Category Archives: Business

‘Preying on investors’: how software firm MicroStrategy’s big bet on bitcoin went stratospheric

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Company’s share price has risen twentyfold after it changed its strategy to become first ‘bitcoin treasury company’

In the summer of 2020, as the Covid-19 pandemic upended economies around the world, an obscure US software firm decided to diversify. MicroStrategy, whose head office is situated next to a shopping mall and metro station in Tysons Corner, Virginia, had decided the steady business of “software as a service” was not racy enough.

Instead, it would branch out by investing up to $250m in alternative assets – “stocks, bonds, commodities such as gold, digital assets such as bitcoin or other asset types”.

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Xi says China’s economy on course to expand by 5% despite Trump concerns

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President seeks to allay fears that world’s second-largest economy will falter in 2025 because of high US tariffs

China’s economy is on course to expand by 5% in 2025, according to its president, Xi Jinping, meeting official growth targets and rebutting concerns that Donald Trump’s incoming US administration will harm Beijing’s prospects in the new year.

Using his annual address to the nation, Xi sought to allay fears that the world’s second-largest economy would falter over the next 12 months after the government battled to prevent a slide towards recession during 2024.

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Russia winds down gas supply to Europe via Ukraine as transit deal expires

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Exports to cease on New Year’s Day as Europe faces cold snap and higher than usual fall in reserves since September

Europe will receive the last Russian gas sent via Ukraine’s pipelines in the early hours of the new year as the continent braces for a plunge in temperatures that could hasten the drain on gas reserves.

The Russian state energy company, Gazprom, is expected to cut off its exports to Europe through Ukraine’s pipelines on New Year’s Day after a gas transit deal struck between the countries five years ago comes to an end overnight.

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Can flood of cheap new EVs coming to Europe save its carmakers?

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Analysts argue 2024 is minor blip and that lobbying for relaxation of rules could harm industry in long term

Affordable new electric family cars – particularly those that are EU-made – have been tough to come by in Europe for the past few years. There were no launches of homegrown electric models for less than €25,000 (£20,740) across the EU during 2022 and 2023, according to the campaign group Transport & Environment.

Yet in the past few months that has changed, with a rush of new cars ranging from the Fiat Grande Panda to the Citroën ë-C3, the Hyundai Inster to the latest Dacia Spring and the Renault 5. Suddenly, buyers have options.

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Millions of Australians could save hundreds of dollars by switching energy deals, ACCC says

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Electricity prices fall an average of 4% over 12 months – but almost half of customers miss out by sticking with their old plan

Millions of households could save more than $300 on their yearly energy bills on average just by swapping to better deals on the market, the consumer watchdog has found.

Falling electricity prices over the 12 months to August saw nearly 5m households and businesses on flat rate plans receiving a 4% cut on average, according to the Australian Competition and Consumer Commission.

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City regulators to start oversight of tech firms that provide ‘critical’ services to UK

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New powers come amid concerns that cyber-attacks and outages could put the country’s financial stability at risk

City regulators will begin cracking down in the new year on tech firms providing “critical” services to UK banks amid concerns that cyber-attacks and outages at companies such as Google or Amazon could put the country’s financial stability at risk.

From 1 January, the Bank of England and the Financial Conduct Authority will be handed powers to regulate companies that are becoming a crucial part of the day-to-day operations of the increasingly digital banking and payments sector.

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Trump sides with Musk on support for H-1B visas for foreign tech workers

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Remarks follow social media posts from Tesla and SpaceX CEO, who vowed to go to ‘war’ to defend program

Donald Trump on Saturday sided with Elon Musk, a key supporter and billionaire tech CEO, in a public dispute over the use of the H-1B visa, saying he fully backs the program for foreign tech workers opposed by some of his supporters.

Trump’s remarks followed a series of social media posts from Musk, the CEO of Tesla and SpaceX, who vowed late Friday to go to “war” to defend the visa program for foreign tech workers.

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Trump versus trade: the global economic outlook for 2025 in five charts

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Unpredictable change will sweep through America, while old problems, from war to inflation, are likely to afflict other countries

The global economy is entering the new year with rising geopolitical tensions looming over its prospects, as the world’s leading central banks attempt to cut interest rates after the worst inflation shock in decades.

Donald Trump’s second term in the White House is expected to dominate the economic agenda. Global trade tensions are on the horizon as the president-elect threatens to impose sweeping tariffs on US imports.

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Number of UK retailers on brink of collapse soars by 25%

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Report for final three months of year shows pressure driven by rising costs and weak consumer confidence

The number of UK retailers on the brink of collapse soared by a quarter in the final three months of the year, driven by a combination of rising business costs and weak consumer confidence, according to a report.

The proportion of retail businesses classed as being in “critical” financial distress jumped 25% to 2,124 in the fourth quarter compared with the third, the insolvency specialists Begbies Traynor said.

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London-listed miner pauses Mozambique operation amid political unrest

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Gemfields makes decision over ruby mining after groups ‘took advantage’ of situation to try to invade its site

The London-listed mining company Gemfields said it had temporarily halted its ruby mining operation in Mozambique after groups “took advantage” of political unrest to set fire and attempt to invade its site, resulting in two deaths.

