Category Archives: Business

Olive oil industry in crisis as Europe’s heatwave threatens another harvest

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World’s biggest olive producer, Spain, on course for second bad harvest in a row, raising fears of gaps on shelves and even higher prices

The olive oil industry is “in crisis”, with the heatwave in southern Europe threatening to inflict the second bad harvest in a row and gaps on shelves this autumn.

After a spring heatwave affected flowering in Spain, which produces about half the global olive crop, the harvest was forecast to be only 28% up on last year, which was the worst in almost a decade.

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Post Office inquiry chair criticises Horizon compensation scheme

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Wyn Williams calls for legislative change to resolve issues for those affected by the scandal

Schemes set up to compensate former post office operators wrongly accused of crimes are “a patchwork quilt” with “holes in it” that are likely to miss the deadline to pay up, the chair of the inquiry into the scandal has said.

More than 700 people were prosecuted for theft and false accounting between 2000 and 2014 after the Post Office’s flawed Horizon IT system incorrectly suggested there were financial shortfalls.

In the UK and Ireland, Samaritans can be contacted on freephone 116 123, or email jo@samaritans.org or jo@samaritans.ie. In the US, you can call or text the National Suicide Prevention Lifeline on 988, chat on 988lifeline.org, or text HOME to 741741 to connect with a crisis counselor. In Australia, the crisis support service Lifeline is 13 11 14. Other international helplines can be found at befrienders.org

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Australia news live: ‘are you really worth seven times the salary of the PM?’ Labor senator asks Deloitte chief

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Former competition watchdog Allan Fels tells parliamentary inquiry federal government must act now to avoid conflicts of interest. Follow the day’s news live

Divers are trying to retrieve hundreds of drones that plunged into Melbourne’s Yarra River over the weekend due to a technical error.

The drones were part of a light show for the Matildas’ game against France on Friday night but fell into the river due to a technical glitch. The retrieval operation began on Sunday and is continuing on Monday.

We want to see all drones taken back out of the river because we know if they are left there they will leach chemicals which can damage the environment.

We want investors to come into the market to take advantage of the great demand for rental accommodation.

But we don’t want to stifle that by putting unnecessary burden (on landlords).

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Betting firm logos shown on TV up to 3,500 times in Premier League matches, study finds

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Average was once every 16 seconds across 10 matches last season, with a total of 3,522 in West Ham v Chelsea

Betting company logos appear as often as 3,500 times during the course of a televised football match, the majority on pitchside hoardings, prompting renewed scepticism about top-flight clubs’ plan to give up front-of-shirt betting ads only.

A study led by psychology experts from four universities measured the volume of gambling adverts during 10 matches that took place last season, featuring every Premier League club.

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Andrew Forrest cleared of wrongdoing after Fortescue ordered review into anonymous allegation

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Mining company engaged a private law firm to investigate when directors became aware of an anonymous letter about the executive chairman

Fortescue Metals ordered a review into an anonymous allegation about the behaviour of its executive chair, Andrew Forrest, after a whistleblower tipoff, but cleared him of wrongdoing.

The company said in a statement it engaged an independent law firm that had not previously represented Fortescue or its billionaire founder to investigate the issue.

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Green energy tycoon to launch UK’s first electric airline

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But Dale Vince’s Ecojet plane will run on kerosene-based fuel in 2024 to enable quick start to project

The green energy tycoon Dale Vince is planning to launch Britain’s first electric airline in a move designed to prove polluting industries can decarbonise.

Ecojet, styled as a “flag carrier for green Britain”, will launch early next year with a 19-seater plane travelling on a route between Edinburgh and Southampton.

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Microsoft agrees to keep Call of Duty on PlayStation ahead of Activision buy

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Software giant acquiesced after US trade commission expressed concern that Activision Blizzard acquisition would hurt gamers

Microsoft has signed a binding agreement to ensure that the Call of Duty video game franchise remains available on Sony’s PlayStation platform after Microsoft’s $69bn acquisition of Activision Blizzard, the tech company said on Sunday, easing concerns from Sony and the Federal Trade Commission (FTC).

