Category Archives: Business

Australia politics live: ‘absolutely shocking’ for education department to give PwC contracts after tax leak scandal, Faruqi says; Ben Roberts-Smith verdict due today

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Department taken to task for its nine contracts with PwC, two of which were entered into in the past two months. Follow latest updates

Sally McManus responds to RBA governor’s commentary on housing market

Sally McManus spoke to ABC News Breakfast this morning and gave her thoughts on some of RBA governor Phil Lowe’s commentary around the housing market and what he thinks needs to happen.

I think we’re living in two worlds. We’ve got people living in very big houses that have multiple dwellings and they’re landlords. And what they’re doing is when the Reserve Bank governor puts up interest rates, they’re passing on that cost to renters and that’s part of the reason why we’re seeing rents increase.

And I think that that is just basically saying to everyone, look, ordinary people, move in with your parents and grandparents whilst we’re going to say nothing about those CEOs I talked about at companies that actually are the ones that could ease cost of living tomorrow on people but they’re choosing not to because in the end they want to see their bonuses.

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UK supermarkets cut diesel prices by 7p a litre after watchdog concerns

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Reduction follows CMA plans to grill executives about ‘sustained higher margins’ but RAC says retailers should go further

Supermarkets have cut more than 7p a litre from the price of diesel since the UK’s competition watchdog warned it would question retail bosses about unnecessarily high forecourt prices, according to the RAC.

The motoring group found that the average price of diesel fell by 7.44p a litre, from 151.02p two weeks ago to 143.58p this week, after the Competition and Markets Authority (CMA) raised concerns that retailers were making “sustained higher margins” from sales of diesel.

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Amazon’s main UK division pays no corporation tax for second year in a row

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Amazon UK Services received tax credit of £7.7m for investment in infrastructure under Rishi Sunak’s super-deduction scheme

Amazon’s main UK division has paid no corporation tax for the second year in a row after benefiting from tax credits on a chunk of its £1.6bn of investment in infrastructure, including robotic equipment at its warehouses.

Amazon UK Services, which employs more than half of the group’s UK workers, received a tax credit of £7.7m in the year to the end of December, according to accounts filed at Companies House, advance details of which were shared by Amazon with the Guardian.

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ACCC’s airline monitoring program to conclude despite growing claims of fare overcharging

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Exclusive: consumer and aviation figures call for continued scrutiny as Australian companies post multibillion-dollar profits and prices remain high

A key government program monitoring Australian airlines’ behaviour is ending just as carriers face claims they are overcharging passengers, prompting consumer and aviation figures to call for a dedicated and ongoing inquiry to probe the industry.

Calls for greater scrutiny from Australian Airports Association chief executive, James Goodwin, and former competition tsar Rod Sims come as the Australian Competition and Consumer Commission’s domestic aviation monitoring taskforce expires at the end of June.

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Corporate Amazon workers walk out over climate goals and return to office

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Employees also objected to the recent layoffs, with about 27,000 jobs cut since November 2022

Hundreds of corporate Amazon workers protested what they decried as the company’s lack of progress on climate goals and an inequitable return-to-office mandate during a lunchtime demonstration at its Seattle headquarters.

The protest on Wednesday comes a week after Amazon’s annual shareholder meeting and a month after a policy took effect requiring workers to return to the office three days a week.

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‘Golden shares’ to safeguard sustainability at Tony’s Chocolonely

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Chocolate maker appoints ‘mission guardians’ with power to veto changes to ethical strategy

The ethical confectionery company Tony’s Chocolonely has introduced a “golden share” mechanism to prevent shareholders from weakening its sustainability commitments in future.

In an unusual move, the Dutch company, which makes colourfully wrapped chunky chocolate bars stocked in UK supermarkets, has created a new governance structure with golden shares that carry the power to veto changes to its ethical strategy.

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Treasury’s sanctions police ‘reviewing’ finances of Everton FC owner, Guardian understands

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Farhad Moshiri reportedly a ‘person of interest’ at special unit over links to sanctioned oligarch Alisher Usman

The Treasury’s sanctions police have been reviewing the finances of the Everton Football Club owner, Farhad Moshiri, the Guardian understands.

