Category Archives: Business

Over a barrel: lack of sugar throws Cuba’s rum industry into crisis

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This year’s tiny harvest casts doubt on the spirit’s recent resurgence, once a bright spot in the island’s economy

It’s a crisis that would have sent a shiver down Ernest Hemingway’s drinking arm. Cuba’s communist government is struggling to process enough sugar to make the rum for his beloved mojitos and daiquiris.

As summer rains bring the Caribbean island’s 2025 harvest to an end, a recent analysis by Reuters suggests that Cuba’s state-run monopoly, Azcuba, is likely to produce just 165,000 metric tonnes of sugar this year. That compares with harvests of 8m in the late 1980s.

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Sidi Ould Tah named African Development Bank president

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Mauritanian economist who led Arab Bank for Economic Development in Africa will succeed Akinwunmi Adesina

The African Development Bank has chosen the Mauritanian economist Sidi Ould Tah as its president-elect after three rounds of voting on Thursday afternoon.

The election took place in Abidjan, Ivory Coast, at the end of the annual meeting of the continent’s biggest multilateral lender.

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Asda unlikely to see growth before year end at earliest, says supermarket boss

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Sales at UK’s third largest supermarket fell 3.1% in four months to April, as rival Aldi announces big expansion

Asda is unlikely to see growth before the end of this year at the earliest, the supermarket’s chair, Allan Leighton, has said, as sales continue to fall despite price cuts and more stock on its shelves.

Meanwhile, Aldi, which is closing the market share gap with Asda, put further pressure on its rival by announcing significant expansion plans across the UK.

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Australia news live: McCormack says ‘never say never’ on Nationals leadership after ‘madness’ of Coalition’s brief breakup

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Nationals backbencher says we ‘weren’t told everything that went on between Sussan Ley’ and David Littleproud. Follow today’s news live

McCormack says he expects Nationals to revisit net zero position eventually

McCormack expects the Nationals to revisit net zero by 2050:

I think we need to have a very serious discussion about that. When I go to places such as Crookwell, and others, where they have got huge wind towers, they have done their heft lift as far as making sure they put these massive turbines up, the solar … that are popping up all over, taking up arable country, farmland, you know.

I think regional Australia has done its fair share and we need to revisit that, given the fact the world, indeed America and other countries and other political parties in other nations, have really revisited this net zero. I think the Nationals will do the same.

Look, you never say never. I’m not going to draw a line through my name because that would be silly, but, look, it’s up to the party room. It’s the gift of the party room. I have always accepted that.

I had the great honour of leading the party for three and a bit years and being the deputy prime minister at the same time. [A] truly great honour. One that I’ll cherish. But if it comes to pass that the party decides that I’m the one to lead them again in the future so be it.

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Musk is pivoting from DC and Doge’s failures – and wants investors to know

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The billionaire mogul is signaling far and wide that he’s back to business, and even criticizing Trump’s tax bill

Elon Musk really wants the public – and investors – to know that he’s leaving Washington DC behind.

In a series of interviews and social media posts this week, Musk has criticized Donald Trump’s marquee tax bill and emphasized his recommitment to leading SpaceX, Tesla and the artificial intelligence company xAI. The world’s richest person claimed that he was back to working around the clock at his companies – to the point of sleeping in conference rooms and factory offices once again.

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Shein turns to Hong Kong for flotation as London attempt stalls, reports say

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Fast-fashion retailer struggling to gain go-ahead from Chinese regulators for UK listing

Shein is reportedly aiming to list on the Hong Kong stock exchange as the online fast-fashion retailer struggles to gain the go-ahead from Chinese regulators for a flotation in London.

The company, which was founded in China where the majority of its suppliers are based but now has its headquarters in Singapore, is aiming to file a draft prospectus with Hong Kong’s stock exchange in the coming weeks, according to Reuters.

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Australia news live: Ley to unveil shadow ministry after deal done to reunite Coalition; Labor seizes third Senate spot in Victoria

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Liberal leader begins contacting MPs to inform them of their roles in her new frontbench. Follow today’s news live

Nationals frontbencher Bridget McKenzie has insisted her party never made free votes for cabinet members a condition of returning to Coalition with the Liberals, as the two parties draw closer to a deal.

McKenzie also took a shot at Liberal MPs who were giving her and her colleagues free advice. She told Channel Seven’s Sunrise:

There are many Liberal MPs who want to give us gratuitous advice about how to run our party room. I’m happy to give them membership forms if they’d like to join it. But a coalition works best when everybody respects the independence of both parties.

That wasn’t put to the room.

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‘Remote purchase’ fraud in UK surges as customers tricked into disclosing passcodes

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Banks say every day 7,000 incidents take place where scammers get people to disclose unique set of numbers

Banks are reporting a surge in a type of fraud where customers are tricked into disclosing online login passcodes they are sent, which has helped to fuel a 22% jump in crimes where scammers go shopping using people’s stolen details.

The banking body UK Finance revealed that “remote purchase” fraud hit its highest-ever level in 2024, with almost 2.6m cases logged, which works out at more than 7,000 incidents a day, or almost five a minute.

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AI tool trial could save equivalent of 1.5m meals in food waste

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Nestlé is among UK companies taking part in project to ‘design out’ waste by redistributing surplus product

Millions of meals worth of wasted food could be redistributed thanks to an artificial intelligence tool being trialled by companies across the UK, including Nestlé.

The AI tool, which has already generated an 87% reduction in edible food waste at one of the Swiss conglomerate’s factories over its first two-week trial period, is intended to “design out” food waste by providing real-time monitoring, tracking and insights of wasted ingredients and products.

