Category Archives: Business

Record number of public electric vehicle chargers installed in UK in 2022

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More than 8,700 chargers installed, bringing total to 37,000 in a 30% increase

British companies installed a record number of public electric car chargers during 2022 as they raced to dominate a fast-growing and potentially lucrative market.

There were more than 8,700 public chargers installed in the UK during the year to 22 December, bringing the total available to more than 37,000, according to Zap-Map, a data company. That represented a 30% year-on-year increase, slower than the 38% annual growth in sales of battery electric cars during the year to November.

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Ex-Royal Mail boss hits out at board for ‘confrontational path’ on strikes

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Rico Back believes postal service’s talks with union have been poorly handled

The former Royal Mail boss Rico Back has launched a withering attack on the company’s board, saying its chief executive lacked experience and had mishandled talks with the Communication Workers Union that led to strikes and chaos in the run-up to Christmas.

Royal Mail has been locked for months in an increasingly bitter battle with the CWU over pay and changes to working conditions. Simon Thompson joined as chief executive two years ago from the online grocer Ocado.

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Gymshark founder who launched £1.25bn empire in parents’ garage awarded MBE

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Ben Francis, 30, among slew of businesspeople recognised for services to commerce and economy in new year honours list

The 30-year-old founder of the exercise clothing brand Gymshark has been awarded an MBE in the new year honours list, – just one of a slew of businesspeople to be recognised for their services to commerce and the economy.

Ben Francis, who began his £1.25bn empire sewing his own gym clothes in his parents’ garage in Bromsgrove, near Birmingham, in 2012, is the youngest of those to be honoured for their services to business.

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Russian oligarchs lose $95bn in 2022 amid sanctions after Ukraine war

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Roman Abramovich’s fortune fell by 57% to $7.8bn, as the UK government froze more than £18bn of assets belonging to Russians

The richest Russian oligarchs have lost almost $95bn this year amid strict sanctions imposed by western nations over the Ukraine war – shedding $330m a day since the Kremlin launched its invasion.

Roman Abramovich, the former Chelsea FC owner, was the biggest loser, with his fortune falling by 57% to $7.8bn this year, according to the Bloomberg billionaires index.

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FTX assets worth $3.5bn held by Bahamas securities regulator

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Authority says it is holding digital assets until they can be returned to creditors and former customers

The Bahamas securities regulator has said it has seized assets worth $3.5bn (£2.9bn) from the failed cryptocurrency exchange FTX and plans to return them to creditors and former customers.

The Securities Commission of the Bahamas said it had transferred all digital assets under the custody or control of FTX Digital Markets, a Bahamas subsidiary of the FTX operation, to its own digital wallets for “safekeeping”.

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Rail strikes ‘cost UK hospitality sector £1.5bn in December alone’

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Figure worse than predicted and head of industry body expects ‘more business failures’ in early 2023

The rail strikes have had a worse impact on the UK’s hospitality industry than expected – costing bars, pubs, restaurants and hotels £1.5bn in December alone – according to the head of the body representing the sector.

Kate Nicholls, the chief executive of UKHospitality, said this had contributed to a “perfect storm” for businesses battling high energy bills and a cost of living crisis, adding this meant “undoubtedly we will see more business failures” in the next three months.

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Indian leather companies accused of enabling Russia’s war effort

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Soldiers’ boots are made from imported Indian leather as country’s trade with Russia soars by 400%

Indian companies have been accused of enabling Russia’s war effort after exporting leather to Russian companies that make boots for its military in the months since the invasion of Ukraine.

Russia and India have longstanding ties and Narendra Modi’s government has not joined western countries in openly criticising Moscow over the war nor stopped Indian companies trading with Russia.

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UK house prices fall for fourth month in a row, the longest run since 2008

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Annual growth rate cools in December and average price of property drops to £262,068, says Nationwide

Property prices in the UK fell for the fourth month in a row in December, the longest run of declines since 2008, according to Nationwide.

Annual house price growth also slowed sharply as the year drew to a close, to the lowest rate since mid-2020, with all regions of the country affected, according to the building society’s monthly survey.

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Inflation, waiting lists, strikes, rail chaos, climate emergency: the 2022 polycrisis

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Almost every facet of life in the UK – courts to cost of living, transport to healthcare, environment to asylum system – is at breaking point

In mid-November Rishi Sunak was asked in a Channel 4 interview to name one public service that “was working, adequately, working properly”.

The prime minister didn’t give a direct answer. But the exchange feeds into an ever-more-common discourse: that the UK is facing “polycrisis” in almost every facet of life in Britain. From courts to the cost of living, transport to healthcare, environment to the asylum system – everywhere appears to be affected.

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‘A trend is starting’: France leading way in alcohol-free drinks boom

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Rush of startups creating alcohol-free spirits, wines and beers is a departure in a country with a vast booze industry

When Nicole, a retired executive assistant, began preparing her new year get-togethers with family and friends, her first purchase was an artisan bottle of French alcohol-free gin.

“There’s something in the air right now,” the 71-year-old said. “Young people in their 20s and 30s drink so much less booze than we did. My generation was rock’n’roll, we drank a lot, smoked a lot. Times have changed. Young people are finding alternatives – and it’s benefiting us oldies too as we try to step back from bad habits.”

