Apples and pears could be next UK food shortage, farmers warn

Growers say they do not get paid enough by supermarkets, as supply of leeks also comes under threat

Apples and pears could be the next food shortage in the UK, after it emerged that British growers are planting just a third of the number of trees needed to maintain orchards, saying their returns from selling to supermarkets are unsustainable.

Ali Capper, head of the British Apples & Pears trade association which represents about 80% of the industry in the UK, said 1m new trees would have to be planted each year to maintain the UK’s 5,500 hectares (13,590 acres) of production.

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BASF to cut 2,600 jobs as energy crisis puts Germany on track for recession

Chemicals company says disruption from Ukraine war, rising costs and inflation will continue this year

The German chemicals company BASF has said it will cut 2,600 jobs as Europe’s largest economy braces for recession triggered by the energy crisis that intensified after Russia’s full-scale invasion of Ukraine a year ago.

The year was “dominated by the consequences of the war in Ukraine and in particular by increased raw material and energy prices”, BASF said in a statement on Friday. It paid additional energy costs of €3.2bn (£2.8bn) globally during 2022.

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US Federal Reserve’s key inflation gauge ticks up in January

Consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December

The Federal Reserve’s preferred inflation gauge ticked higher in January, a sign that price pressures remain entrenched in the US economy and could lead the Fed to keep raising interest rates well into this year.

Friday’s report from the commerce department showed that consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December.

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Pakistan’s fresh £580m loan from China intensifies debt burden fears

Loan is on top of £25bn that cash-strapped Islamabad already owes Beijing and Chinese commercial banks

China has agreed to loan Pakistan $700m (£580m) to help it weather its worst economic crisis in a generation, in a development that will intensify concern among western countries about cash-strapped Islamabad’s debt burden to Beijing.

The loan comes on top of $30bn (£25bn) that Pakistan already owes China and Chinese commercial banks. Securing the financing will help to unlock bailout cash from the International Monetary Fund (IMF).

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Australia’s gender pay falls to narrowest on record but women still earn less in every industry

Gap reduces to 13.3%, which is slightly smaller than previous low recorded before Covid pandemic

Australia’s gender pay gap has narrowed to a record low but women continue to earn just 87 cents for every dollar of their male counterparts, with the divide barely improving in recent years.

The gap in November was 13.3%, the Australian Bureau of Statistics reported on Thursday.

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Qantas delivered a record profit for investors. But can it win back the respect of everyday travellers?

Alan Joyce is keen to paint a rosy picture but he faces a public with higher expectations, less tolerance for poor service and a hunger for more affordable fares

After years of Covid-induced pain which saw Qantas haemorrhage billions of dollars, sack thousands of staff, record dismal on-time performances and frustrate customers with cancellations, lost baggage and eye-watering air fares, Australia’s national carrier is well and truly back in the black.

Qantas delivered an out-of-the-ordinary $1.43bn underlying net profit in the six months to December that was higher than the profit it recorded in a 12-month period leading up to the pandemic.

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Medibank records profit rise despite data breach – as it happened

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Husic refuses to comment on crossbench negotiations over coal and gas

Moving on from science and industry, Ed Husic is asked if the approval for Santos to expand its Queensland gas field has killed off the government’s negotiations with the Greens over the national reconstruction fund (which Husic has carriage of) and safeguards (where there is a little crossover with Husic, because of manufacturing).

I’m very grateful for their engagement, all the engagement from the crossbenchers, and I’ve sought to make myself as available as I possibly can to work through issues some stuff we agree on some stuff we don’t I would love to go into the ins and outs of it, but I’d rather private negotiations sort themselves out because they will obviously be made public very soon and people that rightly expect that to happen.

But, you know, I am grateful that some of those points that are raised because from our point of view, and I think you heard in the PM’s speech yesterday – we take a view as a government that we’re not the holders of all knowledge, that we do accept, accept and expect people to provide their input so that we can build a better outcome.

I think what we’ve tried to do as a government is say we’re going to make decisions in the way that they’re supposed to.

We don’t want decisions to be politicised. We want them to be done a national interest and there’ll be pathways to making decisions that will be quite separate. So the big thing coming to your question, the answer I would, I would give you is they’re separate things.

I want them [the public] to answer that question.

I want them to guide us in the way in which we shape research priorities into the future. The last time that we actually updated these national science and research priorities was in 2015, back when Malcolm Turnbull took over as prime minister, a lot has happened since then.

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UK inflation could fall below 2%, Citi forecasts

Falling gas prices and CPI decline could boost public finances before 2024 general election

Britain’s inflation rate could fall to below 2% by the end of the year, according to new financial industry forecasts, handing the chancellor a boost to the public finances before a general election in 2024.

Predictions that falling gas prices will accelerate the decline this year in the consumer prices index (CPI) from last month’s level of 10.1% could also support a recovery in household living standards and persuade the Bank of England to cut interest rates earlier than expected.

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Lloyds accused of ‘stuffing bankers’ pockets’ after proposed pay hikes for top bosses

Chief executive Charlie Nunn could receive £9.1m payout, while top performing bankers to share £446m bonus pot for work in 2022

Lloyds Banking Group has been accused of “stuffing the pockets of already overpaid bankers” after proposing increases for top bosses that could result in a £9.1m payout for its chief executive, Charlie Nunn.

The bank revealed on Wednesday that staff would share a £446m bonus pot – the highest in four years – for their work in 2022, despite reporting flat annual profits, after an increase in the money put aside for a potential jump in defaults.

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London Underground drivers to strike on 15 March

The 24-hour strike kicks off on budget day in dispute over pensions and working arrangements

London Underground drivers are to strike on 15 March – budget day – in a dispute over pensions and working arrangements.

