Category Archives: Business

Tesla investigated over funds ‘used to build secret Austin house for Elon Musk’

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Reports suggest plans for ‘Project 42’ included a glass structure that contained a residential element for the chief executive

US prosecutors are investigating Tesla over alleged use of company funds for a secret project described internally as a house for Elon Musk, the electric carmaker’s chief executive.

Information sought from Tesla by the US attorney’s office for the southern district of New York includes personal benefits paid to Musk, how much was spent on the project and its purpose, according to the Wall Street Journal.

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US restricts exports of Nvidia AI chips to Middle East

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Controls apply to A100 and H100 chips, in escalation of US efforts to curb China’s access to products

The US has expanded the restriction of exports of Nvidia artificial intelligence chips beyond China to some countries in the Middle East.

Nvidia, which is one of the world’s most valuable companies at $1.2tn, said in a regulatory filing this week the curbs affected its A100 and H100 chips, which are used to accelerate machine-learning tasks on major artificial intelligence apps, such as ChatGPT.

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Chinese developer Country Garden reports $6.7bn loss amid fears of another Evergrande

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Group warns that if its financial performance ‘continues to deteriorate’ it faces possible default after huge half-year losses

Embattled Chinese developer Country Garden reported a 48.9bn yuan ($6.7bn) loss for the first half of the year in a stock exchange filing on Wednesday, adding to worries of a potentially catastrophic default.

Its tenuous state has sparked fears of a collapse that could have far-reaching consequences for the Chinese financial system two years after the fall of Evergrande.

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Vietnamese collector revealed as buyer of world’s biggest bottle of whisky

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Viet Nguyen Dinh Tuan bought 311-litre bottle of 32-year-old Macallan single malt for £1.1m at auction

The previously anonymous buyer of the world’s largest bottle of whisky, which at 5ft 11in is taller than the average human, has been revealed as a Vietnamese businessman who already owns a spirits collection valued at more than £150m.

Viet Nguyen Dinh Tuan bought the 311-litre bottle filled with 32-year-old Macallan single malt for £1.1m at auction in Edinburgh last year.

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Modi-linked Adani family secretly invested in own shares, documents suggest

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Offshore records suggest associates of wealthy Indian family spent years acquiring stock during rise of founder to be worth $120bn

A billionaire Indian family with close ties to the country’s prime minister, Narendra Modi, secretly invested hundreds of millions of dollars into the Indian stock market, buying its own shares, newly disclosed documents suggest.

According to offshore financial records seen by the Guardian, associates of the Adani family may have spent years discreetly acquiring stock in the Adani Group’s own companies during its meteoric rise to become one of India’s largest and most powerful businesses.

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Australia news live: ‘maintain the love’, Noel Pearson says, rebutting John Howard’s no campaign message

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Prominent yes campaigner and Cape York leader ‘surprised’ by former PM’s message to ‘maintain the rage’. Follow the latest updates live

Jane Hume to vote no despite anticipated home state yes

Liberal senator Jane Hume appeared on the Today show earlier this morning, saying she would be voting no in the upcoming referendum on an Indigenous voice to parliament, however she conceded her home state of Victoria will likely vote yes.

My home state is probably where there’ll be a Yes. But the yes vote is very well resourced from corporates and individuals and that’ll be ramping up. I don’t think the No campaign can take anything for granted in these last few weeks.

That describes both the yes and the no case. They can make up their own mind.

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Ørsted shares fall 25% after it reveals troubles in US business

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Almost £7bn wiped off value of world’s largest offshore wind company over possible £1.8bn write-down

Shares in the world’s largest offshore wind company have tumbled by nearly a quarter after it said it may have to write down the value of its US portfolio by nearly £2bn.

Ørsted said it had been hit by a flurry of setbacks in its American business, triggering a rapid sell-off in its shares, listed in Copenhagen.

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EU imports of Russian liquified gas leap by 40% since Ukraine invasion

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Pipeline flows from Russia have fallen to historic lows, but shipments of LNG from all over the world have surged

EU imports of Russian liquified natural gas (LNG) have increased by 40% since the invasion of Ukraine despite efforts to cut down supplies.

Member states have bought more than half of Russia’s LNG on the market in the first seven months of this year, according to analysis of data by Kpler, which tracks marine and tanker traffic.

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Gatwick passenger numbers soar as strikes hit flight punctuality

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Demand for travel results in 41% rise but air traffic control industrial action across Europe affects timings

Passenger numbers at Gatwick airport soared to 19 million during the first six months of the year, according to its operator, although air traffic control strikes across Europe contributed to an increase in delayed departures and landings.

Demand for travel resulted in 41% more passengers travelling through the airport between January and June compared with 2022 – when Covid restrictions were still in place – Gatwick said as it released half-year results.

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Australia’s gig economy workers set to benefit from minimum pay and protection against ‘unfair deactivation’

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Labor bill gives Fair Work Commission power to set minimum standards for hundreds of thousands of ‘employee-like workers’ on digital platforms

Gig economy workers in Australia including ride-share drivers and food delivery riders could soon benefit from minimum pay and protection against “unfair deactivation”.