Gemfields, one of the world’s largest miners of coloured gemstones, said more than 200 people associated with illegal ruby mining attempted to invade the residential village built by the company next to its Montepuez Ruby Mining (MRM) operation in northern Mozambique on Christmas Eve.

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ECB faces tough task after flip in fortunes for eurozone economies

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Economists say EU countries hardest hit by 2010s debt crisis now in stronger position than France and Germany

The European Central Bank is facing a tough balancing act in 2025 as it tries to navigate a reversal of fortunes in eurozone economies, as the hardest-hit nations of the 2010s debt crisis outperform the traditional core.

Highlighting a potential shift in power dynamics within the single currency bloc, economists said countries in the EU periphery ravaged by last decade’s sovereign debt crisis were in a stronger position than northern Europe’s most powerful nations, including France and Germany.

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Nigel Farage working as paid brand ambassador for gold bullion firm

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Reform party leader promoting gold for Direct Bullion alongside his jobs as MP and presenter for GB News

Nigel Farage has been working as a paid brand ambassador for a gold bullion firm in a third job alongside his roles as an MP and a GB News presenter.

The MP for Clacton and Reform party leader promoted gold on behalf of Direct Bullion on a podcast sponsored by the company in November, hosted by a fellow brand ambassador and influencer Rob Moore.

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Nigel Farage working as paid brand ambassador for gold bullion firm

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Reform party leader promoting gold for Direct Bullion alongside his jobs as MP and presenter for GB News

Nigel Farage has been working as a paid brand ambassador for a gold bullion firm in a third job alongside his roles as an MP and a GB News presenter.

The MP for Clacton and Reform party leader promoted gold on behalf of Direct Bullion on a podcast sponsored by the company in November, hosted by a fellow brand ambassador and influencer Rob Moore.

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Boxing Day footfall down on UK high streets despite discounts

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Data may reflect shift in behaviour influenced by cost of living crisis or front-loading of spending

Fewer consumers made the journey to high streets and shopping centres in search of Boxing Day discounts this year.

Footfall across UK retailers was down 8.9% as of 3pm on Thursday, compared with Boxing Day in 2023, according to data from MRI Software.

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Body discovered in wheel well of United Airlines plane in Hawaii

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Flight left Chicago’s O’Hare airport on morning of Christmas Eve and body discovered at Hawaii’s Kahului airport

Police are investigating the discovery of a dead body in the wheel well of a United Airlines plane after it landed in Hawaii, the airline and the Maui police department said in statements on Wednesday.

The body was found in the wheel well of one of the main landing gears on flight 202, which arrived at Kahului airport from Chicago on Tuesday, United said in an emailed statement.

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US business leaders set to break record on donations to Trump inaugural fund

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Donations, not restricted by campaign finance laws, come as industries seek favor with incoming administration

US business leaders are spending big on Donald Trump’s second inaugural fund, which is predicted to exceed even the record-setting $107m raised in 2017.

The donations, which are not restricted by campaign finance laws, come as industries and business leaders seek to curry favor with the incoming administration after the president-elect decisively won a second, non-consecutive term in November.

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Tulip Siddiq questioned over multibillion-pound embezzlement allegations

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Treasury minister denies claims by Bangladesh that she helped broker corrupt deal with Russia to build nuclear plant

The Treasury minister Tulip Siddiq has been questioned by the Cabinet Office’s propriety and ethics team after Bangladesh’s anti-corruption commission accused her and family members of embezzling billions for a nuclear power plant.

The Labour MP, who denies allegations that she helped broker a deal with Russia to build the energy project, reportedly told a government official that she was the victim of a “political hit job”.

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CEO of Mike Ashley’s Frasers Group says budget felt like being ‘kicked in the face’

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Sports Direct owner reports weaker consumer confidence before and after the budget as it cuts profit expectations

The chief executive of the high street retail giant Frasers said that “we felt we’d been kicked in the face” after Rachel Reeves’ autumn budget.

Frasers said it had witnessed weaker confidence among shoppers leading up to and since the budget, as the company reduced its profit forecasts for the year.

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Sake: Japan’s ‘divine gift’ given special status by Unesco

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Rice wine enshrined as part of ‘cultural heritage of humanity’

Sake is perhaps more Japanese than the world-famous sushi. It’s brewed in centuries-old mountaintop warehouses, savoured in the country’s pub-like izakayas, poured during weddings and served slightly chilled for special toasts.

Now, the smooth rice wine that plays a crucial role in Japan’s culinary traditions - and is a favoured tipple of celebrities such as Cate Blanchett – has been enshrined by Unesco, which has put it on its list of the “intangible cultural heritage of humanity”.

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Melbourne billionaire Adrian Portelli faces nine charges over alleged unlawful lottery

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His company Xclusive Tech Pty Ltd, which operates under the name LMCT+, is facing a further 10 charges

Adrian Portelli is facing nine charges in South Australia of assisting in the conduct of an unlawful lottery.

His company, Xclusive Tech Pty Ltd, which operates under the name LMCT+, is facing 10 charges for conducting or assisting in the conduct of an unlawful lottery.

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