American venture capital and private equity is dominating Africa, but it’s mostly funding other white foreign founders as black entrepreneurs struggle to raise financing
“Sorry for asking, but do you understand that the money belongs to the company and is not your personal fund?”
When Jesse Ghansah saw this question in an email from a prominent white investor in San Francisco while fundraising for his first startup four years ago, he refused the deal.
Continue reading...Mining magnate allegedly diverted funds to the benefit of his Palmer United party in the weeks before the 2013 election
Mining magnate Clive Palmer has been charged with fraud and corporate misconduct offences that carry lengthy prison sentences over the alleged diversion of at least $10m to the benefit of his Palmer United party in the weeks before the 2013 election.
Palmer denied the allegations, telling Guardian Australia the charges were “nonsense” and rehashed matters over which a court had already ruled in his favour.
Continue reading...Startup firm Britishvolt, serving energy storage and electric cars, plans 30GWh battery plant at Bro Tathan
A startup company with plans to build Britain’s first gigafactory to make batteries for electric cars has chosen a site in south Wales for the plant after discussions with the Welsh government.
Britishvolt, which in May launched an ambitious effort to create a £1.2bn factory, has signed a memorandum of understanding with the Welsh government ahead of signing a lease for a former Royal Air Force base at Bro Tathan business park, south Wales.
Continue reading...Schemes including Fairtrade and FSC may serve to mask human rights abuses and allow government inaction, study claims
Many of the world’s leading certification standards are not only failing to improve the ethical conduct of large corporations but are serving to entrench abusive business practices, a damning new report argues.
The study of 40 global voluntary initiatives, including emblematic on-pack labelling schemes such as the Forest Stewardship Council (FSC) and Fairtrade International, identifies multiple failures in what it refers to as a “grand experiment” in corporate accountability.
“These kinds of initiatives are not effective tools for holding corporations accountable for abuses or for protecting rights holders against human rights violations,” says Amelia Evans, executive director at MSI Integrity, the US-based human rights group behind the research.
Related: Rainforest Alliance certifying unethical pineapple farms, activists claim
Continue reading...Hundreds of thousands of buyers allegedly paid as much as three times the normal bank interest rate when arranging finance through a car dealer
Law firm Maurice Blackburn has launched a class action lawsuit against Westpac on behalf of hundreds of thousands of car buyers who were sold vehicle loans under a deal that allegedly allowed dealers to secretly pocket vast commission payments.
Dealers were able to maximise commissions Westpac and its subsidiary, St George, paid them for selling the loans by charging some customers as much as three times the bank’s going interest rate, it is claimed.
Continue reading...G20 countries aim their pandemic bailout spending at fossil fuel industries, leaving Paris climate change targets in doubt
Governments are spending vastly more in support of fossil fuels than on low-carbon energy in rescue packages triggered by the coronavirus crisis, new data has shown, despite rhetoric from many countries in support of a “green recovery”.
Data from the Energy Policy Tracker, a new research effort by several civil society groups, shows that at least $151bn (£120bn) of bailout cash has been spent or earmarked so far to support fossil fuels by the G20 group of large economies. Only about a fifth of this spending is conditional on environmental requirements such as reducing greenhouse gas emissions or cleaning up pollution.
Continue reading...Investors pump in funds, loans and deferrals alongside Branson’s £200m injection
Virgin Atlantic has announced a £1.2bn rescue deal to allow Sir Richard Branson’s grounded passenger airline to survive another 18 months and aim to return to profit in 2022, after four months without scheduled flights.
The privately funded recapitalisation package, a combination of cash injections, loans, and deferrals, was finally confirmed on Tuesday after weeks of talks with potential investors, after Virgin’s attempts to garner state support were rebuffed.
Continue reading...U-turn puts Boris Johnson on collision course with Tory rebels on timing of ban
Huawei is to be stripped out of Britain’s 5G phone networks by 2027, a date that puts Boris Johnson on collision course with a group of Conservative rebels who want the Chinese company eliminated quicker and more comprehensively.
Oliver Dowden, the UK culture secretary, also announced that no new Huawei 5G kit can be bought after 31 December this year – but disappointed the rebels by saying that older 2G, 3G and 4G kit can remain until it is no longer needed.
Continue reading...Campaign group One, founded by U2 frontman, is calling for a reorganisation of aid spending
A development campaign group founded by Bono has accused the UK government of wasting a large chunk of its international aid budget and called for spending on overseas assistance to be cut by £1.6bn.
In a report that echoes criticisms by some Conservative MPs, the U2 singer’s One campaign said there was too much spending on projects that failed to reduce poverty.
Continue reading...Exclusive: Group of 83 wealthy individuals demands ‘immediate, substantial and permanent’ higher taxes ‘on people like us’
A group of 83 of the world’s richest people have called on governments to permanently increase taxes on them and other members of the wealthy elite to help pay for the economic recovery from the Covid-19 crisis.
The super-rich members, including Ben and Jerry’s ice cream co-founder Jerry Greenfield and Disney heir Abigail Disney, called on “our governments to raise taxes on people like us. Immediately. Substantially. Permanently”.
Continue reading...Home secretary will announce the biggest overhaul of the UK system in decades
The home secretary is to unveil further detail on the future of immigration in the UK on Monday in an attempt to prepare businesses and organisations for the biggest overhaul of the system in decades.
The Home Office has previously revealed the core principles behind the forthcoming points-based system, which is meant to be introduced when the transition period from leaving the European Union ends on 1 January. Under the system, UK borders will be closed to so-called non-skilled workers and applicants will be have to show a greater understanding of English.
