Bank of England ‘duty bound’ to trigger recession to curb inflation

Ex-official says policymakers must shrink the UK economy to limit upward pressure on prices made worse by Brexit

Britain’s central bank policymakers are “duty bound” when they meet this week to push the UK into recession to cap rising inflation, a former Bank of England (BoE) official has said.

Adam Posen, who runs Washington-based thinktank the Peterson Institute, said that while the Bank of England would not want workers to lose their jobs, it should hike interest rates now to squeeze out inflationary pressures made worse by Brexit trade and immigration restrictions.

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Rising feed prices mean chicken could soon cost as much as beef, says Co-op

Price of UK’s most popular meat is rising faster than any other protein, according to retailer’s boss

Chicken’s relative affordability has helped make it the country’s meat of choice but one of the UK’s biggest food retailers has warned it could soon be as pricey as beef as production costs soar.

Steve Murrells, chief executive of the Co-op, said that feed costs had become a huge challenge for the poultry industry. “Chicken could become as expensive as beef. Chicken, which was incredibly cheap and great value for money, is rising quicker than any other protein.”

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Berkshire Hathaway shareholders vote to keep Warren Buffett as chair

Shareholders reject proposals for independent chair and greater disclosure of company’s climate-related risks

Berkshire Hathaway Inc shareholders on Saturday rejected proposals to have an independent chair replace Warren Buffett, and require his company to disclose more about its climate-related risks and efforts to improve diversity.

Shareholders supported letting Buffett keep both the chairman and chief executive roles by a nearly 6-to-1 margin, Berkshire said at its annual meeting in Omaha, Nebraska. Buffett, 91, has run Berkshire since 1965.

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Elon Musk sells $8.5bn-worth of Tesla shares after Twitter deal

Carmaker’s shares fell this week over concerns CEO would offload stock to help fund takeover of platform

Elon Musk has sold $8.5bn (£6.8bn) worth of shares in Tesla as the world’s richest man raises cash after reaching a deal to buy Twitter.

The Tesla chief executive has committed $21bn of his own money to the funding package for acquiring the social media platform, which he agreed to buy for $44bn on Monday. Since then Musk has sold 9.6m Tesla shares, or about 5.6% of his stake in the business, according to filings with the US financial regulator.

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Cost of living crisis forces UK cancer patients to cut back on food and heating

Macmillan survey suggests hundreds of thousands of people with cancer struggling to make ends meet

Hundreds of thousands of cancer patients are putting their lives at risk by cutting back on meals, heating and other essentials as a result of the cost of living crisis, a charity has said.

Macmillan Cancer Support said it was “hugely concerning” that large numbers of people living with the disease were having to resort to drastic cost-cutting measures to make ends meet.

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US FDA moves to ban menthol cigarettes and flavored cigars

Effort to ‘help prevent children from becoming the next generation of smokers’ likely to face stiff opposition from big tobacco

The US Food and Drug Administration on Thursday issued a long-awaited proposal to ban menthol cigarettes and flavored cigars, a major victory for anti-smoking advocates but one that could dent sales at tobacco companies.

The proposal, which comes a year after the agency announced the plan, still needs to be finalized, and could take years to implement as it is likely to face stiff opposition from big tobacco.

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Buyers warned about rushing into government’s First Home Guarantee scheme

Predicted rate rises and falls in property values pose risks to those considering loans with a 5% deposit, experts say

First-home buyers have been warned to plan carefully before taking advantage of a federal government scheme that would allow them to secure property with a 5% deposit, at a time interest rates are predicted to rise.

Experts say the First Home Guarantee scheme could be appropriate for people who plan to stay in one spot for a while and are comfortable riding out a possible property value trough, but warn it could still be risky, especially in regional areas.

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Australia’s wholesale power prices double in a year as coal-fired power plants falter

The jolt in costs is being blamed mostly on more expensive fossil fuels and falling reliability of coal-fired power plants

Wholesale power prices in Australia’s main electricity market continued to rise in the first three months of 2022, more than doubling the cost a year earlier, with the increase blamed mostly on more costly fossil fuels and the falling reliability of coal-fired power plants.

