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Gucci owner Kering to sell beauty division to L’Oréal for €4bn
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New chief executive Luca de Meo aims to bring down debt burden and refocus on core fashion business Business live – latest updates Gucci owner Kering is selling its beauty division to L’Oréal for €4bn (£3.5bn), as its new chief executive Luca de Meo seeks to turn around the French luxury company. The deal will give French beauty group L’Oréal Kering’s fragrance line Creed, which was founded in 1760. The deal also includes future rights to develop fragrance and beauty products under Kering’s fashion labels Gucci, Bottega Veneta and Balenciaga under a 50-year exclusive licence. Continue reading...
China’s economic growth hits one-year low; markets shake off US regional bank worries – business live
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Rolling coverage of the latest economic and financial news Heads-up: UBS have upgraded their view on global equities to ‘attractive’, a sign that they think investors should be putting more money into shares. Despite the angst in parts of the market that valuations have risen too high, UBS reckon share prices have further to climb. “We think investors should review current allocations to equities and ensure they are at least consistent with, or modestly higher than, their long-term strategic asset allocation targets. If investors are currently under allocated to equities, we believe they should reallocate excess cash, bond, or high yield credit holdings toward stocks.” “We prefer areas that are exposed to secular growth, like the US, China, (particularly China’s tech sector, which we rate among the Most Attractive sectors globally), as well as global technology, transformational innovations (AI, Power and resources, and Longevity), and pockets with clear catalysts that could drive earnings upgrades (Japan and global banks).” Continue reading...
B&M ousts finance chief as it warns again on profits after £7m accounts error
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Discount retailer looks for successor for Mike Schmidt, who is stepping down as chief financial officer Business live – latest updates The discount retailer B&M has ousted its finance chief after reporting a £7m accounts blunder that will cut its annual earnings – its second profit warning within two weeks. The company told investors it looking for a successor to Mike Schmidt, who is stepping down as chief financial officer, after the accounting error. Continue reading...
What’s gone wrong at WPP? The crown slips at the world’s biggest advertising group
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Exodus of big clients, falling profits and dire forecasts raise prospect of a once ‘unthinkable’ breakup A dark joke is doing the rounds in adland that Wire and Plastic Products, the Kent-based basketmaker that Martin Sorrell bought 40 years ago as a vehicle to build a global advertising giant, might outlast WPP. For decades the financial success and dominance of WPP – its 100,000 employees service global clients from Ford to Coca-Cola – has been the corporate manifestation of Britain’s shining reputation for creative advertising. Continue reading...
‘It’s madness’: bat enthusiasts fear planning bill will derail years of conservation
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Research project team say Labour’s proposed nature restoration fund would end up being a ‘pay-to-destroy system’ “There are the most extraordinary things we could learn from them,” says Brian Briggs, as he checks yet another of the bat boxes that he and his wife, Patty, have put up just outside Heathrow. “They’re completely fascinating, from all kinds of angles.” It’s a damp Sunday morning at Bedfont Lakes country park, and the Nathusius’ research project team, led by Patty, is checking the artificial roosters, looking at the health and number of different bat species. This outing, however, is a little different from normal; the conversation is focused not on the bats but on the government’s planning and infrastructure bill, which the following day will be having its final reading in the House of Lords. Continue reading...
Country diary: The salty symphony of waders in autumn | Mark Cocker
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Snettisham, Norfolk: The spectacle is magnificent enough, but this time it was the sounds that moved me, of curlews, whimbrels, skylarks and knots When I say the wader roost on the Wash at this RSPB reserve is one of the greatest sights in British nature, it understates one of its central elements: the everyday ordinariness of it. After all, it unfolds once every 12 hours throughout autumn and winter. Go for half a day and you couldn’t fail to have an encounter. Each visit is also different. Some friends have been to photograph it on hundreds of occasions, and still they return. It can occasionally be quite flat – the birds, perhaps 250,000 of them, follow the tide’s incoming and outgoing, but only slowly, sub‑flock by sub-flock; no alarm, no drama or sudden movement, and little adrenaline. Usually, however, it is unforgettable. Continue reading...
Housing market slows amid fears Reeves will increase property taxes
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Post-summer bounce in activity fails to materialise as buyers and sellers, in the south especially, opt to ‘wait and see’ The UK’s housing market is showing signs of slowing down amid speculation that Rachel Reeves could announce tax increases on property in next month’s budget. In a sign of growing caution among house hunters, figures from Rightmove showed that both the number of new buyers contacting estate agents about homes for sale, and the number of new sellers coming to market, slumped by 5% in September compared with the same month a year earlier. Continue reading...
