Category Archives: Business

Meals by wheels: UK drive-through booms as brands invest in new sites

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Social distancing is feeding an appetite for a new generation of US-style drive-through restaurants

Drive-through restaurants used to be a US-inspired novelty but a big increase in custom during the pandemic means money is pouring into new UK sites, with even upmarket names looking to serve food through car windows for the first time.

New property research suggests that demand for drive-throughs has increased by 25% post-Covid with restaurant chains looking to open a total of 200 sites a year. The clamour comes as established names such as McDonald’s and Burger King face competition from North American brands such as Tim Hortons, famous for its coffee and doughnuts, and burger chain Wendy’s.

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Currency and control: why China wants to undermine bitcoin

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Beijing’s crackdown on cryptocurrencies has captured headlines, while behind the scenes its reserve bank set up its own digital currency

Few would dispute that China’s recent crackdown on cryptocurrency trading and mining has contributed to the recent plunge in the value of bitcoin and other cryptos.

But while the argument rages about whether the volatility of cryptos is a sign of fundamental weakness or merely a bump along the road, the initiatives coming out of Beijing are being seen by experts as a sign of China’s attempts to incubate its own fledgling e-currency and reboot the international financial system.

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Delta variant fears send shares down sharply in London and Europe

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Investors worry resurgence of Covid-19 cases will slow economic growth and stall global recovery

Fears that the fast-spreading Delta variant of Covid-19 will hurt the global recovery sent stocks sliding on Thursday, as investors worried that economic growth could be slowing.

Shares fell sharply in London and across other European exchanges, after losses in Asia-Pacific markets, on concerns that the economic rebound from the shock of the pandemic may have peaked, and on signs of a slowdown in China.

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Botswana diamonds: second huge stone unearthed in a month

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Lucara diamond firm shows off 1,174-carat diamond to Gaborone cabinet after find of 1,098-carat gemstone

An exceptionally large and white 1,174-carat diamond stone has been unearthed in Botswana, trumping another huge precious stone that was found in the African country in June.

The latest find, which fills the palm of a large hand, was also discovered in June, on the 12th. It was found by the Canadian Diamond firm Lucara and presented to the country’s cabinet in Gaborone on Wednesday.

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Chinese-owned firm acquires UK’s largest semiconductor manufacturer

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Tory MP Tom Tugendhat raises concerns about deal in light of global computer chip shortage

The UK’s largest producer of semiconductors has been acquired by the Chinese-owned manufacturer Nexperia, prompting a senior Tory MP to call for the government to review the sale to a foreign owner during an increasingly severe global shortage of computer chips.

Nexperia, a Dutch firm owned by China’s Wingtech, said on Monday that it had taken full control of Newport Wafer Fab (NWF), the UK’s largest producer of silicon chips, which are vital in products from TVs and mobile phones to cars and games consoles.

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New York’s patchwork recovery masks vast inequities laid bare by Covid

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There are signs of renewal in a city that has weathered crisis after crisis, but what its future looks like remains an open question

For most of the past year, Manhattan’s signature yellow cabs have been a rarity on the avenues and cross-streets. Now, as the city picks up and office workers begin to return, they too are returning – but not yet on a pre-pandemic scale. At the same time, the city is gridlocked by traffic.

A patchwork of indicators suggest the recovery from a pandemic that hit hard and early, caused close to 30,000 deaths out of a 8.4-million population and placed the metropolis in an economic deep-freeze will be similarly uneven.

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‘Idea of commuting fills me with dread’: workers on returning to the office

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Staff warily contemplate going back to work as business leaders say it is vital to boost urban economy

With the lifting of coronavirus restrictions in England probably two weeks away, the prospect of returning to offices means the revival of the daily commute.

In a push to bring back more people to town and city centres to boost the urban economy, a group of 50 business leaders, including the Canary Wharf executive chair, Sir George Iacobescu, the bosses of Heathrow and Gatwick airports, the Capita chief executive, Jon Lewis, and the BT chief executive, Philip Jansen, are calling for the government to encourage a return to the office.

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TfL hit by £100m fall in ad revenue across tube, rail and bus network

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Exclusive: record low level of London journeys during Covid crisis drives down commercial income

Transport for London (TfL) has recorded a £100m plunge in advertising revenue across its network of tube stations, trains and buses after Covid-19 pandemic restrictions kept commuters away from travelling to work.

TfL’s advertising estate – which comprises more than 100,000 billboards, posters and panels throughout the capital’s tube and rail network, in trains and on buses and shelters – is one of the largest and most valuable in the world.

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International airlines may be forced to suspend flights to Australia after arrival cap halved

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Industry says any suggestion by Coalition government that airlines are price gouging is ‘insulting and bizarre’

• Families of Australians stranded overseas devastated after arrivals cap slashed

International airlines claim they could be forced to suspend services to Australia from next week after national cabinet agreed to halve the number of people allowed to enter the country – and they say any suggestion of price gouging is “insulting and bizarre”.

From 14 July, overseas arrivals will be slashed from 6,070 to 3,035 a week – crushing the hopes of thousands of Australians stuck overseas and looking to get home.

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Revealed: rise in stress among those working from home

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New research finds that those living and working alone during the pandemic have suffered the worst effects of all

Working from home during the coronavirus pandemic has caused increased levels of loneliness and mental distress, according to new research into how workers have been affected by the crisis.

With ministers still debating how to manage the return to workplaces in the wake of Covid restrictions, a study by the National Centre for Social Research (NatCen) found that the biggest increases in mental distress and loneliness during the pandemic were felt by the most isolated group – those working from home and living alone. However, in a finding that surprised researchers, people working from home and living with others also experienced a significant increase in loneliness not felt by those working outside the home.

