Category Archives: Business

Trump administration allows companies to break pollution laws during coronavirus pandemic

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Extraordinary move signals to US companies that they will not face any sanctions for polluting the air or water

The US Environmental Protection Agency (EPA) has suspended its enforcement of environmental laws during the ongoing coronavirus outbreak, signaling to companies they will not face any sanction for polluting the air or water of Americans.

In an extraordinary move that has stunned former EPA officials, the Trump administration said it will not expect compliance with the routine monitoring and reporting of pollution and won’t pursue penalties for breaking these rules.

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Japan Airlines ditches compulsory high heels and skirts in big win for #KuToo movement

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Company becomes first major employer in the country to stop forcing dress code on women

Female flight attendants working for Japan Airlines will no longer be required to wear high heels or skirts, the airline has said, in a rare victory for Japan’s #KuToo campaign against workplace dress codes for women.

The airline is the first major Japanese company to relax its regulations in response to complaints from women that having to wear high heels was uncomfortable and often left them in considerable pain.

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Mobile phone industry explores worldwide tracking of users

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Talks about global data-sharing to counter coronavirus will raise privacy concerns

The mobile phone industry has explored the creation of a global data-sharing system that could track individuals around the world, as part of an effort to curb the spread of Covid-19.

The Guardian has learned that a senior official at GSMA, an international standard-setting body for the mobile phone industry, held discussions with at least one company that is capable of tracking individuals globally through their mobile devices, and discussed the possible creation of a global data-sharing system.

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Stock markets rally after Federal Reserve starts printing money

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Dow Jones has best day since 1933, with Asian and European markets also up, after US move

Global stock markets staged a strong rally on Tuesday as investors were buoyed by the Federal Reserve’s efforts to boost the US economy and the prospect of Congress backing a fiscal stimulus package.

The Dow Jones recorded its best day since 1933 as it gained 11.4%, or 2,113 points, while the FTSE 100 posted its highest ever gain, of 452 points, as it rose 9% to 5,446.

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Lockdown ‘leads gamblers from sports bets to riskier choices’

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Gambling website 888 Holdings sees increased online casino activity amid coronavirus crisis

Gamblers are switching from wagers on sport to far riskier online casino and slot games amid lockdown restrictions to curb the spread of Covid-19, according to one of the UK’s biggest gambling websites.

In an update to the stock market, 888 Holdings said it had been affected by the postponement or cancellation of events such as the Premier League and Grand National, cutting income from sports betting, which accounts for about 16% of its revenues.

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Energy storage boom stalls in Europe

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Slowdown in large-scale clean energy projects started before coronavirus crisis due to lack of state support

Europe’s energy storage boom stalled last year due to a slowdown in large-scale schemes designed to store clean electricity from major renewable energy projects, according to the European Association for Storage of Energy (Ease).

A new study by consultants Delta-EE for Ease found that the European market grew by a total of 1 gigawatt-hours in 2019, a significant slowdown compared with 2018, when the energy storage market exceeded expectations to grow by 1.47GWh.

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‘Time is running out’: airline industry warns government

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EasyJet and Ryanair to stop flying on Monday and less than 5% of passengers expected at airports amid coronavirus

Airlines and airports have warned that time is running out for the government to enact promised measures to help the aviation industry, with EasyJet and Ryanair set to stop flying after Monday and less than 5% of normal passenger numbers expected at major airports.

Further talks are expected between ministers and the industry on Monday as the government wrestles with how to keep critical infrastructure functioning.

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EU states ‘dragging their feet’ over financial transparency, report finds

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Global Witness says only six states including UK meet demands on measures to fight money-laundering

Most EU member states have failed to meet a legal deadline to introduce public registers of the real owners of companies, a transparency measure seen as key to fighting money laundering, according to a review by anti-corruption campaigners.

In May 2018, the European Union passed a directive obliging member states to publish the beneficial owners of firms registered in their jurisdictions by January this year.

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Urgent call to head off new debt crisis in developing world

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Covid-19 crisis is raising borrowing costs for poorer nations just as commodity exports, tourism and remittances sent home fall

Rapid action is needed to head off the risk of a new debt crisis in the world’s poorest countries amid evidence that the Covid-19 pandemic is raising borrowing costs and hitting commodity exports, according to a leading campaign group.

A Jubilee Debt Campaign report said some of the world’s most vulnerable nations were being hit by a double whammy of increasing debt interest bills and the tumbling price of oil and other raw materials.

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Australia is easing superannuation access for those worst-hit by coronavirus. But can we afford it?

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Tax-free withdrawals will be capped at $10,000 this financial year and will allow those struggling to pay rent, meet mortgage repayments and buy food

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Australians who are laid off as a result of the coronavirus outbreak will be allowed to pull money out of their superannuation, Scott Morrison announced on Sunday.