Dead fish found on River Thet where large stretch of white foam appeared
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Environment Agency says pollutant in Norfolk river is ‘an unknown substance’ and is investigating Dead fish have been found on a river in Norfolk where a large stretch of white foam appeared, the Environment Agency has confirmed. Images shared by the agency on Saturday showed the foam covering an area of the River Thet. Continue reading...
Should we treat environmental crime more like murder?
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Serial killers and violent criminals dominate the headlines. What if we covered ecocide and pollution in the same way? Whenever you read, watch, or listen to the news, you’re likely to be exposed to stories of violence and murder. As a criminal psychologist, I’m often asked to comment on these cases to pick apart the motives of the perpetrators. People want these kinds of insights because murders feel frightening and horrifying, but also oddly compelling. There’s a level of focus and fascination, and the way these crimes are covered profoundly influences our perception of what the most urgent problems facing society are. One day it struck me that the world would be a very different place if environmental crimes were treated in the same way as murders. So, why aren’t they? And should they be? Continue reading...
Developers encroach on 2,000-year-old Devon wetland citing ‘blockages’ to Labour’s housing plans
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According to planning conditions, Wolborough Fen in Newton Abbot must be protected as groundworks are prepared for 1,200 homes A 2,000-year-old wetland which is one of England’s most protected habitats has “bulldozers at its gates” after developers said conditions to protect it were blocking the growth the government is demanding. Wolborough Fen in Newton Abbot, Devon, a site of special scientific interest (SSSI), must be protected from any damage by developers Vistry Group as they flatten hills and prepare the groundworks for 1,200 houses, according to planning conditions. Continue reading...
Wild bird numbers continue to fall in UK with some species in ‘dramatic freefall’
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Species index fell by 4% between 2019 and 2024 – although government data shows woodland populations beginning to stabilise Wild bird species face an accelerating decline in the UK, new figures show, with some species heading for local extinction. Bird numbers have plummeted since the 1970s, and new government data shows that trend continuing; between 2019 and 2024 the species index declined in the UK by 4% and England by 7%. Continue reading...
All Amazon Fresh stores in UK to close
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Company to shut 19 shops and convert five to Whole Foods outlets, after concept of stores without tills fails to catch on Business live – latest updates Amazon is preparing to shut down all of its Amazon Fresh stores in the UK, just four years after the US tech company launched its first grocery shop in London. The company plans to close all 19 Fresh stores, with plans to convert five of these into Whole Foods Market shops, the US organic grocery chain that it bought in 2017. Continue reading...
UK to suffer highest inflation in G7 this year, says OECD
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International body warns British rate will be higher than that in US, despite effects of Trump tariffs Business live – latest updates The UK is set to suffer the highest inflation among G7 nations this year, the Organisation for Economic Co-operation and Development (OECD) has warned. Amid resurgent food prices, with some retailers blaming the UK government’s £25bn-a-year increase in employer national insurance contributions for pushing up costs, the OECD predicts that inflation in the UK will average 3.5% in 2025. Continue reading...
Great Britain’s electricity grid fortified against blackouts after Iberian crash
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‘Future-proofing’ measures in hand to avoid a repeat of Spain and Portugal outage, says system operator Neso Great Britain’s energy system operator says it has significantly improved its monitoring of domestic electricity grids to “future proof” the country’s low-carbon power network. After widespread power cuts across most of Spain and Portugal in April, the National Energy System Operator (Neso) started work to pinpoint dangerous fluctuations that could lead to outages. Continue reading...
B&Q owner lifts profit forecast amid strong demand for kitchens
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Kingfisher says garden accessories, outdoor paint and plants sold well because of good weather in the UK Business live – latest updates The owner of B&Q and Screwfix has upgraded its profit forecast after reporting strong demand for its new kitchen ranges and garden products amid good summer weather. Kingfisher, which runs DIY stores across Europe, including Castorama and Brico Dépôt France in France, posted sales growth of 1.9% at established stores in the six months to 31 July. Continue reading...
