Category Archives: Business

Trump announces new US oil agreement with Venezuela

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US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves

Donald Trump announced Friday a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, saying the US will have “majority” control of 65bn barrels of proven oil reserves.

The terms of the agreement remain to be seen, but the US president said on his social-media platform that it had been brokered “through a partnership with ⁠private business” by his secretary of state, Marco Rubio, and defense secretary, Pete Hegseth.

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Detroit despairs as ‘insanity’ of Trump’s Canada trade war punishes city

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Unpopular new policy comes as midterms loom and control of Congress could be decided by several Michigan races

Every day $1bn worth of goods crosses the river dividing Detroit, Michigan, and Windsor, Ontario, two largely blue-collar US and Canadian cities that have come to act as one in the creation of North America’s auto industry.

News this week of Donald Trump’s escalating trade spat with Canada has everyone worried. Political and economic leaders and observers labeled the move an act of “hubris” , blamed Trump’s “ego”, and called the escalation “insanity”.

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Burnham announces crackdown on rogue bailiffs and ‘cowboy builders’

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New rules are aimed at protecting people in debt in England and Wales and stopping homeowners being ripped off

A clampdown on “rogue bailiffs” has been launched by Andy Burnham amid concerns that vulnerable people are being overcharged and face aggressive behaviour.

In the latest in a series of “everyday fixes” to ease the cost of living and “make Britain fairer”, the prime minister said he was strengthening the rules that apply to bailiffs in England and Wales to better protect people in debt.

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Ex-Barclays boss denies having sex with a woman dressed as Snow White

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Jes Staley made the comments to US lawmakers investigating his links to Jeffrey Epstein

The former Barclays boss Jes Staley has denied having sex with a woman dressed as Snow White, after being questioned about an infamous email exchange about Disney princesses with Jeffrey Epstein.

The comments were detailed in newly released transcripts from a closed-door interview last month with US lawmakers as part of their investigation into Epstein, who died in prison in August 2019 while awaiting trial on child sex-trafficking charges.

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News live: dozens of Australians believed to be among hundreds of foreign tourists missing in Nepal flash floods

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Powerful floods in Himalayan border area sweep away houses, roads and bridges. Follow today’s news live

Dfat aware of a ‘number’ of Australians in flood zone

The Department of Foreign Affairs and Trade (Dfat) said it is aware of a “number” of Australians in the area affected by the flooding, saying officials stand ready to provide consular assistance.

We extend our deepest sympathies to those affected by the significant flooding in Nepal and Tibet, China.

Australians in the affected area should follow the advice of local authorities.

We are deeply saddened by the devastating flooding in Rasuwa and Nuwakot districts and surrounding areas.

Our thoughts are with all those affected by this disaster. We express our solidarity with the people of Nepal during this difficult time.

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Wiped out: US faces surging toilet paper prices amid trade war with Canada

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Paper products among hardest-hit sectors after trade negotiations broke down, with 25-50% tariffs estimated

Using the bathroom or having a cry is about to become more expensive for North Americans as the US and Canada enter a full-fledged trade war that threatens to flush away decades of peaceful trading between the two nations.

After trade negotiations broke down between the two countries last weekend, Mark Carney, the Canadian prime minister, vowed to match US tariffs “dollar for dollar” and unveiled a list of nearly 900 American goods that will face 25% to 50% tariffs starting on 8 September.

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VW workers boo boss as he urges them to ‘pull together’ amid job cuts

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Oliver Blume faces workforce at German HQ as carmaker struggles against Chinese competition and US tariffs

The chief executive of Volkswagen has faced boos and whistles of protest at the company’s headquarters after telling thousands of workers that a comprehensive reorganisation, which could include job losses and factory closures, is vital for its future.

As Oliver Blume urged more than 10,000 workers on Tuesday to “pull together”, saying drastic restructuring measures at the struggling manufacturer were essential, they held up banners and shouted slogans, including: “Our jobs are not your balance sheet adjustments”.

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Woolworths’ Ooshies craze causes Coles sales slump with parents shopping at rival supermarket to collect toys

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Coles full-year results show that despite gaining market share over past 12 months, sales fell over four weeks of ‘competitor’s collectables campaign’

Woolworths’ latest Disney “Ooshie” collectibles have not only captivated Australian children, they have led to a short-term slump in competitor Coles’ sales.

The latest rubber figurine promotion was scheduled to end on Tuesday, but strong customer interest meant Woolworths prematurely ran out of Ooshies a week ago.

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Europe’s heatwaves threaten insurers’ earnings, rating agency S&P says

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Rise in claims linked to heat-related deaths and illness, especially among older people, could drive up premiums

Europe’s intense heatwaves could hit insurers’ earnings as companies face a rise in claims linked to heat-related deaths and worsening health conditions, the rating agency S&P has said.

While a long summer of extreme heat will have increased drought and wildfire-related claims, the rating agency said there would also be fallout for life and health insurers, and for the reinsurers who provide financial protection to insurance companies.

