Category Archives: Business

Coles confirms its customers impacted by Latitude Financial data breach

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Supermarket giant says it is disappointed after being informed that historical customer credit card details have been stolen by hackers

Coles Financial Services has expressed its disappointment after being alerted that historical customer credit card details were stolen in the Latitude data breach.

Coles credit card holders’ personal details are the latest to be identified in around 14 million customer records compromised in the hack.

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Germany’s last three nuclear power stations to shut this weekend

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Closures, delayed after Russia reduced Europe’s gas supplies, leave conundrum for energy policymakers

Germany’s three remaining nuclear power stations will shut down on Saturday, 12 years after the Fukushima disaster in Japan accelerated the country’s exit from atomic energy.

The closures mark the conclusion of a stop-start approach to atomic energy and a victory for the country’s vociferous anti-nuclear movement.

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IMF calls for ‘another Gleneagles moment’ on debt relief and aid

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Package similar to 2005 deal needed as struggling African countries suffer severe funding squeeze, says official

Western countries need to put together a debt relief and aid package to match that of the landmark Gleneagles summit deal in 2005 in order to counter a severe funding squeeze affecting struggling African countries, the International Monetary Fund has said.

Abebe Selassie, the director of the IMF’s African department, said without a scaling up of financial support some of the world’s poorest countries would have no chance of meeting the 2030 UN goals for poverty reduction.

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NSW minister calls frontline workers ‘heroes’ after paramedic killing – as it happened

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Kerrynne Liddle says ‘prove it’s not happening’ on child sexual abuse in Alice

Liberal senator Kerrynne Liddle, the first Indigenous senator from South Australia, and a name being touted as a contender for shadow minister for Indigenous Australians after Julian Leeser’s resignation.

I think we have to be really careful about politicising this issue, because matters related to any form of assault are sensitive, but important to understand and respond to.

… I think what’s really important though, is it can’t ignore the issue of sexual abuse, but you must also tackle those issues, alongside other issues which include [service] delivery and decision dysfunction.

Do you encourage your leader to temper his language given we haven’t yet seen evidence to say that there is a widespread phenomenon of this?

I say prove it’s not happening. And then we can have a conversation about the kind of language that we can actually use for this.

… You’ve got you’ve got the statistics, which everyone accepts are underreported and underrepresented. You’ve got to have relationships with communities to enable people to start talking about these safe spaces for young people to raise this issue of need to support people to have housing so that young people and older people are not at risk of this.

It’s possible to be optimistic about Australia’s economic future, and to be realistic about a global slowdown.

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Shoppers in Great Britain switch to frozen food amid cost of living crisis

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Such products doing ‘notably better’ than fresh items, data from Kantar reported by BBC shows

British shoppers are switching from fresh to frozen food as they try to keep down spending amid the cost of living crisis, retail data suggests.

The soaring cost of the weekly shop has been a significant factor in the squeeze on UK households, with food price inflation running at 18.2% amid high energy prices and shortages of salad vegetable because of bad weather in Europe.

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EU motorist fined almost £11,000 after falling foul of London Ulez rule

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French hire car met emissions standard but had not been registered with TfL, resulting in penalty notices

A motorist was fined nearly £11,000 for driving his French rental car in London’s ultra-low emission zone on a three-day trip to the UK, despite the fact the vehicle met the environmental standards to enter the Ulez for nothing.

Christian Ducarre received four penalty charge notices (PCNs) after falling foul of a little-known requirement under which foreign vehicles must be registered with Transport for London (TfL) or else be deemed non-compliant by default.

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Australia’s trade minister hopeful China bans will end but warns against putting ‘all our eggs in one basket’

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Don Farrell has dismissed talk of any Australian policy shift after breakthrough reached on barley exports

The Australian trade minister says he wants a quick return to normal trade with China but has warned exporters not to put “all of our eggs in one basket”.

In an interview with Guardian Australia, Don Farrell was bullish about the prospect of Australia succeeding in its international challenge against Beijing’s tariffs on Australian barley, saying he thought “we would ultimately win that”.

