Category Archives: Business

China manufacturing activity plummets amid Trump tariff war

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Index of activity drops to lowest reading since December 2023 as a result of ‘sharp changes’ in international trading

China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States.

Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs.

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‘Still some fuel in the tank’: the perks and perils of launching a business after 60

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Growing numbers of older people are creating enterprises in everything from baking to biodiversity – but does the freedom make up for the graft?

Kari Johnston felt ready to retire after 45 years in nursing when, at 63 years old, she decided to launch her own business – a professional decluttering and organising service.

She had read about decluttering and, fascinated, quickly created a website and advertised. Her first clients were friends. Three-and-a-half years later, Johnston, from St Monans in Fife, is now fully retired from nursing, and feels delighted with the success of her new venture.

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UK Ikea boss backs calls to pedestrianise Oxford Street as flagship store opens

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New outlet due to welcome shoppers on Thursday regarded as key to helping revive famous London thoroughfare

The UK boss of Ikea has backed calls to pedestrianise Oxford Street as the world’s largest furniture retailer finally opens its delayed store in London’s prime shopping destination.

The Swedish company’s three-floor shop in the building that used to be Topshop’s former flagship store, with a mix of meatballs, lampshades and kitchen design assistance, opens on Thursday, 18 months later than planned.

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HSBC sets aside more cash for bad loans amid Trump tariff war

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UK-based bank warns that trade tensions will lead to lower investment, consumer spending and GDP growth

HSBC has sounded the alarm about the impact of higher trade tariffs on economic growth, unemployment and inflation around the world, as it set aside more money to cover bad debts and reported lower profits.

The UK-based bank reported a $200m (£149m) rise in expected credit losses to $900m in the first quarter, as it increased allowances to “reflect heightened uncertainty and deterioration in the forward economic outlook due to geopolitical tensions and higher trade tariffs”.

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Primark owner’s shares drop as sales fall amid Trump tariff fears

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Company says consumer confidence could deteriorate further as countries face risk of recession

Shares in the owner of Primark fell after the budget clothing chain posted a sharp drop in UK sales and lost market share, as the company warned that consumer confidence was likely to worsen further amid Donald Trump’s trade wars.

Associated British Foods (ABF), which also owns a sugar business and food brands such as Ryvita and Kingsmill, said several countries could slide into recession as a result of US trade policy.

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Adidas warns Trump tariffs will put up US shoe prices

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Company had strong first quarter but says it cannot raise outlook for this year owing to tariffs uncertainty

Adidas has said the price of its popular trainers, including the Samba and Campus models, is likely to rise as a result of Donald Trump’s tariffs.

The German group said the uncertainty around US import tariffs had prevented it from raising its outlook for sales and profit this year despite reporting strong first-quarter results.

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Macquarie ‘very proud’ of Thames Water ownership despite loading it with debt

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Some analysts claim investment bank set supplier on course for collapse before selling it in 2017

The investment bank that sold Thames Water in 2017 after loading the company with debt has said that it is “very proud” of its record, even as the water utility teeters on the verge of collapse.

Australia-headquartered Macquarie led a consortium that owned Thames Water from 2006 until 2017. Macquarie has been criticised by some politicians and analysts for its control of the business, accusing the bank of setting it on course for financial collapse.

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Drugmaker AstraZeneca shifts more production to US amid Trump tariffs

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UK and rest of Europe risk losing out to US and China unless they ramp up spending on new medicines, says CEO Pascal Soriot

AstraZeneca said it was shifting the production of some medicines sold in the US from Europe to the US, to counter the impact of Donald Trump’s trade tariffs.

Speaking as the company reported higher sales and profits for the first quarter, the FTSE 100 pharma company reiterated that the UK, and the rest of Europe, risked losing out to the US and China unless they ramped up spending on new medicines. Pascal Soriot, AstraZeneca’s chief executive, warned that well-paid advanced manufacturing and research jobs could move to the US in the long run.

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Trump reveals plans to ease tariff impact on US carmakers

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US president will curb some duties on foreign parts in domestically manufactured cars, administration says

Donald Trump unveiled plans to water down his sweeping tariffs for US carmakers on Tuesday by curbing some duties on foreign cars and parts, granting a reprieve to an industry that warned his strategy would increase costs for American manufacturers by tens of billions of dollars.

Carmakers subject to a 25% tariff on imports will not be subject to other levies Trump has imposed, for example, on steel and aluminum. US automakers will also be allowed to apply for tariff relief on a proportion of the costs imposed for imported parts, although that relief will be phased out over the next two years.

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M&S betting on customer patience as cyber-attack threatens to ruin 2025’s strong start

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Fashion revival and warm weather had boosted the retailer – but the attack has halted website sales

Marks & Spencer was enjoying a strong start to 2025 thanks to a fashion revival and the warm spring weather. That has now been seriously undermined as the retailer scrambles to deal with disruption caused by a massive cyber-attack it first revealed a week ago.

At a time when M&S – alongside most big retailers – are pushing more automation on its customers and workers, industry insiders say the retailer’s staff have been forced to return to pens, paper and clipboards to check stock in stores as internal systems have been put on hold.

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M&S pauses deliveries of some food items to Ocado after cyber-attack

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Hack has wiped more than £500m off Marks & Spencer’s stock market value in the past week

Marks & Spencer has been forced to pause deliveries of some packaged food items to the online grocery site Ocado as the high street stalwart continues to battle the consequences of a cyber-attack that began a week ago.

