Category Archives: Business

Sandwich price shocks but meal deal costs rise less than average food inflation

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Pret a Manger’s ‘posh’ cheese and pickle sandwich grabbed headlines for its £7.15 price tag, but it’s not all gloom

It’s not often that a cheese and pickle sandwich turns heads, but this week Pret a Manger’s “posh” version grabbed headlines after a tweet decrying its £7.15 price tag went viral.

Although that included VAT for eating in, the social media post shone a spotlight on the rising cost of lunch on the go, as the soaring cost of ingredients has been passed on to consumers.

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Head of Australia’s competition watchdog calls for new mandate to police airline industry

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Exclusive: Gina Cass-Gottlieb says ACCC needs greater powers to help new entrants compete with Qantas and Virgin

The head of the competition watchdog has called for a fresh mandate from the Albanese government to monitor the airline industry and help new entrants compete with established players Qantas and Virgin.

The chair of the Australian Competition and Consumer Commission, Gina Cass-Gottlieb, said the regulator sees “a case” for a mandate to look into competition, prices and industry practices after an earlier direction expired in June.

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UK mortgage approvals hit six-month low as interest rates cool market

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Number of house sales also fell in August compared with a year earlier, says HMRC

UK mortgage approvals fell in August to their lowest level in six months, as high interest rates cooled the housing market.

The Bank of England said net mortgage approvals for house purchases fell from 49,500 in July to 45,400 in August and were down by a third from the same month last year.

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UK economy makes stronger recovery from pandemic than first thought

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Revisions to figures show stronger performance than Germany and France but momentum starts to stall

The UK economy made a faster recovery from the Covid pandemic than previously estimated, according to revisions to official figures revealing a stronger performance than Germany and France.

In a boost for Rishi Sunak before the Conservative party conference in Manchester beginning this weekend, revised figures from the Office for National Statistics (ONS) showed gross domestic product was 1.8% above pre-pandemic levels at the end of the second quarter this year.

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Evergrande founder ‘being investigated for suspected crimes’

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Chinese group’s statement about chair Hui Ka Yan piles on the woe for once top-selling property developer

The founder of China’s Evergrande is being investigated over suspected “illegal crimes”, the group has said, as creditors become increasingly concerned about the prospects of the world’s most indebted property developer.

Evergrande Group, which has more than $300bn (£245bn) in total liabilities, did not say whether Hui Ka Yan was still in a position to run the company, or what crimes he was being investigated for.

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Investigation launched into killings and evictions on World Bank tourism project

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Tanzania government blamed for violence against villagers in national park, while thousands more people face losing their homes

The World Bank is investigating allegations of killings, rape and forced evictions made by villagers living near the site of a proposed tourism project it is funding in Tanzania.

The bank has been accused of “enabling” alleged violence by the Tanzanian government to make way for a $150m (£123m) project ministers say will protect the environment and attract more tourists to Ruaha national park.

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Europe’s olive oil supply running out after drought – and the odd hailstorm

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Heatwaves around Mediterranean have damaged harvests and forced producers to import from South America

Europe has almost run out of local olive oil supplies and is set for more shortages, after extreme weather damaged harvests for a second year.

The world’s largest producer has said it is having to import supplies from South America to keep up with demand.

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PwC tax leak scandal not isolated to Australia, senators claim

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Accounting firm says no evidence confidential information used by partners outside Australia for commercial gain

The politicians who exposed PwC’s leak of government secrets have claimed the scandal is not isolated to Australia, citing emails that reveal global partners knew they received confidential material and provided assistance.

Confirmation that PwC Australia partners shared confidential details about multinational tax plans triggered an internal investigation, released on Wednesday, which exposed a culture where “revenue is king” and profit is sometimes prioritised above ethics.

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Pakistan welcomes fast-fashion brand Boohoo despite poor staff safety claims

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Call to set up role comes as report alleges retailer uses factories that violate minimum-wage requirements and workers’ rights

Pakistan’s caretaker prime minister, Anwaar-ul-Haq Kakar, has reportedly asked the British fast-fashion brand Boohoo to increase its presence in the country, despite claims that it has failed to tackle poor conditions at its suppliers’ factories there.

In a meeting with Kakar this week, Mahmud Kamani, chairman of Boohoo Group, expressed an interest in establishing long-term buying linkages with Pakistan, according to Radio Pakistan.

Kakar pointed out Pakistan’s pro-investment policies and facilities, and invited Boohoo to open franchises in the country, which is in economic turmoil, with a record inflation rate of 36.4%.

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China lifts trade restrictions as relationship improves – as it happened

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Trade minister Don Farrell welcomes ‘positive step forward’ but says Australia pressing for all remaining restrictions to be lifted. This blog is now closed

Chalmers also declared the government is not “currently contemplating” a fuel subsidy, as prices continue to rise.

It comes after new data released yesterday showed cost of living is still increasing, with fuel costs jumping 9.1% in August, gas up 12.9% and electricity 12.7%.

It’s not something that we are currently contemplating. And one of the reasons for that is we’ve got I think, a much better way of providing cost of living help for people.

Historically, what the Reserve Bank tries to do is to understand the overall direction of travel.

