Category Archives: Business

Elon Musk may ‘step back’ if shareholders reject $56bn pay package, Tesla chair warns

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Robyn Denholm says electric carmaker’s CEO could spend his time elsewhere if biggest pay deal in US corporate history isn’t approved

The chair of Tesla has raised the prospect of Elon Musk stepping back from the electric carmaker if shareholders do not back the chief executive’s $56bn (£44bn) pay package, saying there are “other places” the entrepreneur could spend his time.

Robyn Denholm added in a letter to investors that next week’s vote on the biggest remuneration deal in US corporate history was “obviously not about the money” because Musk would remain one of the richest people on the planet regardless of the outcome.

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Shannon Fentiman referred to Queensland ethics committee over ‘cross your legs’ stoush – as it happened

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Max-Chandler Mather weighs in on Bandt’s potential legal action against attorney-general

Greens MP Max Chandler-Mather spoke to ABC News Breakfast earlier about the ongoing stoush between his party and Labor, with Adam Bandt threatening legal action against the attorney general, Mark Dreyfus, over comments on pro-Palestine protests.

Asking me to comment on the specifics of a case like that – outrageous comments by the attorney general, completely baseless and without fact … this is an attempt to distract from the fact that the Labor government is complicit in a genocide being carried out by Israel in Gaza.

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BAT subsidiary lobbies Pakistan to allow export of cigarettes to Sudan

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Exclusive: critics say British American Tobacco’s plan to ‘flood a country in crisis with cheap cigarettes’ is ‘shameful’

A subsidiary of British American Tobacco is lobbying the government of Pakistan to allow it to export 10-packs of cigarettes to war-torn Sudan, prompting criticism from a smoking campaign group.

Pakistan is among more than 80 countries that do not permit the sale or manufacture of 10-packs of cigarettes, which the World Health Organization has said make smoking more affordable for children.

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UK watchdog warns Tories over PM’s ‘£2,000 tax rise’ claim

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Rishi Sunak failed during TV debate to make clear how he had calculated Labour’s spending policies, says OSR

The UK’s statistics watchdog has warned the Conservatives over Rishi Sunak’s claim that Labour would raise taxes by £2,000, saying it failed to make clear how the figures were calculated.

In a rap over the knuckles for the prime minster, who made the claim during a leadership debate on ITV on Tuesday evening, the Office for Statistics Regulation (OSR) said the case demonstrated how all party campaigners needed to offer the public a transparent view of tax and spending policies.

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Ex-BT boss pockets £3.7m final pay deal as group plans to axe 55,000 jobs

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Philip Jansen announced sweeping job cuts during same financial year covered by pay and bonus package

BT’s former chief executive Philip Jansen has been awarded his largest pay and bonus package, a £3.7m reward for the same year in which he announced plans to cut 55,000 jobs at the telecoms company by 2030.

The pay deal for Jansen, who was nicknamed Food Bank Phil after the company set up a “community pantry” for call centre staff struggling to make ends meet, was revealed in BT’s latest annual report.

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New Frank Hester race claims pile pressure on Tories over £15m donations

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Exclusive: Hester allegedly used term ‘token Muslim’, imitated people of Chinese descent and said a person was attractive for a black woman

The Conservative party is facing questions over its decision to keep more than £15m given by its biggest ever donor, Frank Hester, after former employees made a series of fresh allegations.

Hester is alleged to have referred to a staff member as the “token Muslim”, imitated people of Chinese descent and remarked that one individual was attractive for a black woman, according to former employees who spoke to the Guardian.

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Politics live: question time claims and counter-claims over Australia’s military ties with Israel

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Going fully electric would save households more than $600 a year for next four decades, report says

Households would save an average of $608 a year for the next 40 years if new residential buildings in New South Wales were required to be fully electric, according to a report commissioned by climate organisation 350 Australia.