The Aslef union announced on Wednesday that members would strike for 24 hours, in a row over changes to working arrangements and pensions.

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China instructs state firms to phase out big four auditors

Firms urged to allow contracts with Deloitte, KPMG, EY and PwC to expire

The Chinese government has reportedly instructed state-owned companies to phase out contracts with the big four accounting including KPMG and EY, as authorities try to address security concerns and curb the influence of western-linked auditors.

China’s finance ministry is among the government entities that have issued informal guidance last month, urging state-owned corporations to let contracts with Deloitte, KPMG, EY and PwC expire, according to Bloomberg News.

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Wage growth surprise: slower-than-expected gain eases RBA rate rise fears

December quarter wage index rose from 3.1% to 3.3%, but 7.8% inflation indicates a 4.5% decrease in real wages

Australian salaries increased at a faster pace in the December quarter in a tight labour market, but not enough to prevent the gap with inflation widening to a record level.

The wage price index (WPI) for the final three months of 2022 came in at 3.3%, an increase on the 3.1% pace in the September quarter and the highest since the end of 2012. Economists had forecast a 3.5% increase.

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Pret scraps smoothies and frappes in overhaul of ice drinks range

New iced coffee and tea range introduced from April will be included in its £25 monthly subscription

Pret a Manger has announced it will stop making smoothies and frappes, with an expanded iced drinks range being introduced from April.

The blended drinks, which can be more expensive and take longer to make, will be phased out altogether. Smoothies and frappes will still be available in select shops until 29 May.

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Royal Mail resumes international deliveries after cyber-attack

Delivery company refused to pay $80m ransom but now faces another round of strikes

Royal Mail has restarted international parcel and letter deliveries almost six weeks after it revealed it had been affected by a ransomware cyber-attack that left it battling to get its international services back up and running.

The delivery company refused to pay an $80m (£67m) ransom demanded by hackers linked to Russia after the “cyber incident”, which resulted in 11,500 Post Office branches across the UK being unable to handle international mail or parcels.

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HSBC quarterly profits more than double after interest rate rises

Bank increases CEO’s bonus and plans bigger shareholder payout as it faces pressure from investor Ping An

HSBC has increased bonus payouts for its chief executive after fourth-quarter profits more than doubled on the back of a jump in mortgage and loan costs for its borrowers.

The London-headquartered lender said it had increased Noel Quinn’s bonus by 36% to nearly $2.2m (£1.8m), taking his overall pay to $5.5m for 2022. That compares with his $4.9m payout in 2021.

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Will Jeremy Hunt’s budget cut UK debt or help the public sector?

Surprise surplus lands the chancellor with a dilemma – but he is unlikely to listen to calls to change course

Inflation is the chancellor’s friend if he only considers his income.

The official figures for the public finances show total tax revenues rose by 13.2% in January from the same month a year ago.

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MP gives first speech to parliament – as it happened

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Energy ministers to meet on Friday as regulator updates forecasts

Summer is almost done (according to the calendar) and we managed to get through it without significant electricity shortages. A heatwave building across southern Australia in coming days will add some extra demand.

I mean, yes, in nine months have we fixed every single reliability gap for the next decade? No, there’s more work to do.

Am I pleased with what we’ve done? Yes. Am I yet satisfied? No.

You know that this report normally comes out once a year or so, this is a report which has been put out in a much more rapid timeframe because Aemo has reached the view that the guidance they provided last August is out of date because we’ve seen a lot more investment coming through with renewable.

So the sorts of decisions we are making across the board are making a difference on that sort of a timeframe, I expect Aemo will provide further updates.

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UK is short of salad crops and citrus fruits after cold spell in Med

Supermarkets say they are working with farmers to ensure wide range of produce is available

Supermarkets are facing shortages of salad crops, including tomatoes, peppers, lettuce and cucumbers, as well as broccoli and citrus fruits amid cold weather in producing countries such as Spain and Morocco.

Shoppers complained on social media about low stocks, particularly of peppers, tomatoes and cucumbers, as importers said supplies had been affected by a mixture of unseasonable weather and storms in the Mediterranean combined with a reduction in the amount of crops planted in heated glass houses in the Netherlands as energy bills have soared.

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BrewDog to expand in China after Budweiser deal

Punk IPA maker says it wants to sell more of its craft beer in world’s biggest market

BrewDog has said it plans to brew in China as part of a deal with Budweiser China to expand sales in the world’s biggest market for beer.

Budweiser China would start brewing BrewDog’s Punk IPA, Hazy Jane and Elvis Juice beers by the end of March at its Putian craft brewery near the south-east coast, the companies announced on Monday.

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Australia news live: landmark report confirms wage theft by universities; treasurer calls for changes to super laws

Staff underpaid more than $80m in past three years. Follow the day’s news live

Fresh push to ban ‘asbestos of the 2020s’

There’s a fresh push to ban engineered stone commonly used in kitchen benchtops and linked to an incurable lung disease likened to asbestosis, AAP reports.

Instead of planning a family, we’re planning my funeral. I used to install kitchen benches. People liked engineered stone because it was cheap. But the dust got into my lungs causing deadly, incurable silicosis.

That’s too high a price for anyone to pay. Nothing will save my life but if you join the campaign to stop the importation and manufacture of engineered stone, you can help save someone else’s. Please.

Australian workers like Kyle are dying because of engineered stone.

The companies flooding our markets with this cheap and nasty material know that, but to them profits are more important than people’s lives.

It is incredibly distressing … when we hear about these horrific murders and we have to do more to prevent [them from] happening.

I often say we have to start responding to the red flags before more blue police tape surrounds the family home.

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