Category Archives: Business

Exclusive: oil companies’ profits soared to $174bn this year as US gas prices rose

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Exxon, Chevron, Shell and BP among group of 24 who resisted calls to increase production but doled out shareholder dividends

The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report.

The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.

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Singapore suspends crypto exchange over row with K-pop band BTS

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Bitget reportedly loses licence after it promoted Army Coin, named after group’s ‘BTS army’ followers

Singapore’s financial regulator has reportedly suspended Bitget, a crypto exchange that is mired in a row involving South Korea’s biggest boyband, BTS.

Bitget has removed the Monetary Authority of Singapore’s logo from its website, the Guardian confirmed. The platform still claims to have licences from Australia, Canada and the United States, according to its website.

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How can children in the UK be protected from seeing online pornography?

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As concern grows among experts about the impact on children of seeing pornographic images, how can access be restricted?

Why are children’s safety groups calling for age verification on porn sites?
They fear it is too easy for children to access publicly available pornography online. Experts who work with children say pornography gives children unhealthy views of sex and consent, putting them at risk from predators and possibly stopping them reporting abuse.

It can also lead to children behaving in risky or age-inappropriate ways, harming themselves and others. Charities say children tell them that pornography is difficult to avoid and can leave them feeling ashamed and distressed. One concern is the extreme nature of porn on mainstream sites, with one study showing that one in eight videos seen by first-time visitors showed violent or coercive content.

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Campaigners threaten UK legal action over porn sites’ lack of age verification

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Exclusive: failure to prevent children seeing online porn puts them at risk of abuse and lifelong trauma, say children’s safety group

The UK data watchdog must introduce age verification for commercial pornography sites or face a high court challenge over any failure to act, children’s safety groups have warned.

The demand in a letter to the Information Commissioner’s Office (ICO) states that the government’s failure to stop children seeing porn is causing lifelong trauma and putting children at risk of abuse and exploitation. It urges the ICO to use the powers under the recently introduced age appropriate design code (AADC) to introduce rigorous age-checking procedures for publicly accessible porn sites.

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‘Wall of secrecy’ in Pfizer contracts as company accused of profiteering

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US company faces scrutiny over Covid profits after UK agrees to secrecy clause

Ministers have agreed a secrecy clause in any dispute with the drugs manufacturer Pfizer over Britain’s Covid vaccine supply. Large portions of the government’s contracts with the company over the supply of 189m vaccine doses have been redacted and any arbitration proceedings will be kept secret.

The revelation comes as Pfizer is accused by a former senior US health official of “war profiteering’’ during the pandemic. In a Channel 4 Dispatches investigation to be broadcast this week, Tom Frieden, who was director of the US Centers for Disease Control and Prevention under Barack Obama, said: “If you’re just focusing on maximising your profits and you’re a vaccine manufacturer … you are war profiteering.”

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Joe & the Juice bids for growth despite the Covid squeeze

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The Nordic cafe chain is planning ambitious expansion in the UK and perhaps an IPO – if it can find the staff

Founded by a Danish karate champion, the smoothie chain Joe & the Juice has blitzed its way on to British high streets, where its pastel-pink outlets and drinks with names such as Sex Me Up have cut a distinctive dash.

Having grown from one juice bar in Copenhagen in 2002 to 300 outlets around the world, the chain is planning to double in size in the next few years, and is rumoured to be plotting a stock market listing.

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Security, intimacy and money: why Adele is going to Las Vegas

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Once a place ‘where careers go to die’, in Vegas you can see the big stars up close – and it makes sense for Adele

Las Vegas shows once conjured images of early-bird dinner specials, corny magicians and Cole Porter standards sung to happily clapping coach parties. But with another of the world’s biggest pop stars signing on to perform in the city, namely Adele, the Vegas concert residency is further cemented as a glamorous and lucrative rite of pop passage.

Her fourth album, 30, released last month, became the biggest-selling album of the year in the US after just three days on sale. That is the kind of popularity that warrants a stadium tour – indeed, she played to nearly 3 million punters across the 120-show stretch of her previous 2017-2018 world tour.

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Shell to go ahead with seismic tests in whale breeding grounds after court win

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Judgment rules company can blast sound waves in search for oil along South Africa’s eastern coastline

Royal Dutch Shell will move ahead with seismic tests to explore for oil in vital whale breeding grounds along South Africa’s eastern coastline after a court dismissed an 11th-hour legal challenge by environmental groups.

The judgment, by a South African high court, allows Shell to begin firing within days extremely loud sound waves through the relatively untouched marine environment of the Wild Coast, which is home to whales, dolphins and seals.

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India’s ‘pencil village’ counts the cost of Covid school closures

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Ukhoo village in Kashmir supplies 90% of wood used in the country’s pencils, but the industry, a major employer in the area, has seen a dramatic drop in demand

School closures in India during the pandemic have left their mark on more than the children who have seen delays to their learning. In one Kashmiri village the impact has been catastrophic on employment.

Pick up a pencil anywhere across India and it is likely to come from the poplar trees of Ukhoo.

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Fair Work Commission rules BHP vaccine mandate unlawful due to lack of consultation

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About 50 workers at the Mt Arthur coalmine had been stood down without pay over the mandate

The Fair Work Commission has ruled a Covid-19 vaccine mandate for all workers at BHP’s Mt Arthur coalmine was unlawful because the company did not consult adequately with its workers.

