Category Archives: Business

France’s credit rating downgraded, with debt forecast to keep rising amid political turmoil

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Fitch downgrade to lowest level on record complicates new prime minister Sebastien Lecornu and President Emmanuel Macron’s efforts to control France’s finances

The Fitch agency downgraded France’s credit rating on Friday, as President Emmanuel Macron struggles with political instability and disagreements on how to put the country’s strained public finances in order.

The US rating agency, one of the top global institutions gauging the financial solidity of sovereign borrowers, downgraded France on its ability to pay back debts, from “AA-” to “A+”, the country’s lowest level on record at a major credit rating agency.

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Business rates rise would put hundreds of big shops at risk, say UK retailers

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Concern for ‘anchor tenants’ as trade body warns that stores could put up prices or cut jobs to protect profits

Up to 400 large shops are at risk of closure with as many as 100,000 jobs at risk if the government goes ahead with plans to hit stores with higher business rates, retailers have warned.

Some of the UK’s largest retail premises, including supermarkets and department stores, would face higher property tax charges under new rules being considered by the government before November’s budget.

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US drugmaker Merck scraps £1bn London research centre and cuts 125 science jobs

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New blow to UK’s key life science sector as industry body says country is losing ground on investment and research

The US drugmaker Merck has scrapped a £1bn London research centre and is laying off 125 scientists in the capital this year, in a big blow to the UK’s important life science sector.

Keir Starmer’s government has described life sciences as “one of the crown jewels of the UK economy” and the previous Conservative government had vowed to turn the country into a “global science and technology superpower” by 2030.

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LNER urges customers to be vigilant after passenger details accessed in cyber-attack

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Data breach at third-party supplier involves contact details and some information about previous journeys

The train operator LNER has urged customers to be wary of unsolicited communications after revealing some passengers’ contact details and journey records have been accessed in a cyber-attack.

The data breach took place at a third-party supplier, and LNER said no bank or payment details or password information had been accessed.

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Jaguar Land Rover says cyber-attack has affected ‘some data’

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Carmaker has informed relevant regulators and ‘will contact anyone as appropriate’ as investigation progresses

The cyber-attack on Jaguar Land Rover has affected data held by the carmaker, it has said, as its factories in the UK and abroad face prolonged closure.

JLR, Britain’s biggest carmaker, said on Wednesday that in its investigations into the hack, which first emerged last week, it had now discovered data had been breached.

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Trump asks EU to impose tariffs of up to 100% on India and China

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In effort to end Russia’s war in Ukraine, US president proposes tariffs targeting Putin allies and trade partners

Donald Trump has asked the EU to impose tariffs of up to 100% on India and China as part of an effort to force the Russian president, Vladimir Putin, to end the war in Ukraine.

The US president made the demand during a meeting between US and EU officials discussing options to increase economic pressure on Russia on Tuesday, according to a White House official.

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Majority in EU’s biggest states believes bloc ‘sold out’ in US tariff deal, poll finds

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Average of 77% of respondents across five countries thought agreement would benefit US economy above all

A majority of people across the EU’s five biggest member states believe the European Commission sold citizens out when negotiating a “humiliating” tariff deal with Donald Trump that “benefits the US” far more than Europe, a survey has shown.

The poll, by Cluster17 for the European affairs debate platform Le Grand Continent, found 77% of respondents – ranging from 89% in France to 50% in Poland – thought the deal would benefit above all the US economy, with only 2% believing it would benefit Europe’s.

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London tube strike shuts down services, causing congestion on roads

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Downing Street says ‘Londoners rightly fed up’ as commuters forced to find other routes to work on first of four days of RMT action

Downing Street said Londoners would be “rightly fed up” as commuters turned to the other trains, buses and bikes – or just stayed at home – as strikes by the RMT union closed the underground on Monday.

The numbers attempting to use any public transport were down by about a fifth, according to Transport for London (TfL) data, but that still left many crowding on to bus and overground services or congested roads at the start of four days of commuter misery.

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Hopes rise for green economy boom at Africa Climate Summit

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Renewables are thriving, with Africa breaking solar energy records – but action is needed to plug financing gap

The first signs of a takeoff of Africa’s green economy are raising hopes that a transformation of the continent’s fortunes may be under way, driven by solar power and an increase in low-carbon investment.

African leaders are meeting this week in Addis Ababa, Ethiopia, for the Africa Climate Summit, a precursor to the global UN Cop30 in November. They will call for an increase in support from rich countries for Africa’s green resurgence, without which they will warn it could be fragile and spread unevenly.

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Londoners buying lowest share of property outside capital since 2013

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Stalling house prices and shift back to office working are affecting people’s ability to move out of city, say experts

Londoners are buying the lowest share of houses outside the capital in more than a decade as their moving plans are curtailed by a stalling local market and the shift back to office working.

They were behind just 5.3% of house purchases elsewhere in the country in the first seven months of this year, the lowest proportion since 2013, research has found.

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UK advertising watchdog accused of breaking rules in its own ad campaign

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Complaint lodged asks ASA to investigate claims made in promotion launched in conjunction with household brands

The UK advertising watchdog has received a complaint about its own high-profile UK-wide campaign, accusing it of breaking the rules it enforces around misleading marketing.

The Advertising Standards Authority (ASA), which investigates whether ads breach UK regulations, is being asked to investigate claims made in its campaign launched in conjunction with household brands including Tesco, Comparethemarket and Lloyds bank.

