Category Archives: Business

Concerns over safety at Amazon warehouses as accident reports rise

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Figures obtained by GMB show safety at its UK warehouses could be worsening

More than 600 Amazon workers have been seriously injured or narrowly escaped an accident in the past three years, prompting calls for a parliamentary inquiry into safety at the online retailer’s vast UK warehouses.

Amazon, whose largest shareholder is the world’s richest man Jeff Bezos, recently launched an advertising campaign fronted by contented staff members, after a string of embarrassing revelations about working conditions.

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Japan’s economy heading for recession, and Germany wobbles

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International trade slump and coronavirus outbreak combine to weaken consumer demand

Japan’s economy is heading for a recession this year after figures showed the world’s third largest economy slumped by an annual rate of 6.3% during the last quarter of 2019.

Germany, the world’s fourth largest economy, is also expected to stumble as the coronavirus epidemic and a slump in trade with China combine with weak consumer demand to drag growth lower.

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Brexit: Britain and EU ‘will rip each other apart’ in trade talks

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French foreign minister says it will be hard for UK to strike deal by end of year given differences

Britain and the European Union are going to rip each other apart in talks over a future trade deal, the French foreign minister, Jean-Yves Le Drian, has predicted, while also holding out hope that UK defence co-operation with Europe will continue.

Speaking at the Munich security forum, he added it would be tough for Britain to achieve its aim of a free trade deal by the end of the year given the differences between the two sides.

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German economy stagnates as eurozone growth hits seven-year low – business live

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Rolling coverage of the latest economic and financial news, including the latest eurozone growth figures

Andrew Kenningham of Capital Economics has told clients:

“We think the economy will continue to flirt with recession in the first half of this year.”

It’s hard to put too much gloss on a stagnating economy, but the German government has tried to strike an optimistic-ish tone this morning.

Berlin’s economy ministry says Germany’s economy is going through a weak phase, but it’s encouraged that business sentiment has improved.

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Geneva motor show organisers brace for coronavirus disruption

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Key event in European automotive calendar could be under threat as crisis deepens

Carmakers are monitoring the development of the coronavirus outbreak in Europe amid concerns that a key motor show in Geneva could be affected.

The spread of the disease has forced the cancellation of the Mobile World Congress, a tech trade fair in Barcelona that had been expected to host more than 100,000 delegates from about 200 countries.

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Early Damien Hirst artwork bought for £600 could fetch £1.8m

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Artist pays tribute to collector Robert Tibbles, who was his first customer in 1989

In 1989, 28-year-old Robert Tibbles bought a medicine cabinet artwork full of bottles of pills for £600. His friends derided it as “crap” and told Tibbles he had been ripped off and should return it.

On Thursday that medicine cabinet, called Bodies by Damien Hirst, is expected to sell for between £1.2m and £1.8m in an auction of Tibbles’ entire Cool Britannia collection, which also includes works by Michael Craig-Martin and Gilbert & George.

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Coronavirus: Cruise ship turned away from five countries allowed to dock in Cambodia – latest news

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MS Westerdam, which has 1,455 passengers and 802 crew, will dock on Thursday as WHO chief warns coronavirus threat is greater than terrorism

A paper in the Lancet medical journal, published online, should dispel some of the worries around reported deaths of some babies born to women who have fallen ill with what is now being called COVID-19 infection.

The authors say preliminary evidence suggests the new coronavirus cannot be passed to the baby in the womb.

Hi, Amy Walker here taking over the blog from my colleague Simon Murphy.

Patients who were treated by the two Brighton GPs who have been diagnosed with coronavirus are being traced by health officials, the BBC has reported.

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Portugal freezes bank accounts of Isabel dos Santos after Angolan request

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Africa’s richest woman suspect in criminal investigation into misappropriation of funds

Portugal has ordered a freeze on the bank accounts of the billionaire businesswoman Isabel dos Santos, who is currently the subject of a criminal investigation in Angola.

The public prosecutor’s office in Lisbon confirmed reports that dozens of personal and corporate accounts belonging to Dos Santos and her husband, Sindika Dokolo, were the subject of a seizure order.

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Critics pour scorn on Scotland-Northern Ireland bridge idea

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Architect and PM’s enthusiasm for Celtic crossing tempered by local cynicism of ‘pipe dream’

“The stars are aligning” for a bridge between Scotland and Northern Ireland, according to the principal advocate for a Celtic crossing, the leading architect Alan Dunlop.

Although engineering experts have dismissed the concept as “bonkers”, Dunlop has been pressing for serious discussion of Boris Johnson’s latest grand infrastructure scheme since he conducted a feasibility study into the proposal in 2018, when he first raised the prospect.

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Disability charity boss jailed after stealing from pension fund

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Patrick McLarry sentenced to five years for defrauding scheme of more than £250,000

The former head of a charity has been jailed for five years after he admitted defrauding a pension scheme for workers with disabilities and using the money to buy houses in England and France.

