“Starbucks to pay living wage to all workers” is the somewhat startling headline on Sky News.
It implies that not all workers were receiving a living wage previously; doubtless the clever clogs in the tax department are well remunerated, but the poor souls working front of house peddling overpriced coffee to customers are probably on a much lower wage.
Starbucks has promised not to pass on the costs to customers, so you can hold off on asking that security guard to accompany you any time you venture into one of their outlets to buy a hot beverage.
Of course, the headline is not referring to “a” living wage, but “the” living wage – the minimum wage legislation introduced in July by the government and due to kick in, like a £1.90 shot of double espresso, next April.
To be fair to Starbucks – there's always a first time – the company is giving its low-paid staff a pay rise, even if they are under 25 and therefore not covered by the new legislation, and it said those working in London will get a little extra on top – hopefully not in the form of disgusting marshmallows.
Elsewhere on the high street, Lloyds Banking (LON:LLOY) has moved another step closer to full independence.
The tax-payer's stake in the lender has been reduced below 12%.
The Treasury’s UK Financial Investments, which owns the shares, has now recouped some £15bn of the £20bn used to bail-out the bank amid the height of the financial crisis.
Drax … and double Drax, as Dick Dastardly (almost) used to say.
The power generator (LON:DRX) has abandoned plans to participate in the creation of a carbon capture and storage system next to its North Yorkshire power station, citing uncertainty over the government's environmental policies.
The Financial Times quoted Drax board member Peter Emery as saying “critical reversals” in government support for renewable energy had made “a severe impact on our profitability”.
Perhaps the government is going to abandon all of its green initiatives and just fake the emission tests; I am sure Germany would not object.
Moving from the north of England to the south, Alba Minerals (LON:ALBA) has agreed a deal to increase its stake in the Horse Hill project, in south east England.
Through a deal with privately owned Angus Energy, Alba will acquire an additional 5% of the Horse Hill Development company (HHDL) to increase its interest to 15%, and it also has secured an option over a further 5% of HHDL.