22nd August 2022
Bite-sized business news from the UK and beyond
Good morning Last week a chain of coffee shops in Russia formerly owned by Starbucks was reopened the latest major company rebranding after a months-long Western corporate exodus from the country. Stars Coffee not only resembles the name of the US coffee giant, but the logo is also very similar.
How is this allowed to happen? Russia is the Wild West for intellectual property right now. The Russian government said businesses can use patents held by owners from countries deemed “unfriendly” (i.e., the US) without paying. And savvy Russian entrepreneurs have also started applying for trademarks like Coca-Cola, Mercedes Benz and Pampers to produce their own versions.
- Cineworld on the brink of bankruptcy
- Workers at UK’s biggest port begin strike
Cineworld on the brink of bankruptcy
Other stories to keep you in the loop
- Retail sales rise despite cost of living crisis
- Plans to cut energy bills if peak-time use avoided
- Energy price cap could pass £6,000 for first time in new forecast
- Consumer confidence hits rock bottom amid 'acute concerns' about cost of living
- Twitter staff are warned upcoming bonuses will be half what they expected
- Matalan founder faces fresh tussle with lenders over chain's future
Workers at UK’s biggest port begin strike
Yesterday almost 2,000 workers at the UK’s biggest container port in Felixstowe began an eight-day strike in their first industrial action since 1989.
What’s the dispute about?
Pay. Bosses offered employees a 7% wage increase plus a single payment of £500 but this was rejected with unions arguing it needed to be at least 10%, to match the current rate of inflation.
Half of Britain’s container trade comes into Felixstowe
Electronics, furniture and frozen food are just some of the goods that come through the port. It handles around 4m containers a year from 2,000 ships. Officials said that they expect significant delays to deliveries which will impact supply chains.
This is just the latest example of industrial action by workers demanding a decent wage
In the past few months workers in several industries including rail, airline and law have walked out over pay. Pressure is mounting on the incoming prime minister to do more to help with the cost of living. But so far the two candidates, Liz Truss and Rishi Sunak, haven’t given much detail of what they would do.
With inflation set to rise to again to 13% this autumn and government support to be determined, it’s likely there’ll be more workers taking to the picket lines demanding higher pay.
Stat of the day
The English Premier League expects to make £6bn in revenue this season (way more than other leagues) thanks to lucrative international TV deals
Interesting links from around the web
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