Patrick McLarry took more than £250,000 from the pension scheme of Yateley Industries for the Disabled and used it to buy homes for himself and his wife and pay off a debt for a pub lease.

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EU clamps down on free ports over crime and terrorism links

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Moves comes as Britain launches consultation on creation of up to 10 of the zones

Brussels is clamping down on 82 free ports or free zones after identifying that their special tariff and duty status has aided the financing of terrorism, money laundering and organised crime.

A set of new rules was introduced by the European commission just weeks before the launch on Monday of a UK government consultation on the creation of up to 10 free ports in post-Brexit Britain.

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Bill Gates orders £500m hydrogen-powered superyacht

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Microsoft billionaire’s innovative and eco-fuelled 112m Aqua vessel to launch after 2024

Bill Gates has ordered the world’s first hydrogen-powered superyacht, worth an estimated £500m ($644m) and featuring an infinity pool, helipad, spa and gym.

The billionaire co-founder of Microsoft has commissioned the Aqua ship – a 112-metre (370ft) luxury vessel completely powered by liquid hydrogen – which was publicised last year at the Monaco yacht show by the Dutch design firm Sinot.

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Boris Johnson to give HS2 green light despite Tory fears

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PM will promise range of other infrastructure projects to appease nothern voters

Boris Johnson will give the final go-ahead to the first phase of the controversial HS2 high speed rail link early this week – despite fears over spiralling costs and strong opposition from at least 60 Tory MPs.

The prime minister is expected to make an announcement to parliament on Tuesday approving construction of the line between London and Birmingham, two days before conducting a wide-ranging reshuffle of his cabinet.

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Harry and Meghan attend exclusive JP Morgan event in Miami

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Sussexes appear in one of their first engagements since stepping down as senior royals

The Duke and Duchess of Sussex attended an exclusive JP Morgan event in one of their first engagements since stepping down as senior royals, a palace source has said.

It is unclear whether the couple, who have pledged to become more financially independent, were paid for their roles as speakers at a summit the banking giant hosted in Miami on Thursday.

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Coronavirus economic impact: Australia could be among world’s hardest hit nations

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Australia’s economy is unusually dependent on China, and a coronavirus-driven slowdown could mean billions in lost revenue

Australia could be one of the countries worst affected by the economic impact of the coronavirus outbreak as factories in China remain shuttered and millions of people are confined to their homes and banned from travelling.

The Reserve Bank of Australia on Friday stuck to its forecast of strong growth this year thanks to a rising housing market, and the stock market – along with others around the world – has largely shrugged off concerns about the global impact of the virus to remain close to all-time highs.

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Tidjane Thiam: the man who traded politics for finance after military coup

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Ousted Credit Suisse chief transformed Prudential before City regulator censured him

Tidjane Thiam is the scion of an influential family whose political connections and history spread across two West African countries: Ivory Coast and Senegal.

The 57-year-old came to prominence in the UK when he was named as the head of Prudential in 2009, making him the first black chief executive of a major British company.

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Credit Suisse chief Tidjane Thiam ousted after spying scandal

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The 57-year-old loses boardroom battle with Thomas Gottstein set to replace him

The Credit Suisse chief executive, Tidjane Thiam, has been ousted in the wake of a saga involving corporate espionage, an alleged car chase and personal vendettas that has sent shockwaves through Switzerland’s famously discreet banking community.

Thiam, widely seen as one of the finance world’s leading lights, resigned after losing a boardroom battle that erupted when the bank admitted to having hired private detectives to spy on former staff.

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Reserve Bank boss says coronavirus likely to be worse than Sars for Australian economy

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Philip Lowe says China’s economy is now bigger and more integrated into the world economy so the impact is likely to be greater

The coronavirus outbreak could do more damage to the Australian economy than 2003’s Sars outbreak, governor of the Reserve Bank Philip Lowe has said.

Appearing before the House of Representatives economics committee in Canberra on Friday, Lowe said China’s economy was now much bigger and more integrated into the world economy.

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Label changes scrapped after Burgundy winemakers see red

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Region’s producers were angry that redrawn map would stop them using prestigious name

Furious French winemakers have forced officials to back down over controversial plans to ban a number of prestigious wines from calling themselves “burgundy”.

The region’s producers saw red over proposed changes relating to which bottles can be labelled as coming from the region.

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Bernie Madoff says he is dying of kidney failure and seeks early prison release

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Lawyer says 81-year-old behind history’s largest Ponzi scheme uses a wheelchair and has multiple serious conditions

Bernard Madoff, the fraudster behind the largest Ponzi scheme in history, said Wednesday that he was dying of kidney failure and is seeking early release from his 150-year prison sentence.

In a court filing Madoff’s lawyer said the 81-year-old uses a wheelchair, often requires oxygen, and suffers from cardiovascular disease, hypertension, insomnia and other chronic and serious medical conditions. He is too old for a transplant and has been moved to the Federal medical center prison in Butner, North Carolina.

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