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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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”.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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”.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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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