Category Archives: Business

Labor to meet Greens over housing bill – as it happened

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RFS predicts severe bushfire season to come

Firefighters are scrambling to catch up on bushfire preparations as NSW braces for a hot summer, AAP reports.

The No 1 factor for that not going ahead was the weather conditions, the rain, the flooding, that’s meant the crews weren’t able to get out and do that important work in communities.

There is plenty more to be done and this boost in mitigation personnel will enable even more vital work to be undertaken.

This is a tragedy. Our thoughts are with the family and friends of the Australian Defence Force personnel on board. All were from the 6th Aviation Regiment based at Holsworthy army barracks in Sydney and valuable members of our community.

Our thoughts are also with those who served alongside these four young men – their friends and colleagues in uniform – and the broader defence community.

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UK shop prices in first monthly fall for two years amid big discounts

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Clothing and footwear among items reduced most in July as retailers try to counter bad weather

The UK’s biggest retailers have reported the first monthly fall in shop prices for two years, as stores tried to tempt in customers with big discounts during July’s unseasonably wet weather.

The British Retail Consortium (BRC) said its annual shop price inflation rate, compiled with the help of NielsenIQ, had declined to its lowest level of the year, sliding to 7.6% last month from 8.4% in June.

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UK to retain EU safety mark in latest Brexit climbdown

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Government bows to pressure from industry over costs of switching over to British marking

The UK will retain the EU’s product safety mark indefinitely, in the latest climbdown from proposed post-Brexit changes, after the government bowed to pressure from industry and manufacturers.

The CE (Conformité Européenne) mark is used by the bloc to certify that a wide range of items – from electrical goods and construction materials to medical devices and toys – meet safety standards.

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Nigel Farage says new Coutts boss has offered to keep his accounts open

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Former Ukip leader is still taking legal action against bank demanding compensation and apology

Nigel Farage has said that the newly installed boss of Coutts has offered to keep his accounts there open, reversing a decision that triggered a scandal and the resignation of the private bank’s previous chief executive.

The former Ukip leader said he welcomed the offer but was still taking legal action against NatWest, which owns Coutts, demanding compensation, a full apology and a face-to-face meeting with the banking group’s bosses.

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UK banks are closing more than 1,000 accounts every day

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Nigel Farage calls for royal commission as data shows big jump in customers being ‘debanked’

Banks are closing more than 1,000 accounts every working day, according to new data that has fuelled the growing row over so-called “debanking” and prompted Nigel Farage to call for a royal commission to investigate what he said was a scandal.

Hours after the former Ukip leader revealed he was spearheading a website to campaign on behalf of people whose accounts had been shut, data revealed a big jump in the numbers of customers dumped by their bank.

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HS2 is officially ‘unachievable’ after being given red rating

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Problems with first two phases, from London to Birmingham and then to Crewe, ‘do not appear to be resolvable’

The HS2 rail project was last week given an “unachievable“ rating by the official infrastructure watchdog.

A “red” rating was assigned to the plans for the construction of the first two phases of the high-speed line, from London to Birmingham and then on to Crewe in Cheshire, by the Infrastructure and Projects Authority (IPA).

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Missing ADF personnel involved in Queensland helicopter crash identified – As it happened

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Families grant permission to name the four service members who went missing during military exercises off the coast of Whitsundays on Friday – this blog is now closed

Asked about the surplus the government now finds itself overseeing, Rishworth is asked whether there will be any further assistance in the next budget.

Of course, the changes we’re making - whether it’s to rent assistance, jobseeker - are structural changes. They’re ongoing increases that will be applied. So when you talk about the surplus from last year, that’s a very different circumstance to the reforms that we’ve made which are ongoing and structural. We have calibrated these to be responsible to help people that are doing it tough. But also, that they’re sustainable into the long-term.

The economic inclusion committee was providing a very specific advice on the level of jobseeker to inform the budget process. Of course, the budget process has to take in a range of different factors, including a responsible structural adjustment. But also, of course, as the treasurer has said, making sure that we’re not adding to inflation. So there is a lot of issues that we do have to weigh up in a budget process.

