Category Archives: Business

Australia strikes deal with China over barley trade dispute

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In ‘sign of goodwill’, federal government temporarily suspends WTO challenge as China agrees to review its tariffs

The Australian government has reached a deal with China that may lead to the removal of tariffs on Australian barley that were introduced at the height of diplomatic tensions in 2020.

While the axing of the tariffs is not guaranteed, the Australian government presented the snap review as an important “pathway” to resolve one of the most complex trade disputes between the two countries.

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Australia news live: Liberal MPs praise Leeser’s decision to quit frontbench; contraceptive class action to begin in Melbourne

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Bridget Archer lauds former shadow minister’s ‘courage and integrity’. Follow live

Japanese hydrogen partners offer only short-term deals, want more funds

There’s been a few articles in the business media lately touting the promise of converting brown coal in Victoria into hydrogen and shipping the fuel to Japan.

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Profits at Apple’s subsidiary in Ireland rise to $69bn

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Main non-US division pays $7.7bn in corporation tax but $20.7bn in dividends to California parent

Apple’s main Irish subsidiary paid €7.7bn (£6.8bn ) in corporation tax last year, but paid out nearly triple that amount in dividends to its California parent company, after reporting more than $69bn (£56bn) in profits.

The latest financial filings for the subsidiary, which is facing legal challenges over its tax arrangements in Ireland, show the Irish division made the equivalent of nearly $190m a day over the year to September.

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Cheap flights, Brexit, now Dover chaos – is this the end of the road for continental coach tours?

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While many operators still ply the cross-Channel route, some businesses are focusing instead on domestic trips

It was once the staple for group travel abroad, favoured by school trips and touring retirees alike, but it now looks like Britain could be falling out of love with the continental coach journey.

Many are likely to have been put off for life by chaos at Dover, as people try to get away for the Easter holiday. An estimated 20,000 people got caught up in gridlock last weekend alone after delays in border processing that forced vehicles to queue for up to 14 hours.

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Value of Australian lithium exports tipped to match thermal coal in five years

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Revenue from mining key metal used in EV batteries to triple by 2027-28 while thermal coal exports set to fall by more than 70%

Exports of Australian lithium – a key metal used in batteries – are expected to earn as much as sales of thermal coal within five years, as the world increasingly embraces clean energy and the market value of fossil fuels falls.

New data released by the Australian government forecasts local lithium production will double and the industry’s revenue will triple by 2027-28 compared with last financial year.

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Sainsbury’s shoppers criticise ‘vile’ mince vac-packs aimed at reducing plastic

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New pouches for beef are said to be ‘too compressed’ and ‘like I’ve bought someone’s kidney’

Sainsbury’s has said it is determined to make more “bold moves” to cut plastic and defended itself against criticism of new packaging for mince which shoppers have criticised as “very medical”, “too compressed” and “vile”.

The supermarket said last month it was the first UK retailer to vacuum pack all its beef mince, part of the retailer’s efforts to halve its use of plastic packaging on its own-label products by 2025.

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CMA to investigate Amazon’s $1.7bn takeover of Roomba firm

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Competition watchdog calls for evidence deal could give online retailer dominance in smart home market

Amazon’s $1.7bn takeover of the owner of the Roomba robotic vacuum cleaner is being examined by the UK’s competition watchdog.

The Competition and Markets Authority (CMA) has called for evidence on whether the deal could lead to “a substantial lessening of competition within any market or markets in the United Kingdom for goods or services” and so would require a full investigation.

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State actor still main suspect behind Nord Stream sabotage, says investigator

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Swedish prosecutor casts doubt over theories that independent group was responsible for pipeline blasts

The Swedish prosecutor investigating the Nord Stream sabotage attack has said the “clear main scenario” was that a state-sponsored group had been involved, seemingly casting doubt over theories that posited an independent group was responsible for the pipeline blasts.

Mats Ljungqvist told Reuters on Thursday that though a non-state-backed plot was still theoretically possible, the type of explosive used in the bombings ruled out a “large portion of actors”.

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Crypto exchange Binance has Australian financial services licence cancelled by Asic

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Regulator says Binance must cease trading by 21 April after it incorrectly classified hundreds of retail customers as wholesale investors

Australia’s financial regulator has cancelled the local financial services licence of the world’s biggest cryptocurrency exchange, Binance.

Earlier this year, the Australian Securities and Investments Commission (Asic) found Binance had incorrectly classified hundreds of retail customers as wholesale investors.

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Businesses in north of England ask ministers for help to hit net zero

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Leaders of Drax, Siemens and others call for green growth to be a priority and ‘regional disparities’ to be closed

Business leaders in the north of England have written to the prime minister, chancellor and energy secretary asking for help to reach net zero.

Big names including Drax, Siemens, Peel, Manchester airport, the CBI and all 11 local enterprise partnerships (LEPs) in the north signed a letter urging the government to prioritise green growth in the north.

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Australia’s booming banks should do more to protect customers from scams, advocates say

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More than $95m has been lost to scams so far this year, while the big four are expected to make more than $33bn

With the big four banks tipped to make record profits this financial year, consumer rights advocates are calling for financial institutions to invest more in protecting customers against scams.

