Category Archives: Business

UK ministers to meet bank bosses over lending to small businesses

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Rachel Reeves concerned that lenders’ restrictions are holding back growth in the SME sector

Ministers will meet bank bosses on Tuesday to discuss how big lenders can support the government’s growth strategy as concerns mount inside Whitehall that small businesses are struggling to access the funds needed to make vital investments.

Senior executives from HSBC, NatWest and Lloyds are expected to explain how they will meet the government’s mission to increase lending after criticism from business groups about the lack of credit available after the pandemic.

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US media stocks slide on Wall Street after Trump threatens movie tariffs

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Netflix, Amazon, Warner Bros Discovery and Paramount shares fall as studios reel from announcement

Shares in US streamers and production companies fell on Monday, after Donald Trump said he would introduce 100% tariffs on films made abroad, a move that couldsharply raise costs for Hollywood studios.

Trump’s announcement on his Truth Social platform, revived worries about the US president’s trade policy and its impact on the world economy.

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UK offshore havens miss deadline for transparency plans

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British Virgin Islands criticised for launching financial crime-fighting cartoon mascot before new legislation

UK offshore havens have missed a deadline to publish their plans to improve corporate transparency, as MPs criticised the British Virgin Islands (BVI) in particular for launching a financial crime-fighting cartoon mascot before new legislation.

Jurisdictions including the BVI and Bermuda pledged last year to approve laws allowing access to company ownership data to those with a “legitimate interest” by April 2025, with implementation to follow in June.

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Salvage operation to recover Mike Lynch superyacht begins off Sicily

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UK tech entrepreneur and his daughter were among seven killed when the Bayesian sank in a violent storm

A 55-metre (180ft) barge carrying a heavy-lift crane has begun work to raise the British-flagged superyacht Bayesian from the seabed off Sicily, where it sank last summer killing seven people including the UK tech entrepreneur Mike Lynch.

The barge, named Hebo Lift 2, with its 700-sq-metre deck, specialist diving apparatus and a remotely operated underwater vehicle, arrived last week in Porticello, a fishing port near Palermo, where marine salvage experts have started operations to raise the Bayesian.

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Warren Buffett announces retirement from leading Berkshire Hathaway

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Billionaire shocked audience of investors with disclosure and said his vice-chair, Greg Abel, should take over

Warren Buffett, the billionaire investor and philanthropist, has announced his intention to retire at the end of this year. He is 94 years old.

Buffett, the fifth-richest person in the world, shocked an arena full of shareholders on Saturday when he announced that he would step down as the CEO and chair of the trillion-dollar conglomerate Berkshire Hathaway at the end of 2025. He will recommend to the 11-person board that his vice-chair, Greg Abel, who currently oversees most of the company’s investments, be named as his successor, Buffett said.

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Treasury threatens Defra with £4bn bill if Thames Water nationalised

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Exclusive: Treasury threat an example of ‘scare tactics’ to help force through private sector deal, sources suggest

Whitehall officials have been at loggerheads over the fate of Thames Water since the Treasury told the environment department that it would have to meet the cost of a multibillion pound temporary nationalisation.

Britain’s biggest water company recently came within days of running out of money. Thames is in a desperate race to find a buyer willing to inject cash, with the US private equity firm KKR in pole position.

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China ‘evaluating’ US offer to engage in trade negotiations

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Comments come a week after Trump claimed talks were already taking place

Beijing is “evaluating” an offer from the US to engage in trade negotiations, the Chinese government has said, a week after Donald Trump claimed talks were already under way.

China’s commerce ministry said on Friday: “The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.”

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Why is Trump ending the ‘de minimis’ tariff loophole on low-value imports?

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Goods worth less than $800 will be subject to 120% levy meaning prices on Chinese exports will probably increase

At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam going on against our country”, the US president said on Wednesday. “We put an end to it.”

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NatWest profits soar by 36% as full privatisation looms

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Government stake reduced to under 2% as bank’s profit of £1.8bn beats analyst forecasts by £200m

NatWest has reported a 36% increase in profits in the first three months of this year as the government reduced its stake in the bank to less than 2%, paving a return to fully private ownership after 17 years.

The bank reported operating profit before tax of £1.8bn, up from £1.3bn in the same period last year, beating analyst consensus forecasts by £200m.

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‘Blackouts can happen anywhere’: how power systems worldwide can collapse

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After Europe’s biggest blackout in over 20 years, experts warn that while such incidents are rare, no grid is infallible

Europe’s biggest blackout in over 20 years on the Iberian peninsula unleashed hours of chaos for people in Spain, Portugal and parts of France earlier this week. But in the aftermath it has raised a common question for governments across the continent: could the same happen here?

Europe’s political leaders and energy system operators have given assurances that such blackouts are extraordinarily rare, and that European power grids are some of the most stable in the world.

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Trump tariffs cause fastest slump in British factory export orders in five years

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Decline in output and new orders in April allied with rising uncertainty is prompting layoffs, survey finds

Britain’s factories suffered a slump in export orders last month as Donald Trump’s globally unsettling tariff regime sent overseas demand for UK goods tumbling at the fastest pace in five years.

