Business

Trump tariffs will send global trade into reverse this year, warns WTO
Posted on Wednesday April 16, 2025

World Trade Organization says trade between US and China is expected to plunge by 81% in ‘decoupling’Donald Trump’s tariffs will send international trade into reverse this year, depressing global economic growth, the World Trade Organization has warned.In its latest snapshot of the global trading system, the Geneva-based institution says it had previously expected goods trade to expand by a healthy 2.7% this year. As a result of Washington’s trade policy, it is now forecasting a 0.2% decline. Continue reading...

UK inflation falls to 2.6%, increasing pressure on Bank to cut interest rates
Posted on Wednesday April 16, 2025

March annual rate comes before expected rise because of household bills going up this monthAnalysis: Good news on UK inflation may be short-lived amid trade war and rising household billsBusiness live – latest updatesUK inflation dropped to 2.6% in March, increasing the pressure on Bank of England policymakers to cut interest rates next month as Donald Trump’s tariff wars cast an uncertain outlook.Prices growth was weak ahead of an expected rise in April as households begin to pay higher council tax and utility bills. Continue reading...

Google sued for £5bn in UK over allegations of shutting out rivals
Posted on Wednesday April 16, 2025

Class action argues US tech firm charged more for advertising on its preinstalled apps than it could in fair marketGoogle is being sued in the UK for up to £5bn in damages over allegations it shut out rivals in the internet search market and abused this dominance to overcharge businesses for advertisements. A class action filed at the competition appeal tribunal on Wednesday argues that the US company has taken actions that enable it to charge higher prices for the promotions that appear in search queries than it otherwise could in a fair market. It is alleged that Google, which is owned by Alphabet, contracted phone makers to pre-install the Google search app and Chrome browser on Android devices and paid Apple to make it the default search engine on iPhones, with the intention of shutting out competition. The claim is filed by a competition law expert, Or Brook, on behalf of thousands of businesses and alleges Google ensured its search engine had better functionality and more features for Google’s own advertising offering than that of its competitors.A Google spokesperson said: “This is yet another speculative and opportunistic case and we will argue against it vigorously. Consumers and advertisers use Google because it is helpful, not because there are no alternatives.” Continue reading...

EY being investigated over Post Office auditing during Horizon scandal
Posted on Wednesday April 16, 2025

Financial Reporting Council looking into whether firm met its standards in connection with Horizon IT systemEY, one of the “big four” accounting firms, is being investigated over how it audited the accounts of the Post Office as the postal branch network wrestled with the Horizon software scandal that resulted in hundreds of post office operators being wrongly convicted.The UK’s accounting regulator, the Financial Reporting Council (FRC), said it had begun an investigation into whether the firm met its standards “with particular reference to matters related to the Horizon IT system”. Continue reading...

China accuses UK politicians of ‘arrogance’ in British Steel row
Posted on Wednesday April 16, 2025

Embassy criticises ‘slandering’ of Chinese government and defends Jingye over furnaces disputeBusiness live – latest updatesChina has accused UK politicians of “arrogance, ignorance and a twisted mindset” as it defended British Steel’s owner, Jingye, after a barrage of criticism over the narrowly averted shutdown of its blast furnaces.Beijing’s embassy to the UK accused unspecified British public figures of slandering China’s government and businesses, in comments published on Wednesday on its website. Continue reading...

Tariffs more likely to bring UK price cuts than inflation, says WH Smith boss
Posted on Wednesday April 16, 2025

Carl Cowling says there is ‘no logic’ in why there would be inflation as east Asian suppliers seek alternatives to the USDonald Trump’s tariff war is more likely to lead to price cuts than inflation for many retailers in the UK, according to the boss of WH Smith, as east Asian suppliers seek alternatives to the US.Many economists including those at the Organisation for Economic Co-operation and Development (OECD) have suggested that increased barriers to trade could fuel inflationary pressures across the globe. Continue reading...

Council plans legal action over ancient London oak felled by Toby Carvery
Posted on Wednesday April 16, 2025

Enfield council disputes restaurant chain’s claim 500-year-old tree in Whitewebbs Park was ‘mostly dead’ Toby Carvery has been threatened with legal action by a council over the felling of an ancient oak in a park in north London.The restaurant chain is facing national outrage after its decision to fell the up to 500-year-old tree without warning on 3 April. Continue reading...