And the direction of travel has been really clear, inflation is moderating overall, we’ll get these bumpy and lumpy figures month to month from time to time, but it’s moderating overall.

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Evergrande halts share trading as woes mount for China’ property giant

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Suspension comes a month after developer resumed trading and follows its chair reportedly being put under police surveillance

Embattled Chinese property giant Evergrande has suspended share trading on the Hong Kong stock exchange only a month after it resumed trading after a 17-month suspension.

Trading in its two other units – the property services and electric vehicle groups – also stopped at 9am on Thursday, according to notices posted by the stock exchange.

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Tory peer cleared for second time of breaking lobbying rules over PPE contracts

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Watchdog says there is insufficient evidence Lord Chadlington breached rules over £50m in contracts

A Conservative peer has been cleared of breaking lobbying rules for a second time by the House of Lords watchdog over introducing a company that was awarded government PPE contracts worth £50m.

The watchdog had been asked to reopen his investigation into Lord Chadlington after it emerged that there was an exchange with the government that had not been fully provided to his first inquiry.

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UK go-ahead for North Sea oil and gas field angers environmental groups

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Campaigners including Greta Thunberg had called for halt to Rosebank project involving Oslo-listed Equinor

Britain has given the go-ahead to develop the UK’s biggest untapped oilfield off Shetland, sparking outrage from environmental campaigners.

The UK oil and gas regulator’s decision to grant the Oslo-listed Equinor and the British firm Ithaca Energy permission to develop the Rosebank oil and gas field in the North Sea was condemned by the Green party MP Caroline Lucas as “the greatest act of environmental vandalism in my lifetime”.

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Australia agrees to clear-the-air talks with Qatar over controversial airline decision

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Exclusive: Comes after heated Senate inquiry hearings told application for extra flights by the Gulf had been “unfairly rejected”

Australian bureaucrats will schedule a meeting with Qatari officials to discuss the Albanese government’s controversial decision to reject Qatar Airways’ request to almost double its flight operations to Australia.

Senate inquiry hearings this week revealed that the Qatar Civil Aviation Authority (QCAA) – which lodged the request for an additional 28 weekly flights to Sydney, Melbourne, Brisbane and Perth – had requested consultations with the Australian department of infrastructure and transport.

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PwC Australia reveals more breaches on heels of scathing report into consultancy scandal

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Firm releases ‘statement of facts’ alongside Switkowski review making further admissions about government consultation work

PwC Australia has revealed a series of additional breaches of confidentiality as a new report details a litany of corporate failures that allowed confidential government information to be misused for years without any disciplinary action.

The confessions are detailed in what PwC Australia has described as “a statement of facts”, which was published alongside a review into its internal culture by the former Telstra boss Ziggy Switkowski. His report found some partners prioritised profit above ethics and internal dismay at the firm’s response to the scandal.

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Chair of China’s Evergrande reportedly put under police surveillance

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Another missed bond payment raises doubts over future of world’s most indebted property developer

The chair of China’s Evergrande Group has reportedly been put under police surveillance as another missed bond payment casts further doubt over the future of the world’s most indebted property developer.

Hui Ka Yan, who founded Evergrande in 1996, was taken away earlier this month and is being monitored at a designated location, according to Bloomberg.

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Hollywood writers agree to end five-month strike after new studio deal

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Writers Guild of America said its members could return to work while a ratification vote takes place for fresh three-year contract

Hollywood writers will officially end their five-month strike on Wednesday, as union leaders approved an agreement made with the Alliance of Motion Picture and Television Producers, and sent the full details of the new contract to union members for ratification.

The Writers Guild of America (WGA) said in a statement on Tuesday evening that its members could return to work at midnight tonight, while a ratification vote takes place on a new three-year contract with Hollywood studios.

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PwC to restructure board as report into consultancy scandal released

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PwC Australia will also commit to publishing audited financial statements

PwC Australia will overhaul its corporate structure, adding three non-executive directors to its governance board and a non-executive chair, as well as committing to publishing audited financial statements.

The announcement comes ahead of the release of an investigation into the firm’s misuse of confidential government information, which triggered a reputation crisis and widespread condemnation.

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First-time buyers in UK drop by a fifth as higher mortgage costs bite

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Lender says homes needing renovation are most in demand as people seek cheaper properties

The number of first-time buyers in the UK has fallen by more than a fifth, while homes in need of renovation are most in demand as buyers look for cheaper properties, in the latest evidence that people are struggling with higher mortgage costs.

There were 22% fewer first-time buyers between January and August compared with the same period last year, according to the mortgage lender Halifax. They still accounted for more than half (53%) of all home loans agreed in the first eight months of this year, similar to a year earlier (52%).

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Scrapping inheritance tax would cost £15bn a year by 2032, says IFS

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Thinktank carried out analysis as calls mount among Tory MPs for the tax to be abolished

Scrapping inheritance tax would cost the government almost £15bn a year in lost revenue by 2032, according to analysis by the Institute for Fiscal Studies that follows calls from Tory MPs for the main tax on inherited wealth to be abolished.

The thinktank said the latest figures from HMRC showed fewer than 4% of estates paid inheritance tax (IHT) in 2020–21, but the rapid growth in wealth among older individuals meant this number was set to rise to more than 7% over the next decade.

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