Category Archives: Business

‘They capture history’: the projects saving Spain and Portugal’s shop signs

Posted on by

A collective of projects across Iberia is protecting commercial signs to create a living archive

Fire engine red, bordered by polka dots and stretching the length of three cars, the sign for the Orte clothing store had long loomed over Madrid’s Alcalá thoroughfare, its presence steady even as fast-food restaurants and chain stores began moving into the area.

When the store closed its doors and the space was poised to be rented, news swiftly reached Alberto Nanclares. Within days he was on site, working with a team to painstakingly pry the sign from the facade where it had sat for more than five decades.

Continue reading...

Third of French wine lost after rare cold snaps devastate vines

Posted on by

Unseasonal frost is ‘agricultural disaster of 21st century’ as ice after warm weather decimates grape harvests

At least a third of French wine production worth almost €2bn (£1.7bn) in sales will be lost this year after rare freezing temperatures devastated many vines and fruit crops across France, raising concerns over the climate crisis.

“This is probably the greatest agricultural catastrophe of the beginning of the 21st century,” the French agriculture minister, Julien Denormandie, said this week as the government declared an “agricultural disaster” and began preparing emergency financial measures.

Continue reading...

Court tells Uber to reinstate five UK drivers sacked by automated process

Posted on by

Ruling in Amsterdam overturns company’s decision to exclude operators for alleged sharing of account details

Uber has been ordered to reinstate five British drivers who were struck off from its ride-hailing app by robot technology.

The five drivers, backed by the App Drivers & Couriers Union (ADCU) and the campaign group Worker Info Exchange, argued that they had been wrongly accused of fraudulent activity based on mistaken information from Uber’s technology, and that the company had failed to provide the drivers with proper evidence to support the allegations.

Continue reading...

Bernie Madoff, financier behind largest Ponzi scheme in history, dies in prison

Posted on by
  • Fraudster sentenced to 150 years in jail dies from natural causes
  • New York financier ran scheme that cheated investors of billions

Bernard Madoff, the one-time Wall Street titan who orchestrated one of the largest frauds in history, has died in prison aged 82.

Madoff, known as Bernie, was a former chairman of the Nasdaq stock exchange, and was regarded for years as an investment sage. But unbeknown to his thousands of victims, he was running a Ponzi scheme that wiped out at least $17.5bn in savings.

Continue reading...

‘We cannot drink oil’: campaigners condemn east African pipeline

Posted on by

Activists say the ‘heart of Africa’ line shipping crude from Uganda to Tanzania is unnecessary and poses a huge environmental risk

Activists have accused French and Chinese oil firms of ignoring huge environmental risks after the signing of accords on the controversial construction of a £2.5bn oil pipeline.

Uganda, Tanzania and the oil companies Total and CNOOC signed three key agreements on Sunday that pave the way for construction to start on the planned east African crude oil pipeline (EACOP). But on Tuesday a letter signed by 38 civil society organisations across both east African countries said the parties had failed to address environmental concerns over the pipeline and had steamrollered over court and parliamentary processes.

Continue reading...

Harrods stops selling Ganesha handbag after backlash from Hindus

Posted on by

US label Judith Leiber’s depiction of the god on £6,340 leather clutch criticised as ‘demeaning’

Harrods has stopped selling a luxury handbag after the accessory caused offence among the Hindu community.

The bag, from the New York label Judith Leiber favoured by Beyoncé and Jennifer Lopez, sculptures the Hindu god Ganesha into a leather clutch. Many Hindus saw the image of the god on a handbag as demeaning and commodifying their religion. They believe in non-violence against animals, so the use of leather is considered insensitive, especially in this context.

Continue reading...

‘Super app’ Grab to go public in record $40bn Spac merger

Posted on by

Singapore-headquartered firm offers one-stop shopstyle service, including ride hailing, banking and food delivery

South-east Asian “super app” Grab, which offers services from ride hailing and food delivery to online banking, is to float in the US in a record deal with a so-called Spac investment company that values the business at almost $40bn (£29bn).

