Category Archives: Business

UK’s growing green economy worth more than £100bn a year, research finds

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Net zero industry accounts for more than a million jobs and benefits whole country, according to CBI Economics

More than a million jobs, higher wages, nearly half a trillion pounds in investment in the pipeline – the UK’s green economy is powering ahead, according to research by the country’s leading business organisation.

The net zero economy, which is worth more than £100bn a year, benefits all of the UK, according to the CBI Economics analysis commissioned by the Energy and Climate Intelligence Unit thinktank, despite critics who want to abolish the UK’s net zero targets.

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Sadiq Khan vows to overrule residents’ group’s objections to Soho bars and restaurants

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London mayor says Soho Society’s decision to challenge all new licensing applications is ‘bad’ for city

Sadiq Khan, the London mayor, has suggested he will overrule a residents’ society that has vowed to challenge all new applications for pubs and restaurants in Soho.

The Guardian revealed last week that the Soho Society, a residents’ group established in 1972 aimed at “preserving the character of Soho”, voted for a new licensing mandate, meaning it will challenge all new applications for bars and restaurants in the area, including renewals of existing licences.

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‘Catastrophic for creative industries’: Brexit barriers shut UK actors out of EU jobs

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Casting shifts to EU talent as paperwork delays and visa limits make hiring British crews less viable

From blacklists for UK passport holders to being asked to work illegally while on holiday, the plethora of extra costs and red tape thrown up post-Brexit are restricting opportunities for British actors seeking work in the EU.

Mainland Europe has always been a springboard for those in the creative industries, from gaining crucial first credits on a TV, film or theatre production to building a marketable resume and paying the bills while attempting to make it big in the UK or US.

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Nvidia launches ‘superchip’ putting AI power into laptops and PCs

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Firm says its RTX Spark PC chip for Microsoft Windows will let AI agents replace the mouse and keyboard

A new front has opened up in the battle for dominance in AI chips, as Nvidia said its latest development could replace the mouse and keyboard in how people use computers.

The $5tn (£3.7tn) US semiconductor company has launched a “superchip” that puts AI capabilities into laptops and desktop computers, a move that will pit it against Intel, Apple, Qualcomm and AMD.

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Arm boss in line for billion-dollar payday if chipmaker hits targets

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Proposal requires Rene Haas to steer US-listed British company to ‘exceptional growth metrics’

The chief executive of Arm is in line for a pay package that would make him a billionaire if he hits targets to turn the microchip firm into the UK’s first trillion-dollar company.

Arm, which is listed in New York but retains its global headquarters in Cambridge, has proposed a pay scheme for Rene Haas in which he will receive generous annual share awards plus a maximum bonus of $800m if he can hit certain “exceptional growth metrics”.

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Sky ends controversial news joint venture in United Arab Emirates

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Sky News Arabia to retain name in brand licensing deal after criticism of its coverage of atrocities in Sudan

Sky is exiting its TV news joint venture with the United Arab Emirates, Sky News Arabia, which has been criticised for its coverage of the war in Sudan, with accusations of genocide denial.

Sky and its partner IMI – the investment vehicle controlled by Sheikh Mansour bin Zayed al-Nahyan, the vice-president of the UAE and owner of Manchester City – have announced a new commercial deal in which the UK-based broadcaster will relinquish all strategic and operational ownership of the 24-hour Arabic language news and current affairs service.

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Recruiter who was allowed to buy back his insolvent firm falls behind on payments after offering staff Vegas trip

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Premier Group Recruitment went into administration with debts of £2.9m – including £647,000 owed to HMRC

A recruitment executive – who was allowed to buy back the assets of his bust company in instalments despite it accumulating almost £3m of debt – has fallen behind on promised payments after pledging to send staff on an all-expenses paid trip to Las Vegas.

The development is the latest case to raise questions about the practice of “phoenixism”, accounting’s controversial art of liquidating companies to allow directors to rise from the ashes with a new entity, free of debts.

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What’s gone wrong at Everyman and can the luxury cinema chain regain its magic?

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More competition and loss-making sites are among the challenges for the new turnaround chief executive

With its comfy sofas and a menu of gourmet treats including Béarnaise smash burgers and trendy Whispering Angel rosé wine at £47 a bottle, Everyman has thrived as the go-to chain for a luxury cinema trip.

Yet a quarter of a century after reinventing the movie-going experience, growing from a single venue in Hampstead in London to a national player with 49 sites, the arthouse chain finds itself struggling as rivals ape its successful formula.

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Burberry boss could earn up to £12.2m under new bonus scheme as company rolls back climate goals

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Company, which paid boss Joshua Schulman £4m in year to March, becomes latest to extend deadline to become carbon neutral

The boss of Burberry could earn up to £12.2m after the luxury British brand introduced a new bonus scheme, while its annual report also revealed the company has scaled back its climate ambitions.

Joshua Schulman, a former chief executive of the US fashion brand Coach who was hired in July 2024 to help revive Burberry, was paid £4m in the year to March, up from £2.5m for his first nine months in the job.

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EU fines Temu for failing to stop sale of illegal and dangerous products

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European Commission finds shoppers on Chinese website very likely to find unsafe items and imposes €200m penalty

EU regulators have fined the Chinese shopping website Temu €200m (£173m) for failing to stop the sale of illegal and dangerous products.

