Category Archives: Business

Australia news live: mediation fails in Sally Rugg’s legal dispute with Monique Ryan; Sticky Fingers axed from Bluesfest

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Ley and Dutton express support for Bridget Archer after rumours Liberal party could dump her

Yesterday our political editor Katharine Murphy brought you the story that a veteran party insider suggested that the Liberal party could dump outspoken moderate Bridget Archer ahead of the next federal election.

Bridget is a friend, a colleague and a terrific member for the seat of Bass. I visited her not that long ago, and she’s doing great work and she’s an amazing woman, amazing woman. And you know, Patricia how much I respond well to amazing women.

Do you think 80,000 people who’ve got more than $3m are really doing it tough?

Well, that $3 million is not indexed. That will change over time. And the principle is the thing that Australians will note.

But are they doing it tough?

I’m not here to say who’s doing it tough and who’s not doing it tough.

Australians are doing it tough, though, aren’t they? And some are obviously not doing it tough.

Well, people are doing it tough for the government that hasn’t got the fiscal policy settings right. And doesn’t understand how to manage money and doesn’t have spending constraints anywhere within its programs. In all of this conversation, we have not heard anyone say that we’re going to save money. I mean, that seems to be just a passing comment from the government. Yes, of course. People are doing tough. They’re doing it tough because they can’t pay their electricity bills. They’re doing it tough because their mortgages are going up.

But they’re not the people with more than $3 million in their super accounts.

I’m not going to comment on what individual people might be experiencing in their family budgets. The direction this government is going is one that breaks faith with the Australian people and misunderstands the sound fundamental basis, which is: it’s your money, you deserve to keep more of it.

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Drugmaker Eli Lilly says it will cut insulin prices by 70%

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Move comes amid criticism of healthcare companies over rising costs of insulin, as CEO says cuts ‘should be the new standard’

Eli Lilly will cut list prices by 70% for its most commonly prescribed forms of insulin, Humalog and Humulin, beginning from the fourth quarter of this year, the drugmaker said on Wednesday.

The move comes amid criticism of healthcare companies by US lawmakers over rising costs of insulin, with Joe Biden’s signature Inflation Reduction Act including a $35 cap on insulin for those enrolled in Medicare health insurance plans.

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ACCC to crack down on ‘greenwashing’ after survey reveals spike in misleading claims

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Competition watchdog analysis of 247 businesses showed 57% had promoted concerning claims about environmental credentials

The competition watchdog will step up its probe of companies’ environmental claims after an initial sweep found more than half made misleading statements ranging from overstating climate action to developing their own certification schemes.

The survey of 247 businesses or brands across eight sectors by the Australian Competition and Consumer Commission last October found 57% had promoted “concerning claims about their environmental credentials”.

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Chinese banks try to revive housing market with mortgages for 95-year-olds

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‘Relay loans’ that can pass on to children follow other moves to make borrowing more flexible

In an attempt to stimulate China’s flagging housing market, banks in some cities are extending the upper age limit on mortgages to between 80 and 95.

Although not a national policy, banks in Beijing, Hangzhou and other big cities have started offering “relay loans” to elderly customers, which pass on to their children in the event that they cannot repay.

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UK energy firms must pass on price savings to customers, ministers warn

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Grant Shapps to tell suppliers that reduced wholesale prices must be seen in consumer prices

Ministers have warned energy firms that they must pass on the benefits of lower wholesale prices to consumers, amid concern that bills could rise this spring.

In a speech on Wednesday, Grant Shapps will tell energy suppliers that reduced wholesale prices must be seen in consumer prices, “no ifs, buts or maybes”.

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Lufthansa’s ‘green’ adverts banned in UK for misleading consumers

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Airline claim that it was protecting the world’s future is latest ad to fall foul of ASA rules

An ad campaign by Lufthansa claiming that its green initiatives were protecting the world has been banned by the UK advertising watchdog, which ruled it was misleading consumers over the environmental impact of flying.

