Divided Fed ponders US interest-rate cut at end of tumultuous year

A divided Federal Reserve meets this week to decide whether to cut interest rates, the US central bank’s last meeting before the end of a tumultuous year.The US central bank faces a number of unique challenges as it weighs its latest interest-rate decision.After the six-week government shutdown briefly shuttered the Bureau of Labor Statistics, the federal agency that collects economic data on prices and employment, Fed officials have less data to make their decision.Making matters more complicated is what appears to be growing internal division among the committee’s voting members, who are split on whether there should be a third rate cut before the end of the year. Rates currently sit at a range of 3

Anglo American drops plan to pay bosses millions in bonuses after $50bn Teck merger backlash

London-listed miner Anglo American has dropped plans to award its bosses multimillion-pound bonuses if its planned $50bn mega-merger with a Canadian rival goes through, after a backlash from its investors.The FTSE 100 miner had sought shareholder approval for a plan to award its chief executive, Duncan Wanblad, a share bonus worth £8.5m if the deal to buy Teck Resources to create a copper producing giant was completed.Other senior executives were also incentivised through the plan, which would have updated long-term awards made in 2024 and 2025 to hand them a minimum of 62.5% of share awards when the merger was completed

‘We’ll never be able to rebuild’: despair of ex-Vodafone franchisees and pressures on their mental health

Experiences raise questions about how telecoms firm treated small business owners, whose commission it cutWhen Adrian Howe drowned in August 2018, his family found some solace in the support of his longtime employer.The bond between the 58-year-old and Vodafone – the multinational mobile phone group for which Howe had worked for 20 years – was so tight that his funeral featured a wreath shaped like the company’s speech mark brand.Meanwhile, his widow was paid the equivalent of a death-in-service benefit, even though Howe had left the company weeks earlier. “I was reassured that Dad would be ‘reinstated’ back into Vodafone as if he had never actually left,” recalls daughter Kirsty-Anne Holmes. “He had [left] in order to open [Vodafone] stores as a franchise

Extracting hangovers from beer: inside Budweiser owner’s ‘nolo’ brewery in south Wales

A “de-alcoholisation facility” sounds like somewhere to check in after a boozy Christmas, but in the new annexe of a brewery in south Wales they are extracting hangovers from beer.With demand for no-alcohol and low-alcohol (“nolo”) beer taking off in the UK, the hi-tech brewing apparatus enables the plant at Magor, which produces more than 1bn pints of Budweiser, Corona and Stella Artois a year, to make the increasingly popular teetotal versions too.The new unit is part of AB InBev’s global brewing empire and at its official opening on Friday, Brian Perkins, whose wider management responsibilities include running the drinks group’s UK arm, acknowledged that in the early days alcohol-free beer tasted “lousy”.Alcohol gives beer a sweet, warming, full-bodied taste, as well as affecting how other flavour compounds evaporate, resulting in its distinctive flavour. So removing it and being left with a drink that still tastes good has been a huge challenge for the industry

‘Zombie’ electricity projects in Britain face axe to ease quicker grid connections

Britain’s energy system operator is pulling the plug on hundreds of electricity generation projects to clear a huge backlog that is stopping “shovel-ready” schemes from connecting to the power grid.Developers will be told on Monday whether their plans will be dismissed by the National Energy System Operator (Neso) – or whether they will be prioritised to connect by either the end of the decade or 2035.More than half of the energy projects in the queue will be removed to make way for about £40bn-worth of schemes considered the most likely to help meet the government’s goal to build a virtually zero-carbon power system by 2030.The milestone marks the end of a two-year process to clear the gridlock of laggard “zombie” projects awaiting connection that meant many workable proposals were facing a 15-year wait to plug into Britain’s transmission lines.Ed Miliband, the energy secretary, said: “We inherited a broken system where zombie projects were allowed to hold up grid connections for viable projects that will bring investment, jobs and economic growth

Keir Starmer to make Iceland boss Richard Walker a Labour peer

The formerly Conservative-supporting boss of the supermarket Iceland is to be made a Labour peer when the party appoints another 25 representatives to parliament’s upper house later this month.Keir Starmer will appoint Richard Walker to the House of Lords, the Guardian understands, the culmination of an unusual and rapid political transformation for someone named as a prospective Tory MP candidate a little over three years ago.It was only February this year when Iceland’s executive chair was rating Starmer’s government six out of 10, saying that Labour needed to focus on “inclusive growth and everyday growth” that could “trickle down in everyday people’s lives”.As a Labour peer, Walker will get the chance to push for policies close to his heart including closer relations with the EU and also for a more positive message on the economy.He took over the leadership of Iceland in 2023 after his father, Malcolm Walker, stepped down from the frozen foods chain he had founded in 1973