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Fauci says regional vaccine disparities could create ‘two types of America’ – live

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  • Top expert encourages vaccination amid Delta variant spread
  • Defense secretary wants to remove decisions from commanders
  • President celebrates 3m jobs created since he took office
  • Trump financial chief Allen Weisselberg and company charged

Two-thirds of Americans believe democracy is under threat, polls finds

This is Lois Beckett, picking up our live US politics coverage from Los Angeles.

NEW: Two-thirds of U.S. adults believe that American democracy is under threat according to the latest @NewsHour/@NPR/@maristpoll. https://t.co/TnYS66pXqA

That’s it from me today. My west coast colleague, Lois Beckett, will take over the blog for the next few hours.

Here’s where the day stands so far:

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‘Wage theft’ in Primark, Nike and H&M supply chain – report

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No laws were broken but brands failed to ensure workers were paid properly during the pandemic, says Clean Clothes Campaign

Campaigners claim to have found evidence of “wage theft” in the supply chains of Primark, Nike and H&M in a report that outlines the devastating consequences of the pandemic on garment workers in Indonesia, Cambodia and Bangladesh.

Research by the Clean Clothes Campaign found that, while none of the brands had broken any laws, they had failed to ensure that their workers were properly paid throughout the pandemic.

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Ending furlough scheme too early could damage recovery, say trade unions

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Government is reducing its contribution to the scheme, with employers having to pay a share

Ending the furlough scheme too early could damage the recovery and push unemployment higher, trade unions warned as official figures showed the number of workers on the scheme in May fell at a slower rate than expected to 2.4 million employees.

Without an extension of furlough or extra support for the hardest-hit industries, the bounce back on economic activity could be choked off, unions said.

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Trump Organization executive surrenders to face charges in tax investigation

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Trump Organization’s CFO, Allen Weisselberg, is preparing to face charges in tax-related investigation that marks a turning point for former president

The Trump Organization’s chief financial officer, Allen Weisselberg, surrendered to the Manhattan district attorney’s office early on Thursday as he and the Trump family business prepare to face criminal charges in a tax-related investigation.

Weisselberg, who has worked for the Trump family for nearly 50 years, entered a building housing Manhattan’s criminal court, where he and a Trump Organization representative are expected to appear later in the day.

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Forget GDP, ‘vulnerability index best gauges aid’ to small islands

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Commonwealth research says UVI is better measure of small island states’ aid needs, especially on climate

Small island nations on the climate crisis frontlines have been overlooked in overseas aid, according to a new index.

Urging a move away from the current benchmark of using gross domestic product (GDP) to measure aid allocation, researchers from the Commonwealth secretariat and the Foundation for Studies and Research on International Development (Ferdi), a French thinktank, have developed the universal vulnerability index (UVI) as an alternative. GDP, they claim, fails to reflect the realities nations face, particularly on climate.

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Covid tourism freeze could cost global economy $4tn by year end

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Turkey, Ecuador and South Africa will be among hardest hit as pandemic-related losses reach $2.4tn, says UN report

The cost to the global economy of the tourism freeze caused by Covid-19 could reach $4tn (£2.9tn) by the end of this year, a UN body has said, with the varying pace of vaccine rollouts expected to cost developing nations and tourist centres particularly dear.

Nations including Turkey and Ecuador will be among the hardest hit by the severe disruption to international tourism, with holiday favourites such as Spain, Greece and Portugal also badly affected. Pandemic-related losses have reached up to $2.4tn this year, according to a report by the United Nations Conference on Trade and Development (Unctad). The potential lost tourism-related income in 2021 is equivalent to the effect of switching off 85% of the UK economy, while projected losses over 2020 and 2021 could equate to removing Germany from the global economy for two years.

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OpenStreetMap looks to relocate to EU due to Brexit limitations

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Open-source UK tech company cites copyright issues, rising costs and prospect of more influence in EU

OpenStreetMap, the Wikipedia-for-maps organisation that seeks to create a free and open-source map of the globe, is considering relocating to the EU, almost 20 years after it was founded in the UK by the British entrepreneur Steve Coast.

OpenStreetMap Foundation, which was formally registered in 2006, two years after the project began, is a limited company registered in England and Wales. Following Brexit, the organisation says the lack of agreement between the UK and EU could render its continued operation in Britain untenable.

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UK Covid recovery at risk as furlough scheme phased out, say economists

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Business leaders also warn of renewed threat to jobs and growth as Delta variant drives up infections

Britain’s economic recovery from Covid-19 is coming under pressure amid worker shortages and lengthier pandemic restrictions, as the Delta variant of coronavirus drives up infection rates.

As the government begins to wind down the furlough scheme on Thursday – despite delaying its roadmap out of lockdown by four weeks until 19 July – the Guardian’s monthly snapshot of economic developments suggests the pace of recovery has plateaued.

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Five Asian countries account for 80% of new coal power investment

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China, India, Indonesia, Japan and Vietnam plan to build more than 600 coal power units

Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a report.

Carbon Tracker, a financial thinktank, has found that China, India, Indonesia, Japan and Vietnam plan to build more than 600 coal power units, even though renewable energy is cheaper than most new coal plants.

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Flying cars will be a reality by 2030, says Hyundai’s Europe chief

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Michael Cole says urban air mobility could free up congestion and help with emissions in cities

Flying cars will be a reality in cities around the globe by the end of this decade, according to a leading car manufacturer, and will help to reduce congestion and cut vehicle emissions.

Michael Cole, the chief executive of the European operations of South Korean carmarker Hyundai, said the firm had made some “very significant investments” in urban air mobility, adding: “We believe it really is part of the future”.

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