Global investment in renewable energy up 10% on 2024 despite Trump rollback
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Growth rate slightly lower than previous first-half years but sector still strong and resilient, experts say Investment in renewable energy has continued to increase around the world despite moves by Donald Trump’s White House to cancel and derail low-carbon projects. In the first half of 2025, investment globally in renewable technologies and projects reached a record $386bn, up by about 10% on the same period last year. Continue reading...
Gold price on track for best year since 1979 as it hits record high – business live
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Rolling coverage of the latest economic and financial news Athough gold mining can be lucrative, it can also be dangerous. And sadly, Caledonia Mining Corporation has told the City this morning that one of its employees has died following an accident at its Blanket Mine in Zimbabwe. The Company’s immediate priority is to ensure the safety and well-being of all individuals involved and to conduct a thorough investigation into the circumstances surrounding this accident. Further details cannot be released pending the outcome of an enquiry into this accident by the relevant authorities. Caledonia expresses its condolences to the family and colleagues of the deceased. Continue reading...
EU chemical firms plan to export rising quantities of ‘toxic’ pesticides, documents show
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Bloc urged to end ‘unethical double standard’ of allowing sale of products deemed too dangerous for EU farms European chemical corporations have issued plans to export increasing quantities of “toxic” pesticides deemed too dangerous to spray on EU farms, an investigation has found, despite a pledge to end the practice. Planned exports of domestically banned pesticides rose from 81,600 tons in 2018 to 122,000 tons in 2024, according to export notifications obtained via freedom of information requests by Unearthed, the investigative newsroom of Greenpeace, and the Swiss nonprofit Public Eye. Continue reading...
London homes 500 metres from station ‘command £42,700 premium over those 1,500 metres away’
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Nationwide survey in London, Manchester and Glasgow shows pandemic trends may be reversing as more people return to office People buying homes in London 500 metres from a tube or railway station pay £42,700 more than buyers of similar properties 1,500 metres away from transport hubs, according to new data. The figures indicate that despite the reshaping of the housing market sparked by the coronavirus pandemic and dramatic changes to working patterns, the traditional estate agent mantra of “good transport links” continues to wield its power over buyers. Continue reading...
Reeves urged to take 2p off employee NI and add it to income tax in budget
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Resolution Foundation says move could raise additional £6bn a year and ‘level the playing field’ on income tax Rachel Reeves has been urged to take 2p off the rate of employee national insurance and add it to income tax in her autumn budget, to raise billions of pounds while protecting workers’ pay packets. Putting forward plans to raise up to £30bn, the influential Resolution Foundation thinktank called on the chancellor to “level the playing field” on how different forms of income are taxed. Continue reading...
AI ‘carries risks’ but will help tackle global heating, says UN’s climate chief
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Simon Stiell insists it is vital governments regulate the technology to blunt its dangerous edges Harnessing artificial intelligence will help the world to tackle the climate crisis, but governments must step in to regulate the technology, the UN’s climate chief has said. AI is being used to make energy systems more efficient, and to develop tools to reduce carbon from industrial processes. The UN is also using AI as an aid to climate diplomacy. Continue reading...
Trump’s Fed pick doubles down on calls to aggressively cut interest rates
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Stephen Miran says rates should be below 3% by end of year and dismisses fears of US president’s tariffs stoking inflation Stephen Miran, Donald Trump’s new appointee on the Federal Reserve’s interest-rate-setting board, has doubled down on his calls for the central bank to more aggressively cut interest rates. Last week, the Fed cut interest rates by a quarter point, bringing rates down to a range of 4% to 4.25% – the lowest it’s been since early 2023. Out of 12 voting board members, Miran was the only one to vote against the crowd. He wanted a half-point cut, not a quarter-point cut. Continue reading...
Nvidia to invest $100bn in OpenAI, bringing the two AI firms together
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Deal will involve two transactions – OpenAI will pay Nvidia for chips, and the chipmaker will invest in the AI start-up Nvidia, the chipmaking company, will invest up to $100bn in OpenAI and provide it with data center chips, the companies said on Monday, a tie-up between two of the highest-profile leaders in the global artificial intelligence race. The deal, which will see Nvidia start delivering chips as soon as late 2026, will involve two separate but intertwined transactions, according to a person close to OpenAI. The startup will pay Nvidia in cash for chips, and Nvidia will invest in OpenAI for non-controlling shares, the person said. Continue reading...
What swayed the decision for second Gatwick runway and what does it mean for Heathrow?