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Households in Great Britain ‘could owe energy suppliers £7bn by end of year’

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After higher prices for winter kick in, energy debt unpaid for more than 30 days likely to rise, says Energy UK

Households in Great Britain could owe their energy suppliers as much as £7bn by the end of the year after higher gas and electricity prices forecast for the winter kick in, an industry group is warning.

Domestic energy debt and arrears climbed by about £500m over the past year to a record £6bn at the end of June as the Middle East conflict continued to stoke rising gas market prices.

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Netflix, Disney+ and Amazon price rises in western Europe ‘highest in world’

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World’s largest streaming services have also increased subscription costs repeatedly in US, research finds

Subscribers to Netflix, Disney+ and Amazon Prime Video in western Europe have faced higher price increases than in any other market in recent years, according to research.

Over the past four years the world’s largest subscription video streaming services have dramatically changed their business models introducing lower-priced, basic advertising tiers to attract new subscribers, while also increasingly monetising users willing to pay more for a premium experience.

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Iran vows to retaliate against countries that cooperate with fresh US sanctions

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Test of US rhetoric will rest on whether nations such as India, China and Russia view economic threats as credible

Tehran has vowed to retaliate against any country that cooperates with the US attempt to impose fresh sanctions against Iran in what the Treasury secretary, Scott Bessent, has billed as “the single greatest financial offensive ever marshalled against an adversary”.

In advance of the US announcement, the United Arab Emirates, Iran’s single biggest trading partner in the Middle East, announced it was ending all trade with Iran, a move Tehran believes was coordinated between Washington and the UAE.

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Fast-fashion giant Shein sets cut-price $27bn valuation for Hong Kong IPO

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China-based retailer swung to $99m loss in first quarter and faces scrutiny over its environmental footprint

Shein, which built a fast-fashion empire on what seemed like impossibly low prices, has been forced to lower its own valuation in a cut-price stock market float, after falling into the red earlier this year.

The online retailer will list on the Hong Kong stock exchange on 1 September at a valuation of close to $27bn (£19.8bn), significantly down from a near-$100bn private market peak four years ago.

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UK productivity growing faster than official figures suggest, thinktank finds

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Resolution Foundation suggests economy may finally be emerging from shadow of 2008 financial crisis

Productivity in the UK – a vital measure of economic health – is growing more strongly than official figures suggest, according to analysis from the Resolution Foundation.

The thinktank suggests the chancellor, John Healey, may have inherited an economy finally starting to emerge from the long shadow of the 2008 global financial crisis.

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Dutch regulator fines Uber $966m for automating driver suspensions

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European regulators have imposed billions in penalties on US technology companies due to privacy, competition and digital market rules

The Dutch data protection authority has fined ⁠Uber €825m ($966m) for deactivating driver ⁠accounts through automated systems without ​adequately informing them, according to a 17 August decision.

The penalty would be the second-largest issued yet under Europe’s General Data Protection Regulation (GDPR).

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JD Vance reportedly mocks Carney for trying to ‘out-tough’ Trump on trade

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Audio recording of US vice-president apparently made at New York fundraiser and shared with Canadian Press

Leaked audio from a private event has reportedly captured the US vice-president, JD Vance, mocking Canada for apparently capitulating in a trade deal and taunting the prime minister, Mark Carney, for trying to “out-tough” Donald Trump.

The recording, which was reportedly made at a fundraiser and shared with the Canadian Press, comes in the last stretch of a difficult negotiation in which the US president has threatened to impose 50% tariffs on Canada.

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Airbus bows to remote working demands after series of strikes

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Aeroplane maker said to have watered down plans to restrict working from home to one day a week

Airbus has bowed to employee demands on remote working, after a series of strikes over its chief executive’s return-to-the office orders.

The world’s largest aeroplane maker is said to have watered down plans to restrict remote working to one day a week from September. At present, staff are able to work remotely for two.

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Retail sales in Great Britain fall despite heatwave increasing food and drink demand

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Volume of goods sold in stores and online dropped 0.5% in July, ONS says

Retail sales across Great Britain weakened last month despite the men’s football World Cup and record temperatures boosting the demand for food and drink.

The Office for National Statistics said the volume of goods sold in stores and online fell 0.5% in July. That is down from 0.7% rise in June – revised down from initial estimates of 1% – and a 1.3% rise in May.

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UK reports unexpected deficit of £1.8bn as John Healey prepares for first budget

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July data shows total public debt was £2.98tn, or 94% of GDP – up £96bn on a year earlier

The UK government ran a larger than expected £1.8bn deficit in July, underlining the challenges facing the chancellor, John Healey, as he draws up his first budget.

City economists had expected a shortfall of zero for July, a month when Treasury receipts tend to be swollen by self-assessment income tax payments.

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Mark Zuckerberg buys 440-acre Strancally castle estate in Ireland

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Meta chief executive paid roughly €20m for gothic-style mansion built in 1830 and its surroundings

It stretches the definition of pied-à-terre but Mark Zuckerberg now has a pad in Ireland: Strancally castle.

The Meta chief executive and his wife, Priscilla Chan, have bought the gothic-style mansion and its 178-hectare (440-acre) estate in county Waterford to use as a base during visits to Ireland.

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