AstraZeneca overtakes Pfizer as crunch week for UK pharma looms

Driven by a revamped drug portfolio, AstraZeneca is expected to report revenues of $10.7bn in its latest quarterly results

Nearly a decade after AstraZeneca fended off a hostile takeover approach from US rival Pfizer, the British drug firm has overtaken the Viagra maker in terms of market value, marking a significant moment in its turnaround – and for UK plc.

In a week when AstraZeneca and Britain’s second-biggest pharma firm GSK release their latest quarterly results and the main industry body, the Association of the British Pharmaceutical Industry holds its annual conference, all eyes will be on what pharma executives say about the UK as a place to operate and invest in.

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Asking price of properties popular with UK first-time buyers hits record

Average of £224,963 for homes with one or two bedrooms is 2% higher than a year ago, says Rightmove

Those people hoping to get on to the UK housing ladder are facing record asking prices, as calm returns to the sector after last autumn’s mini-budget spooked the markets.

Rightmove, the property portal, reports that the average asking price of properties popular with first-time buyers – those with one or two bedrooms – has hit a record price of £224,963 in the last month. That is 2% higher than a year ago, even though higher mortgage rates have made homes less affordable.

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Credit Suisse says £55bn left bank in lead-up to rescue by UBS

Results reported for what is likely to be the last time as lender’s takeover by Swiss rival nears completion

Credit Suisse said customers pulled more than 61bn Swiss francs (£55bn) worth of assets from the bank at the start of the year, laying bare the scale of the panic that contributed to its failure and emergency takeover by its rival UBS last month.

The Swiss lender said the “significant withdrawals” were partly to blame for its poor financial performance in the first quarter, with its adjusted pre-tax loss ballooning to 1.3bn Swiss francs for the first three months of the year. That compares with a profit of 300m Swiss francs during the same period in 2022.

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Labour cuts ties with CBI and says lobby group needs ‘root and branch reform’

Flood of Confederation of British Industry members have quit since allegations reported by the Guardian

The Labour party has cut all ties with the Confederation of British Industry after the Guardian’s revelations about alleged sexual misconduct by male employees at the lobbying group.

The CBI experienced an exodus of major member businesses at the end of last week, including the insurer Aviva, the retailer John Lewis, the manufacturer Jaguar Land Rover and the banking firm Natwest Group. Companies said the lobby group was unable to carry out its role effectively following the allegations, after a second woman alleged to the Guardian that she was raped by two male colleagues when she worked at the CBI.

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Bed Bath & Beyond help: home goods retailer files for bankruptcy protection

Company which shot to popularity in the 1990s has seen demand drop off as a strategy to sell more store-branded products flopped

Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, after failing to secure funds to stay afloat, and began a liquidation sale.

The home goods retailer, which shot to popularity in the 1990s as a go-to for couples making wedding registries and planning babies, has seen demand drop off as a strategy to sell more store-branded products flopped.

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Barry Humphries’ family discussing state funeral; young carers to get study funding boost – as it happened

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Gallagher on the NDIS and RBA appointments

On the NDIS, Gallagher refers to a speech given by Bill Shorten at the Press Club last week on the future of the scheme.

I think the challenge in the NDIS is actually about making sure that every dollar going in there – and it’s a substantial amount of dollars now, is actually delivering the outcomes we want in supporting people with a disability to live a dignified life, and, you know, some of that might involve changes within the scheme.

The [RBA] governor and Treasury were involved in that. That’s the first time that’s happened. I note the governor in his press conference welcomed those appointments to the board. From our point of view, apart from them having incredible careers of substance, both of those appointees, we absolutely think that people with experience about working people’s lives and about wages and wages’ role in the economy is absolutely important to reflect on the board.

I think from other point of view, we want to make sure, that you know, taxpayers are getting the right sort of return through that measure. And, you know, that’s the work that Treasury has done. They think there are some changes that could be made. There are a number of different recommendations, or views, put through that, and we’ll conclude our discussions on that in the short term.

We’re actually having to deal with that. And you’ll see a reasonable part of the budget is actually addressing these terminating measures, which is essentially the dishonesty of the previous government about the state the budget was in.