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The lowdown on what happens next and whether the move is likely to boost the UK economy Nils Pratley: Getting Gatwick’s expansion off the ground should never have been this hard Gatwick airport has been given the go-ahead to build a second runway, allowing it to operate more than 100,000 additional flights a year. What changed – and what does it mean for Heathrow? Continue reading...
‘A heavy burden’: Belém residents evicted in rush for profits from Cop30 rentals
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As the Brazilian city prepares to host 50,000 delegates, local people are being pushed from their homes The two-bedroom apartment in Belém became Suelen Freitas’s home in 2020, when she moved her family to the same building as her elderly mother. On the edge of the Amazon rainforest, it was where her story played out for five years, from enduring the Covid pandemic, to watching her two children get into the university. But in March everything changed. An eviction notice gave them and their neighbours 30 days to vacate their apartments. One by one, all 12 families were forced out. “It was very painful,” Freitas said. Continue reading...
UK considers visa fee cuts for highly skilled as Trump hikes US charges
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Starmer’s ‘global talent taskforce’ examines plans to make it easier for foreign academics and digital experts to relocate to UK Business live – latest updates Top US scientists could be enticed to the UK under proposals to fast-track visa applications and cut administration charges, challenging attempts by Donald Trump to retain homegrown talent. It is understood Keir Starmer’s “global talent taskforce” is examining plans to cut visa application fees and make it easier for foreign academics and digital experts to relocate to the UK. Continue reading...
Reeves claims Gatwick second runway ‘will mean cheaper holidays’; Trump’s $100,000 H-1B visa fee expected to hurt US growth – business live
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Rolling coverage of the latest economic and financial news, as Green Party’s Zack Polanski says signing off second runway at Gatwick “is a disaster” Full story: Gatwick given green light for £2.2bn second runway plan Rachel Curley, deputy general secretary of Prospect union, is hopeful that expanding Gatwick with a second runway will create and maintain jobs, saying: “Expanding aircraft capacity at Gatwick has the potential to support good unionised jobs in the aviation sector, as well as make sure that UK economy has the connectivity it needs to our trading partners across Europe and further afield. “Lack of airport capacity in the southeast of England leads to a lack of resilience for our transport system, something expansion can and must address. “The go-ahead for London Gatwick’s Northern Runway Project creates a clear flight path for economic growth. “The Gatwick project is a shovel-ready scheme to transform existing infrastructure and boost connectivity. Aviation is a critical growth sector, with firms in the region and across the UK directly benefiting from this project, through more jobs and supply chain opportunities. Continue reading...
‘Involved sequentially’: leopard sharks observed mating for first time in wild have threesome
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Menage a trois over in 110 seconds and ‘then the males lost all their energy and lay immobile on the bottom’, marine biologist Dr Hugo Lassauce says A trio of leopard sharks in New Caledonia has made marine science history after they were recorded mating in a “threesome”. It is the first time the globally endangered species has been documented in a mating sequence, providing valuable knowledge to aid conservation efforts. Continue reading...
Country diary: An autumn fireball that’s a sanctuary for insects | Kate Blincoe
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Caistor St Edmund, Norfolk: The Robin’s pincushion is a most rare vision – and has an unexpected origin for its unusual name It’s sunflower season here, and the day is as soft and sweet as plum wine. I’ve given up alcohol for September, between the long evenings of summer and Christmas festivities. But the air is full of booze. Underfoot, damsons squish and ferment. Blackberries have turned, and big fat sloes hang like baubles on the blackthorn. Garlands of hop flowers decorate the bushes, and signs for our local beer festival spring up by roadsides. Among all the hedgerow abundance is an unusual scraggly shape. A messy orb of green and red fronds, about the size of a satsuma. The fuzzy mass feels like moss, and is alive, growing directly from a wild rose, erupting from the stem like a flower. Continue reading...
Nations’ plans to ramp up coal, gas and oil extraction ‘will put climate goals beyond reach’
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New data shows governments now planning more fossil fuel production in coming decades than they were in 2023 Governments around the world are ramping up coal, gas and oil extraction which will put climate goals beyond reach, new data has shown. Far from reducing reliance on fossil fuels, nations are planning higher levels of fossil fuel production for the coming decades than they did in 2023, the last time comparable data was compiled. Continue reading...
