Category Archives: Business

Ireland steps up effort to shelter economy from no-deal Brexit

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Bill readied amid concerns over impact on agriculture, food processing and transport

Ireland is accelerating preparations for a no-deal Brexit amid growing alarm that parts of the Irish economy could face severe disruption and even collapse – and that the UK hopes to leverage that prospect to wring concessions from the European Union.

Leo Varadkar’s government is due on Friday to publish a mammoth omnibus bill incorporating 16 pieces of legislation to try to shelter Ireland from the doomsday scenario of the UK crashing out of the EU.

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No-deal Brexit ‘could disrupt London commuter trains’

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Buildup of freight at Channel tunnel might affect services into capital, operator warns

Rail passengers commuting into London could have services disrupted by freight trains if a no-deal Brexit causes logjams at the Channel tunnel, it has emerged.

Go-Ahead, the company behind the rail operator Southeastern, said it was working with the government to try to ensure commuters were not affected.

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Australian government security contractor Paladin breaks silence on corruption allegations

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Company that was awarded $423m to provide services on Manus Island says reports linking it to bad debts are ‘offensive’ and ‘unsubstantiated’

Security contractor Paladin has broken its silence to attack suggestions of corruption as “offensive”, while rejecting reports linking it to a series of bad debts or failed contracts across Asia.

The firm said it is seeking legal advice about media articles it said had “failed to identify any evidence to sustain the damaging allegations being made against Paladin”.

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‘It was insensitive’: Burberry apologises for ‘noose’ hoodie after model complains

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Liz Kennedy said the design at London Fashion Week evoked lynchings and suicide

The chief executive and chief creative officer of luxury fashion brand Burberry have apologised for putting a hoodie with strings tied in the shape of a noose on its London Fashion Week runway.

The knotted strings surfaced after Sunday’s show when a model complained both before the show and on Instagram, saying the noose not only evoked lynchings but also suicide.

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Honda’s decision is a vote of no confidence in Britain’s future

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There is a sense that while the Swindon plant’s days were numbered, Brexit tipped the balance

Honda claims Brexit had nothing to do with the decision to shutter its Swindon plant, but almost nobody seems to be buying it.

The consensus among industry pundits is that it suits Honda to avoid dipping its toe into the toxic pool of Brexit.

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Huawei founder: US cannot crush technology firm

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Ren Zhengfei hits back at criminal indictments he calls politically motivated

The US cannot crush Huawei, the company’s founder has insisted, as he hit back against criminal indictments levelled at the firm and allegations that it poses a security threat.

Washington has warned allies off using Huawei products in recent weeks. But Ren Zhengfei, whose daughter Meng Wanzhou – a fellow senior Huawei executive – is among those charged by US prosecutors, told the BBC on Monday that the firm would survive the pressure.

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Facebook needs regulation to combat fake news, say MPs

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Damian Collins warns of ‘deepfake films’ showing doctored footage of politicians

Online disinformation is only going to get more sophisticated, the chair of the committee investigating disinformation and fake news, Damian Collins, has warned.

Related: Facebook labelled 'digital gangsters' by report on fake news

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Oscars reverses plan for ad-break presentations after industry outcry

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Decision to relegate four awards, including best cinematography and best editing overturned following protests by Martin Scorsese, Brad Pitt and others

Bowing to a backlash that had threatened to engulf an already blunder-plagued Academy Awards, the Academy of Motion Picture Arts and Sciences (Ampas) reversed its decision to present four awards during the commercial breaks of this year’s Oscar broadcast.

Related: Who should win? Critic Peter Bradshaw's Oscars picks

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Donald Trump hints at extension to China trade talks

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President said potential delay was justified as deal ‘must be the biggest in history’

President Donald Trump has conceded that he will delay planned increases in import duties on $200bn (£155bn) of Chinese goods if there is progress in trade talks in Washington next week.

Appearing to soften his demand for talks to conclude before 1 March, Trump said there could be a 30- or 60-day extension, should negotiators get closer to a deal. He said a delay was justified, based on the scope and scale of the talks. Speaking on the White House lawn, he said: “Trade with China – how big does that get? It must be the biggest deal in history.”

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Porsche asks UK buyers to commit to 10% no-deal Brexit surcharge

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Company says move is a precaution in case WTO tariffs apply to EU-UK trade

Porsche is asking British customers to sign a contract committing them to pay a surcharge of up to 10% of their vehicles’ purchase price if there is a no-deal Brexit.

Cars made in Europe could attract tariffs of 10% if imported to the UK under the terms of the World Trade Organization, the default trading relationship if the UK and the EU are unable to agree a transition period before 29 March.

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Trump’s unseemly haste shows World Bank must no longer be in thrall to US

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The race to head the World Bank opened with the US candidate already known. Other countries must stand up and be counted

With characteristic lack of restraint, the Trump administration last week jumped the gun on the World Bank presidential election process by naming David Malpass as its preferred candidate to succeed Jim Yong Kim.

