Category Archives: Business

Unions welcome scrapping of Tories’ ‘spiteful’ minimum service law

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Senior figures praise repeal of law but privately some want full workers’ rights overhaul implemented without delay

Unions have welcomed the government’s move to formally scrap a “draconian” anti-strike law that would have ensured a minimum level of service during industrial action as the legislation had restricted workers’ rights.

The deputy prime minister, Angela Rayner, and the business secretary, Jonathan Reynolds, have written to government departments with sectors that were most affected by the strikes to give a “clear message” the measures will be repealed and have urged all metro mayors to start engaging with local employers on the change.

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UK rivers and beaches have been heaped with pollution for years – when will we talk about restoration?

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The penalties reflect the failings of the Environment Agency and Ofwat as much as the water companies

Behind the record fines announced by Ofwat for the routine dumping of sewage into rivers and seas by three water companies, there is a voiceless victim, one that does not sit in boardrooms, or get a chance to count dividends. It is our rivers and coastal waters, subjected to years of continuous pollution under the noses of the regulators, which are suffering.

In all likelihood the £168m penalties for the already struggling Thames Water, Yorkshire Water and Northumbrian Water will be followed by fines for the remaining eight water and sewerage companies, all of whom Ofwat is investigating over failure to treat sewage according to the law.

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Japanese stocks soar after massive sell-off shook global markets

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Japan’s Nikkei 225 index closes more than 10% up with other Asia markets rebounding on Tuesday

Japanese stocks soared more than 10% on Tuesday, a day after experiencing their biggest fall in 37 years, setting markets tumbling in Europe and on Wall Street.

Other markets in Asia also appeared to settle somewhat after the rollercoaster ride that started the week.

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Australia news live: Wong ‘deeply concerned’ about escalation in Middle East; RBA interest rate decision due today

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Reserve bank’s two-day August meeting likely to leave key interest rate unchanged for a sixth straight gathering. Follow the day’s news live

Australia will join the US Global Entry program in 2025, creating an easier pathway for the hundreds of thousands of Australians who visit the country each year.

Eligible Australians who sign up for the program would benefit from streamlined and expedited immigration and customs clearance channels on arrival into the US, a statement from the foreign minister, Penny Wong, says.

Joining the Global Entry program is a mark of the closeness and the strength of the relationship between our two countries.

The foundation of the friendship between Australia and United States is the friendship between our people. This program will deepen these links and make it easier to foster greater commercial ties.

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Wood Group suitor pulls out of takeover, blaming market turmoil

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Shares in FTSE 250 company slump 37% in early trading after Dubai-based Sidara cites geopolitical risk

The share price of the British oil services company John Wood Group has plunged by more than a third after a Dubai-based suitor pulled out of a purchase amid global market turmoil.

In a statement to the stock market on Monday the engineering company Sidara said it had pulled out of a bid for Wood “in light of rising geopolitical risks and financial market uncertainty”.

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US chip factory workers say it’s a ‘struggle to survive’ on their wages as industry booms

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Companies stand to gain billions in federal funds and tax breaks as employees suffer in poor working conditions

As chip manufacturers grapple for billions of dollars in federal funds and tax breaks designed to boost the US semiconductor industry, they face growing calls from inside their factories to improve working conditions and pay.

Workers and labour unions are urging key companies in the sector to “do the right thing” and prioritize the wellbeing of employees over the wealth of their shareholders.

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Shares in New York and London tumble on fears of US recession

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FTSE 100 on track for its lowest close since April and Japan’s Nikkei suffers biggest fall since crash of 1987

Shares on Wall Street and in London have fallen heavily amid a global stock market rout triggered by fears of a recession in the US.

The tech-focused Nasdaq index dropped by 6% as trading in New York opened on Monday, while the broader S&P 500 index fell by 4.2% in a sell-off triggered by weak US jobs data. The Dow Jones industrial average lost more than 1,100 points, a 2.8% decline.

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ASX loses $160bn in two days as US recession fears prompt sell-off

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Australian share market suffers worst two-day decline since start of pandemic as it tumbles 3.7% on Monday

Australia’s share market has suffered its worst day since the onset of the pandemic as fears of a US recession prompted investors to exit their positions, erasing more than $100bn in value from local stocks.

A sea of red overwhelmed the local market on Monday, with the benchmark S&P/ASX200 index down by 3.7% to 7,649 at the close.

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Australian sushi chain handed record fine for ‘audacious’ underpayment of vulnerable workers

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Staff at Sushi Bay were underpaid more than $650,000 with 163 employees suffering losses ranging from about $50 to just under $84,000, court finds

Record fines have been dished out for the “audacious” underpayment of migrant workers by a once-sprawling Aussie sushi chain.

Sushi Bay group companies were ordered to pay fines totalling $13.7m by the federal court on Monday after it was revealed workers were deliberately denied entitlements including penalty rates and annual leave payments.

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Large English vineyards mark boom year as output and investment soars

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Though tiny compared with rivals, English wine trade is thriving as climate crisis fuels flood of new capital from investors

The largest English vineyards increased their revenues by 15% last year, as wine investors respond to the climate crisis by planting more vines.

While the UK still languishes well down the list of the largest wine-producing nations, below countries such as Uzbekistan and Tunisia, the industry’s output has soared in recent years, rising by 77% last year to 161,960 hectolitres, equivalent to 21.6m bottles.