It cuts energy bills for local residents and small businesses during a cost of living crisis and reduces climate pollution, at almost no cost to councils. It will be low-income people and renters who will benefit most from council-led electrification.

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Watchdog ends investigation into description of UK economy ‘going gangbusters’

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Exclusive: ONS official’s remarks, not intended as comment on overall state of the economy, were later used by Sunak

The UK’s statistics watchdog has closed an investigation into remarks made by an official about the economy “going gangbusters” that were cited by Rishi Sunak.

It was looking into the comments made by chief economist of the Office for National Statistics (ONS) last month amid concerns that politicians could misuse economic data in the run-up to the election.

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Can Labour’s GB Energy plan future-proof UK’s power generation sector?

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Party has put state-owned power company at centre of its plans for decarbonisation, security and energy bills

Labour is to put a government-owned power company at the heart of the UK’s energy system for the first time since the privatisation of the industry in 1990, in one of Keir Starmer’s boldest pledges so far.

Great British Energy, with £8bn of investment, forms the centrepiece of Labour’s promise to decarbonise the electricity supply by 2030. This would stop well short of any form of renationalisation: GB Energy would be a state-owned investment vehicle and company working alongside and often in partnership with the existing private sector suppliers. The plan is for it to be largely invisible to households, not offering electricity directly to consumers but financing and helping to build low-carbon infrastructure, from windfarms to – potentially – nuclear reactors.

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Big Mac v Supermac’s: McDonald’s loses EU trademark fight

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Ruling by European court of justice ends 17-year legal tussle between Irish chain and global rival

The small Irish takeaway chain Supermac’s has won a David v Goliath court battle with McDonald’s over the use of the Big Mac trademark, paving the way for it to open outlets across Europe.

The ruling also means the US-founded fast food multinational has lost the right to use the name “Big Mac” in the EU in relation to chicken burgers.

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Asda now the most expensive UK supermarket to buy fuel, study shows

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Chain once prided itself on selling the cheapest fuel but RAC analysis shows it is now the dearest

Asda is now the UK’s most expensive supermarket fuel seller, research shows, after the retailer’s private owners ditched its long-held pledge to be the cheapest on the market.

The retailer, which was bought by the billionaire Issa brothers and their private equity partner TDR Capital in 2021, charged an average 2.1p a litre more for unleaded petrol than rivals Tesco, Sainsbury’s and Morrisons at the end of May, according to an analysis by the RAC motoring organisation.

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UK clothing sales to EU plummet as Brexit red tape deters exporters

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Small and medium-sized firms badly hit as huge drop in apparel sales helps fuel 18% slide in all-non food exports

UK exports of clothing and footwear to the EU have dived since Brexit, according to a new study that shows the extent to which complex regulations and red tape at the border have deterred firms from sending goods across the Channel.

Exports of clothing and footwear sold to EU countries have fallen from £7.4bn in 2019 to £2.7bn in 2023, helping fuel an 18% slump in sales of all non-food goods exports to countries covered by the EU single market, according to the consultancy Retail Economics and online marketplace Tradebyte.

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Owner of UK national lottery operator to sever ties with Gazprom

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Allwyn parent company says deal to buy 3% stake in Czech gas facility will cut final link with Kremlin-controlled energy firm

The billionaire owner of Allwyn, the company that runs the national lottery, will sever his last remaining ties with Russia’s state-owned energy company Gazprom by the end of June, more than two years after winning the UK’s largest public sector contract.

The Czech tycoon Karel Komárek, who owns Allwyn via his Switzerland-based holding company KKCG, has faced scrutiny over his links to Russia since wresting control of the 10-year licence to operate the lottery from Camelot in 2022.

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News outlets producing ‘covert marketing’ for McDonald’s, KFC and Domino’s, study finds

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Exclusive: Researchers also say ‘implied endorsement’ raises public health concerns, given poor nutritional quality of the foods

Fast food chains are successfully influencing news outlets to produce “covert marketing” for their brands, a new study has found.

