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Category: 3. Business

  • North Somerset Council secures refund for faulty recycling bags

    North Somerset Council secures refund for faulty recycling bags

    A council has said that it has been given a refund by a company that supplied thousands of faulty household recycling bags.

    Residents in the North Somerset Council area were issued with red bags for their plastic and metal waste in March, following a successful trial in November 2024 that aimed to boost recycling.

    But there were complaints from residents as many of the bags were found to have faded in the sun and were “falling apart at the seams”.

    Councillor Annemieke Waite said the unnamed company had admitted responsibility for the issues. She added that the authority had reached a “very good agreement” with the supplier and the cost of the faulty bags would be refunded.

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  • FDIC Provides Update on IDI Resolution Planning for Large Banks

    FDIC Provides Update on IDI Resolution Planning for Large Banks

    Summary:

    The Federal Deposit Insurance Corporation (FDIC) is providing an update related to insured depository institution (IDI) resolution planning requirements (IDI Rule) for covered insured depository institutions (CIDIs), as the FDIC develops proposed amendments to the IDI Rule.

    Statement of Applicability: The contents of, and material referenced in, this FIL do not apply to FDIC-insured and/or FDIC-supervised institutions with less than $10 billion in total consolidated assets. The content of, and material referenced in, this FIL apply to FDIC-insured depository institutions with $50 billion or more in total assets. 

    Highlights:

    Proposed Changes to the IDI Rule

    • The FDIC plans to propose changes to the IDI Rule for FDIC Board consideration in 2026. At a minimum, the FDIC expects the forthcoming proposed rule to codify the content requirement exemptions and FAQs associated with the modified approach set out in April 2025.
    • The FDIC also intends to propose additional changes that take into account lessons learned from reviewing 2025 IDI Rule submissions to ensure that the information most critical to supporting the FDIC’s ability to execute a rapid, low-cost failed bank resolution under the FDI Act is available to the FDIC, while eliminating requirements that might distract from this objective or that otherwise provide relatively low value.
    • In advance of the proposed rule, the FDIC continues to evaluate the interplay between the Title I Rule, which requires certain bank holding companies to submit resolution plans to the FDIC and Federal Reserve Board, and the IDI Rule, and will consider adjustments to address overlap between these requirements.

    2026 Submission Requirements

    The FDIC intends to proceed with the following submissions in 2026:

    • CIDI subsidiaries of U.S. global systemically important banks (U.S. GSIBs) that are scheduled to file full resolution submissions on or before July 1, 2026 will instead be required to submit content equivalent to an interim supplement by that date.
    • The remaining Group A CIDIs will be required to file submissions as currently scheduled, subject to the FAQs and related communications regarding waivers of content requirements for this cycle. The FDIC also plans to provide additional waivers for valuation content that has not proven valuable during reviews of the 2025 submissions.
    • Group B CIDIs that are scheduled to file full resolution submissions on or before April 1, 2026 or July 1, 2026 will be required to file submissions as currently scheduled, subject to the FAQs and related communications regarding waivers of content requirements for this cycle. This approach aligns these filers with similar Group B CIDIs that filed full resolution submissions in 2025.
    • Group B CIDIs that are scheduled to file full resolution submissions on or before October 1, 2026, and any IDIs that become CIDIs prior to the issuance of a final rule, will not be required to file submissions until a final rule is issued. Similarly, Group B CIDIs required to file an interim supplement on or before October 1, 2026 will not be required to file such submissions.

    2026 Capabilities Testing

    • The FDIC will conduct capabilities testing in 2026 on CIDIs’ capabilities to populate certain information to the FDIC’s virtual data room (VDR). A bank’s capability to quickly populate a VDR so that potential bidders can perform due diligence is essential if there is a rapid failure.
    • Capabilities testing is expected to commence in early 2026 for CIDIs that filed full resolution submissions in 2025. For CIDIs filing full resolution submissions in 2026, testing is expected to begin in the months following the submission due date.
    • Advance notification and instructions will be provided to CIDIs approximately 30 days prior to the testing start date.
    • The FDIC expects to only conduct capabilities testing for the CIDI subsidiaries of the U.S. GSIBs through the Title I planning process.

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  • CEO greetings for New Years 2026 | Global

    CEO greetings for New Years 2026 | Global

    I would like to extend my sincere New Year’s greetings.

    While the global economy continues to be supported by investment in areas such as AI, a variety of uncertainties remain, and the outlook is still difficult to predict. Against this backdrop, the business environment surrounding us is changing at an unprecedented pace. In times of rapid change, Ricoh strongly recognizes the importance of building a solid and resilient business foundation. By steadily advancing our transformation into a digital services company and further enhancing our earnings capability, Ricoh will work to achieve sustainable growth.

    Through our Corporate Value Improvement Project, we have been working to reform our earnings structure and strengthen our business foundation. Building on the results we have accumulated to date, we will further accelerate our transformation. By continuously engaging sincerely with the challenges faced by society and our customers, we will continue to evolve together with our customers and work to create and deliver new value.

