Lawsuit could benefit 46 million people even if they have never owned the credit card
Almost every adult in the UK could receive a payout of up to £300 from Mastercard after a court ruling paved the way for a £14bn class action lawsuit.
The legal action taken by former financial ombudsman Walter Merricks claims that 46 million UK consumers paid higher prices in shops over a 16-year period because of allegedly excessive transaction fees charged by Mastercard.
Continue reading...Time likely to be too tight for referendum before end of October, says chancellor
Philip Hammond has played down the possibility that the UK could use the delay to Brexit to hold a second referendum and stressed that he still expects Britain to leave the European Union.
Speaking in Washington, the chancellor said time would be too tight to hold a confirmatory vote before the new deadline of the end of October unless it was triggered over the coming weeks.
Continue reading...Mixed picture shows rebound in country’s exports, creating $32bn trade surplus in March
Chinese imports slumped in March, driven by a slowdown in US trade amid the tense standoff between Washington and Beijing, raising renewed questions over the strength of the Chinese economy.
Imports fell by 7.6% in March compared with a year earlier, worse than City economists’ forecasts for the volume of goods bought from abroad to grow by 0.2%.
Continue reading...Prosecutors trying to force confession out of former Nissan chairman, says defence team
Carlos Ghosn’s lawyers have condemned his latest arrest as “inhuman”, claiming it has interrupted his treatment for chronic kidney failure and that prosecutors were attempting to force a confession out of the former Nissan chairman.
According to Reuters, Ghosn’s defence team said in documents prepared after he was arrested for a fourth time last week that Japanese prosecutors were attempting to frustrate their preparations for his trial – a date for which has yet to be set – and trying to force him to confess.
Continue reading...Villagers say mine run by subsidiary of UK-based firm has caused illness and deaths
Two thousand Zambian villagers who say their lives have been ruined by toxic runoff from the world’s second-largest opencast mine have won the right to pursue a claim through the English courts.
In a landmark judgment, the supreme court ruled that the mining conglomerate Vedanta Resources, which is based in London, and its Zambian subsidiary Konkola Copper Mines (KCM) can be held to account by English judges, despite the companies’ arguments that they should defend themselves in Zambia.
Continue reading...In video message ex-chairman says he is innocent and talks of fears for company’s future
Carlos Ghosn has accused Nissan executives of conspiring to have him arrested over unfounded fears about his plans for the Japanese carmaker, and saying he had been unfairly portrayed as a “dictator” by “backstabbing” former colleagues.
In a video recorded shortly before he was rearrested in Tokyo last week, the former Nissan chairman said he looked forward to a fair trial – a date for which has yet to be set – and he feared for Nissan’s future.
Continue reading...Nissan CEO Hiroto Saikawa opened meeting with a speech outlining allegations against his former mentor
Nissan shareholders have voted to eject Carlos Ghosn from the board, as the detained former chairman fights multiple financial misconduct charges that have landed him in custody.
The extraordinary shareholders’ meeting at a Tokyo hotel was the first such gathering since the stunning arrest of the 65-year-old auto sector titan on 19 November.
Continue reading...‘We won’t back down’: protesters express concern over pollution and protected species
For Gilles Renevier, a vet from a village south-east of Lyon, fighting Amazon’s plans to build a vast logistics centre in his area was “common sense”.
The US firm was due to begin construction of a huge centre for packing and delivery beside Lyon airport in south-east France this year, but two local associations have lodged legal files to halt the build.
Continue reading...Experts say even nations that got rich on fossil fuels are seeing the future is green
Norway’s $1tn oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets.
Other national funds built up from oil profits are also thought to be ramping up their investments in renewables. The moves show that countries that got rich on fossil fuels are diversifying their investments and seeking future profits in the clean energy needed to combat climate change. Analysts say the investments are likely to power faster growth of green energy.
Continue reading...Investigators say pilots were unable to prevent plane’s nose from pointing down
The pilots of the Ethiopian Airlines 737 Max that crashed last month killing 157 people correctly followed Boeing’s emergency instructions but were still unable to stop the plane’s nose repeatedly pointing down, investigators said.
In the final seconds before the crash, pilots tried desperately to right the plane by switching its anti-stall software on and off but to no avail. The jet hit an airspeed of 500 knots (575mph), well above its operational limits, before cockpit data recordings stopped.
Continue reading...Former Nissan chairman says prosecutors are trying to ‘break him’ with latest move
Carlos Ghosn has been put back under arrest over allegations he misused company funds, prompting the former Nissan chairman to angrily denounce his detention as “outrageous and arbitrary”.
Japanese TV showed prosecutors arriving at Ghosn’s apartment in Tokyo, less than a month after he was freed on bail following more than 100 days in detention.