Approximately 50 mine workers were stood down without pay last month after they were told they would be required to have had at least one dose of a Covid-19 vaccine to enter the work site after 9 November, and that they would need to be fully vaccinated by 31 January next year.

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Covid: scientists find possible trigger for AstraZeneca jab blood clots

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Experts hope better understanding of rare side effect of vaccine could help ‘turn the tide’ on pandemic

Scientists believe they may have found the trigger behind the extremely rare blood clot complications stemming from the Oxford/AstraZeneca’s Covid vaccine.

According to a team of researchers from Cardiff and the US, the reaction can be traced to the way the adenovirus used by the vaccine to shuttle the coronavirus’s genetic material into cells binds with a specific protein in the blood, known as platelet factor 4 (PF4).

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Elon Musk jokes about whistleblowing in Tesla merchandise tweet

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Chief executive posts ‘Blow the whistle on Tesla!’ amid lawsuits brought against carmaker

Tesla’s chief executive, Elon Musk, has appeared to joke about whistleblowers on Twitter in the wake of high-profile lawsuits against the electric carmaker brought by current and former staff.

The billionaire urged his 65 million Twitter followers to “Blow the whistle on Tesla!” and included a link to a branded “Cyberwhistle” for sale in the company’s online shop.

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Lego gives its 20,000 employees three days extra holiday after profits rise 140%

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Pandemic lockdowns and continued expansion in China helped the Danish company to continue building its global toy empire

Lego, the world’s largest toymaker, has awarded its 20,000 employees three extra days of holiday and a special bonus after a year of bumper revenues.

The succession of pandemic-forced lockdowns has seen demand for Lego’s signature plastic bricks soar alongside a rapid expansion in China.

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Jack Dorsey steps down as Twitter chief executive

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Twitter co-founder Jack Dorsey has stepped down from his executive role at the social media company.

Dorsey will be replaced by chief technology officer (CTO) Parag Agrawal, the company announced on Monday.

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Nurdles: the worst toxic waste you’ve probably never heard of

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Billions of these tiny plastic pellets are floating in the ocean, causing as much damage as oil spills, yet they are still not classified as hazardous

When the X-Press Pearl container ship caught fire and sank in the Indian Ocean in May, Sri Lanka was terrified that the vessel’s 350 tonnes of heavy fuel oil would spill into the ocean, causing an environmental disaster for the country’s pristine coral reefs and fishing industry.

Classified by the UN as Sri Lanka’s “worst maritime disaster”, the biggest impact was not caused by the heavy fuel oil. Nor was it the hazardous chemicals on board, which included nitric acid, caustic soda and methanol. The most “significant” harm, according to the UN, came from the spillage of 87 containers full of lentil-sized plastic pellets: nurdles.

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Travel firms scramble to rearrange holidays amid new Covid measures

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Swiss skiing holidays in doubt as country joins Spain in tightening travel rules to contain Omicron variant

Tour operators are scrambling to rearrange Swiss skiing holidays after the country joined Spain in tightening travel restrictions amid rising concerns about the spread of the new Omicron Covid variant.

From Saturday night, Switzerland mandated 10 days of quarantine for all new arrivals, in effect wrecking skiing holidays in the Swiss Alps until further notice. Travel firms are also wrestling with Spain’s ban on non-vaccinated arrivals that will affect British holidaymakers from Wednesday 1 December.

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Goodbye to job: how the pandemic changed Americans’ attitude to work

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Millions of workers have been leaving jobs that offer long hours and low pay – and for many the release has been exhilarating

One morning in October, Lynn woke up and decided she would quit her job on the spot that day. The decision to quit was the climax of a reckoning that began at the start of the pandemic when she was first laid off from a job she had been in for three years.

“I’ve always had the attitude of being a really hard worker,” Lynn said, explaining that she believed her skills made her indispensable to this company. “That really changed for me because I realized you could feel totally capable and really important when, really, you’re expendable.”

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Bee aware: do you know what is in that cheap jar of honey?

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British beekeepers call for stricter labelling on supermarket blends to identify the countries of origin

British beekeepers are calling for a requirement on supermarkets and other retailers to label cheap honey imports from China and other nations with the country of origin after claims that part of the global supply is bulked out with sugar syrup.

The UK is the world’s biggest importer of Chinese honey, which can be one sixth of the price of the honey produced by bees in Britain. Supermarket own-label honey from China can be bought for as little as 69p a jar. Supermarkets say every jar of honey is “100% pure” and can be traced back to the beekeeper, but there is no requirement to identify the countries of origin of honey blended from more than one country. The European Union is now considering new rules to improve consumer information for honey and ensure the country of origin is clearly identified on the jar.

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‘I’m happy to lose £10m by quitting Facebook,’ says Lush boss

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Losing 10m followers on sites such as Instagram is a price worth paying for co-founder of ethical beauty empire

Quitting social media is hard to do, even when it doesn’t cost you anything. So when Lush’s chief executive, Mark Constantine, shut its thousands of Facebook, Instagram, Snapchat and TikTok accounts on Friday, the biggest shopping day of the year, he knew dropping off millions of customers’ screens would damage his business.

Its Facebook and Instagram accounts alone had 10.6 million followers and the void will result in an estimated £10m hit to sales but Constantine, one of the business’s co-founders, said it had “no choice” after whistleblowers called attention to the negative impact social media sites such as Instagram are having on teenagers’ mental health.

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