The race to find a way to recycle old turbine blades from windfarms
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Made from glass or carbon fibre, they are difficult to break down, but in UK and elsewhere in Europe there are plans to tackle the waste In the Scottish port town of Irvine in Ayrshire, almost 80 of Britain’s oldest wind turbine blades lay disused in an old warehouse for over eighteen months. Thirty years ago they towered 55 metres above the South Lanarkshire countryside, powering Scotland’s first commercial windfarm at Hagshaw Hill. But earlier this year these blades pioneered a green energy breakthrough of another kind: blade recycling. Continue reading...
‘Something is working’: UN climate chief optimistic about green transition
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Exclusive: Simon Stiell believes economic benefits will compel countries to speed up climate action Cleaning up industry and the global economy will produce massive economic dividends for countries that grasp the opportunity – as the example of China has shown, the UN climate chief has said, before a crunch summit of world leaders this week. In a last-ditch call to heads of government summoned to New York by the UN secretary general this week, Simon Stiell, the executive secretary of the UN framework convention on climate change, said governments would almost certainly fail to come up with the climate commitments needed to fulfil the Paris agreement before a deadline this month, but they could still reset their economies to reap the advantages of low-carbon growth. Continue reading...
‘It’s resurrection’: 1,000-year-old seeds could grow ancient plants in England’s ice-age ghost ponds
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An expert team are resurrecting ice age ponds and finding rare species returning from a ‘perfect time capsule’ If you glanced into a green field and saw a yellow digger tearing into the turf, you might assume it was another site for new houses. But the two circle-shaped scars of dark soil on a Norfolk pasture are ghost ponds being brought back to life by an innovative and cheap form of nature restoration. “It looks awful now. ‘What have they done? It’s a disaster!’” says Carl Sayer, a professor of geography at UCL, who is dancing with glee around the bleak-looking, freshly dug hole. “The colonisation is so quick. Within a year, it is full of water plants. Within two years, it looks like it’s been there forever. It’s a spectacular recovery, and you’re truly recovering ancient assemblages of plants.” Continue reading...
Train named Ctrl Alt Deleaf to help blast billions of leaves from Great Britain’s tracks
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Network Rail says train named after public vote will join fleet of ‘unsung hero’ leaf-busters this autumn If Boaty McBoatface taught us one thing, it’s that the public do not take a naming ceremony particularly seriously. Cue the newly named leaf-removal train: Ctrl Alt Deleaf. Continue reading...
Retail sales rise in Great Britain as warm weather boosts clothing purchases
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Increase of 0.5% in August helped by back-to-school shopping, while food stores also given lift Back-to-school shopping and warm weather helped to boost retail sales last month, according to the latest official data. Total retail sales in Great Britain rose 0.5%, the Office for National Statistics (ONS) said, as parents prepared for the new school year and shoppers enjoyed a series of heatwave and the summer’s last bank holiday. Continue reading...
Chancellor’s problems deepen as UK government borrowing jumps in August, and consumer confidence slips – business live
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Rolling coverage of the latest economic and financial news The UK public finances are continuing to deteriorate despite the economy not being terribly weak, says Paul Dales, chief UK economist at Capital Economics. And that means the chancellor will have to raise around £28bn in the Budget on 26 November, mostly through higher taxes, Dales adds, as borrowing so far this year is running above forecast. Public net sector borrowing of £18.0bn in August (consensus £12.8bn, OBR £12.5bn) means that after five months of the financial year borrowing is already £11.4bn higher than the OBR forecast at the Spring Statement in March. The overshoot in the Chancellor’s chosen fiscal mandate of the current budget is even greater at £15.4bn (the current budget deficit was £13.6bn in August versus the OBR forecast of £9.5bn). Of course, what matter’s is what the OBR forecasts the current budget to be in 2029/30, which is when the Chancellor’s fiscal mandate bites. “Keir Starmer and Rachel Reeves are too weak and distracted to take the action needed to reduce the deficit. The chancellor has lost control of the public finances, and Labour’s weakness means much needed welfare reforms have been abandoned.” Continue reading...
