Formal investigation opens amid concerns Chinese shopping website is breaching Digital Services Act
The EU has launched formal proceedings against the Chinese shopping website Temu amid concerns it is failing to halt the sale of illegal products online.
A formal investigation was opened on Thursday with the European Commission citing concerns over the platform, which is a cut-price rival to Amazon.
Continue reading...Institute for Fiscal Studies says budget allows for rise in public service spending this year and next, but not thereafter
Rachel Reeves could be forced to find more money to fix public services after her budget made a start at reversing the “unrealistic” and irresponsible spending plans of the Conservatives, the Institute for Fiscal Studies (IFS) has said.
Britain’s leading experts on the government’s finances said the chancellor’s tax measures on Wednesday had allowed for a substantial short-term increase in public service spending this year and next, but not thereafter.
Continue reading...EU and US demand investigation as opposition and pro-European president cry foul
Officials in Georgia said a partial recount confirmed the ruling party had won its disputed election, while a global research and data firm called the official results reported by the electoral commission “statistically impossible”.
The pro-western opposition on Thursday repeated its earlier assertions that the parliamentary vote had been “stolen” by the ruling Georgian Dream party and it refused to recognise the results, plunging the Caucasus country into uncertainty.
Continue reading...Analysts forecast bank will have to halve £2bn buyback plan, as ex-boss of City regulator blames watchdog for crisis
Lloyds Banking Group could give almost £1bn less to shareholders this year as a result of the car finance crisis, analysts have said, as the City regulator’s former boss blamed the watchdog for the chaos.
The estimated size of a multibillion-pound compensation bill for motor lenders has grown after a shock court of appeal ruling last Friday, which said customers could not consent to motor loans that involved “secret commission” payments to brokers and car dealerships.
Continue reading...Lib Dem leader says rise in employer’s contribution risks worsening NHS crisis
The Liberal Democrats have called on the government to exempt the social care sector from the increase in national insurance in Labour’s budget, as an organisation representing many smaller care providers warned that the impact would be substantial.
In the biggest fiscal measures of Wednesday’s budget, raising an additional £25bn a year by the end of the parliament, Rachel Reeves announced an increase of 1.2 percentage points on the national insurance paid by employers, with the salary threshold at which this begins falling from £9,100 a year to £5,000.
Continue reading...Scores of people have died as country is hit by deadliest floods in decades
At least 150 people have died in Spain after torrential rains triggered the country’s deadliest floods in decades, unleashing a deluge of muddy water that turned village streets into rivers, destroyed homes and swept away bridges, railways tracks and cars.
An unknown number of people remain missing, while thousands of others are without electricity or phone service. The majority of those killed were in the coastal region of Valencia, where the state-run agency said that nearly a year’s worth of rain had fallen in just eight hours.
Continue reading...Headlines featured numerous ‘nightmare’ allusions for budget delivered the day before Halloween
After Rachel Reeves‘ first budget as chancellor, which included £40bn in tax rises, newspaper headlines in the UK featured “nightmare” and “horror show” allusions as it came a day before Halloween.
The Financial Times’ front page featured a picture of smiling Reeves headlined “Reeves unveils £40bn budget tax rise”. The paper reported the chancellor’s aims of fixing public services, and the “broken” finances, saying businesses and the wealthy would “bear bulk” of the “heaviest fiscal burden” in a generation.
Continue reading...Experts say top chief executives are treading a fine line to avoid any backlash in the event of a Trump victory
After the January 6 attack on the US Capitol, America’s business leaders came out strongly in their criticism of Donald Trump. Now – as the Harris campaign brands Trump a “fascist” and Trump threatens retribution against “the enemy within” – there appears to be a conspiracy of silence.
In fact, as the nation heads to the polls in an election that is too close to call, some of America’s most powerful chief executive appear to be cozying up to Trump again.
Continue reading...Test of apparent ICBM theoretically capable of striking US mainland comes amid warnings over North Korean troops in Ukraine
North Korea has test launched a long-range missile theoretically capable of striking the US mainland in another display of defiance by the regime amid growing warnings over its troops’ participation in the war in Ukraine.
US officials said they believed Thursday’s launch was that of an intercontinental ballistic missile [ICBM] but did not say how they had reached that assessment. Japan’s defence minister, Gen Nakatani, said the missile had flown higher and for longer than others tested by North Korea.
Continue reading...