Category Archives: Business

Asda publishes daily petrol prices online after pressure from watchdog

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Other retailers say they are working with government on implementing industry-wide comparison service

Asda has begun publishing local fuel prices at its forecourts online, becoming the first retailer to launch the service following pressure from the competition watchdog and MPs over widened profit margins at the pump.

The Competition and Markets Authority (CMA) has called on the government to introduce legislation to ensure fuel retailers provide up-to-date pricing for a new industry-wide comparison service.

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Australia news live: NSW to review ‘red flags’ systems after child abuse charges; premier calls for urgent meeting of state agencies

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Chris Minns calls meeting of state government agencies after Queensland childcare worker was charged with 1,623 child abuse offences. Follow live news updates today

In a back and forth between Patricia Karvelas and prime minister Anthony Albanese on whether he supports a federal treaty, he says the no voice to parliament campaign is trying to muddy the waters:

What the no campaign want to do is to focus on everything that’s not happening.

What is happening is a vote in the last quarter of this year for a voice to parliament. And what that is about is recognising First Nations people in our constitution and then listening to Indigenous Australians so as to get better results. That’s what the focus is on. And what I find, I think, very enlightening, is … the no campaign want to talk about everything except for the question.

Well, where does it say that? It doesn’t even say that in the Uluru statement. It doesn’t say that, it doesn’t speak about the commonwealth negotiating treaties. It doesn’t say that Patricia. So don’t get sucked into it.

Today, the Greens need to vote for this legislation. You can’t say that you’re supporting housing, supply, public housing and then vote against it.

I’m not prepared to negotiate on Radio National, Patricia. People talk all the time across the parliament all the time.

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TUC urges Bank of England to halt ‘reckless’ interest rate increases

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Unions say widespread job losses in recent months have left UK ‘teetering on the brink of recession’

The TUC has urged the Bank of England to call a halt to interest rate increases after warning that widespread job losses in recent months have left the UK “teetering on the brink of recession”.

Employment had fallen in more than half of Britain’s 20 industrial sectors in the three months to June, the union body said as it predicted a fresh increase in the cost of borrowing would put tens of thousands more livelihoods at risk.

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Armed robbers escape with up to €15m in jewellery from Piaget store in Paris

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Investigation under way after theft at Swiss luxury watch shop on Rue de la Paix in high-end Place Vendôme area

Armed robbers have raided a store of the luxury Swiss watch brand Piaget in central Paris, escaping with between €10m to €15m ( £8.5m to 12.8m) worth of jewellery, the Paris prosecutors office said.

The robbery took place around lunchtime on Tuesday at the store on the Rue de la Paix in the high-end Place Vendôme area, home to several jewellers, watchmakers and luxury brands. The area has seen a spate of armed robberies in recent years.

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Billionaire investor threatens to pull out of UK amid global outcry at new oil rush

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Australian mining entrepreneur Andrew Forrest criticises ‘clickbait’ fossil fuel plans as others say Britain has lost credibility

The billionaire Australian mining tycoon and investor Andrew Forrest has led international condemnation of the UK’s new oil rush, saying he would pull his major investment from the country if the prime minister pursued “clickbait” fossil fuel policies.

The iron ore magnate, who also runs the Minderoo Foundation philanthropic organisation, threatened to move his investments out of the UK over Rishi Sunak’s swivel towards new oil and gas drilling.

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Climate activists target Woodside CEO’s home in protest, company claims

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Meg O’Neill says protesters trespassed at her Perth home on Tuesday amid climate backlash over Burrup Hub expansion

Climate activists have targeted the family home of Woodside Energy’s boss in what the company claimed was the escalation of protests over its gas business.

The firm’s chief executive, Meg O’Neill, said “extremist” protesters accompanied by camera crews trespassed on Tuesday morning at her Perth home in the affluent suburb of City Beach.

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Royal Mail uses drones to deliver post in the Orkney islands

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Service between Stromness to Hoy and Graemsay is Royal Mail’s first permanent drone delivery service

Royal Mail has begun using drones to deliver post in the Orkney islands, helping pave the way for drone deliveries to islands around the UK and on the mainland during emergencies.

The service between the village of Stromness on Orkney’s main island to the nearby islands of Hoy and Graemsay, using aircraft able to carry up to 6kg, is Royal Mail’s first permanent drone delivery service.

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HSBC more than doubles profits as interest rates soar

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Bank says it earned £17bn in first half and will hand more money back to shareholders

HSBC more than doubled its profits in the first half of the year, as rising interest rates increased returns for the London-headquartered lender.

The bank reported pre-tax profits of $21.7bn (£17bn) in the first six months of 2023, up from $8.8bn during the same period last year, despiteputting aside more money to protect against potential defaults, as rising living costs put pressure on customers’ finances.

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Leak reveals ‘touchy’ issues for UAE’s presidency of UN climate summit

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Exclusive: Long list of ‘sensitive’ topics for petrostate include oil and gas production, emissions and Yemen war crimes

A comprehensive list of “touchy and sensitive issues” for the United Arab Emirates, which is running the next UN climate summit, has been revealed in a document leaked to the Guardian.

The document sets out the government-approved “strategic messages” to be used in response to media requests about the issues, which range from the UAE’s increasing production of oil and gas to people trafficking.

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Labor to meet Greens over housing bill – as it happened

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This blog is now closed.

RFS predicts severe bushfire season to come

Firefighters are scrambling to catch up on bushfire preparations as NSW braces for a hot summer, AAP reports.

The No 1 factor for that not going ahead was the weather conditions, the rain, the flooding, that’s meant the crews weren’t able to get out and do that important work in communities.

There is plenty more to be done and this boost in mitigation personnel will enable even more vital work to be undertaken.