Continue reading...Fund report calls for profits to be targeted by a tougher international tax regime
The International Monetary Fund has warned that the market power exercised by a small number of global companies threatens to stifle innovation and make it harder for central banks to deal with recessions.
Adding its contribution to the growing public debate about the corporate power exercised by the US tech giants such as Google, Amazon, Apple and Facebook, the IMF said it would be concerned if there was any further increase in the clout of already dominant firms.
Continue reading...Cäcilie Albrecht excludes late son’s wife and children from future roles in the company
The late wife of one of the founders of the discount supermarket chain Aldi has plunged the family into a bitter row after declaring in her will that her grandchildren and their mother are excluded from future business decisions.
Cäcilie Albrecht, known as the grande dame of the Aldi clan, vented her anger towards the five offspring of her late son, as well as his widow, Babette, accusing them of lavish spending not in keeping with the firm’s frugal philosophy, and of siphoning millions from company funds to finance their luxury lifestyles.
Continue reading...State-owned Saudi Aramco makes profits of £84.7bn last year, beating Apple and Exxon
Saudi Arabia’s state oil company has emerged as the most profitable business in the world, racking up profits of $111.1bn (£84.7bn) in 2018 to overtake Apple.
According to a rare glimpse into its finances contained in a bond-offering document, Saudi Aramco made the profit on revenues of $355.9bn last year, as it produced 10.3m barrels per day of crude oil.
Continue reading...Legal adult minimum of £8.21 an hour still leaves millions struggling, say campaigners
Almost 2 million workers in the UK are in line for a pay rise on Monday as the legal minimum wage increases by nearly 5%.
Adults on pay rates rebranded as the “national living wage” will receive a 4.9% rise from £7.83 to £8.21 an hour, worth an extra £690 over a year and affecting around 1.6 million people. The hourly rate for 21- to 24-year-olds will go up from £7.38 to £7.70, and for 18- to 20-year-olds from £5.90 to £6.15 in increases that cover about 230,000 people.
Continue reading...Records obtained by Guardian show Stephen Moore reprimanded by judge for not paying alimony, child support and other debts
Stephen Moore, the economics commentator chosen by Donald Trump for a seat on the Federal Reserve board, was found in contempt of court after failing to pay his ex-wife hundreds of thousands of dollars in alimony, child support and other debts.
Related: Trump’s Federal Reserve pick owes $75,000 in taxes, US government alleges
Continue reading...Reports of high-level briefing with US regulators come as lawsuit is filed against Boeing
Investigators believe Boeing’s controversial anti-stall system on its 737 Max aircraft was activated before Ethiopian Airlines flight ET302 crashed, killing all 157 people onboard, according to reports of a high-level safety briefing with US regulators.
The apparent findings, reported in the Wall Street Journal, would be the strongest indication yet that the same software problem could have contributed to the crash and that of Lion Air flight 610, which killed 189 people in Indonesia in October.
Continue reading...Erdoğan’s costly move against currency speculators could prove to have major ripple effects
The battle waged by Turkey’s Recep Tayyip Erdoğan against currency speculators is a classic pyrrhic victory. The show of resolve by the self-styled strongman on Wednesday stopped investors from dumping the lira but at enormous cost in both the short and long term. That Turkey will be damaged is beyond question. All that’s in doubt is how severe that damage will be and whether the fallout will be felt elsewhere. Looking at the fragile state of the global economy, there’s every chance it will be.
The backdrop to the latest instalment of a long-running crisis is that Erdoğan is this week facing important local elections at a time when the Turkish economy is in recession. In an attempt to drum up support, Turkey’s president last week condemned Donald Trump’s decision to recognise Israeli control over the Golan heights, but this proved a spectacular own goal by convincing foreign investors that Ankara was on a collision course with Washington. The lira plunged.
Continue reading...Road safety measure part of package of reforms likely to be adopted despite Brexit
All new cars sold in the UK and Europe are to be fitted with devices to automatically stop drivers from exceeding the speed limit under sweeping changes to vehicle safety rules provisionally agreed by the EU.
Although Britain may no longer be part of the EU when the rules come into effect, the UK regulator, the Vehicle Certification Agency, has said it will mirror safety standards for vehicles in the UK.
Continue reading...The devastating impact of oil spills is widely recognised. The past decade has witnessed the destruction caused to human life and the environment from spills including the Deepwater Horizon spill in the Gulf of Mexico in 2010 and the Montara spill in Australia in 2009.
On each occasion the global community has reacted with horror, demanding the oil industry clean up local ecosystems and communities. Yet in Nigeria, and particularly in Bayelsa state in the Niger Delta, these calls are ignored.
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