Pfizer/BioNTech tax windfall brings Mainz an early Christmas present

German city where early Covid vaccine was developed uses its new-found wealth to slash debt and attract other biotech firms

The Pfizer/BioNTech jab is having an unexpected side-effect on the German municipality where scientists first developed it: for the first time in three decades the city of Mainz expects to become debt-free thanks to the tax revenues generated by the company’s global success.

Mainz’s decision to use its financial windfall to also slash corporate tax rates in the hope of attracting industry, especially biotech companies, however, is drawing criticism from neighbouring cities and economists.

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‘Blockchain Rock’: Gibraltar moves to become world’s first cryptocurrency hub

Territory’s financial sector risks reputational damage and diplomatic sanctions if complex regulations of crypto hub fail

On the southern Mediterranean coast, nestled in the shadow of the Rock’s sheer limestone cliffs and its tangle of wild olive trees, the Gibraltar Stock Exchange (GSX) is quietly preparing for a corporate takeover that could have global consequences for the former naval garrison.

Less than half a mile away, next to the blue waters of Gibraltar’s mid-harbour marina, the peninsula’s regulators are reviewing a proposal that would prompt blockchain firm Valereum to buy the exchange in the new year – meaning the British overseas territory could soon host the world’s first integrated bourse, where conventional bonds can be traded alongside major cryptocurrencies such as bitcoin and dogecoin.

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‘Almost unsaleable’: slump in school trips to UK blamed on Brexit

Groups from the continent are going elsewhere, tour operators say, deterred more by passport and visa rules than the pandemic

Post-Brexit changes to Britain’s immigration rules have triggered an unprecedented collapse in bookings for school trips from the continent, organisers say, with countries such as Ireland and the Netherlands now more popular than the UK.

While the pandemic has depressed European school travel in general, the number of short-stay educational visits planned in 2022 to alternative EU destinations where English is widely spoken is significantly higher than inquiries for UK visits.

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Johnson’s pig-headed reign approaches its tragicomic climax | William Keegan

Events in the run-up to Christmas have conspired like twists in a novel to reveal the true character of Tory Brexiters

There was a moment last year when Boris Johnson was reported to have gone awol (absent without leave) from governing the country in order to work on a book about Shakespeare.

At the time, many commentators blamed his absence for a crucial delay in decision-making which contributed to thousands of avoidable, Covid-related deaths. Be that as it may, or was, he returned to the helm of state, brushed off many a criticism, and managed to persuade gullible members of the media and electorate that he possessed Teflon qualities and was invincible.

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Space cadets Branson and Bezos scoop the 2021 shamelessness prize

Virgin and Amazon bosses do well in our awards for business brass neck, but there are also nods to big oil, big money – and a powerful whiff of Musk

Every Christmas, Observer Business Agenda casts its eye over the year that was, seeking to spotlight the business luminaries whose deeds might otherwise have gone unrecognised. At first glance 2021 looked awfully similar to 2020 – a pandemic, various lockdowns and a new wave of infections to round it all off – but it soon became clear that there were still candidates worthy of special recognition.

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End trade barriers to help tackle climate crisis, says WTO chief

Ngozi Okonjo-Iweala calls for changes to ensure developing nations are resilient to affects of extreme weather

Removing trade barriers around the world would help to tackle the climate crisis, enable a “just transition” away from fossil fuels and make developing countries more resilient to the impacts of global heating, the head of the World Trade Organization has said.

Ngozi Okonjo-Iweala, who took over as director general of the global watchdog last March, said: “Trade is part of the solution, not part of the problem … We need a global effort to climate-proof the supply chains and infrastructure of the most vulnerable economies or risk undoing hard-won economic progress and development.”

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Lebanon faces ‘depressing’ Christmas as internet crisis stops festive calls

With telecoms barely working, a plunging currency and young people emigrating, it’s a bleak Christmas for weary Lebanese

In Lebanon’s year of loss and deprivation, simple pleasures have steadily drained away along with its fortunes. But amid a crisis renowned for breaking new ground, few Lebanese had thought their ability to stay in touch was at risk – until a pre-Christmas warning sent shudders through the country.

