Category Archives: Business

Thames Water seeks high court approval for £3bn debt lifeline

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Hearing to rule on whether to grant emergency funds to water utility, which says it may run out of cash by March

Thames Water will seek court approval for up to £3bn in emergency funding, which could stave off temporary nationalisation, at a court hearing in London.

A high court judge will hear from Britain’s biggest water supplier and groups of rival creditors on Monday before deciding whether to approve the rescue. Without the debt lifeline, Thames Water has said it could run out of cash by March.

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Asian stock markets tumble in response to Trump tariffs

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European futures also down more than 3% after Trump indicates tariffs will ‘definitely happen’ in EU countries

Asian sharemarkets tumbled in early trade on Monday after the Trump administration’s imposition of tariffs on Mexico, Canada and China sparked fears of an escalating global trade war.

Taiwan’s Taiex fell 4.4% at the open, led by a more than 6% plunge in semiconductor heavyweight TSMC. Japan’s Topix index was down as much as 2.3% and Korea’s Kospi fell as much as 2.4%, led by major exporters with exposure to global markets, including Canada and Mexico such as electronics manufacturers Samsung and LG, and automaker Kia. China’s sharemarkets remain closed for the lunar new year holidays.

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Australian dollar plunges, ASX drops as fears of trade war spread over Donald Trump’s tariffs

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Traders even cashed out of gold, a historical safe haven, in push to protect against what could turn into wave of margin calls

The Australian dollar plunged to pandemic-era lows, the ASX fell and crypto prices were smashed as investors scrambled on Monday to prepare for a global trade war sparked by Donald Trump’s new tariff regime.

Traders even cashed out of gold, a historical safe haven, in a push to raise cash reserves to protect against what could turn into a wave of margin calls.

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US gas prices likely to go up with Trump tariffs on Canadian and Mexican oil

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Tariffs on imports mean higher costs for finishing fuels, much of which is likely to be passed on to consumers

US consumers will see higher prices at the gas pump from Donald Trump’s decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders.

The likely hike in fuel prices reflects the double-edged nature of Trump’s trade protections, which are designed to bolster domestic business and pressure US neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation.

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Reeves’s Heathrow third runway report was commissioned by London airport

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The chancellor is under fire after a study cited as evidence for expanding the terminal to boost the UK’s economic growth was ordered by Heathrow itself

Rachel Reeves was facing criticism on Saturday night as it was confirmed that a report she cited as evidence that a third ­runway at Heathrow would boost the UK economy was commissioned by the airport itself.

Experts and green groups also challenged Reeves’s view that advances in the production of ­sustainable aviation fuel (SAF) had been a “gamechanger” that would substantially limit the environmental damage of flying, ­saying the claims were overblown and did not stand up to scrutiny.

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Beethoven and Marie Curie compete with birds to appear on new euro notes

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European Central Bank picks two themes for redesign submissions: ‘iconic personalities’ or rivers and birds

He was a master of notes, and now the German composer Ludwig van Beethoven could be one of the faces of the redesigned euro, the first time the EU currency’s banknotes have been revamped.

In a process that started in 2021 and has already involved a public inquiry and two multidisciplinary advisory groups, the European Central Bank (ECB) has selected two themes for the redesign.

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AstraZeneca cancels £450m Liverpool investment, blaming UK government funding cuts – business live

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Pharmaceutical company says that it will not go ahead with investment at Speke, near Liverpool

Donald Trump’s White House will invoke emergency powers to introduce tariffs on Canada and Mexico, Reuters reports:

Two sources familiar with the matter said that Trump was expected to invoke the International Emergency Economic Powers Act (IEEPA) as the legal basis for the tariffs, declaring a national emergency over fentanyl overdoses that killed nearly 75,000 Americans in 2023 and illegal immigration.

The statute enacted in 1977 and modified after the 9/11 attacks in 2001 gives the president broad powers to impose economic sanctions in a crisis.

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Ex-Barclays CEO gears up for explosive trial over City regulator’s allegations on Jeffrey Epstein ties

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Court papers seen by the Guardian mean Jes Staley’s appeal against FCA ruling will demand answers on links to sex offender

The former chief executive of Barclays, Jes Staley, is gearing up for an explosive trial next month, that will force him to address evidence suggesting he hid the depth of his relationship with Jeffrey Epstein, the sex offender he referred to as “family”.

Court documents seen by the Guardian reveal myriad allegations made by the Financial Conduct Authority (FCA), including that Epstein messaged Staley about sex, women and foreign holidays, while working behind the scenes to bolster Staley’s career by liaising with government officials, business leaders and royalty.

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AstraZeneca axes £450m vaccine plant in Liverpool, blaming state funding cut

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Days after Rachel Reeves highlighted life sciences as UK strength, firm decides against site expansion

AstraZeneca has cancelled plans for a £450m expansion of its manufacturing plant in Speke, Merseyside, blaming a cut in the funding on offer from the government.

Only two days after Rachel Reeves highlighted life sciences as a key UK strength, in a speech setting out her plans to kickstart economic growth, the company said it had decided to pull its investment.

