In numbers: How Nestle India will destroy 27,000 tonnes of Maggi

  Nestle India has begun the process to destroy Maggi noodles Nestle will destroy 400 million packets of its hugely popular Maggi noodles, following a ban imposed by India’s food safety regulator. The company says it will take at least 40 days to destroy all the noodles. India’s food safety regulator says tests have found Maggi “unsafe and hazardous” and ... Read More »

Uber dealt blow in California over ’employee’ driver

  An Uber driver in California has been deemed an employee, not a contractor, in a ruling that could mean higher costs for the app-based taxi service. The decision by the California Labor Commission means the driver must be awarded more than $4,000 (£2,544) of expenses for the period she worked. If applied more widely it could mean extra costs ... Read More »

Earlier end to subsidies for new UK onshore wind farms

  New onshore wind farms will be excluded from a subsidy scheme from 1 April 2016, a year earlier than expected. There will be a grace period for projects which already have planning permission, the Department of Energy and Climate Change said. But it is estimated that almost 3,000 wind turbines are awaiting planning permission and this announcement could jeopardise ... Read More »

Tata Starbucks says it’s pulling out rejected ingredients

The move comes six days after The Indian Express reported that products used by a number of top brands, including Tata Starbucks figured on a list of around 500 rejected products prepared by the national food safety regulator. TATA Starbucks announced on Monday that it was “suspending” the use of ingredients whose product approvals were rejected by the Food Safety ... Read More »

The Federal Reserve moves towards a rate rise this year

The US Federal Reserve is moving towards an interest rate rise later this year. It would be the first increase since the rate was cut to near zero during the 2008 financial crisis. However, the bank said conditions in the labour market and inflation did not yet warrant an increase. In a press conference the Fed chair Janet Yellen said ... Read More »

Greece debt deal still possible says Angela Merkel

German Chancellor Angela Merkel says she is “still convinced” that a Greek debt deal is possible. She said she thought Greece could reach an agreement with its creditors – the EU, the International Monetary Fund and the European Central Bank. Mrs Merkel also told the Bundestag that Germany was working hard to keep Greece in the euro, but said Athens ... Read More »

Vasundhara Raje writes to PM to raise re-finance loan rate to 50%

In view of crop damage due to unseasonal rain in the state in the months of February and March this year, Rajasthan government has written to the prime minister for increasing the rate on refinance loan provided to farmers by NABARD from 40 to 50%. In a letter written early this week, Chief Minister Vasundhara Raje said the rate of ... Read More »

Current account better than expected

New Zealand posted a larger-than-expected current account surplus in the first quarter helped by increased tourism and lower oil prices. The current account surplus was $NZ662 million ($A596.34 million) in the three months ended March 31, according to Statistics New Zealand. The annual deficit was $NZ8.6 billion, or 3.6 per cent of gross domestic product, the highest in two years. ... Read More »

Europe draws up Greek capital control plans as default is ‘all but a certainty’

21.20 Greece accuses Europe of plotting regime change as creditors draw up ultimatum That’s almost it from out live coverage tonight. A reminder of events as they played out: we started the morning with both the EU and Athens insisting they were waiting on the other side to break the deadlock over bail-out talks with pensions emerging as the sticky ... Read More »

Wrong-Again Turkish Current-Account Data Add to Investor Risks

As if Turkey’s inconclusive election result and decelerating economic growth weren’t bad enough, investors must now grapple with misleading official data. Almost every time the central bank has reported the current-account deficit in the past two years, it’s increased the figure in the following months. The corrections mean the shortfall that sent bonds rallying earlier this year was probably understated ... Read More »