The latest issue is understood to affect a small number of items listed on Ocado, which is co-owned by M&S, which halted all orders through its M&S.com website and apps on Friday. M&S did not confirm the number of items affected but said it had worked with Ocado and its suppliers “to minimise any disruption to the small proportion of the range delivered through our network to Ocado”.

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Democrats in Congress warn cuts at top US labor watchdog will be ‘catastrophic’

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Musk’s Doge targets National Labor Relations Board with cuts and terminated leases as union speaks out

Democrats have warned that cuts to the US’s top labor watchdog threaten to render the organization “basically ineffectual” and will be “catastrophic” for workers’ rights.

The so-called “department of government efficiency” (Doge) has targeted the National Labor Relations Board (NLRB) for cuts and ended its leases in several states.

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M&S cyber-attack: when will orders be back, and is my data at risk?

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Marks & Spencer has halted orders on its website and apps, giving customers a refund for those placed after Wednesday

The cyber-attack at Marks & Spencer is continuing to cause chaos for shoppers, with no clarity yet as to when the retailer’s systems will be fully back up and running.

Website orders remain on hold for the fourth day in a row, and those affected also include customers waiting to collect orders or wanting to spend or buy M&S gift cards, as well as users of the retailer’s Sparks customer reward scheme.

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Spain and Portugal power outage: what caused it, and was there a cyber-attack?

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Several countries in Europe have been scrambling to restore electricity after a huge power cut caused blackouts

Spain, Portugal and some of south-west France suffered a massive power cut on Monday, with major cities including Madrid, Barcelona and Lisbon among those affected.

Houses, offices, trains, traffic lights and even the Madrid open tennis tournament were all hit, causing chaos for millions of people and prompting a scramble by the Spanish and Portuguese governments and network operators to understand the problem and race to fix it.

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UK banks brace for first-quarter reports after Trump tariff turmoil

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Lenders expected to split into two camps: those focused on domestic customers and those with large operations in the US, China and the EU

UK banks’ earnings reports will be studied this week for signs of turmoil linked to Donald Trump’s tariff drama, with uncertainty over global growth likely to weigh on lenders with heavy exposure to China, including HSBC.

First-quarter profits only reflect the January-to-March period that preceded the US president’s “liberation day” tariff announcements on 2 April. But investors will be concerned about any hints of caution around earnings forecasts, as well as an uptick in money put aside for defaults by tariff-hit borrowers.

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RedBird Capital confident of tabling a deal to take control of Telegraph

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Guardian understands plan from US private equity firm to form a consortium or self-fund could come as soon as next month

The US private equity firm RedBird Capital is confident of tabling a deal to take control of the Daily and Sunday Telegraph as soon as next month, in an attempt to end two years of “paralysis and unhappiness” at the 170-year-old titles.

The firm’s founder, Gerry Cardinale, is personally involved in drafting a plan to either form a consortium or self-fund a takeover at Telegraph Media Group, the Guardian understands.

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Grenfell fire fridge maker accused of safety test failings in council lawsuit

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Kensington and Chelsea sues Hotpoint maker Beko Europe as part of wider action against firms it blames over blaze

The company that made the fridge-freezer blamed for starting the Grenfell Tower fire has been accused in a lawsuit lodged by the local council of failing to run adequate safety tests on that model of appliance.

The Royal Borough of Kensington and Chelsea (RBKC) has brought a lawsuit against the Hotpoint maker, Beko Europe, previously Whirlpool, as part of wider legal action against companies it believes were culpable for the fire eight years ago that killed more than 70 people.

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Taking over the family business? Expect less Hallmark, more stress

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Joining Mom and Dad can work as long as you know what you’re bringing – and what you’re giving up

It happens all the time. And not just in Hallmark movies.

The son or the daughter pooh-poohs their family business and moves away from the heartland to pursue their fortune in New York or Chicago. Then – penniless and more than a little hungover – they return to their home town, hat in hand.

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Australia election 2025 live updates: Coalition won’t cut working holiday visas, McKenzie says; Labor promises 24/7 free telehealth

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Nationals senator says working holiday visa, which supplies labour to regional areas, will not be part of Coalition’s planned migration cuts. Follow updates live

Peter Dutton is due to arrive any moment at a campaign rally in the Labor-held seat of Hawke in Melbourne’s west.

The opposition leader is expected to deliver an energetic sermon to the party faithful ahead of the Coalition’s last-week “blitz”.

Over the last three years, when defence comes to us, the independent strategic review identifies capabilities and assets that need to be bought, then we have put that in the budget. The biggest expansion in peacetime since World War II, you see defence spending growing as a share of the economy or GDP over the forward estimates and over the next ten years.

If more needs to be done, of course the prime minister has indicated we’re open to doing that.

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Dutton listens to locals sharing crime stories in NT; heavy rain to hit northern NSW – as it happened

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This blog is now closed

Albanese says climate change is an “economic issue, not just an environmental one”.

He is asked about the rising pressure of home insurance for families. The prime minister responds:

We’ll continue to do what we can there. One of the things that obviously is having an impact is the increased number of extreme weather events. That’s why climate change needs to be considered to be an economic issue, not just an environmental one. Because there are economic costs to it.

Everyone who is here has been through screening … Let’s be clear about the suggestions that have been made on a range of occasions, aimed at promoting division in Australian society and in Australian debate. They’ve been made by the Coalition. They simply just don’t stack up.

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