UK taxpayers funding African fossil fuel projects worth $750m

Watchdog reveals huge sum ploughed into ‘world’s dirtiest fossil fuels’ despite climate vow

UK taxpayer funds totalling $750m (£577m) have been invested in new fossil fuel projects in developing African countries despite the government’s public commitment to tackling the climate crisis, according to an international watchdog.

Global Witness found that a London-based investment group raised $1bn from the UK government over 16 years and spent three-quarters of this supporting oil and gas projects in some of Africa’s poorest countries.

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Will coronavirus make markets take a ‘black swan’ dive?

Impact of Chinese outbreak has already rippled out well beyond world’s No 2 economy

The impact of coronavirus on the global economy is growing and spreading daily. What started as a medical emergency in the Chinese city of Wuhan has led to planes being grounded, cruise ships being quarantined, theme parks being shut and car plants being mothballed.

TV footage of deserted streets and empty shops tell their own story: China’s economy, which was already slowing, is going to suffer a major hit as the authorities seek to stop the virus from spreading.

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Coronavirus live updates: all arrivals to Hong Kong from mainland China face ‘compulsory quarantine’ – latest news

Thousands on board Diamond Princess cruise ship in offshore quarantine in Japan after 10 people test positive, as China death toll passes 490

A hotel worker in the northern Italian city of Verona has tested negative for coronavirus.

The woman, who was isolated after coming down with a fever, is a member of staff at the same hotel where a Chinese couple being treated for the virus in Rome stayed for one night.

Here’s a report from Josh Taylor, a Guardian reporter based in Melbourne, that the Australian government is considering sending its citizens evacuated from Wuhan to isolated mining camps if Christmas Island reaches capacity for people being quarantined.

The home affairs minister, Peter Dutton, admitted there is the possibility that Christmas Island could reach capacity if the outbreak continues to spread. He said one option would be for people to share rooms, or potentially even open up other locations away from the rest of the Australian population.

Related: Coronavirus: 14th Australian case confirmed as Dutton says people could be sent to mining camps

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Vodafone to remove Huawei from core European networks

Move will cost €200m over five years but have limited financial impact on UK operations

Vodafone is to remove Huawei equipment from the sensitive, core parts of its mobile networks across Europe at a cost of €200m (£169m) over the next five years.

The group, which has 111 million customers across Europe, has taken the decision after the UK government’s move last week to limit the use of Huawei equipment in the country’s 5G network.

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Grand Theft Auto mastermind Dan Houser leaves Rockstar Games

Co-writer of the multimillion-selling series to step down in March, leaving questions over long-awaited sixth instalment

Dan Houser, a co-founder of Rockstar Games, is leaving his post in March, according to the developer’s parent company Take-Two Interactive. Houser was lead writer on the multimillion-selling Grand Theft Auto series, as well as other Rockstar hits including the acclaimed western adventure Red Dead Redemption.

In a statement to investors on Tuesday, Take-Two stated that Houser, who was creative vice president at the studio, would leave Rockstar on 11 March after taking an “extended break”, which began in spring last year. Houser’s brother Sam, with whom he co-founded Rockstar Games in 1998, will stay on as company president.

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Jacqui Lambie wants deal on union-busting bill ‘as soon as possible’

Crossbencher ‘hopes to think’ she is close to a deal with government on union penalty bill unexpectedly defeated last year

Senator Jacqui Lambie is looking to strike a deal with the government “as soon as possible” on the union penalty bill, while Labor struggles to contain a debate in its own ranks about union-backed superannuation funds.

Lambie is meeting the industrial relations minister, Christian Porter, on Tuesday to continue negotiations on the bill, which would lower the threshold for the deregistration of unions and disqualification of their officials.

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Car industry could see price war on hybrid vehicles in 2020

Firms may cut prices on plug-in electric hybrids to escape new EU emissions fines

Carmakers are bracing for a hybrid electric car price war this year as they try to avoid steep EU fines for carbon dioxide emissions.