Australians have lost more than $96m to scams so far this year, with the Australian Competition and Consumer Commission estimating that is just the tip of the iceberg as most go unreported.

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‘Astonishing’: cost of Inland Rail doubles to $30bn as review savages Coalition over project

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Dr Kerry Schott warns she is not confident her assessment captures the full extent of cost blowouts and delays

The predicted price tag of the Inland Rail megaproject has almost doubled in two years to more than $30bn, as an independent review savages the former Coalition government’s handling of the plan.

In her independent review of the Inland Rail, commissioned by the Albanese government last year and released on Thursday, Dr Kerry Schott also flagged further delivery delays of at least four years.

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Furious Credit Suisse investors say bank’s board should be ‘put behind bars’

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Shareholders lash out during final AGM as boss apologises for crisis that led to takeover of lender by UBS

Furious Credit Suisse investors at its final ever annual meeting blocked executive pay plans and called for board members to be “put behind bars”, as the Swiss lender’s chair said he was “truly sorry” over the bank’s demise.

Shareholders used most of the nearly five-hour annual general meeting in Zurich – the last in the 167-year-old bank’s history – to voice fury over poor management, hitting out at excessive pay for “incompetent and greedy” bankers who they said took too many risks and endangered Switzerland’s economic prosperity.

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UK’s status as cinematic powerhouse at risk, warns Oscar winner David Puttnam

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In speech to Bafta, Chariots of Fire producer says industry must invest ‘far more’ to close yawning skills gap

The Oscar-winning producer David Puttnam has issued a rallying cry to the film industry to address its yawning skills gap and grow audiences before the UK is eclipsed as a cinematic powerhouse.

In a speech to Bafta on Tuesday, Puttnam – the president of the Film Distributors’ Association (FDA) and a former peer – urged the industry to “invest far more” in its workforce to retain international competitiveness.

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Australia hits peak ‘return to office’, transport experts say

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In what looks to be the new work-from-home normal, the average Australian worker spends 27% or more of their working hours at home

Transport experts believe post-pandemic work habits have finally stabilised and that the return to the office is unlikely to progress any further.

The average working Australian is spending 27% of their working hours at home, calculated across full and part-time employees.

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Payday lender Cigno’s cash prize lottery raises concerns of consumer groups

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Past incarnations of the company which charged exorbitant fees for small loans were pursued in the courts by Asic

Payday lender Cigno is offering lottery-style cash prizes in a revamped business that is raising concerns from consumer groups it will target vulnerable Australians.

The Gold Coast company, which built its business on offering emergency cash to struggling households, has been pursued in the courts by the corporate regulator over past incarnations that charged exorbitant fees for small loans.

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Calls for energy ‘social tariff’ as UK government support ends

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Low-income household will spend on average £200 more on bills than last year, Which? warns

Some of the UK’s least well-off households could be left more than £200 worse-off on their energy bills this year because of reduced government support, the consumer body Which? has warned.

Joining calls made by other campaigners, it said the government urgently needed to introduce a “social tariff” for gas and electricity to protect the most financially vulnerable.

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Deadline to sell off UK government’s NatWest shares extended to 2025

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Recent banking turmoil fuels decision to delay offloading portions of its remaining 41% stake

A plan to whittle down the government’s stake in NatWest has been extended by another two years, after weeks of banking turmoil that hit the lender’s shares and temporarily fuelled fears over a fresh financial crisis.

UK Government Investments (UKGI), which manages the shares on behalf of the Treasury, said the scheme to strategically sell portions of the British taxpayer’s shareholding – after NatWest’s near-£46bn state bailout in 2008 – would now run until August 2025.

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McDonald’s temporarily shuts US offices ahead of layoffs – report

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Fast-food giant to reportedly notify corporate employees about staffing decisions a part of wider restructuring of company

A report says McDonald’s has closed its US offices for a few days as the company prepares to inform employees about layoffs.

The Wall Street Journal cited an internal email from the fast-food giant – which is headquartered in Chicago – saying that US corporate staff and some employees overseas should work from home while the company notifies people of their job status.

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Revealed: new claims of sexual misconduct and ‘toxic culture’ at CBI

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Exclusive: More than a dozen women raise concerns about different men – with one woman alleging she was raped at staff party

More than a dozen women claim to have been victims of various forms of sexual misconduct by senior figures at the Confederation of British Industry, including one who alleges she was raped at a staff party on a boat on the River Thames.

The women, who all work at the CBI or worked there in recent years, approached the Guardian with fresh concerns about what they describe as a toxic culture at Britain’s most influential business lobbying organisation.

An attempted sexual assault by a manager at the same staff boat party in 2019.

A senior manager sending explicit images to junior female staff over several years.

Other senior managers behaving unprofessionally and inappropriately towards much younger female colleagues: alleged instances include a former board member touching a female employee’s bottom and making what was seen as a sexualised remark to another woman in earshot of several colleagues.

A manager propositioning women after they felt he pushed them to drink more alcohol, while they were already drunk.

Widespread use of cocaine at official CBI events.

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