The formal nomination process, which did not begin until the following day, is based on selection principles agreed in 2011 that put the emphasis on an “open, merit-based and transparent” appointment. It is high time those principles were put in practice.

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Brexit: MPs will have another say by end of month, says minister

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James Brokenshire says Commons will have chance to block no-deal departure

The government has sought to buy Theresa May more time to put together a workable Brexit deal by promising MPs another say by the end of the month, as business leaders said the process was now in the “emergency zone”.

The communities secretary, James Brokenshire, said that if no finalised deal were put to the Commons by 27 February, MPs would again be given an amendable motion to consider. This would give them the chance to block a no-deal departure or make other interventions.

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Goldman Sachs plans to cut bonuses as 1MDB scandal deepens

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Investment bank might withhold cash from former boss Lloyd Blankfein over firm’s involvement in Malaysian affair

Goldman Sachs’s decision to potentially cut bonuses for top executives over the 1MDB scandal reflects an acknowledgement of shareholder and public outrage over the debacle.

The prestigious investment bank has announced that it could withhold millions of dollars in bonuses to former chief executive Lloyd Blankfein and two other retired executives depending on the outcome of ongoing inquiries into the Malaysian fund.

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Philip Green accused of racial, physical and sexual abuse

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Businessman faces string of allegations by employees after injunction is lifted

Philip Green allegedly subjected people working in his business empire to abuse and other inappropriate behaviour that was at times racial, physical and sexual, according to a report.

A host of serious allegations were published on Friday evening by the Daily Telegraph after an injunction obtained by the businessman was lifted.

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Risk of global recession may be low but we are heading for slowdown

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Although there is a cloud over economy, the silver lining is central banks are more dovish

After the synchronised global economic expansion of 2017 came the asynchronous growth of 2018, when most countries other than the US started to experience slowdowns. Worries about US inflation, the US Federal Reserve’s policy trajectory, trade wars, Italian budget and debt woes, China’s slowdown and emerging-market fragilities led to a sharp fall in global equity markets toward the end of the year.

The good news at the start of 2019 is that the risk of an outright global recession is low. The bad news is that we are heading into a year of synchronised global deceleration; growth will fall toward – and, in some cases, below – potential in most regions.

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Philip Green’s high court action against Telegraph dropped

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Newspaper will now be able to publish allegations of bullying and sexual harassment

The high court has brought Sir Philip Green’s legal action against the Daily Telegraph to an end, with the newspaper saying it will publish allegations of bullying and sexual harassment against the retail tycoon “in the coming days”.

The Topshop boss had been granted a temporary injunction blocking the Daily Telegraph from publishing allegations of misconduct made by five employees, who had all received substantial payments and signed non-disclosure agreements after settling their claims.

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Conflict erupts for control of Libya’s largest oil field

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Fighting between UN-backed GNA and Libyan National Army over field closed since December

Fighting has broken out over the future of Libya’s largest oil field, as forces loyal to the UN-recognised Tripoli-based government battle Libyan National Army (LNA) forces led by Field Marshal Khalifa Haftar, the leading figure in fractured Libya’s east.

Al-Sharara field, 560 miles south of Tripoli, is capable of producing 315,000 barrels of crude a day – about a third of Libya’s total current output. But it has been closed by the Libyan National Oil Corporation (NOC) since December when the installation was seized by local tribes demanding the Tripoli government did more to lift the area out of poverty.

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No-deal Brexit: UK exporters risk being locked out of world’s harbours

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Goods dispatched in coming days may not arrive until after 29 March deadline

British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned.

Independent trade experts and the UK’s biggest business groups said exporters could be dispatching goods from UK ports imminently that would not arrive until after the 29 March deadline. This raised the prospect of goods being stuck in ports or facing hefty additional costs in the event of a disorderly Brexit.

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Fightback against the billionaires: the radicals taking on the global elite

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When Rutger Bregman and Winnie Byanyima spoke out about taxes at Davos they went viral. They talk with Winners Take All author Anand Giridharadas about why change is coming

Rutger: Winnie, why did the comments you and I made about billionaires and taxes at Davos go viral? Why do things seem to be changing right now?

Winnie: Why did we go viral? I think we said things that people have wanted to hear, especially on a big stage where powerful politicians and companies are represented. And they are rarely said. People go there and speak in coded words and praise themselves and spin out the stats that suit them, but for once we spoke plainly about the challenges that people face.

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Rail tsar says stop taking customers for granted

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Keith Williams criticises micromanaging by government as one of the failings driving passengers away

Britain’s rail industry will “drive passengers away” if it continues to operate as it does now, according to the man leading the government-commissioned review into the working of the railways.

Keith Williams, the former British Airways chief executive, also suggested that the government had compounded problems by “micromanaging the industry” through ever more specific rail franchises.

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