Index rises to 7934.30, pushing it above previous record set on 3 February
The UK’s blue-chip shares index has hit a fresh all-time high, only days after a previous record was set last Friday.
The FTSE 100 index rose by almost 1% on Wednesday morning to hit 7934.30 points, surpassing the former high of 7,906.58 points set on 3 February.
Continue reading...Controversial MP appointed as Greg Hands’ deputy; Michelle Donelan becomes minister for science, innovation and technology
This is from TalkTV’s Kate McCann.
“Next hour or so …” We’ll see. Reshuffles often take longer than expected, because all it takes is one minister to say no, or ask for time to think, and then the whole process gets clogged up. There is already some evidence that this one is not going to be quite as quick as originally expected. (See 8.30am.)
Continue reading...Opposition groups push Modi to investigate allegations by US short-seller as firm suffers market rout
The crisis engulfing the Adani Group has intensified as hundreds of members of India’s opposition parties took to the streets to press for an investigation into allegations by a US short-seller against India’s second-biggest business group which triggered its market rout.
The Adani Group said on Monday that its major investors, known in India as “promoters”, had pledged to prepay $1.1bn (£916m) in share-backed loans due for repayment by September 2024. The repayments include shares in Adani’s ports business, Adani Green Energy and Adani Transmission.
Continue reading...Recharge, which is also planning a factory in Victoria, revives goal to build £3.8bn ‘gigafactory’ in north England
An emerging Australian company yet to construct a major project will be responsible for delivering on UK hopes to electrify its automotive industry after outbidding rivals to take over collapsed battery maker Britishvolt.
In a whirlwind fortnight, Recharge Industries put together an aggressive package that also revives plans to build a £3.8bn (A$6.7bn) “gigafactory” in the north of England to supply the next generation of UK-built electric vehicles, free from Chinese materials.
Continue reading...Exclusive: Looming auction to earmark £1.5bn to put power generators on standby and keep the lights on
The billionaire West Ham United investor Daniel Křetínský and Swiss commodities giant Vitol are among bidders hoping to land hundreds of millions of pounds in subsidies to keep the lights on in Great Britain.
National Grid’s electricity system operator is preparing to announce successful bidders in a “capacity market” auction this month for 2026.
Continue reading...More than 1,100 workers who were left destitute to be compensated by owner of Tommy Hilfiger and Calvin Klein
More than 1,100 garment workers in Haiti are sharing $1m (£830,000) in compensation from the owner of Tommy Hilfiger and Calvin Klein after being left destitute by the closure of a factory.
PVH, which was one of several brand owners sourcing from the Vald’or factory in the Caribbean country, agreed to pay the sum to cover missed severance pay, pension contributions directly to workers and the government pension fund after involvement by the Worker Rights Consortium lobby group.
Continue reading...Companies facing backlash amid warning of mid-contract price rises of up to 17% during cost of living crisis
Britain’s telecoms regulator is being urged to intervene over concerns that mobile and broadband operators are “lining their pockets” with £2.2bn of above-inflation price rises during the cost of living crisis.
While ministers have urged employees to show pay restraint, the mobile phone and broadband firms are facing a consumer backlash as they announce record price increases.
Continue reading...Two-man business contacted by lawyers of Middle-earth Enterprises, which owns rights to Lord of the Rings
A refuse firm in Brighton called Lord of the Bins has been ordered by lawyers to change its name after being accused of breaching trademark laws.
The two-man waste collection business was contacted by Middle-earth Enterprises, which owns the worldwide rights to The Hobbit and the Lord of the Rings trilogy.
Continue reading...Tenants’ Union says some form of rent control is needed to alleviate pressure during a ‘nasty’ time in the market
Millie Bannister was already anxious about how much the rental market had skyrocketed in Sydney when she received a letter from her landlord saying they wanted to increase her rent by 35%.
“Last time, it only increased by $60, but now it’s going to increase by $270 a week, which is a 35% increase, and around $12,000 per year. For me and my roommate, two people in their mid-20s, it is not [easy] to wrangle with.”
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Continue reading...Financial watchdog warns over rise of ‘fin-fluencers’ targeting younger people on social media
More than 10,000 misleading financial promotions and scams aimed at consumers via social media sites such as Instagram, Facebook, YouTube and TikTok have been identified and targeted by the financial watchdog during the past year.
The Financial Conduct Authority (FCA) said the use of social media marketing channels and the rise of so-called “fin-fluencers” – particularly directing investment products at younger age groups – exploded last year, resulting in a record number of takedown notices and alerts.
Continue reading...Norway’s sovereign wealth titan threatens to vote against boards on firms it holds investments with over lax climate and social targets
Norway’s sovereign wealth fund, the world’s single largest investor, has warned company directors it will vote against their re-election to the board if they don’t up their game on tackling the climate crisis, human rights abuses and boardroom diversity.
Carine Smith Ihenacho, chief governance and compliance officer of Norges Bank Investment Management, which manages more than 13tn Norwegian kroner (£1tn) on behalf of the Norwegian people, said the fund was preparing to vote against the re-election of at least 80 company boards for failing to set or hit environmental or social targets.
