TAX

Antofagasta warns Chile tax rise may undermine new investment

The head of miner Antofagasta said it would review copper projects in Chile, the world’s biggest producer of the metal, if plans to increase taxes and royalties were approved. The FTSE 100 chief executive said the proposed changes by the government would take taxation to levels that would make investment a challenge. Chile produces an average 5.6 million tonnes of copper annually but has the potential to mine 7-8 million tonnes if new projects are given approval. Antofagasta said it had the resources to increase its production up to 900,000 tonnes by 2026, from about 650,000 tonnes in 2022. In the six months to June, Antofagasta reported a more than 60% drop in profits as it battled volatile commodity markets, cost pressures and drought that hit its flagship mine. (Financial Times)*

CORPORATE REPUTATION

TikTok employees expose ‘kill list’ aimed at forcing out London staff

Social media company TikTok has created what staff described as a “kill list” of colleagues that the company wanted to force out of its London office, in moves some employees describe as creating a working culture of fear. Several workers in the ecommerce department in London, among others in newly appointed positions, were identified on the list as people who management said they would fire or terminate the contracts of. Employees said they felt management created a hostile work environment to encourage named staff to resign, with those fired claiming management regularly singled them out. TikTok released a statement stating that it was unable to find any list that matched this description and that the any such list would not be in accordance with the company’s policies. (Financial Times)*

LAWSUITS

Hino, Toyota accused of historic misconduct in US class action

Japanese vehicle maker Hino Motors and its parent, Toyota, have been accused of historical misconduct in a class action lawsuit brought in the US. The case has been filed on behalf of those who bought or leased 2004-2021 model year Hino trucks in the US. The complaint does not say how much the plaintiffs seek to recover but mentioned that the aggregate amount concerned exceeded a threshold of $5 million for the court to have jurisdiction. An investigation in August 2022 by a company-commissioned panel found that Hino had falsified emissions data on some engines dating back to at least 2003. Hino blamed an inward-looking corporate culture and management failure to engage sufficiently with workers that led to an environment that put greater priority on achieving schedules than following processes. (Reuters)

EMPLOYEES

UK faces the biggest fall in real wages in 100 years, warns TUC

New analysis has found that pay rises in the UK could fall behind inflation by almost 8% later in 2022, marking the biggest fall in real wages for 100 years. The Trades Union Congress (TUC) said a prediction by the Bank of England that inflation would jump to 13% in the fourth quarter of 2022 at a time when wages were expected to increase by just 5.25% meant living standards would fall by an unprecedented 7.75%. The figure was calculated by looking at the impact of inflation on workers’ living standards using the latest Bank forecasts. The TUC said workers had not suffered such a severe and prolonged decline in wages relative to inflation since the 1920s. The Bank refreshed its inflation forecasts after experts said the price cap would increase in October. (The Guardian)

STRATEGY

Tesco and Renault launch fully electric deliveries to city-centre stores

UK supermarket Tesco has this week debuted a new zero-emissions electric lorry to make deliveries from its distribution centres to stores in city centres. The retailer said its vehicle could replace 30,000 diesel-fuelled road miles with clean energy annually through the initiative. Tesco said the electric lorry, which has been made by Renault Trucks is the first of its kind. It is now delivering to more than 400 stores in Greater London, with further electric lorries set to enter service in the coming months. The electric lorry has a range of up to 130 miles and can carry the same payload as the diesel truck it replaces. Tesco has installed dedicated electric charge points at its distribution centres to power the new trucks. (Business Green)*

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