Why saving the honeybee could be bad news for other bees
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In this week’s newsletter: a conservation success story has a sting in its tail as wild pollinators pay the price Everyone wants to save the bees. Angelina Jolie put on a beekeeping suit for Guerlain and David Beckham proudly presented the King with a pot of honey from his bees in Oxfordshire. So many people wanting to do good have set up hives in their gardens or on roofs that they have become a symbol of sustainability. Of course, farming honeybees is a great way to make delicious honey, but there is a sting in the tail – keeping hives doesn’t help wild pollinators. Human-made global warming ‘caused two in three heat deaths in Europe this summer’ A tiny town in Idaho dodged incineration in 2024. Will the next wildfire take it out? ‘You’re going about your day and suddenly see a little Godzilla’: Bangkok reckons with a giant lizard boom Wild bees visit different flowers to balance diet, study shows The best way to help bees? Don’t become a beekeeper like I did | Alison Benjamin I was terrified of bees – until the day 30,000 of them moved into my house | Pip Harry Continue reading...
Ten new wild swimming locations should be created in London, report says
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London assembly committee says move will increase cleanliness of waterways and offer more access to outdoors Ten new wild swimming locations should be created in London, a report from the London assembly has said, to boost cleanliness of the capital’s waterways and increase access to the outdoors. Other cities are cleaning up their rivers for swimming: Paris has opened a swimming site in the Seine in the city centre and Chicago is running its first river swim in almost a century. Continue reading...
Revealed: ‘Corporate capture’ of UN aviation body by industry
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Exclusive: Industry delegates outnumbered climate experts by 14 to one at recent ICAO meeting, thinktank says The UN aviation organisation has been captured by the industry, a report has concluded, leading to the urgent action required to tackle the sector’s high carbon emissions being blocked. Industry delegates outnumbered climate experts by 14 to one at the recent “environmental protection” meeting of the UN International Civil Aviation Organization (ICAO), the report found. The ICAO is the forum where nations agree the rules governing international aviation. Continue reading...
TfL says persistent offenders owe more than £700m in Ulez fines
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Transport body promises to crack down on the small minority of people with four or more penalty notices Transport for London is promising to crack down on drivers who flout its ultra-low emission zone (Ulez) after revealing that 94% of the £790m owed in fines has been racked up by persistent offenders. Non-payers have been fined up to £17,000 this year, including one driver whose car was seized and sold at auction after he ignored 130 warning letters and 14 visits by enforcement officers. Continue reading...
Nvidia to invest $5bn in Intel after Trump administration’s 10% stake
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Deal gives Intel a lifeline as firms team up on AI datacenters and PC chips after Trump stake sparks market surge Nvidia, the world’s leading chipmaker, announced plans to invest $5bn in Intel and collaborate with the struggling semiconductor company on products. One month after the Trump administration confirmed it had taken a 10% stake in Intel – the latest extraordinary intervention by the White House in corporate America – Nvidia said it would team up with the firm to work on custom datacenters that form the backbone of artificial intelligence (AI) infrastructure, as well as personal computer products. Continue reading...
‘Court of King Trump’: how media barons are bowing to president to protect key deals
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Suspension of Jimmy Kimmel’s TV show over Charlie Kirk comments is latest sign of business coming under pressure from White House The indefinite suspension of Jimmy Kimmel’s 22-year run on late-night TV is the latest sign of the pressure US media businesses are under to bend to the rightwing views endorsed by Donald Trump, or face commercial cancellation. The decision by the Disney-owned ABC followed Kimmel’s on-air accusations that the Republicans were doing everything they could to score political points from the killing of Charlie Kirk. It came after one of the biggest owners of TV stations in the US, Nexstar, had said it would replace Kimmel’s show for the foreseeable future. Continue reading...
Novo Nordisk shares climb after positive results for anti-obesity pill
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Danish drugmaker jumps by about £9bn as trial shows ‘significant weight loss’ with tablet version of Wegovy The value of the drugmaker Novo Nordisk jumped by about £9bn on Thursday after research showed that taking its new anti-obesity pill can result in almost as much weight loss as its Wegovy jab. The Danish company is racing against its US rival Eli Lilly to get a tablet treatment to market. Shares in Novo Nordisk climbed by more than 6% on hopes that it can claw back market share lost to Eli Lilly and cheaper generic versions of GLP-1 drugs. Continue reading...
