Tesco, Morrisons and Waitrose have limited sales after concerns over shortages caused by Ukraine war
The latest supermarket data from Kantar shows shoppers have been stockpiling cooking oil due to concerns about the shortage of sunflower oil caused by the Russia-Ukraine war.
Here we look at what’s behind the shortages, what the situation means for consumers and how long it might last.
Continue reading...Analysis: Experts warn against reinstating banned accounts and neglecting moderation
Welcome back Donald Trump, Katie Hopkins, David Icke and Alex Jones? These are just some of the Twitter accounts that could be reinstated if the platform’s new owner-in-waiting, “free speech absolutist” Elon Musk, practices what he preaches.
All of those accounts have been permanently suspended from the platform for infractions that include, most notoriously, the former US president’s alleged support for the Capitol riot on 6 January last year. Their reinstatement now appears to be back in play given that the world’s richest man has agreed a $44bn (£35bn) takeover of the platform that banned them and has stated that “free speech is the bedrock of a functioning democracy”.
Continue reading...Queensland senator Matt Canavan adds to uncertainty about Coalition climate commitments; foreign minister accuses Labor of ‘playing politics’ on national security after Penny Wong criticises Scott Morrison for ‘refusing to take responsibility in Pacific’; at least 50 Covid deaths as WA to ease mask mandate in some settings. This blog is now closed
Scott Morrison is in Townsville (north Queensland) today where he will be making announcements on energy.
Given what we just heard from Scott Morrison there, it’s worth your time having a listen to climate and environment editor Adam Morton on today’s Full Story podcast examining if the policy differences between the Coalition and Labor and ultimately asking: is either party preparing enough for the transformational change ahead?
Economic modelling should be used as a guide. Both sides of politics lean on it more as a forecast that will be fact ... I don’t think anybody can tell us exactly what our power bills will be in 2025, 2030, 2050 but no one disagrees that more solar and wind is good in terms of lowering prices because it is much, much cheaper to generate what’s in place.
Continue reading...ONS says a quarter of households in survey are struggling to pay bills such as fuel and food
Almost 90% of British households reported an increase in their cost of living last month as they were hit by escalating fuel, food and borrowing costs.
Heaping further pressure on Rishi Sunak to increase his support for those on low and middle incomes, the Office for National Statistics said a quarter of all those in its survey were struggling to pay their bills and 17% had turned to loans or borrowing on credit cards to make ends meet.
Continue reading...About 1,500 eligible workers at LDJ5 sorting center on Staten Island vote in union ballot, after recent success at JFK8 warehouse
Amazon workers in New York will go to the polls again as labor activists push to unionize a second facility in the US following their surprise recent victory over the tech giant.
About 1,500 eligible workers at an LDJ5 Amazon sorting center in Staten Island, New York, begin voting in a union election on Monday, in a process that will continue through 29 April. Ballot-counting starts on 2 May.
Continue reading...After losing a record $230bn in market value due to a disappointing earnings report in February, analysts are hoping to see progress
Meta experienced a historic nosedive in value earlier this year amid a major rebrand and shake-ups to its business model – and investors are bracing for another difficult quarter.
Meta lost a record $230bn in market value after a disappointing earnings report in February, in which it revealed Facebook had recorded its first-ever drop in daily user numbers.
Continue reading...Lloyds is to close the Isles’ last branch meaning the nearest bank will be 44 miles and a ferry ride away
For many, the ferry ride between Cornwall and the Isles of Scilly marks the beginning of a relaxing weekend away. For residents of the islands wanting to visit their nearest bank, it’s about to become an expensive necessity.
Lloyds, which ran the Isles’ last remaining branch, is about to close the site on the island of St Mary’s because of a persistent fall in customer numbers.
Continue reading...Warning that ‘This is not the time to be pulling back on mitigation measures’ as CDC appeals judge’s overturning of face-covering rule
When the US federal government’s mandate requiring masks on transportation was lifted this week, reports of celebration ensued.
Videos were shared of people removing their masks and cheering, music was blasted over plane speakers, pilots shared the news from the cockpit and flight attendants jumped with joy.
Continue reading...Florida strips company of self-governing power for opposing Governor Ron DeSantis’s ‘don’t say gay’ law
For Joe Biden, the vote by Florida Republicans on Thursday to strip Disney of its self-governing powers was a step too far.
“Christ, they’re going after Mickey Mouse,” the president exclaimed at a fundraiser in Oregon, in apparent disbelief that state governor Ron DeSantis’s culture wars had reached the gates of the Magic Kingdom.
Continue reading...Government accused of ‘shocking complacency’ over awards to seven Putin cronies
Seven Russians now under sanctions were awarded controversial “golden visas” by the UK after Vladimir Putin’s regime first invaded Ukraine in 2014, the government has admitted.
The government closed the “tier 1 investor visa” scheme in February amid the build-up of Russian forces on Ukraine’s border as it prepared to broaden its occupation beyond Crimea, which it annexed in 2014.
Continue reading...Narendra Modi hails ‘good progress’ as Boris Johnson signals he is willing to make concessions on immigration
India and the UK will press ahead with talks on a bilateral free trade agreement, Boris Johnson and the Indian premier, Narendra Modi, have said, after the UK made clear it was willing to make immigration part of any deal.
