Business

More than 200 companies, including Sony, Coca-Cola, and Virgin Media, have urged world leaders to agree on a timeline to phase out fossil fuels at the upcoming COP28 summit in Dubai. The companies, which collectively have nearly $1 trillion in annual revenues, said that decarbonizing the global energy system is essential to avoid the worst impacts of climate change. Businesses feel the impacts of climate change The companies signed a letter coordinated by the non-profit We Mean Business Coalition, which advocates for greater climate action from the private sector. The letter stated that the businesses are feeling the impacts and…

More than 100 workers at the Stoneywood paper mill in Aberdeen have won a legal battle over claims they were not properly consulted over redundancy. Background of the dispute The dispute arose after the mill’s owner, Arjowiggins Fine Papers Ltd, went into administration in January 2023, putting 500 jobs at risk. The company was later bought by a consortium of Scottish investors, saving 270 jobs, but the remaining 230 workers were made redundant. The workers claimed that they were not given adequate information or consultation by the administrators, KPMG, before they were dismissed. They argued that this breached the Trade…

China’s President Xi Jinping delivers a surprise speech at the World Economic Forum In a rare appearance at the annual meeting of the World Economic Forum in Davos, Switzerland, China’s President Xi Jinping delivered a speech that signaled a willingness to engage with the U.S. on trade issues. Xi said that China and the U.S. have both realized that they need to have trade and that they should respect each other’s core interests and major concerns. He also said that China is ready to work with the international community to uphold the multilateral trading system and promote global economic recovery. Xi’s speech…

Renters across the country are feeling the pinch as landlords hike up prices amid a housing crisis that has left many people struggling to find affordable and decent accommodation. According to the latest data from Rent.com, the national median rent price for a two-bedroom apartment increased by 13.7% year-over-year in October, reaching $1,978. This is the highest annual increase since the company started tracking rent prices in 2012. Demand outstrips supply in major cities One of the main factors driving up rent prices is the imbalance between demand and supply in major urban areas, where many people are looking for work,…

Virgin Media, one of the UK’s largest broadband and TV providers, has been fined £80,000 for causing significant disruption and inconvenience to road users and residents in Scotland. The company breached the rules and regulations for carrying out roadworks on several occasions between 2019 and 2021, resulting in the highest penalty ever imposed by Transport Scotland. Repeated failures to comply with roadworks legislation According to Transport Scotland, the agency responsible for overseeing the Scottish road network, Virgin Media failed to comply with the roadworks legislation on 11 occasions in Edinburgh, Glasgow, Renfrewshire and West Dunbartonshire. Some of the breaches included:…

How Davos 2023 brought optimism for global collaboration The World Economic Forum in Davos, Switzerland, was a rare opportunity for global leaders and business executives to meet in person and discuss the most pressing issues of the day. Among the attendees was Robert Smith, the founder and CEO of Vista Equity Partners, a private equity firm that specializes in software and technology investments. Smith shared his key takeaways from the annual meeting with Yahoo Finance’s Julie Hyman. Smith said that people were excited to get back to work, come up with solutions, and share best practices. He also highlighted one…

Accusations of disrespecting Palestinian flag Marks & Spencer, a leading British retailer, has faced backlash from some social media users who accused the company of disrespecting the Palestinian flag in an outtake from its Christmas advert. The image, which was posted on the brand’s official Instagram account, showed red, green, and silver paper hats thrown into a fire, with a caption that suggested some people do not like wearing them during the festive season. However, some people saw a resemblance between the paper hats and the colours of the Palestinian flag, which has become a symbol of resistance and solidarity…

BP reported a sharp drop in its third-quarter profit as it faced higher costs and lower production in its gas and low carbon energy division. The company also took a hefty charge on three wind farms off the coast of New York that have been affected by inflation and delays. BP misses expectations and lowers guidance BP said that its underlying replacement cost profit – its preferred measure – was 3.3 billion dollars (£2.7bn) in the third quarter, down from 8.2 billion dollars (£6.8bn) a year earlier. It had been expected to make around four billion dollars (£3.3bn). It is…

Rose & Grants closes after 13 years of serving vegan food The cost of living crisis has claimed another victim in Glasgow, as a beloved cafe has announced its closure. Rose & Grants, which was known for its vegan menu and friendly atmosphere, operated on Trongate in the city centre for 13 years before shutting its doors last Friday. The cafe’s owner, Ben Rose, said that the rising costs of energy, food, and wages made it impossible to continue running the business. He also cited the impact of lockdown restrictions and his own mental health as reasons for his decision.…

Online giant boosts minimum starting pay to between £11.80 and £12.50 an hour Amazon has announced a pay rise for its UK staff, effective from October 15. The online giant said the increase will apply to all full-time, part-time, temporary and seasonal roles, as well as over 15,000 seasonal employees who will be hired for the festive season. The minimum starting pay will increase to between £11.80 and £12.50 an hour, depending on location, and will rise further next April to between £12.30 and £13 an hour. Amazon invests £170m in pay and claims to offer competitive wages and benefits…