US president accuses Canada of ‘egregious behaviour’ after release of ad featuring Ronald Reagan criticising tariffs
Donald Trump has announced an immediate end to “all trade negotiations” with Canada over a television advertisement opposing US tariffs that quoted the former US president Ronald Reagan.
The ad, which was paid for by the government of the Canadian province of Ontario, uses excerpts of a 1987 speech where Reagan says “trade barriers hurt every American worker”.
Continue reading...Carmaker exceeded Wall Street’s expectations with more than $26bn in revenue, but saw a 37% drop in profits
Despite record vehicle sales, Tesla saw a precipitous drop in profit in its most recent quarter.
A rush to buy electric vehicles before a US tax credit for them disappears had boosted Tesla’s flagging sales, leading to the automaker exceeding some of Wall Street’s projections in its most recent financial quarter. Yet the company failed to meet earnings expectations and its stock fell in after hours trading.
Continue reading...US and Qatar say new rules will hinder imports of LNG, posing ‘existential threat’ to European economies
The US has demanded that the European Union roll back its climate and human rights rules in order to allow greater imports of liquefied natural gas (LNG), as the Trump administration approved a controversial gas export hub along the Gulf of Mexico coast.
A letter jointly sent by the US and Qatar, two of the three largest LNG exporters in the world, warned the EU that its new rules pose an “existential threat” to European economies as they would hinder imports of gas from countries such as theirs.
Continue reading...Policymakers under pressure for rethink after price growth in UK remained at 3.8% in September
Has UK inflation peaked? The latest official figures showing price growth in the UK stayed at 3.8% in September seem to suggest so.
The statement cannot be made with absolute certainty yet but many economists reacted to the latest consumer prices index (CPI) data with a message that the only direction for inflation over the rest of the year was down.
Continue reading...Annual September rate confounds forecasts of a rise, as pace of food price growth slows for first time since March
UK inflation was unchanged last month at 3.8%, confounding expectations of a rise, in welcome news for the chancellor, Rachel Reeves, as she plans for her crucial budget next month.
The Office for National Statistics (ONS) said that inflation measured on the consumer prices index remained at the same level in September as in August and July.
Continue reading...Operator signs €2bn deal with Alstom amid boom in international rail travel from UK
Eurostar is to start running doubledecker trains through the Channel tunnel to meet growing demand for international rail travel from the UK.
The rail operator announced it had signed a €2bn (£1.7bn) deal for at least 30 – and up to 50 – new trains from the manufacturer Alstom.
Continue reading...Hourly rate to increase in April by 95p to £14.80 in London and by 85p to £13.45 for the rest of the country
Almost half a million workers are to receive a pay boost after it was announced that the real living wage paid voluntarily by 16,000 UK companies will rise to £13.45 an hour in April.
Distinct from the national living wage, which is a statutory minimum, the real living wage is calculated each year based on the cost of essentials, and is paid by more than half of the companies in the FTSE 100.
Continue reading...GDP rises by 4.8% year on year between July and September, down from second-quarter growth rate of 5.2%
China’s economy grew at its slowest pace in a year in the latest quarter amid a trade war with the US and long-running woes in its property market.
Fragile domestic demand has left China’s economy heavily reliant on manufacturing and trade, at a time of mounting tensions with the Donald Trump administration.
Continue reading...Discount retailer looks for successor for Mike Schmidt, who is stepping down as chief financial officer
The discount retailer B&M has ousted its finance chief after reporting a £7m accounts blunder that will cut its annual earnings – its second profit warning within two weeks.
The company told investors it looking for a successor to Mike Schmidt, who is stepping down as chief financial officer, after the accounting error.
Continue reading...Fake reviews, forged certificates and stolen corporate identities being used to lure victims, KwikChex finds
Suspected scam investment companies are exploiting Trustpilot’s review system by giving themselves five-star ratings to persuade would-be investors that they are legitimate businesses, a report has warned.
An investigation by the verification firm KwikChex found operators using fake reviews, forged certificates and stolen corporate identities to lure victims.
Continue reading...One of the largest mussel exporters in Britain lose £150,000 after three lorries were prevented from entering the EU
One of Britain’s largest mussel exporters has suffered a £150,000 loss, after three of its shipments to the EU were rejected in recent weeks by French customs.
Family-run business Offshore Shellfish, based in Devon, has continued exporting blue mussels to its European customers since Brexit, despite the administrative burden and onerous paperwork requirements.
