Category Archives: Business

Italy approves 40% windfall tax on banks for 2023 as profits soar

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Proceeds from levy on interest rate income will be used to help mortgage holders and cut taxes

Italy has announced a one-off 40% windfall tax on local banks that have been accused of reaping billions in extra profit from rising interest rates.

The Italian government, which approved the surprise tax in a cabinet meeting on Monday night, said it planned to use the proceeds to support mortgage holders and cut taxes, at a time when rising rates have put extra pressure on households.

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Chinese economy slips into deflation as recovery falters and demand slows

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Consumer price inflation data shows prices fell by 0.3% year on year in July

China’s economy has fallen into deflation after consumer prices fell year on year last month for the first time in more than two years, official data shows, as slowing domestic spending weighs on the country’s post-Covid economic recovery.

The consumer price index, the main gauge of inflation, fell 0.3% in July, the National Bureau of Statistics of China (NBS) said, having flatlined in June. A survey of analysts had anticipated a 0.4% year-on-year decline.

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PwC scandal: Australian Tax Office tried to get federal police to investigate in 2018

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Tax office tells Senate committee it did not have the investigative powers to secure enough evidence from consultancy firm, hampering efforts to persuade federal police to investigate

Repeated efforts by the Australian Tax Office to convince federal police to investigate PwC in 2018 failed because it did not have “the investigative powers” to secure key evidence.

For the first time the ATO has published a detailed timeline of the PwC scandal that confirms years of frustration at the firm allegedly withholding information about how it helped multinational companies avoid paying tax.

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Small firms fear going bust as Amazon extends wait time for sale proceeds

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Marketplace sellers in UK and rest of Europe say having to wait over a week means they will struggle to pay staff and loans

Amazon has told thousands of marketplace sellers in the UK and continental Europe it will hold on to sale proceeds for more than a week in a move that small businesses say could force them to go bust.

The company has written to sellers to inform them it will no longer credit their accounts as soon as a sale is made online but will do so a week after an item has been delivered.

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Australians increasingly concerned about online privacy after high-profile cybersecurity breaches

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After massive hacks at Optus and Medibank, survey from information commissioner finds three-quarters of people feel data breaches are among biggest risk to privacy

Australians are more concerned than ever over the handling of their personal information and want tough laws to protect them after the Optus and Medibank cybersecurity breaches, a new study has found.

The latest Australian Community Attitudes to Privacy Survey, released on Tuesday by the Office of the Australian Information Commissioner (OAIC), found three-quarters of Australians feel data breaches are one of the biggest risks to privacy they face. That is an increase of 13% since the survey was last conducted in early 2020.

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Saudi Aramco’s quarterly profits drop nearly 40% but it still rakes in $30bn

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Decline in crude oil prices and less refining income trims revenues inflated in 2022 by Russian invasion of Ukraine

The world’s biggest oil firm, Saudi Aramco, has announced a near-40% fall in profits after a decline in crude oil prices and weakening margins in refining and chemicals.

The company, which is 90% owned by the Saudi state, said in a statement to the market that profits were $30.1bn for the months of April to June, down 38% from $48.4bn in the second quarter of last year.

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Investor linked to Stuart Robert is still a director of 10 companies despite ‘severing ties’ with Australia

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Despite claiming he lives overseas and can’t testify at a parliamentary hearing, John Margerison still has a role in at least 10 firms according to Asic records

A Gold Coast businessman with ties to former Liberal MP Stuart Robert remains listed as a director in at least 10 Australian companies despite “severing ties” and living abroad.

John Margerison had been called as a key witness for a parliamentary hearing in July into contracts awarded by Services Australia and the National Disability Insurance Agency.

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Bureau of Meteorology super computer delays ‘very concerning’ ahead of summer

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Exclusive: Insiders say ‘stuff-ups’ have occurred despite millions being spent on consultants, as senator warns of high stakes in ‘what could be a catastrophic fire season’

Preparation for this summer’s weather extremes from fire alerts to cyclone warnings from the Bureau of Meteorology could be affected by the bungled introduction of a new super computer despite many millions being spent on consultants, insiders say.

The new computer, dubbed Australis II, is twice as powerful as its predecessor but has been sitting idle for a year. It may not be fully operational until mid-2025, according to a timeline shared to staff and seen by Guardian Australia.

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Is Germany’s great economy sinking into ‘slowcession’?

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Key data this week will offer a hint as to whether the eurozone’s powerhouse can shake off recent stagnation

Engine of the eurozone, industrial powerhouse, export world champion – just some of the ways Germany’s economy has been described over the years.

However, recent figures have indicated that the good times have come to an end, with Europe’s largest economy stuck in recession.

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‘One step at a time’: entrepreneur buys stairwell in London to help startups

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Simon Squibb plans to provide small businesses with rent-free space after bidding £25,000 for disused stairs

An entrepreneur who woke up homeless in a stairwell at the age of 15 with his first business idea has spent £25,000 on a disused stairwell to provide a rent-free space in London for small businesses to fulfil their dreams.

Simon Squibb, who retired at 40 after selling Fluid, his marketing agency, to PricewaterhouseCoopers, hopes the stairwell in Twickenham, south-west London, will provide a showcase for owners of small businesses.

