Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Donald Trump’s botched handling of the Covid-19 crisis has left the US looking like a “third world” country and on course for a second Great Depression, one of the world’s leading economists has warned.
In a withering attack on the president, Joseph Stiglitz said millions of people were turning to food banks, turning up for work due to a lack of sick pay and dying because of health inequalities.
It has been floating around again for a while, but this morning Josh Frydenberg put company tax cuts firmly back on the table.
Business Council of Australia chief executive, Jennifer Westacott told Sky News’s Laura Jayes they were absolutely needed (but she would say that, wouldn’t she).
We’re trying to solve business investment, which was low before this terrible crisis. It’s business investment that drives productivity which drives higher wages. So that’s the problem, let’s frame that up first. Look I think it is important for us to put it back on the table but along with other tax reform. It’s not the only thing that needs to be done. It’s important that we look at the state taxes, the productivity sapping stamp duty taxes, payroll tax. It is interesting how much payroll tax has been deferred.
The whole question of the right configuration of the state taxes. Whether or not we bring forward those other income tax cuts. So it’s not just company taxes but it is important we have a competitive company tax rate. To the treasurer’s point, we’re not asking, in the Business Council, for us to have the lowest rate, we’re simply asking for a competitive rate, so that we can be a magnet for investment in this country.
In case you haven’t seen this as yet, or cried today, I am giving this another run, because we all need a bit of heartbreakingly lovely in our lives.
After noticing that Ken slept with a photo of his late wife every night, one of the carers at Thistleton Lodge presented him with this incredible gift... pic.twitter.com/Q1v8V8HUFS
Tearfund NGO says drinks makers not doing enough to tackle their plastic pollution
Coca-Cola and Pepsi are not doing enough to reduce their plastic waste footprint globally, according to a report.
The charity Tearfund has compiled a league table of how the companies, and Unilever and Nestlé, are faring in their commitments set against a three-point plan.
Company says it made a loss last year due to investment and the competitive market
Amazon received €294m (£258m) in tax credits last year that it can deduct from future bills for its European business, as revenues at the online retailer rose significantly to €32bn.
The company said it received the tax credits because it made a loss last year due to its investment programme and the highly competitive retail environment across Europe and the UK.
Multimillionaire ‘king of the good times’ Vijay Mallya faces allegations of £1bn fraud
The Indian multimillionaire businessman Vijay Mallya has lost his appeal against a decision to extradite him to India to face allegations of a £1bn fraud at his now defunct Kingfisher Airlines.
High court judges on Monday rejected Mallya’s appeal against a 2018 decision granting his extradition, ruling that there was a “prima facie case of fraud by false representation”.
Sir Richard Branson has said he will put his private Caribbean island up as collateral in his attempt to persuade the UK government to save his Virgin Atlantic airline from going bust.
Branson, who is the UK’s seventh richest person with an estimated £4.7bn fortune and lives on Necker Island in the tax-free British Virgin Islands, on Monday promised in a public blogpost that he would “raise as much money against the island as possible to save as many jobs as possible”.
Ships able to carry 2m barrels chartered for $335,000 a day to store oil unwanted during the Covid-19 pandemic
Giant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply that threatens to overwhelm the world’s storage facilities.
A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following the deepest fall in oil demand in 25 years because of the coronavirus pandemic.
Even faced with another great depression, wealthier EU countries are resisting action on debt that could ultimately keep the union together
Europe’s leaders are worried – and rightly so. The deadly impact of Covid-19 has resulted in a full-scale health crisis. Evidence of the economic consequences of trying to keep populations safe from coronavirus is starting to emerge. The political ramifications are only starting to be assessed – but they could be profound.
The European Union has found itself in some tight spots over the years, but always found a way of muddling through. It survived the financial crisis and will cope with Brexit. But this time things are a lot more serious.
Court rules accountancy firm breached code of ethics in its dealings with a refiner
A former partner at the accounting firm EY has been awarded $10.8m (£8.6m) in damages after being forced out of his job when he exposed professional misconduct during an audit of a Dubai gold refiner.
The high court in London ruled on Friday that EY had repeatedly breached the code of ethics for professional accountants in its dealings with one of its clients, Kaloti Jewellery International.
Tinned tomato suppliers are rationing stocks to supermarkets after demand in the UK surged more than 30% and threatened to use up supplies ahead of this year’s harvest.
Supermarkets and convenience store groups are understood to be jockeying for supplies as families continue to buy more tinned foods than usual after the closure of schools and restaurants forced them to cook more meals at home.
A 96% drop in passenger numbers because of coronavirus restrictions has not been matched by cuts in flights
The coronavirus outbreak has provoked a string of unsettling sights, such as the sudden widespread use of masks, shuttered businesses and deserted streets. Another unusual phenomenon is also playing out in the skies – near-empty airplanes flying through the air.
