‘Liberation day’: what are tariffs and why do they matter?

Donald Trump has said “tariffs” is the most beautiful word in the dictionary.The US president is expected to announce his latest round of these border taxes on Wednesday at 4pm ET (9pm BST). In what he is calling “liberation day”, Trump has argued the step is needed to raise money and to encourage domestic manufacturing. But it is also rattling the global economy.Tariffs are border taxes charged on the import of goods from foreign countries

Brighton Pier owner to delist from London stock market and go private

The leisure group that owns the 126-year-old Brighton Palace Pier is planning to delist from the London stock market and return to life as a private company, in the latest blow to the capital’s junior market.Brighton Pier Group, which also owns several bars and mini-golf sites around the country, told investors it intended to cancel its listing on the capital’s Alternative Investment Market (Aim) after more than 11 years, blaming bad weather, falling consumer spending, rising wage costs and higher interest rates.The news led to shares in the company tumbling by around 60% on Wednesday.The group, which is chaired by the business veteran and former Pizza Express and Patisserie Valerie boss Luke Johnson, said it had faced “persistent challenging trading conditions” since the coronavirus pandemic, forcing it to cut costs and sell off underperforming assets.In a statement to the market, the group said it had carried out “a careful review of the benefits and drawbacks” to the company and its investors of remaining listed on Aim, adding that it believed it was in the “best interests” of the business to return to private hands

‘Business Vikings’ in line for payday as deal agreed to create £4bn UK food giant

Two Icelandic brothers, described as “business Vikings”, are in line to make millions after their ready meals company, Bakkavor, agreed a takeover deal with the competitor Greencore, in a move set to create a £4bn food-to-go giant.Greencore, the UK’s largest sandwich maker, said it had agreed to buy its rival Bakkavor in a deal valuing the company at £1.2bn.Two of its earlier bids for the company had been rejected because Bakkavor considered they undervalued the business.Greencore, which specialises in prepared food, employs about 13,300 staff and has 14 factories across the UK that make products including sushi and chilled ready meals for all the big UK supermarkets

Thousands of Ford Kuga hybrid drivers ‘left in limbo’ after fire risk warnings

Thousands of drivers have reportedly been left in limbo after warnings that their car could catch fire due to a battery defect.Ford issued an urgent recall of its Kuga plug-in hybrid car in early March, warning drivers not to charge the battery because of a risk it might short-circuit while on the road. The problem could cause a loss of power or a fire, according to the recall notice. Four weeks later, the manufacturer has yet to announce a timescale for repairs and owners report that it is failing to respond to their requests for an update.David Ellis is one of an estimated 26,000 owners to have received the red-hatched letter from Ford warning of potential injury if the battery is plugged in

Australian exporters brace for immediate US tariffs on Trump’s ‘liberation day’

Australian exporters will be hit with US tariffs immediately on Donald Trump’s self-proclaimed “liberation day”, but the White House has left the door open to “good negotiation” to have them rolled back or amended.The US president was expected to announce new global reciprocal tariffs at 4pm on Wednesday Washington DC time (7am Thursday AEDT), but the details remained largely unknown.Australian pharmaceuticals, meat exports and other agricultural products were potential targets of the new tariff regime, though the minister for employment and workplace relations, Murray Watt, said on Wednesday morning the government had no information on which products would be subjected to the new tariffs, or at what rate.The prime minister said on Tuesday that Australia’s Pharmaceutical Benefits Scheme (PBS), and its biosecurity regime – declared irritants of the US administration – were not up for negotiation.On Wednesday, Anthony Albanese said his government was in daily discussion with the US administration over the new tariff regime and was prepared for “whatever outcome is determined”

UK regulator fines 10 carmakers and two trade bodies over green ad collusion

Ten leading car manufacturers – plus two automotive trade bodies – have been fined more than £77m by a UK regulator after admitting breaking competition law in relation to advertising their green credentials.The Competition and Markets Authority (CMA) launched an investigation after a tipoff from Mercedes-Benz, which allowed the German marque to avoid financial penalties despite also being involved in the cartel.Its rivals – BMW, Ford, Jaguar Land Rover, Peugeot Citroën, Mitsubishi, Nissan, Renault, Toyota, Vauxhall and Volkswagen – “illegally agreed” not to compete when advertising what percentage of their cars can be recycled at the end of the car’s life, the CMA found.The regulator added that the carmakers, with the exception of Renault, also agreed not to share information with their customers about the percentage of recycled material used in their vehicles.Two trade associations, the European Automobile Manufacturers’ Association (ACEA) and the Society of Motor Manufacturers and Traders (SMMT), were also involved in facilitating the agreements