Category Archives: Business

Qantas chairman heckled by shareholders at AGM as investors reject executive pay plans

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Shouts of ‘shame on you’ after shareholder Chris Maxworthy’s microphone cut off

Qantas’s annual general meeting erupted with shareholders shouting “shame on you” at the board’s chairman, Richard Goyder, as investors overwhelmingly rejected the embattled company’s executive pay deal.

That result, which marked one of Australia’s largest ever protest votes against executive pay, came after Goyder and the airline’s chief executive, Vanessa Hudson, apologised to investors for a year of sagas that had seen the company’s share price plummet.

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Trump sons deny knowing of financial statements at heart of $250m fraud trial

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Donald Jr says he ‘relied upon accountants’ for financial statements while Eric says he ‘never had anything to do’ with them

Trump’s eldest sons claimed on Thursday that they had no knowledge of the financial statements at the heart of the family’s $250m fraud trial.

Eric and his older brother Donald Trump Jr claimed in court that they had relied on accountants and others to make sure their financial records were correct.

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Trump Jr distances himself from documents at center of fraud trial: ‘I don’t recall’

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Donald Trump’s eldest son testifies in New York civil trial, claiming repeatedly: ‘I don’t recall’

Donald Trump Jr took the stand in the ongoing fraud trial against his father and the family business on Wednesday and tried to distance himself from the financial statements at the center of the case.

Trump’s eldest son, 45, is the first family member to testify in the civil trial brought by the New York attorney general, Letitia James. His younger brother Eric is expected to testify on Thursday, with Trump and his daughter Ivanka expected in court next week.

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Sam Bankman-Fried built ‘pyramid of deceit’, jurors hear in closing arguments

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Founder of FTX platform, 31, painted by prosecution as scammer and liar who defrauded customers out of billions of dollars

Sam Bankman-Fried’s crypto fraud trial neared its end with closing arguments on Wednesday in Manhattan federal court following weeks of testimony that lifted the veil of FTX’s stunning collapse – and a broader murkiness surrounding digital currency markets. The prosecution quickly painted Sam Bankman-Fried as an unabashed scammer rather than the image of the wayward math nerd proffered by the defense throughout the trial, saying he created a “pyramid of deceit” with his cryptocurrency exchange, FTX.

Assistant US attorney Nicholas Roos also used Bankman-Fried’s own testimony against him.

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Asos expects sales slump to continue as it is hit by near £300m loss

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Shares plunge after analysts say online fashion retailer may need to raise more cash, possibly through sale of Topshop brand

Asos has warned sales will continue to fall in the year ahead – by much as 15% – after delayed results revealed a near £300m annual loss.

Shares fell almost 10% on Wednesday to 34p after analysts expressed fears that the online fashion retailer would need to raise new cash – potentially through the sale of its Topshop brand – with net debt including leases now at £648.5m, up from £533m a year before.

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Next upgrades profit forecast again as cool weather helps sales

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Retailer expects to make £10m more profit than previously predicted, taking full-year target to £885m

Next has upgraded annual profit expectations for the fourth time in five months after the arrival of cooler weather in late October helped bolster sales.

The retailer said it now expected to make £10m more profit than previously forecast, taking its full-year target to £885m, after full-price sales rose by 4% in the three months to the end of October – double the pace of growth anticipated.

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‘Expect the unexpected’: Trump fraud trial becomes family affair

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Donald Jr, Eric and Ivanka scheduled to give evidence with father this week in case against Trump Organization

Donald Trump’s fraud trial becomes a family affair this week as three of his children, and the former president himself, prepare to be called to the witness stand in New York.

Trump’s appearances in court so far have been controversial, to say the least. The former president has railed against the prosecution, calling it a “witch-hunt”, and has been threatened with jail for attacking one of the court’s clerks on social media.

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Pineapple loses its crown: Sainsbury’s sells leafless version to cut waste

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Removing leaves will mean they can be replanted or shredded for animal feed and could reduce emissions

The pineapple has been dethroned: Sainsbury’s has announced it will start selling a crownless version of the tropical fruit from Wednesday.

The spiky, green leaves that grow from the top of the plant are a unique feature of the exotic fruit. But, says the supermarket, they are typically thrown away by customers, contributing to up to 700 tonnes of food waste a year.

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Port Talbot steelworkers braced for up to 3,000 job cuts

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Tata Steel board thought to be meeting in India and decision over blast furnaces expected about noon

Tata Steel is expected to confirm as many as 3,000 job losses at its steelworks in Port Talbot on Wednesday, in what would be a devastating blow to the south Wales economy.

The board of Tata Steel is thought to be meeting in India, where it is headquartered, to make a final decision.

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Ticket office U-turn ditches hated rail policy but where will savings come from now?

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Unpopular proposal for England came on back of crisis that has engulfed the industry in Britain since Covid hit

So, welcome back, ticket offices – not yet four months after their wholesale closure across England was announced by train operators. Back then rail executives breezily assured us that virtually no one bought an actual ticket from a person in an office: just for 13% of journeys, in an era of trains filled by happy smartphone users.

