Category Archives: Business

‘They were little’: photos show children illegally working in US slaughterhouse

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Images released by US labor department show conditions over 100 children faced at Packers Sanitation Services Incorporated

Harrowing photos released by the US labor department taken at a slaughterhouse plant in Nebraska show the conditions more than 100 children faced while illegally working for Packers Sanitation Services Incorporated (PSSI) before the department cracked down on the company for violating child labor laws.

The pictures show employees covered in protective gear, using chemicals to spray down and sanitize equipment. In some of the pictures, made public on Sunday by the television news show 60 Minutes, some of the employees appear to be young children, wearing protective face glasses and holding buckets.

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John Lewis boss faces confidence vote as business considers ways to seek new funds

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Sharon White wants to bring in investors to build flats above stores, potentially leading to the sale of stake in the business

The boss of John Lewis will face a confidence vote by staff members on Wednesday as the business considers the option of bringing in outside investment in a change that could threaten the decades-old employee-owned model.

Chairman Sharon White is considering radical ways to bring in up to £2bn to help secure the future of the John Lewis Partnership, including diversifying into building flats for rent above shops, after reporting hefty losses from its chain of department stores and Waitrose supermarkets.

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Cyprus handed 800-page US dossier on Russia sanctions breaches

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Report details how local people and firms helped Alisher Usmanov’s conceal immense wealth

Cyprus has received an 800-page dossier from the US government detailing sanctions breaches by local individuals and entities that are alleged to have enabled the Russian billionaire, Alisher Usmanov, to conceal his immense wealth.

As the island’s leader Nikos Christodoulides vowed to push ahead with the prosecution of law and audit firms that had aided the oligarch, Washington released documents that amounted to a toolkit to facilitate the process. At least two other dossiers are expected to follow.

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Labor senator accuses PwC of ‘deception and betrayal’ in misuse of Treasury information

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Deborah O’Neill has also raised concerns that other consultancy firms may have engaged in similar practices without being detected

An Australian senator has delivered a scathing rebuke of the consultancy firm PwC, arguing its misuse of Treasury information was a betrayal of professional ethics and standards while suggesting more resignations may be necessary.

On Monday night, the chief executive of PwC Australia, Tom Seymour, resigned after sustained criticism of the firm allegedly profiting from sharing confidential government tax policy with colleagues.

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Saudi oil group Aramco to pay more to state despite profits drop

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World’s largest energy company’s first-quarter profits fall by 19% to $32bn after dip in oil prices

The Saudi government looks likely to reap greater revenues from the state-backed oil group Saudi Aramco despite the company posting a near-20% fall in quarterly profits.

The world’s largest oil and gas company said on Tuesday its profits had fallen by 19% in its first quarter compared with a year earlier, to nearly $32bn (£25bn), caused by a drop in oil prices.

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Birmingham airport had longest delays in UK last year

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Passengers faced average 30-minute wait, slightly worse than Manchester during 2022’s travel chaos

Passengers flying from Birmingham airport experienced the longest delays in the UK last year, official figures show.

Flight departures from Birmingham were on average half an hour behind schedule in 2022, marginally worse than Manchester, in a year marked by chaos for travellers.

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Royal Mail chief expected to step down within weeks

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Simon Thompson has had a turbulent two-year stint at the helm

Royal Mail boss Simon Thompson is expected to step down within weeks, after a turbulent two-year stint at the helm.

The chief executive has been accused by unions of inflaming the bitter industrial dispute, and his credibility was put in question after a Commons select committee appearance.

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Australian airline passengers could soon receive compensation for delays and cancellations

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Advocates for a compensation scheme claim Australia lags behind the rest of the world

Australian airlines could soon be forced to pay cash compensation to passengers whose flights are delayed or cancelled as the government faces mounting calls to introduce laws to rein in carriers arbitrarily changing their schedules.

The Australian Competition and Consumer Commission, consumer advocate Choice and the Australian Lawyers Alliance have all separately raised the prospect of a compensation scheme as the government considers its aviation white paper.

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Battery passports: how a meeting at Davos helped set a car industry standard

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Mining groups hope their joint project, ReSource, will have an influence on the global business

“It’s incredibly exciting,” said Benedikt Sobotka, the chief executive of mining company Eurasian Resources Group (ERG). Sitting in front of an audience in January at Davos, the ski resort that hosts an annual gathering of the world’s business elite, he waved a piece of paper with a QR code that he hopes will eventually be attached to every electric car battery in the world.

Sobotka’s excitement reflected his involvement in setting up ReSource, a joint project with fellow miners Glencore and IXM to provide battery “passports” for electric cars. It also hinted at his bigger hopes: that his mining company and its partners could take an influential role in the future of the automotive industry.

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UK mortgage lender to offer first 100% loans since 2008 crisis

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Skipton building society aims product at renters who cannot save enough for a deposit

A leading lender plans to launch a 100% mortgage aimed at would-be first-time buyers who cannot save for a deposit, the first since the 2008 financial crisis.

Standard home loans where the borrower does not have to put down a deposit used to be fairly commonplace but the last was axed in the wake of the financial crisis.

