Why the chains and independents at the heart of Britain’s high streets are in deep trouble
It’s the multibillion-pound industry that kept on growing, based on a bean that Britons couldn’t seem to get enough of: coffee.
Until, that is, the pandemic struck. As is the case with many businesses hit hard by coronavirus, the ubiquitous coffee chains that have powered city centres and high streets across the UK are in deep trouble.
Continue reading...Victoria reports nine deaths in the past 24 hours and 50 people added to total who died in aged care facilities in July and August. Follow live news and updates today
Queensland Premier Annastacia Palaszczuk, who was celebrating the AFL’s decision to stage the grand final in her state just two days ago, has called for tough penalties to be meted out to the two Richmond players arrested on the Surfers Paradise strip in the early hours of this morning.
With the AFL and police investigating the incident, which left Sydney Stack and Callum Coleman-Jones with facial injuries, Palaszczuk wants the pair thrown out of the state.
AFL players caught breaking Covid rules should be sent home,.
Queensland won’t tolerate it. I know the AFL takes these issues seriously and will take appropriate action.”
Related: Two Richmond AFL players arrested after late-night brawl outside Gold Coast strip club
One of the announcements out of national cabinet was that leaders “agreed that we needed to further boost the capacity for inbound arrivals into Australia, particularly for those Australians seeking to come home”.
However, Scott Morrison did not outline any detail of exactly how the arrival caps – which currently allow for about 4,000 passengers to enter Australian quarantine hotels each week – would be further boosted to help repatriate the 23,000 Australians (at least that’s how many have registered with Dfat) who want to come home but can’t.
Continue reading...Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels
The war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.
Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels.
Continue reading...UK should adopt German-style wage support for short-time working, unions say
Rishi Sunak has been urged by union leaders to launch a wage subsidy scheme to prevent a “tsunami” of unemployment when furlough comes to an end this autumn.
Demanding the chancellor follows the examples of other leading European countries to avert a looming jobs crisis, the Trades Union Congress said a continental-style system of “short-time working” wage support could be used in Britain to save millions of jobs from redundancy.
Continue reading...US stock market is suffering its worst day since June, as Apple and Tesla lead stock markets into the red
Earlier:
US traders can now catch their collectives breath after the choppiest trading session in several weeks.
It wasn’t as dramatic as the massive selloffs back in February and March (which still give me the shivers), but certainly a volatile day.
Related: Coronavirus live news: Robert Pattinson 'tests positive for Covid-19, halting Batman production'
Today’s losses mean the Dow is slightly negative for 2020, while the tech-heavy Nasdaq Composite index is still up 27% since January.
Continue reading...Two companies granted permission to clear land at Hwange national park, home to cheetahs, elephants and rhinos
Rhinos, giraffes, cheetahs and other endangered species face a new threat in Zimbabwe’s Hwange national park: Chinese mining companies.
Zhongxin Coal Mining Group and Afrochine Smelting have received permission from the government to begin environmental impact assessments for drilling, land clearance, road building and geological surveys at two proposed sites inside the park, which is home to almost 10% of Africa’s remaining wild elephants.
Continue reading...Security firms involved in guarding Melbourne quarantine hotels continue giving evidence at the state’s inquiry into the program. Follow live news and updates today
This is also very interesting, given what we have seen play out this pandemic:
Our Parliamentary Library has published its latest research note that provides a brief overview of the size, operation and recent history of residential aged care in Victoria. It’s available at https://t.co/DonHd6SQ4g #springst
The auditor-general has responded to Stephen Jones’s request to have the early superannuation access scheme audited.
He has said no, as there are other priorities at the moment:
Dear Mr Jones
I am writing in response to your letter of 5 August 2020 requesting that I review the integrity and performance of the Government’s early release scheme for superannuation, as established through the Coronavirus Economic Response Omnibus Package Act 2020.
Continue reading...Shoppers globally bought toys online while physical stores were hit by restrictions
Lego, the toy brick company, has enjoyed a lockdown boost to sales as families around the world were forced to spend more time at home during the coronavirus pandemic.
Total sales rose by 14% in the first half of 2020 and sales were up by more than 10% in its largest markets – including the Americas, western Europe, Asia Pacific and China – despite the closure of toy shops for months in some countries, including the UK.
Continue reading...Suits and takeaway coffees were back out in London’s financial district - but numbers are still lower than normal
The morning flow of commuters arriving at Canary Wharf, London’s financial district, was a trickle on Tuesday rather than the torrent traditionally associated with the end of summer return to work.
Sparse numbers of suited and smartly dressed workers emerged from the underground station, clutching their morning takeaway coffees, destined for the corporate headquarters of banks, financial services companies and law firms.
Continue reading...UK among the countries in spotlight after spending more than £2.5bn on outsourcing
The UK has spent more than £2.5bn on services and equipment related to the Covid-19 pandemic, according to fresh analysis that raises concerns about “opaque” contracts around the world wasting money and putting lives at risk.
A report by the Open Contracting Partnership and Spend Network found governments had spent $130bn (£97bn) on pandemic-related contracts, including on PPE (personal protective equipment) and other medical supplies, out of an annual procurement spend of nearly $13tn.
