Category Archives: Business

Bank of England predicted to raise interest rates one more time in May

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Increase to 4.5% will be last rise in current cycle, former rate-setter Michael Saunders predicts

The Bank of England is likely to increase interest rates one more time in May, to 4.5%, before inflation falls “sharply” over the rest of the year, a former rate-setter has predicted.

Michael Saunders, who was a member of the monetary policy committee until August, said the UK was nearly at a “turning point” for interest rates, which have risen sharply over the past year as policymakers tried to curb a surge in prices caused by an increase in energy costs.

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ACTU will not push for spot on RBA board as review released – as it happened

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This blog is now closed

Bandt: if budget can afford stage-three tax cuts it can afford to lift Australians out of poverty.

Bandt is also highly critical of the government as it appears set to reject a call from its very own expert advisory panel to raise the jobseeker rate. He says if the budget can afford to keep stage-three tax cuts, it can afford to lift Australians out of poverty:

Everyday people are not causing inflation. They are the victims of inflation. Now, Labor has found over a quarter of a trillion dollars for tax cuts for billionaires and politicians that can’t lift people out of poverty.

Labor’s not making hard choices in this budget, they’re making everyone else make hard choices, like whether to pay for the rent or whether to put food on the table.

We’ll have a look at all of the recommendations of the review, and the government’s response when it’s released fully but a major party stitch up isn’t going to fix the inflation problem.

We need more than just outsourcing the issue of tackling inflation to the RBA, which is what Liberal and Labor want to do. We know that it is excessive profiteering that is driving higher prices and inflation in this country. It’s not the everyday people.

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Billionaire boys’ club: trucking magnate Lindsay Fox celebrates birthday with men-only knees up

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High profile male politicians, sports stars and businessmen attended Scottish-themed lunch at National Gallery of Victoria – but not their female counterparts

There were bagpipes, tartan-clad security guards and plenty of kilts, but there was one thing conspicuously missing from billionaire trucking magnate Lindsay Fox’s 86th birthday party: women.

The Scottish-themed private lunch at the National Gallery of Victoria, to which the Fox family donated $100m last year, was a men-only affair attended by several prominent politicians, sportsmen and businessmen.

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Chris Minns leaves door open to renegotiate gaming tax rise as Star casino cuts jobs

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NSW premier criticises former state government’s tax policy for casinos which he says lacked due diligence

The New South Wales government has left the door open to renegotiate a gaming tax forecast to raise $364m over three years, as the financial health of casino operator Star Entertainment deteriorates.

Star announced on Wednesday that it would eliminate 500 jobs and freeze salaries for non-unionised staff as it looked for $100m in annual savings.

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HSBC shareholders urged to vote against break-up of business

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Bank warns spinning off more profitable Asia business would be complex and would lower dividends

HSBC’s board has urged shareholders to vote against a proposed break-up of its business at its annual meeting, arguing that a split would result in a “material loss” and lower dividends.

In response to calls for the split from its largest shareholder, the Chinese insurer Ping An, HSBC warned on Wednesday that spinning off its more profitable Asian business from the rest of the bank would also require approval from regulators in approximately 25 jurisdictions, and force it to make changes to customer services.

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Strikes at Heathrow could disrupt travel to UK for King Charles’s coronation

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Action by Terminal 5 security guards to take place on 4, 5, 6, 9, 10, 25, 26 and 27 May in dispute over pay


Security staff at Heathrow airport are to strike on eight days next month in a dispute over pay.

The action by members of the Unite union will take place on 4, 5, 6, 9, 10, 25, 26 and 27 May, and follow strikes over Easter.

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UK will sign deal paying in to EU budget within 15 years, says Ryanair boss

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Michael O’Leary says Brexit is ‘unbelievably messy’ and a ‘net negative’ on the British economy

The boss of Ryanair, Michael O’Leary, has launched a fresh attack on Brexit, describing it as “unbelievably messy” and predicting the UK would end up signing a Norway-style deal with the EU in the next 10 to 15 years under which it would pay into the bloc’s budget.

The outspoken chief executive of the Irish budget airline said over the next three to five years, the UK’s departure from the EU would be “net negative on the UK economy, no question about it”.

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Australia news live: Andrew Hastie fires back after Mark McGowan ‘cold war pills’ comment caught on camera

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Coalition’s defence spokesperson calls WA premier ‘a prison guard looking for work’. Follow live

Voice committee heads north to hear traditional owners

The prime minister, Anthony Albanese, has defended the wording of the proposed Indigenous voice to parliament, dismissing fears of possible high court challenges, AAP reports.

This is a legally sound proposition. It makes it very clear that parliament is in charge.

There’s no obligation and there’s certainly not an obligation on the government to agree to the voice. There is the provision for the voice to be heard, for at least the views to be put.

That will be up to the government as a whole. I don’t know.

The reality is that we know that people are doing it tough, absolutely doing it tough. And what we want to do is where it’s responsible that we can – and affordable – that we can support people doing it tough.

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Absolut vodka exports to Russia discontinued after outcry in Sweden

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Firm’s owner, Pernod Ricard, faced calls for boycott and political pressure after resuming some exports in April

The maker of Sweden’s Absolut vodka has said it is ceasing all exports to Russia after calls to boycott the brand flared up in Sweden and on social media.