The telecommunications minister, Johnny Corm, warned this week that a lack of funds and fuel could soon see Lebanon’s already struggling internet grind to a halt, making festive calls and messages even trickier than usual – and a financial and social disintegration like no other even more acute.

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Stella McCartney got pay rise while fashion firm took furlough cash

The designer’s salary rose to £2.7m last year while her company claimed almost £850k in government support

Stella McCartney took a near £2.7m salary from her fashion company last year, up more than £220,000 on the year before, while the business claimed almost £850,000 in support from the government’s furlough scheme.

The designer’s pay went up despite a 26% fall in sales to £28.4m in the year to 31 December 2020, as sales in the UK more than halved, while the company recorded a pre-tax loss of £31.4m, according to accounts for Stella McCartney Limited filed at Companies House. The group made a £33.4m pretax loss the year before.

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Intel apologises to China over Xinjiang products and labour directive

US chipmaker responds to backlash after telling its suppliers to avoid region at centre of human rights abuse allegations

The US chipmaker Intel has apologised for telling its suppliers not to source products or labour from Xinjiang, a province that human rights groups and governments including the US allege uses forced labour, after facing a backlash across China.

Intel, which derives more than a quarter of its $80bn (£60bn) in annual revenues from the Chinese market, apologised to the people of China and its local partners on Thursday for telling suppliers to avoid the region in accordance with restrictions imposed by “multiple governments”.

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Asia’s factory workers at the sharp end of the west’s supply chain crisis

Migrant workers ate and slept in factories swarming with Covid, sealed off from outside world

For weeks, Hoang Thi Quynh* worked and slept inside a garment factory in Tien Giang province, in southern Vietnam. She would start her shift at 7.15am and then, after a day spent sewing sportswear garments, enter an empty hall of the factory complex and settle down for the night.

Each worker had a tent, set one or two metres apart, containing a foil mat, pillow, blanket and a box to store their belongings. No workers were permitted to meet anyone from outside the factory; even speaking to a visitor over the gates was forbidden.

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Green cards, cannabis and a strip club: JCB heir in US legal battle

Exclusive: Civil case puts business dealings of Jo Bamford under spotlight as well as alleged family tensions

Industrial scion with big money in green energy

The heir to the JCB digger empire, whose father Lord Bamford is one of Boris Johnson’s biggest financial backers, is locked in a legal battle with a former close friend that has shed fresh light on alleged tensions inside one of the UK’s most powerful industrial families.

The case has also raised questions over the conduct of Jo Bamford, a 43-year-old self-styled “green entrepreneur” who is a director at a key JCB holding company and has now set himself up as an investor in bus manufacturing and hydrogen.

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Kremlin denies restricting gas supplies to Europe for political gain

European gas prices climb close to record highs as flows on key pipeline move towards Russia

The Kremlin has denied using Russia’s gas resources to turn the screw on Europe, after gas in a pipeline to Germany switched direction to flow eastwards for a second day, keeping prices near record highs as midwinter approaches.

Flows through the Yamal-Europe pipeline to Germany declined over the weekend before stopping on Tuesday and reversing, data from the network operator Gascade showed.

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EU in row over inclusion of gas and nuclear in sustainability guidance

Activists including Greta Thunberg criticise ‘fake climate action’ in response to planned investment taxonomy

The European Commission is facing a backlash from Greta Thunberg and fellow climate activists over plans to include gas and nuclear energy in a “green” investment guidebook.

Both energy sources are expected to feature in the next part of the EU’s “taxonomy for sustainable activities”, which is expected at the end of the year, following a period of intense political bargaining between the commission president, Ursula von der Leyen; the French president, Emmanuel Macron; and Germany’s new chancellor, Olaf Scholz.

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‘They are fed up’: US labor organizing rises in 2021 after decades of decline

Workers went on strike and pushed union drives in record numbers after corporations made giant pandemic profits

In 2021 workers appear to have had enough.

Amid constant claims from some industries of labor shortages as the economy recovers from Covid-19 shutdowns, workers have been pushing employers and elected officials to raise wages, improve working conditions and benefits such as paid sick leave through walkouts, protests, rallies and strikes.

