As the government presses ahead with the sale, what is the broadcaster worth and who would buy it?
The industry player most likely to buy Channel 4, with the least regulatory hurdles, is Discovery. The big US pay-TV company, which is merging with WarnerMedia, the parent company of CNN, HBO and the Hollywood studio behind the Batman and Harry Potter franchises, expressed interest the last time the broadcaster faced privatisation in 2016.
Continue reading...Former BBC chair will lead watchdog even though report said his knowledge of social media and online safety clearly lacked depth
Michael Grade has been confirmed as chair of the communications watchdog despite MPs warning that he has a “clear lack of depth” of knowledge about social media and online safety.
The former BBC chair will lead Ofcom, which will play a key role in regulating large social media platforms and search engines in the UK, as the body charged with implementing the landmark online safety bill. However, the digital, culture, media and sport committee said on Friday that it was concerned by Lord Grade’s admission this week that he does not use social media but is aware of how it works thanks to his children.
Continue reading...Move intended to ensure CBD ‘products are safe and what they say they are’, says FSA’s chief executive
The Food Standards Agency (FSA) has created a list of more than 3,500 food products infused with cannabidiol (CBD), bringing them one step closer to being authorised as part of government plans to wrest control over a flourishing industry.
CBD extracts are widely available in UK shops, cafes and online in the form of oils, drops, gels, confectionery, bakery products and drinks. The FSA is responsible for food safety and hygiene in England, Wales and Northern Ireland.
Continue reading...Energy watchdog says measures could help cut oil usage by 2.7m barrels a day within four months
Driving more slowly, turning down the air-conditioning, car free Sundays and working from home should be adopted as emergency measures to reduce the global demand for oil, according to a 10-point plan from the International Energy Agency (IEA).
Such measures and changes to consumer behaviour would allow the world to cut its oil usage by 2.7m barrels per day (bpd) within four months – equivalent to more than half of Russia’s exports – the global energy watchdog said.
Reduce speed limits on highways by at least 10 km/h
Saves about 290,000 bpd of oil use from cars, and an additional 140,000 bpd if trucks also reduced their speed.
“A reduction in speed limits can be implemented by national governments; many countries did so during the 1973 oil crisis, including the United States and several European countries,” the IEA said.
Work from home up to three days a week where possible
One day a week saves about 170,000 bpd; three days saves about 500,000.
Pre-pandemic, the use of private vehicles to commute was responsible for about 2.7m barrels of oil use a day, the IEA said, yet about one-third of those jobs could be done from home.
Car-free Sundays in cities
Every Sunday saves about 380,000 bpd; one Sunday a month saves 95,000.
Switzerland, the Netherlands and West Germany did this during the 1973 oil crisis and some cities have used the measure to promote public health more recently. Benefits include cleaner air, reduced noise pollution and improved road safety, the IEA report said.
Make public transport cheaper and incentivise walking and cycling
Saves about 330,000 bpd.
New Zealand is halving public transport fares for the next three months in response to high fuel prices, while studies in the US have shown cheaper fares lead to greater use. Some governments have incentivised people to walk or subsidised bike purchases. All of this would require government subsidy.
Alternate private car access to roads in large cities (eg every other day)
Saves about 210,000 bpd.
For example, cars whose number plate ends with an odd number can drive on Monday and those with an even number can drive on Tuesdays. Such schemes have been deployed to tackle congestion and air pollution peaks in Athens, Madrid, Paris, Milan and Mexico City. Exceptions could be made for electric vehicles. One downside is that households with multiple cars could game the rules.
Increase car sharing and adopt practices to reduce fuel use
Saves about 470,000 bpd.
Carpooling has long been used as a way to save money and reduce emissions. Governments can incentivise this with dedicated traffic lanes and parking spaces, or by reducing road tolls on higher occupancy vehicles. Many smartphone apps exist to arrange ride-shares.
Promote efficient driving for freight trucks and delivery of goods
Saves about 320,000 bpd.
As with private cars, freight trucks can be driven more efficiently, including the use of so-called “eco-driving” techniques such as reducing excess weight and not slowing down or speeding up abruptly. Loads should also be optimised to avoid journeys with empty vehicles.
Using high-speed and night trains instead of planes
Saves about 40,000 bpd.
Based on existing high-speed rail infrastructure, about 2% of flights in advanced economies could be shifted to trains, according to the IEA. Almost all of this involves flights of less than 800km.