Continue reading...Exclusive: Masterclasses promise to improve work mindsets and link programs to Covid-19 response
Australian government agencies have spent more than $230,000 on “innovationish” training – the latest management fad promising to improve work mindsets – and linked the programs to the government’s response to the Covid-19 pandemic.
The Australian Securities and Investment Commission and the Department of Foreign Affairs and Trade spent $180,000 with the US company People Rocket LLC, which suggests it can replace traditional management consultancy by developing “cultures that champion innovation through cross-functional collaboration”.
Continue reading...UK manufacturing, energy and transport and telecoms have received investment from Beijing for years
Over the past decade, Chinese investment worth more than £50bn has flowed into Britain’s economy. From the telecoms networks to London’s famous black cabs, football clubs and Pizza Express, the Chinese yuan can be felt throughout Britain’s economy and its national infrastructure.
The UK’s first stand against Chinese economic involvement may come within weeks as ministers move to curb the influence of tech giant Huawei on the rollout of 5G telecoms networks across the country. But a more difficult question remains: can Britain afford to close the door on one of its biggest investors?
Continue reading...The World Bank’s flawed and misunderstood poverty benchmark has led to a deceptively positive picture and dangerous complacency
Poverty is suddenly all over the front page. As coronavirus ravages the globe, its wholly disproportionate impact on poor people and marginalised communities is inescapable. Hundreds of millions of people are being pushed into poverty and unemployment, with woeful support in most places, alongside a huge expansion in hunger, homelessness, and dangerous work.
How could the poverty narrative have turned on a dime? Until just a few months ago, many were celebrating the imminent end of poverty; now it’s everywhere. The explanation is simple. Over the past decade, world leaders, philanthropists and pundits have embraced a deceptively optimistic narrative about the world’s progress against poverty. It has been lauded as one of the “greatest human achievements”, a feat seen “never before in human history” and an “unprecedented” accomplishment. But the success story was always highly misleading.
Continue reading...Exclusive: council given only hours’ notice of emergency purchase of 1.2m sq ft ‘Mojo’ site
The government has secretly purchased 11 hectares (27 acres) of land 20 miles from Dover to site a vast new Brexit customs clearance centre for the 10,000 lorries that come through the Kent port from Calais every day.
It will be the first customs post erected in the UK to deal with goods coming from the EU for 27 years.
Continue reading...Pop-up testing facility to be set up in Sydney hotel car park as Victorian premier says 37,588 tests were conducted in the state yesterday. Follow live news and updates
Victoria is preparing two-million reusable masks for people in Melbourne and Mitchell Shire by the end of July, and a million single-use masks, but in case you want to go and make your own now, you can find a CDC guide on how to make one here.
The Victorian government is going to prepare its own how-to guide for masks in the coming days.
Due to the heightened public health risk with the current outbreak in Victoria, we are asking ALL South Australians with symptoms (fever/chills, cough, sore throat, runny nose, shortness of breath, loss of taste or smell) to get tested for COVID-19. https://t.co/daEpRqXyQV pic.twitter.com/lccT3Rvwef
Continue reading...Now that it has its own financial hubs on the mainland, Beijing may be prepared to risk the fate of its golden goose
Last week, the Chinese government passed a broad national security law criminalising dissent in Hong Kong. While the law has already had a chilling effect on protests, the consequences for Hong Kong’s economy are unclear. Since 1 July, Hong Kong’s stock market has climbed. Some foreign businessmen in Hong Kong have dismissed the law’s potential effect on business. This incredulity is unsurprising: for decades Hong Kong has thrived as a gateway for international capital into and out of China. Surely Beijing wouldn’t kill its own “golden goose”?
But investors and businessmen, used to the unencumbered movement of capital, may have lost sight of recent changes. Contemporary China is different today to just 10 years ago, let alone to the 1990s when Hong Kong was handed over by the British. Now a global power that commands one-sixth of the world’s GDP and is increasingly authoritarian, it is approaching Hong Kong with a new rationale that is both political and economic.
Continue reading...The NSW premier is expected to announce new restrictions today as the state tries to contain ‘high-risk situation’. Follow live news and updates
2020 motto: Please scream inside your heart
Japan’s theme parks have banned screaming on roller coasters because it spreads coronavirus. “Please scream inside your heart.” https://t.co/DJjC40H0Ap
Just re-upping, because it seems relevant
The Armchair Epidemiologist pic.twitter.com/t4CvJo3KCL
Continue reading...The return of stay at home orders has been met with a mixture of resignation and relief, fury and sadness
Melbourne residents will be locked down from midnight on Wednesday. It is both easier and much harder this time around.
Easier because remote working routines have already been established and because, this time, we know what to expect. And harder, because we know what to expect.
Continue reading...Confusion over NSW-Victoria border closure as the state’s northern border closes for the first time in a century and Melbourne prepares for lockdown. Follow the latest news
Someone asks about some sort of foreign travel tax? I don’t know - there is a lot in the question, and it’s involving shiz that none of us can even think about until at least July next year, because I’m not sure if this is common knowledge or not - but Australia’s international borders ARE CLOSED.
Scott Morrison:
Well, there’s a lot of speculation on all those questions. So I don’t intend to engage in what is the normal budget speculation when you lead up to a budget.
Those matters will be addressed in the budget.
On what we are planning on doing with Hong Kong residents, Scott Morrison says:
We continue to be concerned about issues in Hong Kong as many nations are, and we have remained in close contact with other like-minded countries about this issue.
This is about how we, as a nation, are responding, domestically, to these issues.
On the issue of the broader shutdown of Melbourne - this is a matter that the Premier advised me of and, of course, based on their advice and the advice that I have received from the chief medical officer, then this was necessary.
I hope it isn’t for that long. I hope it’s for a shorter period as possible.