Category Archives: Business

Qantas delivers record $2.47bn profit on back of soaring demand and high ticket prices

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CEO Alan Joyce hails ‘remarkable turnaround’ for airline whose results were a stark change from a year earlier, when it fell to a $1.86bn loss

Qantas Airways has soared out of the disrupted pandemic era to post a record $2.47bn full-year underlying profit, backed by strong travel demand and high ticket prices.

The 2022-23 results mark a stark change from a year earlier, when it fell to a $1.86bn loss.

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Former Asic head accuses government of failing him during ‘abusive advertising campaign’

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Former corporate watchdog chair James Shipton tells Senate inquiry of attacks on his character, competence and integrity

The former head of Australia’s corporate watchdog has described feeling suicidal after an “abusive advertising campaign” waged against him, accusing the government of failing to support him.

A Senate committee is examining the ability of the Australian Securities and Investments Commission (Asic) to investigate allegations of corporate misconduct and to undertake enforcement action.

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Chipmaker Nvidia crushes quarterly expectations with $13.5bn in revenue

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The company’s specialized AI chips are in great demand, boosting its value to over $1tn, a first for a chipmaker

The chipmaker Nvidia has far surpassed quarterly expectations, raking in $13.5bn in revenue – over $2bn more than the $11.2bn Wall Street analysts had predicted – amid skyrocketing demand for its computer chips that power artificial intelligence (AI) systems.

The blockbuster second quarter comes at a moment of intense hype around generative AI, a mood that Nvidia has been uniquely positioned to capture. The 30-year-old company is one of the biggest winners in the AI boom and is now valued at over $1tn, with its chips powering nearly all the world’s major artificial intelligence apps, including ChatGPT.

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Ofcom urged to investigate Virgin Media broadband contracts

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Terms and conditions allow firm to raise bills at any time and by an unlimited amount, Which? claims

Virgin Media is facing calls for the telecoms watchdog to urgently investigate the legality of its broadband contracts, under which it can increase bills at any time and by unlimited amounts.

The consumer champion Which? has concluded that Virgin Media’s terms and conditions may amount to unfair contract terms and could be in breach of the Consumer Rights Act. It has written to Ofcom calling on it to intervene.

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Huawei accused of building secret microchip factories to beat US sanctions

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US-based semiconductor association claims Chinese tech firm has acquired at least two plants and is constructing three others

Huawei has been accused by a leading association of semiconductor manufacturers of building a collection of secret chip-making facilities across China to help the technology company bypass US sanctions, according to a report.

The Chinese tech firm moved into chip production last year and was receiving an estimated $30bn (£23.7bn) in state funding from the government, the Washington-based Semiconductor Industry Association was quoted as saying by Bloomberg, adding that Huawei had acquired at least two existing plants and was building three others.

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UK minister heads to India as post-Brexit trade talks reportedly ramp up – business live

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UK trade secretary Kemi Badenoch is expected to progress talks with Indian counterparts in Jaipur, during a meeting of G20 trade ministers

A UK-India trade deal is likely to stay “tantalisingly out of reach”, one commentator warns.

Striking a deal would be a“game changer” for post-Brexit Britain, Susannah Streeter, head of money and markets at Hargreaves Lansdown, says.

Hopes that the UK can give its very sluggish growth prospects a boost with a big trade win this autumn are fading after reports that a major deal with India remains elusive.

It appears that final negotiations have run into the long grass, with thorny issues such as visas for Indian workers still likely to be problematic.

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Massive economic pain for Australia if temperature rises exceed 2C, intergenerational report predicts

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Report says hundreds of billions of dollars and millions of work hours in productivity are at risk due to hotter conditions

Success in limiting global warming will spare Australia a sharp fall in economic activity but would see coal exports fall to a trickle by 2063 under a low-emissions scenario, according to the government’s intergenerational report.

The report, to be released in full on Thursday, will provide much greater detail on the range of impacts and their scale in a warming world than the five previous intergenerational reports.

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Boots baby formula ads on Google broke rules, says UK watchdog

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Retailer apologises for error, with such advertising banned in case it discourages breastfeeding

Online adverts for Boots for four infant formula products broke advertising rules designed to protect breastfeeding, the advertising watchdog has found.

The Advertising Standards Authority (ASA) made the ruling in response to a complaint that the health and beauty retailer’s infant formula products had been advertised on Google.

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Cost-of-living crisis: Albanese government launches taskforce to review competition in bid to ease pressures

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Panel’s appointment comes as Woolworths reports rise in net annual earnings to $1.6bn, a day after Coles posts $1.1bn profit

The Albanese government will appoint a taskforce to provide a rolling competition review in a bid to lower cost-of-living pressures by creating a more productive and dynamic economy.

The taskforce, set up in Treasury, will include an expert panel including Danielle Wood, chief executive of the Grattan Institute, and Rod Sims, former chair of the Australian Competition and Consumer Commission (ACCC). It will engage in “targeted public consultation” and provide continuous advice over the coming two years.

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UK needs Dragons’ Den approach to investing in net zero, says thinktank

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IPPR wants government to take a stake in green technology firms to help Britain keep up with EU and US

The UK risks losing out to the US and EU in the global race to a net zero economy unless the government increases green investment by taking a stake in the companies of the future, a thinktank has said.

The left-leaning Institute for Public Policy Research said Britain needed a “national investment fund” (NIF) that would back new firms and secure a share of any future profits for the public as it called for the state to adopt a “Dragons’ Den” type approach to supporting enterprises.

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Nvidia shares hit all-time high as chipmaker dominates AI market

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Rising bets that chip designer’s revenue target will surpass Wall Street estimates lift the stock about 19% from two-month low

Nvidia shares hit an all-time high on Tuesday in a buildup in expectations over the quarterly results of the chip designer that has been the biggest beneficiary of a boom in artificial intelligence.

