Stop CO2 emissions bouncing back after Covid plunge, says IEA

Governments are not doing enough to prevent rapid rebound, says agency’s report

The coronavirus pandemic is expected to cause a record 7% decline in global energy-related carbon dioxide emissions in 2020, but governments are not doing enough to prevent a rapid rebound, according to an influential report.

Carbon dioxide emissions from energy use are expected to fall to 33.4 gigatonnes in 2020, the lowest level since 2011 and the biggest year on year fall since 1900 when records began, the International Energy Agency (IEA) said in its annual world energy outlook.

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Johnson & Johnson pauses Covid vaccine trial over participant’s ‘unexplained illness’

Company is unclear about whether patient was receiving vaccine or placebo in 60,000-patient study

Johnson & Johnson has paused its Covid-19 vaccine trial due to an “unexplained illness” in a participant, the company confirmed.

The pharmaceutical giant was unclear if the patient was administered a placebo or the experimental vaccine, and it’s not remarkable for studies as large as the one Johnson & Johnson are conducting – involving 60,000 patients – to be temporarily paused.

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Coronavirus Australia latest updates: Andrews and Berejiklian face no-confidence votes, as Queensland election heats up

Victoria’s premier weathers upset after his top public servant resigned and NSW premier holds on after Icac revelations. In Queensland, opposition leader Deb Frecklington faces questions over event with Peter Dutton. Follow live

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  • The Queensland Liberal National Party has categorically denied claims it referred its own party leader, Deb Frecklington to the electoral commission over concerns about her fundraising events.

    The ABC reported this morning that the party referred Frecklington to the Electoral Commission of Queensland over a series of events, one where Peter Dutton was a guest, involving property developers.

    NSW Health have set up a pop-up testing clinic, and alerted to more venues, after two GPs in the Sydney suburb of Lakemba tested positive for Covid-19.

    Both doctors worked at the A2Z Medical Clinic, and are linked to a patient who was previously diagnosed with Covid-19, who attended Lakemba Radiology.

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    Cabin fever: tickets for meal onboard Singapore parked plane sell out

    Diners paid up to £360 to eat onboard in latest sign of public appetite for aircraft experience

    Diners have rushed to pay up to £360 per head to eat a meal on a stationary plane, in the latest sign of public appetite to recreate the onboard experience without travelling.

    Singapore Airlines launched a waiting list after tickets rapidly sold out for two weekends of sittings onboard two stationary A380 superjumbos, with meals at seats and the chance to watch a movie, albeit no longer in-flight.

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    JCB challenged over machinery used to demolish Palestinian homes

    Foreign Office quango says some of NGO’s claims against machinery firm ‘merit further examination’

    The British heavy machinery firm JCB’s sale of equipment used in the destruction of Palestinian villages in the Israeli-occupied West Bank is being examined by a UK government body to determine whether its due diligence process complies with human rights guidelines set by the Organisation for Economic Co-operation and Development.

    The case is likely to test the degree to which multinationals are responsible if their export goods are sold by local distributors in ways that infringe human rights.

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    Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work – business live

    Rolling coverage of the latest economic and financial news, as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is awarded

    Earlier:

    In the 1960s, Robert Wilson began to investigation auctions with a common value - one that is unknown beforehand, but is the same to all bidders, the Academy continues.

    That could be bidding for fishing quotas - where the value is determined by not only the quota, but the future value of the fish. Bidders need to estimate that value, so they could potentially overpay.

    This is something known as the Winner’s Curse.

    Auctions are everywhere. People use auctions to buy and sell items on internet sites, explains the Royal Academy.

    Electricity markets are organized as auctions. Financial assets, CO2 emissions allowances and radio spectrum are all organised as auctions.

    The auction theory provided by Paul Milgrom and Robert Wilson is key for understanding how these objectives can be reached.

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    Hong Kong chief executive postpones key policy speech

    Carrie Lam to consult Beijing in attempt to protect city’s status as international finance hub

    Hong Kong’s chief executive, Carrie Lam, has postponed a key annual policy address scheduled for Wednesday, claiming she must consult Beijing on some of her proposals.

    The unprecedented delay to the speech was also attributed to plans by the Chinese president, Xi Jinping, to visit Shenzhen to mark the 40th anniversary of the special economic zone on Wednesday, which was announced only on Monday and which Lam would also attend.

