Category Archives: Business

Train strikes: millions across Britain face rail disruption as union action begins – live

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Some 40,000 workers from 14 train companies and Network Rail are striking in an ongoing dispute over pay, jobs and conditions

Here’s the latest TfL update:

Bakerloo — Part suspended. There is no service between Queen’s Park and Harrow & Wealdstone.

I’m looking at banning strikes by different unions in the same workplace within a set period. We should also place an absolute limit of six pickets at points of Critical National Infrastructure, irrespective of the number of unions involved, and outlaw intimidatory language.

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Lloyds profits take hit after more money put aside for defaults

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Bank says number of customers in arrears at ‘low levels’ despite soaring inflation

Lloyds Banking Group has revealed it is struggling to boost profits, amid fears that soaring inflation could lead to a jump in defaults on loans and mortgages.

The country’s largest mortgage lender, which is considered a bellwether for the British economy, took a £200m charge between April and June as it put aside more money to protect the bank from potential defaults. That compares with the £374m it released during the same period last year.

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How does the EU plan to cut gas usage by 15% this winter?

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Industry to feel pinch first after all countries in bloc except Hungary agreed to voluntary reduction

The EU has agreed to cut its gas consumption by 15% in an attempt to stave off a winter crisis triggered by a sharp reduction or total shutdown of Russian gas supplies to the bloc.

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EU agrees plan to ration gas use over Russia supply fears

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Despite most energy ministers backing the scheme the EU was forced to water down proposals

The EU has been forced to water down its plan to ration gas this winter in an attempt to avoid an energy crisis generated by further Russian cuts to supply.

Energy ministers from the 27 member states, except Hungary, backed a voluntary 15% reduction in gas usage over the winter, a target that could become mandatory if the Kremlin ordered a complete shutdown of gas to Europe.

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IMF slashes global growth forecast as top three economies ‘stall’

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Problems in the US, China and eurozone will result in first contraction since start of pandemic, report says

The International Monetary Fund has slashed its growth forecasts for the next 18 months after warning that the world’s three biggest economies are all stalling and inflation is higher than previously forecast.

In a downbeat update to its April world economic outlook (WEO), the IMF said problems in the US, China and the eurozone had resulted in global output falling in the second quarter of this year – the first contraction since the start of the Covid-19 pandemic.

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UK e-commerce firm THG ends investment deal with Japan’s SoftBank

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Company, which owns sites such as Lookfantastic and Zavvi, blames ‘global macroeconomic conditions’

The online shopping group THG has ended an agreement under which the Japanese conglomerate SoftBank had agreed to invest in it, blaming “global macroeconomic conditions”.

The company formerly known as The Hut Group, which owns a range of internet health and beauty retailers, secured $730m (£610m) of new investment from a division of SoftBank to help fund expansion of its technology platform a few months before it listed in London.

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Zoe Daniel and Sally Sitou call for climate action in first speeches to parliament – as it happened

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Cash: No way the Coalition will support a lower emissions target

The next interview on ABC radio RN is with the shadow employment minister, Michaelia Cash, who has a lot to say about the scrapping of the ABCC. Cash, you may remember, was one of its biggest supporters while in government.

The Coalition won more votes than the Australian Labor party.

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Amazon UK to charge £1 more a month for Prime service from September

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Monthly subscription to increase by 12.5% to £8.99 in latest sign of rising delivery costs

Amazon is to increase the price of its monthly Prime subscription service by 12.5% – or £1 – to £8.99 from September in the latest sign that delivery costs are rising.

The company said the cost of an annual Prime package, which includes unlimited deliveries for online shopping, access to its video and music streaming services and its Amazon Fresh grocery deliveries, would rise by more – 20%, or £16 – to £95, although this remains a discount on the monthly option.

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Sunak ruse aims to outmanoeuvre Truss over China

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Analysis: claims by ex-chancellor about Foreign Office weakness towards Beijing look like an attempt to head off a similar attack on him

Rishi Sunak’s pre-emptive strike attacking Liz Truss over alleged Foreign Office pusillanimity towards China looks to have been a daring attempt to fend off an imminent assault from his Tory leadership rival.

But it locks the contestants into a potentially uncontrollable dogfight as they seek to prove their credentials as the truer enemy of authoritarianism.

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Russia’s Gazprom to make drastic cut to Europe’s gas supply from Wednesday

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State-controlled energy company says it is halting a turbine due to the ‘technical condition of the engine’

The Russian state-controlled energy company Gazprom has announced a drastic cut to gas deliveries through its main pipeline to Europe from Wednesday.

The Russian gas export monopoly said it was halting the operation of one of the last two operating turbines due to the “technical condition of the engine”, cutting daily gas deliveries via the Nord Stream pipeline to 33m cubic metres a day – about 20% of the pipeline’s capacity.

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UK factory growth slows to weakest in 18 months as business optimism falls

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Supply bottlenecks, cost pressures and softer demand hit British industry

Growth in UK factories’ order books and output has slowed to its weakest in 18 months as cost pressures, supply bottlenecks and softer demand hit British industry.