Continue reading...BPA, a synthetic chemical used in production of plastics, found in baby products made by three big European brands
A chemical linked to impaired sexual development, obesity and cancer has been found in baby dummies manufactured by three big European brands.
Dummies made by the Dutch multinational Philips, the Swiss oral health specialists Curaprox and the French toy brand Sophie la Girafe were found to contain bisphenol A (BPA), according to laboratory testing by dTest, a Czech consumer organisation. Philips said they had carried out subsequent testing and found no BPA, while Sophie la Girafe said the amount found was insignificant.
Continue reading...Club and Penguin bars are now ‘chocolate flavour’ after owner McVitie’s cuts cocoa content amid soaring prices
If you like a lot of chocolate on your biscuit you can no longer join our Club or pick up a Penguin, as the lunchbox favourites have reduced the amount of cocoa in their recipe so much they are now only “chocolate flavour”.
The two snacks, both made by McVitie’s, changed their recipes earlier this year amid soaring cocoa prices – which have prompted manufacturers to try a number of different tactics to keep prices down.
Continue reading...Deal reportedly closed for $140m a year, on the heels of worldwide success of Apple-produced Brad Pitt film F1
Apple has landed US broadcast rights to Formula One in a five-year deal that would help the tech giant bolster its streaming service with one of the country’s fastest-growing sports, following the success of its Brad Pitt-starrer F1: The Movie.
The two sides did not disclose the financial details of the deal on Friday. CNBC reported it was for $140m a year, much higher than the $90m the Walt Disney-owned ESPN was paying each season for F1, which it has broadcast since 2018.
Continue reading...Lawyer hopes investigation for OECD into 2021 find near Australian military testing range sets precedent
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The weapons manufacturer Saab was “directly linked” to a human rights violation when a missile it produced was found in an Indigenous heritage area, an investigation for the Organisation for Economic Cooperation and Development has found.
The four-year investigation could lead to more companies being held accountable for how their weapons are used by clients, according to human rights lawyers involved in the case.
Continue reading...Signs of credit stress send markets in Europe and Asia down, while investors turn to safe haven assets
European stock markets fell on Friday and gold hit a record high after two US regional banks said they had been exposed to millions of dollars of bad loans and alleged fraud.
Signs of credit stress rattled markets across Europe and Asia. In London the FTSE 100 fell 0.9%, Germany’s Dax fell 1.8%, Italy’s FTSE Mib fell 1.5%, the Ibex in Spain was off 0.3% and France’s Cac 40 dropped 0.2%.
Continue reading...The Liberal leader says the prime minister must extract ‘concrete’ results on Aukus and trade. Follow today’s news live
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Hume: Ley describing Melbourne as Australia’s ‘crime capital’ just ‘explaining what every Victorian already knows’
The federal Liberal senator for Victoria, Jane Hume, was on ABC Radio National a short time ago speaking about crime in the state.
Sussan and the shadow ministry team are putting together our policy agenda as we speak. It is only five months since the last election, but I don’t agree that there is nothing that a federal government cannot do. In fact, there are plenty of things that a federal government can get involved in to help states tackle crime, whether it be working for consistent bail laws across the country.
Continue reading...FCA cites study showing victims’ ‘red flags’ are often missed and calls for improved monitoring systems
The City regulator has called on banks and payment firms to bring in stricter controls protecting customers from romance fraud after a study showed a number of missed “red flags” that led to people losing huge sums of money.
The review by the Financial Conduct Authority (FCA) highlighted one case where someone lost £428,000, another where a customer made 403 payments totalling £72,000 to a fraudster and a case where someone wanted money to transfer cryptocurrency to their “partner” in Iraq.
Continue reading...Almost 6% of global workforce will be cut over next two years, including 12,000 white-collar professionals
Nestlé has said it will cut 16,000 jobs over the next two years as the owner of KitKat and Nescafé attempts to reduce costs and increase sales.
The Swiss-headquartered multinational said the cuts would include 12,000 white-collar professionals and 4,000 in its manufacturing and supply chain, close to 6% of Nestlé’s global workforce.
Continue reading...Treasury secretary Scott Bessent raises possibility of taking more direct stakes in companies to protect national security in wake of Beijing’s curbs on rare earths exports
The Trump administration has criticised China’s increased restrictions on rare earth exports as a threat to global supply chains, and said it would seek to tighten control over strategic sectors by taking more stakes in key companies to counter Beijing.
Treasury secretary Scott Bessent told an event on Wednesday that China’s dramatic new restrictions on rare earth minerals and magnets demonstrated the need for the US to be self-sufficient in critical materials or rely more on trusted allies.
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