P&O Ferries owner’s £1bn investment in UK will go ahead despite transport secretary calling for boycott of shipping firm
A £1bn investment in Britain by port operator DP World will go ahead as planned, after a frantic effort by ministers and diplomats to repair relations following a row with the Dubai-owned multinational that threatened to overshadow a crucial investment summit.
On Friday, Sky News revealed that the planned investment was under review and that DP World’s chairman, Sultan Ahmed bin Sulayem, had cancelled plans to attend the summit, following criticism by ministers of P&O Ferries, a subsidiary company.
On Wednesday, Transport Secretary Louise Haigh described P&O Ferries, which summarily sacked 800 seafarers in March 2022, as a “rogue operator” and called for a consumer boycott.
Her comments caused considerable offence to DP World’s leadership as it prepared to sign-off of the £1bn investment in London Gateway container port, timed to coincide with the summit.
In an attempt to salvage the situation Sir Keir Starmer slapped down Ms Haigh, saying the government did not share her views, and officials from Downing Street and the Foreign Office are understood to have been involved in efforts to repair relations.
DP World has told Sky News that Mr bin Sulayem will attend the event in London and it is understood the investment will be confirmed as planned, before a row with ministers threw the flagship announcement into doubt.
DP World chief executive Sultan Ahmed bin Sulayem. Pic: AP
A DP World spokesperson told Sky News: “Following constructive and positive discussions with the government, we have been given the clarity we need. We look forward to participating in Monday’s International Investment Summit.”
Mr bin Sulayem is expected to meet the UK’s prime minister, perhaps as soon as Sunday, when delegates will gather for a reception in central London.
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Louise Haigh. Pic: PA
The investment in London Gateway will see the addition of two new berths taking the total to six, and a second rail terminal. Capacity, currently at almost two million containers a year, will double and the port is expected to become Britain’s largest by volume within five years.
The investment is expected to create 400 full-time jobs in addition to the 1,200 people already employed at London Gateway, and will take the total spent at the facility on the Thames Estuary in Essex, near the village of Corringham, to more than £3bn.
A map showing the location in Essex of the London Gateway port
A logistics park employing 1,500 people has also been developed adjacent to the port, formerly the site of a Shell oil refinery.
DP World owns ports and logistics operations in more than 60 countries and generated global revenues of almost £14bn last year.
A government spokeswoman said: “DP World’s investment in Britain is a vote of confidence in the stability and seriousness of the government. We welcome the jobs and opportunities it will create.
“By working in partnership with businesses and investors from all over the world, this government is unlocking the UK’s potential and ambition. As our international investment summit will show, Britain is once again open for business.”
Politics
Laws may need to be bolstered to crack down on exploitation of child ‘influencers’, senior MP suggests
Laws may need to be strengthened to crack down on the exploitation of child “influencers”, a senior Labour MP has warned.
Chi Onwurah, chair of the science, technology and innovation committee, said parts of the Online Safety Act – passed in October 2023 – may already be “obsolete or inadequate”.
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Experts have raised concerns that there is a lack of provision in industry laws for children who earn money through brand collaborations on social media when compared to child actors and models.
This has led to some children advertising in their underwear on social media, one expert has claimed.
Those working in more traditional entertainment fields are safeguarded by performance laws, which strictly govern the hours a minor can work, the money they earn and who they are accompanied by.
The Child Influencer Project, which has curated the world’s first industry guidelines for the group, has warned of a “large gap in UK law” which is not sufficiently filled by new online safety legislation.
Official portrait of Chi Onwurah.
Pic: UK Parlimeant
The group’s research found that child influencers could be exposed to as many as 20 different risks of harm, including to dignity, identity, family life, education, and their health and safety.
Ms Onwurah told Sky News there needs to be a “much clearer understanding of the nature of child influencers ‘work’ and the legal and regulatory framework around it”.
She said: “The safety and welfare of children are at the heart of the Online Safety Act and rightly so.
“However, as we know in a number of areas the act may already be obsolete or inadequate due to the lack of foresight and rigour of the last government.”
Victoria Collins, the Liberal Democrat spokesperson for science, innovation and technology, agreed that regulations “need to keep pace with the times”, with child influencers on social media “protected in the same way” as child actors or models.
“Liberal Democrats would welcome steps to strengthen the Online Safety Act on this front,” she added.
‘Something has to be done’
MPs warned in 2022 that the government should “urgently address the gap in UK child labour and performance regulation that is leaving child influencers without protection”.
They asked for new laws on working hours and conditions, a mandate for the protection of the child’s earnings, a right to erasure and to bring child labour arrangements under the oversight of local authorities.
However, Dr Francis Rees, the principal investigator for the Child Influencer Project, told Sky News that even after the implementation of the Online Safety Act, “there’s still a lot wanting”.
“Something has to be done to make brands more aware of their own duty of care towards kids in this arena,” she said.