Bank of England governor says UK ‘not out of the woods’ on inflation, after leaving interest rates on hold – business live
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BoE votes to cut its stock of government bonds at a slower pace over the next year Analysis: Bank’s interest rate vote and bond plans are little help to Reeves before budget Just 30 minutes until the Bank of England releases its decision on interest rates, and on how quickly it will unwind its crisis-era quantitative easing portfolio over the next year. Victoria Scholar, head of investment at Interactive investor, sets the scene: “The Bank of England is expected to keep rates unchanged at 4% during its policy decision meeting today, particularly in light of yesterday’s inflation data which matched analysts’ expectations. Nonetheless inflation is running much hotter than the central bank would like and is expected to push higher in September before pulling back. Elevated inflation makes it harder for the central bank to continue on its monetary loosening path, raising the likelihood of a higher-for-longer interest rate environment which could have negative effects on borrowing and the housing market. At its previous decision meeting, the Monetary Policy Committee (MPC) cut interest rates by 25 basis points to 4%, in a very narrow vote that divided the BoE’s rate setters. This time, the monetary policy committee is expected to be much more united in its decision with a wider vote split in favour of a hold. “EU legislation must become better and faster – with mandatory impact assessments and competitiveness checks for all economically relevant laws, stringent application of the “one in, two out” principle, and the consistent elimination of regulatory duplication and disproportionate burdens.” “Complex regulations and excessive reporting requirements must not paralyse the innovative and investment power of our companies. Ambitious simplifications in environmental law are also necessary to speed up planning and approval procedures.” Continue reading...
Labor’s 2035 emissions target may be middle of the road but it shows there’s no going back on climate
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Much like Albanese’s own style, the 62% to 70% target range reflects a calculated approach designed to offend as few people as possible What is a climate target, and how does Australia’s stack up? Get our breaking news email, free app or daily news podcast Buried in the small library of documents released alongside the Albanese government’s new 2035 emissions reduction target on Thursday was a stark illustration of the challenge ahead. As part of its advice recommending a target of 62% to 70% reductions from 2005 levels, the Climate Change Authority gave a speedometer of progress on decarbonisation to date. It showed in the five years to 2023-24, Australia reduced emissions by an average of 9 megatonnes (Mt). Last financial year, emissions reduced by 7Mt. Continue reading...
Taxpayers lose £400m as result of investment fund set up by Rishi Sunak
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Report shows 334 companies backed by Future Fund, set up in May 2020 by then chancellor, have since gone under UK taxpayers have lost £400m following the collapse of hundreds of startups backed by a heavily criticised Covid-era investment fund launched by Rishi Sunak when he was chancellor. The Future Fund spent £1.14bn backing 1,190 companies, some of them of types not usually associated with government portfolios such as the sex party organiser Killing Kittens and the now defunct festival tickets business Pollen. Continue reading...
Bank of England holds interest rates at 4% and slows scheme to sell stock of UK bonds
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Decision on government debt holdings could reduce market jitters and Treasury’s borrowing costs The Bank of England has left interest rates on hold at 4% and will slow the pace of its “quantitative tightening” programme in the year ahead to avoid distorting jittery government bond markets. The central bank’s nine-member monetary policy committee voted 7-2 to leave borrowing costs unchanged, after five cuts since summer 2024, including a reduction last month. Continue reading...
The island that banned hives: can honeybees actually harm nature?
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On a tiny Italian island, scientists conducted a radical experiment to see if the bees were causing their wild cousins to decline Off the coast of Tuscany is a tiny island in the shape of a crescent moon. An hour from mainland Italy, Giannutri has just two beaches for boats to dock. In summer, hundreds of tourists flock there, hiking to the red and white lighthouse on its southern tip before diving into the clear waters. In winter, its population dwindles to 10. The island’s rocky ridges are coated with thickets of rosemary and juniper, and in warmer months the air is sweetened by flowers and the gentle hum of bees. “Residents are people who like fishing, or being alone, or who have retired. Everyone has their story,” says Leonardo Dapporto, associate professor at the University of Florence. Giannutri island’s remote location made it a perfect open-air laboratory for the bee experiments. Photographs: Giuseppe Nucci Continue reading...
‘It’s not just our houses’: can a Scottish village save Queen Elizabeth’s coastal path from the waves?
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The people of Johnshaven have watched the sea edge closer and closer. Preserving the path is key to protecting their community Photographs by Murdo MacLeod When Charis Duthie moved to Johnshaven with her husband in 1984, she could cycle along the coastal path out of the village. Now, she meets a dead end where the sea has snatched the land and is instead greeted with a big red warning sign of what is to come: Danger Coastal Erosion. “You can see gardens that were there and now they’re gone,” she says. Johnshaven, on Scotland’s North Sea coast, will attract more visitors if it has a well maintained coastal path Continue reading...