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US treasury secretary denies Trump tariffs are tax on Americans

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Billionaire Scott Bessent dismisses concerns about president’s levies and predicts ‘acceleration’ in US economy

US treasury secretary Scott Bessent has refused to acknowledge that the sweeping trade tariffs imposed by Donald Trump around the world are taxes on Americans.

In a new interview on Sunday with NBC host Kristen Welker, Bessent, a former billionaire hedge fund manager, dismissed concerns from major American companies including John Deere, Nike and Black and Decker who have all said that Trump’s tariffs policy will cost them billions of dollars annually.

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South West Water taken to court over cryptosporidium outbreak in Devon

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Inspectorate issues summons after water supply infected 140 people with diarrhoea-type disease in Brixham last year

South West Water is being taken to court over a parasite that infected the water supply in parts of Devon last summer and left dozens sick.

More than 140 people were confirmed to have the diarrhoea-type disease, which also causes stomach pains and vomiting, typically lasting for about two weeks. Four people were hospitalised at the time.

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UK phone retailers lock shop doors while trading to tackle rising thefts

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Exclusive: Companies considering use of ‘kill switches’ to disable stolen devices after 967% increase in theft incidents

Mobile phone retailers are locking their doors during trading hours and considering using “kill switches” to disable stolen devices, as incidents of theft increase more than ninefold in some high streets due to organised crime.

VodafoneThree, which operates the largest retail network with 650 stores across the UK, has experienced a 967% increase in theft incidents in the first half of this year compared with the same period in 2024.

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Marks & Spencer food chief calls for ‘concrete target’ on British produce

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Alex Freudmann says ministers need to increase proportion of food eaten in UK that is grown or reared in Britain

Marks & Spencer’s head of food has called on the government to set a legally binding “concrete target” to increase the proportion of food produced at home, as he warned that Britain was becoming “less and less self-sufficient”.

Alex Freudmann, the managing director of the upmarket grocer’s food division, which works with 10,000 British farms, said: “If ministers are committed to domestic food supply, then they need to prove it, and that’s why we’re backing our farmers’ calls for a clear and concrete target to increase the proportion of food eaten in Britain that’s grown or reared in Britain.”

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Australia news live: Alan Joyce secures final $3.8m bonus two years after leaving Qantas; neo-Nazi Thomas Sewell refused bail

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Former chief executive left the airline after a series of corporate decisions sparked a reputational crisis. Follow today’s news live

Coalition of the willing meeting a ‘positive sign’ for Ukraine, former ambassador says

The former Australian ambassador to Russia, Peter Tesch, has appeared on ABC News Breakfast after Anthony Albanese joined a virtual meeting with world leaders signed up to the coalition of the willing for Ukraine on Thursday night.

The issue is that we are still no closer to a credible and durable peace settlement, because Moscow keeps walking both sides of the street, and that is provoking a degree of frustration. But in the absence of serious, additional pressure upon Moscow, it’s difficult to see a near-term solution here - notwithstanding Ukraine’s clear willingness to engage seriously in discussions.

And importantly, although the details are vague … President Trump at least remains engaged in that dialogue and that’s very important.

Our case for a 35% pay increase over three years will begin in the NSW Industrial Relations Commission later this month. As part of this case, which is one of the biggest industrial cases this state has seen, we will present evidence around the gendered undervaluation of nurses and midwives’ work and the work value changes our professions have seen over the past 16 years.

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US justice department opens criminal inquiry into Fed governor Lisa Cook

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Officials to investigate claims of mortgage fraud against Cook, who has refused to accept firing by Donald Trump

The US justice department has initiated a criminal investigation into mortgage fraud claims against Federal Reserve governor Lisa Cook as a lawsuit she filed against Donald Trump over her firing makes its way through court.

Lawyers with the justice department have issued subpoenas for the investigation, according to the Wall Street Journal, who first reported the investigation, which has since been confirmed by multiple news publications.

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Trump asks US supreme court to overturn trade tariffs ruling

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Move follows federal appeals court decision that sweeping ‘liberation day’ levies on imports had overstepped presidential powers

Donald Trump has asked the US supreme court to overturn a lower court decision that most of his sweeping trade tariffs were illegal.

The US president filed a petition late on Wednesday to ask for a review of last week’s federal appeals court ruling in Washington DC, which centred on his “liberation day” border taxes introduced on 2 April, which imposed levies of between 10% and 50% on most US imports, sending shock waves through global trade and markets.

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Scotland bans arms companies that supply IDF from receiving financial aid

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Devolved government says contractors seeking support must prove products will not be used by Israeli military

The Scottish government has banned arms companies which supply the IDF from getting grants and investment support, and will freeze support for trade with Israel.

John Swinney, the first minister, said on Wednesday any defence contractors who wanted financial help in Scotland would have to prove their products would not be used by the Israel Defense Forces.

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Resale ‘subterfuge’: Viagogo sent fan his tickets along with a stranger’s passport

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Experiences of booking for big London gigs underscore the opaque practices of some online platforms

When Danny bought tickets to see Deftones in Crystal Palace Park he was not expecting to be initiated into an apparent subterfuge.

Yet shortly before the south London gig, Viagogo, the resale platform that sold him the tickets, sent him a scanned copy of a passport ID page belonging to a Dutch man he had never met.

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