Category Archives: Business

CBI to suspend operations until June after exodus of top UK businesses

Posted on by

Companies from John Lewis to NatWest quit membership body after Guardian revelations over alleged sexual misconduct

The Confederation of British Industry has announced it is to mothball its operations until June after the Guardian’s revelations about alleged sexual misconduct by male employees at the lobbying group led to an exodus of businesses including John Lewis and NatWest.

The CBI’s board said it was suspending all membership and policy activity until an extraordinary meeting in June, when members will vote on its future and purpose.

Continue reading...

Canada’s decision to expand container port is ‘death sentence’ for marine life

Posted on by

Environmentalists decry move but natural resources minister says doubling of Vancouver terminal’s size is needed to meet demand

Canada’s federal government has approved a controversial container terminal expansion in Vancouver that would double the port’s current size but could have damaging effects for maritime species already on the brink of extinction, environmental groups warn.

The country’s natural resources minister announced support for the Port of Vancouver’s plan – which would effectively double the size of the Roberts Bank Terminal – framing the decision as a way of preventing future backlog.

Continue reading...

Credit Suisse investors suing Swiss regulator after £4bn bond wipeout

Posted on by

Finma accused of acting unlawfully and undermining confidence in Switzerland as a financial centre

A group of Credit Suisse investors who lost bonds worth more than CHF 4.5bn (£4bn) are suing Switzerland’s financial regulator over a decision to wipe out risky bank debt after an emergency merger with UBS last month.

The investors filed their claim at a court in St Gallen, in the north-east of Switzerland, weeks after Swiss authorities orchestrated the takeover of Credit Suisse by its larger rival UBS, to try to stem a crisis of confidence in the global banking sector.

Continue reading...

‘There’s a lot of posturing’: Europe’s nuclear divide grows as one plant opens and three close

Posted on by

Europe’s first new plant in 16 years comes on stream in Finland day after Germany pulls plug on last reactors

When Europe’s first new nuclear reactor in 16 years came online in Finland, it was hailed by its operator as a “significant addition to clean domestic production” that would “play an important role in the green transition”.

The opening last Sunday of the long-delayed Olkiluoto 3 plant, Europe’s largest, means about 40% of Finland’s electricity demand will soon be met by nuclear power, which the government says will boost energy security and help it achieve its carbon neutrality targets.

Continue reading...

Advice on voice a ‘cynical political tactic’ to confuse voters, Coalition claims – as it happened

Posted on by

This blog is now closed

Ed Husic says board appointments alone won’t guarantee RBA diversity

The ministry for industry, Ed Husic, says he believes new appointments to the RBA board alone isn’t enough to bring diversity to the central bank – he says there need to be “deeper structures” put in place.

As a government, I can give you this assurance. We do like to take into account people’s views from different vantage points. I do think it is important that where decisions have an impact – not just in terms of investors or industry but the people that work in them or the broader community – I think it’s a healthier decision …

Some people will fix on ‘well, someone should have a seat at the board’ for that to occur and I understand why they’ll make those arguments. I’m not necessarily convinced that that specifically guarantees that will occur, just having one person on the board. There need to be a lot deeper structures for people to have that sense that they’ve had a say and that they can have an ability to influence and inform decision making.

Continue reading...

Harry Styles fans left out of pocket as ticket scams jump 529%

Posted on by

Huge increase in fraud accompanies record number of UK live entertainment tickets sold in 2022

Concert ticket scams have soared by more than 500% over the last year, with those defrauded losing an average of £110, as criminals target fans of leading acts including Harry Styles and Lewis Capaldi.

The UK’s live music industry has bounced back after the pandemic, but gig-goers have been warned to be on their guard against ticket scams, particularly as the festival season prepares to kick off.

Continue reading...

Senate asks supreme court chief justice to testify on ethics amid Clarence Thomas revelations – as it happened

Posted on by

The Democratic chair of the Senate judiciary committee has asked chief justice John Roberts to testify on 2 May about the court’s ethics, following revelations of undisclosed links between a Republican megadonor and conservative justice Clarence Thomas.