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Australia news live: Dutton says PM should ‘make sure’ federal police are sent to to Alice Springs; recount ordered for Sydney seat

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Opposition leader says locals are leaving town and tourism numbers are down due to lack of safety. Follow all the day’s news

If the NDIS is improved for people, it will be better for budget, Shorten says

Shorten is being asked about his other portfolio, minister for NDIS. The Grattan Institute yesterday made several recommendations to help rein in the budget, saying the government need to take a hard look at the NDIS.

If we run the scheme better for the person, the participant, the person with severe and profound disabilities. I also think that some of the other anxieties which are about money being wasted, will be dealt with.

We’ve been reforming individual features of the scheme already like getting people who are medically discharged from hospital on the NDIS, not languishing in hospital for months and months. We’ve been reducing some of the legacy cases.

So the budget will no doubt have measures which will be about improving the NDIS for participants but the budget isn’t an end in itself. So we’re doing work right now. There’ll be more work being done, and there’ll be work also finally announced when the review happens.

The bigger piece first of all, is that when the government thinks that someone owes a debt to the government, we’ve got to have a much more methodical transparent process to establish the accuracy of the debt.

The best thing you can do is not make a mistake to begin with – and I mean the government not make a mistake.

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Unemployment rate holds steady as Australian employers add 72,000 full-time jobs

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At 3.5% the unemployment rate remains near its lowest since the mid-1970s

Australia’s jobless rate held steady last month, with employers adding more than 72,000 full-time positions in the latest sign of resilience in the Australian economy.

The country’s unemployment rate for March was 3.5%, seasonally adjusted, the Australian Bureau of Statistics said on Thursday. Taking into account the drop of part-time roles of just over 19,200, the net jobs gain last month was 53,000.

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More house price drops expected despite signs of market stabilising

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Rics monthly poll shows new buyer inquiries in UK are flat as volume of agreed sales falls further

UK house prices are expected to continue to fall despite surveyors’ expectations that the housing market will stabilise over the next 12 months, a study has shown.

The Royal Institution of Chartered Surveyors’ (Rics) monthly survey, which measures the proportion of surveyors reporting new buyer inquiries against those saying they fell, found the net balance was -29% in March, almost flat on the -30% recorded in February.

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UK imposes sanctions on ‘enablers’ accused of helping Russian oligarchs

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‘Financial fixers’ alleged to have helped Roman Abramovich and Alisher Usmanov to hide assets are among those targeted

The UK government has imposed sanctions on the “financial fixers” who have allegedly helped the Russian oligarchs Roman Abramovich and Alisher Usmanov hide their assets.

The sanctions, announced by the Foreign Office on Wednesday, are targeted at what officials describe as “oligarch enablers”, whom they accuse of knowingly assisting the billionaire businessmen to shield their wealth.

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Elon Musk says BBC’s ‘government-funded media’ Twitter tag will be changed

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Billionaire also says pain level from owning site is ‘extremely high’ but the business is ‘breaking even’

Elon Musk, Twitter’s billionaire owner, has said the social media platform will change the BBC’s label of “government-funded media” after the broadcaster objected to the tag.

The Tesla chief executive made the announcement during a wide-ranging interview with the corporation in which he also said his pain level from running the site had been “extremely high” but claimed the business was now “roughly breaking even”.

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Hyundai urged to stop illegal miners using its machines in Amazon

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Greenpeace report finds heavy machinery made by South Korean firm contributing to destruction of Brazilian rainforest

Hyundai is being urged to prevent its heavy machinery products from being used in illegal mining and environmental destruction in the Brazilian Amazon.

A report published by Greenpeace on Wednesday found the South Korean conglomerate’s excavators and other heavy machinery are precipitating the destruction of the rainforest and putting the survival of Indigenous populations at risk.

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Australian winemakers hopeful of breakthrough on $1.2bn China trade but still plan to diversify markets

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After government announced deal with China that could end tariffs on barley, wine producers now cautiously optimistic

Australian wine producers hope Beijing could soon remove tariffs that slashed the $1.2bn trade by 99% – but say they are wary about relying too heavily on the Chinese market.

