Category Archives: Business

Australia news live: Albanese congratulates Delta Goodrem on Eurovision fourth-place finish; Queensland Labor set to win Stafford byelection

Posted on by

Follow the day’s news live

Jim Chalmers says the opposition’s policy to index tax brackets would cost the budget a quarter of a trillion dollars over ten years, while claiming that the government is returning bracket creep to taxpayers.

It’s a slightly tricky position, as Angus Taylor argues that Labor is “betraying” itself because the high figure is actually how much the government is keeping and spending through bracket creep ever year.

This is a Government that returns bracket creep when it is responsible to do that.

That [policy] would cost tens of billions of dollars in extra debt interest, because he’s got these uncosted, unfunded, tax announcements that he [Taylor] made in his Budget reply, which was all about trying to stave off One Nation.”

What Angus Taylor is proposing to do is to pump the most money into the economy when inflation is already at its highest.

“This betrays the fact that the government plans to raise income tax rates to the tune of $35 billion This says more about their plan than our plan ...

If Labor’s saying that they plan to raise income taxes to the tune of $250 billion in the next 10 years ... [if] that is their tax hike, that’s their planned income tax increases.”

Continue reading...

Oman caught between US and Iran after Tehran’s claims of joint strait of Hormuz plan

Posted on by

Muscat silent about plans – opposed by US – to charge fee and demand details on nationality of all transiting ships

Oman has been caught in geopolitical crossfire after Iran said it was coordinating with the Gulf state over the future management of the strait of Hormuz, including Tehran’s plans to impose fees on commercial shipping.

The Omani exclave of Musandam lies to the south of the contested waterway, which normally carries a fifth of the world’s seaborne oil traffic but has been blockaded for 10 weeks since the US-Israeli attack on Iran in February.

Continue reading...

Pound heads for worst week in 18 months as Burnham lines up Labour bid

Posted on by

UK government borrowing costs jump amid political uncertainty and oil price rise that fuelled inflation worries

The pound was heading for its worst week in 18 months on Friday as City traders anticipated that the UK prime minister, Keir Starmer, could face a challenge from the Manchester mayor, Andy Burnham, later this year.

After days of uncertainty over Starmer’s future, sterling dropped by almost three cents, or 2%, during the week to $1.336 on Friday, a five-week low. That would be the largest weekly drop against the US dollar since Donald Trump’s election win in early November 2024.

Continue reading...

British Gas faces record £112m settlement over prepayment meter scandal

Posted on by

Redress to customers for force-fitting devices in homes includes £20m penalty and £70m of debt write-offs

Thousands of British Gas customers who had prepayment meters force-fitted in their homes will between them receive compensation and energy bill debt write-offs worth up to £112m in the biggest energy supplier settlement on record.

Great Britain’s energy regulator found that British Gas forced PPMs on homes that were not keeping up with their bills at the height of the Russian gas crisis, in one of the most complex investigations in Ofgem’s history.

Continue reading...

UAE to complete second oil pipeline bypassing strait of Hormuz by 2027

Posted on by

State oil company fast-tracks previously undisclosed project, which is expected to double export capacity

The United Arab Emirates has announced it will complete a new oil pipeline bypassing the strait of Hormuz by next year to secure its future crude exports against the threat of disruption.

The current blockade of the vital waterway, through which 20% of oil and seaborne gas flowed before the Iran war, is approaching the 11-week mark, sending energy prices soaring around the world and throttling Gulf economies.

Continue reading...

Heathrow could be forced to allow other firms to build third runway to cut costs

Posted on by

Under aviation regulator proposals rival companies would bid to design and build parts of airport expansion

Heathrow could be forced to allow other companies to design and build its third runway and new terminal after the UK aviation regulator argued that rival bids could keep construction costs down.

A long-awaited review by the Civil Aviation Authority (CAA) proposes changes to the regulatory model that governs how Heathrow runs and covers its costs.

Continue reading...