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US banking crisis: Warren Buffett says bosses should face ‘punishment’

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Billionaire investor believes ‘CEO and directors should suffer’ when banks they run get into trouble

The billionaire investor Warren Buffett has said executives who led the US banking system into crisis should face “punishment”, as the American economy grapples with the worst series of bank failures since the 2008 financial crash.

The owner of the investment firm Berkshire Hathaway said US bank directors “should suffer” when they run into trouble, adding that he was wary of most banking stocks because of “the messed-up incentives”.

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Federal budget: Labor to collect billions more in petroleum resource rent tax

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Treasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus

Labor will cap deductions to collect $2.4bn more in petroleum resource rent tax over four years and boost community services by $4bn through fairer indexation of wage costs.

The two major measures were announced by the treasurer, Jim Chalmers, and finance minister, Katy Gallagher, ahead of Tuesday’s budget, which is expected to be at or near surplus.

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Tax firm run by SNP’s auditors accused of potentially running avoidance scheme

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Company challenged over advice that one expert says will enable families to avoid paying tax on private school fees

A boutique tax advisory firm run by the Scottish National party’s new auditors has been accused of potentially running a tax avoidance scheme to help parents who are paying private school fees.

Signature Tax, an offshoot of AMS Accountants Group, offers clients “tailored tax solutions” on its website, including advice on paying fees in a “tax efficient manner”.

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Filipino activists appeal to British banks over region devastated by oil spill

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Environmentalists from the Philippines urge investors to avoid LNG projects which they say threaten the Verde Island Passage

Campaigners from the Philippines have urged British banks not to fund the expansion of fossil fuel use in their country. It follows a huge oil spill that threatened a globally important marine biodiversity hotspot.

Filipino environmentalists have travelled to the UK to meet representatives from Barclays, Standard Chartered and HSBC as part of efforts to stop the expansion of liquefied natural gas (LNG) power plants and terminals in and around the Verde Island Passage, a global marine biodiversity hotspot known for its whale sharks, corals, turtles and rich fisheries, which was badly affected by the oil spill this year.

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Opposition leader says no federal intervention needed – as it happened

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This blog is now closed.

Albanese added he is concerned about Assange’s mental health.

There was a court decision here in the United Kingdom that was then overturned on appeal that went to Mr Assange’s health, as well, and I am concerned for him.

It’s frustrating. I share the frustration. I can’t do more than make very clear what my position is.

… I think that the Assange case needs to be looked at in terms of what occurred, what the allegations are, and whether the time effectively that has been served already is in excess of what would be reasonable if it were proved that this had occurred.

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BA owner raises profit forecast as travel demand rebounds

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IAG expects to fly almost the same passenger numbers this year as before Covid pandemic

The owner of British Airways has upgraded its full-year profit expectations thanks to strong demand for holiday travel, as the airline group said it expected to fly almost the same number of passengers this year as it did before the coronavirus pandemic.

International Airlines Group (IAG) reported a first-quarter profit for the first time since 2019, before the travel industry was plunged into chaos by Covid lockdowns. It made an operating profit of €9m (£7.9m) in the first three months of the year.

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Trading in PacWest shares suspended amid fears of new US banking crisis

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Banks seek to calm markets as investors fear repeat of First Republic and SVB failures

[NEW]Trading in shares of the California-lender PacWest have been suspended after plummeting 42% amid wider fears about the health of the US’s regional bank sector.

PacWest had sought to calm markets on Wednesday and said it was in talks with several potential investors after its shares plummeted by as much as 60%. But the sell-off continued on Thursday and affected other regional banks.

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European Central Bank chief suggests firms are engaging in ‘greedflation’

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Comments by Christine Lagarde come after central bank raises interest rates for seventh time in succession

The president of the European Central Bank suggested companies were taking advantage of high inflation when raising prices, after the bank raised interest rates by a quarter of a percentage point to tackle the cost of living surge.

Christine Lagarde said wage pressures in the eurozone had strengthened, as workers try to recoup some of the purchasing power they have lost due to inflation, but hinted some firms were engaging in so-called greedflation.

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The ‘coronation effect’: UK high street shelves being cleared of quiche and fizz

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Party products, including bunting, flying off shelves, with Britons forecast to spend £200m on weekend festivities

High street retailers are reporting a “coronation effect” sales boost as shoppers make a last-minute dash to the shops to stock up on party fare including bunting, champagne and cakes for this weekend’s celebrations.

With potentially more than £200m of extra sales riding on the festivities surrounding the coronation of King Charles, retailers’ shelves are being cleared of fizz, quiche, scones as well as buffet favourites such as pork pies and scotch eggs.

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UK competition watchdog launches review of AI market

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CMA to look at underlying systems of artificial intelligence tools amid concerns over false information

The UK competition watchdog has fired a shot across the bows of companies racing to commercialise artificial intelligence technology, announcing a review of the sector as fears grow over the spread of misinformation and major disruption in the jobs market.

As pressure builds on global regulators to increase their scrutiny of the technology, the Competition and Markets Authority said it would look at the underlying systems, or foundation models, behind AI tools such as ChatGPT. The initial review, described by one legal expert as a “pre-warning” to the sector, will publish its findings in September.

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