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Pharmacies in England cutting services amid financial pressures, research finds

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Poll reveals emergency contraception, free prescription deliveries and extended opening hours among services hit

Pharmacies across England are unable to provide critical NHS and public health services owing to the overwhelming financial and operational pressures they are facing, according to research.

A poll of pharmacy owners representing more than 2,100 pharmacies found that more than 96% of respondents said they had stopped providing locally commissioned services over the past 12 months.

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UK food industry says lack of testing capacity forcing imports back to EU for checks

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Trade bodies blame lack of lab facilities at Brexit border posts for longer delays and shorter shelf life of food

Imported food coming into the UK through Brexit border posts is being sent back to Europe to be tested due to a lack of laboratory capacity in Britain, food bodies have said.

The SPS Certification Working Group, which represents 30 trade bodies covering £100bn worth of the UK’s food supply, has written to the government warning that members are being advised that some samples of imported foods are being sent to countries such as Germany to be tested before they can be released at the border.

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Trump claims he’s pro-worker. Project 2025 will gut labor rights

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Far-right plan for a Republican presidency would undercut unions, strip child labor laws and boost corporate profits

Donald Trump proclaimed he was for “all the forgotten men and women”, in his acceptance speech at the Republican convention. His vice-presidential pick JD Vance consistently portrays himself as a pro-worker populist. But an analysis of the labor chapter of Project 2025 – an ambitious rightwing plan to guide the next Republican presidency – found it has little to offer them.

Project 2025’s labor section proposes hardly anything to improve workers’ wages and working conditions. It is, however, chock full of recommendations that would boost corporate profits, undercut labor unions and advance the rightwing culture war.

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Sun, sea and sales … Britain’s delayed summer arrives to thaw the retail chill

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After a difficult period on the high street, base rates are falling, temperatures are rising and things are looking up

It’s been a second cruel summer in a row for retailers and the hospitality business, but a more prolonged spell of warmth – and the first cut in interest rates in more than four years – may finally heat up the market, if it’s not too late.

From Argos paddling pools and outdoor furniture at garden centres to Heineken beer and Unilever’s ice-cream brands, sales have been dampened by poor weather, which has added to the pressure from high interest rates and energy bills. Sales volumes were down in June and July in the UK, according to the latest CBI distributive trades survey, with retailers expecting more falls in August.

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Weak US jobs growth for July sparks Wall Street sell-off

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US economy added 114,000 jobs in July in significant dip from June while unemployment increased to highest level since October 2021

The US labor market cooled significantly last month as unemployment unexpectedly rose, sparking fears of a slowdown across the world’s largest economy.

American employers added 114,000 jobs in July – short of the 180,000 additions expected by economists, and a marked decrease from the 179,000 added in June.

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Don’t be fooled by the interest rate cut – higher rates are here to stay

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Mortgage payers and business owners vainly hope cut to 5% signals return to pre-pandemic era of cheap borrowing

Mortgage payers and business owners will be hopeful that a cut in interest rates to 5% by the Bank of England this week signals a return to the pre-pandemic era of low borrowing costs.

Unless much lower interest bills arrive soon, thousands of homeowners and businesses could be forced to sell up.

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Fear of US recession rattles global markets as tech shares fall

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Europe’s main indices all decline and Japanese equities suffer worst day since 2020 while gold hits fresh record

Stock markets in Europe, Asia and New York tumbled on Friday as fears of a US economic slump grew and technology shares were hit by underwhelming earnings.

Concerns that the US could be sliding towards a recession spurred a global sell-off, which accelerated after a poor employment report on Friday showed that the US jobs market was cooling fast, pushing up the unemployment rate.

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PwC chief’s $1.2m bonus kept ‘secret for more than a year’, inquiry told

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Kevin Burrowes received additional salary from the firm’s international arm but did not initially reveal it to parliamentary inquiry into company

The chief executive of PwC Australia, Kevin Burrowes, received a $1.2m payment from the consulting company’s international arm which he did not initially reveal to the parliamentary inquiry into the 2015 leaking of confidential government tax reform information.

A parliamentary inquiry was told on Friday that Burrowes first told the corporations and financial services committee that he was paid an annual salary of $2.4m. That was later corrected to $2.8m.

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Don Lemon sues Elon Musk and X over terminated talkshow deal

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Ex-CNN anchor alleges fraud and breach of contract after X Corp owner abruptly ended video series partnership

The former CNN anchor Don Lemon has sued Elon Musk and X over a cancelled deal with the social media platform formerly known as Twitter.

His filing in California superior court in San Francisco includes claims of fraud, negligent misrepresentation, misappropriation of Lemon’s name and likeness and breach of express contract.

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Relief for borrowers as UK interest rates cut but little sign big reductions to come

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Incremental cuts likely over two to three years with rates expected to stay well above pre-Covid levels of 0.75%

Borrowers will breathe a collective sigh of relief. The Bank of England has cut interest rates by a quarter point to 5% and major lenders are shaving their best-buy mortgage offers in response.

Those wanting to get on the housing ladder should find property slightly more affordable after the cut, which ends a year of ultra-high borrowing costs and is the first rate cut in more than four years.

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