Manufacturers reported rising economic and trade uncertainties in April as some tariffs took effect and other threatened border taxes loomed, forcing them to lay off workers for a sixth consecutive month.

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Profits fall at Premier Inn owner Whitbread on drop in UK bookings

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Shares rise on promises to return £2bn to investors through buybacks and dividends, and more hotel openings

Profits at the Premier Inn owner Whitbread have fallen after it was hit by higher costs and a drop in UK bookings, but shares rose on the promise of a share buyback and more hotel openings.

Britain’s largest hotel group, which owns 852 hotels in the UK and 61 in Germany, reported a 14% fall in adjusted pre-tax profit to £483m for the year to 27 February. Revenues dipped by 1% to £2.9bn, as revenue per available room in the UK was down by 2%.

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UK banks put £75bn into firms building climate-wrecking ‘carbon bombs’, study finds

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Exclusive: Britain is key financial hub for destructive fossil fuel mega-projects, according to research

Banks in the City of London have poured more than $100bn (£75bn) into companies developing “carbon bombs” – huge oil, gas and coal projects that would drive the climate past internationally agreed temperature limits with catastrophic global consequences – according to a study.

Nine London-based banks, including HSBC, NatWest, Barclays and Lloyds are involved in financing companies responsible for at least 117 carbon bomb projects in 28 countries between 2016 – the year after the landmark Paris agreement was signed – and 2023, according to the study.

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Dutton says Labor’s super plan is a ‘quasi inheritance tax’. What’s going on?

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Many countries impose a form of inheritance tax on deceased estates, but does Albanese’s policy fit the bill?

Peter Dutton has described Labor’s plan to reduce tax breaks on superannuation balances larger than $3m as a “quasi inheritance tax”.

The description was made days out from polling day, as the major parties tore apart their opponent’s policies in a last-ditch effort to win votes.

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Australia election 2025 live: Peter Dutton to reveal Coalition policy costings; house prices rise again

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Coalition claims it will save $10bn more over four years compared with Labor. Follow today’s news live

Good morning and welcome to our live election blog. I’m Martin Farrer with the top overnight stories and then Krishani Dhanji will take over.

Our top story this morning is on the “handshake” deal by the Nationals to move One Nation up its preference list that could help win the New South Wales electorate of Hunter. The deal has been made despite Pauline Hanson’s candidate being known for calling public health officials “little Hitlers” and promoting a conspiracy theory that the climate crisis has been used to control every aspect of people’s lives.

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Microsoft to report earnings as AI financial boom shows no sign of slowing

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Company has beaten Wall Street expectations in each of its previous three quarterly earnings reports

Microsoft will report its earnings for the third quarter of the fiscal year after the stock market closes on Wednesday. Analysts have predicted that revenue would grow by 10.6% year-over-year to $68.4bn, even as the company plows tens of billions into artificial intelligence as well as earnings-per-share of $3.22. The company has beaten Wall Street’s expectations on each of its previous three quarterly earnings reports.

Analysts said they view the earnings report as a temperature check on Microsoft’s artificial intelligence business, which has announced it will invest around $80bn in this fiscal year alone, though it has also terminated some data center leases in recent months. The company has invested billions in OpenAI in recent years, giving it a large stake in the ChatGPT developer.

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Meta to report quarterly earnings amid tariff uncertainty and AI investment

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Wall Street is projecting the company will post $41.36bn in revenue on $5.21 in earnings per share

Meta is set to report its first quarter earnings on Wednesday after the bell, and investors will be looking for news on whether the company met its quarterly revenue goals of somewhere between $39.5bn and $41.8bn.

Wall Street is projecting the company will post $41.36bn in revenue on $5.21 in earnings per share.

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Chinese e-commerce exports to US plummet by 65% in face of tariffs

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Temu and Shein among fast-fashion sites affected by drop in first three months of this year but sales in rise to EU

Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased.

Official Chinese data showed its total e-commerce shipping to the US dropped 65% by volume in the first three months of the year, but rose by 28% in Europe.

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Equinor considers suing Trump administration over halted US windfarm

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Norway’s state energy company’s $2.5bn project off coast of New York was almost a third finished

Norway’s state energy company may take Donald Trump’s administration to court after it ordered an “unprecedented” halt to a $2.5bn (£1.87bn) windfarm project off the coast of New York.

Equinor is considering its legal options after the US interior secretary, Doug Burgum, ordered the company to “immediately halt all construction activities” on an offshore windfarm last month.

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Company supplying critical EV metal ‘did not disclose’ Erin Brockovich pollutant in drinking water

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Leaked documents indicate Harita, owner of key nickel mine in Indonesia, did not reveal water contamination

One of Indonesia’s largest nickel-mining companies, which supplies a mineral critical to the global electric car industry, did not tell the public that local drinking water was polluted, according to documents seen by the Guardian.

Indonesia has become the world’s biggest producer of nickel, used in the production of wind turbines, solar panels and electric vehicle batteries. But observers have voiced concerns that regulatory oversight in the country has failed to keep up with the rush to develop mines to satisfy booming global demand.

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