Jo Johnson resigns as director of firm linked to Adani allegations

Former UK PM’s brother quits board of Elara Capital days after it was accused of using funds to manipulate share prices

Jo Johnson, the younger brother of the former prime minister Boris Johnson, has resigned as a director of a London-based investment bank allegedly linked to the Indian billionaire Gautam Adani’s crisis-ridden business empire.

Lord Johnson, a former Conservative minister who was given a peerage by his brother in 2020, resigned from the board of Elara Capital on Wednesday just days after Elara was accused of using Mauritius-based funds to manipulate the share price of Adani-linked companies and obscure their ultimate ownership.

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Australia’s airlines and airports urged to improve treatment of travellers with disabilities

Disability royal commissioner writes to company bosses after hearing of people dropped on the floor and discrimination against assistance dogs

The chair of the disability royal commission has written to Australian airline and airport chiefs about improving their treatment of travellers with disabilities, after the inquiry heard stories of people dropped on the floor and discrimination against assistance dogs.

The royal commission has so far heard that people with disabilities are routinely subject to violence, abuse, neglect and exploitation when flying domestically, with participants telling the inquiry they felt airlines were “dehumanising” them and that complaints were rarely followed up. Advocates have told Guardian Australia that complaining through the Australian Human Rights Commission is often the only way to seek recourse.

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Calls for bigger windfall tax after Shell makes ‘obscene’ $40bn profit

Sunak government under pressure after gas prices fuel ‘outrageous’ doubling of profits at Anglo-Dutch group

The government is under pressure to rethink its windfall tax on energy companies after Shell reported one of the largest profits in UK corporate history, with the surge in energy prices sparked by Russia’s invasion of Ukraine pushing the oil company’s annual takings to $40bn (£32bn).

Opposition parties and trade unions described Shell’s bonanza, the biggest in its 115 year history, as “outrageous” and accused Rishi Sunak of letting fossil fuel companies “off the hook”.

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Dyson among British entrepreneurs who own UK property via overseas companies

James Dyson and Tina Green, wife of Philip Green, among British business figures on register of overseas entities

Billionaires and business figures including James Dyson and Tina Green own UK property via overseas companies, according to a new register aimed at improving transparency.

The tycoons feature on a list that a Guardian investigation revealed last week includes the racing driver Lewis Hamilton, the Chinese government, a string of Gulf royals and at least 20 donors to the Tory party.

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Nearly 14,000 Nigerians take Shell to court over devastating impact of pollution

People from Niger delta areas of Ogale and Bille seeking justice in London’s high court

Nearly 14,000 people from two Nigerian communities are seeking justice in the high court in London against the fossil fuel giant Shell, claiming it is responsible for devastating pollution of their water sources and destruction of their way of life.

The individuals from the Niger delta area of Ogale, a farming community, lodged their claims last week, joining more than 2,000 people from the Bille area, a largely fishing community. In total 13,652 claims from individuals, and from churches and schools, are asking the oil giant to clean up the pollution which they say has devastated their communities. They are also asking for compensation for the resulting loss of their livelihoods. Their ability to farm and fish has been destroyed by the continuing oil spills from Shell operations, they claim.

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Weaker economy, higher inflation: Bank of England’s dilemma

Differing experts have urged the Monetary Policy Committee to both cut interest rates and to raise them

Turn up. Take the temperature of the economy. Raise interest rates. That’s the been the pattern from the responsible technocrats at the Bank of England for more than a year now – and they show no sign of stopping.

Between the depths of the global financial crisis in March 2009 and the start of the Covid-19 pandemic, interest rates were changed only five times, and three of those were in response to unexpected shocks: one after the Brexit vote in 2016, and two at the arrival of the pandemic in 2020. There was one period of more than seven years when interest rates were pegged at 0.5%.

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Disruption across UK as strikes hit schools, trains, universities and border checks – as it happened

UK public warned of ‘significant disruption’ from strikes involving teachers, civil servants, Border Force staff and train drivers

Kevin Courtney, joint general secretary of the National Education Union, speaking from a teachers’ picket line in Warwick, said:

I think Gillian Keegan [the education secretary] is hoping our strike is ineffective and people won’t do it again.

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Darktrace boss defends UK cybersecurity firm amid short-seller attacks

Embattled firm to launch £75m share buyback to bolster stock price after criticism of sales and marketing

The chief executive of Darktrace has launched a staunch defence of the embattled cybersecurity company saying it is run with the “greatest integrity”, after allegations of irregular sales, marketing and accounting practices raised by a US-based hedge fund.

Poppy Gustafsson published a 1,200 word defence of the company she co-founded in 2013, after its share price collapsed to a record low after the publication of a highly critical 70-page report by New York-based Quintessential Capital Management (QCM) on Tuesday.