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Australia news live: youth vaping rates plummet after law reform; police alert 5000 Australians targeted by overseas romance scam

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The federal health minister cited data showing vape use among young Australians has significantly reduced meaning new laws are working. Follow today’s news live

Cyclone threat looms in northern Australia as drenched region braces for yet more rain

North Queensland is on cyclone watch with three tropical lows given a chance of developing in the coming days, bringing heavy rain that has flooded roads and homes.

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Rachel Reeves says cabinet ‘united’ in backing Heathrow third runway plan – UK politics live

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Chancellor says she has support of cabinet as climate minister Ed Miliband reported to be sceptical over Heathrow plans

Richard Madeley goes next.

Q: The Ryanair boss Michael O’Leary says you are wrong, and the third runway won’t be built until you are 70. You are 45 now. Why is he wrong?

We’re signing off decisions on wind farms, on solar farms, a commitment to a new stadium at Old Trafford. We are upgrading the Transpennine route to make journey times easier between York and Manchester via Leeds and Huddersfield. Those things are happening right now.

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European Central Bank cuts interest rates to support growth as eurozone economy stagnates – as it happened

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Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support European economies

It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.

But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.

This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.

In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.

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Gamblers complain to Bet365 over outage during Champions League matches

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Online gambling firm’s service ‘issues’ left bettors apparently unable to ‘cash out’ on busy night in European football

The online gambling company Bet365 has been flooded with complaints after it suffered an outage during one of the busiest nights of European football this season.

Customers claimed to have lost out on thousands of pounds owing to what the company called “issues with our service” during the second half of Wednesday night’s 18 Champions League games.

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SoftBank ‘in talks’ to invest up to $25bn in OpenAI

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Reported move would make Japanese group largest financial backer of US startup behind ChatGPT

The Japanese investment group SoftBank is reportedly in talks to invest up to $25bn (£20bn) in OpenAI in a deal that would make it the biggest financial backer of the startup behind ChatGPT.

The lender is considering putting a sum of between $15bn and $25bn into the San Francisco-based company, according to the Financial Times.

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Rosebank oilfield go-ahead decision ruled unlawful by Edinburgh court

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Court says UK government green light for Rosebank and Jackdaw permits does not take into account CO2 emissions

The decision to greenlight a giant new oilfield off Shetland has been ruled unlawful by the courts in a major win for environmental campaigners.

The proposed Rosebank development – the UK’s biggest untapped oilfield – had been given the go-ahead in 2023 under the previous government.

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Fed holds interest rates steady amid uncertainty over Trump’s impact on economy

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President has made clear he wants rates to fall as benchmark interest rate now sits at a range of 4.25% to 4.5%

Federal Reserve officials decided on Wednesday to hold interest rates steady as uncertainty over Donald Trump’s impact on the US economy looms and inflation remains above the central bank’s target levels.

This is the first time Fed policymakers have met since the president, who has made clear he wants rates to fall, returned to the White House. The benchmark interest rate now sits at a range of 4.25% to 4.5%.

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Reeves’s growth plans ‘exactly what economy needs’ say UK business groups – as it happened

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This live blog is now closed, you can read more on this story here

Reeves says the supply side of the economy has been held back.

Politicians have lacked the courage to confront the factors holding back growth.

They have accepted the status quo. They have been the barrier, not the enablers, of change.

Without economic growth, we cannot improve the living standards of ordinary working people, because growth isn’t simply about lines on a graph. It’s about the pounds in people’s pockets, the vibrancy of our high streets and the thriving businesses that create wealth, jobs and new opportunities for us, for our children and grandchildren.

We will have succeeded in our mission when working people are better off.

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EU launches ‘simplification’ agenda in effort to keep up with US and China

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Ursula von der Leyen announces plans to cut red tape and boost innovation in second term as head of European Commission

The EU executive has announced “an unprecedented simplification effort” to cut regulations and boost innovation in an attempt to reverse Europe’s economic decline and better compete with China and the US.

In her first major policy announcement since starting a second term as the European Commission president last month, Ursula von der Leyen outlined policy proposals intended to boost Europe’s flagging economy.

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Australia news live: Angus Taylor says cost-of-living pain ‘far from over’ despite inflation falling to three-year low

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Labor adds homelessness focus to disability strategy

Australians with disabilities experiencing homelessness will be prioritised as the government commits to disability reforms, months after a scathing royal commission into the sector, AAP reports.

For the first time, they also include a number of national actions that all governments will work on together, with the disability community, to ensure people with disability right across Australia experience the benefits.

Some students, especially those in our cities, can see a career in agriculture as something that’s only for those who live in the regions or for those whose family own land that can be used to operate an agribusiness.

AgConnections aims to break down these misconceptions and build on the diversity of the industry, by highlighting and encouraging women and Indigenous Australians wanting to pursue a career in agriculture.

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Origin Energy fined $1.6m after sharing private details of family violence victims

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Company apologises over disclosure of information and collection of debts from vulnerable people

Human error has been blamed after a major energy retailer shared family violence victims’ private details without their consent and for chasing other survivors for unpaid power bills.

Origin Energy has coughed up $1.6m after it was served penalty notices by Victoria’s Essential Services Commission for breaching rules designed to protect the vulnerable cohort.

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