Category Archives: Business

Royal Mail owner warns Czech billionaire’s offer could create risk around finances

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IDS says a change in ownership may lead to ‘material uncertainty’ over the company’s future

Royal Mail’s owner has warned that a potential £3.5bn bid by the Czech billionaire Daniel Křetínský could create risk around the company’s finances.

The warning came as the industry regulator Ofcom announced that it had opened an investigation into the parent group, International Distributions Services (IDS), for failing to meet its annual delivery targets for the second year in a row. Last year, Ofcom fined the company £5.6m for failing to meet its first-class and second-class delivery targets in 2022-23.

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Australia news live: students at two universities pack up pro-Palestine camps; Queensland rejects carbon capture project over aquifer fears

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Taiwan interested in critical-minerals trade with Australia

Taiwan’s representative to Australia, Douglas Hsu, spoke to ABC RN just earlier about China’s military drills around Taiwan and trading with Australia.

We will continue to show our interest in engaging with Australia on the trade front. I think in the past few months, especially on critical minerals, I had a few opportunities to travel to West Australia and Northern Territory to talk with the businessman in the critical minerals industries.

I found that well, first of all, I was very surprised or impressed by the scale of Australia’s mining industry, and we’ll definitely look forward to bringing more Taiwanese business to work even more closely with Australian partners.

It’s really about ensuring services can do early work that can stop children from experiencing harm, helping kids before they get to crisis point and intervening early to break that cycle of violence and abuse.

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Tech titan Mike Lynch testifies at fraud trial that Autonomy was ‘not perfect’

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UK founder, accused of inflating sales and misleading regulators, takes stand and says he wasn’t fully responsible for firm’s decisions

The British entrepreneur Mike Lynch took the stand on Thursday in a San Francisco federal courthouse as a key witness in his own criminal fraud trial, defending his role at Autonomy, the tech firm he co-founded and then sold.

The trial continued as planned Thursday despite the defense team moving for a mistrial over alleged improper questioning of a witness by the prosecution. Lynch’s defense team called the questioning, which indirectly referenced the tech titan’s extradition, “egregious” and ‘’highly improper” in a filing.

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‘Rostering to the limits’: senior Virgin Australia pilots raise safety concerns over fatigue

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Exclusive: Correspondence from pilots seen by Guardian Australia pleads for changes to the roster system to address fatigue

Senior pilots at Virgin Australia have alleged fatigue is widespread in their ranks and raised safety concerns about a roster system some claim is working them “to the limits”.

As Virgin Australia and the Transport Workers Union (TWU) remain in a standoff over a proposal to strip pilots of six days off a year in negotiations for a new enterprise agreement, Guardian Australia has obtained correspondence from senior pilots pleading for action to address worker fatigue.

Multiple senior pilots say the rostering system used by Virgin is adding to fatigue levels.

The system routinely schedules pilots to work maximum shift lengths – 11-12 hours and longer in the event of delays – on back-to-back days, while allowing for just the legal minimum rest period of 12 hours.

Pilots have raised concerns with management about the roster software and claim that the private equity owners of the airline, Bain Capital, have not followed through on a promise to replace it.

Frustration at what they claim is management’s failure to recognise these issues, or respond to staff warning of a resulting “clear, present and increasing safety risk”.

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Accounting firm controlled by Exclusive Brethren church to close after extraordinary ATO raid

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It is not known if decision to shutter division of secretive sect’s umbrella company has any link to raid reportedly conducted ‘without prior notice’

The accounting firm controlled by the secretive Exclusive Brethren church has announced it will close after an extraordinary raid conducted by the Australian Taxation Office (ATO).

Universal Business Team’s Australian accounting division, known as UBTA, sent an email to clients on Wednesday advising them that its accounting division would close.

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Australia politics live: Ed Husic says Coalition position on ICC arrest warrants is ‘staggering’; Plibersek in rogue microphone mishap during Sky News interview

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Labor minister says Peter Dutton’s opposition ‘wants to pick what law and order it’ll follow’

Ed Husic details government’s new battery strategy

The industry and science minister, Ed Husic, has been speaking to ABC RN about the government’s newly unveiled national battery strategy. As Karen Middleton reports, the strategy is aimed at turning Australia from a “dig-and-ship” economy that sells off its critical minerals into a powerhouse manufacturer of better and safer renewable energy storage.

China is obviously the biggest producer [and] a lot of countries are recognising that their dependency on that concentrated supply chain isn’t in [their] national interest longer-term. If there are disruptions to that supply, either accidental or otherwise, we’re left vulnerable and these are in terms of the batteries themselves – they’re complex in nature. It’s also driven by software, so we need to have safe and secure batteries, energy storage systems, longer term.