Renewable energy, meanwhile, grew its share of the market to more than one-third, pushing carbon emissions from the largest polluting sector to new lows, according to the quarterly energy dynamics report from the Australian Energy Market Operator (Aemo).

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European gas firms seek ways to pay after Putin’s roubles demand

Energy suppliers in Germany and Austria confirm they are looking at sanctions-compliant methods

Energy companies in Europe are considering opening Russian accounts to pay for gas from Gazprom after Vladimir Putin’s regime cut off supplies to Poland and Bulgaria and insisted other countries must pay in roubles.

Big gas distributors in Germany and Austria confirmed they were seeking ways to continue to make payments after Putin signed a decree at the end of March calling for a “special procedure for foreign buyers’ fulfilment of obligations to Russian suppliers of natural gas”.

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Unprecedented inflation ahead as Ukraine war adds to costs, says Unilever

Rise in energy and ingredient costs suggests consumers will have to pay more for well-known brands

The consumer goods firm Unilever has said “unprecedented cost inflation” lies ahead as Russia’s war on Ukraine has added to a surge in energy and ingredient costs, and said that shoppers will pay even more for well-known brands in the coming months.

The company, which makes goods ranging from Dove soap to Magnum ice-cream and Marmite, said on Thursday it expected its costs to rise by €2.7bn (£2.3bn) in the second half of 2022, after an already steep increase on the €2.1bn expected for the first half.

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Return of the ten pound Pom as South Australia moves to fill post-pandemic job vacancies

The 2022 scheme is more limited – and expensive – than the original but is billed as a big step in reopening the backpacker market

The so-called ten pound Pom scheme has been reborn as a tourism campaign to bring British backpackers back to Australia in the wake of the pandemic.

After the second world war, the Australian government lured hundreds of thousands of Britons over the seas with a £10 ticket to boost the population and supply post-war industries with workers.

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Rishi Sunak hints at U-turn on UK oil and gas windfall tax

The chancellor says nothing is off the table but fellow Tory ministers remain dismissive of idea

Rishi Sunak has opened the door to a windfall tax on oil and gas companies despite previously dismissing the policy, as Labour accused the government of burying its head in the sand over spiralling bills.

The chancellor hinted at a possible U-turn on a tax on oil and gas providers, after repeatedly refusing to countenance the idea in the past when suggested by Labour and the Lib Dems.

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MPs criticise ‘top-down’ approach to UK-US trade talks

Fears grow in UK that any proposals could downgrade workers’ rights despite assurances on both sides

Britain’s trade talks with the US are moving ahead with only “minimal” input from workers, small businesses and thinktanks, according to MPs who accused the UK trade secretary, Anne-Marie Trevelyan, of shielding her department from outside scrutiny.

Conservative and Labour MPs on the trade select committee also said scrutiny of a deal struck with Australia and New Zealand was in danger of being “rushed through” parliament before they could make an assessment of its impact on imports and exports to and from the Commonwealth countries.

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Russia accused of blackmail after gas supplies to Poland and Bulgaria halted

EU hits out at move that Kremlin says is response to countries’ failure to pay in roubles

Europe appears to be on the brink of an energy crisis that could further drive up household bills after Russia halted gas supplies to two EU countries and threatened others, in a move condemned by European leaders as blackmail.

The immediate consequence of Gazprom’s decision to stop supply to Poland and Bulgaria while warning other nations opposed to Russia’s war in Ukraine that they could soon be hit was a 20% rise in the wholesale gas price.

In an address in St Petersburg, Vladimir Putin said any countries attempting to interfere in Ukraine or creating “unacceptable strategic threats for us” would be met with a “lightning-fast” response from Moscow. He claimed he had “all the tools for this – ones that no one can brag about … We will use them if needed. And I want everyone to know this. We have already taken all the decisions on this.”

