‘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
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Gold rises as markets await US tariffs; Heathrow airport was warned about power supply in days before closure – as it happened
The sell-off in European stock markets has gathered pace, and pharmaceutical stocks are among the biggest fallers ahead of Donald Trump’s tariff announcement later today.The Stoxx 600 healthcare index fell as much as 2.5% to its lowest level since December.Analysts said US tariffs this time round could focus on the pharmaceutical sector.Germany’s Bayer and France’s Sanofi dropped by 4
You never know what you’re gonna get: Australians will have to wait until after the election to see if there’s an interest rate cut | Greg Jericho
“Life is like a box of chocolates,” said Forrest Gump, who had clearly never looked at the label descriptions on the box. “You never know what you’re gonna get.” And so it was for the RBA on Tuesday when they announced that it was keeping the cash rate steady at 4.1%.Not the actual decision – we all knew they were not going to cut rates
Roblox gives parents more power over children’s activity on gaming platform
Parents can now block their children from communicating with specific friends or playing certain games on Roblox, an online gaming platform popular with children.The changes form part of a suite of safety updates intended to give parents more control over their child’s experience on the platform.From Wednesday, parents and caregivers who identify themselves with an ID or credit card will have access to three new tools. The friend management tool means they can block anyone on their child’s friends list, preventing their child from exchanging direct messages with that account, and report people they believe are violating Roblox policies.They can also review and change the content maturity level for their child’s account, determining which games their child can access, and obtain detailed screen-time insights
UK needs to relax AI laws or risk transatlantic ties, thinktank warns
Tony Blair’s thinktank has urged the UK to relax copyright laws in order to let artificial intelligence firms build new products, as it warned a tougher approach could strain the transatlantic relationship.The Tony Blair Institute said enforcing firm copyright measures would strain ties with the US, which is poised to announce tariffs on UK goods on Wednesday.Warning that geopolitical considerations require “urgent and adequate attention” while AI policy is being drafted, TBI said: “Without similar provisions in the United States, it would be hard for the UK government to enforce strict copyright laws without straining the transatlantic relationship it has so far sought to nurture.”The thinktank has said that if the UK went down the route of demanding licensing of all UK content used in AI models, it would simply push that development work to other territories where there are less strict copyright laws. To enforce a strict licensing model, the UK would also need to restrict access to models that have been trained on such content, which could include US-owned AI systems
Charlotte Edwards to make England players ‘accountable for their fitness’
Charlotte Edwards has promised to make England’s players “more accountable for their fitness” as she seeks to improve the team’s fortunes after her appointment as women’s head coach.The 45-year-old insisted that despite England women’s recent troubles against Australia they were capable of winning this year’s 50-over World Cup in India, saying she was “really confident we can turn things around very quickly”. Jon Lewis was sacked as coach last month after a miserable winter in which group-stage elimination at the T20 World Cup was followed by a 16-0 rout in the Ashes.Clare Connor, the England and Wales Cricket Board’s managing director of England women, led a “very thorough, comprehensive and honest” review of that series which “told us that we did need a significant reset in terms of leadership and the environment”.The ECB chose to abandon its normal open recruitment process once it became clear that Edwards, who since retiring as a player had enjoyed success as a coach with Hampshire, Mumbai Indians and Sydney Sixers, would accept the job
Lions set to face Japan-based All Blacks in Anzac clash but Folau’s hopes over
The British & Irish Lions are set to face a number of former All Blacks with Rugby Australia’s chief executive, Phil Waugh, confident players based in Japan can be recruited for the Anzac fixture in July. Waugh also confirmed that players who have represented Australia and New Zealand but subsequently switched nationality will not be considered, ending Israel Folau’s hopes of appearing in another Lions series and ruling out Charles Piutau.The Lions will lock horns with an invitational Australia and New Zealand side for the first time since 1989. When the fixture was announced in 2023, the then Australia head coach, Eddie Jones, turned his nose up, saying: “I don’t want to be involved with the Kiwis.” With the former All Blacks head coach Ian Foster leading the combined side, Waugh believes the fixture in Adelaide will have star appeal
Patrick Harvie to stand down as co-leader of Scottish Greens
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