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Australian aged care providers accused of ‘crying poor’ to lobby for government funding

Analyst suggests some in the industry are misleading the public about their financial position to demand higher fees

Australia’s aged care industry has been accused of misleading the public about its finances, with analysis revealing one of Australia’s biggest providers recorded significant earnings and acquisitions last financial year, despite reporting a loss.

The sector has pointed to data from accounting firm StewartBrown showing 70% of providers are running deficits to lobby for more federal funding, but industry analysts say it is an unreliable reflection of the sector’s financial performance.

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Larger-bodied airline passengers forced to pay for two seats prompts calls for clearer anti-discrimination laws

Advocates say rules for ‘guests of size’ are inconsistent across Australian aviation, generating anxiety and unfair costs for those affected

Larger-bodied passengers are being forced to buy two seats to fly on some airlines, raising discrimination concerns from advocacy groups who argue scientific understanding of obesity has evolved beyond viewing the condition as a lifestyle choice.

Budget international carrier Scoot has added a note about its policy to its website’s booking page, warning that “if you are a guest of size who requires 2 seats … fares and fees for 2 guests apply”. The note says: “Failure to do so may result in you being denied transportation.” But the airline does not state who would be considered a “guest of size”.

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Youpla profits surged after it was approved for federal government’s automatic payments system

New data reveals the scale of how many Indigenous people were impacted by the disgraced funeral fund

New data has revealed disgraced funeral fund ACBF-Youpla’s profits skyrocketed by tens of millions of dollars after the company was approved for the federal government’s automatic payments system Centrepay.

ACBF-Youpla collapsed in March 2022 leaving thousands of Aboriginal people, some of them elderly and in palliative care, without the means to pay for funerals. Families resorted to crowdfunding and some were forced to leave their loved ones’ bodies in the morgue while they raised the funds.

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New Lyft CEO David Risher announces plans to lay off hundreds of workers

Employees were informed via email that a ‘significant’ number would lose their jobs to cut costs and bring fares in line with Uber

The ride-hailing service Lyft is preparing to lay off hundreds of employees just days after its new CEO, David Risher, began steering the company with an eye toward driving down costs to help bring its fares more in line with its biggest rival, Uber.

Risher, a former Amazon executive, informed Lyft’s workforce of more than 4,000 employees in an email posted online on Friday that a “significant” number of them will lose their jobs. The message came at the end of his first week as Lyft’s CEO.

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ACCC to probe whether banks use saver’s profession to determine interest rate

As part of inquiry into pricing practices, consumer regulator will assess the criteria banks use when making rate decisions

The competition regulator will test whether banks and other lenders use a person’s profession, or other demographic information, to determine what savings rate they receive, amid growing concerns over pricing practices.

The Australian Competition and Consumer Commission (ACCC) has opened its inquiry into retail deposits for submissions, and will assess the criteria banks use when making rate decisions.

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CBI to suspend operations until June after exodus of top UK businesses

Companies from John Lewis to NatWest quit membership body after Guardian revelations over alleged sexual misconduct

The Confederation of British Industry has announced it is to mothball its operations until June after the Guardian’s revelations about alleged sexual misconduct by male employees at the lobbying group led to an exodus of businesses including John Lewis and NatWest.

The CBI’s board said it was suspending all membership and policy activity until an extraordinary meeting in June, when members will vote on its future and purpose.

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Canada’s decision to expand container port is ‘death sentence’ for marine life

Environmentalists decry move but natural resources minister says doubling of Vancouver terminal’s size is needed to meet demand

Canada’s federal government has approved a controversial container terminal expansion in Vancouver that would double the port’s current size but could have damaging effects for maritime species already on the brink of extinction, environmental groups warn.

The country’s natural resources minister announced support for the Port of Vancouver’s plan – which would effectively double the size of the Roberts Bank Terminal – framing the decision as a way of preventing future backlog.

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Credit Suisse investors suing Swiss regulator after £4bn bond wipeout

Finma accused of acting unlawfully and undermining confidence in Switzerland as a financial centre

A group of Credit Suisse investors who lost bonds worth more than CHF 4.5bn (£4bn) are suing Switzerland’s financial regulator over a decision to wipe out risky bank debt after an emergency merger with UBS last month.

