Category Archives: Business

Diageo appoints Debra Crew as its first female chief executive

Posted on by

Former chief operating officer to be one of fewer than 10 women leading FTSE 100 companies

The world’s biggest spirits maker, Diageo, has appointed Debra Crew as chief executive, one of few women to lead a FTSE 100 company.

The company, which makes well-known brands including Johnnie Walker scotch whisky, Guinness and Baileys, announced that Sir Ivan Menezes would step down on 30 June after 10 years as chief executive. It decided to promote Crew from chief operating officer to the top job, effective from 1 July.

Continue reading...

Latitude Financial faces possible class action after millions affected by data breach

Posted on by

Cyber-attack in which information of 14 million customers has been exposed dubbed Australia’s largest to date

Latitude Financial Services could face a class action lawsuit from some of the 14 million customers who have had their personal information exposed in what has been dubbed Australia’s largest data breach.

Law firms Gordon Legal and Hayden Stephens and Associates announced on Tuesday they would investigate a potential legal action against Latitude over the breach.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup​

Continue reading...

Saudi National Bank chair resigns after Credit Suisse comments

Posted on by

Ammar Al Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

The chair of the Saudi National Bank has resigned for “personal reasons” less than two weeks after his comments spurred investor panic over Credit Suisse that ended in an emergency takeover by its larger Swiss rival, UBS.

The Saudi National Bank (SNB), which was Credit Suisse’s largest shareholder, announced on Monday that it had “accepted” Ammar Al Khudairy’s resignation, and that he would be immediately replaced by its chief executive.

Continue reading...

British Airways cancels 300 flights during Heathrow staff’s Easter strikes

Posted on by

Airport security staff due to hold 10 days of strikes over pay, forcing airline to axe 5% of its schedule

British Airways is to cancel more than 300 flights to and from Heathrow over the Easter holiday period due to strikes by airport security staff.

The airline is axing about 5% of its schedule, with 16 return short-haul flights cancelled daily. It said the majority of affected customers would be booked on to alternative flights within 24 hours, or could be fully refunded.

Continue reading...

Italian academic cooks up controversy with claim carbonara is US dish

Posted on by

Alberto Grandi also raises hackles with suggestion Wisconsin has most authentic take on parmesan cheese

An Italian academic has caused more than a stir after saying the recipe for carbonara is American and the only place in the world to find bona fide parmesan cheese nowadays is Wisconsin.

Alberto Grandi, a professor of food history at the University of Parma, made the remarks in an interview with the Financial Times. He also claimed tiramisu and panettone were relatively recent inventions and that most Italians had not even heard of pizza before the 1950s.

Continue reading...

EU ministers to approve vehicle emissions law after deal with Germany

Posted on by

Berlin secures concessions over future use of e-fuels after going back on agreement struck last year

EU ministers are expected to approve a draft law on emissions standards for cars on Tuesday, after reaching a deal with Germany over the weekend that ended a damaging row over a key part of Europe’s green deal.

Pascal Canfin, a French centrist MEP who chairs the European parliament’s environment committee, said an EU law that all cars sold from 2035 must produce zero emissions “will be voted unchanged, including by Germany” on Tuesday.

Continue reading...

Elon Musk memo suggests Twitter worth less than half of what he paid for it

Posted on by

Calculation based on leaked offer to staff that implies firm valued at $20bn compared with $44bn he bought it for

Twitter is worth less than half of what Elon Musk paid for it six months ago having lost more than $20bn (£16.4bn) in value, according to calculations based on a leaked memo from the billionaire.

Musk suggested in memo to the social media company’s staff that it is now valued at less than $20bn. This compares with the $44bn he paid for it in October 2022.

Continue reading...

Investors force HSBC shareholder vote on structural overhaul

Posted on by

Minority shareholder Ken Lui leads campaign seeking to split bank’s Asian and western businesses

Hong Kong investors have forced HSBC into a shareholder vote on its structure and strategy, including a potential spin-off of its Asian arm.

