Category Archives: Business

UK officials recommend extending post-Brexit steel quotas

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Kemi Badenoch to make final decision on protections amid British industry fears of possible flood of imports

Whitehall officials have recommended extending post-Brexit steel quotas – a development that will come as a relief to the British steel industry, which had feared a rise in imports.

The “steel safeguards”, which were due to expire at the end of June, were first brought in by the EU in 2018, which feared that countries such as China would dump excess steel on the market after sales to the US were blocked by Donald Trump.

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New Woolworths boss faces tough initiation amid rising community anger over prices

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Brad Banducci will face a Greens-led Senate inquiry, but it is Amanda Bardwell who will have to rebuild the supermarket giant’s reputation

Woolworths chief executive Brad Banducci is stepping down from Australia’s biggest supermarket chain – but he’s going down swinging.

Against a backdrop of multiple parliamentary inquiries and a year-long pricing investigation, Banducci maintains that the grocery sector is “unbelievably competitive”.

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China needs to do more on ‘silent crisis’ of debt, says World Bank official

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Beijing must be more ready to support countries facing distress, says deputy chief economist

China holds the key to speeding up debt relief and ending the “silent crisis” that is holding back attempts to tackle poverty in the world’s poorest countries, a senior World Bank official has said.

Ayhan Kose, the Bank’s deputy chief economist, said Beijing needed to be more active in negotiations to provide financial support for those countries already in, or close to, debt distress.

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Australia news live: wages rise by 4.2% over 2023 in highest growth since 2009; flight cancellation crackdown

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Transport minister Catherine King unveils overhaul to legislation governing Sydney airport, to significantly increase transparency over allocation of take-off and landing slots. Follow the day’s news live

Man dies after electric unicycle crash in Victoria

A man has died after crashing his electric unicycle in Bellfield yesterday evening.

We have concerns for his health. We have been working consistently since coming to government, particularly behind-the-scenes, to say that we believe Mr Assange should be returned … These sort of issues of diplomacy are not always best done through a megaphone, but we will continue to advocate for an end to this and see Mr Assange returned home.

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Jeremy Hunt’s budget giveaway ‘will act as sweet filling in tax sandwich’

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Thinktank says juicy cuts this year follow far bigger increases in 2023 and precede planned ‘chunky rises’

Jeremy Hunt’s expected pre-election giveaway budget will be sandwiched between £20bn of tax increases already implemented and a further £17bn of hikes pencilled in for after polling day, a thinktank has said.

The Resolution Foundation said it expected Hunt to freeze fuel duty and cut income tax on 6 March but warned the chancellor’s “tax sandwich” was based on the “fiscal fiction” of £30bn of spending cuts in the next parliament.

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UK petrol and diesel prices jump following Houthi attacks

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Petrol is up 3.2p a litre and diesel 4p a litre as fuel tankers are forced to avoid the Suez canal

The cost of filling up a family car in the UK increased by about £2 this month as the jump in the oil price caused by the Red Sea attacks is felt at the pumps.

In the three weeks to 18 February petrol increased by 3.2p to 143.4p a litre, while diesel rose by 4p to 152p, according to the RAC, which said this was “worrying” for motorists.

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Elizabeth Warren urges regulators to block Capital One’s takeover of Discover

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Senator says $35bn deal merging two of the largest US credit card firms would ‘threaten financial stability’ and reduce competition

Senator Elizabeth Warren has urged regulators to block Capital One’s $35bn takeover of Discover Financial, arguing that combining two of the US’s largest credit card companies would harm consumers and challenge financial stability.

The blockbuster deal would inevitably lead to higher costs and fees for cardholders, according to the leftwing senator.

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I have your back, Rishi Sunak tells farmers at NFU conference

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Sunak becomes first PM to address conference since Gordon Brown in 2008, as Tories court farming sector

Rishi Sunak has told farmers “I have your back”, at the National Farmers Union conference, as he promised to “change the culture” in government around farming.

Sunak was the first prime minister to address the NFU conference since Gordon Brown in 2008, and took three Defra ministers with him to put the Conservative case to farmers.

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UK infant formula at ‘historically high’ prices, says watchdog

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Competition and Markets Authority launches full-scale investigation after finding costs have risen

The cost of infant milk remains at “historically high” levels despite some price falls in recent months, Britain’s competition watchdog has said, as it launched a full-scale investigation into baby and toddler formula.

The Competition and Markets Authority (CMA) found in November that the average price of infant formula had risen by 25% in the past two years and families could save more than £500 over the first year of a baby’s life by switching to cheaper powders. The findings were part of an analysis of pricing in 10 food categories, which also included milk and ready meals.

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Virgin Australia CEO Jayne Hrdlicka steps down after nearly four years in top role

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Hrdlicka’s abrupt departure comes as airline’s owners plan to push ahead with relisting on stock exchange

Virgin Australia’s chief executive, Jayne Hrdlicka, has abruptly stepped down after almost four years in charge, raising questions about the timing of the airline’s much-hyped relisting on the stock exchange.

On Tuesday, the airline announced that Hrdlicka had the support of the Virgin Australia board in deciding to “the time was right” to move on. She will stay on as chief executive while a global search for her replacement begins.

