Category Archives: Business

US banking crisis: Warren Buffett says bosses should face ‘punishment’

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Billionaire investor believes ‘CEO and directors should suffer’ when banks they run get into trouble

The billionaire investor Warren Buffett has said executives who led the US banking system into crisis should face “punishment”, as the American economy grapples with the worst series of bank failures since the 2008 financial crash.

The owner of the investment firm Berkshire Hathaway said US bank directors “should suffer” when they run into trouble, adding that he was wary of most banking stocks because of “the messed-up incentives”.

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Federal budget: Labor to collect billions more in petroleum resource rent tax

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Treasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus

Labor will cap deductions to collect $2.4bn more in petroleum resource rent tax over four years and boost community services by $4bn through fairer indexation of wage costs.

The two major measures were announced by the treasurer, Jim Chalmers, and finance minister, Katy Gallagher, ahead of Tuesday’s budget, which is expected to be at or near surplus.

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Tax firm run by SNP’s auditors accused of potentially running avoidance scheme

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Company challenged over advice that one expert says will enable families to avoid paying tax on private school fees

A boutique tax advisory firm run by the Scottish National party’s new auditors has been accused of potentially running a tax avoidance scheme to help parents who are paying private school fees.

Signature Tax, an offshoot of AMS Accountants Group, offers clients “tailored tax solutions” on its website, including advice on paying fees in a “tax efficient manner”.

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Filipino activists appeal to British banks over region devastated by oil spill

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Environmentalists from the Philippines urge investors to avoid LNG projects which they say threaten the Verde Island Passage

Campaigners from the Philippines have urged British banks not to fund the expansion of fossil fuel use in their country. It follows a huge oil spill that threatened a globally important marine biodiversity hotspot.

Filipino environmentalists have travelled to the UK to meet representatives from Barclays, Standard Chartered and HSBC as part of efforts to stop the expansion of liquefied natural gas (LNG) power plants and terminals in and around the Verde Island Passage, a global marine biodiversity hotspot known for its whale sharks, corals, turtles and rich fisheries, which was badly affected by the oil spill this year.

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Opposition leader says no federal intervention needed – as it happened

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Albanese added he is concerned about Assange’s mental health.

There was a court decision here in the United Kingdom that was then overturned on appeal that went to Mr Assange’s health, as well, and I am concerned for him.

It’s frustrating. I share the frustration. I can’t do more than make very clear what my position is.

… I think that the Assange case needs to be looked at in terms of what occurred, what the allegations are, and whether the time effectively that has been served already is in excess of what would be reasonable if it were proved that this had occurred.

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BA owner raises profit forecast as travel demand rebounds

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IAG expects to fly almost the same passenger numbers this year as before Covid pandemic

The owner of British Airways has upgraded its full-year profit expectations thanks to strong demand for holiday travel, as the airline group said it expected to fly almost the same number of passengers this year as it did before the coronavirus pandemic.

International Airlines Group (IAG) reported a first-quarter profit for the first time since 2019, before the travel industry was plunged into chaos by Covid lockdowns. It made an operating profit of €9m (£7.9m) in the first three months of the year.

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Trading in PacWest shares suspended amid fears of new US banking crisis

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Banks seek to calm markets as investors fear repeat of First Republic and SVB failures

[NEW]Trading in shares of the California-lender PacWest have been suspended after plummeting 42% amid wider fears about the health of the US’s regional bank sector.

PacWest had sought to calm markets on Wednesday and said it was in talks with several potential investors after its shares plummeted by as much as 60%. But the sell-off continued on Thursday and affected other regional banks.

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European Central Bank chief suggests firms are engaging in ‘greedflation’

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Comments by Christine Lagarde come after central bank raises interest rates for seventh time in succession

The president of the European Central Bank suggested companies were taking advantage of high inflation when raising prices, after the bank raised interest rates by a quarter of a percentage point to tackle the cost of living surge.

Christine Lagarde said wage pressures in the eurozone had strengthened, as workers try to recoup some of the purchasing power they have lost due to inflation, but hinted some firms were engaging in so-called greedflation.

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The ‘coronation effect’: UK high street shelves being cleared of quiche and fizz

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Party products, including bunting, flying off shelves, with Britons forecast to spend £200m on weekend festivities

High street retailers are reporting a “coronation effect” sales boost as shoppers make a last-minute dash to the shops to stock up on party fare including bunting, champagne and cakes for this weekend’s celebrations.

With potentially more than £200m of extra sales riding on the festivities surrounding the coronation of King Charles, retailers’ shelves are being cleared of fizz, quiche, scones as well as buffet favourites such as pork pies and scotch eggs.

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UK competition watchdog launches review of AI market

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CMA to look at underlying systems of artificial intelligence tools amid concerns over false information

The UK competition watchdog has fired a shot across the bows of companies racing to commercialise artificial intelligence technology, announcing a review of the sector as fears grow over the spread of misinformation and major disruption in the jobs market.

As pressure builds on global regulators to increase their scrutiny of the technology, the Competition and Markets Authority said it would look at the underlying systems, or foundation models, behind AI tools such as ChatGPT. The initial review, described by one legal expert as a “pre-warning” to the sector, will publish its findings in September.

