Category Archives: Business

Coronavirus live updates: fifth death confirmed in UK, as head of New York’s airports tests positive

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With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling

US authorities are planning a flight tomorrow to repatriate Britons on the coronavirus-hit Grand Princess cruise ship.

The UK Foreign Office issued the following statement:

We continue to work closely with the US authorities to repatriate British nationals on board the Grand Princess. The US are currently planning for a flight to leave tomorrow evening, returning to the UK on Wednesday afternoon. We remain in contact with all British nationals on board and will continue to offer support.

Chinese authorities reportedly scrambled to move people out of quarantine hotels which need full safety inspections after the deaths of at least 10 people in a collapsed hotel.

Joanna Davison, an English teacher, and her partner were suddenly placed in enforced isolation in Shenzhen after a ferry trip about 10 days ago. On Thursday, she told the Guardian she endured a “terrifying” experience as five people in hazmat suits came to test them at her home before they were whisked to quarantine.

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Oil price plunges 20% as Saudis vow to step up production

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Move follows Russian refusal to join Opec-led production cut aimed at keeping prices high

The price of crude oil has plunged by more than 20% after Saudi Arabia, the world’s top oil exporter, said it would step up production from next month, flooding global markets and most likely depressing petrol and diesel prices.

Brent crude futures slid 30% to $31.02 a barrel in chaotic trade on Monday morning, before recovering slightly to $36.06, a drop of 20% on Friday night’s close. It was the worst one-day fall for brent since the start of the first Gulf war in 1991. US crude fell 27% to $30.

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World Bank accused over ExxonMobil plans to tap Guyana oil rush

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Washington DC-based bank grants funds to redraft south American state’s oil laws by lawyers linked to oil giant

The World Bank is to pay for Guyana’s oil laws to be rewritten by a legal firm that has regularly worked for ExxonMobil, just as the US producer prepares to extract as much as 8bn barrels of oil off the country’s coast.

The World Bank has pledged not to fund fossil fuel extraction directly, but it is giving Guyana millions of dollars to develop governance in its burgeoning oil sector, as the south American country prepares for an oil rush led by ExxonMobil and its partners.

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UK companies to invest £12bn in switch to electric vehicles

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With a fuel duty rise expected in this week’s budget, a survey by Centrica finds businesses on course to move to cleaner cars and vans

British companies are expected to spend more than £12bn switching their fossil fuel vehicles for clean electric versions over the next two years.

A survey found that nearly half of UK businesses are planning to invest in chargeable cars and vans in advance of the government’s ban on sales of new internal combustion engine vehicles by 2035.

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Budget 2020: chancellor plans to finally end tampon tax

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The 5% rate on sanitary products will end. Rishi Sunak also plans to ensure banks keep circulating cash

The chancellor will announce the abolition of the “tampon tax” in next week’s budget, marking the successful conclusion to a 20-year campaign by women’s rights activists.

Tampons and other women’s sanitary products currently have 5% VAT added to their price, but this will be scrapped, saving the average woman £40 over her lifetime. The tax will end when Britain leaves the EU at the end of December.

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Boeing’s ‘culture of concealment’ led to fatal 737 Max crashes, report finds

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Preliminary findings conclude Boeing ‘jeopardized the safety of the flying public’ in its attempts to get Max approved by regulators

A “culture of concealment”, cost cutting and “grossly insufficient” oversight led to two fatal crashes of Boeing 737 Max aircraft that claimed 346 lives, a congressional report has concluded.

The preliminary findings, issued by Democrats on the House transportation committee, conclude that Boeing “jeopardized the safety of the flying public” in its attempts to get the Max approved by regulators.

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Sunak to unveil budget aimed at helping firms deal with coronavirus

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Chancellor mulling measures including tax holidays and support when staff self-isolate

Rishi Sunak is poised to announce a package of emergency measures to support businesses hit by the knock-on effects of the coronavirus crisis in his first budget on Wednesday.

The chancellor is considering short-term tax holidays for affected businesses, and taxpayer support for small businesses whose employees self-isolate as the outbreak escalates, the Guardian understands.

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ExxonMobil ‘tried to get European Green Deal watered down’

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Climate lobbying watchdog claims US oil giant met EC officials in run-up to policy

The US oil firm ExxonMobil met key European commission officials in an attempt to water down the European Green Deal in the weeks before it was agreed, according to a climate lobbying watchdog.

Documents unearthed by InfluenceMap revealed that Exxon lobbyists met Brussels officials in November to urge the EU to extend its carbon-pricing scheme to “stationary” sources, such as power plants, to include tailpipe emissions from vehicles using petrol or diesel.

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Coronavirus crisis drags down Flybe; shops warned against rip-off prices – business live

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IATA warns Covid-19 will cost airlines up to $113bn in revenue this year, as regional airline Flybe collapses, and experts fear others will follow

HSBC has confirmed that an employee has tested positive for the coronavirus, and that some colleagues from its research department have been sent home while the office is deep-cleaned.

A spokesperson says:

We have been informed that one of our employees at 8 Canada Square has been diagnosed with COVID-19. This colleague is under medical supervision and has self-isolated. We are working closely with the health authorities.

We are deep-cleaning the floor where our colleague worked and shared areas of the building. Colleagues on that floor, and others who came into contact with him, have been advised to work at home. Based on medical and official advice the building remains open and operates as normal.

Back at the British Chambers of Commerce annual meeting today, health secretary Matt Hancock said he was working with the Department for Work and Pensions on a way to extend sickness benefit to all workers.