Australia news live: Delta Goodrem hits the stage in Eurovision semi; Angus Taylor accused of ‘dog whistle’ budget reply

Posted on by

Australian pop star performs song Eclipse in second semi-final before Sunday’s final. Follow today’s news live

Advocates for migrants last night accused Angus Taylor of using his budget reply speech to “chase votes with dog whistles, fear and division”.

Taylor claimed that migrants were coming to Australia and claiming benefits before they were becoming citizens, a situation which he said Australians did not accept.

The Coalition’s dangerous decision to return to its harmful, failed refugee policies of the past shows what a mess they are in. They have no new policy ideas. Temporary protection visas have harmed countless people and kept many families apart for over a decade. So many are still trying to recover.

Taylor’s comments tonight are inflammatory and desperate. The fact that he feels the need to dog-whistle about mass deportations of so-called ‘overstayers’, many of whom are actually trapped in a massively blown-out court and tribunal system created through years of Coalition underfunding, shows they are far more interested in stoking fear than delivering serious policy solutions.

The language in tonight’s address misleads the nation by claiming that migrants are arriving and immediately accessing welfare payments, which is a blatant lie. In reality most of the restrictions he’s talking about already exist and there are lengthy wait periods for welfare payments.

The Coalition knows all this and is deliberately misleading Australians about how the welfare system already operates in order to whip up fear and division.

If I may answer - it will be below 200,000. There’s no doubt about that.

And then the right mix will depend on the circumstances of the time. What is clear, what is clear, is that the number of students in this country has been at record levels.

Continue reading...

‘Inevitable’ jet fuel shortages will drive up air fares this summer, says Willie Walsh

Posted on by

Impact of disruption from Iran war may be felt into 2027 even if strait of Hormuz reopens, says aviation body boss

Increases in air fares for travellers in Europe are “inevitable” over the peak summer period because of the high cost of jet fuel, according to the head of the international aviation body.

While some airlines faced with weak demand have reduced their European fares recently, Willie Walsh, the former British Airways boss who leads the International Air Transport Association, said there was no way carriers could absorb the extra costs in the long run.

Continue reading...

Court rules Coles misled shoppers with its ‘Down Down’ discount campaign

Posted on by

Landmark finding against supermarket giant comes after competition watchdog argued that markdowns did not represent genuine savings

Coles misled Australian shoppers by promoting fake “Down Down” discounts on everyday grocery products, the federal court has ruled in a landmark decision for the supermarket industry.

Justice Michael O’Bryan handed down his judgment on Thursday, delivering a significant blow to Australia’s second-largest supermarket chain, which had argued that the discounts represented genuine savings during a period of high inflation.

Continue reading...

Milka maker milked shoppers over size of chocolate bars, German court rules

Posted on by

Brand owner Mondelēz was accused of reducing weight of Alpine Milk bar from 100g to 90g without significantly altering the packaging

Many chocolate lovers consider shrinkflation a serious crime – and they have been vindicated after a German court ruled that the makers of Milka cheated consumers by cutting the bar’s size, while keeping the wrapper the same.

The three-week case in a regional court was brought by Hamburg’s consumer protection office. It accused the chocolate brand’s US owner Mondelēz of deceiving shoppers by cutting the weight of Milka’s classic Alpine Milk bar from 100g to 90g without significantly altering the distinctive purple packaging.

Continue reading...

1MDB financier Jho Low seeks pardon from Donald Trump

Posted on by

Fugitive faces charges including corruption and money laundering in US and Malaysia for role he allegedly played in scandal

The fugitive Malaysian financier Jho Low, a central figure in the multibillion-dollar scandal at the state fund 1Malaysia Development Berhad (1MDB), is reportedly seeking a pardon from the US president, Donald Trump.

Low faces multiple charges including corruption and money laundering in the US and Malaysia for the important role he allegedly played in the misappropriation of at least $4.5bn (£3.3bn) from 1MDB.

Continue reading...

Iran war oil shortage forces Japan snack giant to use black-and-white packaging

Posted on by

Calbee to switch its brightly coloured packaging to black and white because war has disrupted supply of certain raw materials used in ink

Japan’s biggest snack maker has been forced to use black-and-white packaging for some flagship products because of ink ingredient shortages caused by the strait of Hormuz blockade.

