Category Archives: Business

Germany to reactivate coal power plants as Russia curbs gas flow

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Parliament approves measures to use mothballed sites to produce electricity and preserve gas supplies

Germany’s two houses of parliament have passed emergency legislation to reactivate mothballed coal-fired power plants in order to support electricity generation amid fears of gas shortages as Russia curbs capacity.

The move has been described as “painful but necessary” by the government’s environmentalist economics minister, Robert Habeck. It has the backing of leading Greens in the coalition government, who argue it is needed as a short-term crisis management tool.

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Boris Johnson has left the UK economy in a parlous state

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Analysis: If Johnsonomics stands for anything, it is a lack of plan or vision to address Britain’s economic woes

Boris Johnson entered Downing Street in July 2019 with a promise. The doubters, doomsters and gloomsters were going to get it wrong again: his leadership would make Brexit a success, re-igniting an economy stalled by the divisions over Europe.

Three years later, almost to the day, he prepares to leave with the country reeling from a political implosion of his own making, and an economy teetering on the brink of recession.

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US adds 372,000 jobs in June as growth exceeds expectations

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US unemployment rate held steady at 3.6%, labor department said, as jobs report indicated resilience

The US economy added 372,000 jobs in June, an indicator of resilience despite signs of slowing economic growth.

The jobs reports is seen as a key indicator on whether high inflation – and central bank efforts to tame it with interest rates rises – is beginning to bite down on the wider American economy.

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Supermarkets and chemists limit tissue purchases as surge in winter illness hits supplies

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Cold and flu tablets and throat lozenges also in short supply as country battles rising influenza and Covid infections

Supermarkets and chemists are limiting purchases of facial tissues as stocks dwindle amid soaring influenza and Covid-19 infections.

Medications, including painkillers and cold and flu tablets, have also been stripped from shelves in some chemists along the east coast as Australia battles winter illness.

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UK supermarkets urged to stop selling Parma ham from EU caged sows

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Animal welfare groups find sows in Europe forced to spend weeks in cages so small they can only stand and lie down

Animal welfare campaigners are calling on UK supermarkets to stop selling premium ham, including Parma, produced in “sow stalls” on EU farms.

An undercover investigation conducted by Compassion in World Farming (CWF), an animal welfare campaign group, found that sows are forced to spend many weeks in cages so small they can only stand up and lie down.

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FBI and MI5 leaders give unprecedented joint warning on Chinese spying

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Christopher Wray joins Ken McCallum in London, calling Beijing the ‘biggest long-term threat to economic security’

The head of the FBI and the leader of Britain’s domestic intelligence agency have delivered an unprecedented joint address raising fresh alarm about the Chinese government, warning business leaders that Beijing is determined to steal their technology for competitive gain.

In a speech at MI5’s London headquarters intended as a show of western solidarity, Christopher Wray, the FBI director, stood alongside the MI5 director general, Ken McCallum. Wray reaffirmed longstanding concerns about economic espionage and hacking operations by China, as well as the Chinese government’s efforts to stifle dissent abroad.

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New French PM vows to nationalise EDF and tackle cost of living crisis

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In speech to divided parliament, Élisabeth Borne tries to court opposition parties to avoid deadlock

France is to renationalise its indebted electricity giant EDF in response to the energy crisis aggravated by Russia’s invasion of Ukraine, the country’s prime minister, Élisabeth Borne, has said.

Borne vowed to limit the impact of rising energy prices despite the political turmoil of Emmanuel Macron losing control of parliament in recent legislative elections.

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UK watchdog opens investigation into Amazon’s marketplace practices

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CMA looks into whether firm gives own sellers unfair advantage over third-party rivals

The UK competition watchdog has launched an investigation into whether Amazon has been giving its own brands and those using its logistics services unfair advantage over third-party rivals on its online marketplace.

The Competition and Markets Authority (CMA) said it opened an investigation on Tuesday amid concerns the US tech corporation’s practices on its UK marketplace may be anti-competitive and could result in a worse deal for customers.

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Nadhim Zahawi: is new chancellor going to change direction on economy?

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Analysis: Rishi Sunak’s successor treading tightrope between spending to keep PM in power and dealing with economic crisis

Should he remain in the job for longer than some political commentators expect, Nadhim Zahawi faces a balancing act as chancellor. He must walk the line between doing what it takes to prevent the political implosion of Boris Johnson’s government, and dealing with the worst succession of economic shocks to hit Britain since at least the 1970s.

As the fourth Conservative chancellor in as many years, parachuted in after Rishi Sunak resigned with a stinging critique of Johnson’s devil-may-care attitude towards tax and spending, Zahawi is expected to face heavy pressure from the prime minister to cut taxes to revive the economy.

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Norway halts strike that threatened gas supplies to Britain

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Norwegian government intervenes in pay row because of ‘great social consequences for whole of Europe’

The Norwegian government has stepped in to end a strike that had threatened supplies of gas to Britain.

The labour dispute had shut down oil and gasfields and was expected to cut Norway’s gas supplies by almost 60% by the weekend.

