Category Archives: Business

Ofcom investigating BT after disruption to 999 emergency call service

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Telecoms firm, which manages 999 phone system, says it will publish findings of own inquiry on Thursday

The communications watchdog has launched an investigation into BT after technical faults hit the 999 emergency call service on Sunday.

Ofcom said it would look into the incident to find out whether the telecoms company failed to comply with its regulatory duties. Police forces, ambulance services and fire and rescue services across the UK asked people not to phone 999 on Sunday morning due to a “technical fault”.

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Water firms push for bills in England to rise by up to 40%, say reports

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Plans drawn up to pay for cost of dealing with sewage crisis and climate emergency

Water companies are reportedly pushing for bills in England to rise by up to 40% under plans being drawn up to pay for the cost of dealing with the sewage crisis and the climate emergency.

The increases are due to be announced next year and could drive annual bills up from an average of £450 to £680 in parts of the country by the end of the decade, according to a Times report citing consultation documents.

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Bank of England’s quantitative easing scheme let ‘inflation take root’

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UK economy became reliant on cheap money due to the Bank’s actions, warns former permanent secretary to the Treasury

The Bank of England’s quantitative easing money-printing programme enabled high inflation to take root in Britain, while creating “windfall gains” for the rich, a former Treasury mandarin has warned.

Nick Macpherson, who was permanent secretary to the Treasury under the last Labour government and during David Cameron’s premiership, said the central bank’s £895bn bond-buying stimulus programme had gone “too far” and made the inflation shock hitting Britain worse.

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Shop price inflation easing, say top UK retailers before key meeting with MPs

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British Retail Consortium says figure eased to 8.4% in June from 9% in May

Britain’s biggest retailers have said shop price inflation is easing ahead of a crunch meeting with MPs on Tuesday over the soaring cost of groceries, but warned food prices were continuing to rise at near record rates.

The British Retail Consortium (BRC) said annual inflation in overall shop prices eased to 8.4% in June, down from 9% in May, as retailers cut the price of many staples including milk, cheese and eggs. Clothing and electrical goods prices also fell ahead of the summer holidays.

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UK aid should not fund private hospitals in developing countries, says Oxfam

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Development charity says patients denied treatment or held hostage until fees paid in private facilities in India and Kenya

Private hospitals in India and Kenya accused of refusing people on low incomes vital healthcare, or holding them hostage until bills have been paid, benefit from UK government investment funds, according to a report by Oxfam.

Investments worth hundreds of millions of pounds by government-backed agencies are used to facilitate the “impoverishment and even the imprisonment of the very people [the private hospitals] are supposed to be helping”, said the development charity.

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Aston Martin agrees deal to make electric vehicles with US firm Lucid

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British carmaker to use components from Lucid to produce luxury high-performance battery electric models

Aston Martin has struck a deal with the US firm Lucid to start making “ultra-luxury high-performance electric vehicles” from 2025.

The British luxury carmaker, whose losses more than doubled last year to almost £500m, has struck a cash and shares deal valued at £182m in which Lucid will take a 3.7% stake in London-listed Aston Martin.

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PwC to publicly name all staff involved in tax scandal, inquiry told

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CEO Kristin Stubbins says once internal investigation is complete there will be ‘appropriate accountability’ for those found to have acted inappropriately

The consultancy firm PwC will name all staff involved in the tax scandal shortly after it completes an internal investigation.

“This is a comprehensive, detailed investigation and as you can appreciate, we need to get it right,” acting PwC chief executive, Kristin Stubbins, told a parliamentary inquiry on Monday.

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Primark owner upgrades profit outlook as inflation fuels jump in sales revenue

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Associated British Foods says group sales rose by 16% with Primark saying rises supported by steeper prices

The owner of Primark and food brands including Twinings has upgraded its profit forecast for this year as sales revenue jumped thanks to inflation-fuelled price increases and as shoppers bought summer clothes.

Associated British Foods, which also owns brands including Ovaltine as well as a sugar business, said that group sales rose by 16% to £4.7bn in the three months to 27 May. Sales at Primark were up by 13% to nearly £2bn.

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Shipping emissions could be halved without damaging trade, research finds

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Findings come as nations gather in London to discuss new carbon levy

Greenhouse gas emissions from shipping could be halved by 2030 without damaging trade, new research has found, as countries prepare to meet to discuss a potential new tax on carbon produced by ships.

Emissions from maritime transportation amount to about 3% of global greenhouse gas emissions, and there are few alternatives to the cheap, heavy and dirty diesel oil used by ships.

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Firm owned by Britishvolt buyer raided by Australian authorities

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Future of UK battery making thrown further into doubt after company founded by David Collard was visited by federal police

A company owned by the buyer of Britishvolt has been raided by the Australian authorities, throwing the future of UK battery-making further into doubt.

Britishvolt, based in Blyth, Northumberland, and which the UK government lauded for its potential role in British battery production and UK-built electric vehicles before it fell into administration, was bought by the Australian entrepreneur David Collard earlier this year.

