Category Archives: Business

Putin bans Russian airlines from flying to Georgia

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‘National security’ measure seriously escalates tensions after clashes in Tbilisi during protests against visit by Russian MP

Vladimir Putin has banned Russia’s airlines from flying to Georgia, a day after a Russian lawmaker’s visit to the country prompted violent clashes between protesters and police.

The ban is a serious escalation in tensions between the neighbouring countries, which fought a war in 2008. The suspension of flights is designed to put pressure on Georgia’s tourism industry, which accounted for 7.6% of the country’s GDP in 2018. More than 1.4 million Russians visited Georgia last year.

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Mark Carney dismisses Boris Johnson’s no-deal Brexit trade claim

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Bank of England governor says UK would be hit automatically by tariffs on exports to EU

The Bank of England governor, Mark Carney, has said that the UK would be hit automatically by tariffs on exports to the EU in a no-deal Brexit, rejecting a claim made by Boris Johnson that this could be avoided.

Tory leadership candidate Johnson said this week that tariffs would not necessarily have to be paid if the UK left the EU without a deal because the UK could rely on article 24 of the general agreement on tariffs and trade (Gatt).

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Ten cities ask EU for help to fight Airbnb expansion

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Cities say short-term holiday lettings market is contributing to soaring long-term rents

Ten European cities have demanded more help from the EU in their battle against Airbnb and other holiday rental websites, which they argue are locking locals out of housing and changing the face of neighbourhoods.

In a joint letter, Amsterdam, Barcelona, ​​Berlin, Bordeaux, Brussels, Krakow, Munich, Paris, Valencia and Vienna said the “explosive growth” of global short-stay lettings platforms must be on the agenda of the next set of European commissioners.

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Murder, rape and claims of contamination at a Tanzanian goldmine

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Police and guards at North Mara have been accused of killing dozens – possibly hundreds – of locals

When safari tourists drive to the Serengeti national park in Tanzania, few realise they are passing one of the world’s most contentious goldmines.

From the escarpment above the plain, the North Mara facility is so large that it at first resembles a bare hillside. But look closer and the artificial mound is made up of tiers of reddish brown earth, from which a thin grey plume of smoke drifts up to the sky.

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Tech firms to check suppliers after mining revelations in Tanzania

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Apple says it is ‘deeply committed to responsible sourcing of materials’

Electronics companies, including Canon, Apple and Nokia, are re-evaluating their supply chains following reports they may be using gold extracted from a Tanzanian mine that has been criticised for environmental failures.

Over the past 10 years, at the North Mara goldmine – which is operated by London-listed Acacia Mining – there have been more than a dozen killings of intruding locals by security personnel.

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Pilots reveal safety fears over Boeing’s fleet of Dreamliners

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Company admits that fire extinguisher switch has failed a ‘small number’ of times

Airline pilots have voiced fears over the safety of a fleet of Boeing aircraft after a crucial fire-fighting system has been found to have the potential to malfunction.

Boeing has issued an alert to airlines using its flagship B787 Dreamliner, warning that the switch used to extinguish an engine fire has failed in a “small number” of instances. The switch also severs the fuel supply and the hydraulic fluid to prevent flames spreading.

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Germans thirsty for alcohol-free beer as brewers boost taste

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Rise in bars stocking 0% beers to meet demand of drinkers who wish to ditch the hangover

During last year’s sweltering summer in Europe, workers of the Störtebeker beer brewery stood at the doors of the bottle depot eagerly awaiting the empty returns so they could be washed and refilled as quickly as possible. A bottle shortage swept the country due to the rate at which beer was being consumed to quench the overheated nation’s thirst.

But it wasn’t the demand for their classic range of beers that surprised the brewery bosses most, rather the rate at which its alcohol-free varieties were being drunk.

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UK rights advocate co-owns firm whose spyware is ‘used to target dissidents’

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Exclusive: Yana Peel co-owns NSO Group that licensed Pegasus software to authoritarian regimes

A leading human rights campaigner and head of a prestigious London art gallery is the co-owner of an Israeli cyberweapons company whose software has allegedly been used by authoritarian regimes to spy on dissidents, the Guardian can reveal.

Yana Peel, the chief executive of the Serpentine Galleries and a self-proclaimed champion of free speech, co-owns NSO Group, a $1bn (£790m) Israeli tech firm, according to corporate records in the US and Luxembourg.

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Oil tanker attacks will inflame conflict between the US, its allies and Iran

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The explosions, on a vital passageway for the world’s oil supply, may prove Trump’s policy of coercion has backfired

The explosions were bigger and the damage more extensive. But the message and its means of delivery have some similarities.

Thursday’s attacks on two oil tankers in the Gulf of Oman caused jitters in global markets and unease across a region that has been bracing for conflict throughout much of the year. As with the earlier attacks on 12 May, news of the latest strikes was again broken by media outlets aligned to Hezbollah in Lebanon and Iran, who broadcast images of the attacks within minutes of them taking place.

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Oil price jumps after Gulf of Oman tanker ‘attacks’ – business live

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Rolling coverage of the latest economic and financial news, as tanker fires send crude prices soaring

Iran hasn’t said who it thinks is responsible for today’s attacks off its coastline.

But on Twitter, foreign minister Javad Zarif has described the attacks as beyond suspicious:

Reported attacks on Japan-related tankers occurred while PM @AbeShinzo was meeting with Ayatollah @khamenei_ir for extensive and friendly talks.