Singapore-headquartered Grab, which intends to list on Nasdaq in the US, has struck a $39.5bn merger deal with US-based Altimeter Growth Corp. It is by far the biggest deal to date involving a special purpose acquisition company (Spac) – a so-called “blank cheque” shell company that raises money first and seeks businesses to buy later – which has become the latest trend in global finance over the last year.

Continue reading...

‘This is all we could get’: Dutch tourists arrive in Rhodes for locked-down holiday

Posted on by

In experiment organised by Dutch government, travellers will have to take regular Covid tests and are barred from leaving resort

A regime that might, in more normal times, resemble a boot camp has been happily embraced by 189 Dutch tourists who traded lockdown in the Netherlands for eight days of voluntary confinement at a Greek beach resort.

In an experiment devised by travel industry experts determined not to lose another season to Covid-19, the tourists arrived on the Aegean island of Rhodes on Monday as part of a test run to see if safe holidays can be arranged during the pandemic.

Continue reading...

AstraZeneca blood clotting: what is this rare syndrome and how is it caused?

Posted on by

Evidence is growing of a link between the Covid-19 vaccine and a deadly thrombosis – and theories are emerging as to why

Since rare but severe clotting was seen in some people following vaccination with AstraZeneca’s Covid-19 vaccine, researchers worldwide have been grappling to understand why the clotting syndrome, known as “thrombosis with thrombocytopenia” (clotting with a low platelet count), occurs.

Most cases of these clots occurred in veins in the brain (a condition called cerebral venous sinus thrombosis, or CVST), though some occurred in other veins, including those to the abdomen (splanchnic vein thrombosis). It has a high death rate.

Continue reading...

Alibaba shares jump after record $2.8bn anti-monopoly fine

Posted on by

E-commerce firm feels penalty by Chinese regulators means focus on company is at an end

Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.

Top executives at the company, founded by the billionaire Jack Ma, told investors that while Chinese regulators continued a wider investigation into the sprawling conglomerates in the country’s tech industry, they believed the multibillion dollar fine announced at the weekend marked the end of the focus on Alibaba. The company is listed in Hong Kong and its shares climbed as much as 9% on the management’s comments.

Continue reading...

France to ban some domestic flights where train available

Posted on by

MPs vote to suspend internal flights if the trip can be completed by train within two and a half hours instead

French MPs have voted to suspend domestic airline flights that can be made by direct train in less than two and a half hours, as part of a series of climate and environmental measures.

After a heated debate in the Assemblée Nationale at the weekend, the ban, a watered-down version of a key recommendation from President Emmanuel Macron’s citizens’ climate convention, was adopted.

Continue reading...

Gordon Brown calls for G7 to act on Covid vaccine ‘apartheid’

Posted on by

Former prime minister says group should commit to global vaccine drive and slams UK’s foreign aid cut

Preventing poor countries suffering from vaccine “apartheid” will require the G7 group of rich nations to commit $30bn (£22bn) a year to a global immunisation drive, Gordon Brown has said.

The former Labour prime minister said the UK should use June’s G7 summit in Cornwall to rekindle the moral purpose of the Make Poverty History campaign of 2005, paying for its share of the new fund by reversing the government’s “misguided” cut to the foreign aid budget.

Continue reading...

Covid listener surge sees podcast firm’s results perking up

Posted on by

Shares and revenues at UK-based Audioboom are soaring despite stiff competition from the world’s digital giants

A year ago, podcast producer Audioboom was facing an uncertain future as management sought, ultimately unsuccessfully, to find a buyer to inject cash to expand the business. When the company gives its latest financial update this week, it will be telling a very different story: in the past 12 months its market value has more than tripled and a maiden profit is looming as Audioboom joins the ranks of the pandemic winners.

