Category Archives: Business

How did a ‘cocktail of violence’ engulf Mozambique’s gemstone El Dorado?

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Clashes between Isis-linked militants, government troops and mercenaries have displaced 200,000 in mineral-rich Cabo Delgado

For decades a forgotten corner of Mozambique, Cabo Delgado has now become the country’s El Dorado, promising billions in natural gas and gemstones but delivering its population only violence and displacement.

An insurgency in the province now threatens to become further entrenched – 50,000 people have fled their homes since March and Mozambique’s neighbours are currently debating sending in regional forces to help defeat militants who seized a strategic port in the town of Mocímboa da Praia last month.

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Wealth of US billionaires rises by nearly a third during pandemic

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Report includes Jeff Bezos, whose personal fortune has risen by 65% since 18 March

The already vast fortunes of America’s 643 billionaires have soared by an average of 29% since the start of the coronavirus pandemic, which has at the same time laid waste to tens of millions of jobs around the world.

The richest of the superrich have benefited by $845bn , according to a report by a US progressive thinktank, the Institute for Policy Studies.

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Staple food prices rise by 50% in Sudan amid economic strife, floods and Covid

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Cost of sugar, bread and transport soar, while promised World Bank aid is yet to arrive

Millions of people in Sudan are facing hardship as the cost of food and transport soars amid economic turmoil in the country.

The cost of some staple foods like bread and sugar has increased by 50% over the past few weeks, driving inflation to a record high of 167%, up from 144% in July.

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Boeing ‘gambled with public safety’ in run-up to two deadly crashes

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Cost cuts and lack of scrutiny contributed to 737 Max disasters, say US politicians

Boeing jeopardised the safety of passengers by cutting costs on the development of the 737 Max and escaped scrutiny from regulators before software flaws contributed to two fatal crashes of the aircraft, according to a report by US politicians.

The US manufacturer was forced to ground its bestselling plane after the crashes of a Lion Air 737 Max in 2018 and an Ethiopian Airlines jet in 2019. The crashes killed 346 people.

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New car sales in Australia slump but luxury brands buck trend during coronavirus pandemic

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Overall sales have fallen 20% between January and August but Audi sales have actually increased

New car sales in Australia have slumped since the start of the coronavirus pandemic, but one sector is bucking the trend – luxury brands.

Overall sales have fallen 20% as people have lost jobs and income, overseas factories have closed down and the recession has begun to bite.

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Trump attacks WTO after it says US tariffs on China broke global trade rules

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President says he has to ‘do something’ about the body after it rules that duties on $200bn worth of Chinese goods breached regulations

The United States has described the World Trade Organization as “completely inadequate” after it criticised the Trump administration’s tariffs on China.

The WTO said on Tuesday that the US breached global trading rules by imposing levies on more than $200bn of Chinese goods in the opening salvo of president Donald Trump’s trade war with Beijing two years ago.

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Terence Conran, designer, retailer and restaurateur, dies aged 88

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Family pay tribute to Habitat founder as ‘visionary who revolutionised the way we live in Britain’

Sir Terence Conran, the man who dragged Britain’s front rooms and parlours into the modern age almost single-handed, has died at the age of 88, his family has announced.

A designer, retailer and restaurateur who founded Habitat in 1964, Conran was at the centre of an aesthetic revolution that established England, and London in particular, as a European creative powerhouse.

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Ami, the tiny cube on wheels that French 14-year-olds can drive

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Citroën’s ‘urban mobility object’ is classed as a light quadricyle and can be driven without a full licence

The vehicle is cheap and the reactions from the pavement are a bonus, from the disbelieving double-take or uncontrolled giggle to the frankly envious where-do-I-get-one-of-those (plus the odd pitying stare, but then this is Paris).

At first glance, Citroën’s new Ami, a playful polypropylene cube on wheels with an unashamedly Toytown aesthetic, seems hardly the kind of car to excite the passions of France’s drivers. But, perhaps because it is not a car, that is just what it is doing.

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UK government hails ‘historic’ trade deal with Japan

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Agreement in principle comes as Britain races to secure deals before Brexit transition ends

Japan and the UK have agreed a “historic” free trade deal, as Britain races to secure easy access to overseas markets as it prepares to leave the European Union.

“This is a historic moment for the UK and Japan as our first major post-Brexit trade deal,” Liz Truss, the international trade secretary, said after a video call on Friday with the Japanese foreign minister, Toshimitsu Motegi.

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Nasa is looking for private companies to help mine the moon

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The agency announced it is buying lunar soil from a commercial provider as part of a technology development program

Nasa has announced it is looking for private companies to go to the moon and collect dust and rocks from the surface and bring them back to Earth.

The American space agency would then buy the moon samples in amounts between 50 to 500 grams for between $15,000 to $25,000.

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Rio Tinto CEO and senior executives resign from company after Juukan Gorge debacle

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In a statement to Australian Stock Exchange the company confirms move that follows the blowing up of 46,000-year-old caves in Western Australia

The Rio Tinto chief executive, Jean-Sébastien Jacques, and two other senior executives are leaving the global miner after its board bowed to intense investor pressure for strong action over its decision to blow up 46,000-year-old rock shelters at Juukan Gorge in Western Australia’s Pilbara region.