    At the same time, we will further advance and deepen our ESG management by responding to rising customer expectations in business engagements and contributing to the resolution of social issues through our business.

    In February this year, Ricoh will mark a major milestone—our 90th anniversary. Our 90-year journey has by no means been a smooth one. Even so, by carrying forward the spirit of challenge that has guided us since our founding, staying close to our customers’ work, and continuing to support its evolution, we have progressed to where we are today. This history has been built through the efforts of each employee, together with the support of our various stakeholders. Looking ahead, Ricoh will continue to move forward as one global group, evolving toward our next stage of growth.

    In 2026, the Ricoh Group will continue to clearly chart a path for transformation toward the future and contribute to the realization of “Fulfillment through Work” for our customers.

    I look forward to your continued support in the year ahead.

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  • Bottled water from Waitrose recalled over risk it contains glass

    Bottled water from Waitrose recalled over risk it contains glass

    A bottled water sold at Waitrose could contain glass and should be returned to the store, the Food Standards Agency (FSA) warned.

    The 750ml No1 Royal Deeside Mineral Water and the sparkling variety are being recalled “because of the possible presence of glass fragments upon opening the bottles,” which the FSA said “may cause injury and makes it unsafe to drink”.

    Waitrose apologised and said it was recalling “some” bottles as a precaution.

    The supermarket is asking customers not to use the bottles and to take them back to Waitrose or contact the company for a full refund.

    “If you have bought any of the above products do not drink it,” the FSA said in its recall notice.

    It added that the supermarket would be putting up notices in its shops warning customers.

    Deeside water is produced in Scotland from natural springs in the Cairngorms national park.

    The firm produces special batches for Waitrose, which are affected by the recall. Each bottle costs around £1.60p at Waitrose stores.

    It is not clear exactly how many bottles have been sold and what proportion of bottles are affected.

    The batch codes for the recalled mineral water are: NOV 2027 28, DEC 2027 01, DEC 2027 02, DEC 2027 10, DEC 2027 11 and DEC 2027 16, with best before dates of November and December 2027.

    The batch codes for the recalled sparkling water are: DEC 2027 01, DEC 2027 03, DEC 2027 12, DEC 2027 15 and DEC 2027 25, with a best before date of December 2027.

    The FSA advised people contact Waitrose Customer Care on 0800 188 884, choosing option 4.

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  • China’s supply chain digitalization reduces urban pollutants and carbon dioxide emissions locally

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  • Saudi Arabia’s digital economy sees expansion in GDP share

    Saudi Arabia’s digital economy sees expansion in GDP share

    The core digital economy contributed 2.7% to GDP, while the narrow digital economy accounted for 2.4%. The broad digital economy made up the largest portion, representing 10.9% of GDP.

    Survey findings showed that operating revenues in the information and communications technology (ICT) sector reached SAR249.8 billion in 2024. Wired and wireless telecommunications activities led the sector with revenues of SAR133.9 billion, followed by computer programming activities at SAR31.1 billion.

    Operating expenditures in the ICT sector totaled SAR122.2 billion, while employee compensation amounted to SAR29.2 billion. Wired and wireless telecommunications activities accounted for the highest share of employee compensation at SAR16.1 billion.

    In terms of foreign trade, imports of ICT goods rose from SAR54.9 billion in 2023 to SAR67.9 billion in 2024, marking a 23.5% increase. Communications equipment led imports, valued at SAR36.8 billion. Meanwhile, exports and re-exports of ICT goods surged to SAR25.8 billion in 2024, up from SAR11.8 billion the previous year, representing growth of 118%.

    Previously, Qazinform News Agency reported Saudi unemployment falls to 7.5% amid strong gains in female workforce participation. 

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  • KLM and Cabin Crew Unions Reach New Collective Labor Agreement for Cabin Staff

    KLM and Cabin Crew Unions Reach New Collective Labor Agreement for Cabin Staff

    Duration and Salary Arrangements
    The CLA will be effective for two years, retroactively from March 1, 2025, through February 28, 2027. Employees will receive a total salary increase of 3.25%: 1% on December 1, 2025; 1.25% on July 1, 2026; and 1% on January 1, 2027. In addition, all cabin crew members will receive a one-time net payment of €750 in January 2026 (based on full-time employment).

    Other Agreements
    In addition to salary development, agreements have been made regarding work schedules, allowances, and sustainable employability. The 80-90-100 scheme will be extended, a new temporary early retirement (RVU) arrangement has been agreed, and a return policy is in place for those transferring to a ground position.