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Business sector has driven shift to ‘values-based capitalism’, Jim Chalmers says

Treasurer hits back at criticism of his essay that championed co-investment and economic inclusion

Jim Chalmers says Australia’s business and investment community has driven a shift to values-based capitalism, hitting back at a volley of criticism in some news outlets after the publication of the treasurer’s 6,000-word essay championing co-investment and economic inclusion.

Chalmers made the observation on Wednesday while leading a round of consultation with the investment community about a new framework for disclosing climate-related risk. The treasurer participated in a round table convened by the Australian arm of the UN Principles for Responsible Investment initiative.

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Capsule found after ‘needle in a haystack’ search – as it happened

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The deputy prime minister and defence minister, Richard Marles, spoke to ABC AM Radio from London following a meeting with the UK prime minister, Rishi Sunak.

Marles would not be drawn into whether he discussed with Sunak the possibility of Australia acquiring British built nuclear submarines under the Aukus deal but said when the announcement is made it will be a “genuinely trilateral effort.”

Prime Minister Sunak commented on just how full the agenda is between our two countries and how much that is making – perhaps our oldest and most historic relationship – one which is deeply relevant in in the contemporary moment and certainly Aukus is central to that.

And we’re close to announcement and I’m not about to preempt that now. But I think what you’ll see is when we ultimately do announce the optimal pathway that we’ve been working on with both the United States and United Kingdom, that what it really is, is a genuinely trilateral effort to see by the UK and the US provide Australia with a nuclear powered submarine capability.

We’re confident that what we will be announcing in the coming weeks is a pathway that will be able to be delivered by all partners on time.

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Revealed: how world’s biggest fossil fuel firms ‘profited in Myanmar after coup’

Leaked tax records suggest subsidiaries of international gas field contractors continued to make millions after the coup

In the two years since a murderous junta launched a coup in Myanmar, some of the world’s biggest oil and gas service companies continued to make millions of dollars from operations that have helped prop up the military regime, tax documents seen by the Guardian suggest.

The Myanmar military seized power in February 2021 and according to the United Nations special rapporteur on Myanmar, it is “committing war crimes and crimes against humanity daily”. More than 2,940 people, including children, pro-democracy activists and other civilians have been killed, according to Assistance Association for Political Prisoners.

US oil services giant Halliburton’s Singapore-based subsidiary Myanmar Energy Services reported pre-tax profits of $6.3m in Myanmar in the year to September 2021, which includes eight months while the junta was in power.

Houston-headquartered oil services company Baker Hughes branch in Yangon reported pre-tax profits of $2.64m in the country in the six months to March 2022.

US firm Diamond Offshore Drilling reported $37m in fees to the Myanmar tax authority during the year to September 2021 and another $24.2m from then until March 2022.

Schlumberger Logelco (Yangon Branch), the Panama-based subsidiary of the US-listed world’s largest offshore drilling company, earned revenues of $51.7m in the year to September 2021 in Myanmar and as late as September 2022 was owed $200,000 in service fees from the junta’s energy ministry.

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No 10 warns public of ‘significant disruption’ tomorrow because of mass strikes – as it happened

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Jacob Rees-Mogg, the former business secretary, was not exactly on message in his Sky News interview with Kay Burley this morning. As well as implying that he thought the bullying inquiry into Dominic Raab was a mistake (see 10.37am), he made at least three other comments that suggest Rishi Sunak does not have the enthusiastic support of all his backbenchers.

Rees-Mogg said that Sunak was performing “perfectly competently” as PM. Asked how he was doing, Rees-Mogg replied: “I think he’s doing perfectly competently.” When Burley put it to him that that was not much of an endorsement, Rees-Mogg went on: “I made no bones about the fact I thought Boris Johnson was a better prime minister and I wanted him to remain.”

Rees-Mogg criticised the government for stalling the Northern Ireland protocol bill. The bill, which is popular with hardline Brexiters but widely seen as contrary to international law, because it would allow the UK to unilaterally ignore some of the provisions in the protocol treaty, passed through the Commons when Boris Johnson was PM. But it is stuck in the Lords, where it has not been debated since October and where a date has not been set for its report stage. Sunak has shelved it because he wants to negotiate a compromise on the protocol with the EU, and passing the bill would make agreement much harder. But Rees-Mogg said the government should pass it. He said:

The government has just got to get on with it. There’s a bill that has been through the House of Commons that is waiting its report stage in the House of Lords and I don’t understand why the government hasn’t brought it forward.

He renewed his criticism of the strikes (minimum service levels) bill. When MPs debated it last night, Rees-Mogg said he agreed with Labour criticisms of the Henry VIII powers in the bill.