Digital entertainment services from Netflix to Spotify have been supercharged by lockdown viewing and listening, and Audioboom has been no exception. It now draws 25 million listeners a month with content from partners ranging from Formula One to the former Bake Off presenter Sue Perkins.

Continue reading...

China fines Alibaba billions for alleged market abuses

Posted on by

Platform co-founded by Jack Ma, who has criticised Chinese authorities, misused its dominance, say state regulators

Chinese regulators have hit e-commerce company Alibaba with a fine of 18.2bn yuan (US$2.78bn) over practices deemed to be an abuse of its dominant market position, according to state-run media.

The Xinhua news agency said the state administration for market regulation had assessed the fine after concluding an investigation into Alibaba that began in December.

Continue reading...

Aid agencies can be harmful, says Somaliland tycoon

Posted on by

Ismail Ahmed, a refugee turned multimillionaire, says his country has had to battle ‘negative PR’

Aid agencies are hindering development and undermining efforts to attract investment in Somaliland, according to a former World Bank and UN official turned entrepreneur.

Ismail Ahmed, founder of the money-transfer company WorldRemit, claims Somaliland, his birthplace, has had to battle “negative PR” from aid agencies exaggerating their role to protect their interests. Somaliland declared itself a sovereign state independent of Somalia in 1991, but it is not recognised internationally.

Continue reading...

UK recognition of EU’s vaccine effort would not go amiss, says Brussels

Posted on by

Europe could have fully vaccinated 70% of adults before UK reaches its target, says head of EU taskforce

The UK will be reliant on the EU to complete its vaccine rollout and a little recognition of that would not go amiss, the European commissioner leading Brussels’ vaccine taskforce has said – adding that Europe could have fully vaccinated 70% of adults before the UK reaches its own target of one dose for all over-18s by the end of July.

Thierry Breton also said AstraZeneca had agreed that almost all the Covid vaccine doses made in the Netherlands over which the UK has made a claim will stay in the EU.

Continue reading...

UK ministers silent on AstraZeneca vaccine shipment to Australia

Posted on by

Downing Street will not confirm or deny report that more than 700,000 Covid jabs were sent after EU blocked export

British ministers and officials did not deny that more than 700,000 shots of the AstraZeneca vaccine were secretly dispatched from the UK to Australia a few weeks ago as the EU blocked the drug’s export.

The Sydney Morning Herald reported that 717,000 AstraZeneca doses were dispatched in late February and March from the company’s British operations – also during a period when the EU was demanding the vaccine from the UK.

Continue reading...

Mining exploration surges in Cape York as scheme to return land to traditional owners stalls

Posted on by

No new properties have been purchased under the Queensland government program since 2017, a report finds

Cape York Indigenous groups have warned that a successful Queensland government program to return land to traditional owners is on the verge of stalling, potentially leaving large and significant swathes of the peninsula at the mercy of mining speculators.

The Cape York land tenure resolution program has returned more than 4m hectares of land to traditional owner groups since 2007, including about 2m hectares that is designated as national park.

Continue reading...

G20 takes step towards global minimum corporate tax rate

Posted on by

Meetings of finance ministers follow change in US stance, with consensus growing on tackling tax avoidance

G20 finance ministers are exploring a global minimum tax on corporate profits, amid growing international consensus on tackling avoidance after the pandemic.

The virtual meetings between the group of 20 major industrial nations come after the US made the case for an international base rate this week, in a move by the Biden administration to end US resistance to international tax reforms.

Continue reading...

Value judgment: Donald Trump tumbles down billionaires’ rankings

Posted on by

While the richest got spectacularly richer during the pandemic, the ex-president plummeted nearly 300 places in the Forbes list

It’s been a glorious pandemic for the world’s richest people. Forbes annual billionaire poll includes a record-breaking 2,755 billionaires, with Amazon founder Jeff Bezos once again topping the list, the media company said on Tuesday.

The ranks of the super wealthy swelled as the coronavirus pandemic threatened the lives and livelihoods of millions across the planet but stock markets continued to hit new highs.

Continue reading...