An investor group, led by the minority shareholder Ken Lui, said the bank’s Asian activities were “effectively subsidising the western businesses, to the detriment of HSBC’s global shareholders” in a way that undermines efforts to increase the bank’s value and growth.

Continue reading...

NSW election 2023 live results: polls have closed and votes are now being counted after Dominic Perrottet and Chris Minns made final pitches – latest news

Posted on by

Premier casts vote in seat of Epping and Labor leader says he is ‘feeling optimistic’ as party hopes to return to power after 12 years in opposition

Dominic Perrottet has given some more expansive comments after voting a short time ago in his seat of Epping. He and Labor leader Chris Minns spoke last night, exchanging text messages and wishing each other good luck.

Here’s some more from the premier:

It’s a real honour to serve the people of New South Wales. There’s a lot at stake in this election. I will be working hard all day.

It’s not about the Liberal or National party. Ultimately, elections are about our people. My team has the plan to deal with the challenges of today, but we’re all wanting to set up the state for the children.

Our party has been here for 12 years, it’s transformed New South Wales. We were the worst performing economy, the state had stalled. We’ve turned that around. We’ve built schools and hospitals, the motorways have transformed people’s lives. But it’s all about the future and where we go from here. I believe my team has the plan, the experience, energy and ideas to take the state forward.

Continue reading...

Strawberries instead of bin liners: poll reveals strange supermarket delivery substitutions

Posted on by

Shoppers reported replacement items in 47% of UK deliveries, including 62% from Asda, in Which? survey

Dog chews instead of chicken breasts? Strawberries in place of bin liners? These are just some of the strangest supermarket substitutions, according to a poll.

Almost half of supermarket deliveries (47%) included a substitute item over the past 12 months, the survey for the consumer group Which? found.

Continue reading...

Head of Credit Suisse talks of his profound sadness over UBS takeover

Posted on by

Ulrich Körner acknowledges an ‘emotional and challenging week’ after deal was forced through by Swiss authorities

The chief executive of stricken Credit Suisse has said that he shares its employees’ “profound sadness and disappointment” after its emergency takeover by rival UBS earlier this week.

UBS took over Credit Suisse on Sunday in a £2.65bn deal forced through by Swiss authorities amid fears that a failure to protect depositors would kickstart a global banking crisis.

Continue reading...

Network Rail warns of Easter disruption due to engineering works

Posted on by

Train passengers advised to plan ahead over holiday weekend with west coast main line services hit

Rail passengers have been advised to plan ahead for Easter, with engineering works expected to close the west coast main line between some of Britain’s biggest cities.

No trains will run between London Euston and Milton Keynes throughout the four-day holiday weekend from Good Friday on 7 April, until Easter Monday, on 10 April, meaning replacement buses or alternative routes will be needed to travel between the capital and towns and cities including Birmingham, Manchester and Liverpool.

Continue reading...

Wetherspoon’s boss: hospitality holding off price rises could be ‘catastrophic’

Posted on by

Tim Martin says Bank of England is right to ask firms to be mindful but advice should not be taken too literally

The boss of JD Wetherspoon has warned it could be “catastrophic” for pubs and restaurants to hold off raising prices as costs continue to soar, as the pub chain revealed that the “ferocious” impact of inflation has fuelled a dramatic increase in its bills.

Tim Martin said that Andrew Bailey, the governor of the Bank of England, was right to warn companies to be mindful of how much they put up prices to avoid continuing to fuel an inflationary cycle, after the headline annual rate unexpectedly rose to 10.4% last month.

Continue reading...

‘Tours are no longer fun’: Neil Young lambasts Ticketmaster for ripping off fans

Posted on by

Singer-songwriter says ‘the old days are gone’ amid wider consternation at ticketing company’s pricing policies

Neil Young has lambasted Ticketmaster over its concert ticketing policies, saying “concert tours are no longer fun” due to what he sees as exploitative pricing.