Continue reading...NSW environment officials alert Fire and Rescue over concerns plastic is being stored dangerously following suspension of the REDcycle scheme
Supermarket giants Coles and Woolworths have been ordered to dump more than 5,200 tonnes of soft plastic – currently being stored at warehouses across New South Wales – into landfill.
The NSW Environment Protection Authority is concerned that huge amounts of soft plastic are being dangerously stored at 15 locations due to the suspension of botched recycling initiative REDcycle.
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Continue reading...Facebook parent company Meta bucks trend with better earnings than expected, as Apple sees first profit miss in seven years
The A-Team of big tech – Apple, Amazon and Alphabet – all delivered disappointing results on Thursday a day after Facebook owner Meta bucked the gloomy trend in technology, delivering better-than-expected results.
Apple shares slid more than 4% on Thursday after the company posted a disappointing first-quarter earnings report, including rare misses on revenue, profit and sales.
Continue reading...As it happened: Prime minister speaks in interview on TalkTV to mark his 100th day in office
On the subject of Rishi Sunak reaching his 100th day in office, my colleague Jessica Elgot has a great assessment of how it’s going. Here is an extract.
After Liz Truss left office, polls suggested that voters wanted to keep an open mind about Sunak and rated him significantly higher than his party.
That is now beginning to turn. According to senior Labour figures, their most recent focus groups, with swing voters in Southampton, Dewsbury and Bury last week, were described as being “utterly brutal for Sunak”, with participants engaging in “open mockery” of the prime minister. Even the most pessimistic members of Keir Starmer’s team say they have seen a decisive shift.
In the coming weeks, our new stop the boats bill will change the law to send a message loud and clear.
If you come here illegally, you will be detained and removed.
Continue reading...Former UK PM’s brother quits board of Elara Capital days after it was accused of using funds to manipulate share prices
Jo Johnson, the younger brother of the former prime minister Boris Johnson, has resigned as a director of a London-based investment bank allegedly linked to the Indian billionaire Gautam Adani’s crisis-ridden business empire.
Lord Johnson, a former Conservative minister who was given a peerage by his brother in 2020, resigned from the board of Elara Capital on Wednesday just days after Elara was accused of using Mauritius-based funds to manipulate the share price of Adani-linked companies and obscure their ultimate ownership.
Continue reading...Disability royal commissioner writes to company bosses after hearing of people dropped on the floor and discrimination against assistance dogs
The chair of the disability royal commission has written to Australian airline and airport chiefs about improving their treatment of travellers with disabilities, after the inquiry heard stories of people dropped on the floor and discrimination against assistance dogs.
The royal commission has so far heard that people with disabilities are routinely subject to violence, abuse, neglect and exploitation when flying domestically, with participants telling the inquiry they felt airlines were “dehumanising” them and that complaints were rarely followed up. Advocates have told Guardian Australia that complaining through the Australian Human Rights Commission is often the only way to seek recourse.
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Continue reading...Sunak government under pressure after gas prices fuel ‘outrageous’ doubling of profits at Anglo-Dutch group
The government is under pressure to rethink its windfall tax on energy companies after Shell reported one of the largest profits in UK corporate history, with the surge in energy prices sparked by Russia’s invasion of Ukraine pushing the oil company’s annual takings to $40bn (£32bn).
Opposition parties and trade unions described Shell’s bonanza, the biggest in its 115 year history, as “outrageous” and accused Rishi Sunak of letting fossil fuel companies “off the hook”.
Continue reading...James Dyson and Tina Green, wife of Philip Green, among British business figures on register of overseas entities
Billionaires and business figures including James Dyson and Tina Green own UK property via overseas companies, according to a new register aimed at improving transparency.
The tycoons feature on a list that a Guardian investigation revealed last week includes the racing driver Lewis Hamilton, the Chinese government, a string of Gulf royals and at least 20 donors to the Tory party.
Continue reading...People from Niger delta areas of Ogale and Bille seeking justice in London’s high court
Nearly 14,000 people from two Nigerian communities are seeking justice in the high court in London against the fossil fuel giant Shell, claiming it is responsible for devastating pollution of their water sources and destruction of their way of life.
The individuals from the Niger delta area of Ogale, a farming community, lodged their claims last week, joining more than 2,000 people from the Bille area, a largely fishing community. In total 13,652 claims from individuals, and from churches and schools, are asking the oil giant to clean up the pollution which they say has devastated their communities. They are also asking for compensation for the resulting loss of their livelihoods. Their ability to farm and fish has been destroyed by the continuing oil spills from Shell operations, they claim.
Continue reading...Differing experts have urged the Monetary Policy Committee to both cut interest rates and to raise them
Turn up. Take the temperature of the economy. Raise interest rates. That’s the been the pattern from the responsible technocrats at the Bank of England for more than a year now – and they show no sign of stopping.
Between the depths of the global financial crisis in March 2009 and the start of the Covid-19 pandemic, interest rates were changed only five times, and three of those were in response to unexpected shocks: one after the Brexit vote in 2016, and two at the arrival of the pandemic in 2020. There was one period of more than seven years when interest rates were pegged at 0.5%.
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