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‘A sea of misinformation’: FTC to address industry greenwashing complaints

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As consumers turn to renewable and recyclable products, protests over industry’s use of misleading terms have proliferated

The US Federal Trade Commission (FTC) is taking aim at greenwashing by big business with an update to its “Green Guides”, which would give the agency stronger legal cases against polluters by clarifying when companies’ deceptive marketing around sustainability and environmental responsibility violates federal law.

The move follows years of formal complaints filed with the FTC about often highly questionable claims made by fossil fuel companies, big agriculture, major food producers and other polluting industries.

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Tory MP lobbied minister on behalf of casino over gambling laws

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Philip Davies lobbied culture minister to include measure after being entertained at Mayfair casino

The Conservative MP Philip Davies lobbied the government on behalf of a casino to introduce a measure that was then included in last week’s gambling white paper, it has emerged.

The MP for Shipley, in West Yorkshire, wrote in February to the culture secretary, Lucy Frazer, after being entertained at Les Ambassadeurs luxury casino in Mayfair, central London.

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Australia warned of ‘over-mining’ risk in race to secure minerals needed for clean energy

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Research says mining boom to support renewable energy risks ‘significant social and environmental damage’

In the high-stakes quest to break China’s grip over minerals crucial to clean energy technology, Australia risks over-mining while ignoring alternatives such as improved battery recycling, according to a new report.

The release of the Jubilee Australia research, which questions mineral demand assumptions and warns against causing unnecessary environmental harm, comes as the federal government prepares a strategy to address China’s dominance of minerals seen as critical to a nation.

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Climate protesters rework Spice Girls song to disrupt Barclays AGM

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Lyrics of Stop changed to ‘stop right now, no more oil and gas’ because of bank’s fossil fuel funding

Barclays’ annual general meeting has been disrupted by climate activists condemning the bank’s role as one of Europe’s largest funders of fossil fuels – including a choir singing a Spice Girls hit with reworked lyrics.

Dozens of activists from groups including Fossil Free London and Extinction Rebellion UK began their action less than five minutes into the meeting where its chair, Nigel Higgins, was addressing shareholders at the QEII Centre in Westminster, central London.

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UK ministers under scrutiny for failure to publish Treasury spending details

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Department is worst for publishing spending data, records show, with ministers apparently in breach of guidelines

Treasury ministers appear to have broken government guidelines by failing to publish details of their department’s spending for several months, and in some cases more than two years.

Public records show the Treasury is the worst department in Whitehall for publishing key data on what its officials are spending public funds on, despite its role overseeing spending across government.

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Finance director of RS Group resigns over relationship with colleague

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David Egan quits UK electronics distributor after ‘some shortcomings of judgment on my part’

The finance director of a leading UK electronics company has resigned with immediate effect, after recognising that a personal relationship with a colleague showed “some shortcomings of judgment”.

David Egan, who had been at the electronic products distributor RS Group for seven years, quit as chief financial officer and director.

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Ryanair records third busiest month in April as demand for flights soars

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Passenger numbers rose to 16 million last month amid pent-up demand for air travel

Ryanair has recorded its third busiest month for traffic, having flown 16 million passengers in April as it continued to benefit from pent-up demand for air travel.

The budget airline said the figure marked a 13% increase in passenger numbers compared with the same month a year earlier, when it carried just over 14 million people, as customers sought to jet off on spring getaways including during the Easter holidays.

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First major bank passes on rate hike – as it happened

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Asked whether he would swear allegiance, Albanese replied he “will do what is entirely appropriate as the representative of Australia” promising to “engage in that spirit” by swearing the oath – as he has done 10 times when sworn in to parliament and as a minister.

Albanese noted that Australians had voted at the 1999 referendum to remain a monarchy, but acknowledged that Australians have a “wide range of views” on whether to become a republic.

I think that Australia should have an Australian as our head of state, I don’t shy away from that. I haven’t changed my views.

But my priority is constitutional recognition – I can’t imagine going forward, for example, going forward as was suggested by some legitimately that we should be having another referendum on the republic before that occurs.

All Australians wish King Charles well regardless of the different views of people will have about our constitutional arrangements.

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Dyson to build new factory in Singapore and expand in UK and Philippines

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Investments in Bristol and Santo Tomas in the Philippines will be worth £100m and £166m respectively

Dyson has revealed plans to build a new battery factory in Singapore, alongside investments by the maker of vacuum cleaners and dryers in technology centres in the UK and the Philippines.

The company, run by the billionaire Sir James Dyson, said the investments in Bristol in the UK and Santo Tomas in the Philippines would be worth £100m and £166m respectively. The Singapore investment will be significantly larger.

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Can Vanessa Hudson win back the flying public when she takes the Qantas controls from Alan Joyce?

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The incoming CEO hints her focus will be to regain passenger trust and renew the airline’s ageing fleet

Just hours after being unveiled as the next chief executive, Vanessa Hudson was already facing questions about how she plans to repair Qantas’s reputation with the Australian public.

At Qantas’s Sydney headquarters on Tuesday morning, Hudson – who is currently the chief financial officer and has spent 28 years working across the aviation group – sat with the outgoing chief executive, Alan Joyce, as she told reporters how she would solve the issues that arose during his leadership when she takes the controls in November.

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