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Have we witnessed the death of the Hollywood remake?

Meagre turnout for West Side Story shows that these days, the way to cash in on intellectual property is via sequels and reboots

So far, Steven Spielberg’s West Side Story hasn’t had audiences pirouetting and finger-clicking their way to cinemas. There are plenty of reasons why; the main one relating to a certain global pandemic. But one explanation that keeps being proffered is that viewers are simply sick of remakes – and it’s not entirely wrong. Hollywood still has no qualms about bringing back its vintage franchises, of course. But as the imminent returns of The Matrix, Scream, Top Gun, Indiana Jones, Hocus Pocus and Legally Blonde demonstrate, the fashionable way to cash in on a venerable intellectual property is to hire as many of the original cast members as you can and to pick up where you left off. Sequels are in; remakes are out.

Remakes, lest we forget, were once central to the cinematic landscape – hardly more remarkable or disreputable than a new theatrical production of an old play. When The Maltese Falcon came out in 1940, it was the third adaptation of the same book within a decade. Some Like It Hot? Pinched from a 1951 German farce, which was in turn pinched from a 1935 French one. Hitchcock’s 1956 classic The Man Who Knew Too Much? A total rip-off of Hitchcock’s 1934 classic, The Man Who Knew Too Much.

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Moderna says booster produces strong antibody response to Omicron

Pharmaceuticals firm says third dose of its Covid vaccine increases antibodies against variant by 37-fold

The pharmaceuticals company Moderna has said a booster dose of its Covid vaccine appeared to protect against the fast-spreading Omicron variant in laboratory testing and that the current version will continue to beits “first line of defence against Omicron”.

The decision to focus on the current vaccine, mRNA-1273, was driven in part by how quickly the variant is spreading. The company plans to develop a vaccine specifically to protect against Omicron, which it hopes to advance into clinical trials early next year.

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‘There’s jobs but no money’: Turkey’s economic crisis begins to bite

As the value of the lira plummets and inflation soars, Turkish citizens are struggling to adapt and survive

In a jewellery shop close to Istanbul’s Taksim Square, Seda unzips an elegant black leather pouch and piles her gold jewellery on the counter to discuss selling it all. The shop owner gently places gold chains, rings and a pendant on a small scale, before immediately calling a trader to discuss the latest rates.

“I used to look at the price of gold once a week. Now I look roughly 50 times a day,” says the owner, who asks that his name is withheld. He advises Seda to wait – perhaps the price will stabilise.

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Pandemic on Wall Street causes rising levels … of bonuses

Enforced takeovers during the crisis will mean a bumper year for the bankers who advise on billion-dollar deals

Just as most of us are feeling the effects of soaring inflation, which the Office for National Statistics said last week had reached a 10-year high of 5.1%, wealthy bankers and traders are looking forward to receiving extraordinarily large new year bonuses.

Banks on both sides of the Atlantic are finalising bonus pool deals that could be inflated by as much as 50% compared with last year, reaching their highest levels since 2009 and the mergers and acquisitions boom that followed the financial crisis.

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Festive shrinkflation: tricks chocolate makers use to make us pay more

At this time of year, manufacturers have a few new tactics to get us to buy less for more money

Getting value for money might not be your prime goal when buying Christmas presents but if you are planning to snap up chocolates or sweets for the ones you love, it pays to check what you are going to get for your cash. That fancy box or tub may come at a cost (financial and environmental) – and, contrary to appearances, it might mean fewer treats for the recipient, not more.

We’ve all heard about “shrinkflation”, where companies sneak through price rises by shrinking pack sizes, but when it comes to festive confectionery, it’s important to be wise to the other packaging tricks that manufacturers and retailers maybe hope we won’t notice.

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Global demand for coal could hit all-time high in 2022

Electricity from coal plants has risen by 9% this year to fuel economic recovery from Covid, says watchdog

Coal power is on track to hit a new global record this year after an economic rebound that could drive worldwide coal demand to an all-time high in 2022, according to the International Energy Agency.

The amount of electricity generated from coal power plants has soared by 9% this year after a surge in fossil fuel demand to fuel the recovery from Covid lockdowns, a report by the watchdog says.

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