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Green biotech firms to open factories at Grangemouth; Mexico imposes tariffs of up to 50% – business live

The Guardian 3 minutes ago

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Green biotech firms to open factories at Grangemouth; Mexico imposes tariffs of up to 50% – business live

Rolling coverage of the latest economic and financial newsIn the energy sector, Russia’s revenues from exports of crude oil and refined products has fallen to its lowest level since the invasion of Ukraine in 2022.The International Energy Agency has reported this morning that Moscow’s sales of fossil fuels fell again in November due to lower export volumes and weaker prices.These brighter prospects extend to our 2026 forecast, which we have upgraded by 90 kb/d, to 860 kb/d y-o-y.“We need to ask who is setting the agenda for the UK’s future with AI.”“In the absence of independent regulation or scrutiny, we’re at the mercy of technology companies’ commercial interests aligning with what the public want.” Continue reading...

The Guardian 3 minutes ago

EU watchdogs raid Temu’s Dublin HQ in foreign subsidy investigation

Chinese online retailer targeted under rules limiting state help to companiesBusiness live – latest updatesTemu’s European headquarters in Dublin have been raided by EU regulators investigating a potential breach of foreign subsidy regulations.The Chinese online retailer, which is already in the European Commission’s spotlight over alleged failures to prevent illegal content being sold on its app and website, was raided last week without warning or any subsequent publicity. Continue reading...

The Guardian 1 hour ago

Jared Kushner – and three Arab monarchies – are at the heart of the Paramount-WBD bid | Mohamad Bazzi

The president’s son-in-law is once again at the center of an international business deal that will require administration approvalOn Monday, Paramount Skydance launched a $108bn takeover bid for Warner Bros Discovery, the entertainment giant that owns Hollywood movie studios, along with CNN, HBO and other media businesses. The bid is led by David Ellison, son of the tech billionaire Larry Ellison – a prominent Donald Trump supporter and Republican donor. Netflix had already prevailed over Paramount in a previous bidding competition for the purchase, but Trump announced on Sunday that he would “be involved” in his administration’s review of the Netflix deal. The president suggested the sale “could be a problem” because Netflix is already dominant in the US streaming market.Paramount left out a significant fact in the press release announcing its offer: the bid includes funding from the private equity firm owned by Jared Kushner, the president’s son-in-law, as well as three Arab monarchies, Saudi Arabia, Qatar and the United Arab Emirates, which collectively have billions of dollars in ongoing ventures involving the Trump family business. Those details were buried in required paperwork filed with the Securities and Exchange Commission. Continue reading...

The Guardian 2 hours ago

There is a fund to create jobs in the poorest areas, and Labour has quietly gutted it. This is what betrayal looks like | Larry Elliott

It’s a scandal laid bare. A stark new report highlights the price paid in Britain’s former industrial heartlands for this silent piece of ministerial vandalismThe Welsh valleys have some of the highest numbers of people claiming incapacity benefits in the whole of Britain. In Abertillery, Maesteg and Merthyr Tydfil, getting on for a quarter of the working-age population is not employed – in large part due to long-term ill-health. If the government was serious about reducing the growing welfare bill, it would be starting here and in the other parts of the country blighted by deindustrialisation and poverty. It would identify the parts of the country most in need – Wales, Scotland and large swaths of northern England – and love-bomb them.Yet instead of devoting more money to regional economic development, ministers are doing the opposite. In one of its less-publicised policy moves, Labour has quietly gutted the fund designed to create jobs, a scheme inherited from the Conservatives. The silent demolition job on regional policy is laid bare in a new report by Steve Fothergill, national director of the Industrial Communities Alliance, an umbrella group for the local authorities worst affected by the hollowing out of Britain’s industrial base and the closure of the coalfields.Larry Elliott is a Guardian columnist Continue reading...

The Guardian 2 hours ago

Why it’s ridiculous to call our new train system 'Great' British Rail | Martin Kettle

The name originated during the period of Boris Johnson boosterism. People no longer want Brexit triumphalism, but things that actually workWhat’s in a name? A government minister has a good answer for Shakespeare’s question. “Names aren’t just convenient labels for people, places and things. They come with expectations,” the minister said. “Countries don’t normally have these pressures. But Great Britain? It’s quite a name to live up to.”The words are from the opening of Great Britain? How We Get Our Future Back, published last year by the Labour MP Torsten Bell, now a Treasury minister. Bell’s book is about why this country is, and feels, broken. But it is also spot on about this country’s enduring naming problem. As Bell puts it: “What began as a statement about our geography has become one about our quality.”Martin Kettle is a Guardian columnist Continue reading...

The Guardian 5 hours ago

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