Finance
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Mexico’s Ban on GMO Corn Sparks Trade Dispute with US
Mexico and the United States are embroiled in a trade dispute over genetically modified (GMO) corn. Mexico has banned the use and import of GMO corn for human consumption, gradually phasing it out for livestock feed or industrial uses. The US, on the other hand, is the largest producer of GMO corn and sees Mexico’s ban as a threat to…
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Amazon to Introduce Ads on Prime Video in 2024, Starting with UK Customers
Amazon is planning to introduce advertisements to its Prime Video streaming service in 2024, as it aims to generate more revenue for the creation of TV shows and films. Starting early next year, UK Prime customers, along with those in the US, Germany, and Canada, will see ads unless they subscribe to an “ad-free” option at an additional cost. Amazon…
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Microsoft’s revised offer for Activision Blizzard may secure approval in the UK.
The UK’s competition watchdog, the Competition Markets Authority (CMA), has stated that Microsoft’s revised offer to acquire Activision Blizzard, the maker of Call of Duty, may clear the way for the deal to be approved. The CMA previously blocked Microsoft’s original $69 billion deal due to concerns regarding competition in cloud gaming in the UK. However, the updated offer from…
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Warner Bros Discovery to Expand UK Studios, Creating 4,000 Jobs and Boosting Production Value by £200 Million.
Warner Bros Discovery has announced a significant expansion of its UK studios, located near London, where popular movies like Barbie, Harry Potter, and House of the Dragon were filmed. The project will result in a capacity increase of over 50% at the Leavesden facility. This expansion is expected to generate around 4,000 jobs, both directly and indirectly, across the country.…
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Lachlan Murdoch appointed chairman of Fox and News Corp, solidifying media empire.
Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch, has been appointed as chairman of Fox and News Corp, solidifying his position as one of the most powerful media barons in the world. Born in London and educated at prestigious American schools, Lachlan has had a tumultuous career within his father’s empire. After graduating from Princeton University, Lachlan spent…
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JSW Steel Slows Stake Acquisition in Teck Resources Amid India-Canada Trade Tensions
India’s JSW Steel Ltd is reportedly slowing down its stake acquisition process in Canada’s Teck Resources due to the deteriorating trade ties between India and Canada. The dispute between the two countries arose after the expulsion of diplomats following the murder of a Sikh separatist leader in British Columbia. As a result, India has suspended visa services for Canadian citizens.…
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Family Sues Google for Outdated Maps After Tragic Bridge Collapse Death
A family in the US is suing Google for allegedly failing to update its maps, which they claim led to the death of their loved one. Philip Paxson drowned in September 2022 after driving off a collapsed bridge in Hickory, North Carolina. The family argues that Google negligently failed to indicate that the bridge had fallen nine years earlier. The…
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US Federal Reserve Maintains Interest Rates, Signals Another Increase Expected This Year
The United States Federal Reserve has maintained its current interest rates but has taken a more hawkish stance, indicating that another rate increase is expected by the end of the year. According to the Fed’s updated quarterly projections, monetary policy will be significantly tighter through 2024 than previously anticipated. Fed policymakers still foresee the central bank’s benchmark overnight interest rate…
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China’s Seafood Imports from Japan Plummet Amid Fukushima Waste Water Release
China’s imports of seafood from Japan have plummeted as a result of Tokyo’s decision to release treated waste water from the damaged Fukushima nuclear power plant. According to China’s customs authority, imports of Japanese seafood fell by 67.6% in August compared to the same month last year. China was previously the top importer of Japanese seafood, bringing in 84.4 billion…
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Meta Responds to UK Government’s Criticism of Facebook’s Encryption Plans
Facebook’s owner Meta has responded to a government campaign criticizing its plans to encrypt messages. The government argues that encryption could hide child exploitation, abuse, and grooming, while Meta maintains that encryption protects users’ privacy. Meta has spent years developing safety measures to combat abuse and ensure online security. However, the UK’s home secretary is concerned that the plans could…
