Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
The furniture chain is trying to tackle the throwaway culture problem, but it has drawn criticism
If spending more time at home has made you consider a furniture update, do not sling out that Billy bookcase just yet. Instead of taking it to the tip, you may be able to raise some cash through Ikea’s new buyback service. The scheme, which it announced last autumn, allows customers to take their furniture back to the store to be refunded and receive a voucher worth up to half of the item’s original value. It will then be resold to a new home, giving it “a second chance at life”.
The furniture retailer says the service will reduce waste and increase sustainability, and is part of its efforts to go greener. Last week it told the FT it was also looking at offering a wider range of spare parts to help people repair its products.
The Covid crisis has turbo-charged profits and share prices. But are the big six now too powerful for regulators to ignore?
The coronavirus pandemic has wrought economic disruption on a global scale, but one sector has marched on throughout the chaos: big tech.
Further evidence of the industry’s relentless progress has come in recent weeks with the news that Apple and Amazon both raked in sales of $100bn (£72bn) over the past three months – 25% more than Tesco brings in over a full year.
Employees who work from home are spending longer at their desks and facing a bigger workload than before the Covid pandemic hit, two sets of research have suggested.
The average length of time an employee working from home in the UK, Austria, Canada and the US is logged on at their computer has increased by more than two hours a day since the coronavirus crisis, according to data from the business support company NordVPN Teams.
Lisa Griffiths, a 61-year-old special needs nanny, has spent her career easily moving from one contract to the next. So when her last, five-year contract ended recently, she was shocked to find new employment opportunities far more limited than she had expected.
Then, while she was considering her options, the pandemic hit and work dried up altogether.
The Amazon founder’s relentless quest for ‘customer ecstasy’ made him one of the world’s richest people – now he’s looking to the unlimited resources of space. Is he the genius our age of consumerism deserves?
The first thing I ever bought on Amazon was an edutainment DVD for babies. I don’t recall making the purchase, but the data is unequivocal on this point: on 14 November 2004, I bought Baby Einstein: Baby Noah – Animal Expedition for the sum of £7.85. My nearest guess is that I got it as a Christmas present for my nephew, who would at that point have been one year old, and at the very peak of his interest in finger-puppet animals who cavort to xylophone arrangements of Beethoven. This was swiftly followed by three more DVD purchases I have no memory of making. Strangely, I bought nothing at all from Amazon the following year, and then, in 2006, I embarked on a PhD and started ramping up my acquisition of the sort of books that were not easily to be found in brick-and-mortar establishments. Dry treatises on psychoanalysis. Obscure narrative theory texts. The occasional poetry collection. Everything ever published by the American novelist Nicholson Baker.
I know these things because I recently spent a desultory morning clicking through all 16 years of my Amazon purchase history. Seeing all those hundreds of items bought and delivered, many of them long since forgotten, was a vaguely melancholy experience. I experienced an estranged recognition, as if reading an avant-garde biography of myself, ghost-written by an algorithm. From the bare facts of the things I once bought, I began to reconstruct where I was in life, and what I was doing at the time, and what I was (or wanted to be) interested in. And yet an essential mystery endured. What kind of person purchases within the space of a few days, as I did in August of 2012, a Le Creuset non-stick crepe pan, three blue and white herringbone tea-towels, and a 700-odd page biography of the Marxist philosopher Theodor Adorno? (The tea-towels are still in use, and so is the crepe pan, while the 700-plus page Adorno biography remains, inevitably, unread.) Perhaps the answer is as simple as: a person with an Amazon account.
Analysis: Running the online retailer should be a dream job, but where and how to grow will challenge Andy Jassy
A pain-free departure of a visionary founder is a difficult trick to pull off for any business. The stakes are even higher for a company the size of Amazon, as Jeff Bezos steps back from his day-to-day management role.
The decision by Bezos, 57, to quit as chief executive later this year took analysts by surprise, but the first step has already gone smoothly, with Andy Jassy appointed as his successor without any public power struggle.
Called on to lead Italy’s government in crisis, the former central banker will need all the skills he honed saving the European currency
“Whatever it takes.” Three simple words that tamed the financial markets, saved the euro from possible collapse and turned Mario Draghi from an Italian technocrat into the central banker of his generation.
