Category Archives: Business

Brics group looks to expand at summit despite divisions among key members

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Experts say India concerned about expansion and any overt anti-west turn as leaders fly into South Africa

Leaders from developing countries representing almost half the world’s population including China and Russia are meeting in South Africa for a key summit aimed at reinforcing their alliance as a counterweight to the west.

The Brics grouping summit in Johannesburg is being hosted by the South African president, Cyril Ramaphosa, and brings together the prime minister of India, Narendra Modi, as well the presidents of China, Xi Jinping, and Brazil, Luiz Inácio Lula da Silva.

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Homebuilder shares tumble as UK housing market weakens – business live

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A profit warning from housebuilder Crest Nicholson has compounded fears of a housing market slowdown, as Rightmove data reveals a further drop in asking prices

AJ Bell investment director Russ Mould said that while weak house price data (as was “hardly a surprise”, Crest Nicholson’s profit warning has “laid bare the the scale of the impact of a housing slowdown on the housebuilding sector.”

Sales of new homes have plunged alarmingly and, while not all developers in the space are created equal, the news, allied to Rightmove’s latest reading on the property market, has had a knock-on effect on share prices in the rest of the sector this morning.

The £7,000 drop in the average asking price observed by Rightmove in the last month, allied to a big drop in transaction volumes, is the kind of statistic to make estate agents distinctly uneasy.

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CBI to step back early from top firms’ boardroom diversity initiative

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High-profile companies reportedly discussed cutting ties with the business lobby group

The Confederation of British Industry will step back earlier than planned from its role in a boardroom diversity initiative involving the UK’s biggest companies, as the business lobby group struggles to recover from sexual misconduct allegations.

The CBI had been at the heart of the Change the Race Ratio campaign, which champions racial and ethnic minority representation on UK company boards and leadership teams, with some of its staff helping to run it.

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China cuts key interest rate amid economic slowdown

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Central bank reduces one-year loan prime rate but surprises analysts by leaving five-year rate unchanged

China’s central bank has cut one of its key lending rates but left another unchanged, surprising economists who had expected more forceful action to support economic growth amid widespread concerns over its path.

The world’s second-largest economy is in the midst of a slowdown, and has slipped into deflation with prices falling year on year as slowing domestic spending weighs on the country’s post-Covid economic recovery.

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Global markets brace for supply disruptions as Woodside Energy workers prepare to strike

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Unions say members could take industrial action as early as 2 September if next round of bargaining is unsuccessful

Offshore platform workers at Woodside Energy are preparing to strike, as protracted negotiations over pay and conditions threaten to disrupt Australian gas exports, putting international markets on edge.

Union representatives said on Sunday workers planned to strike if the next round of bargaining, scheduled for Wednesday, was unsatisfactory.

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PwC charged health department to provide ‘risk management’ workshop in weeks before scandal

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Exclusive: Consultancy firm ran event at Department of Health and Aged Care in December, days before former PwC partner was banned by tax advice regulator

PwC Australia billed taxpayers to deliver a “risk management workshop” to a department that was subsequently forced to suspend the firm’s $2.3m contract in the aged care sector, pending an investigation into potential conflicts of interest.

The $36,000 engagement has been described as “frankly absurd” by the public sector union and criticised by legal academics given a Senate committee report released in June 2023 that confirmed the consultancy firm had been engaging in a “calculated” breach of trust.

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A social tariff could bring a warm glow to UK energy policy

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A lower price cap will still mean unaffordable bills for many. Yet a fairer alternative has been quietly dropped

Nearly a decade ago, former Labour leader Ed Miliband sowed the seeds of the energy price cap, vowing to protect households from unfair tariffs by freezing their energy bills. But even though a cap has been in place since 2018, bills today can be far from affordable, even when they are fair.

On Friday, industry regulator Ofgem will set its new limit on how much suppliers can charge per unit of gas and electricity. Analysts at Cornwall Insight expect it to lower the energy price cap from £2,074 a year for the typical household to £1,823, which would be its lowest level since Russia’s invasion of Ukraine.

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‘Rise up’: monks urge WA towns to fight minerals exploration in vulnerable Jarrah forests

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After seeing off a bid to explore near the Bodhinyana monastery, the forest monks are encouraging others to ‘keep the pressure on’

Buddhist monks who have sought enlightenment in a globally unique forest in Western Australia are standing defiant after fighting off an attempt to explore their area for minerals.

Conservationists say the northern Jarrah forest in the state’s south-west, already under pressure from climate change, is the target of several mining companies looking to explore for minerals needed for the clean energy transition.

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American Airlines sues travel website Skiplagged over ticket price ‘loophole’

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Lawsuit accuses website of deception as it allows travelers to book typically cheaper connecting flight and get off after first leg

American Airlines has filed a lawsuit against Skiplagged, a travel website for cheap flights that shows “hidden-city” ticketing trips.

The lawsuit, which American filed this week in federal court in Fort Worth, Texas, accuses Skiplagged of deception, as the website allows travelers to book a connecting flight that is typically cheaper than a non-stop flight and not flying to the route’s final destination.

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Fears grow for property sector as WeWork scrambles to stay afloat

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As company warns of ‘substantial doubt’ over its future, experts say consequences for commercial landlords could be dire

WeWork, the troubled office share behemoth, was once valued at $47bn. On Friday, the company was forced to combine 40 of its shares into one in an effort to keep its stock price above $1 and avoid being delisted from the New York stock exchange.