The UN secretary general, António Guterres, arrived in Ukraine committing to evacuate civilians and seek a diplomatic way to end the war, after his controversial meeting with Putin and the Russian foreign minister, Sergei Lavrov, in Moscow on Tuesday.

Serhiy Volyna, the acting commander of the 36th marine brigade in the besieged port city of Mariupol, said hundreds of civilians including children were living in unsanitary conditions and running out of food and water.

The interior ministry of Moldova’s breakaway region of Transnistria issued a statement claiming it had come under attack from Ukraine, raising fears that the country would now be dragged into active conflict.

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Elon Musk engages with tweets criticising Twitter staff

Acquisition agreement allows Musk to tweet about deal but not to disparage firm or its representatives

Elon Musk has engaged with tweets criticising Twitter employees despite promising not to “disparage” the company or its representatives while he completes the deal to acquire the social media platform.

The world’s richest man agreed to restrictions on his tweets as part of a 95-page agreement covering his $44bn acquisition filed on Tuesday.

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How worried should Europe be as Russia starts cutting off gas supplies?

Analysis: Putin is determined to use resource as a weapon, as shown in move to cut off Poland and Bulgaria

The unavoidable truth looming over Europe’s response to the invasion of Ukraine is that Russian gas heats the continent’s homes and powers its industries.

While European leaders have vowed to wean themselves off Kremlin-controlled supplies, both of gas and oil, the reality is that this is very hard to do in short order. There will be at least one more cold winter to come before major energy-hungry economies that rely heavily on Russia, such as Germany and Italy, can tap other sources.

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Tesla shares fall 12% after Musk’s Twitter deal; Moscow threatens to halt gas flows to Poland, Bulgaria – live

Investors worry Elon Musk may have to sell Tesla shares to fund Twitter deal, as global stocks slide and US dollar rises to pandemic high

Lloyds Banking Group has raised concerns over the “uncertain” outlook for the UK economy amid soaring inflation, warning that the cost of living crisis could result in higher defaults on its loans, reports our banking correspondent Kalyeena Makortoff.

It came as the bank reported a 14% drop in first quarter pre-tax profit to £1.6bn from £1.9bn a year earlier, although that was better than the £1.4bn that analysts had expected.

The Nasdaq led the equity market wipe-out overnight, with its near 4% retreat led by Tesla, which fell by 12.2%. You could look at it two ways.

Either Elon Musk sold his latest stock awards to generate the $21bn in cash for his part of the Twitter buyout, or the street is starting to wonder how he could possibly effectively run Tesla, Starlink, Space-X and Twitter simultaneously. I do as well.

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Fraud in Covid bounceback loan scheme not being addressed, say MPs

Public accounts committee say government must devote more resources to recovering nearly £5bn

MPs have criticised the government for its “unacceptable” failure to draw up plans to recover nearly £5bn taken from the coronavirus emergency bounceback loan scheme by fraudsters.

The government must give more resources to counter-fraud agencies and account properly for how much of the money will be lost forever, according to a report published on Wednesday by parliament’s influential public accounts committee.

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Twitter takeover: EU and UK warn Elon Musk must comply or face sanctions

EU commissioner raises hate speech concerns as UK draws attention to penalties in online safety bill

The UK and EU have warned that Twitter must comply with new content rules or face sanctions that range from fines to a total ban, as concerns were raised that hate speech will increase on the platform under the ownership of Elon Musk.

The world’s richest man has agreed a $44bn (£34bn) deal to buy the social media network, which will hand control of a platform with 217 million users to a self-confessed “free speech absolutist”.

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Alphabet revenue falls short as YouTube and TikTok battle for users

Supply issues, inflation and war in Ukraine fuel Google parent company’s first-quarter struggles

Alphabet’s first quarter revenue fell below analysts’ expectations on Tuesday, as the company confronts supply chain problems, inflation concerns, and fallout from the war in Ukraine.

In its quarterly earnings report, Google’s parent company said it had made a quarterly profit of $16.436bn, or $24.62 per share, missing expectations of $25.76 per share.

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