Moshiri appears to have become a person of interest to the Office of Financial Sanctions Implementation (OFSI) because of his links to Alisher Usmanov, the Russian-Uzbek billionaire who was sanctioned by the UK, the EU and the US after last year’s invasion of Ukraine.

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UK’s post-Brexit trade deals with Australia and New Zealand kick in

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Move called ‘historic’ but agreement with Australia forecast to raise Britain’s GDP by only 0.08% by 2035

The UK’s post-Brexit trade deals with Australia and New Zealand have come into force, a moment lauded by the government as “historic” despite critics arguing they give away “far too much for far too little”.

The trade agreements – the first of those negotiated after Britain’s EU exit to enter into force – come after George Eustice, who was the environment secretary when the UK-Australia trade pact was struck in December 2021, admitted it was “not actually a very good deal” for Britain.

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Queensland LNP criticised for ‘failure of leadership’ on voice – as it happened

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This blog is now closed.

Why didn’t the Coalition government know about these issues?

Shouldn’t it have?

And that’s exactly I would imagine the issues that will be fleshed out by this inquiry it, because this has been a loophole if you like, but that said privacy provisions, particularly when you’re dealing with government agencies, are really important to engender trust.

Now, as I said, there are a number of processes under way. We’ve seen what happens in recent times, when there is ongoing media commentary or into matters that relate to criminal proceedings. So we should be very careful about being part of that commentary that might impact other proper processes.

Secrecy provisions are there and privacy provisions are there for very good reasons. Now, whether those privacy provisions manifested in the best outcome here is for others to say, but I don’t think we should throw the baby out of the bathwater. We want to make sure that people have trust in the ATO trust when they give information to agencies that it will be kept private.

But look, this will all be flushed out it will all be flushed out in two inquiries. One by the AFP – there’s been a reference made to them already. And the other by a Senate references inquiry and I don’t want to pre-empt exactly what that particular that references inquiry will find. My colleagues right across the chamber will be investigating this issue, I would imagine, very thoroughly along with others to do with the PwC scandal.

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Why it’s not quite back to the 70s with talk of food price controls

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Statutory caps were brought in under Heath, now the government wants a voluntary store scheme to meet Sunak’s pledge to halve inflation

A cost-of-living crisis. Pressure on the government to step in to help hard-pressed consumers. Calls for supermarkets to cut prices on staple food items. Substitute Rishi Sunak for Ted Heath, step into a time capsule and journey back to Britain in 1972.

Let’s be clear: ministers are not considering imposing the sort of statutory price controls on a loaf of bread, a pint of milk or a bar of soap that were put in place half a century ago. Not now and not ever, according to Whitehall sources. But it has emerged that Sunak and his team are certainly not averse to the big supermarkets coming up with their own voluntary agreement to reduce the cost of the weekly shop.

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Nvidia: chipmaker’s strategic AI moves result in a tech position of power

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The company is now the fifth most valuable in the US after investing in artificial intelligence early on

Nvidia saw its valuation soar to $1tn on Tuesday, making it the fifth most valuable American company and one of the first major corporate beneficiaries of the hype around AI.

The chipmaker has been a major and in some cases dominant player in several industries for years. But no development has raised its profile – and its potential windfall – as much as the current excitement around generative AI.

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Why Australians are paying 50% more for air fares than pre-pandemic even as jet fuel costs drop

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New data reveals the average return economy airfare to the most popular overseas destinations is now $1,827, compared with $1,213 in 2019

Australian international air fares have surged by more than 50% above pre-pandemic levels, new data shows, even as the cost of jet fuel plunges, creating a tailwind for airline profits and source of frustration for travellers.

Analysts link the apparent discrepancy between high fares and falling costs to profit maximisation, with airlines including Australia’s national carrier Qantas, in no hurry to give up the extra income.

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Australia politics live: Lambie threatens to disrupt Senate over Afghanistan medals; question time under way

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Adam Bandt rails against Woodside’s exclusion from petroleum resource rent tax

Greens leader Adam Bandt is speaking to ABC radio RN Breakfast about the petroleum resource rent tax (PRRT) changes and in particular the fact that Woodside’s Western Australian North-West Shelf project isn’t included in it.