The dramatic rise and fall of WeWork has been well documented, but as the company warned there was “substantial doubt” it would stay in business, experts suggest the impact for the already troubled commercial property sector could be dire.

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China’s property crisis deepens with developer Country Garden at risk of default

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Evergrande has filed for bankruptcy protection and firms covering 40% of Chinese home sales have defaulted

China’s property crisis has deepened with two major developers facing severe financial difficulties that threaten to send shock waves through the country’s economy and beyond.

Evergrande, the poster child for the woes of China’s property sector, filed for chapter 15 bankruptcy protection in New York on Thursday. The provision permits the company to protect its US assets and will allow cross-border bankruptcy proceedings as it undergoes a restructuring.

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Inflation spiral: food prices could yet rise higher and may never come down

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Concerns are growing over the effects of a warming climate on production and the danger of high grocery prices getting embedded into Australia’s economy

Food prices have been rising rapidly and there are reasons to fear they will push even higher. Economists warn some prices might never come down.

The ominous outlook is linked to drought conditions wilting crops in major grain-producing nations, disrupted grain deliveries out of Ukraine and moves by governments to ban food exports to protect their own supplies.

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England fans to splash out on food, drink and TVs for Women’s World Cup final

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Supermarkets, pubs and advertisers the winners as supporters prepare for match against Spain

Supermarkets, pubs and TV advertisers are preparing to enjoy a bumper weekend as football fans rush to celebrate the Women’s World Cup final on Sunday morning.

As many as 13.7 million people are expected to tune in when the Lionesses take on Spain in the highly anticipated fixture in Australia – the first time a senior England football team has appeared in a World Cup final since 1966.

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China’s struggling property giant Evergrande files for bankruptcy protection in US

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The company’s chapter 15 protection will protect its US assets while it attempts a restructuring deal

China’s Evergrande Group, the world’s most heavily indebted property developer and the poster child for the country’s property crisis, has filed for bankruptcy protection in a US court.

The company sought protection under chapter 15 of the US bankruptcy code, which protects its US assets while it attempts a restructuring deal. The code also provides mechanisms for dealing with insolvency cases involving more than one country.

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UK banks will have to ensure access to cash within three miles, ministers say

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Treasury hints at concessions on guarantee but banks will face fines for falling below minimum service level

High street banks will have to ensure customers can find access to cash within three miles of their local communities, and those falling below the minimum service level will face a fine, the government has confirmed.

After the closure of thousands of local branches in recent years, and the switch to digital payment methods, ministers are looking to banks to help protect vulnerable groups and elderly customers by maintaining present levels of cash access across the UK.

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China renews crackdown on corruption in healthcare

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At least 177 officials reportedly under investigation amid revival of Xi Jinping’s decade-old anti-corruption drive

China’s graft-busters have set their sights on the country’s healthcare sector, in what has been described as the biggest crackdown on corruption in the history of the industry.

At least 177 hospital bosses and Chinese Communist party (CCP) secretaries have been placed under investigation this year according to local media reports – more than double the number last year. In a press conference on Tuesday, the National Health Commission (NHC) said the campaign would focus on people who had used their position to procure kickbacks and corruption in the pharmaceutical sector, the state tabloid the Global Times reported.

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BAE agrees to buy space technology firm Ball Aerospace for $5.6bn

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Weapon maker’s takeover of US firm comes amid global surge in spending on military and spying technology

Britain’s biggest weapons manufacturer, BAE Systems, has agreed to buy the US space technology company Ball Aerospace for $5.6bn (£4.4bn), in one of the largest takeovers by a UK company this year.

The FTSE 100 defence company said the purchase of the Colorado-based business would help it to expand in technologies that are US defence priorities.

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UK windfarm red tape to cost billpayers £1.5bn a year, say analysts

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Analysis finds Treasury rules on new windfarms likely to stifle energy generation and keep bills high

New offshore windfarms will be strangled by government red tape, costing UK billpayers £1.5bn a year, an analysis has found.

The latest government auction for new offshore windfarms, due to be completed in September, could result in few projects making it through Treasury rules, according to the Energy and Climate Intelligence Unit (ECIU), a non-profit organisation.

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University of Sydney gambling research centre bankrolled by casinos is ‘troubling’, experts say

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Institution says companies won’t ‘constrain or edit’ research, but public health expert Sean Cowlishaw calls funding relationship ‘unprecedented’

Public health experts have criticised the University of Sydney for accepting hundreds of thousands of dollars from some of the world’s biggest gambling companies and casinos, which are bankrolling a new research centre that will examine their conduct.

But the researchers and the university believe the partnership will produce more useful research that limits consumer harm, and one of the gambling companies involved has warned against “emotional rhetoric” from critics.

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Australia’s oversupply of wine tops 2.8bn bottles in wake of China trade dispute

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New report suggests glut will last years, even if Beijing drops tariffs early, while prices of Australian red wine grapes plummet by more than half

Australia has an oversupply equivalent to more than 2.8bn bottles of wine – a little more than 100 bottles per person – after the trade dispute with China slashed exports to the biggest consumer of Australian wines.

The excess wine is being stored in large steel vats in wineries across Australia, equating to 859 Olympic wine-filled swimming pools.

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