Suspicious doesn't begin to describe what likely transpired this morning.

Iran's proposed Regional Dialogue Forum is imperative.

Here’s the key line from president Rouhani’s speech on Iranian TV:

“Security is of high importance to Iran in the sensitive region of the Persian Gulf, in the Middle East, in Asia and in the whole world. We have always tried to secure peace and stability in the region.”

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Venezuela: hyperinflation leads to new banknotes for second time in a year

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Banknotes of 10,000, 20,000 and 50,000 bolívar denominations will begin circulating on Thursday, the central bank said

Venezuela is releasing new banknotes for the second time in less than a year, the central bank said on Wednesday, after hyperinflation eroded the effects of an August 2018 monetary overhaul meant to improve availability of cash.

Venezuela’s president, Nicolás Maduro, last year cut five zeroes off the currency and prices. The move was supposed to ease shortages of cash that pushed most of the economy toward debit and credit card operations and put heavy strain on digital commerce platforms.

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Revealed: Mobil sought to fight environmental regulation, documents show

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Oil giant looked to make tax-exempt donations to universities and civic groups in the early 1990s to promote the company’s interests

Oil giant Mobil sought to make tax-exempt donations to leading universities, civic groups and arts programmes to promote the company’s interests and undermine environmental regulation, according to internal documents from the early 1990s obtained by the Guardian.

Related: How Mobil pushed its oil agenda through 'charitable giving'

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Whirlpool ordered by UK to recall 500,000 tumble dryers

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‘Unprecedented’ government move comes four years after firm issued safety warning

The government is to order an “unprecedented” recall of up to 500,000 Whirlpool tumble dryers – four years after fire safety concerns were first raised.

The move is a dramatic escalation in a long-running controversy involving the company’s “fire-risk” tumble dryers, and its handling of an issue that may have left dangerous machines in UK homes.

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Energy industry’s carbon emissions rise at fastest rate in nearly a decade

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BP report reveals that swings in global temperatures are increasing the use of fossil fuels

Carbon emissions from the global energy industry rose by the fastest rate in almost a decade in 2018 after surprise swings in global temperatures stoked extra demand for fossil fuels.

BP’s annual global energy report revealed for the first time that fluctuating temperatures are increasing the world’s use of fossil fuels in spite of efforts to tackle the climate crisis.

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Lights out: the price hikes leaving millions of South Africans in the dark | Kimon de Greef

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Electricity costs have tripled in the past decade under a utility company plagued by debt and corruption claims, wiping out decades of progress

Electricity, when it arrived in Nosisi Rasmeni’s life, seemed to promise a better future.

Like most black South Africans who grew up during apartheid, she was raised with gas stoves, candles and paraffin heaters. Her family’s shack was poorly lit and smelled of fumes. “Electricity was only for whites,” says Rasmeni, 37.

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Company part-owned by Jared Kushner got $90m from unknown offshore investors since 2017

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Overseas investment flowed to Cadre while Trump’s son-in-law works as US envoy, raising conflict of interest questions

A real estate company part-owned by Jared Kushner has received $90m in foreign funding from an opaque offshore vehicle since he entered the White House as a senior adviser to his father-in-law Donald Trump.

Investment has flowed from overseas to the company, Cadre, while Kushner works as an international envoy for the US, according to corporate filings and interviews. The money came through a vehicle run by Goldman Sachs in the Cayman Islands, a tax haven that guarantees corporate secrecy.

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Trump budget chief wants delay in Huawei restrictions

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  • Russell Vought makes request in letter to Pence and Congress
  • Mnuchin: trade progress with China could ease Huawei actions

The Trump administration’s acting budget chief is asking for a delay in restrictions against Huawei products, according to a letter to Vice-President Mike Pence and nine members of Congress.

Related: ‘All I have done, no credit!’ Enraged Trump defends US-Mexico migrant deal

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Trump’s Mexico deal is victory for ‘hostage-taking’, ex-WTO head says

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Pascal Lamy said Trump’s actions went against the spirit of diplomacy after Mexico agreed to expand asylum program

The immigration deal imposed on Mexico by Donald Trump under the threat of punitive tariffs is a victory for “hostage-taking” over international rules, a former head of the World Trade Organization (WTO) said on Saturday.

Related: Trump calls off tariffs after US-Mexico deal but Mnuchin says threat remains

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Heathrow eateries to take least sustainable fish off menus

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Airport will be world’s first accredited for serving sustainably sourced fish

Heathrow is to become the world’s first airport accredited for serving sustainably sourced fish and seafood, as all its restaurants pledge to help tackle overfishing.

Outlets whose menus still include “red-rated” fish – deemed by the Marine Conservation Society to be the least sustainable – have pledged to remove them by June 2020. Fish in that category include wild atlantic salmon, bluefin tuna and king prawns from non-certified farms.

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Non-farm: US economy stumbles by creating just 75,000 jobs in May – business live

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Dollar slides after America only created 75,000 new jobs last month, weaker than the 175,000 expected

Earlier:

Let’s get some details on the weakest US jobs report in three months.

The government cut 15,000 jobs in May, according to the Bureau of Labor Statistics, while private companies hired 90,000 people.

The unemployment rates for adult men (3.3 percent), adult women (3.2 percent), teenagers (12.7 percent), Whites (3.3 percent), Blacks (6.2 percent), Asians (2.5 percent), and Hispanics (4.2 percent) showed little or no change in May.

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