Related: 2020 set to be year of the electric car, say industry analysts

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‘I’m a stranger in my own city’: Prague takes on Airbnb to dam flood of tourists

Joining a battle already being waged by many other cities, the Czech capital’s mayor wants new laws to limit the lettings website

For decades, its mesmerising blend of baroque and gothic beauty was closed to mass tourism by the iron curtain that divided the communist east from the capitalist west during the cold war.

Now Prague, which has gained an unenviable reputation as a destination for stag nights and pub crawls, has become the latest European city to propose a radical assault on Airbnb and other short-term letting platforms as over-tourism threatens to overwhelm it and drive out residents.

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Labor attacks Josh Frydenberg for failing to meet banking royal commission deadline

Labor claims that although six of the recommendations have been implemented, the government has fallen behind their set timeframe

Labor has attacked treasurer Josh Frydenberg for falling behind on the government’s promised timetable for turning the recommendations of the banking royal commission into law.

On Friday, to coincide with the first anniversary of royal commissioner Kenneth Hayne’s final report, Frydenberg said the government was “on track to meet the accelerated timetable” to implement royal commissioner Kenneth Hayne’s 76 recommendations.

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Airbus to pay record £3bn in fines for ‘endemic’ corruption

UK court sanctions fines after firm admits using agents across world to bribe officials to land high-value contracts

Airbus, Europe’s largest aerospace multinational, is to pay a record £3bn in penalties after admitting it had paid huge bribes on an “endemic” basis to land contracts in 20 countries.

Anti-corruption investigators hailed the result as the largest ever corporate fine for bribery in the world after judges declared that the corruption was “grave, pervasive and pernicious”.

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Huawei ruling will cost us £500m, says BT

Telecoms group faces big bill for stripping out banned kit from 5G broadband network

Limiting the use of Huawei equipment in BT’s EE 5G mobile and full-fibre broadband networks will cost the telecoms group £500m over the next five years.

BT uses more Huawei equipment in the masts and towers of its mobile network than is allowed under new government rules, meaning it will now have to be stripped out and replaced with hardware from other manufacturers.

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Talking About Trees review – how the lights went out in Sudan’s cinemas

This poignant and witty documentary focuses on four directors whose careers were stalled by a military coup thirty years ago

This witty and engaging cinephile documentary begins surreally with its subjects, four older male Sudanese film-makers, recreating the famous “closeup” scene from Sunset Boulevard. None of these directors has worked properly in years, since a military coup in 1989 triggered the collapse of Sudan’s film industry for religious and economic reasons. Now a power cut prevents them from even watching a movie, so they make do. Ibrahim Shaddad wraps a blue chiffon scarf coquettishly around his face as Norma Desmond, simpering: “I’m ready for my closeup.”

Films are oxygen for these men, and Talking About Trees follows their mission to reopen a neglected outdoor movie theatre near Khartoum and give away tickets. There are almost no cinemas left in Sudan. As plans go, it looks as rickety as the 12ft ladders they climb to scrub the crumbling walls of the cinema. The four amigos – Shaddad, Suliman Ibrahim, Eltayeb Mahdi and Manar Al-Hilo – repaint the peeling sign, print posters and canvass the local community to decide what film to show first. (The people pick Django Unchained.) They accept setbacks philosophically, with stoicism and amusement. Shaddad finds it hilarious when the general from the morality police dealing with their request for a permit gives them the runaround, disappearing off to pray for two hours.

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Stocks and oil slump on fears over China virus outbreak – business live

Equity sell-off deepens and oil falls below $59 as death toll from coronavirus rises, sparking fears over economic impact

  • Stock markets in UK, Germany and France fall more than 2%

My colleague Joanna Partridge writes:

Brexit uncertainty plus political turmoiled equalled financial distress for almost half a million British businesses in the final three months of last year, according to a new survey which measures corporate health.