A tweet from Phil Spencer, Microsoft Gaming’s CEO, read: “We are pleased to announce that Microsoft and @PlayStation have signed a binding agreement to keep Call of Duty on PlayStation following the acquisition of Activision Blizzard. We look forward to a future where players globally have more choice to play their favorite games.”

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‘A huge market going untapped’: lack of visitors worries Wales

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Country does not seem to get its fair share of tourists or money, despite so much spectacular mountain scenery and coastline

Any summer’s day on top of Yr Wyddfa you may be forgiven for thinking all is well with Welsh tourism. People are queuing to touch the summit cairn, the cafe is rammed and the railway fully booked.

But the Welsh affairs committee at Westminster this week voiced serious concerns. It pointed out that in 2019, international visitors spent about £515m in Wales, less than 2% of the £28bn they spent in the UK overall. Closer scrutiny revealed other worrying signs: in 2022, there were almost 2.8bn day trips taken by British residents but only 6% happened in Wales, and on those visits people spent less than elsewhere in Britain.

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How Britain became the G7’s inflation outlier – in one chart

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This week’s CPI figures look set to highlight a trend: that prices in the UK seem to rise faster than they do elsewhere

The UK has a longstanding problem with inflation. Since the 2008 banking crash, bouts of inflation felt across the world have sent prices higher in the UK than its G7 rivals.

In July 2009, during the recession that followed the banking crisis, UK inflation was 3.1 points above the G7 average. Two years later, when recovery sent oil prices soaring, it stood about 2% above the G7 average. In March this year, however, it stood a full 3.5 points above the G7 level.

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Florida rocked by home insurance crisis: ‘I may have to sell up and move’

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Soaring hurricane-cover premiums are bad news for the state’s homeowners – and Ron DeSantis is accused of dragging his feet

Households in Florida, the third most populous state in the US, have been grappling for some time with a property insurance crisis that is making home ownership unaffordable for many. After at least six insurers went insolvent in Florida last year, Farmers on Tuesday became the latest to pull out of the Florida market, saying in a statement that the decision was based on risk exposure in the hurricane-prone state.

Climate change is threatening the very existence of some parts of Florida. And the costs are already being felt by Floridians. At the end of 2022, average annual property insurance premiums had already risen to more than $4,200 in Florida – three times the national average.

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In America’s ‘Voltage Valley’, hopes of car-making revival turn sour

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EV manufacturer Lordstown Motors, lauded by Trump in 2020, has gone bankrupt – what now for the once-proud auto-making region?

When Lordstown Motors, an electric vehicles (EV) manufacturer in Ohio’s Mahoning Valley, declared bankruptcy last month, it was the latest blow to a region that has seen decades of extravagant promises fail to deliver.

The 5,000 new jobs executives vowed to create in 2020 generated fresh hope for the shuttered General Motors Lordstown plant, which once functioned as an economic engine for the area and a critical piece of the nation’s industrial heartland.

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UK supermarket food prices up by more than 25% in two years, says Which?

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Retailers should be forced to display detailed price information on loyalty card deals, says consumer group

Supermarket food prices have increased by more than 25% over the past two years according to the consumer group Which?, with the size of the rise reinforcing the case for retailers to be forced to display detailed price information on loyalty card offers and promotions so shoppers can find the best deal.

Which? said the government needed to close loopholes that result in “confusing and inconsistent” pricing practices of some supermarkets. Last month it reported Tesco to the UK’s competition watchdog because it does not provide unit prices – such as the price for each 100g or 100ml – for the loyalty card offers it uses as a sales tactic to pull in shoppers.

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UK savings: more accounts now offering 6%-plus interest

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Government-backed NS&I increases its rates, as building societies and banks launch better deals

Amid the mortgage misery, there was more good news this week on savings rates, with a growing number of accounts now paying 6%-plus interest.

