Category Archives: Business

China announces 0.5% cut in banks’ minimum reserves

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Biggest reduction since December 2021 will allow 1tn more yuan to be released in form of new loans

China’s central bank has announced a surprise cut to the amount of cash that banks must hold in reserve, hoping to boost the lending available to households and businesses as policymakers try to steer the economy through a fragile recovery.

Pan Gongsheng, the governor of the People’s Bank of China (PBOC), said on Wednesday that the reserve requirement ratio would be cut by 0.5% from 5 February, the deepest cut to the rate since December 2021. The move will allow about 1tn yuan (£110.8bn) to be released in the form of new loans.

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Albanese promises to double tax relief for average income Australians in stage-three overhaul

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Prime minister to use National Press Club address to defend new plan as the ‘right thing to do’

Anthony Albanese has pledged to more than double tax relief for Australians on the average income in a suite of low and middle income tax cuts paid for by trimming benefits to high income earners.

At the National Press Club on Thursday the prime minister will defend Labor’s plan by arguing it will still deliver “a tax cut for every taxpayer” and that modification of the stage-three tax cuts was “the right thing to do” in changed economic circumstances.

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‘Hypocrisy’: Tata builds vast India furnace despite Port Talbot emissions claims

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Owner says shutting Welsh blast furnaces will cut emissions, but it is opening a new one in India

The owner of the Port Talbot steelworks has been accused of “gross hypocrisy” as it prepares to open a new blast furnace in India, while citing a cut in carbon emissions for its decision to close two blast furnaces in south Wales, costing thousands of jobs.

Tata announced last week that up to 2,800 jobs would be cut under plans to close Port Talbot’s two huge blast furnaces and replace them with an electric arc furnace.

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Three dead after being pulled from water off Phillip Island – as it happened

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This blog is now closed.

Morrison to take up separate position at Dyne Asset Management

As we brought you just earlier, Scott Morrison will be taking up a role with international advisory and consulting firm American Global Strategies after his resignation from politics late February.

Well, firstly, I think we should be quite thoughtful of which category we’re talking about for farmers. If you’re talking about fruits and vegetables, we are in material deflation and have been for about four months … That is because of demand and supply in Australia. It’s a domestic product, it’s subject to demand and supply. It is causing pain for many of those farmers. But hopefully that situation will change with regard to the new year.

… We buy directly [where we can] from farmers, and we try and smooth out the price that they get so that they can plan and manage their business effectively.

But when you look at the red meat index, it does look like it’s trending up based on what’s happening offshore. So these things do flow through …

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Royal Mail could save £650m by moving to three-day-a-week service, says Ofcom

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Regulator sets out possible ways forward in review of requirement to deliver across Britain, six days a week

Royal Mail could save up to £650m if it delivered letters just three days a week and £200m by stopping Saturday deliveries, the communications regulator has said.

The watchdog said a reduction from six to five days a week would save £100m to £200m, and going down to three days would save between £400m and £650m.

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Nose wheel falls off Boeing 757 airliner waiting for takeoff

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Delta Air Lines jet was due to depart Atlanta international airport and none of the crew or passengers were hurt

A nose wheel fell off a Delta Air Lines Boeing 757 passenger jet and rolled away as the plane lined up for takeoff over the weekend from Atlanta’s Hartsfield-Jackson international airport in the US, according to the Federal Aviation Administration (FAA).

According to a preliminary FAA notice, none of the 184 passengers or six crew members aboard were hurt in the incident.

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Stage-three tax cut changes will have minimal effect on inflation, economists predict

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Banks say tax tweaks approved by Anthony Albanese’s cabinet may slow pace of RBA interest rate cuts and further reforms are needed to fill budget shortfalls

The Albanese government’s changes to the stage-three tax cuts won’t reignite inflation, although they may slow the pace of Reserve Bank interest rate cuts and more reforms are needed to close future budget gaps, economists say.

Cabinet has approved a revision to the cuts, legislated in 2019, that extends tax relief to those earning less than $45,000 a year to be paid for by reducing the benefit to higher-income earners, with full details still be formally released.

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Hinkley Point C could be delayed to 2031 and cost up to £35bn, says EDF

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As nuclear plant is hit by further delay, real cost will be far higher after inflation is included, as project uses 2015 prices

The owner of Hinkley Point C has blamed inflation, Covid and Brexit as it announced the nuclear power plant project could be delayed by a further four years, and cost £2.3bn more.

The plant in Somerset, which has been under construction since 2016, is now expected to be finished by 2031 and cost up to £35bn, France’s EDF said. However, the cost will be far higher once inflation is taken into account, because EDF is using 2015 prices.

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Netflix places $5bn bet on live streaming with WWE Raw deal

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Entertainment giant has dabbled with live events in bid to shore up its dominant position as world’s largest streaming platform

Netflix has unveiled a $5bn push into live television after striking a decade-long deal with World Wrestling Entertainment (WWE) to broadcast the hit wrestling show Raw.

The entertainment giant, which led the on-demand streaming revolution, has dabbled with live events in recent years in a bid to shore up its dominant position as the world’s largest streaming platform.

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Australia sanctions Russian citizen Aleksandr Ermakov over 2022 Medibank cyber-attack

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Government uses cyber sanctions powers under Magnitsky laws for first time to target Aleksandr Gennadievich Ermakov, alleged to be responsible for hack

Australia has used its new cyber sanctions powers for the first time against a Russian citizen, Aleksandr Ermakov, in connection with the Medibank Private data breach.