The government doesn’t know what changes it will have to make once this bill is passed. Under clause 3, the secretary of state would be able to make regulations that “amend, repeal or revoke provision made by or under primary legislation passed before this act or later in the same session of parliament as this act”. This is a supercharged Henry VIII clause. Why should MPs or peers pay any attention to any related legislation that may be brought before them later in this session when they know that, unless they object, a secretary of state may simply amend, repeal or revoke it?

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Gautam Adani falls out of world top 10 rich list as his companies’ shares slide

Abu Dhabi fund’s $400m investment in Indian group fails to stop fall in value after fraud allegations

The Indian billionaire Gautam Adani has fallen off the list of the world’s top 10 richest people as the value of shares in his companies continue to slide after an activist investor accused him of “pulling the largest con in corporate history”.

Before the accusations published last week on Twitter, Adani, 60, was the world’s third-richest person with an estimated $119.5bn (£97bn) fortune. He has fallen to 11th place in the daily-updated Bloomberg billionaires index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published.

Shares in Adani’s companies continued to slide on Tuesday despite a $400m investment from an Abu Dhabi investment fund linked to the country’s royal family.

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Leaked EU plan reveals response to US and Chinese green subsidies

Draft plan to loosen state aid rules follows Joe Biden’s Inflation Reduction Act and Chinese subsidies

The EU executive will loosen state aid rules and propose a new “European sovereignty fund” later this year, in response to the controversial US Inflation Reduction Act and China’s “unfair” green subsidies.

A leaked European Commission plan underscores the global green subsidy race is under way, although EU member states remain divided on how to respond.

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Shares in 888 fall as it removes CEO and suspends Middle East VIP accounts

Online betting firm finds best practices not followed in some areas, including anti-money laundering processes

Online betting group 888 has removed its chief executive and suspended VIP customer accounts in the Middle East amid an internal investigation into a failure to follow anti-money laundering processes.

Shares in the Gibraltar-headquartered group, which last year acquired William Hill’s operations outside the US in a £2.2bn deal, plunged by more than a quarter as investors fuelled 888’s biggest drop in share price since 2006. Its market value has slumped more than 70% over the last year.

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EU plans to loosen state aid rules to boost renewables investment

Proposed use of tax credits follows pressure to respond to Biden’s $369bn green subsidy scheme in US

The EU is stepping up its green subsidy race with the US through plans to loosen state aid rules on tax credits for renewable energy projects.

European policymakers have been under pressure to respond to the US president Joe Biden’s $369bn (£298bn) Inflation Reduction Act, which aims to encourage renewables investment in everything from electric cars to wind turbines.

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Australia news live: Peter Dutton to attend voice referendum working group meeting remotely

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The finance minister, Katy Gallagher, also spoke to ABC Radio this morning about how the government is balancing the budget with record high inflation, and all signs pointing to another rate hike from the RBA next week.

Gallagher says there will be mortgage pain for over a fifth of mortgage holders:

We’re expecting about 20% of mortgage holders to come off fixed rate loans this year.

We always said 2023 was going to be challenging year … Dealing with the inflation challenge is a key economic priority for the government.

What you’ll see is a continued focus on cost-of-living relief, funding those priority areas like health and aged care and making sure we’re getting the balance right in terms of spending restraint, banking upgrades and looking for sensible savings where we can.

There’s no doubt that migrants have been key to the formation of modern Australia.

I think [migrants] should be recognised for their contribution to this country. And I think that’s fair enough, but that’s not minimising the Indigenous.

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Adani claims US investment firm’s fraud allegations are an ‘attack on India’

Conglomerate responds to Hindenburg Research report that claimed it was the ‘biggest con in corporate history’

Adani Group has published a 413-page rebuttal of fraud allegations by Hindenburg Research, likening the US investment firm’s report to an attack on India amid mounting financial pressure on the coal conglomerate.

The lengthy response was an attempt to soothe investor concerns and stir nationalist fervour as Adani attempts to complete a US$2.5bn share sale, one of India’s largest ever fundraising campaigns, designed to finance capital expenditure and reduce debt.

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Long-term sickness leaving 1.6m UK adults over 50 unable to work

Campaign charity Rest Less says figures illustrate not only a national health issue but an economic one

More than 1.6 million adults aged 50 and over are unable to work because of long-term sickness amid ballooning NHS waiting lists and an exodus from the British workforce since the pandemic, according to the most detailed analysis yet of official data for this age group.

The number has increased 20%, or 270,000 in three years, according to an analysis of Office for National Statistics figures by Rest Less, a digital community and advocate for over fifties.

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‘It’s just outrageous’: Flybe passengers on the frustration of cancelled flights

Some people due to fly with regional airline had booked tickets just hours before firm collapsed

“I got an email asking me to check in, and 10 minutes later they had gone into administration.”

Andrew Gibbins was one of hundreds of passengers across the UK who have expressed frustration at regional airline Flybe, which abruptly announced its collapse on Saturday morning, telling any passengers expecting to travel with it not to go to the airport.

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