That could including contract workers and the self employed, my colleague Phillip Inman reports.

“It is vital that the same approach applies to all workers,”

Related: PM: workers with coronavirus will get sick pay from day one

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EU revives plans for mandatory quotas of women on company boards

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European-listed firms could face fines if fewer than 40% of their non-executive board seats are taken by women

The European Union executive is reviving plans for mandatory quotas of women on company boards, amid slowing progress towards gender equality among top management.

The EU commissioner for equality, Helena Dalli, told journalists that quotas “can be a very ugly word” but were also “a necessary evil, in the sense we have to use quotas because otherwise we will wait another 100 years for things to change by themselves”.

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Children as young as eight used to pick coffee beans for Starbucks

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Nespresso also named in TV exposé of labour scandal in Guatemala

High street coffee shop giant Starbucks has been caught up in a child labour row after an investigation revealed that children under 13 were working on farms in Guatemala that supply the chain with its beans.

Channel 4’s Dispatches filmed the children working 40-hour weeks in gruelling conditions, picking coffee for a daily wage little more than the price of a latte. The beans are also supplied to Nespresso, owned by Nestlé. Last week, actor George Clooney, the advertising face of Nespresso, praised the investigation and said he was saddened by its findings.

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Coronavirus: South Korea reports ‘critical moment’ after 813 new cases – latest updates

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US strengthens travel advice, raising Iran and Italy to a level three, advising people to ‘avoid nonessential travel’. Follow live news

US confirms first death from the coronavirus in King County in Washington state.

BREAKING: First death from Coronavirus in Washington State - awaiting details on patient said to be from King County - @GovInslee statement @KIRORadio #973FM #coronavirus pic.twitter.com/TjlmhRIeBB

Reuters reports that the number of confirmed cases of the coronavirus in Italy has climbed above 1,000, according to an official who said the number of deaths had surged to 29.

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World Bank’s $500m pandemic scheme accused of ‘waiting for people to die’

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Bonds designed to provide fast funding for poor countries branded ‘obscene’ because of complex payout criteria

A flagship $500m World Bank scheme to help the poorest countries deal with a health emergency is “too little too late” for the coronavirus outbreak, say health experts.

The first pandemic emergency financing (PEF) bonds were launched in 2017 by Jim Yong Kim, the bank’s president at the time, after the Ebola outbreak in west Africa. Designed to potentially “save millions of lives and entire economies” by speedily funnelling money to nations facing pandemics.

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Clive Palmer charged with criminal offences by corporate regulator

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Asic boss confirms mining magnate and former politician charged with four offences by the regulator for conduct dating back to 2013

Mining magnate and former politician Clive Palmer has been charged with criminal offences that could see him jailed by Australia’s corporate regulator.

The head of the Australian Securities and Investment Commission, John Price, revealed on Friday that the Queensland businessman had been charged with four offences by the regulator for conduct dating back to 2013.

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World may miss carbon targets unless big firms improve – Mark Carney

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Bank of England governor warns City about need for businesses to fully disclose climate impact

Businesses must improve how they disclose their impact on the environment or risk failing to meet climate targets, the Bank of England governor, Mark Carney, warned the City on Thursday.

Without disclosure rules that allow investors to compare how businesses are meeting the climate challenge, the world risks missing targets to be carbon neutral by 2050, Carney said.

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Will coronavirus trigger a global recession? | Jeffrey Frankel

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World economy’s prospects look bleak owing to Covid-19 outbreak and Donald Trump’s trade policy

At the start of this year, things seemed to be looking up for the global economy. True, growth had slowed a bit in 2019: from 2.9% to 2.3% in the US and from 3.6% to 2.9% globally. Still, there had been no recession and as recently as January, the International Monetary Fund projected a global growth rebound in 2020. The new coronavirus, Covid-19, has changed all of that.

Early predictions about Covid-19’s economic impact were reassuring. Similar epidemics – such as the 2003 outbreak of severe acute respiratory syndrome (Sars), another China-born coronavirus – did little damage globally. At the country level, GDP growth took a hit but quickly bounced back, as consumers released pent-up demand and firms rushed to fill back orders and restock inventories.

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Coronavirus: Lufthansa imposes hiring freeze as Diageo profits suffer

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Airline offers unpaid leave, beverage firm fears £200m hit and Danone also voices concern

Lufthansa has announced a hiring freeze and is offering employees unpaid leave as part of a range of cost-saving measures to attempt to limit the financial impact of the spread of the coronavirus.

The German airline, which has already cancelled all flights to China until the end of March, also said it will expand part-time work options and cancel flight attendant and other personnel training courses from April onwards. Those that are already on courses will not be hired. The company said it aimed to offer affected trainees “employment contracts in the long term”.

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Rio Tinto announces $1bn spend to reach net zero emissions by 2050

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World’s second biggest miner says it will reduce emissions by 15% by 2030, but ‘will not set targets for our customers’

Mining giant Rio Tinto says it wants its globe-spanning operations to reach net zero greenhouse gas emissions by 2050 and will spend US$1bn over the next five years to reduce its carbon footprint.

The second biggest miner in the world has also committed to reducing its emissions by 15% by 2030.

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Lie-flat beds in economy class: Air New Zealand unveils bunks for budget travellers

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Airline which operates some of world’s longest flights is considering ‘Skynest’ sleep pods with pillows, sheets and blankets

Air New Zealand has announced it could have flat beds in economy for some of its long-haul flights, but it will be more than a year before customers could get the chance to sleep in one of the new pod beds.

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