Rio Tinto said Jacques was leaving “by mutual agreement” with the board.

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Stonehaven train crash report calls for tighter heavy rain restrictions

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Local route managers and signallers will be given more power to cut speeds or close lines

Heavy rain could lead to more trains being cancelled or told to travel at low speed in future, following the Stonehaven crash that killed three people in Aberdeenshire last month.

An interim report by Network Rail into the tragedy spelled out strengthened procedures that could hasten line closures in bad weather, pending safety inspections.

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Amnesty investigation links brewer Kirin to Myanmar military crimes

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Billions in dividends from ventures with conglomerate MEHL funnelled to army units implicated in Rohingya crackdown

One of the world’s largest brewers, Kirin – whose subsidiaries include San Miguel and craft beers brewed in the US and UK – has been linked to crimes committed by the Myanmar military following an Amnesty International investigation.

Kirin is partnered with a Myanmar-based conglomerate with interests in mining, beer, tobacco, garment manufacturing and banking, whose shareholders include military units directly implicated in serious human rights crimes against Rohingya people, analysis by the human rights group found.

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Coronavirus Australia live update: Daniel Andrews holds press conference as Victoria reports 51 new cases and NSW records seven

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Greg Hunt says Melbourne curfew should be lifted if ‘there is no medical basis’ for it as two more Sydney healthcare workers test positive. Follow live

The woman who was at the centre of Scott Morrison’s plea today will be allowed to attend a private viewing of her father to say goodbye after her family has held their funeral.

She will be escorted to the funeral home, and then escorted back, a spokeswoman has confirmed.

John Barilaro, who is rumoured to have his eye set on Canberra and the federal Nationals leadership, has effectively removed the Nationals from the NSW coalition, plunged the Berejiklian government into minority after vowing to abstain from government votes (unless its to do with regional NSW), and removed itself from joint party room and leadership meetings – unless the koala protection legislation is scrapped.

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‘I’m shocked’: businesses brace for long wait to reopen under Melbourne’s Covid roadmap

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Victoria’s path out of shutdown is contentious and uncertain for cinemas, beauty salons and hospitality venues

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Soon after the pandemic began the sign out front of the Thornbury Picture House read: “Cinema closed until real life doesn’t feel like a movie.”

Now the message is a little less whimsical: “Stay strong, Thornbury. We love you.”

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Tesla shares plummet 17% as tech sector sell-off continues

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Carmaker’s value plunges after failing to make S&P 500 listing as all major US stock markets fall

The US tech sell-off on Wall Street extended to a third day on Tuesday, with electric carmaker Tesla among the biggest fallers suffering its worst day in nearly six months.

The tech-heavy Nasdaq stock market dropped close to 3% in morning trading, following similar falls on Thursday and Friday. Wall Street was closed on Monday for the Labor Day holiday.

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Bottled water flotation makes founder China’s third-richest man

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Zhong Shanshan’s net worth rises to $51bn as Nongfu Spring shares launch in Hong Kong

The stock market flotation of China’s biggest bottle water company has made its founder the country’s third-richest man, as shares in his company rocketed on their debut in Hong Kong.

At one point the paper fortune of Zhong Shanshan, the biggest shareholder in bottled water company Nongfu Spring, briefly surpassed that of China’s two richest men, Alibaba founder Jack Ma and Tencent founder Pony Ma.

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Up to £3.5bn furlough scheme cash may have been wrongly paid out

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Error and fraud rate for scheme estimated at between 5% and 10%, says HMRC chief

The government believes it may have paid out up to £3.5bn in wrong or fraudulent claims for the furlough scheme.

Jim Harra, the top civil servant at HM Revenue & Customs, said that his staff had calculated for the possibility that as much as 10% of the money might have gone to the wrong places.

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Coronavirus Australia live update: Victoria Covid cases drop below 50 for first time since June as NSW records four – as it happened

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Melbourne’s stage 4 lockdown extended by two weeks in ‘roadmap’ as Victoria pursues aggressive suppression strategy. This blog has ended

Thanks for following our live coverage of the coronavirus coverage in Australia. You can continue to follow our rolling global coverage here.

A quick recap on what happened today:

Asked if he would step down as premier if the hotel quarantine inquiry laid the blame for the outbreak on his office, Andrews said his responsibility was to keep going.

My position and the responsibility I have is to see our state through this. What is what I’m focused on.

Let me be as frank as I can be: Politics has never mattered less to me. Leadership is not able doing what’s popular, it is about doing what’s right.

The politics of this, that is of no value. The only thing that matters is we all stay the course. We all keep following the data, the science and the doctors and get this done. Then move to the biggest economic repair job that our state has ever seen.

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The bleak Covid winter? America still not on course to beat back the virus

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As summer ends, and as deaths near 200,000 amid severe economic damage, experts say the next few months are vital

Even with three decades of experience in the travel industry, Jorge Pesquera has never seen a downturn in business like this one.

Related: Could western Pennsylvania win Trump a second term?

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