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  • Vestas signs orders for a total of 183 MW with a single customer in Southern Europe

    Vestas signs orders for a total of 183 MW with a single customer in Southern Europe

    Press Release:

    News release from Vestas Mediterranean
    Madrid, 31 December 2025

    Vestas is proud to announce the following orders as part of our Q4 order intake:

    Country Region Customer Projects name MW Turbine variant Service agreement Delivery & commissioning
    Italy EMEA Undisclosed Undisclosed 52 8 x V162-6.5 MW 10-yearAOM 5000 Service Agreement Turbine delivery is expected by 2026
    Spain EMEA Undisclosed Undisclosed 36 5 x V162-7.2 MW 10-yearAOM 5000 Service Agreement Turbine delivery and commissioning are expected by 2027
    Spain EMEA Undisclosed Undisclosed 19 3 x V162-6.5 MW 10-yearAOM 5000 Service Agreement Turbine delivery and commissioning are expected by 2027
    Portugal EMEA Undisclosed Undisclosed 32 5 x V162-6.5 MW 10-yearAOM 5000 Service Agreement Turbine delivery and commissioning are expected by 2027
    Portugal EMEA Undisclosed Undisclosed 18 4 x V136-4.5 MW 10-yearAOM 5000 Service Agreement Turbine delivery is expected by 2026 and commissioning by 2027
    France EMEA Undisclosed Undisclosed 25 4 x V117-4.2 MW, 2 x V136-4.2 MW 10-yearAOM 5000 Service Agreement Turbine delivery is expected 2026 and commissioning by 2027

    For more information, please contact:
    Paula Canto González
    Marketing and Communications Specialist
    Vestas Mediterranean
    Email: pacgn@vestas.com

    About Vestas
    Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 190 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 157 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 35,000 employees are bringing the world sustainable energy solutions to power a bright future.

    For updated Vestas photographs and videos, please visit our media images page on: https://www.vestas.com/en/media/images

    We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

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  • Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill

    IR-2025-129, Dec. 31, 2025

    WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.

    The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use. This new tax benefit applies to both taxpayers who take the standard deduction and those who itemize deductions.

    Who can take a deduction for interest on car loans

    To help taxpayers take advantage of this new tax benefit, today’s guidance addresses important eligibility criteria, including:

    • Providing rules relating to new vehicles eligible for the deduction, including for determining if the final assembly of a vehicle occurred in the United States;
    • Providing rules for determining which vehicle loans qualify and the amount of interest paid on a loan that may be deductible;
    • Providing rules for determining if a new vehicle is purchased for personal use; and
    • Identifying taxpayers who can take the deduction and clarifying the $10,000 annual deduction limit.

    What lenders need to know

    The IRS previously announced transition guidance for certain lenders and other taxpayers receiving interest for vehicle loans in 2025. In general, those persons must file information returns with the IRS to report interest received during the tax year and other information related to the loan. These information returns enable taxpayers to claim the benefits of the vehicle loan interest deduction. To help lenders implement these information reporting requirements, the proposed regulations clarify:

    • Which lenders and other interest recipients are required to report and the time and manner for this reporting; and
    • What information must be included on the form provided to the IRS and to taxpayers.

    More information

    Treasury and IRS invite comments from the public on these proposed regulations by Feb. 2, 2026. Comments can be submitted through Regulations.gov and instructions can be found in the proposed regulations.

    For more information, see One, Big, Beautiful Bill provisions on IRS.gov.

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  • Court Approves Order Requiring Disney to Pay $10 Million to Settle FTC Allegations the Firm Enabled the Unlawful Collection of Children’s Personal Data

    Court Approves Order Requiring Disney to Pay $10 Million to Settle FTC Allegations the Firm Enabled the Unlawful Collection of Children’s Personal Data

    A federal judge has approved an order requiring Disney to pay $10 million to settle Federal Trade Commission allegations that the company allowed personal data to be collected from children who viewed kid-directed videos on YouTube without notifying parents or obtaining their consent as required by the Children’s Online Privacy Protection Rule (COPPA Rule).

    A complaint, filed in September by the Department of Justice upon notification and referral from the FTC, alleged that Disney Worldwide Services, Inc. and Disney Entertainment Operations LLC (Disney) violated the COPPA Rule by failing to properly label some videos that it uploaded to YouTube as “Made for Kids” (MFK). The complaint alleged that by mislabeling these videos, Disney allowed for the collection, through YouTube, of personal data from children under 13 who viewed child-directed videos and use of that data for targeted advertising to children.

    Under the settlement order finalized by a federal judge last week, Disney is required to:

    • Pay a $10 million civil penalty for violating the COPPA Rule;
    • Comply with the COPPA Rule, including by notifying parents before collecting personal information from children under 13 and obtaining verifiable parental consent for collection and use of that data; and
    • Establish and implement a program to review whether videos posted to YouTube should be designated as MFK—unless YouTube implements age assurance technologies that can determine the age, age range, or age category of all YouTube users or no longer allows content creators to label videos as MFK. This forward-looking provision reflects and anticipates the growing use of age assurance technologies to protect kids online.

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