Category Archives: Business

SSE to pay near-£10m penalty over licence breach

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Sum follows Ofgem inquiry into firm’s power generation arm earning ‘excessive payments’ from National Grid

The energy regulator has said the power generation arm of Scottish energy company SSE will pay a near-£10m penalty for breaching the terms of its licence.

Ofgem said a detailed investigation had found that SSE Generation had secured “excessive payments” from the National Grid, the electricity system operator (ESO), during periods of what is known as “transmission constraint”.

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What’s the Caribbean without its beaches? But the people are losing access to them

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Barring public access to beaches and other sites is not a model for development. Transparency and engagement are needed

Walk along a Caribbean beach, which may stretch for miles, and your stroll is guaranteed to be cut short by an angry hotel security guard. In recent years, the Caribbean has seen a worrying trend of governments readily selling off assets to foreign corporations and political financiers.

Prime real estate, protected land and valuable resources are being relinquished without consideration for long-term consequences. It raises questions about whether remnants of the colonial mindset still prevail in political ideologies and decision-making.

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Central bank going ‘rogue’, senator claims – as it happened

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This blog is now closed.

Burke says the loophole only applies to where the business has agreed on a minimum rate of pay:

The loopholes are really simple … which is, if an employer agrees with their workforce and registers, this should be the rate of pay.

You shouldn’t then be able to go to a labour hire company and completely undercut what you’ve just agreed to.

Yesterday was one of the one of the strangest debates I’ve ever found myself in – because business was running a passionate campaign against a policy that the government is not proposing, that the government’s not going to do. And to me, it would sound like a bad idea anyway.

Effectively the way business were arguing yesterday – there was someone on PM yesterday afternoon, claiming that somehow this would prevent hairdressers from being able to pay different rates of pay for the people in their employment. Just not true.

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Keir Starmer pledges ‘good, union jobs’ amid energy row with GMB

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Labour leader to address union’s conference after its leader attacks plan to ban new North Sea oil and gas extraction

Keir Starmer will pledge to put “good, union jobs” at the heart of Labour’s energy policy during a speech to one of its biggest donor unions after its general secretary criticised a proposed ban on oil and gas expansion.

He will speak at the GMB’s annual conference on Tuesday, a day after he tried to calm a growing rift with its leadership over Labour’s energy policy.

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Cryptocurrency exchange Binance hits back at SEC lawsuit, saying allegations ‘simply wrong’ – as it happened

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This blog is now closed. You can read the full report here: Binance accused of mishandling funds

Here’s a quick summary of what happened today:

The US Securities and Exchange Commission filed a lawsuit against Binance, the largest cryptocurrency exchange, the most serious action taken by US regulators against the company.

The SEC said that Binance operated a shell company, Binance.US, to skirt federal regulators, along with diverting customer funds to outside entities.

Binance issued a response to the SEC’s lawsuit saying that it had been complying with regulators’ “questions” and was looking to negotiate a settlement with the agency.

In the aftermath of news of the complaint, the price of Bitcoin fell below $26,000 for the first time since March.

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BA, Boots and BBC staff details targeted in Russia-linked cyber-attack

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Hack attributed to criminal gang hit MOVEit software used by third-party payroll provider Zellis

British Airways, Boots and the BBC are investigating the potential theft of personal details of staff after the companies were hit by a cyber-attack attributed to a Russia-linked criminal gang.

BA confirmed it was one of the companies affected by the hack, which targeted software called MOVEit used by Zellis, a payroll provider.

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Rex and Bonza call for immediate overhaul of Sydney airport laws to increase competition

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Exclusive: aviation leaders make plea to federal government, saying higher airfares and poorer service will persist without change

Rex Airlines, Bonza and Australia’s airports body are calling on the federal government to immediately make it easier for airlines to introduce flights at Sydney airport and challenge Qantas and Virgin, warning that higher air fares and poorer service will persist if nothing changes.

The Australian Competition and Consumer Commission this week savaged policy shortcomings that are shutting out meaningful competition and have allowed for a duopoly to develop in Australia’s aviation market.

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Economists split over prospects of another rate rise ahead of RBA meeting

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Despite 11 hikes in the cash rate since last May, some forecasters think the central bank could still raise borrowing costs again

It’s Reserve Bank roulette time for another month with borrowers and pundits bracing for the potential of another rate rise surprise.

Since May last year, the central bank has lifted interest rates on the first Tuesday of each month, with only the January holiday break and a short-lived pause in April breaking the metronomic rise in mortgage pain.

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Google and Facebook urged by EU to label AI-generated content

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Call comes amid moves to combat disinformation from Russia, while Twitter is warned to comply with new digital content laws

Social media companies including Google and Facebook have been urged by the EU to “immediately” start labelling content and images generated by artificial intelligence as part of a package of moves to combat fake news and disinformation from Russia.

At the same time, the EU has warned Twitter that it faces “swift” sanctions if it does not comply with new digital content laws that come into effect across the bloc on 25 August.

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Brent crude price rises after Saudi Arabia agrees to cut oil output

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Price gained more than 2% on Monday morning to touch one-month high of $78.73

The price of Brent crude has risen after Saudi Arabia agreed to cut its output to firm up oil prices after a weekend of tense talks.

Saudi ministers agreed to cut 1m barrels per day (bpd) from its output from next month at a meeting of the Opec+ group of oil-producing nations in Vienna.