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Properties worth more than $25bn were bought with cash in Australia’s three biggest states in early 2023

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Many cash purchases were made in regional areas of NSW, Victoria and Queensland as buyers downsized to less expensive housing

More than one in four transactions for dwellings or land is settled with cash in Australia’s three most-populous states, with buyers largely unaffected by higher interest rates, data group Pexa said.

Many of the cash purchases (those paid for in full without a loan) were made in regional parts of New South Wales, Queensland and Victoria, often by retirees or others downsizing to less expensive properties. Cash purchases for foreign students or recent migrants also make up a sizeable share of sales in inner-city areas.

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NatWest to pay UK government £190m as Farage crisis rocks bank

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Crisis-hit group plans to pay dividends worth £500m to investors after quarterly profits rise by 27%

NatWest will make a fresh £190m payout to its largest shareholder, the UK government, after Downing Street had an influence in the resignation of Alison Rose as the bank’s chief executive amid a row over Nigel Farage’s accounts.

The crisis-hit group said it was planning to pay dividends worth £500m to its investors after another strong quarter in which pre-tax profits rose by a higher than expected 27% to £1.8bn in the three months to June. That was compared with £1.4bn a year earlier, as the bank benefited from rising interest rates that allowed it to charge borrowers more for loans and mortgages.

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ITV warns it is in ‘worst ad recession since financial crisis’

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Broadcaster’s earnings more than halve in first half but studios business performs strongly

ITV has warned it is in the midst of the worst advertising downturn since the 2008 financial crisis.

The broadcaster, which is behind hit shows including Love Island and I’m a Celebrity … Get Me Out of Here!, said earnings more than halved in the first six months of the year, as it came up against a “very tough” advertising market and as it invested in its ITVX online streaming service.

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Australians lodge almost 100,000 banking and finance complaints in year

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Record number of complaints caused by rising financial stress combined with relentless battle against scammers

Australians lodged a record 96,987 complaints against financial institutions over the past year, as rising financial stress combined with a relentless battle against scammers to trigger a steep rise.

The increase was partly fuelled by a 27% rise in banking and finance-related disputes in 2022-23, including a significant number of complaints from those experiencing financial difficulty.

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Shell’s ‘obscene’ $5bn profits reignite outrage amid climate crisis

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Campaigners criticise plan to increase oil and gas production despite extreme heat in Europe

Shell has reignited outrage among climate activists by handing billions to its shareholders after making profits that campaigners have described as “obscene”.

Protests were held outside the oil company’s London headquarters on Thursday after it reported second-quarter profits of just over $5bn (£3.9bn) in the same week that wildfires linked to the climate crisis burned across Mediterranean countries.

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Jim Ratcliffe’s charity cleared by regulator after preliminary investigation

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Foundation set up by Sir Jim Ratcliffe, the UK’s richest person, had provided funding for a luxury clubhouse at ski club

The Charity Commission has closed a preliminary investigation into concerns about governance at a charity set up by the UK’s richest person, Sir Jim Ratcliffe, which helped fund a £16m luxury clubhouse for an exclusive French Alps club where he and his daughter have skied for years.

The UK charity watchdog announced on Thursday that it had closed its “regulatory compliance case” into the Jim Ratcliffe Foundation after finding that “the charity’s activities further its purposes and that there is no further role for the regulator”.

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US economic growth speeds up in second quarter and weekly jobless claims fall

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Economy is being anchored by labor market and businesses are boosting investment, potentially holding off a recession

The US economy grew faster than expected in the second quarter as labor market resilience underpinned consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay.

Gross domestic product (GDP) – a broad measure of economic growth – increased at a 2.4% annualized rate last quarter, the commerce department announced in its advance estimate of second-quarter GDP on Thursday. The economy grew at a 2.0% pace in the January-March quarter. Economists polled by Reuters had forecast GDP rising at a 1.8% rate.

