News live: clock ticking as US coast guard scours ocean for missing Australian cruise passenger

Coast guard say passenger went overboard 500 nautical miles (926 kilometres) from Hawaii’s Big Island. Follow live

The US coast guard has confirmed that an Australian man fell overboard on the Quantum of the Seas cruise ship, which was travelling from Brisbane to Hawaii.

The coast guard said the passenger went overboard 500 nautical miles (926 kilometres) from Hawaii’s Big Island.

500 nautical miles south of Hawaii’s Big Island a man fell overboard on Quantum of the Seas cruise ship. He is an Australian national.

A Hercules airplane is on scene conducting a search. At the moment it is the only asset that’s on scene searching.

We’ve been on scene since 9am. And with the crew’s endurance and the fuel constraints of the vessel they should be there for about six hours since arriving on scene.

What I can confirm is the budget will have a cost of living package that is targeted to the most vulnerable. We’ve been clear about that. Obviously some of that is the assistance and support on energy relief. We’ve had the announcements around medicines in the last day.

We are focused on making sure we can do the right thing for those that are doing it tough, but within an environment where there are a lot of demands on the budget in a lot of areas.

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Disney sues Ron DeSantis in battle over control of Florida resort

Entertainment giant wants court to overturn governor’s efforts to exert control over Walt Disney World theme parks in Orlando

Disney sued Ron DeSantis, the governor of Florida and presumed challenger for the Republican presidential nomination, on Wednesday, saying he had subjected it to “a targeted campaign of government retaliation”.

The entertainment giant wants a court to overturn state efforts to exert control over Walt Disney World in Orlando. The lawsuit was filed within minutes of a DeSantis-appointed oversight board voting to override agreements made in February that allowed the company to expand the theme park and maintain control over neighboring land.

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Heathrow remains loss-making despite rise in passenger numbers

Airport says people will be able to ‘travel as normal’ in peak period around coronation despite strike

Heathrow airport has warned that it is still loss-making, even as it continues to be Europe’s busiest airport, welcoming almost 17 million passengers in the first three months of the year.

The airport also said that passengers would be able to “travel as normal” during the peak getaway period around the coronation of King Charles III, taking place on 6 May, despite a fresh planned strike by security staff.

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Amazon workers in Coventry to request union recognition after membership doubles

It would be first time a UK union wins formal negotiation rights and comes after GMB-organised strikes at warehouse

Amazon workers at the delivery firm’s Coventry depot are demanding formal union recognition, after membership more than doubled during strike action.

If granted, it would be the first time a union in the UK has won the right to negotiate with the American tech firm.

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Duke of Westminster’s property firm pays £50m dividend despite profits drop

Boss of Grosvenor, which owns swathes of Mayfair and Belgravia, warns of ‘more pain’ for commercial property market

The Duke of Westminster’s property company, which owns swathes of London’s exclusive Mayfair and Belgravia districts, has paid out a £50m dividend despite falling profits.

The boss of Grosvenor, the duke’s £11.5bn property empire, warned of a period of stagflation and that UK interest rates and inflation could stay high for longer than expected, resulting in “more pain” for the commercial property market.

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EU firms accused of ‘abhorrent’ export of banned pesticides to Brazil

BASF among firms selling chemicals to sugar industry despite links to human health risks

Pesticides banned in the EU because of their links to human health risks are being exported and used on farms in Brazil supplying Nestlé, an investigation has revealed.

Europe is home to some of the world’s biggest and most profitable chemical companies, including the Swiss-based Syngenta and the German multinationals BASF and Bayer.

This article was amended on 25 April 2023. Although fipronil and triflumuron have been banned in the EU they have not been identified as potential carcinogens.

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First Republic Bank saw deposits fall by over $100bn as it scrambles to stabilize

The bank came into focus after two regional banks collapsed in April, shaking confidence in smaller institutions

First Republic Bank’s deposits fell by over $100 bn in the first quarter and it said it was exploring options including restructuring its balance sheet, overshadowing market-beating profit and sending its shares down 21% after the bell on Monday.

