US Treasury secretary Janet Yellen has warned a failure to raise the US’s debt ceiling could have dire consequences. Without an agreement to increase what the federal government can borrow, it could run out of money by early June. At that point the federal government might not be able to make wage, welfare and other payments. “It’s Congress’s job to do this. If they fail to do it, we will have an economic and financial catastrophe that will be of our own making,” she said. In an interview with ABC News on Sunday Ms Yellen said debt ceiling negotiations should … Continue reading US treasury secretary warns of debt ceiling catastrophe

Former Mastercard boss Ajay Banga has been elected to lead the World Bank as it strives to help low-income countries overcome debt and combat climate change. Mr Banga, nominated by President Joe Biden for the post, is the first-ever Indian American to head the bank. He will replace David Malpass, who had sparked outcry by appearing to question the role of humans in climate change. He begins his five-year term on 2 June. Now a US citizen, Mr Banga started his career in his native India, where his father was an officer in the army. He worked at Nestle and … Continue reading President Joe Biden nominates Ajay Banga to head World Bank

Australia’s flagship airline Qantas has announced its Chief Financial Officer Vanessa Hudson will replace current CEO Alan Joyce. She will become Qantas’ first female boss when she takes over in November. The airline has suffered turbulence in recent times, with record losses during Covid-19 and a series of controversies damaging the brand. Ms Hudson, who joined Qantas in 1994, identified restoring the airline’s reputation as a priority. In a statement, she said her historic appointment was “an absolute honour”. “I have two young daughters… and I have always been a mother who has wanted to lead by example,” she told … Continue reading Qantas appoints first female CEO as Alan Joyce steps down

Disney has accused Florida Governor Ron DeSantis of organising a campaign of “government retaliation” in a lawsuit. The new legal action sharply escalates the battle between the entertainment giant and the Republican politician. The two sides have been fighting since Disney criticised a state law banning discussion of sexual orientation or gender identity in primary schools. The lawsuit came after state officials voided a development deal involving the firm’s Florida theme park. Disney said Mr DeSantis’ steps to assert control over its operations threatened its business and violated its constitutional rights. It asked the court to undo the moves. “Disney … Continue reading Disney sues Florida governor Ron DeSantis over intimidation

Japanese brewer Kirin has agreed to buy Australian vitamins maker Blackmores for A$1.88bn ($1.24bn). The move comes as Kirin expands into healthcare in the face of shrinking beer sales in its home country and increasing regulation of alcohol. “The acquisition of Blackmores is highly complementary to our existing Health Science business,” it said. The deal also gives Blackmores an exit as it has been struggling to recover sales since the pandemic. Before Covid-19, the Australian natural health firm benefited from the practice of “daigou”, in which Chinese consumers bought goods abroad to take back to China. “The Kirin Scheme represents an … Continue reading Japan brewer Kirin buys Australia vitamin giant Blackmores

British American Tobacco is to pay $635m plus interest to US authorities after a subsidiary admitted selling cigarettes to North Korea in violation of sanctions. The US authorities said the settlement related to BAT activity in North Korea between 2007 and 2017. BAT’s head Jack Bowles said “we deeply regret the misconduct”. The US has imposed severe sanctions on North Korea over its nuclear and ballistic missile activities. Tuesday’s settlement was between BAT and America’s Department of Justice (DOJ) and the Treasury Department’s Office of Foreign Assets Control. BAT is one of the world’s largest tobacco multinationals and one of … Continue reading British American Tobacco to pay $635m for North Korea sanctions breaches

Streaming giant Netflix says it will invest $2.5bn in South Korea over the next four years. The firm’s co-chief executive Ted Sarandos made the announcement after he met South Korea’s President Yoon Suk-yeol in Washington. Mr Yoon is currently on a state visit to the US where he is expected to meet President Joe Biden on Wednesday. Netflix has seen success with South Korean productions, including the hugely popular show Squid Game. Mr Sarandos said the money will be spent on making movies and television shows in Asia’s fourth largest economy. “We were able to make this decision because we … Continue reading Netflix to invest $2.5bn in new South Korea films and TV shows

The chief executive of NBCUniversal, Jeff Shell, has left the US media and entertainment giant over an “inappropriate relationship” he had with a woman at the company. The announcement comes after the firm conducted an investigation over a complaint about Mr Shell’s conduct. “I’m truly sorry I let my Comcast and NBCUniversal colleagues down,” he said in a statement. Parent company Comcast has not yet said who will be the new NBCUniversal boss. Comcast said in a statement on Sunday that after the investigation it had “mutually agreed that Mr Shell will depart effective immediately”. The investigation was led by outside … Continue reading NBCUniversal boss Jeff Shell quits after ‘inappropriate relationship’

UK-based carmaker Mini has responded to an internet uproar in China accusing it of racism at the Shanghai Auto Show. A video from the event appeared to show Mini staff offering ice cream to foreigners while refusing to give it to Chinese visitors. Mini China, which is owned by Germany’s BMW, said the workers were distributing the treats to company employees. However, it also said that it was “deeply sorry for the negative mood the incident brought on everyone”. In a statement posted on Chinese social media platform Weibo, Mini China said it had given out a total of 600 … Continue reading Car maker Mini face Chinese ice cream racism backlash at Shanghai Auto show

UK-based coffee and sandwich chain Pret A Manger is set to become the latest high-profile Western brand to launch an outlet in India. The firm will open its first shop in India’s financial hub Mumbai on Friday. Pret said last year that it was partnering with a unit of Reliance Industries, which is owned by India’s richest man Mukesh Ambani. It comes in the same week that US technology giant Apple launched its first two stores in the country. Pret’s chief executive Pano Christou said its offering in the country will reflect the company’s brand “while also adapting to local … Continue reading Pret A Manger to open first shop in India

US authorities have imposed a $300m penalty on tech firm Seagate for allegedly violating export controls of hard disk drives to China’s Huawei. Seagate Technology shipped more than $1.1bn worth of goods to Huawei after export controls were introduced in 2020, the Department of Commerce said. The penalty is the latest move by the US government to stop sales of sophisticated technology to China. US authorities have said such equipment may be used by China’s military. Seagate shipped 7.4 million drives to Huawei for about a year after the rule was imposed by the administration of former President Donald Trump, according … Continue reading US imposes $300m penalty over hard disk drive exports to Huawei

Absolut Vodka will stop exporting its products to Russia after a backlash in its home country, Sweden. The company initially halted the exports in March 2022 after Russia invaded Ukraine. But its parent company, Pernod Ricard, confirmed that some exports had resumed – which sparked fury. Pernod Ricard has now announced they have stopped Absolut Vodka exports again, in order to protect their staff and partners from criticism. It said it was exercising its “duty of care towards our employees and partners, we cannot expose them to massive criticism in all forms”. Last week, many top bars and restaurants in … Continue reading Absolut Vodka halts exports to Russia after backlash