Category Archives: Business

Chevron to buy oil and gas producer Hess in $53bn all-stock deal

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Takeover puts Chevron head-to-head with ExxonMobil in oil-rich Guyana and US shale industry

Chevron has announced plans to buy the oil producer Hess Corporation in a $53bn (£44bn) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.

The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.

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UK business secretary Kemi Badenoch turns down CBI invitation

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Latest blow leaves scandal-hit lobby group without a high-profile speaker at annual conference

The business secretary Kemi Badenoch has reportedly dealt another blow to the scandal-hit Confederation of British Industry (CBI) by turning down an invite to speak at the lobby group’s annual conference.

Badenoch’s team have told the CBI that she would not be able to address the conference due to scheduling clashes leading up to the chancellor Jeremy Hunt’s autumn statement on 22 November, according to Sky News.

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China launches tax investigations into Apple iPhone maker Foxconn

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Tax audits and land use inquiries follow company founder announcing run for Taiwan presidency

China’s tax authorities have launched multiple investigations into the company that makes the iPhone, months after its billionaire founder announced he would run in Taiwan’s presidential elections.

Foxconn faces tax audits of its operations in China, as well as investigations into land use in two Chinese provinces, according to reports by local media.

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Tory donors from JCB empire could face £500m bill to settle tax inquiry

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Exclusive: HMRC investigation into peer Anthony Bamford and his brother focuses on offshore trusts that own business empire

The influential Tory donors behind the JCB digger empire could be hit with a bill for more than £500m to settle a longrunning investigation by HM Revenue and Customs, the Guardian can reveal.

The investigation into Anthony Bamford, a Tory peer, and his brother Mark, the director of a subsidiary of the Conservative party, is understood to span a complex network of offshore tax havens and companies.

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UK must offer businesses certainty over green energy, says boss of FTSE 100 firm

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Miles Roberts of packaging-maker DS Smith warns manufacturing will decline unless government provides clarity about decarbonisation

The UK risks seeing its manufacturing sector fall behind rival economies if the government does not offer certainty over policies on shifting to green energy, according to the head of FTSE 100 packaging maker DS Smith.

Miles Roberts, the company’s chief executive, said British government decarbonisation policy has lacked the clarity of European rivals, meaning DS Smith has moved ahead with a €90m (£78m) investment in a paper mill in Rouen, northern France, while waiting for more clarity from government before investing in upgrades in the UK.

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Australia and China suspend WTO wine tariff dispute before Anthony Albanese’s trip to Beijing

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Countries agree to halt World Trade Organization dispute pending outcome of China’s ‘expedited review’ of duties imposed on Australian wine in 2020

China has agreed to review the tariffs it places on Australian wine producers after a breakthrough in negotiations before Anthony Albanese’s trip to Beijing next month.

Albanese said on Sunday the two countries had agreed to suspend their long-running World Trade Organization dispute while Beijing undertakes an “expedited review” of duties, which is expected to take five months.

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Chinese ship is focus of investigation into damaged pipeline, Finland says

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Police focusing on Newnew Polar Bear cargo ship that was in the area when gas pipeline was damaged

Finnish police have said a Chinese ship whose movement coincided with the time and place of the suspected sabotage of a pipeline between Finland and Estonia that was damaged this month is now the focus of their investigation.

After a leak led to the shutdown of the Balticconnector pipeline on 8 October, Finnish authorities have been investigating the damage they say was caused by “external” activity.

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Sunak’s global AI safety summit risks achieving very little, warns tech boss

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Big tech firms attempting to ‘capture’ meeting of heads of government, says Connor Leahy

One of the executives invited to Rishi Sunak’s international AI safety summit next month has warned that the conference risks achieving very little, accusing powerful tech companies of attempting to “capture” the landmark meeting.

Connor Leahy, the chief executive of the AI safety research company Conjecture, said he believed heads of government were poised to agree a style of regulation that would allow companies to continue developing “god-like” AI almost unchecked.

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Republicans continue effort to erode US child labor rules despite teen deaths

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Violations have soared but legislative effort to strengthen protection for young workers have received little support

Child labor violations have been soaring in the US, but efforts to render solutions through legislation have received little support, and Republicans at the state level continue pushing bills that would roll back current child labor protections.

In most recent fiscal year, the US Department of Labor wage and hour division reported 835 cases of child labor violations affecting 3,876 minors, and 688 minors employed in violation of hazardous occupation, a 283% increase since 2015. Civil penalties against employers totaled just under $4.3m.

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Sale of Telegraph newspapers and Spectator kicks off

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Last-ditch attempt by Barclay family to shut down auction with blockbuster £1bn offer thwarted

The sale of the Telegraph newspapers and the Spectator has kicked off, thwarting a last-ditch attempt by the Barclay family to shut down the auction with a blockbuster £1bn offer.

On Friday morning, the boards of the parent companies of Telegraph Media Group (TMG), the parent company of the Daily Telegraph and Sunday Telegraph, and the Spectator said that the advisers Goldman Sachs had launched a sales process for each of the businesses.

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PwC partner at centre of tax advice scandal banned by Asic for eight years

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Financial regulator finds Peter John Collins is ‘not a fit and proper person to provide financial services’

Australia’s financial watchdog has issued an eight-year ban to a former PwC partner at the heart of a confidentiality scandal that triggered a reputation crisis at the firm and a costly sell-off.