After the Australian government announced a deal with China that could lead to the scrapping of tariffs on barley within months, wine producers also expressed cautious optimism.

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Dutton may allow conscience vote, Wyatt says – as it happened

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Treasurer flags power bill assistance

The treasurer, Jim Chalmers, is giving more specifics about how this IMF report may affect the upcoming May budget. He’s flagging the government will be helping Australians pay their electricity bills.

As we say these forecasts about a decline in the economy are because of these cost of living pressures, which is hurting families and pensioners and people right around Australia.

Because they are expected to be persistent because we expect inflation to be higher than we’d like for longer than we’d like and we do need to deal with in a responsible, methodical way those cost-of-living pressures and so we need to do that in a way that doesn’t make inflation worse.

On the view of the International Monetary Fund, the global economy is on an increasingly perilous path. The situation in the world has become more complex and more challenging even over the course of the last few months. And so we won’t be completely immune from that.

The Treasury does expect our own economy to slow considerably later this year because of that combination of a slowing global economy and the impact of higher interest rates here at home as well. So we’ve got a lot coming at us from around the world.

So is it your view that avoiding a recession is still possible but a lot harder now?

Of course, it’s still possible and it’s still the expectation of the Treasury and the Reserve Bank, and a number of other economic forecasters here in Australia.

But we need to be upfront … and say that a slowing global economy matters to us a great deal, and we do expect our own economy to slow considerably the Treasury and the Reserve Bank are not currently expecting a recession here at home.

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How the tide turned against the CBI’s director general

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Sacked chief says he is ‘shocked’ and allegations have been ‘distorted’

The director general of Britain’s most prominent lobby group is not leaving quietly. On Tuesday morning, hours after learning of his dismissal from the Confederation of British Industry, Tony Danker posted a series of tweets in which he revealed he was “shocked” at the decision, which followed allegations of misconduct.

Some present and former staff did not share in his sense of surprise, they told the Guardian, four weeks after this newspaper first revealed the allegations against him.

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City of London police open inquiry into alleged sexual misconduct at CBI

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Investigation begins after the Guardian reports on complaints against senior figures at business organisation

City of London police have launched an investigation into alleged sexual misconduct at the Confederation of British Industry in the wake of the Guardian’s reports of complaints against senior figures at the organisation.

Britain’s most prominent business group is battling to secure its future after more than a dozen women employed by the CBI claimed to have been victims of various forms of sexual misconduct, including an allegation of rape during a staff party.

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EY plan to break up consultancy and audit divisions blocked by US office

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Accountancy firm confirms work has stopped on radical scheme after internal concerns about structure

EY has scrapped plans for a radical breakup of its global operations after internal disputes over the potential structure of the new businesses.

The company started laying the groundwork for separating its audit and advisory businesses – under the codename Project Everest – last year, as the big four accounting firms faced mounting criticism about conflicts of interest between the two divisions.

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Tupperware warns it could go bust without emergency funding

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Shares in US firm have fallen almost 50% this week and stock exchange says it is in danger of being delisted

Tupperware, the American plastic food container business founded by the chemist Earl Tupper 77 years ago, has predicted it will go bust unless it can raise emergency funds.

Shares in the Massachusetts firm, which became famous in the 1950s and 1960s when mostly women held “Tupperware parties” to sell its plastic containers with patented “burping” seal, crashed almost 50% this week after it told investors there was “substantial doubt about the company’s ability to continue as a going concern”.

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Australian Taxation Office to force banks to hand over landlord data in investment property crackdown

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Exclusive: Incorrect reporting of rental property income and expenses, and failure to declare capital gains are all in the spotlight

Banks will be compelled to hand over the data of 1.7 million landlords, including transaction details, as part of a tax office crackdown in search of $1.3bn in revenue lost from residential investment properties.

The data-matching program will target people failing to declare rental income or pay capital gains tax, and those incorrectly claiming deductions – including rental property loan interest – to reduce income and negatively gear properties.

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