Category Archives: Business

'Nut rage': Korean Air boss apologises as daughters resign

Cho Yang-ho sorry for ‘immature actions’ including disruption on flight in 2014 over a bag of nuts

The chair of Korean Air, Cho Yang-ho, has apologised for what he called the immature behaviour of his two daughters and said they would both immediately resign from their company posts following separate controversies.

Cho Hyun-min, the younger daughter, who is a marketing executive at the South Korean flag carrier, is under police investigation for assault after she was accused of throwing water in a man’s face at a business meeting.

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Source: gad

The Sunday Essay: Britain, headquarters of fraud | Oliver Bullough

The UK is at the centre of global corruption: shell companies that launder dirty money can be set up with ease. But when a whistleblower showed just how easy it is, he faced the full force of the law

Officials get fed up with accusations that Britain is a cesspool of dirty money; that they do too little to check the wealth hidden behind shell corporations. They grouse among themselves that their critics overlook the work they’re doing to expose the money flows and to drive out the corrupt.

When they do get a win, therefore, they trumpet it. Last month, Companies House successfully prosecuted someone who had lied in setting up a company, the kind of white-collar crime committed by the sophisticated fraudsters who fleece ordinary Brits every day, and the government went large. “This prosecution – the first of its kind in the UK – shows the government will come down hard on people who knowingly break the law and file false information on the company register,” crowed business minister, Andrew Griffiths, in a press release.

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Source: gad

Could Donald Trump's lone ranger approach provide the silver bullet? | Larry Elliott

The president’s rejection of multilateralism is risky but our 70-year-old rule-based system is far from perfect

Donald Trump is playing with fire. That thought permeated last week’s spring meetings of the International Monetary Fund and World Bank in Washington.

The US president’s go-it-alone approach – especially in the field of trade – has certainly shaken things up. It is not just the threat of tariffs, nor that the US has brought the dispute settlement system at the World Trade Organisation to a standstill.

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Source: gad

Meet the anti-plastic warriors: the pioneers with bold solutions to waste

The environmental scourge of plastic has shot to the top of the political agenda. We talk to the creatives and campaigners behind five imaginative new ventures

Among retailers and manufacturers, they talk of “the Blue Planet effect”. The BBC series, screened late last year, was the moment that many of us realised the catastrophic impact our use of plastics was having on the world’s oceans. Scenes such as a hawksbill turtle snagged in a plastic sack, the albatrosses feeding their chicks plastic or the mother pilot whale grieving for her dead calf, which may have been poisoned by her contaminated milk, are impossible to unsee.

It’s a crisis that affects us all, and the facts make for dispiriting reading. If nothing changes, one study suggests that by 2050 our oceans will have more plastic swimming around, by weight, than fish. It’s already estimated that one third of fish caught in the Channel contain plastic; another piece of research found that “top European shellfish consumers” could potentially consume up to 11,000 pieces of microplastic a year.

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Source: gad

What happens to the global publicity titans if advertising no longer pays?

The departure of Martin Sorrell from WPP is just the latest sign of the crisis surrounding big ad firms and their ageing leaders

Not so long ago a bearish Sir Martin Sorrell berated the advertising industry for its unrealistic “Don Draperish optimism” in the face of tough times, in a reference to hit TV series Mad Men and its depiction of the halcyon days and excesses of 1960s adland. Now it is the next generation, of Sorrell and his “math men” – the builders of global empires designed to churn out profits – that is now perhaps on the brink of becoming history.

Sorrell’s departure may have been prompted by an investigation into allegations of personal misconduct, but with WPP’s share price down a third after a disastrous year, questions were already being raised about whether the 73-year-old’s vision was outdated in modern advertising.

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Source: gad

Aviation agencies order engine checks after Southwest blast

US and European regulators order inspections within 20 days after passenger killed by blowout

US and European airline regulators have ordered emergency inspections within 20 days of nearly 700 aircraft engines similar to the one involved in a fatal Southwest Airlines blowout earlier this week, citing risks of a similar mishap.

The directives from the US Federal Aviation Administration and the European Aviation Safety Agency indicated rising concerns since a similar failure in 2016 of the same type of engine – a CFM56-7B engine, made by CFM International.

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Source: gad

Amazon buys exclusive UK rights to US Open tennis tournament

Five-year deal, thought worth $40m, gives Prime subscribers in UK access to grand slam event

Amazon has struck a deal said to be worth $40m (£30m) for the exclusive UK TV rights to the US Open tennis tournament, as the US firm looks to add to its 100 million Prime subscribers.

Amazon, which is in talks with the Premier League to potentially stream matches from 2019 to 2022, has struck a five-year deal starting with this summer’s tournament at Flushing Meadows in New York.

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Source: gadt

Tesla factory to be investigated over safety concerns

California base faces claims of unreported injuries as it struggles to roll out Model 3

Tesla is facing an investigation by Californian safety regulators into reports of serious injuries at its factory in Fremont, California, where it is struggling to scale up production of its Model 3 mass-market electric car.

The California Occupational Safety and Health Administration said on Wednesday it had begun an inspection on Tuesday, a day after the news website Reveal alleged that Tesla failed to disclose legally mandated reports on serious worker injuries, making its safety record appear better than it was.

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Source: gadt

Commonwealth summit: can Britain still shape the world post-Brexit?

International trade is firmly on the agenda as the group of 53 disparate nations meet in London

Any 80-year-old institution based on the contours of a defunct 19th-century empire and largely held together by the charming drive of a 91-year-old woman is going to struggle to prove it is relevant. Described once in the New Statesman by James Fenton as “one of the world’s least obnoxious institutions”, the Commonwealth can probably only ever aspire to faint praise. In an already overcrowded schedule of diplomatic summits, this is the Zombie Summit, a biennial gathering of whimsy that refuses to die.

Not surprisingly, the task of finding a thematic rationale for a Commonwealth summit of 53 nations, the first to be held in the UK since 1997, is not simple. It was the unlucky lot of the 70-strong Cabinet Office unit planning for the summit’s welcome that a sequence of decisions taken by the UK Border Force and former home secretary Theresa May on Commonwealth citizens up to five years earlier meant the headlines in the run-up to the summit were chiefly about rejection. The true motive of the British prime minister, it appeared, had been to a create a hostile environment for Commonwealth citizens, and to remove what they had assumed were unchallengeable rights. As PR disasters go, they rarely come much worse.

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Source: gad

Fake it till you make it: meet the wolves of Instagram

Their hero is Jordan Belfort, their social media feeds display super-rich lifestyles. But what are these self-styled traders really selling? By Symeon Brown

The original Wolf of Wall Street, Jordan Belfort, was a rogue trader convicted of fraudulently selling worthless penny stocks to naive investors. His biopic, starring Leonardo DiCaprio as the ostentatious, money-obsessed huckster, was a box-office hit in 2013. Although it may have been intended as a cautionary tale, to thousands of young millennials from humble backgrounds, Belfort’s story became a blueprint for how to escape an unremarkable life on low pay.

Within months of the Wolf of Wall Street’s UK premiere in January 2014, a stocky 21-year-old named Elijah Oyefeso from a south London housing estate, began broadcasting on social media how much money he was making as a stock-market whizzkid. His thousands of young followers were desperate to do the same. As Oyefeso’s online fame grew, he caught the attention of TV producers. In January 2016, Oyefeso was featured in the Channel 4 show Rich Kids Go Shopping, in which he bought expensive jumpers to give to homeless people and showed viewers how easy it was to make stock trades online.

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Source: gad