Withdrawals will be capped at $10,000 this financial year, and a further $10,000 next financial year, and will be tax-free, the prime minister and his treasurer, Josh Frydenberg, said.

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Government to pay 80% of wages for those not working in coronavirus crisis

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Rishi Sunak announces ‘unprecedented’ scheme offering up to £2,500 a month

The chancellor, Rishi Sunak, has announced the government will pay the wages of British workers to keep them in jobs as the coronavirus outbreak escalates.

In an unprecedented step, Sunak said the state would pay grants covering up to 80% of the salary of workers kept on by companies, up to a total of £2,500 per month, just above the median income.

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Air Canada to cut more than 5,000 jobs in response to coronavirus crisis

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Canada’s largest airline plans to cut more than 5,000 jobs in the coming weeks as the coronavirus forces it to ground hundreds of international and domestic flights.

Air Canada is cutting 3,600 employees from its banner company and 1,549 from its discount carrier Rouge. The cuts, which make up nearly 60% of the company’s flight staff, will come in April.

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Every major UK and European carmaker to stop or cut production

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As disruption from Covid-19 spreads, only some low-volume producers will remain open

Every major carmaker in the UK and Europe is suspending or cutting production as the disruption from the coronavirus outbreak spreads – with only lower-volume manufacturers such as Aston Martin keeping factories open.

Jaguar Land Rover (JLR) and Bentley Motors have become the latest British carmakers to suspend production at their UK factories.

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Bank of England’s QE programme is bigger than the City expected

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Quantitative easing stimulus is equivalent to almost 2% off interest rates

The Bank of England has gone all in. By cutting interest rates to 0.1% and announcing a fresh £200bn of money creation via its quantitative easing programme it has fired all the conventional weapons in its arsenal.

There will be some who say this is all reminiscent of the Beyond the Fringe sketch where Peter Cook demands “a futile gesture” to raise the whole tone of the war. Others will saythe Bank’s new governor Andrew Bailey had no choice given the state of the markets and the imminent lockdown in London. Bailey has had a good first week in the job.

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Former London bankers convicted after Germany’s ‘greatest tax robbery’

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First case of its kind sheds light on complex fraud known as cum-ex trading

Two former London bankers were handed suspended jail terms and one a €14m fine for tax fraud in a landmark trial that is likely to unleash dozens of similar cases across Germany.

The ruling is the first criminal conviction for what the judge, Roland Zickler, called “a collective case of thievery from state coffers”.

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ECB U-turn shows it fears coronavirus could destroy eurozone project

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Bank now realises Europe will sustain grievous economic damage from Covid-19

Weak. Clumsy. Behind the curve. The European Central Bank took stick for its initial response to the Covid-19 pandemic – and rightly so.

Those accusations can no longer be levied after the ECB used an emergency meeting to launch a gigantic new package of quantitative easing (QE) – the electronic money creation device that has become a key tool for central banks since the financial crisis of 2008.

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Garment workers face destitution as Covid-19 closes factories

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Campaigners call for fashion brands to protect workers in their supply chains globally as coronavirus causes orders to dry up

The fashion industry is facing calls to step in and protect the wages of the 40 million garment workers in their supply chains around the world who face destitution as factories close and orders dry up in the wake of the Covid-19 epidemic.

Many factories in garment-producing countries including Bangladesh, Cambodia and Vietnam are already closing due to a shortage of raw materials from China and declining orders from western clothing brands.

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Coronavirus Australia latest: at a glance

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A summary of major developments in the coronavirus outbreak across Australia

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Key Australian developments in the global coronavirus outbreak on Thursday include:

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Peacetime constraints ditched in the war for economic survival | Larry Elliott

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The Covid-19 outbreak is forcing politicians and central bankers to set aside ideology and orthodoxy to prevent a global collapse

It is as if the lights have been switched off. The global economy has been plunged into darkness as countries hunker down in response to the Covid-19 pandemic.

Most recessions develop gradually over time. When the last one started in 2008 it took the Bank of England six months to spot it. This time it is different. Then it was a financial virus, this time it is the real thing. Commentators often say the economy is hitting the wall or is falling off a cliff on the weakest of evidence. Today the cliches are horrifyingly true.

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Amazon to suspend non-essential shipments to UK and US warehouses

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The company is prioritising five categories of goods which it classifies as essential products

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    • Online retail giant Amazon is stopping sellers from sending non-essential items to its UK and US warehouses until 5 April, to make space for vital items needed by its customers during the coronavirus outbreak.

    Amazon wrote to its third-party sellers, some of whom use the company’s logistics to store and dispatch their products, to inform them that stocks of medical supplies and certain household items are running low due to increased demand from online shoppers.

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