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Australian superannuation industry leaders to visit Indonesia to turbocharge business ties

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Former Labor frontbencher Greg Combet says group will examine viability of infrastructure investment opportunities as Australia tries to move past its reliance on China

Former Labor frontbencher and chair of IFM Investors Greg Combet will lead a high-powered delegation of leaders from the superannuation industry to Jakarta next month as part of efforts to turbocharge the economic relationship between Australia and Indonesia.

Combet has confirmed the group will examine the viability of investment opportunities in infrastructure on the back of a successful visit in June, when Anthony Albanese took a business delegation to Jakarta during his first visit to the country as prime minister.

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Ben & Jerry’s sues parent company over Israeli deal ‘to protect social integrity’

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Complaint says Unilever sale of Israeli business to local licensee undermines its values to sell its ice-cream in occupied West Bank

Ben & Jerry’s has sued its parent Unilever plc to block the sale of its Israeli business to a local licensee, saying it was inconsistent with its values to sell its ice-cream in the occupied West Bank.

The complaint filed in the US district court in Manhattan said the sale announced on 29 June threatened to undermine the integrity of the Ben & Jerry’s brand, which Ben & Jerry’s board retained independence to protect when Unilever acquired the company in 2000.

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Australian trade minister offers ‘compromise’ with China over anti-dumping tariffs

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Australia is proceeding with trade disputes in WTO but Don Farrell says other options may emerge in talks between two countries

Australia’s trade minister has extended an olive branch to China, suggesting a “compromise situation” or “alternative way” to settle trade disputes might emerge in talks between the two countries.

Don Farrell made the comments in an interview with Guardian Australia hailing “positive signs” in Australia’s relationship with China, including the foreign minister, Penny Wong, planning to meet her counterpart, and China’s consent to a trade dispute appeal process.

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Devastated farmers say latest NSW floods likely to raise fruit and vegetable prices further

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Growers in Sydney basin and Hunter region say flooding is ‘soul destroying’ and it will take some time to get back on their feet

The catastrophic weather in New South Wales is likely to come back to bite at the supermarket checkout, with peak farming bodies warning the floods will put further strain on supply chains.

The NSW Farmers president, James Jackson, said he would be “most surprised” if inflationary pressures did not result from the ongoing floods.

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Children in England ‘increasingly worried about impact of cost of living’

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The children’s commissioner for England urged MPs to take urgent steps to tackle child poverty

The children’s commissioner for England has called on the government to develop urgent plans to tackle child poverty, amid the cost of living crisis that is hitting the most vulnerable in society hardest.

Rachel de Souza said children were increasingly worried about the soaring price of basic essentials and the impact on their lives, telling MPs on the Commons education committee that urgent steps were required to tackle poverty ahead of a difficult autumn for families.

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Sainsbury’s boss warns UK living costs squeeze will ‘only intensify’

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UK’s second-biggest supermarket says it will invest £500m to keep prices low as Marks & Spencer echoes outlook for coming months

The inflationary pressure on households will “only intensify” through the rest of this year, the boss of Sainsbury’s has warned as he said the supermarket would invest £500m in attempting to keep prices low.

The dour sentiment was echoed by the chair of Marks & Spencer, Archie Norman, who told shareholders at the retailer’s annual general meeting on Tuesday that there was a “coming winter in consumer demand”.

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European stock markets tumble on rising fears of recession

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Euro slumps to 20-year low against US dollar as jump in natural gas prices intensifies economic strain

Rising worries about a European recession hit stock markets on Tuesday as the euro slumped to a two-decade low and the pound fell to its lowest since the start of the pandemic.

Shares tumbled in London and across Europe as a jump in natural gas prices intensified the strain on the European economy.

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Distributors didn’t fuel opioid epidemic in West Virginia, judge rules

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Doctors’ ‘good faith’ prescribing decisions drove volume of painkillers shipped to pharmacies, says district judge David Faber

The US’s three largest pharmaceutical distributors were not responsible for fueling an opioid epidemic in a part of West Virginia, a federal judge ruled on Monday.

District judge David Faber rejected efforts by the city of Huntington and Cabell County to force McKesson, AmerisourceBergen and Cardinal Health to pay $2.5bn to address a drug crisis prompted by a flood of addictive pills in their region.

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Zimbabwe to introduce gold coins as local currency tumbles

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Soaring inflation piling pressure on country already struggling with shortages and stirring memories of Mugabe chaos

Zimbabwe will start issuing gold coins as legal tender in late July, its central bank has said, as the country battles to control runaway inflation that has considerably weakened the local currency.

The inflation rate more than doubled last month to 191%, stoking memories of the hyperinflation of the 2000s that saw the Zimbabwean dollar redenominated three times before being effectively abandoned in 2009.

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Neglect Africa now and we will face labour shortages globally, IMF warns

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West’s response to effects of Covid and Ukraine war condemned as shortsighted ‘collective failure’ to invest in future human capital

The international community would be “playing with fire” if it failed to help Africa recover from Covid and the impact of the Ukraine war, the International Monetary Fund’s director for the continent has said.

Failure to invest and support the continent was shortsighted and detrimental to the global economy, as half of the new entrants into the global workforce over the next decade would come from sub-Saharan Africa, Abebe Aemro Selassie, director of the IMF’s Africa department, told the Guardian.

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