The results mark the most important quarter for the troubled bank as it prepares to increase insured deposits, cut borrowings from the Federal Reserve Bank and loan balances, it said, while aiming to layoff nearly 20-25% in the second quarter.

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Best&Less accused of putting profit before Bangladesh workers by failing to sign safety accord

Company says its own code of conduct goes further than the global accord prompted by the Rana Plaza disaster 10 years ago

Major clothing retailer Best&Less has been accused of putting company profit ahead of the safety of Bangladeshi garment workers by declining to sign a key international accord on worker safety and labour rights.

The Rana Plaza disaster, 10 years ago on Monday, prompted outrage at the abysmal safety standards in the Bangladesh factories supplying major clothing brands and retailers, leading to the establishment of a cross-border agreement known as the international accord.

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RBA review has ‘opened the door’ to moving away from inflation focus, panellist says

Renee Fry-McKibbin says panel considered ‘a lot of alternative frameworks’ but decision on shift would fall to future reviews

The review of the Reserve Bank of Australia has “opened the door” for a potential shift away from targeting inflation using interest rates, one of the review panellists says.

Renee Fry-McKibbin told an event on Monday that the panellists had examined “a lot of alternative frameworks” but it would fall to future reviews to discuss ditching the bank’s current goal of aiming to keep inflation between 2% and 3%.

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AstraZeneca overtakes Pfizer as crunch week for UK pharma looms

Driven by a revamped drug portfolio, AstraZeneca is expected to report revenues of $10.7bn in its latest quarterly results

Nearly a decade after AstraZeneca fended off a hostile takeover approach from US rival Pfizer, the British drug firm has overtaken the Viagra maker in terms of market value, marking a significant moment in its turnaround – and for UK plc.

In a week when AstraZeneca and Britain’s second-biggest pharma firm GSK release their latest quarterly results and the main industry body, the Association of the British Pharmaceutical Industry holds its annual conference, all eyes will be on what pharma executives say about the UK as a place to operate and invest in.

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Asking price of properties popular with UK first-time buyers hits record

Average of £224,963 for homes with one or two bedrooms is 2% higher than a year ago, says Rightmove

Those people hoping to get on to the UK housing ladder are facing record asking prices, as calm returns to the sector after last autumn’s mini-budget spooked the markets.

Rightmove, the property portal, reports that the average asking price of properties popular with first-time buyers – those with one or two bedrooms – has hit a record price of £224,963 in the last month. That is 2% higher than a year ago, even though higher mortgage rates have made homes less affordable.

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Credit Suisse says £55bn left bank in lead-up to rescue by UBS

Results reported for what is likely to be the last time as lender’s takeover by Swiss rival nears completion

Credit Suisse said customers pulled more than 61bn Swiss francs (£55bn) worth of assets from the bank at the start of the year, laying bare the scale of the panic that contributed to its failure and emergency takeover by its rival UBS last month.

The Swiss lender said the “significant withdrawals” were partly to blame for its poor financial performance in the first quarter, with its adjusted pre-tax loss ballooning to 1.3bn Swiss francs for the first three months of the year. That compares with a profit of 300m Swiss francs during the same period in 2022.

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Labour cuts ties with CBI and says lobby group needs ‘root and branch reform’

Flood of Confederation of British Industry members have quit since allegations reported by the Guardian

The Labour party has cut all ties with the Confederation of British Industry after the Guardian’s revelations about alleged sexual misconduct by male employees at the lobbying group.

The CBI experienced an exodus of major member businesses at the end of last week, including the insurer Aviva, the retailer John Lewis, the manufacturer Jaguar Land Rover and the banking firm Natwest Group. Companies said the lobby group was unable to carry out its role effectively following the allegations, after a second woman alleged to the Guardian that she was raped by two male colleagues when she worked at the CBI.

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Bed Bath & Beyond help: home goods retailer files for bankruptcy protection

Company which shot to popularity in the 1990s has seen demand drop off as a strategy to sell more store-branded products flopped

Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, after failing to secure funds to stay afloat, and began a liquidation sale.

The home goods retailer, which shot to popularity in the 1990s as a go-to for couples making wedding registries and planning babies, has seen demand drop off as a strategy to sell more store-branded products flopped.

