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Kremlin aims to fire warning shot against EU's plan to use €90bn of frozen funds to give loan to UkraineBusiness live – latest updatesRussia's central bank has said it is seeking $230bn (£170bn) in damages from Euroclear, as the Kremlin fired a warning shot against the use of Russian frozen assets to aid Ukraine.The Russian central bank said on Monday that it was claiming 18 trillion roubles, according to local state media reports about the case launched last week. Continue reading......

Andrew Yang's revived pitch suits the automation debate, but UBI can't fix inequalities concentrated tech wealth drivesUniversal basic income (UBI) is back, like a space zombie in a sci-fi movie, resurrected from policy oblivion, hungry for policymakers' attention: brains!Andrew Yang, whose “Yang Gang” enthusiasm briefly shook up the Democratic presidential nomination in 2020 promoting a “Freedom Dividend” to save workers from automation – $1,000 a month for every American adult – is again the main carrier of the bug: offering UBI to save the nation when robots eat all our jobs. Continue reading......

The decision means TikTok now operates under the threat that it could be forced offline with a stroke of Trump's penJudicial opinions allowing the government to suppress speech in the name of national security rarely stand the test of time. But time has been unusually unkind to the US supreme court decision that upheld the law banning TikTok, the short-form video platform. The court issued its ruling less than a year ago, but it is already obvious that the deference the court gave to the government's national security arguments was spectacularly misplaced. The principal effect of the court's ruling has been to give our own government enormous power over the policies of a speech platform used by tens of millions of Americans every day – a result that is an affront to the first amendment and a national security risk in its own right.Congress passed the TikTok ban in 2023 citing concerns that the Chinese government might be able to access information about TikTok's American users or covertly manipulate...

US-listed company, whose profits have been in decline since the pandemic, will be taken over by PiceaBusiness live – latest updatesThe US company behind the Roomba robot vacuum cleaner has filed for bankruptcy protection and agreed to be taken over by one of its Chinese suppliers.iRobot, which is best known for debuting the Roomba vacuum cleaner in the early 2000s, will be taken over by a subsidiary of its main supplier, Picea Robotics. Continue reading......

Rolling coverage of the latest economic and financial newsAverage mortgage for UK first-time buyer hits record high of £210,800Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.With the year almost over, thoughts are lightly turning to what might happen in 2026.“Looking ahead, we expect housing market activity to strengthen a little further as affordability improves gradually (as it has been in recent quarters) via income growth outpacing house price growth and a further modest decline in interest rates.We expect annual house price growth to remain broadly in the 2 to 4% range next year.“The changes to property taxes announced in the Budget are unlikely to have a significant impact on the market. The high value council tax surcharge is not being introduced until April 2028 and will apply to less than 1% of properties in England and around 3% in London.The increase in taxes on income from properties may dampen buy-to-let activity further and hol...

Party would also abolish zero-emission vehicle mandate, cutting legal requirement on carmakers to sell EVsThe Conservatives have announced proposals to end the 2030 ban on new petrol and diesel cars and cut the legal requirement on car manufacturers to sell electric vehicles.A Conservative government would abolish the zero-emission vehicle (ZEV) mandate, ending the legal requirement for manufacturers to sell a fixed rising percentage of zero-emission vehicles each year – 80% of new cars and 70% of new vans by 2030, increasing to 100% by 2035. It would also completely end the 2030 ban on new petrol and diesel cars. Continue reading......

The coming tech boom is about to launch a boom in people who do things with their hands and mindsWhen I was in college and didn't know what to do with my life, my dad offered this career advice: be a certified public accountant. Why?“Because,” he said. “People will always need their taxes done. They'll always need financial advice. With a CPA license, you can always hang out a shingle and put food on the table.” Continue reading......

Resolution Foundation report comes in week when data is expected to show October unemployment riseYoung people are bearing the brunt of Britain's jobs downturn, according to a report, before official figures this week that are expected to show the UK unemployment rate rising to 5.1%.The Resolution Foundation thinktank said a “jobs deficit” was pushing a growing number of graduates and non-graduates into unemployment as employers reduced hiring. Continue reading......

Japanese green tea named stain of the year as survey finds Aperol spritz and bubble tea are also leaving their markIt used to be curry sauce, egg yolk and red wine that ruined Britain's clothes but in a sign of the times laundry detergents are being reformulated to tackle stains left by matcha lattes, Aperol spritz and bubble tea.In a month when year-end gongs are dished out, from BBC Sports Personality to Pantone's Colour of 2026 (a white called “cloud dancer”), matcha has received the dubious accolade “stain of the year”.Matcha (39%).Aperol/Cocktails (38%).Lipstick/bronzer (37).Protein shakes/sports drinks (35%).Bubble tea (35%).Nail polish (35%).Sriracha/hot sauces (34%).Deodorant (33%).Makeup/foundation (32%). Continue reading......

Rachel Reeves wants to protect consumers by bringing digital money and assets into the 'regulatory perimeter'Cryptocurrencies will be regulated in a similar way to other financial products under legislation coming into force in 2027.The Treasury is drawing up rules that will require crypto companies to meet a set of standards overseen by the Financial Conduct Authority (FCA). Continue reading......

People able to buy homes previously beyond budget, aided by rising wages and looser affordability testsFirst-time buyers are taking out larger mortgages than ever before as rising wages and looser affordability tests allow them to buy properties that were previously beyond their budget.The average first-time buyer borrowed £210,800 in the year to September, a record high, according to analysis by Savills, the property agent. Continue reading......

