Category Archives: Business

Wilko administrators urged to accept rescue deal after second bid

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Last-minute white knight bid worth £90m from M2 Capital follows earlier offer from owner of HMV

Wilko’s administrators are facing pressure to accept a rescue deal for the ailing budget retailer after a second last-minute white knight bid worth £90m emerged from an Anglo-Canadian private equity firm.

The gardening to beauty retailer, which has 400 stores and employs almost 12,500 people, called in administrators from PricewaterhouseCoopers earlier this month after running short of cash. Shops are expected to close within weeks, with thousands of job losses unless a buyout can be secured.

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Pilbara native title case: the fight to decide if Fortescue pays compensation to Indigenous owners

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The Yindjibarndi people say WA and Andrew Forrest’s mining company must pay for the destruction of sacred country and community

In the heart of the Pilbara, two cultures and two systems of law have collided in the red dirt – and in a bitterly contested native title case being fought in the federal court.

To the Fortescue Metals Group – the mining company founded and chaired by billionaire Andrew Forrest – and the state of Western Australia, that red dirt means one thing: iron ore.

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PwC urged Labor to delay multinational tax transparency laws, Senate submissions reveal

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The firm joined the other big four consultancies in calling for the world-leading regime to be postponed or watered down

PwC, the other big four consultancies and the American Chamber of Commerce in Australia were among the entities that urged the federal government to delay and water down proposed multinational tax transparency laws.

Australia’s proposed country-by-country reporting would make it a world leader in tax transparency, compelling multinationals to publish detailed location-specific information about their revenue, expenses and effective tax rate to deter profit shifting and tax avoidance.

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Heineken exits Russia with €1 sale of operations

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Dutch multinational brewer takes €300m loss from transfer of assets to Russia’s Arnest Group

Heineken has completed its lengthy exit from Russia with the sale of its operations there for a symbolic €1, after Moscow clamped down on asset sales in retaliation for western sanctions.

The Dutch brewer, which also owns the Amstel, Birra Moretti and Tiger brands, said it would be taking a €300m loss as a result of the sale, which will see it transfer all of its remaining assets, including seven breweries, to Russia’s Arnest Group.

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Fed chair warns US inflation battle not over and hints at further rate rises

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Jay Powell tells symposium in Wyoming that inflation is still too high but that US central bank will ‘keep at it until the job is done’

Federal Reserve chair Jerome Powell used a closely watched speech on Friday to warn that the fight against inflation in the US is not over.

Speaking at the Federal Reserve Bank of Kansas City’s annual gathering of central bankers in Jackson Hole, Wyoming, Powell said inflation was still too high and that interest rates may have to rise further to tamp it down.

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France to spend €200m on destroying excess wine as demand falls

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Fund aims to help struggling winemakers as they adjust to consumers’ changing habits

The French government has announced it is to set aside €200m to fund the destruction of surplus wine production in an attempt to support struggling producers and shore up prices.

Several major wine-producing regions in France, particularly the Bordeaux area, are struggling because of a cocktail of problems including changes in consumption habits, the cost of living crisis and the after-effects of Covid-19.

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Serious Fraud Office drops 10-year corruption inquiry into Kazakh miner ENRC

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UK agency also shuts other high-profile cases including Rio Tinto investigation

The UK’s Serious Fraud Office has abandoned a criminal investigation into the Kazakh mining group ENRC, ending a decade-long corruption inquiry mired in controversy.

The SFO updated its website on Thursday with a notice that it had closed the case after concluding there was “insufficient admissible evidence” to prosecute the company.

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Qantas delivers record $2.47bn profit on back of soaring demand and high ticket prices

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CEO Alan Joyce hails ‘remarkable turnaround’ for airline whose results were a stark change from a year earlier, when it fell to a $1.86bn loss

Qantas Airways has soared out of the disrupted pandemic era to post a record $2.47bn full-year underlying profit, backed by strong travel demand and high ticket prices.

The 2022-23 results mark a stark change from a year earlier, when it fell to a $1.86bn loss.

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Former Asic head accuses government of failing him during ‘abusive advertising campaign’

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Former corporate watchdog chair James Shipton tells Senate inquiry of attacks on his character, competence and integrity

The former head of Australia’s corporate watchdog has described feeling suicidal after an “abusive advertising campaign” waged against him, accusing the government of failing to support him.

A Senate committee is examining the ability of the Australian Securities and Investments Commission (Asic) to investigate allegations of corporate misconduct and to undertake enforcement action.

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In Australia, support is available at Beyond Blue on 1300 22 4636, Lifeline on 13 11 14, and at MensLine on 1300 789 978.

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Chipmaker Nvidia crushes quarterly expectations with $13.5bn in revenue

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The company’s specialized AI chips are in great demand, boosting its value to over $1tn, a first for a chipmaker

The chipmaker Nvidia has far surpassed quarterly expectations, raking in $13.5bn in revenue – over $2bn more than the $11.2bn Wall Street analysts had predicted – amid skyrocketing demand for its computer chips that power artificial intelligence (AI) systems.

The blockbuster second quarter comes at a moment of intense hype around generative AI, a mood that Nvidia has been uniquely positioned to capture. The 30-year-old company is one of the biggest winners in the AI boom and is now valued at over $1tn, with its chips powering nearly all the world’s major artificial intelligence apps, including ChatGPT.

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Ofcom urged to investigate Virgin Media broadband contracts

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Terms and conditions allow firm to raise bills at any time and by an unlimited amount, Which? claims

Virgin Media is facing calls for the telecoms watchdog to urgently investigate the legality of its broadband contracts, under which it can increase bills at any time and by unlimited amounts.

