Saturday, October 23

Business

German parties kick off exploratory coalition talks
Business

German parties kick off exploratory coalition talks

Receive free German election updatesWe’ll send you a myFT Daily Digest email rounding up the latest German election news every morning. Germany’s leading political parties launched competing rounds of exploratory coalition talks on Sunday, aimed at winning over potential political partners to form the next government as Chancellor Angela Merkel’s 16-years at the helm draw to a close.Both the Social Democrats, who won the largest vote share in last week’s closely contested election, with about 25.7 per cent of the ballots cast, and Merkel’s Christian Democrats, who suffered their worst election result with 24.1 per cent, aim to woo the third- and fourth-place parties — the Greens, with 14.8 per cent of the vote, and the pro-business Free Democrats (FDP), with 11.5 per cent.The fact...
Business

Boris Johnson: petrol crisis and pig cull part of necessary post-Brexit transition | Supply chain crisis

Queues for petrol and mass culls of pigs at farms because of a lack of abattoir workers are part of a necessary transition for Britain to emerge from a broken economic model based on low wages, Boris Johnson has argued.His comments, on the first day of the Conservative conference, came as Liz Truss, the foreign secretary, insisted it was the role of business, not ministers, to sort out such problems.“I don’t believe in a command-and-control economy, so I don’t believe the prime minister is responsible for what’s in the shops,” Truss told a conference fringe event. “This is why we have a free enterprise economy.”Speaking earlier, in a pre-conference TV interview, Johnson acknowledged that disruption to some supplies could continue until Christmas, but said the only short-term solution wa...
5 Penny Stocks To Watch This Week With Potential Biotech Catalysts
Business

5 Penny Stocks To Watch This Week With Potential Biotech Catalysts

The last few weeks have started the same, and that’s with a list of penny stocks with potential catalysts. One of the exciting things about specific industries like biotech is that companies tend to pre-announce a date that news will come out in the future. Whether it’s something like a Prescription Drug User Fee Act (PDUFA) date with the FDA or new data readouts, there are many things to monitor. In most cases, biotech companies will give the public the timing of things like these. PennyStocks.com - PennyStocks The important part is deciding if upcoming events are potential bullish or bearish catalysts. As I’m sure many of you already know, biotech is a fickle area of the market. Companies can come out with positive data, but if ...
Bernard Tapie, French businessman, 1943-2021
Business

Bernard Tapie, French businessman, 1943-2021

Receive free Bernard Tapie updatesWe’ll send you a myFT Daily Digest email rounding up the latest Bernard Tapie news every morning. Bernard Tapie, the French businessman who rose from nothing to scale the heights of power in politics and sports despite being dogged by scandal, has died of cancer aged 78. With a gift for self-promotion and not a little charm, Tapie became a symbol of les années fric (the money years) in 1980s Socialist-led France as he made a fortune buying bankrupt companies in industries from batteries to weighing scales. But Tapie was never a dull chief executive in a suit, and he stood out in the often conservative French business elite. With his trademark mane of wavy hair and a deep tan, he seemed to live multiple lives — all of them colourful — earning vast ...
Business

Fuel crisis and supply shortages are a product of the UK’s economic model | Larry Elliott

It all seems to have happened so fast. Only a few months ago, the government was congratulating itself for the speed at which Britain was emerging from the pandemic. But as the nights have lengthened, there have been empty shelves at supermarkets, spiralling energy prices and queues snaking back from petrol stations.If there is a general sense of bemusement at all this, then there really shouldn’t be. This is what happens when just-in-time production methods collide with just-in-time government and turn a problem into a crisis.Lessons have clearly not been learned from the financial crisis of 2008. Then, it was just-in-time banking that had its fundamental weakness exposed; namely that institutions had insufficient reserves of capital to absorb losses. Now a similar problem has affected...
BioNTech chief predicts need for updated Covid vaccines next year
Business

BioNTech chief predicts need for updated Covid vaccines next year

Receive free BioNTech updatesWe’ll send you a myFT Daily Digest email rounding up the latest BioNTech news every morning. The chief executive of the biotech behind the first Covid-19 vaccine has said a new formulation is likely to be needed by the middle of next year to protect against the virus as it mutates. Ugur Sahin, chief executive of BioNTech, told the Financial Times that as time passes, mutations will emerge that can evade the body’s immune defences. “This year [a different vaccine] is completely unneeded. But by mid next year, it could be a different situation,” he predicted.A partnership between the German biotech and US pharmaceutical company Pfizer brought the first Covid-19 vaccine to market. It was also the first vaccine based on mRNA technology to win regulatory ap...
Business

How fraudsters can use the forgotten details of your online life to reel you in | Scams

I’m sitting in a meeting room in Cambridge when a photo of a cat in a jigsaw box appears on the whiteboard. “Is this your cat?” asks anti-fraud expert Steve Goddard. I nod. “Is he called Chester?” I nod again.And so begins a whistlestop tour of my life online. My delight at seeing my cat’s sit-down protest against my puzzle addiction slowly turns to unease about the overall picture that Goddard, who works for a company called Featurespace that detects and prevents scams, has been piecing together.In the next five minutes I discover that details of my school lunchtime activities are available if you know where to look, that I take far more photos of flowers than I had realised, and that I have offered scammers enough information for them to have a chance of reeling me in.These snippets a...
Money isn’t everything in the Great Re-evaluation
Business

Money isn’t everything in the Great Re-evaluation

Receive free Management updatesWe’ll send you a myFT Daily Digest email rounding up the latest Management news every morning.A meeting with a group of manufacturing company executives cannot be guaranteed to surprise, but I recently found myself in a gathering that did exactly that.The managers came from a mix of businesses. Some made cars, one made fertiliser, others produced steel or glass or perfume.All present were troubled by the Covid-related shortages that have struck supplies of everything from computer chips to Ikea mattresses. The lack of workers in what has been called the Great Resignation was also vexing. More striking though, was what was said about the prospective shortage of employees, especially younger ones, once the pandemic ends.“We need to revolutionise the way we m...
Business

Sunak threatened by new winter of discontent after UK recovery fizzles out | Larry Elliott

Rising prices, queues at the petrol pumps and a flatlining economy provide a sobering backdrop to Rishi Sunak’s speech at the Conservative party conference in Manchester on Monday .The outlook was more promising only three months ago when the UK was recovering quickly from the lockdown restrictions imposed at the start of the year. Sunak could then point to a growing economy and record job vacancies as justification to wind up a furlough scheme that staved off mass unemployment during the pandemic. But as activity has slowed, that decision has come under scrutiny.Boris Johnson’s 41-year-old chancellor was not born when Ted Heath’s government was knocked off course by the oil shock of 1973 or when Jim Callaghan faced the winter of discontent of 1978-79, but he will be alive to talk that ...
Kishida will need to defy the odds of Japanese political longevity
Business

Kishida will need to defy the odds of Japanese political longevity

Receive free Fumio Kishida updatesWe’ll send you a myFT Daily Digest email rounding up the latest Fumio Kishida news every morning. Over the past few days, various Tokyo friends have described — or acted on — a sudden craving for okonomiyaki. In particular, they want the Hiroshima-style version of the savoury pancake, which has a workaday base of noodles, a humble egg coronet and gargantuan social media fame after Yuko Kishida made one for dinner last Wednesday.She did so in the hours that followed her husband, Fumio, winning the leadership race of the ruling Liberal Democratic party. That means he will succeed Yoshihide Suga as prime minister of Japan: a country where ordinary people enjoy one of the world’s highest life expectancies, but prime ministers last a postwar average of...