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    Coronavirus Australia live: Victoria reports 15 new Covid cases as NSW on high alert

    Victorian bar owner lodges legal challenge to the constitutionality of the state’s lockdown as fears in NSW grow over number of locally transmitted cases. Follow all the latest updates

    Australian scientists have discovered that the virus that causes Covid-19 can survive for up to 28 days on surfaces such as the glass on mobile phones, stainless steel, vinyl and paper banknotes.

    The virus survived longer on paper banknotes than on plastic banknotes and lasted longer on smooth surfaces rather than porous surfaces such as cotton.

    Related: Virus that causes Covid-19 can survive up to 28 days on surfaces, scientists find

    Today is the first day in more than two months that Victoria's statewide 14 day average has increased

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    Iain Duncan Smith calls for review of Chinese investment in UK

    Former Conservative leader says government should assess China’s influence in areas from 5G to Covid-19 research

    Chinese ownership of British businesses should be subject to a national security review by the UK government to assess the impact of Beijing’s growing economic power, according to the former Conservative leader Iain Duncan Smith.

    The senior backbencher – a leading figure in the rebellion that forced Downing Street to introduce tougher controls on Huawei – believes ministers have failed to deal with the scale of China’s influence on strategic industries in the UK.

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    New furlough scheme may not be enough, say north of England firms

    Covid measures are designed to help businesses forced to close their doors over the winter

    Hospitality businesses in the north of England have said they will struggle to survive on the new support package unveiled by the chancellor if they are forced into weeks of local lockdowns.

    Carol Ross, the landlady of the Roscoe Head pub in Liverpool, said the new jobs support package- which includes the government paying 67% of employee salaries if businesses are forced to shut down and a further £3,000 a month in cash grants towards other costs – was not enough.

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    Rishi Sunak announces expansion of coronavirus job support scheme – video

    Rishi Sunak has said the government will cover two-thirds of workers’ wages at businesses forced to close during new coronavirus lockdowns. The chancellor said the government would subsidise pay by providing grants to companies forced to shut – most likely pubs, bars and restaurants.

    Under the expansion, firms whose premises are legally required to shut for a period over winter as part of local or national restrictions can receive grants to pay up to 67% of employees’ salaries

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    Coronavirus Australia update: Victoria reports 11 new cases and NSW 10 as Peta Credlin questions Daniel Andrews – live

    The number of locally transmitted cases in Sydney is growing, dashing hopes of the Queensland border reopening next month. Follow live

    Scott Morrison says it is the GST top up with has allowed WA to declare a budget surplus.

    So, you’re welcome, Mark,” he says

    Q: The RBA has warned today that Australia’s historically low population growth rate will heighten the risk of falls in property values in the future. And Treasury has said your housing measures bring forward demand for future years. What will the Government do?

    Scott Morrison:

    Well, the impacts from the COVID-19 recession are obvious. Whether it’s programs like HomeBuilder and others, there will always be an excess of demand over the supply of housing in this country. Always has been. And that’s what has fundamentally driven house price values all around the country.

    And that is still true today. There is still a surplus of demand over supply. And that’s why our HomeBuilder program - and to give you an idea of its impact, what we’ve done in the housing sector is we’ve been unlocking and bringing forward the decisions that home builders want to make. And that will see some 20,000 homes built at a cost of around $500 million.

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    Covid-19: Scotland’s drinking ban in chaos over meaning of cafe

    Nicola Sturgeon’s 16-day ban called ‘dysfunctional’ after contradictory statements

    Scotland’s nationwide crackdown on indoor drinking descended into chaos on Thursday evening, less than 24 hours before strict new regulations on hospitality are due to come into force.

    Many business owners in central Scotland, where a 16-day shutdown of pubs, restaurants and cafes that serve alcohol was announced by Nicola Sturgeon on Wednesday, claimed that they were still uncertain whether they were expected to close at 6pm on Friday as trade bodies described the Scottish government’s behaviour as “dysfunctional”.

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    Belgian ambassador throws King Charles II treaty into EU fishing debate

    British king granted 50 Flemish fishermen ‘eternal rights’ to English fishing waters in 1666

    All is fair in love and cod war. And with the EU’s coastal states under pressure to give way on Britain’s demands for greater fishing catches in its waters post-Brexit, any old argument is worth a try.