Meanwhile, the government-backed NS&I – a favourite of many in these uncertain times – has upped the rates on some of its popular fixed-rate accounts.

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Qantas and Virgin duopoly dwarfs the Australian banking and supermarket industries, airport peak body says

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Australian Airports Association tells parliamentary inquiry market dominance has allowed the two airlines to jack up profit margins

Qantas and Virgin now account for 95% of Australia’s domestic aviation market, a dominance that dwarfs industries such as banking and supermarkets and has allowed the airlines to jack up profit margins, the national airport body has warned.

The continued duopoly of Qantas Group – which includes budget carrier Jetstar – and Virgin Australia in the domestic aviation sector has also allowed air fares to rise above pre-pandemic levels even when adjusting for inflation, the Australian Airports Association (AAA) said in its submission to a parliamentary inquiry.

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RBA lifer Michele Bullock may have the luck of playing good cop to Philip Lowe’s bad

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The Reserve Bank of Australia’s first female governor will begin her appointment at or very near the end of the cycle of rate rises

Australia will get its first female Reserve Bank governor, Michele Bullock, and the order of the day is continuity with change.

Continuity because Bullock is an extremely well qualified RBA lifer with four decades of experience.

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Fran Drescher’s fiery speech against Hollywood studios goes viral as actors strike

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The Nanny star turned Sag-Aftra union president wins praise for her passion as performers join writers in action expected to halt majority of US film and TV production

Fran Drescher has blasted Hollywood studios in a fiery speech after talks between the actors’ union and studios failed to avert a strike, calling them “disgusting” for claiming “they’re losing money left and right when giving hundreds of millions of dollars to their CEOs”.

In a speech that was widely circulated on Thursday – particularly among many who did not know The Nanny star was heading up Sag-Aftra, Hollywood’s biggest union – Drescher said actors were being “marginalised, disrespected and dishonoured” by a business model that has been drastically changed by streaming and artificial intelligence.

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Nationals accuse Labor of ‘hypocrisy’ over response to scathing APVMA report – as it happened

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This blog is now closed

Cabinet meeting to decide Lowe’s successor today

Philip Lowe will be replaced as the Reserve Bank governor, with today’s cabinet meeting to decide his successor, Guardian Australia has confirmed.

If I was asked to continue in the role, I would be honoured to do that and I would continue.

If I am not asked to continue in the role, I will do my best to support my successor, and the treasurer has said he will make an announcement before the end of this month.

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Scottish ministers have ‘duty’ to protect seabed from harmful fishing, says court

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Licensing for scallop dredging and trawling must comply with National Marine Plan after judicial review by Open Seas charity

The Scottish government should stop approving licences for fishing vessels using methods believed to cause harm to habitats, a charity working to protect marine life has urged, after a court declared a routine licensing decision to be unlawful.

Scotland’s highest court ruled that the Scottish government had failed to act in accordance with Scotland’s National Marine Plan (NMP) when varying fishing licences last December, after a judicial review by the conservation charity Open Seas. It is legally obliged to act in accordance with its environmental duties, as stated in the NMP, when making these decisions.

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Australia news live: calls for flu jab increase after second child’s death; Tasmanian Greens leader resigns

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Follow all the day’s news live

Andrew and Nicola Forrest, billionaires in iron ore mining, have separated after 31 years of marriage.

They said the separation will not impact their mining operations, in a statement:

After 31 years of marriage, we have made the decision to live apart.

Our friendship and commitment to our family remains strong.

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Scottish windfarm built in 1995 to be ‘repowered’ with new turbines

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ScottishPower expects Hagshaw Hill to produce five times as much energy with half the turbines by early 2025

One of Britain’s oldest onshore windfarms will soon be “repowered” so it can generate five times as much green electricity as it did in 1995 – with almost half as many turbines.

The owner of the Hagshaw Hill windfarm, ScottishPower, began dismantling 26 turbines on its site in rural South Lanarkshire on Wednesday.

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