Young wrote on his website:

It’s over. The old days are gone. I get letters blaming me for $3,000 tickets for a benefit I am doing. That money does not go to me or the benefit. Artists have to worry about ripped off fans blaming them for Ticketmaster add-ons and scalpers. Concert tours are no longer fun. Concert tours not what they were.

Continue reading...

Man suspected of being crypto fugitive Do Kwon arrested in Montenegro

Posted on by

South Korean CEO of Terraform Labs is accused of multi-billion-dollar fraud involving TerraUSD and Luna currencies

A man suspected of being the fugitive South Korean cryptocurrency entrepreneur Do Kwon, accused of orchestrating a multi-billion-dollar fraud that shook global crypto markets last year, has been arrested in Montenegro.

“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen, co-founder and CEO of Singapore-based Terraform Labs,” the interior minister, Filip Adžić, tweeted late on Thursday.

Continue reading...

Ikea UK makes agreement with EHRC to improve policies on sexual harassment

Posted on by

Company will review processes after reports allegations not properly handled by management at store

Ikea UK has made an agreement with the Equality and Human Rights Commission to improve its sexual harassment policies and practices after a complaint by a former employee.

The agreement comes after the EHRC was made aware of an allegation of sexual assault and harassment at Ikea UK and reports that these allegations were not appropriately handled by management at one of the company’s UK stores.

Continue reading...

Britain’s biggest banks under pressure to pass on higher interest rates to savers

Posted on by

Unite says their analysis shows banks have made £7bn in extra profit from the rise in borrowing costs

Britain’s biggest banks are under pressure to pass on higher interest rates to savers after figures showing they have made an extra £7bn by refusing to do so, and as they stand to benefit from a tax cut announced by Jeremy Hunt.

On the day the Bank of England is expected to announce a further rise in interest rates, the Unite trade union said banks had already made billions of pounds in extra profit from the dramatic rise in borrowing costs.

Continue reading...

Can you copyright a rhythm? Inside the reggaeton lawsuit that could shake the pop world

Posted on by

Two dembow progenitors are suing superstars including Luis Fonsi and Daddy Yankee – in a case that also names Justin Bieber – claiming that they deserve credit for birthing the genre

With the release of their song Fish Market in 1989, the Jamaican duo Cleveland “Clevie” Browne and Wycliffe “Steely” Johnson inadvertently changed the course of pop music. The track featured the first known example of what would come to be known as a “dembow” rhythm – the percussive, slightly syncopated four-to-the-floor beat that travelled from reggae to become the signature beat of reggaeton, today the world-conquering sound of Latin American pop.

Now, more than 30 years after Fish Market was released, Steely & Clevie Productions is suing three of reggaeton’s most celebrated hitmakers – El Chombo, Luis Fonsi and Daddy Yankee – for what they characterise as unlawful interpolation of Fish Market’s rhythm (or “riddim”), and are seeking the credit – and royalties – they say they deserved from the start.

Continue reading...

Novartis scraps cholesterol drug trial in blow to UK life sciences ambitions

Posted on by

Swiss firm’s withdrawal from Leqvio trial with NHS dents government plans to attract post-Brexit research and investment

The Swiss pharmaceutical firm Novartis has ditched plans for a large clinical trial in the UK, in a further blow to the government’s efforts to make Britain an attractive place for research and investment after Brexit.

The company decided to scrap the Orion-17 trial of its cholesterol-lowering drug Leqvio, involving 40,000 patients in partnership with NHS England.

Continue reading...

Amazon UK staff plan more strikes as they reject pay rise as an ‘insult’

Posted on by

Online retailer has increased minimum hourly pay for warehouse workers by 50p an hour to £11

Amazon workers in the UK are planning further strike action as they dismissed as “an insult” a 50p an hour increase to its minimum hourly pay for warehouse workers to £11.

The company said the pay rise announced on Wednesday, which will be implemented this weekend, meant minimum pay had risen by 10% in the past seven months, putting it ahead of the legal minimum wage for those aged 23 or over, which will be £10.42 an hour from April.

Continue reading...