Dr Rees added that achieving performances from children on social media “can involve extremely coercive and disruptive practices”.
“We simply have to do more to protect these children who have very little say or understanding of what is really happening. Most are left without a voice and without a choice.”
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The researcher pointed to one particular instance, in which children were advertising an underwear brand on social media.
She said: “The kids in the company’s own marketing material or their own media campaigns are either pulling up the band of the underwear underneath their clothing, or they’re holding the underwear up while they’re fully clothed.
“But whenever you look at any of the sponsored content produced by families with children – mum, dad, and child are in their underwear.”
Dr Rees said it is “night and day” in terms of how companies are behaving when they have responsibility for the material, versus “the lack of responsibility once they hand it over to parents with kids”.
One of Arizona’s crypto reserve bills has been passed by the House and is now one successful vote away from heading to the governor’s desk for official approval.
Arizona’s Strategic Digital Assets Reserve Bill (SB 1373) was approved on April 17 by the House Committee of the Whole, which involves 60 House members weighing in on the bill before a third and final reading and a full floor vote.
SB 1373 seeks to establish a Digital Assets Strategic Reserve Fund made up of digital assets seized through criminal proceedings to be managed by the state’s treasurer.
Arizona’s treasurer would be permitted to invest up to 10% of the fund’s total monies in any fiscal year in digital assets. The treasurer would also be able to loan the fund’s assets in order to increase returns, provided it doesn’t increase financial risks.
However, a Senate-approved SB 1373 may be set back by Arizona Governor Katie Hobbs, who recently pledged to veto all bills until the legislature passes a bill for disability funding.
Hobbs also has a history of vetoing bills before the House and has vetoed 15 bills sent to her desk this week alone.
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SB 1373 has been passing through Arizona’s legislature alongside the Arizona Strategic Bitcoin Reserve Act (SB 1025), which only includes Bitcoin (BTC).
The bill proposes allowing Arizona’s treasury and state retirement system to invest up to 10% of the available funds into Bitcoin.
SB 1025 also passed Arizona’s House Committee of the Whole on April 1 and is awaiting a full floor vote.
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Utah passed Bitcoin legislation on March 7 but scrapped the cornerstone provision establishing the Bitcoin reserve in the final reading.
The Texas Senate passed a Bitcoin reserve bill on March 6, while a similar bill recently passed through New Hampshire’s House.
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Slovenia’s Finance Ministry is considering a possible 25% tax on crypto trading profits for residents in the country under a new draft law now open for public consultation.
The bill proposes to tax traders when they sell their cryptocurrency for fiat or pay for goods and services, but crypto-to-crypto and transfers between wallets owned by the same user will be exempt, Slovenia’s Finance Ministry said in an April 17 statement.
Under the proposed legislation, crypto tax will be aligned with existing tax laws. Slovenia taxpayers will be required to keep a record of all their transactions for annual tax returns. The tax base would be calculated on profits by subtracting the purchase price from the sale price.
In a statement to the Slovenia Times, finance minister Klemen Boštjančič said it’s unreasonable that crypto trading for individuals isn’t currently taxed in the country.
“The goal of taxation of crypto assets is not to generate tax revenue, but we find it illogical and unreasonable that one of the most speculative financial instruments is not taxed at all,” he said in a statement translated from Slovenian.
New tax could stifle crypto in Slovenia, lawmaker says
Jernej Vrtovec, a member of Slovenia’s national assembly and New Slovenia opposition party, slammed the proposal in an April 16 statement to X, arguing it could stifle crypto growth in the country.
“Slovenia has the opportunity to become a crypto-friendly country, but with the government’s proposals, we will miss the train again,” he said in a post also translated from Slovenian.
“With excessive taxation, we will once again see young people and capital fleeing abroad. Taxes should encourage, not stifle.”
The proposal is open to public consultation until May 5. If Slovenian lawmakers pass the bill, it will go into effect on Jan. 1, 2026.
Slovenia introduced a 10% tax on crypto withdrawals and payments in 2023, but capital gains from occasional crypto trading are not taxed, according to the crypto tax platform Token Tax.
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Crypto activity can also currently be exempt from tax if it’s considered a hobby. Business activity, such as mining or staking, is subject to income tax.
A previous bill proposed in April 2022 planned to levy a 5% tax on profits over 10,000 euros ($11,372), but it was never passed into law.
Slovenia issued the first digital sovereign bond in the European Union on July 25 last year. It had a nominal size of 30 million euros ($32.5 million) with a 3.65% coupon and a maturity date of Nov. 25 that year.
The number of crypto users in Slovenia is projected to reach roughly 98,000 in 2025, according to online data platform Statista, with a penetration rate of 4.6% among its population of 2.12 million people. While the projected revenue for the country’s crypto market is slated to hit $2.8 million.
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