The pair appeared to differ on how rapidly an agreement could be made – Johnson suggested it could be ready by the festival of Diwali in late October, but Modi pointed to the end of the year.
Continue reading...Rolling coverage of business, the world economy and the financial markets
Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.
In the UK, retail sales fell 1.4% in March, following a 0.5% drop in February, as people cut back on fuel and food spending amid soaring prices.
Good weather usually means sunnier times for retail, and firms will hope that the summer months can play a small part in stimulating waning confidence among a general public coping with the harsh realities of rising prices everywhere they turn. In reality, each day brings fresh warnings from business leaders that prices will likely continue to climb, driving consumer confidence in the wrong direction for retailers.
This seems a rather strange reaction given that nothing he said yesterday was in any way surprising. A 50 basis point rate hike is already priced in, as well as the prospect that we could well see another one soon afterwards.
We also heard from European Central Bank president Christine Lagarde yesterday as she capped off a couple of days of some rather hawkish comments from the likes of Belgium’s Pierre Wunsch, and ECB vice president Luis De Guindos who followed on from Latvia’s Martin Kazaks by arguing that a July rate rise was on the table. She didn’t come across as anywhere near as hawkish as her colleagues, pointing to the June meeting as the moment to decide on next steps, and lightly pushing back on the idea of a fixed point.
Continue reading...Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m
Westpac has been fined $40m for charging fees to more than 11,800 dead people, bringing the total the federal court has ordered the bank to pay in a string of misconduct cases brought by the corporate regulator to $130m.
The Australian Securities and Investments Commission launched the six cases against Westpac in November, accusing the bank of charging financial advice service fees to the dead, double-charging for insurance, collecting and paying illegal commissions, failing to properly disclose fees, allowing company accounts that should have been closed to stay open and selling personal debts to collectors at an interest rate higher than allowed.
Continue reading...From dog food to coffee, readers are reporting some basic goods’ prices are rising by far more than inflation
Inflation is rampant, and supermarket prices are no exception. Shoppers are returning to stores to find old favourites have leapt in price from one week to the next. The cost of consumer goods is spiralling at such a rate that retail analysts have coined a new term, shelf shock.
Nestlé, the owner of KitKat, Häagen-Dazs and Felix cat food, became the latest consumer goods group to warn of more pain to come on Thursday, saying it had raised prices by 5.2% in the first three months of this year and that rising production costs would force another increase soon.
Continue reading...Slowdown in retail sector feared as public gripped by pessimism about the economy as well as personal finances
Fears that Britain is heading for a marked slowdown in consumer spending have intensified as it emerged that the public is gloomier about the economy than when banks were on the brink of collapse during the financial crisis of 2008.
A combination of rocketing energy prices, higher taxes and a surge in the annual inflation rate to its highest level in three decades meant confidence was in freefall, according to the latest monthly snapshot of sentiment.
Continue reading...UK consumers urged to use their judgment rather than chuck away products that are safe to eat
The Co-op is removing use-by dates from its own-brand yoghurt in an attempt to address the problem of millions of pots that are still safe to eat being wasted each year.
Instead, starting next month, the Co-op’s own yoghurts will carry a best-before date, with shoppers encouraged to “use their judgment” to gauge if they are edible. About 42,000 tonnes of yoghurt – £100m worth – is thrown away in British homes each year because it is out of date, according to the food waste charity Wrap. Half are dumped in unopened packs.
Continue reading...Observers criticise optics of PM at factory while bulldozers seen in TV coverage of razing of settlements
Boris Johnson’s attempt to use his India visit to hail the success of JCB, the digger firm owned by a Tory donor, was met with a backlash on Thursday over the use of its machinery in the mass demolition of homes.
The prime minister arrived in India as a fierce row rages in Delhi over the demolition of mainly Muslim settlements in an area of the capital hit by communal violence – an issue that is being considered by India’s supreme court.
Continue reading...Boris Johnson is in India at the start of a two-day visit, where he said he hopes to clinch a free trade deal for Britain by the end of the year.
Inflation in the eurozone has been revised slightly lower but remains at a record high as energy costs surge.
Continue reading...Online shopping group says it has dismissed ‘multiple’ attempts to buy company
Online shopping group THG has dismissed “numerous” takeover approaches as “unacceptable”, saying they undervalued the company.
Manchester-based THG (formerly known as The Hut Group), which runs beauty and nutrition websites including Lookfantastic, Cult Beauty and Myprotein, confirmed there had been interest from third parties, but said the company was not currently involved in any talks.
Continue reading...Analysis: Deal is seen by some as single most important UK negotiation, but agreement will take time
Of all the deals that Boris Johnson could sign with countries outside the EU to lift UK trade, one with India is the among the biggest prizes.
After landing in the country on Thursday morning, the prime minister must be hoping his two-day trip – taking in his Indian counterpart Narendra Modi’s home state of Gujurat and then New Delhi – will add impetus to talks already under way to reach a free trade agreement (FTA) between the two countries.
Continue reading...