Rising bets that Nvidia’s revenue target will once again surpass Wall Street estimates have lifted the stock about 19% from a two-month low hit last week.

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Australia news live: Brisbane to undergo ‘mock earthquake’; Coles profit up to $1.1bn

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Supermarket operator posts 4.8% rise in full year cash profit, lifted by strong rise in groceries revenue. Follow today’s live news updates

AEC monitoring disinformation about electoral processes

Rogers said the AEC has seen an increase in mis- and disinformation over the last few years, particularly around the electoral process itself.

It’s all about the electoral process. We’re seeing an increase in [disinformation]. We’re seeing an increase in threats to staff. Which is very disappointing. And we’re monitoring that very closely.

At the last federal election, we had similar issues. We’re seeing behaviours we haven’t seen previously. The people who work elections are community members … Treat people with respect and civility.

We’re ready for it whenever it may be. That’s what we do in any case. We’re used to these events when we don’t know the date until a few weeks out. We’ve got all systems go.

We would ultimately like the rate to be exactly the same as the general roll, but it’s very close.

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Customer data used for unwanted romantic contact, UK poll shows

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Almost one in three people aged 18-34 have been messaged by staff after giving personal details to a business

Almost one in three people aged 18-34 have received unwanted romantic contact after giving their personal information to a business, a UK poll has shown.

The Information Commissioner’s Office (ICO) has called for recipients of such texts to come forward to help the regulator gather evidence of the impact of this phenomenon.

The ICO has an online form for people who want to report an experience of unwanted contact.

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Brics group looks to expand at summit despite divisions among key members

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Experts say India concerned about expansion and any overt anti-west turn as leaders fly into South Africa

Leaders from developing countries representing almost half the world’s population including China and Russia are meeting in South Africa for a key summit aimed at reinforcing their alliance as a counterweight to the west.

The Brics grouping summit in Johannesburg is being hosted by the South African president, Cyril Ramaphosa, and brings together the prime minister of India, Narendra Modi, as well the presidents of China, Xi Jinping, and Brazil, Luiz Inácio Lula da Silva.

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Homebuilder shares tumble as UK housing market weakens – business live

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A profit warning from housebuilder Crest Nicholson has compounded fears of a housing market slowdown, as Rightmove data reveals a further drop in asking prices

AJ Bell investment director Russ Mould said that while weak house price data (as was “hardly a surprise”, Crest Nicholson’s profit warning has “laid bare the the scale of the impact of a housing slowdown on the housebuilding sector.”

Sales of new homes have plunged alarmingly and, while not all developers in the space are created equal, the news, allied to Rightmove’s latest reading on the property market, has had a knock-on effect on share prices in the rest of the sector this morning.

The £7,000 drop in the average asking price observed by Rightmove in the last month, allied to a big drop in transaction volumes, is the kind of statistic to make estate agents distinctly uneasy.

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CBI to step back early from top firms’ boardroom diversity initiative

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High-profile companies reportedly discussed cutting ties with the business lobby group

The Confederation of British Industry will step back earlier than planned from its role in a boardroom diversity initiative involving the UK’s biggest companies, as the business lobby group struggles to recover from sexual misconduct allegations.

The CBI had been at the heart of the Change the Race Ratio campaign, which champions racial and ethnic minority representation on UK company boards and leadership teams, with some of its staff helping to run it.

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China cuts key interest rate amid economic slowdown

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Central bank reduces one-year loan prime rate but surprises analysts by leaving five-year rate unchanged

China’s central bank has cut one of its key lending rates but left another unchanged, surprising economists who had expected more forceful action to support economic growth amid widespread concerns over its path.

The world’s second-largest economy is in the midst of a slowdown, and has slipped into deflation with prices falling year on year as slowing domestic spending weighs on the country’s post-Covid economic recovery.

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Global markets brace for supply disruptions as Woodside Energy workers prepare to strike

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Unions say members could take industrial action as early as 2 September if next round of bargaining is unsuccessful

Offshore platform workers at Woodside Energy are preparing to strike, as protracted negotiations over pay and conditions threaten to disrupt Australian gas exports, putting international markets on edge.

Union representatives said on Sunday workers planned to strike if the next round of bargaining, scheduled for Wednesday, was unsatisfactory.

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PwC charged health department to provide ‘risk management’ workshop in weeks before scandal

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Exclusive: Consultancy firm ran event at Department of Health and Aged Care in December, days before former PwC partner was banned by tax advice regulator

PwC Australia billed taxpayers to deliver a “risk management workshop” to a department that was subsequently forced to suspend the firm’s $2.3m contract in the aged care sector, pending an investigation into potential conflicts of interest.

The $36,000 engagement has been described as “frankly absurd” by the public sector union and criticised by legal academics given a Senate committee report released in June 2023 that confirmed the consultancy firm had been engaging in a “calculated” breach of trust.

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A social tariff could bring a warm glow to UK energy policy

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A lower price cap will still mean unaffordable bills for many. Yet a fairer alternative has been quietly dropped

Nearly a decade ago, former Labour leader Ed Miliband sowed the seeds of the energy price cap, vowing to protect households from unfair tariffs by freezing their energy bills. But even though a cap has been in place since 2018, bills today can be far from affordable, even when they are fair.

On Friday, industry regulator Ofgem will set its new limit on how much suppliers can charge per unit of gas and electricity. Analysts at Cornwall Insight expect it to lower the energy price cap from £2,074 a year for the typical household to £1,823, which would be its lowest level since Russia’s invasion of Ukraine.

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