But then it turned out, according to the passenger watchdogs who compiled and analysed 750,000 responses to the public consultation, every single one of the 1,007 menaced offices needed to stay open after all. Transport Focus – independent, but not notable for outspoken condemnation of either industry or government – said serious concerns remained despite long discussions over the detail of options proposed by train operators to serve all passengers.

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Rail ticket office closures in England scrapped in government U-turn

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Watchdogs say they received 750,000 responses to consultation, 99% of which were objections

Plans to close railway station ticket offices in England have been scrapped, in a government U-turn.

The transport secretary, Mark Harper, said the “government had asked train operators to withdraw their proposals”.

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Odey Asset Management to shut after sexual misconduct allegations against founder

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Financial institutions have cut ties with hedge fund set up by Brexiter and Conservative party donor

Odey Asset Management is closing down, five months after allegations of sexual misconduct made by junior female members of staff against its founder Crispin Odey threw the hedge fund into turmoil.

The business said on its website: “Odey Asset Management [OAM], including Brook Asset Management and Odey Wealth, will be closing. Fund managers and funds have moved to new asset managers.”

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Major multinational port operator paid zero tax in Australia while raking in billions

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Exclusive: DP World, part-owned by the Dubai government, may have ‘artificially reduced profits’, a new report claims

DP World, one of Australia’s two largest port operators, has paid no tax in Australia despite generating revenue of more than $4.5bn over eight years.

A new report by the Centre for International Corporate Tax Accountability and Research (Cictar) says that DP World’s top Australian subsidiary may have “artificially reduced profits” to achieve the result.

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French police detain Russian tycoon over alleged financial and sanctions violations

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Alfa Bank founder Alexey Kuzmichev was sanctioned by EU for ‘well-established ties’ to Vladimir Putin

Police in France have detained the Russian tycoon Alexey Kuzmichev and raided two of his properties in connection with alleged tax evasion, money laundering and sanctions violations.

The French financial prosecutor’s office said on Tuesday that searches had taken place a day earlier at Kuzmichev’s Paris home and an estate in in the Mediterranean Var region.

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Eurozone economy shrinks by 0.1%, putting it at brink of recession

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Ireland and Austria post biggest declines, while Germany contracts by 0.1% and France grows by 0.1%

The eurozone is teetering on the brink of a winter recession after the latest official figures showed its economy contracted by 0.1% in the third quarter of 2023.

In a worse than forecast performance, the 20-nation single currency zone has now failed to grow in three of the past four quarters, leaving its economy only 0.1% higher than it was a year earlier.

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Australia’s banks face unprecedented wave of threats, RBA warns

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A rush on withdrawals among the possible dangers as sector likely to see risks with ‘a different complexion’ in coming decade, assistant governor says

Australia’s banking industry faces emerging threats from potential rapid-fire bank runs to climate change and geopolitical tensions that are without historical precedents, a senior Reserve Bank official has warned.

Brad Jones, an assistant RBA governor, told a Sydney conference on Tuesday that “the emerging risks we are likely to confront over the next decade have a different complexion to those of recent decades” and that what passes for resilience today will likely need to evolve over time.

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Ulez expansion: 45% fewer ‘dirty’ vehicles now on London’s roads, says TfL

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Sadiq Khan hails ‘huge progress’ as progress report finds more than 95% of vehicles are now compliant

The number of the most polluting vehicles driven in London has fallen by almost half since the capital’s ultra-low emission zone (Ulez) was expanded, taking almost 80,000 older cars off the roads.

About 77,000, or 45%, fewer non-compliant cars and vans were detected on average a day in September, the first month of operation of the expanded zone – compared with June 2023.

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FCA acts against PayPal and QVC as more Britons turn to buy now, pay later

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Payments group and TV shopping channel change small print after financial regulator steps in

The City regulator has taken action after finding that customers of two leading buy now, pay later providers were “at risk of harm” because of potentially unfair and unclear small print.

The US-based online payments group PayPal and the TV shopping channel QVC have changed the terms of their contracts after the Financial Conduct Authority (FCA) expressed “concern” over the impact to customers.

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Sam Bankman-Fried denies messy hair part of ‘tech genius’ persona during trial

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Disgraced former CEO of crypto exchange FTX admits to disparaging regulators on third day of testimony

Sam Bankman-Fried testified in his own blockbuster crypto trial again Monday, with prosecutors grilling the one-time crypto mogul about the many discrepancies between his public and private claims about crypto-exchange FTX.

Bankman-Fried appeared to have had a haircut over the weekend, just in time for prosecutors to start their cross examination and question whether his famously unkempt hair was part of a deliberate, anti-style “tech genius” persona.

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Disabled man drags himself off plane after Air Canada fails to offer wheelchair

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Airline was forced to apologize to Rodney Hodgins who flew to Las Vegas with his wife to celebrate their anniversary in August

Air Canada has been forced to apologize after a man with spastic cerebral palsy was forced to drag himself off a plane when the flagship carrier failed to provide a wheelchair for him.

Rodney Hodgins, 49, a hardware salesman from British Columbia who requires the use of a motorized wheelchair, flew to Las Vegas with his wife, Deanna, to celebrate their anniversary in August.

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