The Absolut Company said it had “decided to stop the export of its brand to Russia”.

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India and Russia in ‘advanced talks’ over free trade agreement

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Deal would build closer economic ties as most western states push to isolate Moscow over Ukraine

India and Russia have entered “advanced negotiations” over a free trade agreement that aims to build closer economic ties as most western governments push to isolate Moscow over the war in Ukraine.

In a development likely to add to tensions in Washington, London and EU capitals, Russia and India’s trade ministers said on Monday the two countries were in talks to strike a free trade deal.

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Sickness drags down UK economy as job vacancies go unfilled

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Rishi Sunak wants growth, but ONS figures show rising levels of inactivity because of ill-health

Unwelcome though it is for a government facing strikes by doctors and nurses in the months ahead, the message from the latest labour market figures is clear: Britain is already the sick man of Europe.

More than 2.5 million people who are economically inactive cite long-term sickness as the reason why they are not looking for a job – and the number is rising sharply.

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Real value of UK pay continues to slide as inflation bites

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Wage increases in February outstripped by rises in cost of living, as unemployment rate rises

The real value of UK workers’ pay has continued to fall at the fastest rate for more than a decade, as wage increases in February were outstripped by high inflation.

The Office for National Statistics said annual growth in average pay, excluding bonuses, held steady at 6.6% in the three months to February despite a small rise in unemployment and decline in the number of job vacancies.

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EasyJet expects bigger profits as summer bookings soar

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Budget airline has ramped up capacity and expects to be back to about pre-Covid levels

EasyJet has lifted its profit outlook for this year after summer bookings surged and passenger numbers over Easter returned to pre-pandemic levels.

The budget airline has increased capacity, by 40% from January to March, and expects to be back to about pre-pandemic levels in the summer.

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New prepayment meter rules must be properly enforced, says Grant Shapps

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Suppliers in Great Britain have agreed code banning them from installations in homes of over-85s

The energy secretary, Grant Shapps, has urged Ofgem to turn words “into action” to ensure new industry rules designed to protect vulnerable people from being forced on to prepayment meters are properly enforced.

The Guardian revealed on Monday that all energy suppliers in Great Britain had signed up to a code of conduct banning them from putting the meters in the homes of people aged 85 and over as well as those with severe health conditions.

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Brexit backer Jim Ratcliffe’s Ineos to build electric Grenadier in Austria

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Britain misses out on building second Ineos vehicle, after company chose France for original model

Ineos, the company founded and run by the British billionaire Sir Jim Ratcliffe, will build an electric version of its new Grenadier off-road vehicle in Austria.

The electric version of the 4x4 will be developed with the Canadian car parts manufacturer Magna and production is scheduled to start in 2026.

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Air France and Airbus cleared of involuntary manslaughter over 2009 crash

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Paris court clears aviation giants over disaster that killed 228 people flying from Rio de Janeiro to Paris

A Paris court has cleared Air France and Airbus of involuntary manslaughter over the crash of flight 447 in 2009 that killed 228 people.

Giving its verdict on Monday, the court said if there had been faults committed, “no certain causal link” with the accident could be shown.

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James Cleverly in Japan for G7 as UK tilts towards Pacific post-Brexit

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Foreign secretary says ‘free and open Indo-Pacific’ is ‘critical to UK’ and releases manga-style cartoons to mark his visit

James Cleverly has arrived in Japan for a G7 foreign ministers’ summit to promote a “free and open” Indo-Pacific, as the UK government steps up its focus on the region after Brexit.

The foreign secretary and his counterparts from countries including the US and France will hold high-level talks on closer security and defence ties in the face of China’s growing assertiveness in the Pacific.

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Amazon workers in Coventry begin first of two three-day strikes

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Workers gather at picket line on Sunday in ongoing demand for pay increase from £11 to £15 an hour

Workers at Amazon’s Coventry warehouse have begun a fresh round of strike action in a dispute about pay during the cost of living crisis.

GMB union members are planning three days of strikes at the huge Coventry centre, known as BHX4, from Sunday 16 to Tuesday 18 April, to be followed by three further days, from 21 to 23 April.

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Orient Express to axe UK section after 41 years due to Brexit

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Luxury train operator cuts service ahead of biometric passport checks so passengers will have to join train in Paris

When the Orient Express began operating in the 19th century, passports were optional – the only paperwork required by British travellers was a copy of the Thomas Cook Continental Timetable.

But Brexit and 21st-century biometric checks are killing off the romance of crossing borders for modern passengers looking for the nostalgia of the luxury train journey that inspired Agatha Christie and Hollywood.

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CBI president apologises over sexual misconduct allegations

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Brian McBride says business lobby group was on firm ground in sacking director general Tony Danker

The president of Britain’s most influential business lobby organisation has apologised for a spate of sexual misconduct allegations and “toxic culture” that has left the Confederation of British Industry fighting for its future.

Speaking publicly for the first time, Brian McBride apologised to those alleging various forms of sexual misconduct, which span several years, by senior figures at the organisation, including an allegation of rape, first reported in a Guardian investigation last month.

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