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Australia news live: economists push interest rate forecasts higher; teens arrested over violent carjacking

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Eight teenagers in police custody after allegedly dragging woman from car on the Gold Coast. Follow the day’s news live

Business groups argue ‘same job, same pay’ laws would disadvantage workers

I mentioned a little earlier that business groups have glommed together to launch a campaign against the federal government’s proposed “same job, same pay” industrial relations laws.

The so-called ‘Same Job, Same Pay’ proposals does not mean equal pay for men and women. It does not speak of fairness and justice, as its name falsely represents.

It means by law, employers will have to pay workers with little knowledge or experience exactly the same as workers with decades of knowledge and experience.

Without a real threat of losing passengers to other airlines, the Qantas and Virgin Australia airline groups have had less incentive to offer attractive airfares, develop more direct routes, operate more reliable services, and invest in systems to provide high levels of customer service.

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Rise in UK breweries going bust amid thirst for cheaper craft beers

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45 breweries, mostly smaller makers, enter insolvency in last 12 months, up from 15 the previous year

The number of UK breweries going out of business has tripled in the past year, with smaller craft beer manufacturers most at risk as consumers opt for cheaper options during the cost of living crisis, according to research.

In total, 45 breweries entered insolvency in the 12 months ending 31 March, compared with 15 in the previous year, according to the most recent official Insolvency Service statistics analysed by Mazars, an audit, tax and advisory firm.

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No point in food price measures without targeting small stores, Which? warns

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Consumer group tells chancellor ‘blanket approach’ will not address poor households’ access to affordable food

UK ministers’ efforts to reduce soaring food shopping bills “won’t touch the sides” without measures to make small grocery stores more affordable for low-income households, the chancellor has been warned.

Which?, the consumer group, has written to Jeremy Hunt over concerns that a blanket approach to lowering supermarket bills will not address the problem of accessibility to affordable food, after reports that ministers are considering a voluntary price cap scheme.

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Qantas and Virgin given little incentive to cheapen air fares, watchdog warns

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ACCC warns airline industry is at ‘critical juncture’ with a developing duopoly stunting competition

Australian aviation is at a “critical juncture”, with policy shortcomings allowing for a duopoly marked by higher air fares and poorer service, the consumer watchdog warns, as it loses extra resources to scrutinise the sector.

Qantas Group – including budget carrier Jetstar – and Virgin Australia have carried 90% of domestic passengers over the past two decades, and as many as 94% in April this year, according to the Australian Competition and Consumer Commission’s quarterly domestic aviation monitoring report released on Monday, the final edition of the three-year task.

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Thames Water accused of ‘flimsy PR stunt’ over bonus as boss’s pay swells

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Sarah Bentley lands £1.5m package despite saying she would shun bonus amid criticism of water companies

Thames Water has been accused of conducting a “flimsy PR stunt” as it prepares to report that its chief executive has landed nearly double her annual salary with a £1.5m pay package – after announcing that she would shun her bonus amid intense criticism of Britain’s water companies.

Sarah Bentley said last month that she and the firm’s finance chief, Alastair Cochran, would forgo their bonuses and any payments due under long-term incentive plans for the 2022-23 financial year.

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Train drivers’ 24-hour strike stops rail services in England

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About 40% of services expected to run on Saturday as 12,000 Aslef members hold second day of industrial action this week

Rail services across England have again come to a halt as 12,000 train drivers strike for the second time this week amid a long-running dispute with the operating companies over pay and conditions.

Members of the drivers’ union Aslef are walking out for 24 hours on the majority of lines in England and some cross-border routes into Scotland and Wales, leaving only 40% of services running.

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HSBC increases interest rates on some savings accounts

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Rises of up to 0.75 percentage points follow increases at First Direct

Customers of HSBC will receive a boost to their savings after the bank announced an increase to interest rates, as Britons enjoy some of the highest rates in more than a decade.

The lender is increasing rates on some of its savings accounts, with increases of up to 0.75 percentage points.

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The multinational companies that industrialised the Amazon rainforest

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Analysis shows handful of corporations extract tens of billions of dollars of raw materials a year – and their commitments to restoration vary greatly

A handful of global giants dominate the industrialisation of the Amazon rainforest, extracting tens of billions of dollars of raw materials every year, according to an analysis that highlights how much value is being sucked out of the region with relatively little going back in.

But even as the pace of deforestation hits record highs while standards of living in the Amazon are among the lowest in Brazil, the true scale of extraction remains unknown, with basic details about cattle ranching, logging and mining hard to establish despite efforts to ban commodities linked to its destruction.

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Twitter and Tesla’s interests at odds in Elon Musk’s quiet China visit

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The world’s richest person lapsed into an unusual silence on social media during his trip to the electric carmaker’s second largest market

Followers of Elon Musk didn’t know what to expect from his trip to China. Would he speak about Tesla, a company with a large market and manufacturing footprint there? Or SpaceX, with its symbiotic relationship with the American state? Or even Twitter, the social network he bought because “free speech is the bedrock of a functioning democracy”?

The one thing no one expected: silence.

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Sonic the Hedgehog co-creator may face jail over alleged insider trading

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Prosecutors are reportedly seeking a prison term and a near-£1m fine for ex-Sega developer Yuji Naka

One of Sonic the Hedgehog’s creators is facing possible jail time and a fine of close to £1m for his alleged part in an insider trading scheme, according to a court report by Japanese media.

Yuji Naka, who co-created Sega’s blue-spiked mascot, was arrested in November last year over allegations he traded in stock with privileged information for a significant profit.

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