The tax is still broken, and they’re meant to be subjected to it. They should pay their fair share of tax. As I say, even after these changes, Australia only brings in a few $100 million extra from these big gas corporations that are making billions of dollars of profits. It’s about a 10th of what comparable countries bring in. If we made these guess corporations pay their fair share of tax. They’d be an extra $94 billion over the decade to go to things like delivering cost-of-living relief, funding a rent freeze, getting dental into Medicare.

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NSW politicians and public service executives hit with wage freeze to fund payrise for frontline workers

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Legislation will be introduced to state parliament on Tuesday freezing the salaries of MPs and executives from July

Promised pay rises for New South Wales frontline workers will be funded by a two-year freeze on the wages of state politicians and public service senior executives.

Legislation will be introduced to state parliament on Tuesday freezing the salaries of MPs and executives from July and redirecting the millions of dollars in savings to nurses, paramedics, teachers and other frontline workers.

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Agreed house sales in UK at highest point this year, says Zoopla

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But property website warns that rebound in activity could be hit by rising mortgage rates

More prospective house sellers are returning to the UK’s property market, pushing agreed home sales to their highest point of the year in May, according to Zoopla, although it warned that the rebound in activity could be knocked by rising mortgage rates.

House prices have fallen by 1.3% nationally over the past six months, the property website found, but the speed of price falls has been decreasing as buyer confidence slowly improves.

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UK food inflation falls in May, raising hopes prices may have peaked

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British Retail Consortium says rate fell from 15.7% to 15.4% even as rise in overall shop prices hits fresh high

Food inflation in the UK fell in May, lifting hopes that the rapid increase in grocery prices may have reached its peak after keeping the broader consumer prices index painfully high so far this year.

After more than a year of sharp increases in the price of food, the British Retail Consortium (BRC) said annual food inflation eased this month from 15.7% to 15.4%, even as the overall rise in shop prices hits a fresh high.

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Balearic authorities call meeting with Ryanair in pastry carry-on

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Airline said to have demanded two passengers pay €45 each to take ensaïmada onboard with hand luggage

The government of the Balearic Islands has called an urgent meeting with Ryanair and the local pastry-makers’ association after the airline tried to charge passengers to bring cakes onboard, claiming it exceeded their cabin baggage limit.

The row erupted after two passengers at Palma de Mallorca airport tried to each carry an ensaïmada, a traditional Mallorcan pastry, along with their hand baggage. The airline demanded an additional €45 (£39) each to bring the pastries onboard, at which point the passengers abandoned them rather than paying.

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Drax-owned wood pellet plant in US broke air pollution rules again

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Amite BioEnergy, which was fined $2.5m in 2021, notified Mississippi facility had breached emission limits

A US plant that supplies wood pellets to the UK power generator Drax has violated air pollution limits in Mississippi, it has emerged.

The Mississippi Department of Environmental Quality (MDEQ) has written to Amite BioEnergy notifying the Drax-owned company that it had violated emissions rules.

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Rail strikes: Hopes of a resolution have been indefinitely delayed

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After a year of walkouts and failed talks, the unions, ministers and operators are as far apart as ever

Almost a year since the first national rail strike was called, another series of stoppages loom. Passengers who have been spared the usual round of disruptive bank holiday engineering works this weekend won’t be so lucky in the second half of the half-term break. Strikes by drivers and crew will more or less wipe out services on Wednesday and Saturday, shred schedules on Friday, and add a bit of scattergun disruption in between.

This time in 2022, the mere prospect of the biggest rail strike in decades was causing consternation. Now, though, the latest guaranteed upheaval has not even produced a round of talks between unions and industry – let alone ministers – to try to head off the disruption.

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Post Office Horizon inquiry used racist term for Black people, documents show

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Investigators of alleged fraud were asked to group suspects by racial features, including ‘negroid types’

Lawyers investigating post office operators in the Horizon computer scandal used a racist term to categorise Black workers, according to documents released to campaigners.

Investigators were asked to group suspects based on racial features, the results of a freedom of information request found.

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