Widespread travel restrictions around the world have slashed demand for air travel, with more than eight in 10 flights canceled. But there is a disparity in the US – while the Transportation Security Administration (TSA) has reported a 96% slump in passenger volume, to a level not seen since 1954, this hasn’t been matched by the number of flights being scrapped.
Ex-chair of DB Group Kim Jun-ki ‘forgot his responsibilities’, says Seoul court
The former head of a South Korean conglomerate who was convicted of raping his maid and sexually assaulting a secretary has been given a suspended sentence.
Kim Jun-ki, the 75-year-old former chair of DB Group, which has activities in finance and steel, repeatedly violated the two women, the Seoul central district court found.
Campaigners call for action as majority of big countries fall short of 0.7% aid target
The world’s major powers have failed to make progress towards meeting their commitments on aid spending, according to new data, prompting calls for countries to step up in the face of the Covid-19 outbreak.
The Organisation for Economic Cooperation and Development’s (OECD) update on spending in 2019, published on Thursday, showed aid contributions by its forum of the largest donors were less than half the targeted 0.7% of their gross national income.
New charges for reCaptcha spur web security firm Cloudflare to develop its own identity-checking software
The days of clicking on traffic lights to prove you are not a robot could be ending after Google’s decision to charge for the tool prompted one of the web’s biggest infrastructure firms to ditch it for a competitor.
“Captcha” – an awkward acronym for “completely automated public Turing test to tell computers and humans apart” – is used by sites to fight automated abuses of their services. For years, Google’s version of the test, branded reCaptcha, has dominated, after it acquired the company that developed it in 2009 and offered the technology for free worldwide.
Firm to cut carbon intensity by selling more green energy but critics say first step must be to stop new drilling
Royal Dutch Shell plans to become a net zero-carbon company by 2050 or sooner by selling more green energy to help reduce the carbon intensity of its business.
Ben van Beurden, Shell’s chief executive, said the company must focus on the long-term “even at this time of immediate challenge” caused by the Covid-19 pandemic.
Amazon has ordered the temporary closure of all six of its French distribution centres, one day after a French court ruled it was not doing enough to protect its workers in the country amid the coronavirus pandemic.
The online giant said in a statement that “this week, we are requesting employees of our distribution centres to stay at home. In the longer term, we will evaluate the impact of that [court] decision for them and our French logistic network”.
The Arcadia Group, which owns brands including Topshop, Dorothy Perkins and Miss Selfridge, is estimated to have cancelled in excess of £100m of existing clothing orders worldwide from suppliers in some of the world’s poorest countries as the global garment sector faces ruin.
According to data from the Bangladesh Garments and Manufacturing Association (BGMEA), the Arcadia Group has cancelled £9m of orders in Bangladesh alone.
European markets are falling deeper into the red this morning, as coronavirus recession fears swirl.
The FTSE 100 is now down 90 points, or 1.5%, at around 5,700 points - with similar losses in other markets.
The OBR says the UK economy could fall by 35% in the second quarter. Brutal for sure, but it also expects a very sharp bounce back. This puts it in the V-shaped recovery camp, which is an ever-decreasing circle. Charles Evans, the Chicago Fed president, said yesterday the US is in for a very sharp but hopefully short downturn.
Money managers are more pessimistic. According to Bank of America’s latest Global Fund Manager Survey, just 15% see a V-shaped recovery. Over half (52%) see a U-shaped recovery, where the long line along the bottom stretches on for some time, perhaps years. A fifth (22%) see a W-shaped recovery – possibly sparked by a sharp bounce back and second or third wave of infections – and 7% see the dreaded L – a long depression like the 1930s and no real recovery. The biggest tail risk is a second wave of infections, which makes the speed at which you reopen economies key. My bet, for what it’s worth, is WWW.
Newsflash: Global oil demand is expected to fall by a record amount this year -- according to industry experts.
The International Energy Agency has predicted that demand will slump by 29 million barrels per day in April -- to levels last seen in 1995 -- as the Covid-19 lockdown hits demand extremely hard.
“By lowering the peak of the supply overhang and flattening the curve of the build-up in stocks, they help a complex system absorb the worst of this crisis.
“There is no feasible agreement that could cut supply by enough to offset such near-term demand losses. However, the past week’s achievements are a solid start.”
Britain has given the green light for companies to start putting spades in the ground to build a new high speed rail line, saying that work could proceed in line with coronavirus safety guidelines despite the national lockdown.
Heathrow airport expects passenger traffic to plunge by 90% in April, as demand is mainly limited to airlines focusing on repatriating citizens stranded abroad during the coronavirus outbreak.
The airport said passenger numbers had already tumbled by 52% to 3.1 million in March, compared with a year earlier, after the UK government advised against all but essential travel. Meanwhile, the total number of flights landing and taking off at Heathrow – covering passenger planes and cargo – fell 35% to 25,798.