Category Archives: Business

EU27 rule out UK's preferred approach to future trade deal

‘Three basket approach’ would breach agreement to prevent cherry-picking, says Brussels

The EU has ruled out the UK government’s preferred approach to a future trade deal, describing it as a risk to the European project, just as Theresa May is seeking to strike an agreement on the way forward within her cabinet.

The inner cabinet is meeting at Chequers on Thursday to try to find an agreement among warring cabinet members on an approach sketched out to ministers by the prime minister’s Brexit adviser, Olly Robbins.

Continue reading…
Source: gad

German court to rule on city bans for heavily polluting diesel cars

Federal court set to announce whether Stuttgart and Düsseldorf can use vehicle bans to try to improve air quality

One of Germany’s top courts will rule on Thursday whether heavily polluting vehicles can be banned from the urban centres of Stuttgart and Düsseldorf, a landmark ruling which could cause traffic chaos and dramatically hit the value of diesel cars on the country’s roads.

Related: First fall in car sales since 2011 blamed on fears over diesel ban

Continue reading…
Source: gad

Adani mining giant facing renewed claims of $600m fraud in India

Customs department revives allegations that cash was siphoned from firm to family

India’s customs department has revived allegations of a US$600m financial fraud against the Adani Group, challenging an order clearing the mining giant last year as “erroneous, illegal and improper”.

Adani has been fighting allegations for the past four years that it used a shell company in Dubai to siphon hundreds of millions of dollars from the company’s books into Adani family tax havens overseas.

Continue reading…
Source: gad

British Games Institute cements UK cultural hub for video games

BGI merger with Nottingham’s National Videogame Arcade creates ‘centre of gravity’ for the UK’s £1bn-plus games industry – but it’s still seeking government support

The recently formed British Games Institute, which aims to become a video game equivalent of the BFI, is merging with the National Videogame Foundation to create a new body dedicated to supporting and promoting game development and culture in Britain.

The British Games Institute will be housed at the NVA’s National Videogame Arcade building in Nottingham, where a games museum as well as cultural and educational programmes have been in operation since 2016.

Continue reading…
Source: gadt

Welcome to Limassolgrad: the city getting rich on Russian money

The skyline in Cyprus is changing rapidly with rich Russians moving in to claim a little slice of the EU

Nearly five years on from Cyprus’s near financial collapse and bailout, Limassol is undergoing a property development boom fuelled by Russian money.

In the marina of the island state’s second largest city, opened in 2014 by the president, Nicos Anastasiades, super-yachts are birthed in front of €15m villas along with their support ships carrying helicopters and other accoutrements of the super rich.

Continue reading…
Source: gad

Weinstein Company fires chief operating officer David Glasser

Board sacks senior executive days after New York attorney general sued company over harassment scandal

The studio co-founded by disgraced mogul Harvey Weinstein has sacked its chief operating officer.

The Weinstein Company (TWC) announced on Friday that the board had decided to part ways with David Glasser. “The board of The Weinstein Company has unanimously voted to terminate David Glasser for cause,” a TWC statement said, according to multiple reports.

Continue reading…
Source: gad

The Sackler family's drug money disgraces museums around the world | Allen Frances

The Sacklers have made a fortune from OxyContin, the painkiller blamed for sparking the deadly opioid crisis. They cloak their shame with philanthropy

There is no Pablo Escobar Wing at New York’s Metropolitan Museum of Art and no El Chapo Guzman gallery at the Guggenheim. Columbia University doesn’t host a Sinaloa Drug Cartel Center of Developmental Psychobiology. Oxford would no longer be Oxford if its library were named in honor of the Cali drug cartel.

Our most revered institutions hold themselves to an ethical standard that does not allow accepting money from wealthy drug dealers – however tempting the prospect or worthwhile the project. They refuse to become philanthropic money launderers, cleansing dirty reputations by selling prestigious naming rights.

Related: Meet the Sacklers: the family feuding over blame for the opioid crisis

Continue reading…
Source: gad

EDF UK profits hit by fall in sterling and nuclear prices

Pound’s decline against euro costs French firm €608m as home energy usage also drops

French state-owned energy firm EDF reported falling profits, including a downturn in the UK due to falling prices for nuclear power, improved energy efficiency among its household customers and the slide in the value of sterling since the Brexit vote.

Profits in the UK division, which includes EDF Energy, slumped by a third to €1.035 (£920m) as sales dwindled by €579m to €8.68bn, partly because UK customers pay their bills in pounds but the company reports its results in euros.

Continue reading…
Source: gad

Uber to set up 24-hour hotline for UK customers

Taxi-hailing app promises to proactively report any serious incidents to police

Uber has announced it is to set up a 24-hour hotline for UK customers and will proactively report incidents to the police, a day after London’s transport authorities announced plans for tighter controls on private hire firms.

The move also comes ahead of a court of appeal hearing where Transport for London will seek to demand that private hire operators should have a phone line – a regulation quashed by judges after Uber forced a judicial review of taxi regulations in 2016.

Continue reading…
Source: gadt

For South Africa's new president the only way is up | Larry Elliott

Jacob Zuma scandals dragged down the economy. Now Cyril Ramaphosa has the chance to unleash a regional superpower

Timing matters a lot in determining political success. Gordon Brown could hardly have become prime minister at a worse time because in the summer of 2007 the UK economy had been growing for 15 years, the financial crisis was just around the corner and the only way was down.

For Cyril Ramaphosa, by contrast, the only way is up. The new South African president has taken over an economy that should be a regional superpower but has been seriously underperforming in recent years. The growth rate has been on a downward trend since the initial bounce back from the “great recession” and is close to zero. Unemployment is above 25% and the poverty rate is higher than in other large emerging market economies.

Continue reading…
Source: gad