Magnitsky-style sanctions laws that were introduced in Australia in late 2021 include a world-leading measure to allow the imposition of Australian travel bans and asset freezes on those allegedly involved in “significant” cyber-attacks.

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Escaping poverty has become much harder in past two decades, report says

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Six million of the poorest people would need more than double their incomes to move out of hardship, says Joseph Rowntree Foundation

Escaping poverty has become significantly harder over the past two decades, with progress to eradicate hardship in Britain having stalled under the Conservatives since 2010, a major report has warned.

The Joseph Rowntree Foundation (JRF) said levels of hardship had deepened for millions of people across the country since the mid-1990s, having been compounded by years of “political failure” to tackle poverty.

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‘We want everybody walking out’: UAW chief outlines mass strike for May 2028

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Shawn Fain, the United Auto Workers president, reaffirms general strike on 1 May 2028, saying ‘members need to come together’

Shawn Fain, the United Auto Workers president, criticized Donald Trump on Monday but declined to back Joe Biden as he reaffirmed plans to lead a general strike in the US in 2028.

Speaking to union members at the UAW national political conference in Washington DC, Fain said it was time for union members to come together.

Reuters contributed reporting

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Alok Sharma condemns government’s oil and gas bill as vote passes first hurdle

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Former Cop26 president abstains from vote saying bill breaks UK’s promise to phase out fossil fuels

Alok Sharma has said the government’s oil and gas bill going through the Commons will not cut household energy costs or create jobs and instead will break the UK’s promise to phase out fossil fuels.

The government’s offshore petroleum licensing bill passed its second reading on Monday night with 293 votes to 211 against. No Conservative MPs voted against it, and Sharma – the former business secretary who served as president of the Cop26 climate talks – abstained. The legislation would place the North Sea Transition Authority under a duty to run annual applications for new offshore oil and gas licences.

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Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

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Record highs come amid hopes a cooldown in inflation will allow Federal Reserve to cut interest rates several times this year

Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial average each closed at an all-time high.

The S&P gained 0.2% to 4,850.43. The Dow cleared 38,000 for the first time, rising 0.4% to 38,001.81.

Associated Press contributed reporting

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Families condemn Koch brothers over ploy to avoid asbestos compensation

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Georgia-Pacific, owned by Koch Industries, employ controversial legal tactic to circumvent paying millions to sickened workers

Asbestos victims, their families and attorneys are claiming a Koch Industries-owned company and its lawyers are using a controversial bankruptcy maneuver to avoid paying millions in compensation to its former employees.

Workers at Georgia-Pacific, a paper and building products company, have been locked in a years-long battle with a company over claims asbestos in its products caused fatal cancers.

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More than 47,000 UK businesses on ‘brink of collapse’, warn insolvency experts

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25% jump in firms facing ‘critical’ financial distress, with property and construction sectors featuring heavily, says Begbies Traynor

More than 47,000 UK companies are on the brink of collapse after a 25% jump in the number of businesses facing “critical” financial distress in the final three months of 2023, according to a report.

It marks the second consecutive quarter-on-quarter period when critical financial distress has risen by a 25%, the latest “Red Flag” report by insolvency specialists Begbies Traynor found.

Construction (7,849)

Support services (7,096)

Real estate & property services (6,228)

Professional services (4,347)

General retailers (3,133)

Telecoms & IT (2,830)

Health & education (2,719)

Media (1,828)

Financial services (1,373)

Food & drug retailers (1,343)

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Albanese fuels cost-of-living relief expectations as MPs debate sticking with stage-three tax cuts

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PM says Labor government will receive advice by Wednesday’s caucus meeting on how best to assist Australians struggling with rising costs

Anthony Albanese has continued to raise expectations of further cost-of-living relief as some backbench MPs debate the possibility Labor could modify stage-three income tax cuts to pay for new measures.

On Monday the prime minister said “if we can find ways to put extra dollars in people’s pockets, particularly those low and middle income earners who are doing it tough, then we’re prepared to do so”.

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New Brexit checks ‘pose existential threat’ to UK fruit and flower growers

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Exclusive: NFU warns blanket import checks from April could fuel long delays and damage future crops

The UK’s fruit and flower growers face an “existential threat” from new post-Brexit border checks that could damage business and affect next year’s crops, the country’s biggest farming body has said.

The National Farmers’ Union (NFU) warned that changes to import rules in April, which will impose checks at the border for nearly all young plants coming into the country, could cause long delays and result in plants being damaged or destroyed.

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Albanese government secures further gas supply before meeting on cost-of-living relief

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Deal aimed at keeping energy bills affordable will see 260 petajoules supplied to gas-fired power stations in Australia’s south-east coast until 2033

Australia’s south-east coast will be further guaranteed gas supply in an effort to keep lights on and energy bills affordable before predicted supply shortages at the decade’s end.

It comes as the prime minister, Anthony Albanese, has called Labor MPs and senators to Canberra on Wednesday for a snap caucus to discuss further cost-of-living relief measures put forward by Treasury.

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Police hunt alleged $8.7m Melbourne property swindler and warn of ‘pig butchering’ scams

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Detectives believe man is targeting single women – while AFP shines spotlight on romance fraud

Law enforcement agencies are on the hunt for a man accused of stealing millions from property market investors as police warn Australians to be on guard against “pig butchering” scams before Valentine’s Day.

A Victorian man is alleged to have fleeced wannabe property market investors of $8.7m by claiming to be a developer who offers to help people demolish their homes and build townhouses in their place.

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