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UK Film Industry Sees Record £6.27 Billion Spending Amid Growing Demand
The Barbie movie has become a blockbuster hit, earning over $1.38 billion at the box office. The film, which had a budget of $145 million, was produced by Warner Bros but was mostly shot in the UK. The set for Barbie’s pink paradise, Barbieland, was created at Warner Bros studios in Hertfordshire. This movie is just one example of the…
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Collapsed Crypto Exchange FTX Faces Lawsuit Over Alleged Parental Exploitation and Millions Siphoned
FTX Trading, the collapsed cryptocurrency exchange, is facing a lawsuit filed by lawyers accusing the parents of its founder, Sam Bankman-Fried, of exploiting their influence over their son to siphon millions of dollars from the company. The lawsuit, filed in the bankruptcy case of FTX, seeks to recover damages allegedly caused by Allan Joseph Bankman and Barbara Fried to the…
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UK Government Passes Controversial Online Safety Bill to Hold Social Media Platforms Accountable for User Safety
The UK government has passed a controversial Online Safety Bill that aims to hold social media platforms more accountable for user safety. The legislation, which took several years to agree upon, will require firms to remove illegal content and protect children from harmful material. The NSPCC, a children’s charity, has welcomed the new law, stating that it will create a…
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H&M Implements £1.99 Fee for Online Returns, Joining Other Retailers in Charging
Fashion retailer H&M has joined the ranks of retailers charging fees for returning items purchased online. Customers are now required to pay £1.99 to return parcels either in-store or online, with the cost deducted from their refund. However, H&M members can still enjoy free returns. Other retailers, such as Zara, Boohoo, Uniqlo, and Next, have already implemented similar charges for…
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UK Inflation Expected to Be Highest Among G7 Countries at 7.2% in 2023
The Organisation for Economic Co-operation and Development (OECD) has forecasted that prices in the UK will rise faster than any other advanced economy this year. According to the think tank, UK inflation is expected to average 7.2% in 2023, making it the highest rate among the G7 group, which includes major economies like the US, Germany, France, and Japan. The…
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FCA Finds No Evidence of Politicians’ Bank Accounts Being Closed due to Views
The Financial Conduct Authority (FCA) has reportedly found no evidence that politicians’ bank accounts are being closed primarily due to their views, according to sources familiar with the matter. The findings of the FCA’s investigation, which looked at data from 34 banks and payment companies, are due to be published later today. This comes after a controversy surrounding the closure…
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Israeli Prime Minister Benjamin Netanyahu Meets Elon Musk in California to Discuss AI and Technology
Israeli Prime Minister Benjamin Netanyahu has embarked on a US trip, starting in California, to meet with billionaire businessman Elon Musk and discuss technology and artificial intelligence. The meeting was announced on Musk’s social media platform, X (formerly known as Twitter), where Netanyahu expressed his intention to explore how AI can be harnessed for the benefit of civilization while mitigating…
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IMF Acknowledges Limitations on Climate Change, Calls for Other Institutions to Lead
The International Monetary Fund (IMF) has acknowledged its limitations in addressing climate change and stated that other institutions, such as the World Bank, can take the lead on climate finance. IMF director Kristalina Georgieva emphasized that the organization will focus on its expertise in sound policies for prosperity, growth, and employment. However, she also recognized the importance of considering climate…
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Chinese Property Developer Country Garden Faces Liquidity Challenge Amid Debt Obligations
Chinese property developer Country Garden is facing another liquidity challenge as it approaches a deadline to pay $15 million in interest on an offshore bond. This comes after narrowly avoiding default twice earlier this month. The company, considered the country’s top private developer, will have a 30-day grace period to make the payment before it is deemed to be in…
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SK Broadband and Netflix settle legal battle over network costs
South Korean internet service provider SK Broadband and global streaming giant Netflix have reached an agreement to put an end to their legal battle over network costs. The dispute, which began in 2020, revolved around whether Netflix should pay for the increased network traffic and maintenance work it generates. In a joint statement released on Monday, SK Broadband, its parent…