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Trump indicates ‘positive’ progress in US-EU trade talks

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Wall Street up in early trading after US president commends bloc for calling to ‘quickly establish meeting dates’

Donald Trump has indicated there has been progress in US trade talks with the EU, helping send share prices rising on Wall Street, after he commended the bloc for calling to “quickly establish meeting dates”.

“I have just been informed that the EU has called to quickly establish meeting dates. This is a positive event, and I hope that they will,” Trump wrote on his Truth Social platform on Tuesday, saying the EU would be “very happy and successful” if it agreed a deal.

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KFC plans to invest £1.5bn in UK and Ireland, creating thousands of jobs

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Fast-food chain’s plan on back of booming fried chicken market includes opening 500 new restaurants

KFC is to invest almost £1.5bn and create thousands of jobs in the UK and Ireland over the next five years, as the fast-food chain seeks to capitalise on the booming popularity of fried chicken.

The chain, which is celebrating its 60th year of operations in the UK, said it plans to invest £1.49bn to grow and upgrade its existing 1,000-outlet estate.

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Four former Volkswagen managers convicted of fraud in ‘dieselgate’ trial

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Braunschweig court gives two former executives prison sentences for roles in emissions test-cheating scandal

A German court has convicted four former Volkswagen managers of fraud and given two of them prison sentences for their part in the “dieselgate” emissions test-cheating scandal that erupted almost a decade ago.

The former head of development Heinz-Jakob Neusser received a suspended jail term of one year and three months from the court in the city of Braunschweig, according to the news agency Bloomberg.

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EU hopes for quick deal to resolve US trade war after Trump delays 50% tariffs

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European leaders call for ‘lowest possible’ border taxes after levies postponed from 1 June to 9 July

EU leaders have expressed hopes for a quick deal to resolve the trade war with the US after Donald Trump announced he was delaying his threatened 50% tariffs for the bloc until 9 July.

The US president said on Sunday he would pause the border tax due to be imposed on 1 June, which he had announced two days earlier, after what he called a “very nice call” with Ursula von der Leyen.

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Taxpayers set for £10bn loss on NatWest as disgraced ex-boss takes £600k-a-year pension

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Government expected to sell last shares in banking group this week, drawing a line under 2008 financial crisis bailout

Fred “the Shred” Goodwin, the disgraced ex-boss of Royal Bank of Scotland, is estimated to be receiving an annual pension worth nearly £600,000, as the government prepares to declare a £10bn loss after selling its final stake in the bank as early as this week.

The banking group, now known as NatWest, is expected to return to full private ownership within days, drawing a line under a £45bn state bailout that saved the bank from the brink of collapse at the height of the 2008 financial crisis.

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EU president secures tariffs delay after talk with Trump

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Enactment of 50% tariffs postponed until July so both sides can ‘reach a good deal’ after pressure from European leaders

Donald Trump has announced that he will pause his threatened 50% tariffs on the European Union until 9 July, after a “very nice call” with EU chief Ursula von der Leyen.

The European Commission president announced in a social media post that she had spoken with Trump and secured the delay to give the two sides more time to negotiate.

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Any trade deal with US must be based on ‘respect not threats’, says EU commissioner

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Maroš Šefčovič’s remarks come after pace of talks prompted Trump to propose 50% tariff on goods from bloc

The European Union’s trade chief has struck a defiant tone after Donald Trump threatened to place a 50% tariff on all goods from the bloc, saying any potential trade deal between Brussels and Washington must be based on “respect not threats”.

The US president made his announcement after voicing frustration with the pace of progress on a trade agreement with the EU. The new rates would come into effect from 1 June.

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UK employees work from home more than most global peers, study finds

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Exclusive: Staff in Britain now average 1.8 days a week of remote working, above global average of 1.3 days

UK workers continue to work from home more than nearly any of their global counterparts more than five years after the pandemic first disrupted traditional office life, a study has found.

UK employees now average 1.8 days a week of remote working, above the international average of 1.3 days, according to the Global Survey of Working Arrangements (G-SWA), a worldwide poll of more than 16,000 full-time, university-educated workers across Europe, the Americas, Asia and Africa that began in July 2021.

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Trump warms to Nippon Steel, backing ‘partnership’ with US Steel

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Biden had blocked Japanese acquisition, citing national security, with Trump previously agreeing he was ‘totally against’ it

Donald Trump has thrown his weight behind a “partnership” between US Steel and Nippon Steel, months after insisting he was “totally against” a $14.9bn bid by the Japanese firm for its US rival.

While the US president stopped short of an all-out endorsement of the takeover, he announced a deal between the two businesses on social media on Friday.

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NCA freezes £90m of London property linked to former Bangladesh regime

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Two men linked to Sheikh Hasina prevented from selling properties, including apartments in Grosvenor Square

The UK’s serious and organised crime agency has frozen almost £90m of luxury London property belonging to two men linked to the deposed ruler of Bangladesh.

In a development that comes after mounting pressure on the UK to assist Bangladesh in tracing assets linked to the former regime, the National Crime Agency (NCA) obtained nine freezing orders, official records show.

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Trump threatens 25% tariff on Apple and Samsung phones not made in US

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Announcement wipes about $70bn off Apple shares amid pressure on company to build smartphones in US

Donald Trump has threatened to impose a 25% tariff on iPhones if they are not made in the United States, as he stepped up the pressure on Apple to build its signature product in the country.

The president wiped approximately $70bn (£52bn) off the company’s shares with a post on the Truth Social platform that said iPhones sold inside the US must be made within the country’s borders.

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