Pressure on UK as Germany backs ending free carbon permits for airlines

Boris Johnson has pledged to give details of how UK will meet its climate targets before Cop26

The German government is backing an extension of EU carbon pricing that will end free carbon permits for airlines, putting pressure on the UK to put in place a similar package to meet climate targets.

The European Commission will propose a dozen climate policies on 14 July, each designed to slash greenhouse gases faster in line with an EU goal to cut net emissions by 55% by 2030 from 1990 levels.

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Why cryptocurrencies may remain merely a bit on the side

Wise Bank of England heads are pondering the case for a state-run digital currency this week. But do we really need one?

When Google announced that bitcoin traders would be allowed to buy advertising space on its pages from August, central banks were alerted to the next likely surge in publicity for cryptocurrencies.

The increasing activity around digital currencies has not gone unnoticed at the Bank of England, and on 7 June Threadneedle Street’s brightest will publish a consultation document, setting out how a publicly operated electronic coinage system – one that would rival bitcoin – might work.

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Education for girls and vaccines can save Africa from disaster | Phillip Inman

Parts of the continent potentially face a decade of crisis. These two measures are more important than any other in avoiding it

There are so many good causes in the world it is often difficult to know where aid money should go. As leaders line up to attend the G7 summit in Cornwall, the most effective destinations for aid money have become clearer – a global vaccination programme and improving girls’ education.

This is especially true in sub-Saharan Africa, where so much can go wrong over the next 10 years – a population explosion, massive biodiversity loss, desertification, famine and mass migration to mention just a few – that unless we focus our efforts on vaccines and girls’ education, whatever is done to alleviate poverty or tackle the climate emergency will be threatened or even sabotaged in almost every other region of the world.

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‘Historic agreement’: Rishi Sunak announces G7 deal on tax reform – video

Finance ministers from the world’s richest economies have agreed a deal to tackle tax abuses by some of the world’s biggest multinationals and establish a minimum global corporation tax for the first time. Announcing the deal, the UK chancellor, Rishi Sunak, said it would create ‘a fairer tax system fit for the 21st century’

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Rishi Sunak announces ‘historic agreement’ by G7 on tax reform

Finance ministers agree deal to force multinationals to pay tax in all countries where they operate

The G7 group of wealthy nations have signed a landmark deal to tackle tax abuses by some of the world’s biggest multinationals and establish a minimum global corporation tax for the first time.

Finance ministers from the group agreed the plan on Saturday as part of talks held in London, the chancellor, Rishi Sunak, said.

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100 richest UK families urged to commit £1bn to tackle climate crisis

As UK prepares for environment push at G7 summit, letter asks richest to make climate charitable focus

The UK’s 100 richest families are being urged to commit £1bn over the next five years to tackle the climate emergency and halt the destruction of the natural world, as the world prepares for a big push on environmental issues at the G7 summit.

Each of the 100 richest families in the UK, and the 100 biggest charitable foundations, will receive a letter on Saturday asking them to make the climate and biodiversity crises a focus of their philanthropic efforts, in order to stave off pending disasters that would imperil all their other charitable efforts.

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G7 aims to reach historic deal on corporate tax abuse this weekend

Talks hosted by Rishi Sunak believed to be very close to agreement in principle on global reforms

The G7 group of wealthy nations is close to a historic agreement to radically reshape international tax rules by using a global minimum rate of corporation tax to prevent abuse of the system by multinationals.

Finance ministers from the world’s biggest western economies were negotiating details late on Friday with the aim of reaching a landmark deal early on Saturday as part of talks being held in London.

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Holidays abroad: many Britons plan to press on despite government advice

Tui says half of its passengers booked to visit Portugal in June are still planning to travel

As recriminations continue over the UK government’s decision to remove Portugal from the travel green list, many Britons have decided to press ahead with overseas holiday plans, even if that means going against official advice.

At 4.45pm on Sunday 6 June, Pont-Aven, one of Brittany Ferries’ flagship cruise liners, will leave Plymouth for Santander in Spain – the company’s first sailing on that route for eight months. The UK government says people should not travel to amber list locations such as Spain and advises against all but essential travel to the country – but that has not stopped the company, or the more than 800 people making the trip.

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‘This isn’t ideological’: reluctant ‘green hero’ behind Exxon coup

Tiny hedge fund Engine No 1 says a strong climate strategy simply makes good business sense

The activist hedge fund behind ExxonMobil’s boardroom coup last week has claimed another seat from the oil giant’s board, to take the number of new directors who will push for climate action from within the company to three.

The result of last week’s shareholder vote has installed the hedge fund, named Engine No 1 after a San Francisco fire station, as a reluctant hero of the climate movement.

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European finance ministers say deal to stop global tax abuse is ‘within reach’

France, Germany, Italy and Spain increase pressure for an end to loopholes that enable multinationals to pay minimal tax

The EU’s four biggest economies have raised the pressure for a landmark agreement to curb tax abuse by multinational companies to be reached at G7 meetings in London on Friday.

Sending a united message in a letter in the Guardian, the finance ministers of France, Germany, Italy and Spain said a critical moment had been reached to strike a blow against tax avoidance as governments around the world attempt to rebuild from the Covid-19 pandemic.

