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Generator’s shares rise as regulator finds no evidence of misleading statements about fuel’s sustainability
The City watchdog has closed an investigation into the power generator Drax after an almost 10-month review into the sourcing of wood pellets for its biomass station.
The Financial Conduct Authority said it had “reviewed thousands of pages” but that it “did not find evidence that justified any further action”.
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© Photograph: Christopher Furlong/Getty Images
© Photograph: Christopher Furlong/Getty Images
© Photograph: Christopher Furlong/Getty Images
The Office for National Statistics said vacancies tumbled by 19,000 to 707,000 in the three months to May
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Exclusive: Ex-minister accuses Labour of ‘overcautiousness’ and says his proposal was cut from manifesto
Wes Streeting has said his plan to ban “private equity sharks” from the social care sector was removed from the Labour manifesto, as he accused the government of “overcautiousness” in reforming the industry.
In a Fabian Society report on how to create a national care service, Streeting said overhauling social care was “one of the defining challenges of our age” but an “absence of good political leadership” was holding back change.
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© Photograph: Jack Taylor/Getty Images for SXSW London
© Photograph: Jack Taylor/Getty Images for SXSW London
© Photograph: Jack Taylor/Getty Images for SXSW London
UK’s biggest retailer reports better figures than expected by City analysts and is cheered by strong online sales
Tesco’s UK sales growth has more than halved as it said the conflict in the Middle East had created “ongoing uncertainty for many households”.
The UK’s biggest retailer said comparable sales rose 1.8% to £13.4bn in the three months to the end of May, below both the 4.2% reported in the previous quarter and the 2.3% growth City analysts had expected.
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© Photograph: Gary Calton/The Observer
© Photograph: Gary Calton/The Observer
© Photograph: Gary Calton/The Observer
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Drop will put pressure on Bank of England to raise interest rates despite peace deal in Iran war
Unemployment fell and wages increased in April, official figures showed, putting pressure on the Bank of England to raise interest rates despite a peace deal in the Middle East.
The latest figures from the Office for National Statistics (ONS) showed unemployment slipped to 4.9% in the three months to April from 5% in the three months to March.
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© Photograph: Bloomberg/Getty
© Photograph: Bloomberg/Getty
© Photograph: Bloomberg/Getty
Sellers of luxury villas have wiped tens of millions of pounds off asking prices, with sales down 19% in May from the previous month
Property sales in Dubai have fallen “off a cliff”, a leading market watcher has said, after war in the Middle East forced a dramatic slowdown in one of the world’s most expensive real estate markets.
Sales in the city dropped 19% in May compared with the previous month, accelerating from a 4% drop in April, the researcher ValuStrat found.
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© Photograph: Fadel Senna/AFP/Getty Images
© Photograph: Fadel Senna/AFP/Getty Images
© Photograph: Fadel Senna/AFP/Getty Images
The Ecumenical Patriarchate has signed an agreement with Turkish and Greek investment companies for the redevelopment of the historic Prinkipo Greek Orphanage on the island of Prinkipo (Buyukada), paving the way for the restoration and conversion of the landmark building into a high-end hotel.
The agreement was signed on June 15 by Ecumenical Patriarch Bartholomew and Serdar Bilgili, Chairman of Bilgili Holding, a leading Turkish real estate investment company, in the presence of Costantza Sbokou-Konstantakopoulou, representing ENSOFI Holding, a Greek company active in sustainable tourism development and real estate investments.
According to an announcement issued by the Ecumenical Patriarchate, the agreement concerns the management and redevelopment of the historic property, which has remained unused and deteriorating for decades.
The signing ceremony took place at the Maraslios School in the Phanar. Among those present were Archbishop Makarios of Australia, Chairman of the Special Committee of the Ecumenical Patriarchate that studied and finalized the agreement.
The Prinkipo Greek Orphanage is one of the most significant historic properties associated with the Ecumenical Patriarchate. Constructed at the end of the nineteenth century as the intended “Prinkipo Palace” hotel, the building was never used for that purpose. In 1903, it was donated to the Patriarchate by the benefactress Eleni Zarifi and subsequently operated as an orphanage and residence for children until 1964, when it was closed by Turkish authorities.
For decades, the future of the massive wooden structure remained uncertain. In 2010, following an appeal by the Ecumenical Patriarchate, the European Court of Human Rights ruled in favor of the Patriarchate and recognized its ownership rights over the property after a lengthy legal dispute with the Turkish state.
That landmark decision enabled the Patriarchate to pursue options for preserving and restoring the historic building. However, efforts to restore it did not yield a solution because the cost of full restoration remained exceptionally high, and parts of the wooden edifice had already suffered severe collapses. According to the Patriarchate, the newly signed agreement represents the culmination of years of efforts to secure a sustainable future for the property while preserving its historical and cultural significance.
The Prinkipo Greek Orphanage is widely regarded as one of the largest wooden buildings in Europe and remains one of the most recognizable symbols of the historic Greek presence in Constantinople.
Related: Patriarch Bartholomew Meets President Erdogan on Halki Seminary Reopening
Asian stocks steady and oil prices dip as investors assess progress toward ending war in Middle East
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Exclusive: Economists find Brexit caused 12% depression in UK exports, most of which is due to leaving single market
Brexit has depressed UK exports to the EU by 12%, and rejoining the customs union would undo only a fraction of the damage, research shared with the Guardian shows.
With the UK’s future relationship with the bloc likely to feature prominently in a potential Labour leadership contest, the economists John Springford and Anton Spisak, of the Centre for European Reform, provide fresh evidence of the damage caused by exiting.
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© Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock
© Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock
© Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock
Supply problems pose risk to health, with common painkillers, epilepsy medication and HRT affected
Britons are facing some of the “most severe” shortages of NHS medicines on record including common painkillers, epilepsy drugs and HRT, health leaders have warned, even forcing some patients with impaired digestive systems to skip meals.
The National Pharmacy Association (NPA) has warned that medicine shortages pose a “serious risk to patient safety”.
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© Photograph: Matthew Horwood/Alamy
© Photograph: Matthew Horwood/Alamy
© Photograph: Matthew Horwood/Alamy
Startups and testamentary trusts to receive carve outs after criticism of Labor’s CGT changes
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All of Australia’s 2.7m small businesses will receive “generous” exemptions from capital gains tax, as Anthony Albanese flagged startups and testamentary trusts would be carved out of the government’s contentious tax reforms.
The concessions failed to appease business groups and the opposition, who demanded that Labor scrap the reforms altogether, while the Greens warned there was “still a way to go” before they agreed to back the legislation, which is before the Senate.
Small businesses with annual turnover of up to $10m will be eligible for existing CGT exemptions – which include an extra 50% discount – up from the current threshold of $2m.
The founders of “genuinely innovative” startups with very low or zero cost bases, alongside their early investors and employees paid with shares in the business, will be able to stick with the existing 50% flat CGT discount.
Testamentary trusts used to manage the income paid to beneficiaries from a deceased estate will be exempted from the proposed 30% minimum tax rate on discretionary trusts.
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© Photograph: Hollie Adams/Reuters
© Photograph: Hollie Adams/Reuters
© Photograph: Hollie Adams/Reuters
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