Category Archives: Business

How latest update to England’s travel red list will affect planned trips

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Six southern African countries added to list and temporary flight ban in place owing to new Covid-19 variant

The UK government has added six countries to the travel red list after the emergence of a new coronavirus variant. As of midday on Friday, South Africa, Botswana, Lesotho, Eswatini, Zimbabwe and Namibia are subject to restrictions and a temporary flight ban. Non-UK and Irish residents who have been in any of those countries in the previous 10 days will be refused entry into England. And the move will have an impact on anyone who has a trip planned.

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Boris Johnson’s plan for Irish Sea bridge rejected over £335bn cost

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Project or alternative of a £209bn tunnel would be vastly expensive and fraught with complexities, study says

Boris Johnson’s proposal for a bridge or tunnel linking Scotland to Northern Ireland has been rejected by a feasibility study as vastly expensive – £335bn for the bridge or £209bn for the tunnel – and fraught with potential difficulties.

Released alongside a wider so-called union connectivity review, which called for investment in road, rail and domestic aviation to better connect the four UK nations, the fixed link report found either a bridge or tunnel would be at the very edge of what could be achieved with current technology.

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Google to pay £183m in back taxes to Irish government

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Firm’s subsidiary in Ireland agrees to backdated settlement to be paid in addition to corporation tax for 2020

Google’s Irish subsidiary has agreed to pay €218m (£183m) in back taxes to the Irish government, according to company filings.

The US tech company, which had been accused of avoiding hundreds of millions in tax across Europe through loopholes known as the “double Irish, Dutch sandwich”, said it had “agreed to the resolution of certain tax matters relating to prior years”.

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French fishers to block Channel tunnel in Brexit licences row

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Members of industry association say large number of vehicles will be used to block key artery between nations

French fishers are threatening to block access to the Channel tunnel and the ferry port in Calais on Friday as part of an ongoing dispute over access to the waters between France and the UK in the wake of Brexit.

They have branded the UK’s approach as “contemptuous” and “humiliating” and say they have no other option but to block access to the port and tunnel along with two other ports, Saint-Malo and Ouistreham.

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HMRC to relocate to Newcastle office owned by Tory donors via tax haven

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Exclusive: Deal is part of north-east regeneration scheme developed by property tycoons David and Simon Reuben

HM Revenue and Customs has struck a deal to relocate tax officials into a new office complex in Newcastle owned by major Conservative party donors through an offshore company based in a tax haven, the Guardian can reveal.

The department’s planned new home in the north-east of England is part of a regeneration scheme developed by a British Virgin Islands (BVI) entity controlled by the billionaire property tycoons David and Simon Reuben.

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Erdoğan gambles on economy amid protests and rocketing inflation

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Analysis: push for interest rate cuts has divided party and left Turkish president in precarious position, say experts

Turkey’s president is gambling that a strong economic recovery from the pandemic will stay on track despite rocketing inflation that has hit living standards and sparked protests in major cities.

The $750bn economy is on course to expand by 9% this year following a return of tourism and a surge in demand for exports that has pushed factory output to pre-pandemic levels.

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‘Follow the science’: AstraZeneca unveils £1bn R&D centre

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Anglo-Swedish pharmaceutical company has come a long way since it fought off a takeover bid in 2014

Little expense has been spared at the giant glass and steel structure that sprouts from a once-vacant plot of land on the outskirts of Cambridge.

AstraZeneca’s £1bn new research and development centre houses 16 labs and 2,200 scientists, making it the biggest science lab in Britain along with the Francis Crick Institute in London, and the pharmaceutical company’s biggest single site investment to date.

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New Zealand interest rate hike raises pressure on central banks over inflation

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RBNZ says homeowners must be ‘incredibly wary’ of rising costs, as focus shifts to policymakers in US, UK and Europe

New Zealand’s central bank has lifted interest rates for the second time in as many months to 0.75%, with many forecasters expecting borrowing costs to rise to at least 2% by next year and possibly higher.

In a warning signal for central banks around the world as they struggle to contain inflationary pressures, the Reserve Bank of New Zealand (RBNZ) raised the official cash rate by 25 basis points to 0.75% as expected in its final policy meeting of the year on Wednesday.

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House committee subpoenas far-right groups and leaders over Capitol attack – as it happened

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In case you missed it yesterday: the House select committee investigating the Capitol insurrection issued five more subpoenas to right-wing political operatives, including former Trump associate Roger Stone and conspiracy theorist Alex Jones.

Hugo Lowell reports:

The subpoenas demanding documents and testimony expand the select committee’s inquiry focused on the planning and financing of the rally at the Ellipse, by targeting operatives who appear to have had contacts with the Trump White House.

House investigators issued subpoenas to the veteran operatives Stone and Jones, Trump’s spokesperson Taylor Budowich, and the pro-Trump activists Dustin Stockton and his wife, Jennifer Lawrence.

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UK employers step up demand for workers vaccinated against Covid

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Analysis shows job adverts requiring candidates to be jabbed rose by 189% between August and October

Employers in the UK are following the lead of their counterparts in the US by stepping up demands for staff to be vaccinated against Covid-19, analysis of recruitment adverts reveals.

According to figures from the jobs website Adzuna, the number of ads explicitly requiring candidates to be vaccinated rose by 189% between August and October as more firms ask for workers to be jabbed before they start on the job.

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Johnson ‘losing the confidence’ of Tory party after rambling CBI speech

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Senior party members concerned after chaotic fortnight, with PM said to be losing his grip over key policies

Conservative MPs are increasingly worried about Boris Johnson’s competence and drive after he gave a rambling speech to business leaders and was accused of losing his grip over a series of key policies from social care to rail.