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Thai police screen ex-workers at former Tesco supplier over sweatshop claims

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Interviews follow raid on VK Garment factory, the subject of a UK lawsuit against the supermarket from 130 ex-workers

Thai police and civil servants have begun screening more than 100 former workers at a factory that supplied Tesco to determine if they were victims of forced labour.

The Guardian revealed last week that Burmese workers who produced F&F jeans for Tesco in Thailand had reported being trapped in their work, enduring 99-hour weeks for illegally low pay in appalling conditions.

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European gas prices fall to pre-Ukraine war level

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Milder winter, alternative imports and energy reduction cuts demand after Russian invasion pushed up prices

European gas prices have dipped to a level last seen before Russia launched its invasion of Ukraine in February, after warmer weather across the continent eased concerns over shortages.

The month-ahead European gas future contract dropped as low as €76.78 per megawatt hour on Wednesday, the lowest level in 10 months, before closing higher at €83.70, according to Refinitiv, a data company.

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ExxonMobil launches legal challenge to EU’s windfall tax on energy firms

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US oil firm contests legal authority for ‘solidarity contribution’ to raise funds to offset soaring energy prices

ExxonMobil has launched a legal challenge against the EU in an attempt to derail the bloc’s windfall tax on the profits of energy producers.

In a high-stakes political battle as countries across Europe and the wider western world struggle with soaring energy costs and sky-high inflation, the US oil firm said it believed the EU had overreached its powers with the windfall tax.

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Civil service union warns of possible strikes by junior doctors and teachers

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General secretary Mark Serwotka predicts ‘coordinated and synchronised’ action from January

The head of the largest civil servants union has warned ministers that “coordinated and synchronised” strike action across the economy will “significantly escalate” from January.

Mark Serwotka, the general secretary of the Public and Commercial Services Union (PCS), was speaking as his members employed in passport control for Border Force set up picket lines at Britain’s largest airports on Wednesday, in a four-day strike set to continue until New Year’s Eve.

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£1.1bn in fees, 3.1m hours, 14 years: the UK cost of winding up Lehman Brothers

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PwC, administrator of Lehman’s London arm since bank’s failure in 2008, secures three more years to finish process

Administrators will spend at least three more years winding up the London-based arm of Lehman Brothers, swelling the almost £1.1bn in fees that PwC has already raked in since the bank’s calamitous collapse in 2008.

PwC has secured court approval to extend the administration process for the investment bank’s European hub to 2025, given the “complexity of unwinding the group’s affairs” after one of the biggest corporate failures in history.

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China’s move to ease Covid travel restrictions lifts hopes for global economy

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Analysts says lifting of many rules may soften impact of higher interest rates and unblock supply chains in 2023

China’s decision to ease rules on travel in and out of the country, the world’s second-largest economy, has offered investors hope that it could soften the toll from higher interest rates on global stock markets and unblock supply chains amid a dark outlook for 2023.

Chinese authorities said late on Monday that inbound travellers would not have to quarantine on arrival, from 8 January onward. The announcement marked the latest in a series of steps to reopen the country, which is home to vital global supply chains and 1.4 billion people.

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Chuka Umunna advises Czech tycoon accused of Royal Mail plot

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Ex-Labour MP and former critic of privatisation risks claims of hypocrisy over advisory role with Daniel Křetínský

The MP turned banker, Chuka Umunna, is advising a Czech tycoon who was accused of planning a secret takeover of Royal Mail by union leaders.

The former Labour MP is one of a team of bankers working on Daniel Křetínský’s British business interests, many of which are held within Vesa Equity Investment, including a 23% stake in Royal Mail’s parent company, International Distributions Services (IDS).

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UK rail system described as ‘broken’ as 2022 data reveals extent of disruption

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Delays and cancellations linked to 20 years of privatisation, rising costs and labour shortages worsened by pandemic, say experts

Rail passengers have been delayed or disrupted on more than half of all train services departing from 15 of Great Britain’s busiest stations in the last year, Guardian analysis shows, exposing what has been described as a “broken” railway system that cannot easily be fixed.

Experts said the figures – which show rail services in the north and Midlands as the hardest hit – demonstrated the impact of two decades of privatisation, which had increased costs and public subsidies, combined with labour shortages exacerbated by the pandemic.

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Experts predict housing market will cool in 2023 as UK enters a recession

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The slowdown is expected to intensify with price declines between 5% and 12%

The housing market will cool sharply next year after a bumpy 2022, industry experts are predicting, as the UK contends with recession and higher mortgage rates.

As the cost of living crisis has intensified amid soaring inflation and as interest rates have increased, house prices have already started falling month-on-month. The average house price dropped 2.3% in November from October – the most since the start of the financial crash in 2008 – according to Halifax.

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UK retailers face quieter Boxing Day amid cost of living crisis

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An estimated £3.8bn will be spent on 26 December, down almost 4% on last year

Retailers are preparing for a quieter Boxing Day this year despite freedom from pandemic restrictions as the cost of living crisis weighs on shoppers’ budgets.

Spending is expected to hit almost £3.8bn on 26 December, according to research by GlobalData for Vouchercodes.

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