Avoid business air travel where alternative options exist
Saves about 260,000 bpd.
The IEA recommends virtual meetings where possible and points out that firms such as HSBC, Zurich Insurance and S&P Global plan to cut their business travel emissions by as much as 70%.
Reinforce the adoption of electric and more efficient vehicles
Saves about 100,000 bpd.
By the end of last year, 8.4m electrical vehicles (EVs) were on the road in advanced economies but the IEA urged faster adoption. “Actions taken now to hasten the adoption of electric vehicles will have a sustained effect in the future,” it said.
Continue reading...UK regulators say the latest surge in interest-free credit does not offer enough protection for those who are slipping into debit
Families hit by the cost-of-living crisis are being targeted by credit firms offering “buy now, pay later” deals on weekly groceries, pet food and hot drinks.
Shoppers are urged to spread their payments for staple foods and treats to help cope with “these difficult times”. One promotion states: “Regardless of your credit rating, we will offer you a tonne of credit to do your shopping with.”
Continue reading...Bitget reportedly loses licence after it promoted Army Coin, named after group’s ‘BTS army’ followers
Singapore’s financial regulator has reportedly suspended Bitget, a crypto exchange that is mired in a row involving South Korea’s biggest boyband, BTS.
Bitget has removed the Monetary Authority of Singapore’s logo from its website, the Guardian confirmed. The platform still claims to have licences from Australia, Canada and the United States, according to its website.
Continue reading...As concern grows among experts about the impact on children of seeing pornographic images, how can access be restricted?
Why are children’s safety groups calling for age verification on porn sites?
They fear it is too easy for children to access publicly available pornography online. Experts who work with children say pornography gives children unhealthy views of sex and consent, putting them at risk from predators and possibly stopping them reporting abuse.
It can also lead to children behaving in risky or age-inappropriate ways, harming themselves and others. Charities say children tell them that pornography is difficult to avoid and can leave them feeling ashamed and distressed. One concern is the extreme nature of porn on mainstream sites, with one study showing that one in eight videos seen by first-time visitors showed violent or coercive content.
Continue reading...Exclusive: failure to prevent children seeing online porn puts them at risk of abuse and lifelong trauma, say children’s safety group
The UK data watchdog must introduce age verification for commercial pornography sites or face a high court challenge over any failure to act, children’s safety groups have warned.
The demand in a letter to the Information Commissioner’s Office (ICO) states that the government’s failure to stop children seeing porn is causing lifelong trauma and putting children at risk of abuse and exploitation. It urges the ICO to use the powers under the recently introduced age appropriate design code (AADC) to introduce rigorous age-checking procedures for publicly accessible porn sites.
Continue reading...Regulator examines potential mismanagement at Fashion for Relief and payments to trustee
The fashion charity established by the supermodel Naomi Campbell has come under formal investigation from the charities watchdog over misconduct concerns relating to its management and finances.
Campbell created Fashion for Relief in 2005 to raise funds for children living in poverty and adversity around the world, and says it has raised millions over the years for good causes through its annual charity fashion show.
Continue reading...The Biden administration has shown an early determination to tackle the power of Amazon, Google, Facebook and co. But is it already too late?
When historians look back on this period, one of the things that they will find remarkable is that for a quarter of a century, the governments of western democracies slept peacefully while some of the most powerful (and profitable) corporations in history emerged and grew, without let or hindrance, at exponential speeds.
They will wonder at how a small number of these organisations, which came to be called “tech giants” (Alphabet, Amazon, Apple, Facebook and Microsoft), acquired, and began to wield, extraordinary powers. They logged and tracked everything we did online – every email, tweet, blog, photograph and social media post we sent, every “like” we registered, every website we visited, every Google search we made, every product we ordered online, every place we visited, which groups we belonged to and who our closest friends were.
Continue reading...Pill can be taken twice daily at home and priority will be given to elderly patients and those with health vulnerabilities
The UK medicines regulator has become the first in the world to approve an oral antiviral pill for Covid in a move that paves the way for tens of thousands of vulnerable patients to receive the treatment from this winter.
Nearly half a million doses of molnupiravir, a pill that can be taken twice daily at home, are due for delivery from mid-November and will be given as a priority to elderly Covid patients and those with particular vulnerabilities, such as weakened immune systems. The drug will initially be given to patients through a national study run by the NHS.