The study, led by the University of Sydney’s School of Public Health, analysed all press releases from McDonald’s, KFC and Domino’s Pizza in Australia between July 2021 and June 2022.

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Australia politics live: $600,000 speechwriter not responsible for Bill Shorten’s ‘zingers’, Matt Keogh says

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Workplace relations minister Tony Burke has conceded role wouldn’t ordinarily be paid that much. Follow today’s news headlines live

For a bit of a change of pace, you may enjoy this essay from Malcolm Turnbull in Foreign Affairs, where he outlines how he believes world leaders can deal with a second Trump presidency.

Turnbull bases a lot of his arguments on his own dealings with Donald Trump while prime minister. He runs through the infamous refugee deal phone call (the transcript of which was leaked) and the trade back-and-forths over tariffs.

The caricature of Trump as a one-dimensional, irrational monster is so entrenched that many forget that he can be, when it suits him, intelligently transactional. Like most bullies, he will bend others to his will when he can, and when he cannot, he will try to make a deal. But to get to the deal-making stage, Trump’s counterparts have to stand up to the bullying first.

I would certainly like to see the performance lifted. I would like to see better outcomes, particularly for the more vulnerable cohorts.

We also have work going on, in response to a parliamentary inquiry into the employment services system, going on in parallel to overseeing this new system.

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Falling UK inflation not leading to rise in spending, report finds

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May recorded the lowest spending growth since February 2021, Barclays’ snapshot of card activity shows

Consumer spending growth is at its weakest in more than three years as higher council tax bills and the rising cost of broadband and mobile phones eat into household budgets, a report has said.

The monthly snapshot of credit and debit card activity from Barclays found an improvement in consumer confidence as a result of falling inflation was not leading to a pickup in spending.

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Tribunal cases to rise as UK firms push back on remote working, experts say

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Some employers emboldened by ruling against FCA manager’s claim over working at home full-time

Lawyers and HR experts expect an increase in employment tribunal cases as companies increasingly clamp down on working from home and staff become resentful that the flexibility they have enjoyed since the pandemic is being slowly rolled back.

A number of companies are now advocating a full five-day return to the office, with others enforcing a minimum number of days in the workplace. Administrative staff at Boots, who previously worked in the office three days a week, will return to the office five days a week from September. Many US banks, such as Goldman Sachs, also expect senior staff to come in for the full week, and its chief executive, David Solomon, labelled remote working an “aberration”.

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P&O Cruises Australia to shut down early next year

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Parent company says P&O would be integrated into its sister line Carnival Cruise Line in March 2025

P&O Cruises Australia will shut down early next year after nearly a century of voyages.

The cruise ship liner’s parent company, Carnival Corporation & plc, made the announcement on Tuesday, confirming that P&O would be integrated into its sister line, Carnival Cruise Line, in March 2025 and cease to exist.

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Nigerian unions shut down national grid and airports as indefinite strike begins

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Electricity substations shut down, flights suspended and parliament gates blocked in protest over minimum wage

Nigeria’s main labour unions have shut down the national grid, disrupted airline operations and blocked the gates to parliament as they began an indefinite strike over the government’s failure to agree a minimum wage.

A minimum wage of N30,000 (£15) a month, agreed in 2019, expired this April. The unions are asking for an increase to N494,000 (£257).

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Washington Post: Telegraph veteran to take over from Sally Buzbee as executive editor

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First woman in the role to be replaced by Telegraph deputy editor, Robert Winnett

A veteran of the UK’s Daily Telegraph is to become executive editor of the Washington Post, replacing Sally Buzbee, who is stepping down after three years at the top of one of the US’s most respected news brands.

Buzbee, the first woman to hold the post, will be initially replaced by the former Wall Street Journal editor-in-chief Matt Murray, until this autumn’s presidential election. Robert Winnett, currently the deputy editor of the Telegraph Media Group, will then take over the role.

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