Senior members of his own party said they needed Johnson to get the government back on track after a disastrous two weeks amid dismay about his performance at the Confederation of British Industry (CBI) conference, where he lost his place in his speech for about 20 seconds and diverted into a lengthy tangent about Peppa Pig.

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‘Embarrassing’: Boris Johnson criticised for rambling speech to CBI

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Business leaders and Conservative MPs criticise speech in which PM extensively praised Peppa Pig World and imitated car

Boris Johnson has been criticised by senior business leaders and Conservative MPs for a “rambling” speech to top industry figures that saw him extensively praise Peppa Pig World, compare himself to Moses and imitate the noise of an accelerating car.

The prime minister’s sprawling address to the Confederation of British Industry (CBI) was accused of lacking seriousness and professionalism. Johnson lost his place during the speech and spent 20 seconds repeating “forgive me” as he shuffled the printed pages on his podium.

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Start of final Crossrail trials in London raises hope of early 2022 opening

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Volunteer passengers will be aboard central TfL section of Elizabeth line as part of final testing phase

Hopes that Crossrail will open in central London in early 2022 – this time on schedule – have been boosted as the troubled £19bn scheme moved into its final phase of testing at the weekend.

The start of months of trial operations, which will involve thousands of volunteer passengers to test how the system will function, including in emergencies, was described as a “significant milestone” by Transport for London and the mayor.

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Flexible working: ‘A system set up for women to fail’

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After the pandemic more women are choosing to work from home but that choice could damage career prospects

Employees want it, employers know they have to offer it; flexible working has transformed almost every office during the pandemic and it’s here to stay.

It is a change that has been demanded for decades by groups including women, those with caring responsibilities and disabled people. But economists and employment experts are warning it could lead to more inequality at the office, particularly for working mothers.

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Rio Tinto’s past casts a shadow over Serbia’s hopes of a lithium revolution

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People in the Jadar valley fear environmental catastrophe as Europe presses for self-sufficiency in battery technology

Photographs by Vladimir Zivojinovic

A battery sign, flashing dangerously low, appears superimposed over a view of the globe as seen from space. “Green technologies, electric cars, clean air – all of these depend on one of the most significant lithium deposits in the world, which is located right here in Jadar, Serbia,” a gravel-voiced narrator announces. “We completely understand your concerns about the environment. Rio Tinto is carrying out detailed analyses, so as to make all of us sure that we develop the Jadar project in line with the highest environmental, security and health standards.”

Beamed into the country’s living rooms on the public service channel RTS, the slick television ad, shown just after the evening news, finishes with images of reassuring scientists and a comforted young couple walking into the sunset: “Rio Tinto: Together we have the chance to save the planet.”

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Cathay Pacific sacks three pilots for catching Covid on layover

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The ‘unspecified breach’ in Frankfurt led to 150 other employees being quarantined for three weeks under Hong Kong’s strict rules

Cathay Pacific Airways has sacked three cargo pilots for becoming infected with Covid-19 during a layover in Frankfurt, citing an unspecified “serious breach” of crew rules while overseas.

“The individuals concerned are no longer employed by Cathay Pacific,” the company said in a statement issued on Thursday.

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No country has met welfare goals in past 30 years ‘without putting planet at risk’

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Exclusive: even wealthy nations seen as having good sustainability records use more than fair share of resources, finds study

No country has managed to meet the basic social needs of its population in the past 30 years without putting undue pressure on the Earth’s supply of natural resources, according to a study.

Looking at a sample of 148 nations, research by the University of Leeds found wealthy countries were putting the future of the planet at risk to make minimal gains in human welfare, while poor countries were living within ecological boundaries but underachieving in areas such as life expectancy and access to energy.

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‘Critical lifeline’ of migrant cash expected to near £600bn in total

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Sum sent back home from former residents of low-income countries surpasses overseas aid and rich nations’ direct investment

Migrants from low- and middle-income countries are expected to send almost £600bn to support friends and relatives by the end of the year, after global economic growth spurred a 7.3% rebound in remittance payments.

The increase in cross-border payments, especially from migrants based in Europe and the US, reversed a 1.7% fall in remittance payments last year, the World Bank said.

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‘I don’t blame customers for getting annoyed’: a coffee house owner on life without EU workers

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Anas Zein Al-Abdeen owns a chain of four Middle Eastern coffee houses around Birmingham. But, the 40-year-old says, while customers are plentiful, staff are another matter

Anas Zein Al-Abdeen doesn’t want to close his business for three days a week – but, increasingly, it looks like his only option. He simply can’t get the staff. “It’s horrific,” he says. “We can’t plan for anything.”

The 40-year-old British-Syrian businessman runs Damascena, an independent chain of four Middle Eastern coffee houses in and around Birmingham. All of his cafes are affected, but the one in central Birmingham is the most short-staffed, with 25 workers instead of the usual 30. “It’s very stressful,” he says. “Most businesses worry about getting customers. But I’m just worried if we can serve them or not.”

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JPMorgan sues Tesla for $162m after Musk tweets soured share deal

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Investment bank says it lost millions because of tweets by Elon Musk that he might take electric carmaker private

JPMorgan has sued Tesla for $162.2m, accusing Elon Musk’s electric car company of “flagrantly” breaching a 2014 contract relating to stock trading options that Tesla sold to the bank.

The options, or warrants, give the holder the right to buy a company’s stock at a set “strike” price and date. The suit, filed in a Manhattan federal court, centres on a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk’s notorious 2018 tweet that he was considering taking the carmaker private.

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