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NSW police taskforce to investigate spate of shootings – as it happened

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Wholesale power prices down from a year ago but still at elevated levels

Emissions from Australia’s main electricity grid dropped more than 6% in the June quarter from a year ago to a record-low for the period, and wholesale prices stabilised, the Australian Energy Market Operator (Aemo) said.

I think some of the people who are raising issues in the US Congress about this are saying ‘look the US has its own issues about its industrial base, its capacity to up its submarine production.’

But you know, what Aukus is about is actually augmenting the capacity to supply submarines in the region. And we Australia will be injecting money into the US industrial base.

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Meta stock surges after company reports 11% rise in revenue

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Revenue grew to $32bn, marking company’s most profitable quarter since 2021, as news sends stocks surging by 7%

Meta stock rallied as the company reported an 11% rise in revenue on Wednesday, beating Wall Street expectations.

Revenue grew to $32bn in the quarter ending in June, compared to analysts’ average estimate of $31.12bn, marking Meta’s most profitable quarter since 2021. The news sent stocks surging by 7% in after-market trading.

More details soon …

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Netflix lists AI job worth $900,000 amid twin Hollywood strikes

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Company lists highly paid machine-learning project manager role while actors and executives at odds over future of AI in Hollywood

As actors and writers strike over fair compensation and protections from the encroachment of artificial intelligence, Netflix has listed a position for a machine learning product manager that will compensate somewhere between $300,000 and $900,000 a year. According to the Screen Actors Guild (Sag-Aftra), 87% of the guild’s actors make less than $26,000 per year.

The use of AI in the production of film and television – either to write scripts, generate actors’ likenesses, or cut corners in paying creative work, has been a major point of contention in negotiations between the Alliance of Motion Picture and Television Producers (AMPTP) and Sag and the Writers Guild of America (WGA). Writers have been striking since May; the actors joined earlier this month. The first joint strike since 1960 threatens to bring Hollywood to a complete standstill.

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Spurs billionaire Joe Lewis pleads not guilty to securities fraud

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Lewis, whose family owns Tottenham Hotspur FC, is accused of ‘brazen’ insider trading

Lawyers for the British billionaire Joe Lewis have accused prosecutors of making an “egregious” mistake, as the 86-year-old pleaded not guilty to multiple counts of securities fraud and conspiracy.

Lewis, who heads the family that owns Tottenham Hotspur FC, was arraigned on Tuesday in Manhattan federal court with 16 counts of securities fraud and three of conspiracy to commit fraud, which prosecutors called a “brazen” insider trading scheme to enrich his friends, lovers and employees, including two private jet pilots.

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NatWest was caught out by Nigel Farage’s deft political game

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Tory anger over Coutts affair led to bank’s board feeling it had no choice but to sack CEO Alison Rose

Just after 5.40pm on Tuesday afternoon, the two people in charge of NatWest Group put out a joint statement. Dame Alison Rose, its chief executive, admitted she had been the source for an incendiary BBC story about Nigel Farage’s accounts at its exclusive private bank, while Sir Howard Davies, the bank’s chair, expressed his support for her remaining in charge of the lender.

Eight hours later, the bank had performed a dramatic reversal, having catastrophically misjudged the mood of its largest shareholder, the UK government. After last-minute interventions from both the prime minister, Rishi Sunak, and the chancellor, Jeremy Hunt, board members convened for a late-night virtual call that was to spell the end of Rose’s 31-year career with the bank.

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Sunak and Hunt accused of ‘damaging UK plc’ over NatWest boss’s exit

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Concerns raised over anonymous briefings that triggered early-hours resignation of Dame Alison Rose

The prime minister and the chancellor have been accused of “damaging UK plc” and failing to follow due process amid concern over anonymous briefings that triggered the early-hours resignation of NatWest boss Dame Alison Rose.

“There is a real sense of disquiet that political pressure has led to a midnight exit for such an important banking CEO,” an official at the City regulator, the Financial Conduct Authority, told the Guardian. “They should have allowed due process.”

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