Category Archives: Business

Harry and Meghan sign new multi-year film and TV deal with Netflix

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Agreement defies media reports that contract for Duke and Duchess of Sussex would not be renewed

The Duke and Duchess of Sussex have signed a fresh multi-year film and television deal with Netflix, contradicting reports this year that the streaming company would not renew its contract with them.

Harry and Meghan, who struck a five-year deal in 2020 reportedly worth $100m (£78m) after stepping back from their duties as senior royals, have collaborated with Netflix on a number of projects, most recently the duchess’s lifestyle series With Love, Meghan.

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Wind generator Ørsted’s shares sink as it makes $9bn cash call

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Danish company blames Donald Trump for derailing its business model after market value drops by a third

Europe’s largest wind power company has blamed Donald Trump for derailing its business model, after it unveiled a $9bn (£6.7bn) fundraising and its market value plunged by almost a third.

The share price for Denmark’s Ørsted tumbled to an all-time low after it told investors on Monday that the “extraordinary situation” facing the industry meant it would need to tap shareholders to cover the costs of its plans.

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Nvidia and AMD agree to pay 15% of China chip sale revenues to US

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Chipmakers agree to deal amid Trump trade war as condition for obtaining export licences for Chinese market

The chipmakers Nvidia and AMD have agreed to give the US government 15% of their revenue from advanced chips sold to China in return for export licences to the key market, in an unprecedented move amid Donald Trump’s trade war with China.

The move, an apparent reversal of US national security restrictions on the chip sales, signalled an easing in the US-China trade war.

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Farmers displaced by $1.5bn Trump golf course reportedly being offered rice and cash

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White House denies suggestions resort in Vietnam presents conflict of interest amid row over compensation rates

Villagers whose farms in Vietnam will be bulldozed to make way for a $1.5bn golf resort backed by the Trump family have reportedly been offered rice provisions and cash compensation of as little as $12 for a square metre of land by state authorities.

Thousands of villagers will be offered compensation based on land size and location, according to a report by Reuters. The agency spoke to elderly farmers who said they feared they would struggle to find a stable livelihood.

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Swarm of jellyfish shuts nuclear power plant in France

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‘Massive and unpredictable’ swarm entered filter drums that pull in water, Gravelines operator EDF says

The Gravelines nuclear power plant in northern France has been shut down after a swarm of jellyfish entered the filter drums that pull in cooling water, according to its state-owned operator, EDF.

The plant in northern France is one of the largest in the country and cooled from a canal connected to the North Sea.

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UK toy sales rise as nostalgic adults turn to Pokémon and Lego

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Increase of 8% this year in line with ‘strong rebound’ in global market, data shows

UK toy sales have bounced back as adults increasingly muscle in on the market, snapping up everything from Pokémon trading cards and Lego sets to collectibles and action figures based on movie and TV franchises.

After falling almost 4% in 2024, UK toy sales have risen 8% so far this year, in line with the “strong rebound” enjoyed by the global market, data shows.

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UK firms’ hiring intentions remain at record low amid rising employment costs

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Economic uncertainty also a factor as bosses ‘stuck in limbo’ and drop in recruitment hits young people hardest

Hiring intentions among Britain’s businesses remain at a record low as they grapple with rising employment costs and worry about the economic outlook, with young people hit hardest by the drop in recruitment.

Three separate surveys issued on Monday painted a gloomy picture on hiring activity, pay and business confidence, with claims that bosses were “stuck in limbo” and waiting for greater clarity in the autumn budget.

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Average private rent in Great Britain falls for first time in five years

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Lower mortgage rates have helped cool rental sector after years of above-inflation increases in rent, data shows

Average private rents in Great Britain have fallen for the first time in five years as lower mortgage rates helped take some of the heat out of the rental sector, data shows.

Years of above-inflation increases in rents have put the squeeze on many households but the estate agent Hamptons said the average rent on a newly let property fell by 0.2% year on year in July. It was the first annual decline since August 2020, during the height of the Covid pandemic – although this national figure masks wide regional variations.

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Elon Musk’s Tesla applies to supply electricity to households in Great Britain

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US carmaker makes move for licence that would allow it to provide energy to domestic and business premises

Elon Musk’s Tesla is gearing up to launch a household electricity supplier in Great Britain in the coming months.

The US electric car manufacturer run by the world’s richest man has formally applied to the energy regulator for Great Britain, Ofgem, for an electricity supply licence, according to a notice published on the watchdog’s website.

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Banker Bao Fan reportedly released from Chinese detention after two years

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High-profile founder of China Renaissance Holdings went missing in 2023, sending company’s share price plunging

Bao Fan, a star dealmaker and the founder of the boutique investment bank China Renaissance Holdings, has been released more than two years after being detained by Chinese authorities, according to a person with knowledge of the matter.

China Renaissance sent shock waves through the country’s financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two others and still owns nearly 49% of its issued shares. The company’s share price tanked as a result of his detention.

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Bidding battle for NHS landlord Assura intensifies as watchdog steps up investigation

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US suitor KKR lobbies board to accept offer to take Assura private as CMA looks into £1.79bn offer by rival UK investor

The bidding battle for the NHS landlord Assura has heated up after its US suitor KKR lobbied the board to accept its offer, while the competition watchdog stepped up its investigation of Assura’s £1.7bn takeover by a rival UK healthcare investor.

