Category Archives: Business

‘Absolute scandal’: UAE state oil firm able to read Cop28 climate summit emails

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Exclusive: UN conference president Sultan Al Jaber is also head of oil firm, which was consulted on how to respond to a media inquiry

The United Arab Emirates’ state oil company has been able to read emails to and from the Cop28 climate summit office and was consulted on how to respond to a media inquiry, the Guardian can reveal.

The UAE is hosting the UN climate summit in November and the president of Cop28 is Sultan Al Jaber, who is also chief executive of the Abu Dhabi National Oil Company (Adnoc). The revelations have been called “explosive” and a “scandal” by lawmakers.

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Communist party accessed TikTok data of Hong Kong protesters, former executive alleges

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Ruling party accessed user data including Sim card ID and IP addresses, former executive alleges in legal filing

A former executive at TikTok’s parent company, ByteDance, has alleged that the Chinese Communist party accessed user data from the social video app belonging to Hong Kong protesters and civil rights activists.

Yintao Yu, a former head of engineering at ByteDance’s US operation, claimed in a legal filing that a committee of Communist party members accessed TikTok data that included the users’ network information, Sim card identifications and IP addresses in a bid to identify the individuals and their locations.

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Australian economy grew 0.2% in first three months of the year, the slowest since Covid lockdowns

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Jim Chalmers says higher interest rates and cost-of-living pressures are squeezing household budgets and slowing the economy

Australia’s economy slowed in the March quarter as households dipped into savings to keep spending amid a record run of interest rate rises and imports rose faster than exports.

The country’s gross domestic product expanded at a quarterly rate of 0.2% in the first three months of the year, and by an annual rate of 2.3%. Economists had expected GDP growth of 0.3% for the quarter and 2.4% for the year.

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Interest rate pain felt ‘unevenly’ but that’s not a reason to avoid rises, Philip Lowe says

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The Reserve Bank governor says rates will keep being lifted if necessary, despite 'significant financial pressure’ for some

Philip Lowe concedes interest rate pain is being felt “unevenly” across Australia but he says that is not a reason to avoid using the one tool the Reserve Bank has to tame inflation and raise rates further.

The RBA governor has also warned against the idea that all workers should be compensated for inflation, saying “we have to make sure that higher inflation doesn’t translate into higher wages for everybody”.

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Shell’s ‘green’ ad campaign banned in UK for being ‘likely to mislead’

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Advertising Standards Authority says ads do not make clear company’s business is mostly based on fossil fuels

An ad campaign by Shell promoting its green initiatives has been banned for not telling consumers that most of its business is based on environmentally damaging fossil fuels such as petrol.

Shell, which has set goals to become a net zero carbon energy company by 2050 while also expanding its gas business by a fifth, ran a TV, poster and YouTube campaign pushing renewable electricity, wind and car charging point initiatives.

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England ‘4,700 years from building enough onshore windfarms’

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Thinktank says effective ban on planning permissions means country is way behind on much-needed renewable energy

It would take almost 4,700 years for England to build enough onshore windfarms to help meet the UK’s clean energy needs unless the government lifts an effective block on new turbines, according to the Institute for Public Policy Research (IPPR).

Only 17 small-scale onshore windfarms have been approved in England since 2015 when the government changed planning laws to create a de facto ban on onshore windfarms, according to the thinktank.

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Housebuilders cut back on construction as UK mortgage rate rises spook buyers

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Work on residential building sites slips in May to weakest level since 2009

Britain’s housebuilders are cutting back on the construction of new homes amid signs that potential buyers are being spooked by the prospect of increases in mortgage rates over the coming months.

The latest report on the construction sector found that work on residential building sites slipped in May to the weakest level since 2009, apart from when sites were locked down during the Covid pandemic.

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Political point scoring over latest RBA rate rise won’t help those feeling the ‘painful squeeze’

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How high must rates go to choke inflation? Blaming Labor’s budget, price-gouging businesses or the national wage increase isn’t an answer

The Reserve Bank is all about “seeking to keep the economy on an even keel” as it cranks up interest rates to crush inflation – but the effect of multiple rate rises is anything but even.

The central bank again surprised most economists and investors on Tuesday by hiking its cash rate another 25 basis points to 4.1%.

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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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