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Bloomsbury USA president dies in speedboat collision in Italy

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Adrienne Vaughan was on family holiday and reportedly fell overboard when speedboat collided with a sailboat

Adrienne Vaughan, the 45-year-old president of the US branch of the Bloomsbury publishing house, has been killed after a collision between a speedboat and a 45-metre sailboat on Italy’s Amalfi coast.

Vaughan was on holiday in Italy with her husband and two children when the collision happened on Thursday.

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Competition watchdog blocks ANZ $4.9bn takeover of Suncorp over ‘oligopoly’ fears

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ACCC says second-tier banks such as Suncorp are important competitors against major banks which dominate market

The competition regulator has declined to give ANZ permission to acquire Suncorp’s banking arm in a $4.9bn transaction that would have shaken up the banking industry.

The Australian Competition and Consumer Commission said on Friday the proposed acquisition would “further entrench an oligopoly” in a sector already dominated by the four major banks.

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Jeremy Hunt requests inquiry into ‘debanking’ of politicians

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Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’

Jeremy Hunt has asked the financial regulator to urgently investigate whether banks are barring politicians from accounts on a “widespread” basis, after Nigel Farage had his account shut down by private bank Coutts.

The chancellor said everyone must be able to express their opinions and people must have access to banking.

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Nintendo jumps to £1bn profits powered by Super Mario film

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Movie drives sales of Switch gaming consoles as well as Super Mario title as Legend of Zelda also does well

The success of The Super Mario Bros Movie and the new Zelda video game helped to boost Nintendo’s bottom line on Thursday as the Japanese gaming company reported an 82% increase in profits.

It said its operating profit in the three months to 30 June rose to 185.4bn yen (£1bn), with the April release of the film – currently the biggest box office hit of 2023 – driving sales of Super Mario titles and the latest Legend of Zelda game also doing well.

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US healthcare workers focus on pay and understaffing in fight for new contracts

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Over 85,000 workers hold pickets at 50 facilities across US as union contracts set to expire on 30 September

Unions representing more than 85,000 healthcare workers have held pickets at 50 facilities across California, Washington, Oregon and Colorado amid new contract negotiations as their current union contracts are set to expire on 30 September.

The negotiations at Kaiser Permanente are the third largest set of contract negotiations in the US in 2023, behind the 340,000 workers at UPS who will be voting on a tentative agreement this month that was reached days before planned strike action, and 150,000 autoworkers at Ford, General Motors and Stellantis whose contracts are set to expire on 14 September.

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More pain in store – tough-talking Bank raises UK interest rates and a few eyebrows

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Rise to 5.25% comes as no surprise but Bank of England’s language will frighten many

If it isn’t hurting it isn’t working. That was the message from John Major, then chancellor, in 1989 during a previous period when interest rates were being used to combat high inflation. And it was the message rammed home by the Bank of England on Thursday.

Any hard-pressed households or struggling business looking for comfort from Threadneedle Street would have been disappointed by news that the pain will continue and is likely to intensify. Interest rates may not yet have peaked.

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Budget retailer Wilko set to call in administrators, risking 12,000 jobs

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Household goods retailer with about 400 stores files notice of intention as it tries to secure finances

Budget retailer Wilko has said it plans to appoint administrators in a move that could put 12,000 jobs at risk.

The household and garden products retailer, which has about 400 stores, said in a notice of intention filed at the high court on Thursday that it had appointed the advisory firm PricewaterhouseCoopers in recent months to try to find a buyer in an attempt to secure additional cash needed to keep trading.

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Bank of England warns interest rates will remain high for at least two years

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Policymakers vote for quarter-point rise to 5.25% – the 14th hike in a row – but BoE rules out prospect of recession

The Bank of England has warned businesses and households that the cost of borrowing will remain high for at least the next two years as it raised interest rates for the 14th consecutive time to 5.25%.

Ruling out the likelihood of a recession over the next two years, policymakers blamed strong wages growth in recent months for the need to increase interest rates by 0.25 percentage points to the highest level for 15 years.

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Kenya halts Worldcoin data collection over privacy and security concerns

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Issues raised include use of eye scans to prove ‘humanness’ and financial inducements to sign up

The Kenyan government has barred the eyeball-scanning Worldcoin cryptocurrency project from recruiting new customers as it investigates data privacy and security concerns.

Kenya’s interior ministry said the venture must stop collecting user data after raising a number of issues including: concerns over the secure storage of data that includes scans of a user’s iris; that offering crypto in exchange for data “borders on inducement”; inadequate information on cybersecurity safeguards; and placing large amounts of private data in the hands of a private business.

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Energy bosses at No 10 summit warn investor confidence is waning

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Chiefs say UK’s troubled economy and political uncertainty is dampening enthusiasm for clean energy rollout

The bosses behind Britain’s multibillion-pound clean energy rollout have warned the government that the UK’s difficult economic circumstances and political uncertainty have taken a toll on investor confidence.

About 20 industry bosses representing companies from across the sector attended a summit at No 10 to discuss their plans to invest more than £100bn in the UK economy.

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