The Advertising Standards Authority (ASA) launched an investigation into the campaign – which featured a plane with an image of the Earth on its underside and the strapline: “Connecting the world. Protecting its future” – over concerns the German airline was giving consumers a “misleading impression of its environmental impact”.

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UK Border Force urged to ‘deprioritise’ gun and drugs searches to ease queues

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Exclusive: Leaked emails show airport staff were guided to ease passenger waits during school holidays

Airport managers have asked Border Force officers to “deprioritise” customs work such as searching for guns and drugs in order to stop passport queues frustrating travellers.

Leaked emails show that staff at Manchester airport were told this month that customs work should be carried out only if “there is no likelihood of an excessive queue time”.

Any staff who are contingency trained should be prioritised to the PCP [Primary Control Point] when required to prevent excessive queues.

Customs work is deprioritised and will only be carried out when you are satisfied there is no likelihood of an excessive queue time or in the event of a cat A target,” he wrote.

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Confusion surrounds China’s energy policies as GDP and climate goals clash

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Wave of permits for coal-fired power plants sparks concern as ambitions for GDP growth and lowering emissions come into conflict

China’s energy policies are fast creating a type of “emissions ambiguity”, as the twin goals of boosting GDP growth and reducing carbon emissions come into conflict.

The uncertainty is whether and when the world’s biggest carbon emitter will start to curb greenhouse gas pollution. The release of the country’s annual statistics communique on Tuesday did not clear things up.

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Hardware claw: Bunnings digs into pet supplies as recession-proof sector booms

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Company announces biggest product expansion in years as pets increasingly become part of Australian families

The hardware chain that encourages you to make improvements to your home knows there’s something else you are willing to fork out cash for – your pet.

Bunnings has announced an increase in its range of pet supplies to compete with supermarkets and specialty retailers, marking its biggest product expansion in two decades, since offering kitchen fit-outs.

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Opposition criticises super proposal – as it happened

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‘Really clear’ wages are not driving inflation, Tony Burke says

Circling back to the interview with employment relations minister, Tony Burke. He’s asked about soaring corporate profits, which were up more than 10% in the December quarter compared to wages which rose 2.6%, and whether that demonstrates that it’s corporate profits driving inflation – as the union movement is arguing – not wages.

It is really clear that wages are not driving inflation, are not the principal driver of inflation here. It’s really clear we don’t have some sort of spiral of inflation being caused by high wage growth. It’s also really clear we don’t have high wage growth.

I was pleased that the last wage price increase got up to 3.3%. To the extent that that’s the highest it’s been for some time and had we not taken actions that we took last year, particularly with respect to the minimum wage and awards, you wouldn’t have got to figure as high as but it’s still much, much lower than inflation.

Supermax prisoners are served better food than the workers building Snowy Hydro 2.0.

You have workers living, literally locked up in a camp with limited recreational facilities in the middle of nowhere, being fed maggot-infested food.

The problem is the joint venture who was awarded the contract is pinching every penny they can to try and improve their profit margin.

The whole site’s a tragedy waiting to happen.

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Asic sues Mercer Super for allegedly ‘greenwashing’ fossil fuel and gambling investments

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Corporate regulator claims the company misled members in a fund that promoted its sustainable credentials

Corporate pension fund Mercer Superannuation misled members by investing in coal and other fossil fuels, along with alcohol and gambling stocks, in a fund that promoted its sustainable credentials, the corporate regulator has alleged.

The Australian Securities and Investments Commission has started legal proceedings against Mercer in its first court action over alleged “greenwashing”, a term that describes misleading claims made about a product’s environmental and sustainable credentials.

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Albanese government lifts tax rate on superannuation balances over $3m

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The changes, which will not come into effect until 2025/26, will apply to around 80,000 people

The Albanese government will tax superannuation balances above $3m at a higher rate as it looks for opportunities to claw back revenue.