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Barry Humphries’ family discussing state funeral; young carers to get study funding boost – as it happened

This blog is now closed

Gallagher on the NDIS and RBA appointments

On the NDIS, Gallagher refers to a speech given by Bill Shorten at the Press Club last week on the future of the scheme.

I think the challenge in the NDIS is actually about making sure that every dollar going in there – and it’s a substantial amount of dollars now, is actually delivering the outcomes we want in supporting people with a disability to live a dignified life, and, you know, some of that might involve changes within the scheme.

The [RBA] governor and Treasury were involved in that. That’s the first time that’s happened. I note the governor in his press conference welcomed those appointments to the board. From our point of view, apart from them having incredible careers of substance, both of those appointees, we absolutely think that people with experience about working people’s lives and about wages and wages’ role in the economy is absolutely important to reflect on the board.

I think from other point of view, we want to make sure, that you know, taxpayers are getting the right sort of return through that measure. And, you know, that’s the work that Treasury has done. They think there are some changes that could be made. There are a number of different recommendations, or views, put through that, and we’ll conclude our discussions on that in the short term.

We’re actually having to deal with that. And you’ll see a reasonable part of the budget is actually addressing these terminating measures, which is essentially the dishonesty of the previous government about the state the budget was in.

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Australian aged care providers accused of ‘crying poor’ to lobby for government funding

Analyst suggests some in the industry are misleading the public about their financial position to demand higher fees

Australia’s aged care industry has been accused of misleading the public about its finances, with analysis revealing one of Australia’s biggest providers recorded significant earnings and acquisitions last financial year, despite reporting a loss.

The sector has pointed to data from accounting firm StewartBrown showing 70% of providers are running deficits to lobby for more federal funding, but industry analysts say it is an unreliable reflection of the sector’s financial performance.

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Larger-bodied airline passengers forced to pay for two seats prompts calls for clearer anti-discrimination laws

Advocates say rules for ‘guests of size’ are inconsistent across Australian aviation, generating anxiety and unfair costs for those affected

Larger-bodied passengers are being forced to buy two seats to fly on some airlines, raising discrimination concerns from advocacy groups who argue scientific understanding of obesity has evolved beyond viewing the condition as a lifestyle choice.

Budget international carrier Scoot has added a note about its policy to its website’s booking page, warning that “if you are a guest of size who requires 2 seats … fares and fees for 2 guests apply”. The note says: “Failure to do so may result in you being denied transportation.” But the airline does not state who would be considered a “guest of size”.

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Youpla profits surged after it was approved for federal government’s automatic payments system

New data reveals the scale of how many Indigenous people were impacted by the disgraced funeral fund

New data has revealed disgraced funeral fund ACBF-Youpla’s profits skyrocketed by tens of millions of dollars after the company was approved for the federal government’s automatic payments system Centrepay.

ACBF-Youpla collapsed in March 2022 leaving thousands of Aboriginal people, some of them elderly and in palliative care, without the means to pay for funerals. Families resorted to crowdfunding and some were forced to leave their loved ones’ bodies in the morgue while they raised the funds.

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New Lyft CEO David Risher announces plans to lay off hundreds of workers

Employees were informed via email that a ‘significant’ number would lose their jobs to cut costs and bring fares in line with Uber

The ride-hailing service Lyft is preparing to lay off hundreds of employees just days after its new CEO, David Risher, began steering the company with an eye toward driving down costs to help bring its fares more in line with its biggest rival, Uber.

Risher, a former Amazon executive, informed Lyft’s workforce of more than 4,000 employees in an email posted online on Friday that a “significant” number of them will lose their jobs. The message came at the end of his first week as Lyft’s CEO.

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ACCC to probe whether banks use saver’s profession to determine interest rate

As part of inquiry into pricing practices, consumer regulator will assess the criteria banks use when making rate decisions

The competition regulator will test whether banks and other lenders use a person’s profession, or other demographic information, to determine what savings rate they receive, amid growing concerns over pricing practices.

The Australian Competition and Consumer Commission (ACCC) has opened its inquiry into retail deposits for submissions, and will assess the criteria banks use when making rate decisions.

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