In a letter to Roberts, judiciary committee chair Richard Durbin did not mention those reports about Thomas specifically, but noted that since he last addressed the court’s ethics in 2011 “there has been a steady stream of revelations regarding Justices falling short of the ethical standards expected of other federal judges and, indeed, of public servants generally. These problems were already apparent back in 2011, and the Court’s decade-long failure to address them has contributed to a crisis of public confidence. The status quo is no longer tenable.”

Continue reading...

Emissions from WA gas project with world’s largest industrial carbon capture system rise by more than 50%

Posted on by

Chevron development off Pilbara coast was approved on condition the company store about 4m tonnes of CO2 a year

Emissions from Chevron’s Gorgon gas development off Western Australia have increased by more than 50% despite it being home to the world’s largest industrial carbon capture and storage system.

There has been a sharp drop in the amount of CO2 stored underground at the liquefied natural gas plant over the last three years, data released by Chevron showed.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Stately home featured in James Bond films goes on sale for £75m

Posted on by

Denham Place in Buckinghamshire, which once housed M’s office, being sold by multimillionaire Mike Jatania

A 13-bedroom grade-I listed stately home that featured in the James Bond films Live and Let Die and The Man with the Golden Gun has been put up for sale with a price tag of £75m – which would make it one of the most expensive properties ever sold outside London.

Denham Place, which is set in 17 hectares (43 acres) of Buckinghamshire parkland designed by the 18th-century landscape architect Lancelot “Capability” Brown, is being sold by the multimillionaire cosmetics tycoon Mike Jatania.

Continue reading...

Bank of England predicted to raise interest rates one more time in May

Posted on by

Increase to 4.5% will be last rise in current cycle, former rate-setter Michael Saunders predicts

The Bank of England is likely to increase interest rates one more time in May, to 4.5%, before inflation falls “sharply” over the rest of the year, a former rate-setter has predicted.

Michael Saunders, who was a member of the monetary policy committee until August, said the UK was nearly at a “turning point” for interest rates, which have risen sharply over the past year as policymakers tried to curb a surge in prices caused by an increase in energy costs.

Continue reading...

ACTU will not push for spot on RBA board as review released – as it happened

Posted on by

This blog is now closed

Bandt: if budget can afford stage-three tax cuts it can afford to lift Australians out of poverty.

Bandt is also highly critical of the government as it appears set to reject a call from its very own expert advisory panel to raise the jobseeker rate. He says if the budget can afford to keep stage-three tax cuts, it can afford to lift Australians out of poverty:

Everyday people are not causing inflation. They are the victims of inflation. Now, Labor has found over a quarter of a trillion dollars for tax cuts for billionaires and politicians that can’t lift people out of poverty.

Labor’s not making hard choices in this budget, they’re making everyone else make hard choices, like whether to pay for the rent or whether to put food on the table.

We’ll have a look at all of the recommendations of the review, and the government’s response when it’s released fully but a major party stitch up isn’t going to fix the inflation problem.

We need more than just outsourcing the issue of tackling inflation to the RBA, which is what Liberal and Labor want to do. We know that it is excessive profiteering that is driving higher prices and inflation in this country. It’s not the everyday people.

Continue reading...

Billionaire boys’ club: trucking magnate Lindsay Fox celebrates birthday with men-only knees up

Posted on by

High profile male politicians, sports stars and businessmen attended Scottish-themed lunch at National Gallery of Victoria – but not their female counterparts

There were bagpipes, tartan-clad security guards and plenty of kilts, but there was one thing conspicuously missing from billionaire trucking magnate Lindsay Fox’s 86th birthday party: women.

The Scottish-themed private lunch at the National Gallery of Victoria, to which the Fox family donated $100m last year, was a men-only affair attended by several prominent politicians, sportsmen and businessmen.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Chris Minns leaves door open to renegotiate gaming tax rise as Star casino cuts jobs

Posted on by

NSW premier criticises former state government’s tax policy for casinos which he says lacked due diligence

The New South Wales government has left the door open to renegotiate a gaming tax forecast to raise $364m over three years, as the financial health of casino operator Star Entertainment deteriorates.