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Tech tycoon Mike Lynch, accused of ‘massive’ fraud, set to testify at US trial

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Lawyers for founder of software firm Autonomy, charged over $11bn Hewlett-Packard deal, suggest they may move for mistrial

The British entrepreneur Mike Lynch is expected to take the stand in a San Francisco federal courthouse on Thursday as a key witness in his own criminal fraud trial, which began in March.

US authorities have charged the former software tycoon with 16 counts of wire fraud, securities fraud and conspiracy relating to his company’s acquisition deal with Hewlett-Packard in 2011. If convicted, Lynch faces up to 25 years in prison. He has pleaded not guilty.

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Almost a third of household smart meters not working properly, says Citizens Advice

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Charity says tech problems and poor customer service mean millions in Great Britain missing out on promised benefits

The number of gas and electricity smart meters that are not working properly is likely to be higher than government figures suggest – possibly 20% to 30% of the total – according to research from Citizens Advice.

The charity said millions of households were missing out on the promised benefits from smart meters due to “problems with technology” and poor supplier customer service.

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News Corp’s Rebekah Brooks joins Lachlan Murdoch in Sydney ahead of major Australian newspaper restructure

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Staff brace for significant cuts as media company prepares to make moves to counter decline of print and slow advertising market

Lachlan Murdoch has been joined in Sydney by the News Corp UK boss, Rebekah Brooks, and global chief, Robert Thomson, ahead of the announcement of a major restructure of the Australian newspapers next week.

Guardian Australia understands Rupert Murdoch’s right-hand man, Thomson, Lachlan and Brooks held meetings in Sydney on Tuesday with News Corp’s local chief, Michael Miller, and others to sign off on the transformation of the company.

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Federal Reserve concerned over ‘lack of further progress’ in bid to tame inflation

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While price growth has fallen sharply, with April’s 3.4% lower than March’s 3.5%, it is still higher than Fed’s medium-term goal of 2%

Policymakers at the Federal Reserve have expressed concern over stalling progress in their fight to bring down inflation.

Although price growth has fallen sharply since peaking at its highest levels in a generation two years ago, it has remained stubbornly above where officials want it to be.

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Know your rights: what to do if you receive a call from a debt collector

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As the cost-of-living crisis drives more people to financial stress, it helps to understand the rules that cover debt collecting

If you have ever received a call from a private debt collector, perhaps demanding payment for an overdue bill you barely remember, you will know that it can feel daunting and rife with potentially serious consequences.

The best way to protect yourself in such a situation, particularly with the cost-of-living crisis driving more and more Australians to financial stress, is to understand your rights and the rules governing the way debt collectors can behave.

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Use, or threaten to use, violence or physical force against a debtor.

Adopt an aggressive, threatening or intimidating manner.

Use abusive, offensive, obscene or discriminatory language.

Comment on a debtor’s position, physical appearance, intelligence or other characteristics or circumstances.

Embarrass or shame a debtor.

Make disrespectful or demeaning remarks about a debtor’s character or financial situation in life.

Mislead a debtor about the nature or extent of a debt, or the consequences of non-payment.

Pressure a debtor by misleading, harassing, threatening or putting pressure on a debtor’s spouse or partner, or a member of a debtor’s family.

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‘I have no sense there was any conspiracy at all’, Paul Vennells tells Horizon inquiry – live

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Former chief executive of the Post Office says she does not think there was a conspiracy but that mistakes were made

Paula Vennells has made an opening statement at the Post Office Horizon IT inquiry where she apologised to the victims of the scandal and offered to stand outside the old Post Office of one of the victims with them to explain to people what happened and what they went through. She said she had been deeply affected by victim impact statements heard by the inquiry.

She said:

I would just like to say, and I’m grateful for the opportunity to do this, how sorry I am for all that subpostmasters and their families and others who suffered as a result of all of the matters that the inquiry has been looking into for so long.

I followed and listened to all of the human impact statements, and I was very affected by them. I remember listening to one subpostmaster whose name I noted, who said that he would like somebody to go and stand outside his old Post Office with him so he could tell them exactly what he’d been through. I would do that.

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Majority of Americans wrongly believe US is in recession – and most blame Biden

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Exclusive Harris poll for the Guardian shows 55% believe economy is shrinking, in troubling sign for president’s re-election bid

Nearly three in five Americans wrongly believe the US is in an economic recession, and the majority blame the Biden administration, according to a Harris poll conducted exclusively for the Guardian. The survey found persistent pessimism about the economy as election day draws closer.