On currency markets, sterling has risen slightly versus the dollar and the euro (to $1.3087 and €1.1872), as the Brexit date of 31 January approaches.

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Man behind football exposé revealed as source of Dos Santos leak

Football Leaks founder passed on financial records of Africa’s richest woman, says lawyer

A Portuguese man behind one of the biggest exposés in the history of football has been identified as the source of a leaked cache of financial records about the business empire of Africa’s richest woman, Isabel dos Santos.

Lawyers for Rui Pinto, who is awaiting trial in Portugal on charges including alleged hacking and attempted extortion, said in 2018 he passed a non-profit whistleblowing organisation a hard drive containing data relating to Dos Santos’s business empire, which is estimated at $2.2bn.

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Revealed: the £12bn bill for scrapping high-speed rail link

As Boris Johnson assesses project, Tory mayor for West Midlands warns of political cost of scrapping it

Scrapping the HS2 rail project will cost at least £12 billion in write-offs and compensation and plunge major construction companies into financial peril, ministers are being warned.

Sources close to the beleaguered scheme told the Observer that extra costs of £3bn-£4bn would be incurred even if it were scrapped immediately. £9bn has been spent already. With the issue causing tension inside the Conservative party, Whitehall insiders said that Boris Johnson could decide on the fate of the project as soon as this week as concerns grow that costs are spiralling out of control. Billions have already been spent on the first leg of the line linking Birmingham and London.

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Trump speaks to Boris Johnson about security as UK nears Huawei decision

US discusses concerns over Chinese telecoms giant’s role in Britain’s future 5G network

Donald Trump discussed the security of telecommunications networks with Boris Johnson, the White House said, as Britain closes in on a decision on Huawei’s role in the country’s future 5G network.

The US administration told allies not to allow the Chinese tech giant to form part of their 5G networks, claiming it would be a security risk – something Huawei vehemently denies.

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‘Why can’t we use a bear?’ Spanish startup shocked by Haribo legal threat

Founders of firm making alcoholic sweets left puzzled by trademark infringement claim

Small, sweet bears with the capacity to inflict a very sore head have triggered an intellectual property dispute involving a multinational confectioner, a trio of enterprising Spanish students and a shot or two of alcohol.

A couple of years ago, three friends studying in the Basque country experienced an epiphany: what if they combined their childhood love of sweets with their adult taste for alcohol? And what if the delivery system were a small, chewy bear?

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US and Europe clash over climate crisis threat on last Davos day

US Treasury secretary Steve Mnuchin downplay risks posed by climate emergency

The US and Europe have clashed over the threat posed by global heating as Donald Trump’s finance minister downplayed the risks of a climate crisis during the final session of the World Economic Forum in Davos.

Steve Mnuchin, the US Treasury secretary, said the debate should be about “environmental issues” rather than climate change, that the costs were being over-estimated and that climate was only one of several concerns that needed to be discussed.

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Soros gives $1bn to fund universities ‘and stop drift towards authoritarianism’

Philanthropist unveils plan for global network of institutions at Davos and attacks Trump as ‘ultimate narcissist’

The philanthropist and former financier George Soros has announced that he is to donate $1bn to fund a new global network of universities designed to promote liberal values and his vision of an open society.

In what he hailed as the “most important and enduring project of my life”, Soros said it was important to fund institutions that would help resist the drift towards growing authoritarianism in the US, Russia and China. He also launched a fresh attack on Donald Trump, calling the US president “the ultimate narcissist”.

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Isabel dos Santos responds to Luanda Leaks investigation

Former Angolan president’s daughter and her husband deny corruption accusations

Isabel dos Santos issued the following statement on Thursday after being formally named as a suspect by the Angolan attorney general in connection with a criminal inquiry into embezzlement at the state oil company Sonangol.

The allegations which have been made against me over the last few days are extremely misleading and untrue.

We will seek to clarify our position in relation to the latest accusations.

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