UK watchdog secures changes from Asos, Boohoo, Asda on green claims; Xi Jinping meets US CEOs – business live

From 31m ago UK watchdog secures changes from Asos, Boohoo, Asda on green claims Millions of consumers can expect to see accurate and clear green claims when shopping for fashion items with Asos, Boohoo and George at Asda, Britain’s competition watchdog said. The Competition and Markets Authority (CMA) said the companies had signed formal agreements to change the way they display, describe, and promote their green credentials. The CMA launched an investigation into ASOS, Boohoo and George at Asda in July 2022, having identified concerns of possible greenwashing during an…

‘Breakthrough battery’ from Sweden may cut dependency on China

Europe’s energy and electric vehicle industries could reduce their dependency on scarce raw materials from China after the launch of a “breakthrough” sodium-ion battery, according to its Swedish developer. Northvolt, Europe’s only large homegrown electric battery maker, has said it has made a lower cost, more sustainable battery designed to store electricity which does not use lithium, nickel, graphite and cobalt. Britain and Europe’s electric battery industry is reliant on raw materials, or completed batteries, sourced from China and other Asian nations. Northvolt said its new battery, which has an…

Banks pumped more than $150bn in to companies running ‘carbon bomb’ projects in 2022

Banks pumped more than $150bn last year into companies whose giant “carbon bomb” projects could destroy the last chance of stopping the planet heating to dangerous levels, the Guardian can reveal. The carbon bombs – 425 extraction projects that can each pump more than one gigaton of carbon dioxide into the atmosphere – cumulatively hold enough coal, oil and gas to burn through the rapidly dwindling carbon budget four times over. Between 2016 and 2022, banks mainly in the US, China and Europe gave $1.8tn in financing to the companies…

Finland recovers ship’s anchor close to damaged Baltic Sea pipeline

Finnish investigators have recovered a large ship’s anchor from near the spot where a Baltic Sea gas pipeline was extensively damaged and are seeking to establish whether it came from a Chinese container vessel. Finland’s central criminal police (KRP) said on Tuesday that the anchor, weighing 6 tonnes and missing one of its prongs, had been lifted from the seabed using a navy crane. Deep drag marks were found on both sides of the fractured pipeline. The country’s National Bureau of Investigation (NBI), which last week said inquiries were focused…

Chinese ship is focus of investigation into damaged pipeline, Finland says

Finnish police have said a Chinese ship whose movement coincided with the time and place of the suspected sabotage of a pipeline between Finland and Estonia that was damaged this month is now the focus of their investigation. After a leak led to the shutdown of the Balticconnector pipeline on 8 October, Finnish authorities have been investigating the damage they say was caused by “external” activity. On Friday, they said their focus was on the Newnew Polar Bear, a cargo ship that reportedly came under Chinese ownership this year. Between…

Economic ‘headwinds’ lead IEA to cut global oil demand forecast

Global oil demand will reach an all-time high this year, but “persistent macroeconomic headwinds” mean it will not grow as quickly as had previously been expected, the International Energy Agency (IEA) has said. The Paris-based global energy watchdog said that demand was expected to rise by 2.2m barrels a day in 2023, leading to an average of 102.1m barrels a day. But that prediction is 220,000 barrels a day lower than its previous expectations – the first time the agency has lowered its forecast for growth this year. China, boosted…

Gold bars used to lure Chinese homebuyers amid market slowdown

Gold bars, new cars and mobile phones are among the incentives being offered to potential homebuyers by Chinese property developers as they grow increasingly desperate to boost sales. Huafa Tianfu, a developer in the eastern city of Hangzhou, has been offering up to a kilo of gold bullion to tempt people into buying its flats. According to local media reports, the amount of gold ranges from 700g of gold for an 89 sq metre flat, to just over 1kg for a 100 sq metre apartment. Property prices in the development…

Global oil demand on course for record as China’s economy rebounds

Global demand for oil this year is on track to rise to a record 101.9m barrels per day as China leads an economic surge among developing nations, the world’s leading energy body has forecast. The International Energy Agency’s predicted daily average for 2023 is 2m bpd higher than last year’s figure. The price of a barrel of oil rose from $85.62 (£68.44) to $86.10 on Friday morning after the IEA’s report was published. The agency warned that a recent decision by the world’s biggest oil exporters to cut their production…

UK energy bills to fall to about £2,200 from July as wholesale gas costs drop

Energy bills are expected to fall to about £2,200 from July in a fillip for the government and households struggling with ballooning costs. Leading energy consultancy Cornwall Insight has predicted that, excluding government subsidies, typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year. The forecasts are about £300 a year lower than its previous expectations because of the recent fall in wholesale gas costs. Nevertheless, bills are set to remain far…

Oil, yuan and stocks slide as China protests send ‘waves of unease across financial markets’ – business live

From 2h ago Introduction: Oil and stocks hit by China protests A currency trader at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. Photograph: Ahn Young-joon/AP Good morning and welcome to our rolling coverage of business, the financial markets and the world economy. Global stock markets are on edge as the protests intensify at major Chinese cities against the country’s stringent zero-Covid rules. Stocks have fallen across Asia-Pacific markets, while oil has dropped to a near 11-month low, as public demonstrations in cities…