The poll highlighted many misconceptions people have about the economy, including:

55% believe the economy is shrinking, and 56% think the US is experiencing a recession, though the broadest measure of the economy, gross domestic product (GDP), has been growing.

49% believe the S&P 500 stock market index is down for the year, though the index went up about 24% in 2023 and is up more than 12% this year.

49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.

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Big drop in UK inflation rate disguises more disappointing details

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Service sector inflation, monitored closely by Bank of England, barely budged in April

The annual inflation rate fell sharply in April. Prices are rising more slowly than at any time in almost three years. Inflation is lower in the UK than it is in the EU.

Even so, the latest bulletin on the cost of living from the Office for National Statistics was mildly disappointing. April’s inflation figure was always going to be good, with a sharp fall guaranteed by the fact the energy price increases of a year earlier were not repeated.

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Dutton won’t rule out a Coalition government quitting ICC – as it happened

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Chris Bowen says nuclear energy is ‘slow, expensive and risky’

Chris Bowen is also asked about the latest CSIRO report released today, showing electricity from nuclear power in Australia would be at least 50% more expensive than solar and wind.

CSIRO and Aemo have looked at large-scale nuclear for the first time. It finds that that would be far more expensive than renewables, despite claims from the opposition – quite inappropriate attacks on CSIRO and Aemo from the opposition, that they hadn’t counted the cost of transmission. The cost of transmission and storage is counted, and still renewables comes out as the cheapest.

And of course, CSIRO points out that nuclear will be … very slow to build. So nuclear is slow and expensive and is risky when it comes to the reliability of Australia’s energy system.

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Marks & Spencer plans to step up cost cuts despite 41% jump in annual profits

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Pre-tax profits increased to £672.5m but retailer says it will reduce costs further as part of five-year plan

Marks & Spencer has said it will step up cost cuts in the year ahead despite increasing annual profits by a better-than-expected 41%.

Stuart Machin, the chief executive of the clothing, homeware and food retailer, said it was “at the beginnings of a new M&S” with “wind in our sails, and confidence that our plan is working” as pre-tax profits rose to £672.5m in the year to 30 March. Sales rose 9.4% to £13bn.

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UK inflation falls by less than expected to 2.3%, reducing chance of June rate cut

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Drop in April is smaller than forecast but level is still lowest in almost three years

UK inflation fell to 2.3% in April – its lowest level for almost three years – but the decline was smaller than expected, denting hopes of an early interest rate cut.

City analysts had forecast the annual increase in the cost of goods and services would fall to 2.1%, close to the Bank of England’s 2% target.

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Popular car uses 31% more fuel than advertised while other makes fare poorly in Australian efficiency test

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Eight of 21 cars tested underperformed against their marketed efficiency rates, Australian Automobile Association says

Cars driven by Australians are consistently consuming more fuel than their marketed efficiencies, investigations have found, with the latest tranche of “real-world” testing finding one car used 31% more petrol than its advertised rate.

The Australian Automobile Association (AAA) testing – funded by the federal government – found that eight of the 21 cars examined in its latest round of testing consumed more petrol in real road driving conditions compared with the efficiency rates calculated by their manufacturers in laboratories.

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Australia news live: Telstra announces 2,800 job cuts; mediation talks in Reynolds and Higgins defamation case

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Liberal senator, and former political staffer expected to attempt again to resolve a pair of high-profile defamation cases. Follow today’s news headlines live

A High Court decision in Britain to allow Julian Assange to appeal his extradition to the US is a “small win” for the WikiLeaks founder but he should be freed now, the union for Australia’s journalists says.

As AAP reports, the Media, Entertainment & Arts Alliance remains concerned there is no certainty an appeal will be successful, which would mean Assange could still be tried for espionage in the US.

Tonight’s decision by the High Court is a small win for Julian Assange and for the cause of media freedom worldwide.

MEAA welcomes the decision of the High Court, but we remain concerned that there is no guarantee of success.

We call on the Australian government to keep up the pressure on the US to drop the charges so Julian Assange can be reunited with his family.

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Productivity soars in sectors of global economy most exposed to AI, says report

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Employers in UK, one of 15 countries studied, willing to pay 14% wage premium for jobs requiring AI skills

The sectors of the global economy most heavily exposed to artificial intelligence (AI) are witnessing a marked productivity increase and command a significant wage premium, according to a report.

Boosting hopes that AI might help lift the global economy out of a 15-year, low-growth trough, a PwC study found productivity growth was almost five times as rapid in parts of the economy where AI penetration was highest than in less exposed sectors.

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