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‘How many chances do they get?’: second review into Star’s Sydney casino may lead to its licence being revoked

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While analysts are asking why the licence was not cancelled after the first inquiry in 2022, thousands of jobs are at stake

The Star Entertainment Group may be about to find out how low it can go before its casino licence is cancelled.

Almost 18 months since Star was fined $100m after being found unsuitable to run a casino, and after the appointment of an external manager and criticism for not taking its responsibilities seriously, the New South Wales regulator has taken action – with another review.

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Hastie’s defence comments ‘unhinged and misleading’, Conroy says – as it happened

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This blog is now closed.

Ex-cyclone Lincoln could gather strength and redevelop

A massive storm that lashed the Top End with heavy rain could gather strength and redevelop into a tropical cyclone, AAP reports.

We’ve seen all the leaders of major parties say they take on board and accept in the recommendations … but it appears very little has changed on the ground. We still have unlimited and unmonitored alcohol consumption in Parliament House and in the workplace.

That’s why I put to the prime minister random testing could be introduced. Because we know from – even from driving, it’s a deterrent. As soon as you have a risk of getting caught, it changes behaviour.

People have had enough of politicians thinking there’s different standards that apply to them in Parliament House than what applies in other workplaces.

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Kemi Badenoch accuses Post Office chair she sacked of seeking revenge

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Business minister criticises Henry Staunton after he claimed the government wanted to stall payouts to scandal victims

Kemi Badenoch has accused the Post Office chair she sacked of a “blatant attempt to seek revenge” after he made explosive allegations about the government’s handling of the Horizon scandal.

The business secretary launched an extended attack on Henry Staunton in the Commons on Monday, and claimed that he was under investigation for bullying when she fired him.

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Severn Trent fined more than £2m for ‘reckless’ pollution of River Trent

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Huge amounts of raw sewage were discharged into the river between November 2019 and February 2020

Severn Trent has been fined more than £2m for polluting the River Trent near Stoke, with the Environment Agency calling its storm contingency plans “woefully inadequate”.

Huge amounts of raw sewage were discharged into the river from Strongford wastewater treatment works near Stoke-on-Trent, Staffordshire, between November 2019 and February 2020.

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Anglo American’s platinum arm to cut 3,700 jobs as metal’s price dives

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Johannesburg-based Amplats says one in five jobs will be lost in South Africa amid plunge in profits

The platinum arm of Anglo American is to cut 3,700 jobs in South Africa as the British mining company attempts to improve performance in the troubled division.

Anglo American Platinum (Amplats) said on Monday it aimed to cut jobs after a sharp drop in platinum metal prices, which had led to a collapse in profits last year.

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Ten of Australia’s top companies lack clear plans to stop using or supporting fossil fuels, report says

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UTS researchers say firms including Coles, Woolworths, Telstra, Rio Tinto and Qantas have no ‘comprehensive, independently verified and fully costed plan’ to reduce emissions

Ten of Australia’s best-known corporations – including Coles, Telstra, Woolworths and Qantas – have no clear plans to stop using or supporting fossil fuels despite having targets to reach net zero greenhouse gas emissions, according to a report.

The companies were also failing to report clearly the impact of their businesses on the climate warming caused directly or indirectly from land clearing.

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Mornington Peninsula hotel owner forced to sell business after gambling watchdog finds payout error cover-up by staff

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Owner of Rye hotel hit with $80,000 fine and required to sell business after staff falsified records to cover up an erroneous cash payout

The owner of a Victorian hotel has been fined $80,000 and will be forced to sell the business after staff tried to cover up an illegal gambling payout.

Senior staff at the Rye hotel on the Mornington Peninsula falsified records to cover up an erroneous cash payment of $2,039 to a patron, Victoria’s gambling watchdog has said.

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Albanese signs WA GST pledge on reporter’s arm and signals possible support for state’s nickel miners

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PM says federal government will make ‘no changes’ to Western Australia GST payments, which could hit $50bn over a decade

The federal government is considering “time-limited support” for the nickel industry in Western Australia as it faces growing international competition from Indonesian producers, Anthony Albanese has said.

The prime minister also pledged to maintain WA’s lucrative share of GST payments by signing a promise on a newspaper front page and on a reporter’s arm in marker pen, before encouraging the journalist to get it tattooed on his body.

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Citizens Advice says Sizewell C costs should not be paid with energy bill hikes

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Independent advice provider calls for clarity on funding and says project may offer ‘poor value for money’

Ministers have been urged by Citizens Advice to protect consumers from a hike in household energy bills to pay for the proposed Sizewell C power station, amid international tensions over the rising costs of nuclear projects.

The UK’s largest independent advice provider has raised concerns that the project in Suffolk may offer “poor value for money” and called for greater clarity on its funding, in a letter to the Department for Energy Security and Net Zero.

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Amount of fraud in UK more than doubled to £2.3bn in 2023, report finds

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Accounting firm BDO also warns of future impact of fraudsters using artificial intelligence to rip off customers

The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades, according to a report that also warns of the future impact of fraudsters using artificial intelligence to rip off consumers.

The accounting firm BDO’s latest FraudTrack report found that the number of reported cases rose by 18% to a three-year high, and the number of high-value cases over £50m increased by 60% year-on-year in 2023. Half of the high-value frauds were over £200m.

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