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UK tightens borders and travel rules as variants spark new alarm

PHE data indicates dominant variant ‘more likely to cause serious illness’ as Grant Shapps warns of threat to reopening on 21 June

Ministers have moved to tighten Britain’s borders as new data suggests the Delta coronavirus variant is much more likely to cause serious illness and is circulating more rapidly within schools.

With England’s reopening on 21 June hanging in the balance, the government removed Portugal from the green list of countries and added seven more countries to the red list – moves that provoked fury within the travel industry and left many holidaymakers in limbo.

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Portugal removed from ‘green list’ of Covid travel destinations

No countries added to England’s quarantine-free holiday register as seven moved from amber to red

Portugal has been taken off the UK’s “green list” of destinations from which people can return to England without having to quarantine. The government has said the threat of new Covid-19 variants means that less restricted travel could jeopardise domestic unlocking.

No countries were added to the green list, but seven more – Afghanistan, Bahrain, Costa Rica, Egypt, Sri Lanka, Sudan, and Trinidad and Tobago – were moved from the amber list to the red list of nations to which almost all travel is barred, the Department for Transport said.

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Cyprus could block EU adoption of minimum corporate tax plan

EU directive on Joe Biden’s proposal for 15% tax rate on multinationals would require unanimous support

Cyprus could veto the EU’s adoption of Joe Biden’s proposal of a global minimum corporate tax rate, the country’s finance minister has suggested.

A White House proposal of a 15% tax rate for multinationals applied to profits in all jurisdictions is expected to be endorsed in principle by finance ministers of the world’s seven largest economies, the G7, at an upcoming meeting in Cornwall.

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Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year

Microsoft Round Island One is ‘tax resident’ in Bermuda, with no employees except directors

An Irish subsidiary of Microsoft made a profit of $315bn (£222bn) last year but paid no corporation tax, as it is “resident” for tax purposes in Bermuda.

The profit generated by the company, Microsoft Round Island One, is equal to nearly three-quarters of Ireland’s entire gross domestic product (GDP) – even though it has zero employees.

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Bill Gates and Warren Buffett to build new kind of nuclear reactor in Wyoming

The project in Wyoming – the country’s top coal-producing state – is a small advanced reactor that runs on different fuels to traditional ones

Power companies run by billionaire friends Bill Gates and Warren Buffett have chosen Wyoming to launch the first Natrium nuclear reactor project on the site of a retiring coal plant.

TerraPower, founded by Gates about 15 years ago, and power company PacifiCorp, owned by Warren Buffett’s Berkshire Hathaway, said on Wednesday that the exact site of the Natrium reactor demonstration plant was expected to be announced by the end of the year.

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David Beckham buys stake in vehicle electrification firm

Lunaz specialises in classic cars but is set to start conversion of bin lorries to help transition away from fossil fuel

Snaps of David Beckham in expensive cars were a tabloid staple during the footballer’s days as a star player, but now his interest has taken a surprising turn: bin lorries.

The former Manchester United and Real Madrid midfielder has taken a 10% stake in Lunaz, a Silverstone-based company that electrifies classic cars from Rolls-Royce, Jaguar and Range Rover. Now it hopes to take the same engineering logic and apply it to refuse trucks and other specialist commercial vehicles, giving them a new lease of life in the transition away from fossil fuels.

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US sets – and quickly suspends – tariffs on UK and others over digital taxes

Biden administration suspended duties to allow time for negotiations over digital-services taxes on US tech companies

The Biden administration announced 25% tariffs on over $2bn worth of imports from the UK and five other countries on Wednesday over their taxes on US technology companies, but immediately suspended the duties to allow time for negotiations to continue.

The US trade representative, Katherine Tai, said the threatened tariffs on goods from Britain, Italy, Spain, Turkey, India and Austria had been agreed after an investigation concluded that their digital taxes discriminated against US companies.

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Warning over pilots’ mental health as planes return to skies

Researchers say industry practice should change to encourage workers to seek help when they need it

Airlines are overlooking the mental health and wellbeing of pilots and other aviation workers in their scramble to get planes flying again, according to researchers.

Many aviation workers experienced anxiety, stress and depression during Covid-19 lockdowns, but they report feeling discouraged from acknowledging problems or seeking help, creating potential safety hazards and health problems.

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‘I felt nauseous in Topshop’: why a fashion editor gave up buying new clothes

The truth about mass-produced dresses - that everything is commodified and nothing is sustainable – did for me. I decided that if I really wanted a new dress, it had to be old

It was April 2019. I was seven months pregnant and in Topshop, looking for something large in which to rehome my body.

I was wearing a maternity dress that, if you had seen me pregnant, you would have recognised – a cheap, pleated wraparound in a red floral print that expanded as I expanded. I imagined Issey Miyake, but increasingly looked more like an armchair. It had served me well, but I was determined to buy something, anything, to see me through the next few months.

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G7 nations committing billions more to fossil fuel than green energy

In spite of green rhetoric, money has piled into aviation and car industries since start of pandemic, report finds

The nations that make up the G7 have pumped billions of dollars more into fossil fuels than they have into clean energy since the Covid-19 pandemic, despite their promises of a green recovery.

As the UK prepares to host the G7 summit, new analysis reveals that the countries attending committed $189bn to support oil, coal and gas between January 2020 and March 2021. In comparison, the same countries – the UK, US, Canada, Italy, France, Germany and Japan – spent $147bn on clean forms of energy.

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