Australia is showing what is possible by not succumbing to the pressures of big tech. The UK needs to follow its lead, says Daniel Kebede Lisa Nandy's suggestion that an Australian-style restriction on social media for under-16s would lead to prosecuting children is a distraction (Young people have faced 'violent indifference' for decades, Lisa Nandy says, 9 December). No one is calling for teenagers to be criminalised for using platforms designed to keep them hooked. The responsibility lies squarely with the tech companies that profit from exposing children to harm. Why does the government still allow systems that erode childhood for commercial gain?Teachers and parents witness the fallout daily: pupils too anxious and distracted to learn, children awake into the night because notifications demand constant attention, bullying that never ends, and content that pushes young people to extremes. This is not poor parenting or teaching – it is caused by the exploitative business models at the core of thes...

Details of financing structure to be reviewed by culture secretary and regulators before deal can proceedThe owner of the Daily Mail has secured funding for a £500m takeover of the Telegraph, in a crucial development that paves the way for the group to announce the terms of its acquisition on Monday.Lord Rothermere's Daily Mail and General Trust (DMGT) has agreed to pay the sum in two instalments, according to weekend reports. An initial payment of £400m will be funded by an increase in the group's debt with its longstanding lender NatWest and existing company cash. Continue reading......

Her delivery might be stilted – but Truss' new YouTube show has grand ambitions: a 'Trump revolution' in Britain with the help of an influential US conservative ecosystemLiz Truss, Britain's shortest-serving prime minister, began the first edition of her YouTube show with a vow to unmask “the evil-doers” attempting to bring down Britain, the US and Europe. She would, she explained, reveal how an “international network of leftists work to subvert democracy and the will of the people”.Despite her bleak monologue, Truss pointed to hope from across the Atlantic. “We're going to look at the Trump revolution and see how this can be achieved in Britain,” she said. “We'll be talking to the leading lights of the Maga movement.” Continue reading......

Investment Association, influential group of shareholders, urges pay committees to avoid 'benchmarking'The UK's largest listed companies have been warned against using “boilerplate” arguments to justify big executive pay increases by an influential group of shareholders.The Investment Association (IA) – whose members manage £10tn of assets – has told pay committees to avoid “benchmarking”: where companies argue higher pay is needed in order to match rivals and avoid bosses jumping ship for larger salaries and bonuses elsewhere. Continue reading......

With cheap drinks and friendly locals, Jimmy's Corner is a New York institution. But a real-estate developer has ordered its closure – can it survive?Founded by Jimmy Glenn, a former boxer turned trainer, in 1971, Jimmy's Corner has stood, defiantly unchanged, as Times Square has boomed around it.The neighborhood bar, a New York City institution which attracts locals and tourists alike, has had the same pictures on the walls for decades – some of the bar's regulars have been coming almost as long – kept the same furniture, and maintained remarkably low pricing. In a perhaps unintentional nod to its history, there is also several years' accumulation of dust in some areas. Continue reading......

As LA's mayor touted a developer's model home, residents of Altadena and Pacific Palisades wrangle for insurance payoutsNearly a year after a mammoth wildfire tore through Pacific Palisades, leveling 7,000 structures and leaving many displaced, some residents watched as the mayor of Los Angeles hailed a “major milestone” in the effort to recover.A new home had been built, the first since the firestorms that killed at least 12 people in the Pacific Palisades and 19 people in Altadena, and the Los Angeles department of building and safety had issued a certificate saying it had passed inspection and was ready for people to move in. Continue reading......

For years it's been predicted that the market for male 'support garments' will take off … but it hasn't quite happened. Now M&S is trying againThere is a moment – just seconds into getting dressed – when I think I might panic. The hem of my stretchy top has got rolled up round my ribs before my head has popped out of the neck hole, and with my hands still stuck in the sleeves, I cannot reach round to pull it down. I wriggle helplessly for a minute, but the situation doesn't improve; the band of rolled-up fabric is taut across my chest, immovable. That's when I feel the first tingle of rising alarm – so familiar from early childhood – that comes of being trapped in your clothes.I am trying, for the first time, to put on an item of shapewear for men – an ordinary-looking, highly elasticated long-sleeved workout top that will, I hope, give me the instant slim profile of someone who goes to the gym regularly, instead of not since the pandemic started. Continue reading......

Black and brown former employees from CBS, NBC and Teen Vogue talk about the effects of being let goTrey Sherman was traveling to work on the New York subway when he received an email from David Reiter, a CBS News executive, about an imminent meeting on 29 October. Sherman, an associate producer of CBS Evening News Plus at the time, suspected that he would be laid off. CBS News's parent company, Paramount, had closed a merger with the Hollywood studio Skydance in August, and planned to slash more than 2,000 jobs as part of corporate restructuring.Sherman, who is Black, and Reiter, who is white, had an amicable conversation, according to Sherman. Reiter told Sherman that he was being laid off because his show was being eliminated, Sherman said, and that Reiter was unable to assign the team to other positions. Sherman accepted the news and the two men wished each other good luck. Continue reading......

Mary-Ann Stephenson says official guidance will not usher in 'toilet police' in businesses and public places UK politics live – latest updates“Nobody is expecting a toilet police” but people should follow the rules when guidance is finally issued on single-sex spaces, the chair of the equalities watchdog has said.Mary-Ann Stephenson said that “generally speaking, we expect people to follow the rules and make sure that there is adequate provision”. Continue reading......