No point in food price measures without targeting small stores, Which? warns

Consumer group tells chancellor ‘blanket approach’ will not address poor households’ access to affordable food

UK ministers’ efforts to reduce soaring food shopping bills “won’t touch the sides” without measures to make small grocery stores more affordable for low-income households, the chancellor has been warned.

Which?, the consumer group, has written to Jeremy Hunt over concerns that a blanket approach to lowering supermarket bills will not address the problem of accessibility to affordable food, after reports that ministers are considering a voluntary price cap scheme.

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Qantas and Virgin given little incentive to cheapen air fares, watchdog warns

ACCC warns airline industry is at ‘critical juncture’ with a developing duopoly stunting competition

Australian aviation is at a “critical juncture”, with policy shortcomings allowing for a duopoly marked by higher air fares and poorer service, the consumer watchdog warns, as it loses extra resources to scrutinise the sector.

Qantas Group – including budget carrier Jetstar – and Virgin Australia have carried 90% of domestic passengers over the past two decades, and as many as 94% in April this year, according to the Australian Competition and Consumer Commission’s quarterly domestic aviation monitoring report released on Monday, the final edition of the three-year task.

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Thames Water accused of ‘flimsy PR stunt’ over bonus as boss’s pay swells

Sarah Bentley lands £1.5m package despite saying she would shun bonus amid criticism of water companies

Thames Water has been accused of conducting a “flimsy PR stunt” as it prepares to report that its chief executive has landed nearly double her annual salary with a £1.5m pay package – after announcing that she would shun her bonus amid intense criticism of Britain’s water companies.

Sarah Bentley said last month that she and the firm’s finance chief, Alastair Cochran, would forgo their bonuses and any payments due under long-term incentive plans for the 2022-23 financial year.

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Train drivers’ 24-hour strike stops rail services in England

About 40% of services expected to run on Saturday as 12,000 Aslef members hold second day of industrial action this week

Rail services across England have again come to a halt as 12,000 train drivers strike for the second time this week amid a long-running dispute with the operating companies over pay and conditions.

Members of the drivers’ union Aslef are walking out for 24 hours on the majority of lines in England and some cross-border routes into Scotland and Wales, leaving only 40% of services running.

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HSBC increases interest rates on some savings accounts

Rises of up to 0.75 percentage points follow increases at First Direct

Customers of HSBC will receive a boost to their savings after the bank announced an increase to interest rates, as Britons enjoy some of the highest rates in more than a decade.

The lender is increasing rates on some of its savings accounts, with increases of up to 0.75 percentage points.

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The multinational companies that industrialised the Amazon rainforest

Analysis shows handful of corporations extract tens of billions of dollars of raw materials a year – and their commitments to restoration vary greatly

A handful of global giants dominate the industrialisation of the Amazon rainforest, extracting tens of billions of dollars of raw materials every year, according to an analysis that highlights how much value is being sucked out of the region with relatively little going back in.

But even as the pace of deforestation hits record highs while standards of living in the Amazon are among the lowest in Brazil, the true scale of extraction remains unknown, with basic details about cattle ranching, logging and mining hard to establish despite efforts to ban commodities linked to its destruction.

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Twitter and Tesla’s interests at odds in Elon Musk’s quiet China visit

The world’s richest person lapsed into an unusual silence on social media during his trip to the electric carmaker’s second largest market

Followers of Elon Musk didn’t know what to expect from his trip to China. Would he speak about Tesla, a company with a large market and manufacturing footprint there? Or SpaceX, with its symbiotic relationship with the American state? Or even Twitter, the social network he bought because “free speech is the bedrock of a functioning democracy”?

The one thing no one expected: silence.

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Sonic the Hedgehog co-creator may face jail over alleged insider trading

Prosecutors are reportedly seeking a prison term and a near-£1m fine for ex-Sega developer Yuji Naka

One of Sonic the Hedgehog’s creators is facing possible jail time and a fine of close to £1m for his alleged part in an insider trading scheme, according to a court report by Japanese media.

Yuji Naka, who co-created Sega’s blue-spiked mascot, was arrested in November last year over allegations he traded in stock with privileged information for a significant profit.

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

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

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

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

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

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

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

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

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

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

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

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

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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