Critics of corporate behaviour over the pandemic and Ukraine war say company profit and loss accounts tell their own story Business live – latest updates Large companies have exploited the pandemic and the Ukraine war to drive their profits higher, protecting dividend payments to shareholders. That is the accusation levelled at big businesses by unions and a growing number of academics and City economists, who believe the corporate data from 2019 onwards reveals systematic and excessive price increases that can fairly considered price-gouging or, more emotively, greedflation ..read more

Richer Sounds founder, former Selfridges chief, Riverford co-owner and others on whether the chain has the right strategy The owner of John Lewis and Waitrose is considering selling a stake in the business to raise up to £2bn for new investment, a move that would end full employee ownership after more than 100 years. The group, which slumped to an annual loss of £234m last year, wants money to shift into new areas including financial services and building flats to rent above some supermarkets ..read more

Despite outrage at the time, no staff have been reinstated, no law reforms initiated, and no sanctions started against directors or owners On a bright March morning a year ago, it took just a few hours for P&O Ferries to bring the careers of its seafaring crew to a shocking halt. Recalling the fleet to port, it summarily sacked 786 people, many by video message – with foreign agency staff lined up to take their place. Politicians were united in outrage; the then prime minister, Boris Johnson, said: “P&O plainly aren’t going to get away with it ..read more

Minimum of £11.40 an hour from July takes total investment in pay to more than £100m over 12 months Aldi has announced its fourth pay rise in just over a year with shop workers to get a minimum of £11.40 an hour from July. The 3.6% pay rise puts Aldi workers well ahead of the “national living wage”, which will rise to £10.42 next month, and the independently verified real living wage of £10.90 ..read more

Substantial portion of loss relate to finance costs, as figures underline concerns about private equity model The supermarket chain Morrisons slumped to a £1.5bn loss during its first full year in private-equity ownership, according to its latest results. The grocery retailer was bought by the US private equity firm Clayton, Dubilier & Rice (CD&R) for £7bn in October 2021 after an intense bidding war ..read more

Questions raised over viability after company says revenue for 2022 could plunge from reported $24m to $9m The British software company WANdisco has discovered “potentially fraudulent irregularities” in its sales and revenue, and has asked for its shares to be suspended from trading. In an unexpected trading update to the stock market on Thursday, WANdisco said bosses had uncovered “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee ..read more

Exclusive: Business group hires law firm to investigate alleged impropriety Tony Danker, the boss of the Confederation of British Industry, has stepped aside amid an investigation into complaints about his conduct. The decision to hire a law firm to investigate him comes after the Guardian approached the CBI last week about a formal complaint that was made in January, as well a number of alleged informal reports of concerns over his behaviour ..read more

Simon Thompson says monitors were used to pressure staff to work faster in breach of its policy Nils Pratley: Royal Mail makes its political headache worse The chief executive of Royal Mail has admitted digital tracking devices carried by postal workers were used to pressure them to work faster, blaming rogue managers for using the information in breach of the delivery company’s policy. Simon Thompson, who was hauled back in front of the business select committee after MPs felt he did not give “wholly correct” answers during his first appearance last month, maintained that information provid ..read more

Securities and Exchange Board of India probes fraud allegations from Hindenburg Research as conglomerate tries to weather storm The beleaguered conglomerate Adani Group is facing an investigation by Indian regulators into fraud allegations made by the US investor Hindenburg Research, as a brief reprieve in pressure on its shares gives way to more selling. The stock market rout has wiped more than US$125bn from the shares of Adani’s listed companies, representing well over half its total value, in the three weeks since it was accused of being laden with debt and engaging in a “brazen stock mani ..read more

Norway’s sovereign wealth fund threatens to vote against boards on firms it holds investments with over lax climate and social targets Norway’s sovereign wealth fund, the world’s single largest investor, has warned company directors it will vote against their re-election to the board if they do not up their game on tackling the climate crisis, human rights abuses and boardroom diversity. Carine Smith Ihenacho, the chief governance and compliance officer of Norges Bank Investment Management, which manages more than 13tn Norwegian kroner (£1tn) on behalf of the Norwegian people, said the fund wa ..read more