The European Commission imposed the penalty after a 19-month investigation that found consumers were very likely to encounter illegal or unsafe products including baby toys and electronics on the firm’s website.

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Samsung memory chip staff in line for £310,000 bonuses after AI profit-sharing deal

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Agreement averts strike and shows latest impact of AI boom as two more chipmakers join $1tn club

Employees at Samsung Electronics’ memory chip division are to receive bonuses averaging about £310,000 each through a landmark profit-sharing agreement, as the AI boom drives up chipmakers’ profits.

Fears of a strike at Samsung were averted on Wednesday after two unions for the world’s largest memory chipmaker said 74% of the 62,616 workers who cast their votes had backed the deal.

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Inquiry into Post Office Horizon scandal faces five-year delay without extra funding

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Police officer in charge says budget could reach £19.3m and nearly 100 more investigators are needed

The police criminal inquiry into the Post Office Horizon IT scandal faces a five-year delay unless it is handed millions in extra funding and nearly 100 more staff, according to the chief officer in charge.

The Metropolitan police commander Stephen Clayman said he needed to nearly double the number of investigators to 210 to meet a deadline of late next year or early 2028 for submitting files to prosecutors.

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Labor to announce easing of jobseeker mutual obligations requirements in major overhaul of employment system

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Employment minister Amanda Rishworth plans to move system from a ‘one size fits all’ employment services model to three streams of support

The Albanese government has flagged a major overhaul of Australia’s employment system, with minister Amanda Rishworth on Wednesday expected to outline plans to ease Centrelink’s much-maligned mutual obligations regime.

Rishworth is expected to tell the National Press Club that mutual obligation requirements were not helping Australians find work in a system that was “ill-equipped” and wasting the time of people who use welfare.

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UK consumers likely to face higher prices ‘for many months to come’

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Data shows even if Iran war ends, shop price inflation on rise, while only 16% of firms left unscathed by conflict

Higher prices could persist over the summer even if ceasefire talks between the US and Iran bear fruit, consumers have been warned, with economic shock waves likely to be felt “for many months to come”.

Disruption to global shipping, coupled with soaring prices for energy and raw materials, have driven up costs for UK companies, with the impact already filtering through to prices paid at the tills, according to fresh inflation figures.

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Oil prices fall below $100 a barrel on hopes of Iran peace deal

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Brent crude futures down 6% to lowest level in two weeks and stock markets rise

Oil prices fell below $100 a barrel on Monday and stock markets rose on hopes that the US and Iran are inching closer to a peace deal.

Brent crude futures, the global oil benchmark, were down 6% to $97.43 a barrel, the lowest level in two weeks, with hopes that an agreement to end the near three-month US-Israeli war on Iran can be struck.

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Labour to expand youth work experience and training schemes

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Announcement comes after former minister Alan Milburn says Britain has neglected a generation of young people

Ministers are expanding youth work experience and training schemes, after Alan Milburn warned Britain is spending £25 keeping young people on benefits for every £1 spent helping them into work.

Pat McFadden, the work and pensions secretary, will announce plans for 300,000 extra work experience placements over the next three years as the government attempts to tackle what the minister described as a “quiet crisis” in youth employment.

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With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

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Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession

If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.

The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz.

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What may be included in proposed Iran ceasefire deal?

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Proposed framework hinges on a 60-day truce, reopening strait of Hormuz, and revived talks on limiting Iran nuclear programme

• Middle East crisis: live updates

Donald Trump has said a “memorandum of understanding” in talks to end the US-Israel war on Iran “has been largely negotiated”.

Official details of the deal remain scant and it remains possible some aspects of the memo could change, but here is what we know so far about the potential agreement that could bring an end to the war.

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Pocock open to independents forming party to counter Hanson – as it happened

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This blog is now closed.

Climate activists say they have blocked two coal ships from entering Newcastle port

Climate activists say they have stopped two coal ships from entering the Port of Newcastle this morning after kayakers and a small boat entered the channel.

I grew up in the best years economically in Australia’s history, and I can’t sleep at night thinking about my 5 great-grandkids trying to live on a dead planet if we keep mining coal. I want to see more people my age standing up for what’s right.

There’s plenty of conversations going on all the time.

I think there’s so many people in politics for the right reasons and, when you’re in there, you want to say, well, how do we actually ensure that people can elect people that are going to come here and really deal with the root causes of the problems that we’re facing, because we haven’t seen that.

How do you be part of changing our country for the better? For me at the moment, that is serving people in the ACT, engaging on each issue, bringing solutions, using whatever power I have in the Senate to actually work on behalf of the people that have sent me there. As to what that looks like in the future, who knows?

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Reeves’s tax cut on children’s meals a political ‘soundbite’, say restaurateurs

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Chancellor’s measure to help families save money during summer holidays ‘won’t make any difference’

Cutting tax on children’s meals is a political “soundbite” that will make little difference to families or businesses, restaurateurs have said.

This week, Rachel Reeves, the chancellor, announced a temporary reduction in VAT on the children’s menu in restaurants from 20% to 5% between June and September, in order to help families with the cost of living crisis and offer a boost to the hospitality sector.

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