Category Archives: Business

Canada’s approval of major telecoms takeover condemned as ‘dark day’

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Anti-monopoly consumer groups slam multibillion-takeover of Shaw by Rogers that will create a media and sports behemoth

Canada has approved a major telecoms takeover that would create a media and sports behemoth in an already concentrated media landscape, in a landmark deal that anti-monopoly consumer groups slammed as “a dark day” for competition in Canada.

On Friday the industry minister, François-Philippe Champagne, said he had approved a multibillion-dollar takeover of Shaw by Rogers.

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Recycling rubble can help rebuild Syria faster, scientists show

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Tests show recycled concrete could safely be used in new buildings in war- and quake-stricken country

Concrete rubble from destroyed buildings in Syria can be safely recycled into new concrete, scientists have shown, which will make the rebuilding of the war-hit country faster, cheaper and greener.

Syria, which was also hit by a huge earthquake in February, has a vast amount of concrete rubble, estimated at 40m tonnes. The key barrier to recycling this waste is ensuring that the new concrete is as strong and safe as conventional concrete.

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Kemi Badenoch casts doubt on growth projections for Asia-Pacific trade deal

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Comments threaten to worsen already tense relationship between senior ministers and civil servants

Kemi Badenoch has cast doubt on her department’s projections for how much the Asia-Pacific trade deal the UK government has signed will help economic growth.

The government announced overnight it had joined the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), which includes Australia and Japan, after two years of negotiations.

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AMP shareholders vote against executive pay packets over concerns bonuses too high

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Shareholders at Sydney AGM say remuneration excessive for a financial institution that has dramatically shrunk in recent years

AMP shareholders have voted against executive pay packets at the troubled financial institution over concerns bonuses are too high for a company delivering lacklustre performance and a weak share price.

AMP has lost about three-quarters of its market value in the five years since the banking royal commission disclosed numerous poor practices at the company, including its willingness to charge insurance premiums to dead customers.

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Laura Tingle becomes ABC staff-elected director – as it happened

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The 7.30 political correspondent will sit on the broadcaster’s board alongside chair Ita Buttrose. This blog is now closed

Report of new gas tax for Australia

The Australian Financial Review is this morning reporting that a new gas tax looms as the government tries to raise revenue to begin budget repair.

Major companies such as Woodside Energy, Santos and Shell and their tax advisers have signed confidentiality agreements with Treasury on the PRRT consultation.

Since Treasury resumed the stalled work for Labor late last year, it has cast the net wider to probe other PRRT areas, such as deductions, in an attempt to raise revenue sooner for the government from the profits-based tax.

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Abusive working conditions endemic in Spain’s strawberry farms, report claims

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UK supermarkets heavily reliant on strawberries from southern Spain, where workers allege they are regularly underpaid, have passports withheld and are forced to live in unsanitary shacks

Abusive conditions are endemic in parts of Spain’s fruit sector, a new report alleges, with workers telling the Guardian they have been regularly underpaid and forced to live in dilapidated shacks.

During the winter, at least 60% of strawberries eaten in the UK are likely to be from vast farms across the south-west Spanish province of Huelva. In 2020, the UK imported €310m (£272m) worth of the fruit from the Andalucia region, of which 91% is believed to be grown in Huelva.

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Major Australian home builder Porter Davis collapses leaving customers in the lurch

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Another construction firm specialising in government projects has gone into voluntary administration

One of Australia’s largest home builders Porter Davis has collapsed and construction firm Lloyd Group has gone into voluntary administration in a hit to the sector.

Grant Thornton Partners confirmed it had been appointed liquidators of the Porter Davis Homes Group, covering 14 companies.

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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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