The consumer champion Which? has concluded that Virgin Media’s terms and conditions may amount to unfair contract terms and could be in breach of the Consumer Rights Act. It has written to Ofcom calling on it to intervene.

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Huawei accused of building secret microchip factories to beat US sanctions

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US-based semiconductor association claims Chinese tech firm has acquired at least two plants and is constructing three others

Huawei has been accused by a leading association of semiconductor manufacturers of building a collection of secret chip-making facilities across China to help the technology company bypass US sanctions, according to a report.

The Chinese tech firm moved into chip production last year and was receiving an estimated $30bn (£23.7bn) in state funding from the government, the Washington-based Semiconductor Industry Association was quoted as saying by Bloomberg, adding that Huawei had acquired at least two existing plants and was building three others.

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UK minister heads to India as post-Brexit trade talks reportedly ramp up – business live

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UK trade secretary Kemi Badenoch is expected to progress talks with Indian counterparts in Jaipur, during a meeting of G20 trade ministers

A UK-India trade deal is likely to stay “tantalisingly out of reach”, one commentator warns.

Striking a deal would be a“game changer” for post-Brexit Britain, Susannah Streeter, head of money and markets at Hargreaves Lansdown, says.

Hopes that the UK can give its very sluggish growth prospects a boost with a big trade win this autumn are fading after reports that a major deal with India remains elusive.

It appears that final negotiations have run into the long grass, with thorny issues such as visas for Indian workers still likely to be problematic.

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Massive economic pain for Australia if temperature rises exceed 2C, intergenerational report predicts

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Report says hundreds of billions of dollars and millions of work hours in productivity are at risk due to hotter conditions

Success in limiting global warming will spare Australia a sharp fall in economic activity but would see coal exports fall to a trickle by 2063 under a low-emissions scenario, according to the government’s intergenerational report.

The report, to be released in full on Thursday, will provide much greater detail on the range of impacts and their scale in a warming world than the five previous intergenerational reports.

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Boots baby formula ads on Google broke rules, says UK watchdog

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Retailer apologises for error, with such advertising banned in case it discourages breastfeeding

Online adverts for Boots for four infant formula products broke advertising rules designed to protect breastfeeding, the advertising watchdog has found.

The Advertising Standards Authority (ASA) made the ruling in response to a complaint that the health and beauty retailer’s infant formula products had been advertised on Google.

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Cost-of-living crisis: Albanese government launches taskforce to review competition in bid to ease pressures

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Panel’s appointment comes as Woolworths reports rise in net annual earnings to $1.6bn, a day after Coles posts $1.1bn profit

The Albanese government will appoint a taskforce to provide a rolling competition review in a bid to lower cost-of-living pressures by creating a more productive and dynamic economy.

The taskforce, set up in Treasury, will include an expert panel including Danielle Wood, chief executive of the Grattan Institute, and Rod Sims, former chair of the Australian Competition and Consumer Commission (ACCC). It will engage in “targeted public consultation” and provide continuous advice over the coming two years.

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UK needs Dragons’ Den approach to investing in net zero, says thinktank

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IPPR wants government to take a stake in green technology firms to help Britain keep up with EU and US

The UK risks losing out to the US and EU in the global race to a net zero economy unless the government increases green investment by taking a stake in the companies of the future, a thinktank has said.

The left-leaning Institute for Public Policy Research said Britain needed a “national investment fund” (NIF) that would back new firms and secure a share of any future profits for the public as it called for the state to adopt a “Dragons’ Den” type approach to supporting enterprises.

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Nvidia shares hit all-time high as chipmaker dominates AI market

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Rising bets that chip designer’s revenue target will surpass Wall Street estimates lift the stock about 19% from two-month low

Nvidia shares hit an all-time high on Tuesday in a buildup in expectations over the quarterly results of the chip designer that has been the biggest beneficiary of a boom in artificial intelligence.

Rising bets that Nvidia’s revenue target will once again surpass Wall Street estimates have lifted the stock about 19% from a two-month low hit last week.

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Australia news live: Brisbane to undergo ‘mock earthquake’; Coles profit up to $1.1bn

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Supermarket operator posts 4.8% rise in full year cash profit, lifted by strong rise in groceries revenue. Follow today’s live news updates

AEC monitoring disinformation about electoral processes

Rogers said the AEC has seen an increase in mis- and disinformation over the last few years, particularly around the electoral process itself.

It’s all about the electoral process. We’re seeing an increase in [disinformation]. We’re seeing an increase in threats to staff. Which is very disappointing. And we’re monitoring that very closely.

At the last federal election, we had similar issues. We’re seeing behaviours we haven’t seen previously. The people who work elections are community members … Treat people with respect and civility.

We’re ready for it whenever it may be. That’s what we do in any case. We’re used to these events when we don’t know the date until a few weeks out. We’ve got all systems go.

We would ultimately like the rate to be exactly the same as the general roll, but it’s very close.

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Customer data used for unwanted romantic contact, UK poll shows

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Almost one in three people aged 18-34 have been messaged by staff after giving personal details to a business

Almost one in three people aged 18-34 have received unwanted romantic contact after giving their personal information to a business, a UK poll has shown.

The Information Commissioner’s Office (ICO) has called for recipients of such texts to come forward to help the regulator gather evidence of the impact of this phenomenon.

The ICO has an online form for people who want to report an experience of unwanted contact.

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