Currently, earnings from superannuation in the accumulation phase are taxed at a concessional rate of up to 15% and this will continue for those with balances below $3m.

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Women in board roles at UK’s biggest listed firms above 40% for first time

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Review shows only 10 of FTSE 350 companies still have all-male executive teams

The proportion of women in board roles in Britain’s biggest listed companies has risen above 40% for the first time, according to analysis that suggests only 10 of the UK’s 350 largest listed companies still have all-male executive teams.

The number of women on boards in the blue-chip FTSE 100 companies and the mid-sized FTSE 250 companies rose by 3% in 2022, according to the government-backed FTSE women leaders review, published on Tuesday.

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Elon Musk fires additional 200 people at Twitter, report says

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According to the New York Times, the executive behind paid-for premium service revamp is among those affected

Elon Musk has fired another 200 staff at Twitter including the executive behind the revamp of its paid-for premium service, according to a report.

The latest round of job cuts equates to about 10% of Twitter’s vastly reduced workforce, which stood at 7,500 people before Musk bought the company in October.

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Selfish or a godsend? Readers share their views on wood-burning stoves

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Demand for wood stoves is soaring in energy crisis despite research showing their harmful effects

Demand for wood-burning stoves, including in urban areas, has soared as households look for more affordable ways to stay warm during the energy crisis.

Campaigners have called for stricter legislation on their use because of their negative impact on air pollution and health, with wood burning in the UK gaining in popularity over the past decade.

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Fast food chain Wendy’s plans rollout in Australia but potential naming clash looms

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US burger giant hints at hundreds of stores in country, which is home to ice-cream chain named Wendy’s Milk Bar

“There can’t be two Wendy’s,” Dean Tully says.

The owner of the Whyalla branch of the Australian ice-cream and hotdog chain Wendy’s Milk Bar was responding to Monday’s announcement that the US fast food chain Wendy’s is planning to open hundreds of outlets down under.

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England’s new housing supply likely to fall to lowest level in decades, study says

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Home Builders Federation warns planning policy changes will result in government meeting less than half its annual target

Housebuilding in England is due to fall to its lowest level since the second world war, according to an analysis by the Home Builders Federation (HBF), owing to a range of government policies that threaten to dramatically slow development.

The study says the supply of new housing is likely to fall below 120,000 homes annually over the coming years, less than half of the government’s target, as a result of changes to planning policy and what developers say is over-strict enforcement of environmental regulations.

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BP boss could be in line for special bonus of up to £11.4m

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Firm set for clash with investors over possible payout to Bernard Looney from three-year share award plan

BP is set for a clash with investors after it emerged that its chief executive could be in line for a special bonus of up to £11.4m. The payment, in shares, would be on top of his £1.38m salary and annual bonus for 2022.

Strong growth in BP’s share price means Bernard Looney is set for a multimillion-pound payout from a three-year share award plan set up in 2020, when countries around the world were in lockdown and the company was cutting jobs amid a global collapse in demand for oil.

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UK cuts back on cooking Sunday roasts as energy bills soar

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Cost of living has made more than a third of adults reconsider cooking end of week meal, survey finds

More than a third of people in the UK have cut back on cooking Sunday roasts because of the soaring cost of energy bills, according to a survey.

A total of 36% of UK adults said the cost of living crisis had made them reconsider a homemade roast dinner at the end of the week. The figure was even higher among those aged 16 to 34, with nearly half (47%) saying they have avoided cookingroasts.

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Moonpig to stop selling cards with pugs over animal welfare concerns

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Firm responds to calls from vets who say pictures fuel demand for flat-faced breeds, which often have serious health complaints

Moonpig is to stop selling cards featuring pictures of pugs and French bulldogs after criticism from vets and campaigners who fear the images fuel demand for the breeds, which often have serious health complaints.

Last year, the British Veterinary Association (BVA) wrote to the Greeting Card Association and card retailers, including Moonpig, Paperchase and WH Smith, urging them to stop using pugs and other flat-faced dogs on cards.

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