And an obvious choice to head a new coalition government in Rome at a time when the country is facing the triple whammy of Covid-19, economic collapse and political chaos.
Yes, Craig Kelly has spoken to the prime minister this morning.
Scott Morrison made clear he doesn’t support the Liberal MP’s views and actions and asked him to refrain from pushing views contrary to medical advice, because they are negatively impacting the government’s vaccine strategy.
NSW has also recorded no new locally acquired cases in the past 24 hours, which makes 17 days with no local cases.
Two people in hotel quarantine have tested positive.
NSW Health continues to urge people across the state, particularly in the Liverpool area, to come forward for testing with even the mildest of symptoms that could signal Covid-19, such as a runny nose or scratchy throat. After testing, you must remain in isolation until a negative result is received.
The state’s ongoing sewage surveillance program has detected the virus that causes Covid-19 at the Ireland Park sewage network site, which serves about 88,000 people in the Liverpool catchment in south western Sydney.
Only 94,000 properties built in first nine months of 2020, well below the 300,000 a year promised
Covid-19 has knocked the government further off course from its housebuilding targets, a study has revealed, with only 94,000 new homes built during the first nine months of 2020.
The first wave of coronavirus led to the temporary closure of construction sites last spring, leaving output well below the 300,000 new homes a year which the Conservatives pledged in their manifesto, according to research by the Resolution Foundation thinktank.
The struggling Texas-based video game store chain has been the focal point of a battle by small traders, using forums such as Reddit, to punish Wall Street hedge funds that have bet on certain stocks falling in value. GameStop shares hit a high of $482 last Thursday but slumped to $80 shortly after the market opened. They recovered to $117 by mid-session, but closed down 60% at $90.
I have been obsessed with the sugar-free soda since I was four, spending £500 a year on up to seven cans a day. This is what happened when I tried to quit
The greatest love story of my life has been with a carbonated beverage.
I can’t remember a time when I wasn’t addicted to Diet Coke. Some memories: I am sitting at the kitchen table at my grandmother’s house in northern Cyprus, screaming because my mother won’t refill my yellow-and-green patterned glass. I am four or five years old. My grandmother looks on, disturbed, as I wail disconsolately. My mother does not give in.
Doctors’ group lashes out at Liberal MP, saying ‘all public figures’ should ‘act responsibly’; Morrison government to face pressure on jobkeeper and jobseeker. Follow all the latest news and updates, live
Ed Husic is also asked about the CFMEU ad that depicts Scott Morrison driving a literal bus (called the omnibus) towards workers, which is meant to illustrate workers being hit by IR changes, and whether it goes too far:
Husic:
Some of the unions, or some people will try and characterise it in that way, and whether or not that works in their favour, to be putting it bluntly, I think there is a genuine concern about what the government’s industrial relations reforms will do, what impact they will have on working people.
When you go through the detail of what they are proposing, they will be seeing the greatest burden placed on working Australians and it’s just wrong. They shouldn’t have cuts to their take-home pay.
Ed Husic is on the ABC this afternoon, where he is asked about the topic of the day – government backbencher Craig Kelly and the government’s leadership refusal to censure him.
Husic:
The prime minister occupies an important place in the country, the words of the prime minister matter, the actions mean even more, and in this case allowing Craig Kelly to just keep rolling on the way he is, to undermine the investment of taxpayer dollars, in information campaigns to embrace the inoculation process, to help us deal with a Covid-19 pandemic that has crippled the economy for the best part of 2020, resulted in 2 million Australians being unemployed or underemployed and the vaccine bringing one way to bring us closer to normal, as it were, this is just wrong, that you could have a government MP being allowed by virtue of inaction by the prime minister for that to continue.
It shouldn’t, and if he did take this matter seriously it would be reined in and it wouldn’t be an issue and you and me wouldn’t be talking about it.
Single malt sales to US have fallen more than third since retaliatory regime was imposed, says industry body
Losses to Scotch whisky exports after tariffs were imposed by the US have reached £500m, according to an industry body.