The Australian Securities and Investments Commission has been investigating the conduct of Peter John Collins, of Sandringham in Victoria, who has been accused of sharing confidential government information about multinational tax avoidance with colleagues.

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Climate activists force Fed chair Jerome Powell off stage in New York

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On Thursday protesters chanted: ‘Off fossil finance!’ and held a banner reading: ‘Fed Is Burning: Money, Futures, Planet’

The Federal Reserve chair, Jerome Powell, was escorted out of an event Thursday afternoon after a group of climate protesters briefly took the stage before he was due to give a speech. He took the stage after a 15-minute delay.

At the Economic Club of New York, protesters stormed the stage holding a banner that read “Fed Is Burning: Money, Futures, Planet” and chanting “Off fossil finance!” Powell, who was on stage, briefly left the event before returning to deliver his speech as planned. Security officials cleared protesters from the room.

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Australia breaches WHO treaty with carbon neutral certification of big tobacco company

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Endorsement of British American Tobacco by Climate Active was revoked after complaint was made, FoI documents show

The government has been forced to revoke carbon neutral certification given to a big tobacco company after the endorsement was found to be in breach of a World Health Organization treaty to which Australia is a signatory.

Freedom of information documents show a complaint was made by the managing director of the Carbon Reduction Institute, Rob Cawthorne, to the health department in August 2022 about British American Tobacco (BAT) receiving the certification from Climate Active.

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China’s Country Garden risks default after ‘missing bond payment’

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Property developer denies claims founder and chair have left country amid reports it missed key deadline

The crisis in China’s property sector deepened as Country Garden, the country’s biggest developer by sales, reportedly missed its final deadline for an interest payment on a dollar bond, putting it at risk of default.

The company, which has about $200bn (£163bn) in liabilities and nearly $11bn in dollar-denominated offshore bonds, was due to make a $15.4m coupon repayment this week, but failed to do so, according to reports. Its share price fell 4% in Hong Kong on Thursday, and is down 74% since the beginning of the year.

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Nokia to cut up to 14,000 jobs after profits plunge

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Finnish telecoms group aims to cut costs as demand for mobile network equipment slumps

Nokia has announced plans to cut up to 14,000 jobs over the next three years as it slashes costs after a worse-than-expected slump in demand for its mobile network equipment.

The Finnish technology company said the plans to cut 16% of its 86,000-strong global workforce were part of efforts to cut costs by €1.2bn by the end of 2026. The cuts were announced as the company revealed a 70% drop in third-quarter profits, which fell to €133m (£116m) compared with €428m a year earlier.

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Netflix says password crackdown working as it adds 8.8 million new users

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Streaming company announces plans to increase prices as profits rise, even as Hollywood strikes threaten to affect programming

Netflix announced its global crackdown on password sharing was working and unveiled plans to increase prices as it announced its latest quarterly results on Wednesday.

The streaming media company added 8.8 million new subscribers over the last three months, far better than expected and up from 2.4 million in the same quarter last year. The increase came even as a strike by Hollywood actors and writers threatened to affect the rollout of new shows.

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More Australians head back to the office and most prefer Thursday or Friday, study finds

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Exclusive: Transport Opinion Survey says in September workers spent 21% of their week working from home, down from 27% in March

As an increasing number of Australians favour the office over working from home, Friday has emerged as one of the most popular days to commute and be among colleagues, new research shows.

On average Australian workers spent just 21% – or between one and two days – of their work week at home during a two-week survey period in September, down from a corresponding data point of 27% in March. This is according to the latest Transport Opinion Survey conducted by the University of Sydney’s Institute of Transport and Logistics Studies, based on data from 1,029 respondents, who were also asked about priorities and transport attitudes.

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EE to start selling smart TVs, fridges and kettles in move beyond mobile roots

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BT-owned company to take on brands such as Amazon, Currys and Argos with move into e-commerce

The BT-owned EE is to sell smart TVs, fridges, kettles and fitness products as it looks to move beyond its roots in smartphones and enter an e-commerce market dominated by brands such as Amazon, Currys and Argos.

The mobile operator, which has 25 million subscribers, is seeking to use tactics developed selling telecoms products and services to retail products in categories such as smart home security, insurance and games consoles to all UK consumers.

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China’s economy grows faster than expected as retail sales rise

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Government stimulus gains some traction in third quarter as property downturn continues

China’s economy grew at a faster than expected rate in the third quarter, suggesting the recent flurry of policy measures is helping to bolster a tentative recovery in the world’s second-biggest economy.

Rapidly weakening growth in China since the second quarter has prompted authorities to step up support, with Wednesday’s data indicating the stimulus is starting to gain traction, although a property crisis and other problems continue to pose risks.

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X, formerly Twitter, rolls out US$1 annual fee for new users in New Zealand and the Philippines

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Platform owned by Elon Musk says subscription trial is aimed at combating bots on the service

X, the platform formerly known as Twitter, has begun rolling out a US$1 annual charge to new users in New Zealand and the Philippines in a move the service owned by Elon Musk says is aimed at combating bots.

Fortune first reported the subscription plan, which costs US$1 a year for access to key functions including tweeting, replying, retweeting and liking. After Fortune’s report, X revealed the details.

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