Under a bill to be introduced by the Albanese government next week, the Fair Work Commission will be given the power to set minimum standards for hundreds of thousands of “employee-like workers” on digital platforms from 1 July 2024.

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Travel firms urged to halt trips to Uyghur region over China rights abuses

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Exclusive: Report says optics of western firms organising Xinjiang tours amid ‘crimes against humanity are disastrous’

Uyghur advocates have called on western tourism companies to stop selling package holidays that take visitors through Xinjiang, where human rights abuses by authorities have been called a genocide by some governments.

The request comes as China reopens to foreign visitors after the pandemic, and as its leader, Xi Jinping, calls for more tourism to the region.

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Australia’s inflation rate eased to 4.9% in July, down from 5.4% in June

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Larger than expected fall reduces likelihood Reserve Bank of Australia will raise interest rates again

Australia’s inflation rate eased last month to its lowest level in 17 months, led by falling prices for fresh produce and automotive fuel, reducing the likelihood the Reserve Bank will need to raise interest rates again.

The consumer price index for July came in at an annual rate of 4.9%, the Australian Bureau of Statistics reported on Wednesday. That rate was slower than the 5.4% pace in June and compared with economists’ forecast for CPI to drop to 5.2%.

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UK home sales in 2023 will be lowest in a decade, says Zoopla

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Interest rate rises on mortgages are weakening demand, property website says

The number of UK homes sold this year is expected to fall to the lowest level in more than a decade, as the soaring cost of mortgages puts off homebuyers.

House sales reaching completion are expected to fall 21% year-on-year to about 1m in 2023, the lowest level since 2012, according to a report from the property website Zoopla.

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Deloitte joins RBA in tipping 4.5% Australian jobless rate thanks to slow consumer spending

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Slowdown in household spending is finally flowing through to Australia’s jobs market, according to the latest forecasts from Deloitte Access Economics

Australia’s dream run with near record low unemployment is tipped to end due to weaker household consumption, with the jobless rate expected to increase from 3.7% to 4.5% by mid next year.

That is the conclusion of the latest Deloitte Access Economics employment forecasts, which attribute economic slowdown in part to the delayed effect of faster-than-expected rate rises by the Reserve Bank of Australia.

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Network Rail axes bonuses for union members who strike

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Move is likely to further sour relations after months of industrial action over pay dispute

Network Rail has withheld annual bonuses from its union members who took part in strikes, in a move that threatens to further sour industrial relations.

The state-owned railway infrastructure manager settled the pay dispute with its workforce in March this year, after RMT members voted to accept a rise worth 9% over two years.

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China continues coal spree despite climate goals

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World’s biggest carbon emitter approving equivalent of two new coal plants a week, analysis shows

China is approving new coal power projects at the equivalent of two plants every week, a rate energy watchdogs say is unsustainable if the country hopes to achieve its energy targets.

The government has pledged to peak emissions by 2030 and reach net zero by 2060, and in 2021 the president, Xi Jinping, promised to stop building coal powered plants.

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Qantas flight credits: Albanese says customers should get another flight or their money back

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PM weighs in on expiring credits but government defends blocking Qatar airways from increasing its flights to Australia

The Australian government has defended its decision to block Qatar airways from almost doubling its flights to Australia, but has distanced itself from Qantas by insisting the national airline should compensate customers for pandemic flight credits.

On Tuesday Prime Minister Anthony Albanese responded to consumer anger about $470m of unclaimed Qantas and Jetstar flight credits, and the assistant minister for competition, Andrew Leigh, called for the introduction of more low-cost carriers to bring prices down.

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Evergrande shares plunge further amid China economy fears

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Property developer’s value fell by more than $2bn as stock resumed trading after 17-month suspension

Shares in Evergrande fell a further 13% on Tuesday after more than $2bn was wiped off the Chinese property developer’s market value when it resumed trading for the first time in almost 18 months on Monday.

Evergrande, the world’s most indebted property firm with liabilities of $328bn (£260bn), has lost more than 99% of its share market value over the past three years.

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Air passengers face further delays after UK air traffic control failure

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Transport minister rules out cyber-attack after hundreds of flights to and from the UK cancelled

Flight passengers will be affected by UK air traffic control failures for days, the transport secretary has warned as he urged airlines to step up and fulfil their responsibilities to passengers.

Speaking on BBC Radio 4’s Today programme, Mark Harper said National Air Traffic Services (Nats), which provides the air traffic control systems in the UK, had apologised for the disruption, adding: “I’d like to add my apology to that.”

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Labor dumps attempt to modernise business records after $2bn budget blowout

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Assistant treasurer Stephen Jones blames ‘failure of planning and oversight’ by previous Coalition government

The Albanese government is abandoning an attempt to modernise the way businesses record public information such as the identity of company directors, after a review found the Coalition-era project would run more than $2bn over budget.

The assistant treasurer, Stephen Jones, is now considering the review’s call to instead spend a further $515m returning registry functions to the Australian Securities and Investment Commission and investing to improve data integrity in other ways.

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