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The pandemic pie peak has passed but we’re far from the demise of an Australian classic

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Consumption of meat pies has fallen back to pre-Covid levels, reflecting a return to normal patterns rather than a long-term crisis, experts say

One of Australia’s favourite foods, the meat pie, was reported to be an endangered species this past week, with headlines warning the “iconic” food was “dying out”, and reports citing falling sales. But reports of its death may be somewhat exaggerated.

While meat pie sales have dipped to their lowest levels since 2019, it could be a case of the nation recalibrating its pie-eating habits after Covid-19 lockdowns sent demand for frozen pies into overdrive.

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Solar powers ahead with hopes of a renewables record for solstice month

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As the industry gathers in London this week, there are signs of a new dawn after the damage done by Tory subsidy cuts

Britain’s solar industry delivered record levels of renewable electricity to the power grid earlier this year, but as daylight hours stretch longer around the summer solstice, it could be on track to reach another record.

Solar power generation in June is on track to come within a hair’s breadth of the record set during an unusually sunny May in 2020 at about 20 gigawatt hours, according to Alastair Buckley, the professor of organic electronics at the University of Sheffield.

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From Brexit to Beyoncé: why UK inflation is still so painfully high

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The cost of living is falling in Europe and the US but is still rising in Britain. We look at the major culprits

The Bank of England has struggled to understand why inflation remains high in the UK. It has fallen in France, Germany, the US and especially Spain, where inflation dropped to 2.9% in May compared with the UK figure of 8.7%. Here we look at the many reasons for the current crisis.

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Investigation reveals UK’s freshest and least fresh online groceries

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Shoppers for consumer group Which? ordered 1,800 items to test the average shelf life at six retailers

From out-of-date frankfurters to bashed brie, online food shopping can be a lottery, especially when it comes to the groceries’ shelf life, according to an investigation by the consumer group Which?.

Groceries delivered by Sainsbury’s were found to have the shortest average time left before their use-by dates, according to the items received by a team of 12 mystery shoppers located around the UK.

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Ten Network drops bid to secure Melbourne Cup rights over Tabcorp deal

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Network concerned that Victoria Racing Club partnership with gambling company is at odds with ‘preferences of its viewers and advertisers’

The Ten network has pulled out of bidding for the Melbourne Cup, citing the new focus on gambling by rights-holder Tabcorp as a reason.

Ten has been the Melbourne Cup Carnival broadcaster since 2019 after signing a five-year deal reportedly worth $100m which saw the cup move from Seven, where it had been broadcast since 2002.

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C of E divests of fossil fuels as oil and gas firms ditch climate pledges

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Church pension and endowment funds shed holdings after U-turns by BP and Shell

The Church of England is divesting from fossil fuels in its multibillion pound endowment and pension funds over climate concerns and recent U-turns by oil and gas companies.

The church said it was abandoning oil and gas companies and all firms primarily engaged in the exploration, production and refining of oil or gas by the end of 2023, unless they were in genuine alignment with a 1.5C reduction pathway.

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Bank of England faces flak as economic history fails to repeat itself

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Critics say Bank should pay less attention to economic models and more to what is happening on the ground

With Thursday’s 0.5 percentage point increase in interest rates to 5%, the Bank of England is hoping to land a knockout blow against inflation.

The latest hike is an admission that 12 rises over more than 18 months have not been enough to tackle the problem. Or, as the minutes said, the impact of shocks from Covid and the energy price crisis “were likely to take longer to unwind than they had done to emerge”, adding that the risks of inflation remaining high “were skewed to the upside”.

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Greens and Coalition unite to refer bill to its own inquiry

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This blog is now closed.

Albanese takes swipes at the Greens

The Midwinter Ball was held overnight. It seems to have been a fairly staid affair but I am still ferreting out info.

Consulting firm PwC engaged in a “calculated” breach of trust by using confidential information to help its clients avoid tax and engaged in a “deliberate cover-up” over many years, a Senate committee has found.

PwC should be “open and honest” by promptly publishing the names and details of its partners and staff involved, the finance and public administration committee has recommended.

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Labour piles pressure on Sunak with plan to prevent ‘mortgage catastrophe’

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Shadow chancellor Rachel Reeves says party would force banks to take a range of steps to protect borrowers

Labour has piled further pressure on Rishi Sunak to take action to help struggling mortgage holders as the Bank of England prepares to raise interest rates again to levels not seen since before the 2008 financial crash.

Rachel Reeves, the shadow chancellor, said on Wednesday that if Labour were currently in power, it would force banks to offer a range of support to borrowers, including letting them move on to interest-only mortgages and extending their repayment period.

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Golden nuggets: KFC price hikes in Australia outpace McDonald’s with some products up to 25% dearer than a year ago

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Higher-than-inflation rises add to pressure on consumers facing steep price increases for food

KFC is pushing up prices at its Australian stores at a faster pace than its rival McDonald’s, with consumers paying up to 25% more for some of the fast food chain’s most popular items, new analysis shows.

The higher-than-inflation hikes add to the mounting pressure on consumers facing steep price rises for food, irrespective of whether it is sold through a drive-through window or supermarket checkout.

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