The investors filed their claim at a court in St Gallen, in the north-east of Switzerland, weeks after Swiss authorities orchestrated the takeover of Credit Suisse by its larger rival UBS, to try to stem a crisis of confidence in the global banking sector.

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‘There’s a lot of posturing’: Europe’s nuclear divide grows as one plant opens and three close

Europe’s first new plant in 16 years comes on stream in Finland day after Germany pulls plug on last reactors

When Europe’s first new nuclear reactor in 16 years came online in Finland, it was hailed by its operator as a “significant addition to clean domestic production” that would “play an important role in the green transition”.

The opening last Sunday of the long-delayed Olkiluoto 3 plant, Europe’s largest, means about 40% of Finland’s electricity demand will soon be met by nuclear power, which the government says will boost energy security and help it achieve its carbon neutrality targets.

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Advice on voice a ‘cynical political tactic’ to confuse voters, Coalition claims – as it happened

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Ed Husic says board appointments alone won’t guarantee RBA diversity

The ministry for industry, Ed Husic, says he believes new appointments to the RBA board alone isn’t enough to bring diversity to the central bank – he says there need to be “deeper structures” put in place.

As a government, I can give you this assurance. We do like to take into account people’s views from different vantage points. I do think it is important that where decisions have an impact – not just in terms of investors or industry but the people that work in them or the broader community – I think it’s a healthier decision …

Some people will fix on ‘well, someone should have a seat at the board’ for that to occur and I understand why they’ll make those arguments. I’m not necessarily convinced that that specifically guarantees that will occur, just having one person on the board. There need to be a lot deeper structures for people to have that sense that they’ve had a say and that they can have an ability to influence and inform decision making.

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Harry Styles fans left out of pocket as ticket scams jump 529%

Huge increase in fraud accompanies record number of UK live entertainment tickets sold in 2022

Concert ticket scams have soared by more than 500% over the last year, with those defrauded losing an average of £110, as criminals target fans of leading acts including Harry Styles and Lewis Capaldi.

The UK’s live music industry has bounced back after the pandemic, but gig-goers have been warned to be on their guard against ticket scams, particularly as the festival season prepares to kick off.

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Senate asks supreme court chief justice to testify on ethics amid Clarence Thomas revelations – as it happened

The Democratic chair of the Senate judiciary committee has asked chief justice John Roberts to testify on 2 May about the court’s ethics, following revelations of undisclosed links between a Republican megadonor and conservative justice Clarence Thomas.

In a letter to Roberts, judiciary committee chair Richard Durbin did not mention those reports about Thomas specifically, but noted that since he last addressed the court’s ethics in 2011 “there has been a steady stream of revelations regarding Justices falling short of the ethical standards expected of other federal judges and, indeed, of public servants generally. These problems were already apparent back in 2011, and the Court’s decade-long failure to address them has contributed to a crisis of public confidence. The status quo is no longer tenable.”

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Emissions from WA gas project with world’s largest industrial carbon capture system rise by more than 50%

Chevron development off Pilbara coast was approved on condition the company store about 4m tonnes of CO2 a year

Emissions from Chevron’s Gorgon gas development off Western Australia have increased by more than 50% despite it being home to the world’s largest industrial carbon capture and storage system.

There has been a sharp drop in the amount of CO2 stored underground at the liquefied natural gas plant over the last three years, data released by Chevron showed.

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Stately home featured in James Bond films goes on sale for £75m

Denham Place in Buckinghamshire, which once housed M’s office, being sold by multimillionaire Mike Jatania

A 13-bedroom grade-I listed stately home that featured in the James Bond films Live and Let Die and The Man with the Golden Gun has been put up for sale with a price tag of £75m – which would make it one of the most expensive properties ever sold outside London.

Denham Place, which is set in 17 hectares (43 acres) of Buckinghamshire parkland designed by the 18th-century landscape architect Lancelot “Capability” Brown, is being sold by the multimillionaire cosmetics tycoon Mike Jatania.

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