Category Archives: Business

‘Rise up’: monks urge WA towns to fight minerals exploration in vulnerable Jarrah forests

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After seeing off a bid to explore near the Bodhinyana monastery, the forest monks are encouraging others to ‘keep the pressure on’

Buddhist monks who have sought enlightenment in a globally unique forest in Western Australia are standing defiant after fighting off an attempt to explore their area for minerals.

Conservationists say the northern Jarrah forest in the state’s south-west, already under pressure from climate change, is the target of several mining companies looking to explore for minerals needed for the clean energy transition.

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American Airlines sues travel website Skiplagged over ticket price ‘loophole’

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Lawsuit accuses website of deception as it allows travelers to book typically cheaper connecting flight and get off after first leg

American Airlines has filed a lawsuit against Skiplagged, a travel website for cheap flights that shows “hidden-city” ticketing trips.

The lawsuit, which American filed this week in federal court in Fort Worth, Texas, accuses Skiplagged of deception, as the website allows travelers to book a connecting flight that is typically cheaper than a non-stop flight and not flying to the route’s final destination.

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Fears grow for property sector as WeWork scrambles to stay afloat

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As company warns of ‘substantial doubt’ over its future, experts say consequences for commercial landlords could be dire

WeWork, the troubled office share behemoth, was once valued at $47bn. On Friday, the company was forced to combine 40 of its shares into one in an effort to keep its stock price above $1 and avoid being delisted from the New York stock exchange.

The dramatic rise and fall of WeWork has been well documented, but as the company warned there was “substantial doubt” it would stay in business, experts suggest the impact for the already troubled commercial property sector could be dire.

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China’s property crisis deepens with developer Country Garden at risk of default

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Evergrande has filed for bankruptcy protection and firms covering 40% of Chinese home sales have defaulted

China’s property crisis has deepened with two major developers facing severe financial difficulties that threaten to send shock waves through the country’s economy and beyond.

Evergrande, the poster child for the woes of China’s property sector, filed for chapter 15 bankruptcy protection in New York on Thursday. The provision permits the company to protect its US assets and will allow cross-border bankruptcy proceedings as it undergoes a restructuring.

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Inflation spiral: food prices could yet rise higher and may never come down

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Concerns are growing over the effects of a warming climate on production and the danger of high grocery prices getting embedded into Australia’s economy

Food prices have been rising rapidly and there are reasons to fear they will push even higher. Economists warn some prices might never come down.

The ominous outlook is linked to drought conditions wilting crops in major grain-producing nations, disrupted grain deliveries out of Ukraine and moves by governments to ban food exports to protect their own supplies.

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England fans to splash out on food, drink and TVs for Women’s World Cup final

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Supermarkets, pubs and advertisers the winners as supporters prepare for match against Spain

Supermarkets, pubs and TV advertisers are preparing to enjoy a bumper weekend as football fans rush to celebrate the Women’s World Cup final on Sunday morning.

As many as 13.7 million people are expected to tune in when the Lionesses take on Spain in the highly anticipated fixture in Australia – the first time a senior England football team has appeared in a World Cup final since 1966.

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China’s struggling property giant Evergrande files for bankruptcy protection in US

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The company’s chapter 15 protection will protect its US assets while it attempts a restructuring deal

China’s Evergrande Group, the world’s most heavily indebted property developer and the poster child for the country’s property crisis, has filed for bankruptcy protection in a US court.

The company sought protection under chapter 15 of the US bankruptcy code, which protects its US assets while it attempts a restructuring deal. The code also provides mechanisms for dealing with insolvency cases involving more than one country.

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UK banks will have to ensure access to cash within three miles, ministers say

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Treasury hints at concessions on guarantee but banks will face fines for falling below minimum service level

High street banks will have to ensure customers can find access to cash within three miles of their local communities, and those falling below the minimum service level will face a fine, the government has confirmed.

After the closure of thousands of local branches in recent years, and the switch to digital payment methods, ministers are looking to banks to help protect vulnerable groups and elderly customers by maintaining present levels of cash access across the UK.

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China renews crackdown on corruption in healthcare

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At least 177 officials reportedly under investigation amid revival of Xi Jinping’s decade-old anti-corruption drive

China’s graft-busters have set their sights on the country’s healthcare sector, in what has been described as the biggest crackdown on corruption in the history of the industry.

At least 177 hospital bosses and Chinese Communist party (CCP) secretaries have been placed under investigation this year according to local media reports – more than double the number last year. In a press conference on Tuesday, the National Health Commission (NHC) said the campaign would focus on people who had used their position to procure kickbacks and corruption in the pharmaceutical sector, the state tabloid the Global Times reported.

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BAE agrees to buy space technology firm Ball Aerospace for $5.6bn

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Weapon maker’s takeover of US firm comes amid global surge in spending on military and spying technology

Britain’s biggest weapons manufacturer, BAE Systems, has agreed to buy the US space technology company Ball Aerospace for $5.6bn (£4.4bn), in one of the largest takeovers by a UK company this year.

The FTSE 100 defence company said the purchase of the Colorado-based business would help it to expand in technologies that are US defence priorities.