The latest update on manufacturing from the CBI found business optimism fell for a third quarter running amid signs that the strong expansion of the past year has come to an end.

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English pottery a hit in Asia thanks to Squid Game

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Denby’s star is on the rise since its Halo teacup featured in Netflix’s South Korean blockbuster

A 200-year-old English pottery has seen its brand enhanced in South Korea thanks to the lockdown hit Squid Game.

Denby Pottery, named after the Derbyshire village where it was set up by Joseph Bourne in 1809, has been steadily increasing its business in Asia. It is now on sale with a reported £50m valuation, and seeking new investors to expand ever further.

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Aldi gives second pay rise in year amid high demand for UK workers

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Supermarket chain’s move comes as employers face fierce competition for staff after Covid and Brexit

Aldi has raised pay for shop workers for the second time in a year in the latest sign of the intense competition for workers in the UK.

From September, the grocery discounter is to put up hourly pay by 40p to a minimum of £10.50 outside the M25 and to £11.95 in London, an increase of at least 3.5%.

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KPMG partner banned from accounting after misleading regulator over Carillion

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Peter Meehan, who led audit of failed outsourcer, will also have to pay fine of £250,000

The KPMG partner who led the audit of failed outsourcer Carillion has been banned from the accounting profession for a decade for providing false and misleading information to regulators.

Peter Meehan will also have to pay a fine of £250,000 after a Financial Reporting Council (FRC) tribunal found that he and other KPMG managers had misled the regulator using forged documents.

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NSW trade rep had US office shuttered after announcement of New York role later given to John Barilaro

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EXCLUSIVE: State government’s trade commissioner forced to work from a room in his San Fransisco home

A New South Wales trade commissioner based in San Francisco was forced to work out of the front room of his home after the government closed its office on the west coast of the US in favour of a new base in New York.

Guardian Australia can reveal that until September 2019 the NSW government was paying about $584,000-a-year for its San Fransisco trade operations, before shifting its focus to New York as part of the Global NSW strategy announced while John Barilaro was the minister for trade.

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Satellite firm bailed out by UK to be taken over by French rival

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OneWeb, touted by Boris Johnson as a potential rival to Elon Musk’s Starlink, provides communications services

A satellite company part-owned by the British government is due to be taken over by an EU rival this week, dashing hopes of fostering a UK firm to rival Elon Musk’s Starlink following its taxpayer bailout at the height of the pandemic.

OneWeb, which provides services including broadband from its low-orbit satellites, will be taken over by one of its shareholders – the Paris-listed Eutelsat- in a deal that could be announced as early as Monday.

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Unions warn Tony Burke against potential debate on the better-off-overall test

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Workplace relations minister opens door to considering industrial relations changes as he announces gutting of building watchdog

Workplace relations minister Tony Burke has confirmed the current better-off-overall test that ensures workers do not go backwards will be on the table for discussion at the Albanese government’s jobs summit in September.

Burke said on Sunday he had been “sceptical” about having a conversation with employers and unions about the test, known as the Boot, at the September summit because he wanted Australian workers to have higher wages and conditions. The minister told the ABC he would “take some convincing” to overhaul the test.

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Child vaping risks becoming ‘public health catastrophe’ in UK, experts warn

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There are fears that the e-cigarette boom has the potential to create a generation of young people hooked on nicotine

Lindsey Smith’s son was 14 when he bought his first vape. Engrossed in videos of YouTubers making “ghost puffs” with the vapour, he decided he wanted to try it for himself.

At first he would spend hours trying to copy the strangers online – sitting in his bedroom and practising exhalation techniques to create the ghost-shaped clouds he was seeing on his screen.

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VW boss Herbert Diess exits three years early after turbulent tenure

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Porsche’s Oliver Blume will take over after difficulties managing electric transition during Diess’s four years in charge

Volkswagen’s CEO, Herbert Diess, is stepping down and will be succeeded by the current head of Porsche, Oliver Blume, Europe’s top carmaker has said, after a four-year tenure in which Diess pushed VW’s electric vehicle ambitions and clashed with its work council and board.

Sources with knowledge of the matter said the Porsche and Piëch families, who own over half the voting rights and a 31.4% equity stake in Volkswagen, pressed for a change at the helm.

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Mexico gives Tesla a dedicated lane at the border to speed up crossing into the US

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The exclusive lane, at the remote checkpoint just north of Laredo, Texas, will be for suppliers only, not Tesla owners

Tesla has reportedly gained an exclusive lane at a remote US-Mexico border crossing after Elon Musk recently struck a deal with the “pro-business” state of Nuevo León.

The electric car company’s suppliers traveling from Mexico into Texas can use a dedicated lane to speed up their crossing at the Colombia Solidarity site, Bloomberg reported, a less popular checkpoint just north of Laredo. Tesla relies on at least six suppliers in Nuevo León, which borders the US for about 10 miles and is closer to the car company’s new headquarters in Austin. The lane is for suppliers only, not Tesla owners.

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