This is a tragedy. Our thoughts are with the family and friends of the Australian Defence Force personnel on board. All were from the 6th Aviation Regiment based at Holsworthy army barracks in Sydney and valuable members of our community.

Our thoughts are also with those who served alongside these four young men – their friends and colleagues in uniform – and the broader defence community.

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UK shop prices in first monthly fall for two years amid big discounts

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Clothing and footwear among items reduced most in July as retailers try to counter bad weather

The UK’s biggest retailers have reported the first monthly fall in shop prices for two years, as stores tried to tempt in customers with big discounts during July’s unseasonably wet weather.

The British Retail Consortium (BRC) said its annual shop price inflation rate, compiled with the help of NielsenIQ, had declined to its lowest level of the year, sliding to 7.6% last month from 8.4% in June.

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UK to retain EU safety mark in latest Brexit climbdown

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Government bows to pressure from industry over costs of switching over to British marking

The UK will retain the EU’s product safety mark indefinitely, in the latest climbdown from proposed post-Brexit changes, after the government bowed to pressure from industry and manufacturers.

The CE (Conformité Européenne) mark is used by the bloc to certify that a wide range of items – from electrical goods and construction materials to medical devices and toys – meet safety standards.

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Nigel Farage says new Coutts boss has offered to keep his accounts open

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Former Ukip leader is still taking legal action against bank demanding compensation and apology

Nigel Farage has said that the newly installed boss of Coutts has offered to keep his accounts there open, reversing a decision that triggered a scandal and the resignation of the private bank’s previous chief executive.

The former Ukip leader said he welcomed the offer but was still taking legal action against NatWest, which owns Coutts, demanding compensation, a full apology and a face-to-face meeting with the banking group’s bosses.

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UK banks are closing more than 1,000 accounts every day

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Nigel Farage calls for royal commission as data shows big jump in customers being ‘debanked’

Banks are closing more than 1,000 accounts every working day, according to new data that has fuelled the growing row over so-called “debanking” and prompted Nigel Farage to call for a royal commission to investigate what he said was a scandal.

Hours after the former Ukip leader revealed he was spearheading a website to campaign on behalf of people whose accounts had been shut, data revealed a big jump in the numbers of customers dumped by their bank.

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HS2 is officially ‘unachievable’ after being given red rating

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Problems with first two phases, from London to Birmingham and then to Crewe, ‘do not appear to be resolvable’

The HS2 rail project was last week given an “unachievable“ rating by the official infrastructure watchdog.

A “red” rating was assigned to the plans for the construction of the first two phases of the high-speed line, from London to Birmingham and then on to Crewe in Cheshire, by the Infrastructure and Projects Authority (IPA).

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Missing ADF personnel involved in Queensland helicopter crash identified – As it happened

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Families grant permission to name the four service members who went missing during military exercises off the coast of Whitsundays on Friday – this blog is now closed

Asked about the surplus the government now finds itself overseeing, Rishworth is asked whether there will be any further assistance in the next budget.

Of course, the changes we’re making - whether it’s to rent assistance, jobseeker - are structural changes. They’re ongoing increases that will be applied. So when you talk about the surplus from last year, that’s a very different circumstance to the reforms that we’ve made which are ongoing and structural. We have calibrated these to be responsible to help people that are doing it tough. But also, that they’re sustainable into the long-term.

The economic inclusion committee was providing a very specific advice on the level of jobseeker to inform the budget process. Of course, the budget process has to take in a range of different factors, including a responsible structural adjustment. But also, of course, as the treasurer has said, making sure that we’re not adding to inflation. So there is a lot of issues that we do have to weigh up in a budget process.

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Properties worth more than $25bn were bought with cash in Australia’s three biggest states in early 2023

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Many cash purchases were made in regional areas of NSW, Victoria and Queensland as buyers downsized to less expensive housing

More than one in four transactions for dwellings or land is settled with cash in Australia’s three most-populous states, with buyers largely unaffected by higher interest rates, data group Pexa said.

Many of the cash purchases (those paid for in full without a loan) were made in regional parts of New South Wales, Queensland and Victoria, often by retirees or others downsizing to less expensive properties. Cash purchases for foreign students or recent migrants also make up a sizeable share of sales in inner-city areas.

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NatWest to pay UK government £190m as Farage crisis rocks bank

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Crisis-hit group plans to pay dividends worth £500m to investors after quarterly profits rise by 27%

NatWest will make a fresh £190m payout to its largest shareholder, the UK government, after Downing Street had an influence in the resignation of Alison Rose as the bank’s chief executive amid a row over Nigel Farage’s accounts.

The crisis-hit group said it was planning to pay dividends worth £500m to its investors after another strong quarter in which pre-tax profits rose by a higher than expected 27% to £1.8bn in the three months to June. That was compared with £1.4bn a year earlier, as the bank benefited from rising interest rates that allowed it to charge borrowers more for loans and mortgages.

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ITV warns it is in ‘worst ad recession since financial crisis’

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Broadcaster’s earnings more than halve in first half but studios business performs strongly

ITV has warned it is in the midst of the worst advertising downturn since the 2008 financial crisis.

The broadcaster, which is behind hit shows including Love Island and I’m a Celebrity … Get Me Out of Here!, said earnings more than halved in the first six months of the year, as it came up against a “very tough” advertising market and as it invested in its ITVX online streaming service.

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Australians lodge almost 100,000 banking and finance complaints in year

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Record number of complaints caused by rising financial stress combined with relentless battle against scammers

Australians lodged a record 96,987 complaints against financial institutions over the past year, as rising financial stress combined with a relentless battle against scammers to trigger a steep rise.

The increase was partly fuelled by a 27% rise in banking and finance-related disputes in 2022-23, including a significant number of complaints from those experiencing financial difficulty.

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