Calbee, whose potato chip brands in particular are known for brightly coloured bag designs, said 14 of its products would switch to monochrome branding by the end of May.

Continue reading...

Advisers urge JP Morgan investors to vote to split chair and CEO positions

Posted on by

SS and Glass Lewis back shareholder resolution amid fears over power wielded by Jamie Dimon, who holds both roles

Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.

ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”. Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.

Continue reading...

Trump Media and Technology Group lost $406m in first three months of 2026

Posted on by

Parent company of president’s Truth Social platform generated only $870,000 even as net sales were up 6%

The parent company of Donald Trump’s Truth Social platform – one of the president’s preferred communications channels – lost nearly $406m in the first three months of the year while generating a little over $870,000 in revenue, according to financial filings.

The Trump Media and Technology Group’s quarterly report for January to March 2026 showed that while net sales were up 6% year over year, the company took sizable losses related to other investments.

Continue reading...

Worried Britons ‘prepping’ for major disruption with stash of tins and cash, survey shows

Posted on by

Fears over a natural disaster or cyber attack are pushing households into contingency planning, Link survey shows

Millions of Britons are “prepping” for a potential “major disruptive event” by keeping a stash of cash at home, stockpiling tinned goods or ensuring they have a battery-powered torch close to hand, new data suggests.

With war raging in the Middle East and Ukraine, extreme weather becoming more frequent, and warnings that the UK’s critical infrastructure is at risk from cyber-attacks and power outages, many people feel the world has become a more dangerous and chaotic place.

Continue reading...

Iran war costs Toyota £3bn as prices of materials soar and sales fall

Posted on by

Carmaker gives one of biggest warnings yet of conflict’s impact on businesses while Trump tariffs also take toll

Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.

The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses.

Continue reading...

Airline emissions in Europe top pre-Covid levels despite pledge to decarbonise

Posted on by

Promises to cut emissions and use more fuel-efficient planes fail to stop rise, with Ryanair’s carbon footprint 50% up on 2019

Emissions from flying in Europe have now passed pre-pandemic levels, with Ryanair’s carbon footprint 50% higher than in 2019, research has shown.

Total aviation emissions continue to increase despite industry pledges to decarbonise and the introduction of more fuel-efficient planes, driven by the massive expansion of low-cost carriers.

Continue reading...

Cut UK speed limits to reduce Iran war impact on consumers, thinktank urges

Posted on by

Cap of 20mph in towns and cities and 60mph on motorways would cut fuel demand and combat rising prices, IPPR says

Britain should lower speed limits for drivers as part of a package of measures to reduce the impact of the Iran war on consumers, a thinktank has said.

Capping legal speeds at 20mph in towns and cities and 60mph on motorways would help reduce fuel demand and combat soaring oil prices triggered by conflict, according to the Institute for Public Policy Research (IPPR).

Continue reading...

Fertiliser shortages will have ‘dramatic’ effect on global food prices, warns farming boss

Posted on by

Powerful property and farming firm Grosvenor Group says knock-on effect of Iran war could arrive next year

Fertiliser shortages caused by the Iran war have driven up costs for UK farmers by up to 70% and will have a “dramatic” impact on food prices globally next year, according to one of Britain’s most powerful property and farming companies.

Mark Preston, executive trustee of the 349-year-old Grosvenor Group, controlled by the Duke of Westminster, said fertiliser “was already quite expensive” before the 50% to 70% surge in prices since the start of the Iran war in late February.

Continue reading...

Trainline says Middle East tensions hitting European rail bookings

Posted on by

Profits jump to £122m at ticketing retailer but it expects flat or declining revenues over the coming year

Trainline has said the US standoff with Iran is hitting its revenues, with rail ticket sales to foreign visitors to Europe affected.

The UK-based ticketing retailer said it expected revenues to stay flat or decline over the coming year, citing “the effects of geopolitical tensions in the Middle East on inbound air traffic into Europe”.

Continue reading...