Continue reading...Bank also pleads guilty to wire fraud and forgives hundred of millions of dollars of debt owed by country
Credit Suisse has been fined nearly £350m by global regulators, pleaded guilty to wire fraud, and agreed to forgive hundreds of millions of dollars worth of debt owed by Mozambique in an attempt to draw a line under the long-running “tuna bonds” loan scandal.
The Swiss banking company had been accused of “serious” failings in its financial crime controls by the UK’s Financial Conduct Authority (FCA), and has entered into a deferred prosecution agreement with the US Department of Justice that will put the bank under heavy monitoring for three years after having “defrauded US and international investors”.
Continue reading...About 1.35m Americans a year fall ill from the bacteria. Why are there still so many infections?
In my kitchen, I treat raw chicken as if it’s crawling with bacteria that could make me and my family sick. I use separate cutting boards for meats and produce; I wash my hands and disinfect everything that comes close to the bird, then cook it to 74C (165F). A little paranoid, but with good reason.
Chickens, turkeys and other fowl commonly harbour salmonella bacteria that are harmless to the birds but not to humans.
Continue reading...CMA to investigate PCR tests market after concerns about vastly different prices being charged
The competition watchdog is to look into fees for the Covid-19 tests required for international travel after concerns about the vastly different prices being charged for them.
The Competition and Markets Authority will provide advice and intelligence on the market in PCR tests to the health secretary, Sajid Javid, to enable the government to act.
Continue reading...Advanz Pharma and former private equity owners were fined £100m by markets watchdog
A pharmaceuticals firm that inflated thyroid drug prices by up to 6,000% over a decade paid out more than £400m to shareholders and directors during the same period.
London-based Advanz Pharma – and its former private equity owners HgCapital and Cinven – were fined a combined £100m by the Competition and Markets Authority (CMA) on Thursday.
Continue reading...Blueprint for alternative arrangement published as sources say protocol was flawed at conception
The UK has launched an audacious bid to rewrite a key plank of the Brexit deal, saying the Northern Ireland protocol was flawed at conception but served its purpose to get the UK out of the EU as “one country”.
The European Commission immediately ruled out a renegotiation of the deal, which was trumpeted by Boris Johnson as a solution to the Irish border impasse two years ago. The commission is understood to be open to some changes on the special arrangements for Northern Ireland, however.
Continue reading...Airlines may have broken law by refusing refunds for flights customers could not legally take
British Airways and Ryanair are being officially investigated over whether they treated customers unfairly during the pandemic by failing to offer them flight refunds.
The Competition and Markets Authority (CMA) said it was looking to see if the two airlines had broken consumer law, and indicated it was on the side of consumers on this issue. It has opened enforcement cases into both companies.
Continue reading...Electoral Commission believes there are ‘reasonable grounds’ to suspect offences around renovation of 11 Downing Street
The Electoral Commission has launched an inquiry that has the potential to imperil Boris Johnson’s premiership as the “cash for curtains” row increasingly engulfed the prime minister.
With sweeping powers to call witnesses and refer matters to the police, the watchdog said its probe was necessary because it already believed there were “reasonable grounds” to suspect that payments for expensive renovations to Johnson’s Downing Street flat could constitute several offences.
Continue reading...E-commerce firm feels penalty by Chinese regulators means focus on company is at an end
Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.
Top executives at the company, founded by the billionaire Jack Ma, told investors that while Chinese regulators continued a wider investigation into the sprawling conglomerates in the country’s tech industry, they believed the multibillion dollar fine announced at the weekend marked the end of the focus on Alibaba. The company is listed in Hong Kong and its shares climbed as much as 9% on the management’s comments.
Continue reading...Collapse of Archegos has reportedly prompted SEC and FCA inquiries into Credit Suisse, Goldman Sachs, Nomura and others
UK and US regulators are looking into whether global investment banks breached rules by holding group discussions shortly before launching a fire sale of nearly $20bn worth of assets belonging to the distressed hedge fund Archegos Capital Management, according to reports.
The Securities Exchange Commission is said to have requested further information from major US banks Goldman Sachs, Wells Fargo and Morgan Stanley, as well as Japan’s Nomura and Swiss lender Credit Suisse about a meeting with Archegos founder Bill Hwang on Thursday.
Continue reading...