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Singapore Faces Scrutiny and Arrests in $1.3bn Money Laundering Scandal
Singapore is facing scrutiny over a major money laundering scandal that has resulted in 10 arrests and the seizure of assets worth 1.8 billion Singaporean dollars ($1.3bn). The Singapore Police Force has alleged that the seized assets are the proceeds of organized crime committed overseas, including scams and online gambling. The suspects, who were arrested last month, are originally from…
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UK Government Commits £500m Funding to Port Talbot Steelworks for Greener Production
The UK government has announced that it will provide up to £500m in funding to the Port Talbot steelworks in a bid to keep the plant open and transition towards greener steel production. Tata steel, the owner of the plant, will also contribute £700m towards the investment in cutting emissions. However, the package could result in as many as 3,000…
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Taiwan Rejects Elon Musk’s Claim, Asserts Independence Amid Rising Tensions with China
Taiwan has firmly rejected billionaire Elon Musk’s assertion that the island is a part of China. In response to Musk’s comments at a business summit, Taiwan’s foreign minister, Joseph Wu, stated, “Listen up, Taiwan is not part of the PRC [People’s Republic of China] & certainly not for sale!” This comes as tensions between China and Taiwan have increased, with…
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US Auto Workers Strike Targets Major Car Manufacturers in Historic Move
Around 13,000 auto workers in the United States have gone on strike, marking the first time in history that the United Auto Workers (UAW) union has simultaneously targeted all three major car manufacturers in the country. The strike comes after negotiations between the union and management failed to reach an agreement on contract terms and pay. The UAW members began…
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Canadian Prime Minister Warns Grocery Chains of New Taxes Over Rising Food Prices
Canadian Prime Minister Justin Trudeau has issued a warning to grocery chains in the country, stating that they may face new taxes if they fail to address the issue of rising food prices. Trudeau specifically mentioned that the heads of the five largest supermarket chains, which include Walmart and Costco, will be called upon to come up with a plan…
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UK Chip Designer Arm Holdings Soars in Stock Market Return, Valued at Over $60bn
UK chip designer Arm Holdings has made a successful return to the stock market, with its shares being snapped up by investors and its market value soaring to over $60bn (£48.3bn). The company’s shares ended trade on Thursday at over $63 each, significantly higher than the $51 price per share received during its share sale. This initial public offering raised…
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American Car Workers Prepare to Strike Over Unacceptable Labour Offers
Workers at three major American carmakers, General Motors (GM), Ford, and Stellantis, are preparing to go on strike after their labour contracts expire. The United Autoworkers Union (UAW) has claimed that the companies have not presented acceptable offers, leading to the potential for higher prices for consumers and significant disruption for the firms. The UAW president, Shawn Fain, stated that…
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China Implements Special Measures to Enhance Access for Taiwanese Enterprises to Fujian
China has announced that it will implement a series of “special” policy measures to enhance access for Taiwanese enterprises to Fujian province. This move is part of a long-term cross-strait integrated development plan. Cong Liang, vice chairman of the National Development and Reform Commission, stated that the integrated development of Xiamen and Taiwan-controlled Kinmen islands will be deepened. This will…
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Terry Gou, Foxconn founder, chooses actress Tammy Lai as his running mate in Taiwan’s presidential election, raising eyebrows over her lack of political experience.
Foxconn founder Terry Gou has made a surprising announcement in the Taiwan presidential election by choosing actress Tammy Lai as his running mate. This decision has raised eyebrows due to Ms Lai’s lack of political experience. Mr Gou, who is running as an independent candidate after failing to secure the nomination from the main opposition party, Kuomintang, is facing tough…
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John Lewis’ Plan to Return to Profitability Delayed by Two Years
Retail giant John Lewis has announced that its plan to return to profitability will be delayed by two years, following further losses in the first half of the year. The company, which also owns Waitrose, cited increasing business costs and unexpectedly high investment requirements as the reasons behind the extended recovery timeline. Pre-tax losses for the first half of 2023…