Category Archives: Business

UK Covid passports – who’s for and who’s against?

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Labour leftwingers and Tory libertarians oppose them, while Keir Starmer’s position appears flexible

One of the most significant political controversies of the coronavirus period is likely to be over the idea of Covid “passports” – app-based, biometric certificates that would allow people entry to potentially crowded spaces. While they are sometimes referred to as “vaccine passports”, these would not just show vaccination status. Other ways people could prove they were safe to mingle would be a sufficiently recent test showing significant Covid antibodies, or a very recent negative test for the virus.

These are distinct from the idea of a proof of vaccination to be allowed to enter overseas countries, which is less contentious.

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The dogs keeping office workers company through lockdown

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Owners say taking four-legged friends to work helps tackle loneliness and livens up Zoom calls

“Dogs are just like ‘play, eat, sleep’ – they bring me back into the moment. I think we can all learn something from that,” says Carole Henderson, who has been taking her “furry backup” to the office for the last few months.

They are not so good at making the tea and things get a bit rowdy when the delivery man comes round, but Henderson’s labradors Barney and Rusty, and labradoodle Lily, have been her sidekicks for the last decade. As well as being excellent foot-warmers, they have helped her emotionally with getting through solo months in the office.

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Credit Suisse executives depart after Archegos and Greensill losses

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Directors’ bonuses scrapped as chief risk officer and investment bank chief exit

Credit Suisse has cancelled the bonuses of its directors, slashed its dividend and announced the departure of two senior executives as the bank revealed £3.4bn in losses from the collapse of the Archegos investment fund.

The Swiss bank is reeling from heavy exposure to Archegos and the business bank Greensill, which suffered successive but unrelated financial blow-ups.

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Bleak future for Crawley a year after first Covid lockdown

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The town in the shadow of Gatwick airport hopes the worst of the pandemic is over but fears for its jobs

The differences with the early stage of the Covid-19 pandemic are stark in Crawley. Plenty of people are milling around Queens Square in the town centre, enjoying the early spring sun, even though most of the shops remain closed; some permanently.

In the West Sussex town close to Gatwick airport, hopes are rising that the worst days of the pandemic have finally passed. But with global air travel still grounded, workers in Crawley fear there will be long-term damage for the local jobs market.

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If you like salmon, don’t read this: the art duo exposing a booming £1bn market

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Farmed salmon can end up deformed, blind, riddled with sea lice and driven to eat each other. Eco art activists Cooking Sections are highlighting their plight – and getting Tate to change its menus

A few months back, a book arrived in the post – tiny, not much larger than a bank card. Though the cover was grey, its pages were a riot of pinks, from deepest persimmon to pale rose. Printed on them were dense, technical essays referencing everything from fish farming to Adam Smith’s The Wealth of Nations. The title was Salmon: A Red Herring.

Fish is an unexpected topic for an art book – but then the duo who created this little volume, Daniel Fernández Pascual and Alon Schwabe, aren’t really going for the coffee-table market. Operating under the name Cooking Sections, the pair have a thing for food. Their art is about what we eat and its impact on the Earth.

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From bikes to booze, how Brexit barriers are hitting Anglo-Dutch trade hard

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A new survey of UK and Netherlands firms shows two-thirds think our departure from the single market has had a negative effect

It is now three months since Boris Johnson declared that his Brexit deal would be unalloyed good news for UK businesses and consumers alike. But the true picture is graphically illustrated by a new survey of 125 UK and Dutch firms that do business between the two old and close trading nations.

Whether it be trade in chocolate bars, electric bicycles or malt whisky distilled in Scotland, the reality for exporters, importers and customers infuriated by orders being delayed is mostly negative.

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Suez canal blockage: last of the stranded ships pass through waterway

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Canal authority says investigation into the cause of Ever Given grounding is nearing completion

The last ships stranded by the grounding of a giant container vessel in the Suez canal passed through the waterway on Saturday, according to the Suez Canal Authority (SCA).

More than 400 vessels were stranded in the Mediterranean and the Red Sea when the giant container ship Ever Given became wedged across the vital waterway on 23 March. The ship was freed on Monday.

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US Capitol lockdown: suspect and one officer dead after vehicle rams barrier – live

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Robert Contee of the Washington, DC, Metropolitan Police Department has just said at the briefing outside the US Capitol that the attack by a man driving a car at Capitol Police officers “does not appear to be terrorism related”.

Acting chief of the Capitol Police, Yogananda Pittman, just described the now-deceased suspect in the attack as having got out of the vehicle after ramming her officers and crashing into a barrier and then he “ran aggressively” at them, brandishing a knife.

Robert J Contee III, the acting chief of the Metropolitan Police Department of DC, said the attack “does not appear to be terrorism related”.

The MPD acting chief also said the suspect does not seem to have been previously known to law enforcement.

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‘Opportunity is coming’: Joe Biden celebrates latest jobs report – video

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Joe Biden has encouraged Americans to ‘buckle down’ as coronavirus cases rise but he was optimistic on the state of the economy and celebrated the latest jobs report.

The US economy added 916,000 jobs last month according to the report which Biden credited to the resiliency of the American people and his administration’s new economic vision

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French lockdown will hit economic growth, finance minister warns

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Bruno Le Maire’s forecast follows imposition of third national lockdown by Emmanuel Macron

A fresh lockdown in France will dent economic growth this year but it is too early to say by how much, the finance minister, Bruno Le Maire, has warned.

Amid concerns that increasing infection rates across much of continental Europe will slow the recovery from the pandemic, Le Maire indicated on Friday that a forecast of 6% GDP growth this year may need to be revised downwards.

