Sport may be a blunt tool of social change, but it’s time to take a stand against Israel | Jonathan Liew
Electric shock: carmakers battle strict UK electric car rules as big fines loom
When Ford announced this week that it was cutting 800 jobs in the UK, the US carmaker also had stern words for the government. It has joined in a chorus of criticism of rules that force car companies to sell more electric vehicles each year. The rules, known as the zero-emission vehicle (ZEV) mandate, are simply “unworkable”, Ford said.Someone should have told Ford back in 2022, when the carmaker strongly backed the policy. In fact, it went further, calling for the British government to force carmakers to sell even more electric cars each year
UK private sector is contracting as firms give ‘thumbs down’ to the budget, hitting pound – as it happened
Time for a recap.Evidence is growing that the UK economy is weakening, while the eurozone is also lurching deeper into trouble … as the US pushes ahead.UK business activity shrank for the first time in over a year this month, according to the latest poll of purchasing managers, in a sign that corporate confidence has been hit by last month’s budget.Chris Williamson, chief business economist at S&P Global Market Intelligence, says:Business optimism has slumped sharply since the General Election, dropping further in November to hit the lowest since late 2022.Companies are giving a clear ‘thumbs down’ to the policies announced in the Budget, especially the planned increase in employers’ National Insurance contributions
Spain fines budget airlines including Ryanair total of €179m
Spain has fined five budget airlines, including Ryanair, a total of €179m (£150m) for charging passengers for hand luggage and seat reservations, prompting the Irish carrier to say banning the practices would “destroy” the ability to offer cheap tickets.Spain’s Consumer Rights Ministry announced the sanctions on Friday, with Ryanair given the biggest fine, of €108m, and easyJet a penalty of €29m.Vueling, the low-cost operation of the British Airways owner IAG, has been fined €39m, and Norwegian Airlines and Volotea have been fined €1.6m and €1.2m
Budget blamed for first contraction in private sector for a year
Labour’s first budget in 14 years has been given the “thumbs down” by private sector businesses as it was blamed for the end to a 12-month run of expansion and a fall in retail sales.Many businesses said the first fall in business activity in November since the same month last year was a result of tax rises announced by the chancellor, Rachel Reeves, while official figures showed retail sales had dropped in October, the first month of the “golden quarter” for retailers that includes the Christmas rush.Manufacturers registered “a solid decline” in new work, and the rate of contraction accelerated to the fastest since February, according to a closely watched survey by S&P Global Market Intelligence.Chris Williamson, the firm’s chief business economist, said the contraction in November was only marginal but reflected deeper concern about the prospects for the year ahead.The S&P Global Flash purchasing managers’ index (PMI) fell from 51
Bitcoin rises after SEC chair says he is to step down when Trump is inaugurated
Cryptocurrencies have risen sharply after one of the industry’s biggest critics, Gary Gensler, said he would stand down as the head of the US financial regulator when president-elect Donald Trump was inaugurated in January.In a post on X, Gensler confirmed he would resign from the US Securities and Exchange Commission (SEC) on 20 January.Trump had previously said he intended to fire Gensler on “day one” of his presidency after the chair of the SEC took legal action against cryptocurrency trading and platforms.“I thank President Biden for entrusting me with this incredible responsibility,” Gensler wrote in the post on X.Gensler was appointed chair of the SEC in 2021 and immediately called on Congress to give him more powers to regulate the “wild west” crypto-sector, saying that it was “rife with fraud, scams and abuse”
The fierce reaction to Australia’s new Future Fund mandate reflects how much has changed since 2006 | John Quiggin
The announcement by the treasurer, Jim Chalmers, that Australia’s Future Fund would be directed to invest in areas of national priority, rather than pursuing a purely commercial investment strategy, has drawn a strong reaction from Peter Costello and John Howard who established the fund in 2006. The ferocity of this reaction is a reminder of how much the world has changed since that time.The fund was established at the high point of neoliberalism, initially using the proceeds of the privatisation of Telstra. The worship of financial markets, and the disdain for public ownership of any kind was at its peak. The guiding principle was the “efficient markets hypothesis” which, in its strongest form, states that the asset prices prevailing in financial markets are the best guide to the returns available to any investment, public or private
Spain’s floods force some UK sellers to buy oranges from southern hemisphere
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Russell claims Las Vegas F1 GP pole with Verstappen just ahead of Norris
The challenge for England is clear: they have to shut Japan out | Ugo Monye