in what prosecutors have called a fraud of epic proportions.
Continue reading...Falls could lower cost of government subsidies and reduce risk of power cuts this winter
Economic forecasters could be forgiven for reading the outlook for 2023 through their fingers as strikes, cost of living pressures and a potential global recession paint a gloomy picture. But wholesale gas prices have offered a sliver of optimism, with a sharp fall in recent days. Here’s why they are tumbling – and what it means for consumers.
Continue reading...Chief negotiator says better communications could sway union members, as first of five days of rail strikes begins
A deal to stop strikes is “in touching distance”, the chief negotiator for Network Rail has claimed, as drivers and staff began the first of five consecutive days of national rail strikes.
Tim Shoveller, Network Rail’s chief negotiator, suggested the pay offer would not be improved but claimed that better communication of the deal would begin to win over union members.
Continue reading...Centre for Retail Research says 17,145 stores shut in total, up almost 50% on 2021, during pandemic
Last year was a “brutal” one for Britain’s retail sector, with more shops shutting down than at any other point in the last five years, and 2023 will be similarly challenging, according to industry groups.
About 47 shops on average pulled down their shutters for the final time every day last year, according to analysis from the Centre for Retail Research (CRR). It found a total of 17,145 shops on high streets and in other locations closed for good over 2022. This is up almost 50% on the 11,449 shops closed in 2021, during the Covid pandemic.
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