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UK windfarm red tape to cost billpayers £1.5bn a year, say analysts

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Analysis finds Treasury rules on new windfarms likely to stifle energy generation and keep bills high

New offshore windfarms will be strangled by government red tape, costing UK billpayers £1.5bn a year, an analysis has found.

The latest government auction for new offshore windfarms, due to be completed in September, could result in few projects making it through Treasury rules, according to the Energy and Climate Intelligence Unit (ECIU), a non-profit organisation.

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University of Sydney gambling research centre bankrolled by casinos is ‘troubling’, experts say

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Institution says companies won’t ‘constrain or edit’ research, but public health expert Sean Cowlishaw calls funding relationship ‘unprecedented’

Public health experts have criticised the University of Sydney for accepting hundreds of thousands of dollars from some of the world’s biggest gambling companies and casinos, which are bankrolling a new research centre that will examine their conduct.

But the researchers and the university believe the partnership will produce more useful research that limits consumer harm, and one of the gambling companies involved has warned against “emotional rhetoric” from critics.

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Australia’s oversupply of wine tops 2.8bn bottles in wake of China trade dispute

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New report suggests glut will last years, even if Beijing drops tariffs early, while prices of Australian red wine grapes plummet by more than half

Australia has an oversupply equivalent to more than 2.8bn bottles of wine – a little more than 100 bottles per person – after the trade dispute with China slashed exports to the biggest consumer of Australian wines.

The excess wine is being stored in large steel vats in wineries across Australia, equating to 859 Olympic wine-filled swimming pools.

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CEO regrets her firm took on Facebook moderation work after staff ‘traumatised’

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Outsourcer Sama facing legal cases brought by Kenya-based employees alleging exposure to graphic content

The chief executive of a company contracted to moderate Facebook posts in east Africa has said she regretted taking on the work, after its staff said they were left traumatised by graphic content on the social media platform.

The US outsourcing firm Sama is facing a number of legal cases brought by Kenya-based employees, who alleged being exposed to graphic and traumatic content such as videos of beheadings, suicide and other material at a moderation hub.

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Scottish public spending deficit falls as oil revenues hit record high

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Both sides of constitutional debate use Gers data to argue case for and against independence

Scotland’s public spending deficit has fallen from a record peak last year, as oil and gas revenues reached their highest-ever level after a global rise in oil prices.

The government expenditure and revenue Scotland (Gers) report calculated a per-person deficit – the gap between the amount raised through all tax and spending on all public services – as £1,521 in the 2022-23 financial year, down from £2,184 the previous year.

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United Utilities fined £800,000 for taking 22bn litres of water from aquifer

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Company breached three-year rolling limit on abstraction licence at Fylde aquifer in 2018

United Utilities has been fined £800,000 after illegally abstracting 22bn litres of water in Lancashire, causing damage to an important aquifer that will take years to recover.

The illegal removal of water from the Fylde aquifer, which happened during a period of dry weather in 2018, is likely to have negatively affected river flows.

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Jamie and Jools Oliver pay themselves almost £7m in dividends

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Payout for 2022 up from £5.6m a year before, as income bounces back after collapse of UK restaurant empire

Jamie Oliver and his wife, Jools, have paid themselves £6.8m in dividends, up from £5.6m a year before, after a bounceback in television and restaurant income.

The celebrity chef, whose UK restaurant empire collapsed in 2019 with the loss of 1,000 jobs, has 70 restaurants around the world run by franchise partners and has sold 2m books spun out from last year’s TV series Jamie’s One-Pan Wonders.

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Bank of Ireland glitch let customers withdraw money they didn’t have

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‘Technical issue’ allowed transfers and withdrawals beyond customer limits and made online banking unavailable

Bank of Ireland has apologised for an IT glitch that meant some customers were able to withdraw money they did not have in their accounts at cashpoints.

The bank said it had resolved the “technical issue”, which had also allowed transfers beyond customer limits and had made its online banking and mobile app services unavailable.

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Matildas brand more valuable than any other national sports team, marketing expert says

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Australian women’s football team has seen a five-fold increase in value since the start of the 2023 World Cup, analysis shows

The Matildas are Australia’s most valuable national sporting team and the worth of their brand has increased fivefold since the start of the 2023 World Cup, new analysis shows.

That brand will only increase in value over the coming days if they continue on their winning stomach-knotting run, although they do face a challenge in retaining momentum after some of the euphoria subsides, given their irregular playing schedule.

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UK basic wage growth hits record high; Russia’s central bank lifts rates to 12% – as it happened

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UK regular pay growth highest since 2001 while unemployment rate rises unexpectedly; rouble recovers afters Bank of Russia raises rates at extraordinary meeting

The statement doesn’t mention the rouble, which dropped to its lowest level in nearly 17 months yesterday. The Russian currency has been boosted by the central bank’s move.

It now takes 95 roubles to buy a dollar, whereas yesterday the exchange rate was at 102 roubles per dollar at one stage.

The decision is aimed at limiting price stability risks.

Inflationary pressure is building up. As of 7 August, the annual rate of inflation rose to 4.4% while current price growth rates continue to increase. Over the last three months current price growth amounted to 7.6% on average in annualised terms on a seasonally adjusted basis. The same core inflation measure went up to 7.1%.

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