Primary Health Properties (PHP), which invests in buildings housing GP practices, has been blocked from fully integrating Assura by the Competition and Markets Authority while it looks into the takeover.

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River Island gets green light for rescue that saves more than 4,000 jobs

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Restructure by family-owned fashion chain involves 33 store closures but leaves more than 1,000 jobs at risk

River Island has got the green light for a rescue restructure that saves more than 4,000 jobs but will shut 33 of the clothing chain’s 230 stores as people shift to buying online.

The plan to reduce costs, which still puts more than 1,000 jobs and a further 70 sites at risk, won approval from a high court judge on Friday after a majority of creditors gave their backing earlier in the week.

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UK ministers push ahead with discount on bills for households near new pylons

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Plans have provoked outrage from communities in areas of Great Britain expected to host new infrastructure

The government is pushing head with a plan to offer those who live near new electricity pylons a discount of £2,500 from their energy bills over the next 10 years to ease the backlash against its clean power plans.

Thousands of households within half a kilometre of new or upgraded electricity infrastructure could each receive up to £250 off their annual energy bill from next year to help speed up the rollout of infrastructure critical to the government’s targets.

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Thousands of hotels in Europe to sue Booking.com over ‘abusive’ practices

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Class action lawsuit argues the online travel platform distorted market with ‘best price’ clauses

Booking.com is facing a class-action lawsuit from more than 10,000 European hotels arguing that the accommodation mega-site used its muscle to distort the market to their detriment over a 20-year period.

The Association of Hotels, Restaurants and Cafes in Europe (Hotrec), which represents the industry within the EU and is bringing the legal action, recently extended to 29 August a deadline for hotel owners to join the suit because of high demand.

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Starmer declines to rule out election pledge-breaking tax rises in budget after claim Treasury must fill £40bn deficit – as it happened

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Prime minister defends government’s handling of economy but will not give assurances over not raising income tax, employee NI or VAT

Ed Davey, the Liberal Democrat leader, has urged Keir Starmer to call Donald Trump to encourage him to use his influence to block Israel’s plans for a “full occupation” of Gaza.

In a statement, Davey said:

[Israeli PM Benjamin] Netanyahu’s latest proposals for the occupation of all of Gaza are utterly horrifying.

If realised, they will only wreak yet more destruction on Gazans - while gravely endangering the lives of the hostages still held in Hamas’ captivity.

I see NIESR is talking today about a £41.2bn hole in the UK public finances

Two things are newsworthy:

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Shares in European drug companies hit four-month low as Trump tariffs loom

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President repeats threat to bring in levies ‘within next week or so’ in attempt to get companies to move production to US

Shares in European pharmaceutical companies have sunk to a four-month low, after Donald Trump repeated his threats to introduce tariffs on drug imports “within the next week or so”.

Europe’s Stoxx Health Care index slid by 2.8% on Wednesday, falling to its lowest level since mid-April, shortly after the US president’s initial “liberation day” tariff announcements.

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Rachel Reeves needs to put up taxes to cover £40bn deficit, thinktank says

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NIESR suggests a rise of 5p in the pound on basic and higher rate of income tax would fill the budget gap

Rachel Reeves will need to raise taxes to close a government spending gap that is on course to reach more than £40bn after a slowdown in economic growth and higher-than-expected inflation, according to a leading thinktank.

In a blow to Labour’s hopes of balancing the books without breaking manifesto commitments ruling out personal tax rises, the National Institute of Economic and Social Research (NIESR) said a number of factors would knock off course the chancellor’s plans to stay within Whitehall spending limits.

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Shein fined €1m in Italy for misleading environmental claims about products

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Chinese fast fashion retailer penalised month after €40m fine from French regulator in July

The Italian authorities have fined Shein €1m (£870,000) for making “misleading or omissive” environmental claims about its products, the second time in as many months the Chinese fashion retailer has been targeted by European regulators.

Environmental sustainability and social responsibility messages on Shein’s website were in some cases “vague, generic, and/or overly emphatic” and in others were “misleading or omissive”, said Italy’s competition authority, AGCM.

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Swiss president under fire after Trump call leads to US tariffs shock

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Karin Keller-Sutter accused of mishandling talks as shares dive after Switzerland hit with 39% tariff

The Swiss stock market has plunged, the cabinet has been holding emergency talks and President Karin Keller-Sutter has been accused of mishandling a vital phone call with the White House after Donald Trump hit the country with a shock 39% export tariff.

Switzerland, home to some of the world’s best-known luxury brands, was left stunned after the US president on Friday imposed one of the highest tariff rates in his global trade reset. Industry associations warned that tens of thousands of jobs were at risk.

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George Osborne says UK has been left behind in cryptocurrency boom

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Ex-chancellor criticises hesitant approach to crypto and warns country in danger of missing next surge in market

The UK has been left behind in the cryptocurrency boom and is in danger of missing a second wave of demand, according to the former chancellor George Osborne.

Osborne, who has an advisory role at the crypto exchange firm Coinbase, said the country already missed out on the first generation of crypto because the formerly sceptical US had embraced digital currencies under Donald Trump.

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