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Pfizer vaccine has 91% efficacy for up to six months, trial shows

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Findings based on two doses three weeks apart are first to show shot remains effective for many months

The coronavirus vaccine developed by Pfizer and its German partner BioNTech protects against symptomatic Covid for up to six months, an updated analysis of clinical trial data has found.

In a statement released on Thursday, the companies reported efficacy of 91.3% against any symptoms of the disease in participants assessed up to six months after their second shot. The level of protection is only marginally lower than the 95% achieved soon after vaccination.

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Brexit: Scottish dog food firm relocates to France due to export red tape

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Owner says he decided ‘enough was enough’ after encountering more and more trade barriers

The founder of a Scottish dog food business has told how Brexit forced him to move to France after his exports to the EU were halted because of the new trade barriers in place since 1 January.

After 10 weeks of daily calls and emails to government representatives, who he said were “absolutely terrible”, Antoon Murphy said he was left with no other option than to relocate or face losing the business.

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Biden unveils ‘once-in-a generation’ $2tn infrastructure investment plan

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American Jobs Plan would rebuild roads, highways and bridges; confront the climate crisis and curb wealth inequality

Joe Biden on Wednesday unveiled what he called a “once-in-a-generation” investment in American infrastructure, promising a nation still struggling to overcome the coronavirus pandemic that his $2tn plan would create the “strongest, most resilient, innovative economy in the world”.

Speaking at a carpenters’ training center outside of Pittsburgh, where he launched his campaign two years ago, Biden returned as president to elaborate on his campaign pledge to “rebuild the backbone of America”.

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A year of Covid crisis: a glimmer of economic hope at the end of the tunnel

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Twelve months after the pandemic struck the Guardian’s economic tracker reveals real risk of lasting damage

When Boris Johnson announced the first stay-at-home order, effectively shutting down whole sections of the economy, it was hoped the tide could be turned within 12 weeks. As many months later, lockdown measures are being relaxed for a third time and Britain still faces a lengthy road to recovery from the worst recession for 300 years.

As restrictions ease, the chief economist at the Bank of England, Andy Haldane, warned that despite the reopening of the economy, the risk of a “jobs equivalent of long Covid” remains for workers across the country.

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Top banks could be investigated over $20bn fire sale of hedge fund assets

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Collapse of Archegos has reportedly prompted SEC and FCA inquiries into Credit Suisse, Goldman Sachs, Nomura and others

UK and US regulators are looking into whether global investment banks breached rules by holding group discussions shortly before launching a fire sale of nearly $20bn worth of assets belonging to the distressed hedge fund Archegos Capital Management, according to reports.

The Securities Exchange Commission is said to have requested further information from major US banks Goldman Sachs, Wells Fargo and Morgan Stanley, as well as Japan’s Nomura and Swiss lender Credit Suisse about a meeting with Archegos founder Bill Hwang on Thursday.

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No joke: Volkswagen confirms it will change name to Voltswagen in US

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In what was initially thought to be an April Fool’s prank, company confirms name change to reflect its investment in electric cars

For 65 years, Volkswagen has been one of the most popular and best-known names in American motoring, its iconic VW Beetle snaring generations of enthusiasts and helping sell millions of vehicles.

But now, in North America at least, the Volkswagen brand is no more. In what was initially thought to be an April Fool’s prank, apparently thanks to a premature announcement by an overeager publicist, the German auto giant has confirmed its metamorphosis into Voltswagen – an attempt to reflect its investment in the growing electric vehicle (EV) market.

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Who pays for Suez blockage? Ever Given grounding could spark years of litigation

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Ship likely to be centre of protracted legal battle over what caused it to run aground in the Suez and who is to blame

After hauling its 220,000-ton bulk down the Suez canal a week after blocking the essential waterway, the Ever Given container ship is likely to become the centre of a protracted battle over who will pay for its rescue.

The 400-metre-long vessel was aground on the banks of the Suez canal for a week, causing an estimated £7bn loss each day in trade owing to ships stuck on either side, and up to £10.9m a day for the canal. “We managed to refloat the ship in record time. If such a crisis had occurred anywhere else in the world, it would have taken three months to be solved,” said Osama Rabie, the head of the Suez Canal Authority (SCA).

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Green investing ‘is definitely not going to work’, says ex-BlackRock executive

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Tariq Fancy once oversaw the start of the biggest effort to turn Wall Street ‘green’ – but now believes the climate crisis can never be solved by today’s free markets

From his desk in midtown Manhattan Tariq Fancy once oversaw the beginning of arguably the biggest, most ambitious, effort ever to turn Wall Street “green”. Now, as environmentally friendly investing grows at an exponential rate, Fancy has come to a stark conclusion: “This is definitely not going to work.”

As the former chief investment officer for sustainable investing at BlackRock, the world’s largest asset manager, Fancy was charged with embedding environmental, social and governance (ESG) corporate policies across the investment giant’s portfolio.

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Osinbajo defies expectations as Nigeria’s vice-president

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Analysis: Buhari’s deputy wants to create jobs, feed pupils and cut red tape. Is he too high-profile for his critics?

The role of vice-president is one that John Adams, the first person in the US to hold the position, called “the most insignificant office that ever the invention of man contrived”.

Nigeria’s Patience Jonathan captured the situation in her sarcastic response to a journalist who asked about her husband, Goodluck Jonathan, when he was vice-president. She said: “He is in his office reading newspapers.”

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Regulators around the world monitor collapse of US hedge fund

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Liquidation of Bill Hwang’s Archegos Capital Management sparked a fire sale of more than $20bn assets

Financial regulators across the world are monitoring the collapse of the New York-based billionaire Bill Hwang’s personal hedge fund.

The sudden liquidation of Hwang’s Archegos Capital Management sparked a fire sale of more than $20bn assets that has left some of the world’s biggest investment banks nursing billions of dollars of losses.

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