Continue reading...Tui launches investigation after almost 200 passengers told to isolate after outbreak
A flight from the Greek island of Zante was “full of selfish ‘covidiots’ and an inept crew”, according to a passenger among the almost 200 onboard who have been told to self-isolate after a coronavirus outbreak.
Tui said it had launched an investigation after 16 people tested positive for Covid-19 linked to its flight to Cardiff on 25 August, including seven passengers who were infectious or potentially infectious on the plane.
Continue reading...Data reveals that three in 10 shops hadn’t reopened after coronavirus restrictions were lifted – with some areas lagging further behind than others
Following the reopening of the UK’s retail and hospitality sectors through June and July, there were hopes that the economic damage of the coronavirus pandemic could be lessened.
But research from the Local Data Company shows that, as of July, 29% of English high street shops hadn’t reopened in the weeks after lockdown relaxation – with that proportion increasing to as much as 54% in some areas.
Continue reading...Beijing says some exports will now need government approval in move believed to be linked to Trump sale order
New Chinese government restrictions could complicate ByteDance plans to sell TikTok to a US company and avoid a ban threatened by Donald Trump.
Late on Friday, Beijing issued new restrictions or bans on tech exports, requiring companies to seek government approval – a process that can take up to 30 days. In mid-August, Trump gave the company 90 days to sell up or face a shutdown.
Continue reading...Several Conservative backbenchers argue that focus must be on supporting a continued economic recovery
The chancellor, Rishi Sunak, has been urged not to introduce tax hikes in his November budget by Conservative backbenchers who argue they would damage economic recovery.
The intervention followed speculation the Treasury could raise £20bn through extra levies to deal with the fallout from Covid-19.
Continue reading...Activist groups work towards improving labor conditions in textile factories but abolishing the industry’s ‘norms’ is an uphill battle
Mehedi Mehedi, a 36-year-old Bangladeshi garment worker who had spent 14 years working in Jordan, left the country forever last December. It was not an easy decision to make: Mehedi had met his wife in Jordan, he had no guarantees of finding a job back in Bangladesh, and he was desperate to work in order to support his chronically ill father.
In Jordan, Mehedi had been working for a subcontracting factory that supplies apparel to brands like Ralph Lauren, Under Armour, and American Eagle. But after spending his last six months without regular pay, he had reached a breaking point.
Continue reading...Bloc sources say Britain is trying to water down EU geographical protections
The UK government has renewed its attempt to reopen the chapter of the Brexit divorce treaty protecting specialty food and drink, such as Parma ham, roquefort cheese and champagne, in a move that left the EU chief negotiator, Michel Barnier, “a little bit flabbergasted”.
The British proposal on protected status for food and drink was included in a draft free-trade agreement handed to Barnier by his opposite number, David Frost, last week, according to two EU sources.
Continue reading...Exclusive: Third-party reports set out allegations at 18 Leicester suppliers
The fast-fashion retailer Boohoo has been selling clothes made by at least 18 factories in Leicester that audits say have failed to prove they pay the minimum wage to workers, a Guardian investigation has found.
Third-party audit reports produced over the past four years make claims of “critical” issues over record-keeping and working hours at the time they were written, suggesting that in parts of the supply chain workers may be paid as little as £3-£4 an hour.
Continue reading...Queensland cancels schoolies events after three new coronavirus cases. Follow live
Coatsworth says he agrees with Scott Morrison’s comments that, even with a vaccine, there is not a “zero risk” of Covid-19.
“It is not simply me agreeing with the prime minister, every chief health officer agrees with that,” he says.
Coatsworth is asked about the Liberal MP Craig Kelly, who has been pushing the discredited drug hydroxychloroquine online as a treatment for Covid-19.
He is asked: “Are you concerned about him using his social media to promote those views against the scientific advice?”
Continue reading...Rolling live coverage of business, economics and financial markets as investors anticipate new approach to inflation
Something to sink your teeth into before lunch: more discounts on dining out.
Related: Eat out to help out scheme to be extended by some restaurants
Mark Haefele, chief investment officer, UBS Global Wealth Management, said:
While we expect the Fed to shy away from more radical easing measures, such as explicit controls on government bond yields, we believe Powell will likely outline other dovish measures. These could include a move toward average inflation targeting, giving the central bank more leeway to allow inflation to overshoot the 2% target while keeping rates pegged close to zero.
Maybe the age of the independent, activist central bank head is also coming to an end. Fiscal policy is more powerful and monetary policy needs to work in harmony with it. Monetary policy is being asked to do things (like tackle economic inequality) that it really isn’t suited to. But, here we are, waiting for Jay Powell to turn up at Grafton’s Saloon. He’s already done everything he can, he’s almost out of bullets and he may even have already won the fight, but we have placed our faith in him and desperately want fresh encouragement.
Continue reading...Several production sites to close after slump in demand for jet engines
The jet engine maker Rolls-Royce made a record loss of £5.4bn in the first half of the year, after the collapse in international travel during the pandemic led to to a slump in demand.
The Derby-based company said it had originally expected to manufacture 450 engines during 2020 but now planned to deliver only 250.
Continue reading...