Star announced on Wednesday that it would eliminate 500 jobs and freeze salaries for non-unionised staff as it looked for $100m in annual savings.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

HSBC shareholders urged to vote against break-up of business

Posted on by

Bank warns spinning off more profitable Asia business would be complex and would lower dividends

HSBC’s board has urged shareholders to vote against a proposed break-up of its business at its annual meeting, arguing that a split would result in a “material loss” and lower dividends.

In response to calls for the split from its largest shareholder, the Chinese insurer Ping An, HSBC warned on Wednesday that spinning off its more profitable Asian business from the rest of the bank would also require approval from regulators in approximately 25 jurisdictions, and force it to make changes to customer services.

Continue reading...

Strikes at Heathrow could disrupt travel to UK for King Charles’s coronation

Posted on by

Action by Terminal 5 security guards to take place on 4, 5, 6, 9, 10, 25, 26 and 27 May in dispute over pay


Security staff at Heathrow airport are to strike on eight days next month in a dispute over pay.

The action by members of the Unite union will take place on 4, 5, 6, 9, 10, 25, 26 and 27 May, and follow strikes over Easter.

Continue reading...

UK will sign deal paying in to EU budget within 15 years, says Ryanair boss

Posted on by

Michael O’Leary says Brexit is ‘unbelievably messy’ and a ‘net negative’ on the British economy

The boss of Ryanair, Michael O’Leary, has launched a fresh attack on Brexit, describing it as “unbelievably messy” and predicting the UK would end up signing a Norway-style deal with the EU in the next 10 to 15 years under which it would pay into the bloc’s budget.

The outspoken chief executive of the Irish budget airline said over the next three to five years, the UK’s departure from the EU would be “net negative on the UK economy, no question about it”.

Continue reading...

Australia news live: Andrew Hastie fires back after Mark McGowan ‘cold war pills’ comment caught on camera

Posted on by

Coalition’s defence spokesperson calls WA premier ‘a prison guard looking for work’. Follow live

Voice committee heads north to hear traditional owners

The prime minister, Anthony Albanese, has defended the wording of the proposed Indigenous voice to parliament, dismissing fears of possible high court challenges, AAP reports.

This is a legally sound proposition. It makes it very clear that parliament is in charge.

There’s no obligation and there’s certainly not an obligation on the government to agree to the voice. There is the provision for the voice to be heard, for at least the views to be put.

That will be up to the government as a whole. I don’t know.

The reality is that we know that people are doing it tough, absolutely doing it tough. And what we want to do is where it’s responsible that we can – and affordable – that we can support people doing it tough.

Continue reading...

Absolut vodka exports to Russia discontinued after outcry in Sweden

Posted on by

Firm’s owner, Pernod Ricard, faced calls for boycott and political pressure after resuming some exports in April

The maker of Sweden’s Absolut vodka has said it is ceasing all exports to Russia after calls to boycott the brand flared up in Sweden and on social media.

The Absolut Company said it had “decided to stop the export of its brand to Russia”.

Continue reading...

India and Russia in ‘advanced talks’ over free trade agreement

Posted on by

Deal would build closer economic ties as most western states push to isolate Moscow over Ukraine

India and Russia have entered “advanced negotiations” over a free trade agreement that aims to build closer economic ties as most western governments push to isolate Moscow over the war in Ukraine.

In a development likely to add to tensions in Washington, London and EU capitals, Russia and India’s trade ministers said on Monday the two countries were in talks to strike a free trade deal.

Continue reading...

Sickness drags down UK economy as job vacancies go unfilled

Posted on by

Rishi Sunak wants growth, but ONS figures show rising levels of inactivity because of ill-health

Unwelcome though it is for a government facing strikes by doctors and nurses in the months ahead, the message from the latest labour market figures is clear: Britain is already the sick man of Europe.

More than 2.5 million people who are economically inactive cite long-term sickness as the reason why they are not looking for a job – and the number is rising sharply.

Continue reading...