Category Archives: Business

Lotus produces record 2,200 sports cars in first half of 2023

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British carmaker also gearing up for sales of new Eletre electric SUV under Chinese owner Geely’s expansion plans

The British carmaker Lotus produced a record number of sports cars in the first half of 2023, as it gears up for a huge push behind sales of a new electric SUV under its Chinese owners’ expansion plans.

Lotus, which marked its 75th anniversary this year, produced 2,200 vehicles in the first six months of the year at its factory in a former second world war bomber factory at Hethel in Norfolk.

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Biden bans range of US high tech investments in China citing national security risk

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The order – to be implemented next year – restricts investments in semiconductors and microelectronics, quantum tech and AI

Joe Biden on Wednesday signed an executive order that will narrowly prohibit certain US investments in sensitive technology in China and require government notification of funding in other tech sectors.

The long-awaited order authorises the US treasury secretary to prohibit or restrict certain US investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems.

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Wilko suspends home deliveries as it holds talks on rescue deal

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Budget retailer and adviser PwC have until Monday to find new funding

The troubled budget retailer Wilko has stopped offering home deliveries for orders on its website as it holds last-ditch talks on a potential rescue deal.

The household and garden products retail chain, which has about 400 stores, warned last week that it was on the brink of collapse, with more than 12,000 jobs at risk.

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Nomad Foods sees sharp rise in sales after increasing prices

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Firm says profitability suffered due to post-pandemic inflation and Ukraine war

Nomad Foods, the owner of Birds Eye, Findus and Goodfella’s pizzas, has seen a sharp rise in sales after it increased prices by 18%, amid political scrutiny over food pricing.

The business, which supplies the UK’s major supermarkets, said sales had risen by 8.6% in the three months to the end of June. The number of items sold dropped by 9.4%, but profits rose by 6.8% to €210m.

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China’s economy is struggling but fears of sustained deflation are premature

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Trade with rest of world is shrinking and youth unemployment is at 20% but state interventions are expected

China’s economy is struggling. The recovery after the lifting of Covid-19 restrictions is faltering. Its trade with the rest of the world is shrinking. A decade-long boom in house prices has come to an end.

The most obvious manifestation of the troubles besetting the world’s second biggest economy is that China is now officially in deflation. In the US, the UK and the eurozone, prices are rising – albeit not quite as fast as they were a few months ago – but in China they are actually falling.

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Business lobby rejects Coalition’s ‘disingenuous’ claims Labor pursuing big Australia policy

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Business Council of Australia wants migration to be more business-friendly and rejects concerns of a surge in arrivals

Big business has sided with the Albanese government by rejecting the “misconception” that migration is higher than normal and the “disingenuous” claim by the Coalition that Labor is pursuing a big Australia policy.

In a report titled Migration Makes Australia Stronger, to be released on Thursday, the Business Council of Australia calls for reforms to make migration more business-friendly and rejects concerns about a surge in arrivals after Covid border closures were lifted.

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Amazon leaders fail to commit to end deforestation by 2030

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Eight South American presidents including Brazil’s Lula say rich countries need to pledge more resources to help protect rainforest

Amazon leaders have called on rich countries to help them develop a Marshall-style plan to protect the world’s largest rainforest – but stopped short of committing to zero deforestation across the biome by 2030 amid divisions over oil extraction.

In a joint declaration at the end of a two-day summit in the Brazilian city of Belém on Wednesday, the eight South American countries that are home to the Amazon rainforest said ensuring its survival could not be solely up to them, as resources from the forest were consumed globally.

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Commonwealth Bank posts record $10bn profit amid rising stress for borrowers

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Annual results for CBA are 6% higher than previous year, buoyed by expanded profit margins during interest rate hikes

Australia’s biggest lender, Commonwealth Bank, has posted a record $10.16bn cash profit, even as more of its customers succumb to rising borrowing rates, prompting a sharp increase in bad debts.

The bank’s 2022-23 results were 6% higher than a year earlier, buoyed by expanding profit margins generated during a period of fast-rising interest rates.

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Risk of UK recession at next general election is 60%, says thinktank

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Economic experts say it will take until third quarter of 2024 for output to return to pre-pandemic peak

Rishi Sunak will fight the next election against a backdrop of an economy suffering from five years of lost growth and a widening of the gap between the prosperous and less well off parts of Britain, a leading thinktank said on Wednesday.

The National Institute of Economic and Social Research (NIESR) said it would take until the third quarter of 2024 for UK output to return to its pre-pandemic peak and that there was a 60% risk of the government going to the polls during a recession.

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Public could receive hundreds of millions as water firms face sewage lawsuit

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Class action legal claim on behalf of 20 million householders in England and Wales could top £800m in compensation

The public could receive hundreds of millions of pounds in compensation in the first class action against water companies which are alleged to have failed to reveal the true scale of raw sewage discharges, and abused their position as privatised monopolies.

A collective case against six water companies alleges they have failed to properly report sewage spills and pollution of rivers and seas to the Environment Agency and Ofwat, the regulator for England and Wales. The first of six parallel claims is against Severn Trent Water on behalf of its 8 million customers. Claims against Thames Water, United Utilities, Anglian Water, Yorkshire Water and Northumbrian Water are being brought in the coming months.