    When the issue of the future access of European fishing fleets was being discussed by EU ambassadors in Brussels on Wednesday the Belgian government’s representative, Willem van de Voorde, made a notable intervention.

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    Singapore launches Covid-secure luxury cruises … to nowhere

    City state follows Qantas in offering jaunts with no destination with ships half full and masks mandatory

    Singapore is launching Covid-secure cruise holidays to nowhere, in the latest attempt to offer a long-distance travel experience with no stops.

    Australian airline Qantas drew criticism from environmental groups last month after advertising a seven-hour round trip from Sydney including fly-pasts of famous sights including Uluru and the Great Barrier Reef.

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    National Trust to cut 1,300 jobs as a result of Covid-19 crisis

    More than 500 compulsory redundancies as charity aims for annual savings of £100m

    Almost 1,300 jobs are to be lost at the National Trust as a result of the coronavirus crisis, but the charity said it had more than halved the number of compulsory redundancies it expected to make.

    A union has described the job losses as “devastating” for people affected but also called the plan “a reasonable way to move forward”.

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    Scottish pubs lash out at ‘catastrophic’ Covid crackdown

    Bar and restaurant owners say they are ‘getting picked on’ and measures will hit young staff

    The Scottish government is facing a fierce backlash after Nicola Sturgeon announced a crackdown on indoor drinking in licensed premises, as one leading adviser said more needed to be done to ensure people were sticking to the rules in their own homes.

    Scottish pub, bar and restaurant owners expressed anger and despair at “catastrophic” and “scapegoating” new regulations that are set to last for 16 days across the country, and people on online forums decried the “prohibition” that would result from harsher restrictions in central Scotland.

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    Australia coronavirus news: NSW reports eight new cases of community transmission as Victoria records 11 – live updates

    Victoria reports no new deaths as NSW Health warns of several new Sydney locations linked to Covid-19. Follow all today’s news

    NSW says a new cluster of three people is likely linked to an existing cluster. The premier Gladys Berejiklian is also warning that the public will be told of “additional venues, additional locations” to respond to during the day.

    The remaining three cases of community transmission are all linked, and that source is being investigated by Health. Health has not ruled out also being able to establish a link between that new cluster of three people and also an existing cluster. It’s also important to note that we anticipate during the day there will be additional venues, additional locations, which we’ll be asking the public to respond to.

    We anticipate that because we’ve identified these eight cases, that a number of close contacts and family members could be found to be positive as a result, so it’s really, really important for everybody to stay on high alert, look at the information which Health provides during the course of the day, and please react and make sure you take that advice. If you’re asked to get tested and stay home for 14 days, please make sure you do that.

    In NSW, another four cases were recorded from returned travellers.

    Of the eight locally-acquired cases, one is under investigation and seven are linked to a known case or cluster. NSW Health said:

    One new case reported today was locally acquired, is likely to have been infected some days ago and appears linked to the Liverpool Hospital Dialysis cluster. Four more cases are close contacts of this case.

    One new case is locally acquired whose source is under investigation. The remaining two cases today are close contacts of this case.

    Testing numbers have dropped recently, which is a concern. NSW Health renews its call for increased testing across Sydney, even if you have the mildest of symptoms like a runny nose or scratchy throat, cough, fever or other symptoms that could be COVID-19.

    This is especially important for people across West and South West Sydney with these new cases and after the state’s sewage surveillance program detected fragments of the virus at the North Richmond and West Camden treatment plants.

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    Nearly 75% of City firms reviewing office space provision

    Rise in home working during the pandemic means many companies are assessing their needs

    Nearly three-quarters of City firms are reviewing how much office space they really need following a boom in home working during the pandemic, new research shows.

    The latest CBI/PwC financial services survey found 74% of companies – particularly banks and insurance firms – have been taking stock of their office requirements in the hope of either using the space differently, or reducing it.

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    Netflix indicted by Texas grand jury over ‘lewd visual material’ in Cuties

    French film about pre-teen girls who form a dance group is called ‘prurient’ in Tyler County prosecution. Netflix defends story as social commentary against sexualisation

    Netflix has defended the controversial film Cuties after it emerged the streaming giant is facing a criminal charge in Texas over the movie’s allegedly “lewd” depiction of children.

    Cuties follows an 11-year-old Senegalese girl living in Paris who rebels against her conservative family’s traditions when she becomes fascinated with a “free-spirited dance crew”.

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