New figures suggest exports of single malt Scotch whisky have fallen by more than a third – amounting to more than £500m – since a 25% tariff was imposed in October 2019.
Neil Wilson of Markets.com suggests that large investors may also be driving the silver price rally, rather than it simply being caused by retail traders.
He also warns that such speculation is risky, and usually ends badly for some of those who get caught up:
The fact that such a large and liquid market as silver can be targeted by retail investors says much about the shift we are witnessing, though despite appearances this morning it’s going to a lot harder to squeeze silver shorts as the market is so much deeper and more liquid.
We should also note that some bigger smart money may have be front-running this trade to piggyback the rally and further fuelling the move up. (George Soros: “When I see a bubble forming, I rush in to buy, adding fuel to the fire.”)
Allianz’s Mohamed El-Erian has tweeted that GameStop and silver are not the same kind of short squeeze trade (as some WallStreetBets posts have also been pointing out).
El-Erian also cautions that the silver squeeze could undermine the squeeze on hedge funds who shorted GameStop’s shares, as the GME trade depends on keeping retail investors on board (rather than selling to the hedge funds).
.#GameStop and #silver are not the same for those pursuing the short squeeze trade The silver market is much larger; Existing shorts are smaller; Some of the #HedgeFunds that are short #GME are said to be long silver Bottom line: A dissimilar trade that eats away at #GME gains https://t.co/TMfpkr7QDE
The mealworm market is expected to boom after the EU ruled them safe to eat. Insects are a popular food in most countries, so can Europeans get over the yuck factor?
It’s a bit … well, mealy. Dry (because it’s been dried), a little crunchy, not strongly flavoured, neither pleasant nor unpleasant. Salt would probably help, or chilli, lime – something, anything, to spice it up a bit. And definitely a beer, if I was going to consume much more, to help wash it down.
I’m eating mealworms. Dried yellow mealworms, the larvae of the beetle Tenebrio molitor. Why? Because they are nutritious, made up mainly of protein, fat and fibre. Because there are potentially environmental and economic benefits, as they require less feed and produce less waste and carbon dioxide than other sources of animal protein. And because Efsa, the EU food safety agency, has just declared them safe to eat.
Jeff Bezos’s company is set for sales topping $100bn last quarter, and while rivals are nibbling, its position looks secure
The earliest references to the “one-stop shop” emerged during the first decades of 20th century as the fast-growing US economy spurred rapid retail innovation. A single location for various products provides obvious benefits: removing the hassle of travelling around town to visit different stores.
Jeff Bezos redefined that logic for the internet age, making Amazon a dominant (and perhaps ambivalent) force first in selling books, and then in pretty much everything else. Before 2020 Amazon was a phenomenon, but the coronavirus pandemic has made it all but ubiquitous.
Liz Truss to seek to join 11-nation trans-Pacific partnership, whose nearest member is 3,000 miles away
The British government is to formally apply to join a mammoth free-trade pact that includes Australia, Canada, Japan and New Zealand now that it has left the EU.
Liz Truss, the international trade secretary, will ask to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) when she speaks to ministers in Japan and New Zealand on Monday.
The dramatic struggle over video game chain’s shares suggests markets must now contend with a breed of angry, young, networked investors
When Ben, 28, a software engineer from Leeds, bought two shares in US games retailer GameStop for £460, it was for one reason, he says: “When they make the film about this in years to come, I’ll know I was there at the frontline with a bunch of idiots on the internet, trying to bring down Wall Street.”
For Emma Rivers from East Sussex, who invested £1,400 in the same company – having known little about it a few weeks ago – it has all been about sending a message that capitalism has had its day.
App helping to fuel share-buying frenzy allows ‘limited buys’ after a $1bn cash injection to safeguard trades
Shares in companies including videogame retailer GameStop soared again on Friday, as an army of small investors taking aim at Wall Street regained access to amateur share trading platform Robinhood.
The app, weaponised by activist small investors to trap hedge funds in a “short squeeze” that has cost them $20bn on paper by some estimates, had suspended buying of stocks such as GameStop, cinema chain AMC and BlackBerry on Thursday.