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Starbucks loses court challenge against order to rehire union supporters

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Judge writes: ‘Fear of retaliation will exist unless Memphis seven, apparently terminated for their union support, are reinstated’

A US appeals court on Tuesday rejected Starbucks Corp’s challenge to a ruling requiring the coffee chain to rehire seven employees at a Memphis, Tennessee, store who were allegedly fired for supporting a union.

The decision by the Ohio-based sixth US circuit court of appeals is the first from an appeals court involving a nationwide campaign that has seen workers at more than 300 Starbucks locations vote to unionize.

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Italy approves 40% windfall tax on banks for 2023 as profits soar

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Proceeds from levy on interest rate income will be used to help mortgage holders and cut taxes

Italy has announced a one-off 40% windfall tax on local banks that have been accused of reaping billions in extra profit from rising interest rates.

The Italian government, which approved the surprise tax in a cabinet meeting on Monday night, said it planned to use the proceeds to support mortgage holders and cut taxes, at a time when rising rates have put extra pressure on households.

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Chinese economy slips into deflation as recovery falters and demand slows

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Consumer price inflation data shows prices fell by 0.3% year on year in July

China’s economy has fallen into deflation after consumer prices fell year on year last month for the first time in more than two years, official data shows, as slowing domestic spending weighs on the country’s post-Covid economic recovery.

The consumer price index, the main gauge of inflation, fell 0.3% in July, the National Bureau of Statistics of China (NBS) said, having flatlined in June. A survey of analysts had anticipated a 0.4% year-on-year decline.

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PwC scandal: Australian Tax Office tried to get federal police to investigate in 2018

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Tax office tells Senate committee it did not have the investigative powers to secure enough evidence from consultancy firm, hampering efforts to persuade federal police to investigate

Repeated efforts by the Australian Tax Office to convince federal police to investigate PwC in 2018 failed because it did not have “the investigative powers” to secure key evidence.

For the first time the ATO has published a detailed timeline of the PwC scandal that confirms years of frustration at the firm allegedly withholding information about how it helped multinational companies avoid paying tax.

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Small firms fear going bust as Amazon extends wait time for sale proceeds

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Marketplace sellers in UK and rest of Europe say having to wait over a week means they will struggle to pay staff and loans

Amazon has told thousands of marketplace sellers in the UK and continental Europe it will hold on to sale proceeds for more than a week in a move that small businesses say could force them to go bust.

The company has written to sellers to inform them it will no longer credit their accounts as soon as a sale is made online but will do so a week after an item has been delivered.

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Australians increasingly concerned about online privacy after high-profile cybersecurity breaches

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After massive hacks at Optus and Medibank, survey from information commissioner finds three-quarters of people feel data breaches are among biggest risk to privacy

Australians are more concerned than ever over the handling of their personal information and want tough laws to protect them after the Optus and Medibank cybersecurity breaches, a new study has found.

The latest Australian Community Attitudes to Privacy Survey, released on Tuesday by the Office of the Australian Information Commissioner (OAIC), found three-quarters of Australians feel data breaches are one of the biggest risks to privacy they face. That is an increase of 13% since the survey was last conducted in early 2020.

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Saudi Aramco’s quarterly profits drop nearly 40% but it still rakes in $30bn

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Decline in crude oil prices and less refining income trims revenues inflated in 2022 by Russian invasion of Ukraine

The world’s biggest oil firm, Saudi Aramco, has announced a near-40% fall in profits after a decline in crude oil prices and weakening margins in refining and chemicals.

The company, which is 90% owned by the Saudi state, said in a statement to the market that profits were $30.1bn for the months of April to June, down 38% from $48.4bn in the second quarter of last year.

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Investor linked to Stuart Robert is still a director of 10 companies despite ‘severing ties’ with Australia

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Despite claiming he lives overseas and can’t testify at a parliamentary hearing, John Margerison still has a role in at least 10 firms according to Asic records

A Gold Coast businessman with ties to former Liberal MP Stuart Robert remains listed as a director in at least 10 Australian companies despite “severing ties” and living abroad.

John Margerison had been called as a key witness for a parliamentary hearing in July into contracts awarded by Services Australia and the National Disability Insurance Agency.

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Bureau of Meteorology super computer delays ‘very concerning’ ahead of summer

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Exclusive: Insiders say ‘stuff-ups’ have occurred despite millions being spent on consultants, as senator warns of high stakes in ‘what could be a catastrophic fire season’

Preparation for this summer’s weather extremes from fire alerts to cyclone warnings from the Bureau of Meteorology could be affected by the bungled introduction of a new super computer despite many millions being spent on consultants, insiders say.

The new computer, dubbed Australis II, is twice as powerful as its predecessor but has been sitting idle for a year. It may not be fully operational until mid-2025, according to a timeline shared to staff and seen by Guardian Australia.

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Is Germany’s great economy sinking into ‘slowcession’?

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Key data this week will offer a hint as to whether the eurozone’s powerhouse can shake off recent stagnation

Engine of the eurozone, industrial powerhouse, export world champion – just some of the ways Germany’s economy has been described over the years.

However, recent figures have indicated that the good times have come to an end, with Europe’s largest economy stuck in recession.

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