Anthony Albanese meets Bill Gates; Sydney beaches closed after shark mauls dolphin – as it happened

Prime minister holds talks with Microsoft founder on climate change, energy and health. This blog is now closed

AAP reports that NSW Labor says it will consult on a treaty with the state’s Aboriginal communities if it wins the state election in March.

The party would spend $5m on a year-long consultation process as part of a move towards a more formal treaty process.

If we want to realise improved justice, education, health and cultural outcomes for First Nations people, we must place First Nations communities at the centre of decision making.

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Retail sales in Great Britain fall as shoppers rein in festive spending

Surprise December drop a result of cost of living crisis forcing people to cut budgets in run-up to Christmas

Retail sales in Great Britain unexpectedly fell by 1% last month as the cost of living crisis forced households to cut back on spending in the run-up to Christmas.

The Office for National Statistics (ONS) said the surprise decline in sales volumes – economists had forecast a rise of 0.5% – was down to factors including rampant increases in food prices and a decline in online purchases as consumers worried about a wave of postal strikes affecting Christmas deliveries.

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Google parent firm Alphabet to cut 12,000 jobs worldwide

It is latest US tech company to announce sweeping job losses as global outlook weakens

Google’s parent company is to cut 12,000 jobs worldwide as it becomes the latest US tech major to cut staff.

Alphabet’s chief executive, Sundar Pichai, said the redundancies followed a “rigorous review” of the business. The cuts come days after Microsoft said it would cut 10,00 jobs, citing a post-pandemic shift in digital spending habits and weakness in the global economy.

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US heads for debt-ceiling standoff as House Republicans refuse to budge

Hard-right Republicans say no to ‘clean’ debt ceiling increase, raising dire possibility of US defaulting on financial obligations

The US economy could be headed for a crisis manufactured by a handful of House Republicans.

The treasury secretary, Janet Yellen, informed congressional leaders on Thursday that the US has hit its debt ceiling, which limits the amount of money that the government can borrow to pay all of its bills. Yellen urged Congress to work as quickly as possible to raise the debt ceiling and prevent the US from defaulting on any of its financial obligations, which would have catastrophic consequences.

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Lloyds and Halifax to close 40 bank branches in England and Wales

Full list of site closures, which will start in April and carry on through into June this year

Lloyds and Halifax have become the latest high street banks to announce a series of branch closures across England and Wales.

Lloyds Banking Group, which owns both banks, is to close 18 Halifax sites and 22 Lloyds branches, starting in April and through into June this year.

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Tory mayor condemns ‘broken begging bowl culture’ of Sunak’s levelling up policy – UK politics live

Latest updates: West Midlands mayor Andy Street says it should be for local decision-makers to determine where money is spent

Rishi Sunak has defended the distribution of levelling up funds, saying that the north of England has received more per head than the south.

Speaking on a visit to Accrington, in Lancashire, he said:

The region that has done the best in the amount of funding per person is the north. That’s why we’re here talking to you in Accrington market, these are the places that are benefiting from the funding.

If you look at the overall funding in the levelling-up funds that we’ve done, about two-thirds of all that funding has gone to the most deprived part of our country.

With regard to Catterick Garrison, the thing you need to know is that’s home to our largest army base and it’s home to actually thousands of serving personnel who are often away from their own families serving our country.

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RMT has received new pay offer from train operators, union says

Companies have made a ‘final offer’ to union including pay rise of 9% over two years

The RMT has received a fresh offer from train operators, the union said, raising hopes of a breakthrough in the long-running pay dispute.

Talks have been ongoing in London this week with the RMT and the Rail Delivery Group (RDG), representing train firms, as well as separately with Network Rail.

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JP Morgan chief says US should not be ‘playing games’ with debt ceiling

Jamie Dimon warns that US creditworthiness should be ‘sacrosanct’ as country’s debt races toward $31.4tn limit

The US should not be “playing games” with the debt ceiling, the JP Morgan chief executive, Jamie Dimon, warned warring US political factions on Thursday as a heated row over the federal borrowing limit reached a crisis point.

“We should never question the creditworthiness of the US government. That is sacrosanct and it should never happen,” Dimon said on Thursday in an interview on CNBC. “This is not something we should be playing games with at all.”

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UK energy bills to fall to about £2,200 from July as wholesale gas costs drop

Mild weather in Europe reduces gas demand but bills will remain higher than 2021 energy price cap

Annual energy bills are expected to fall to about £2,200 from July in a fillip for the government and households struggling with ballooning costs.

The energy consultancy Cornwall Insight has predicted that, excluding government subsidies, typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year.

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Brexit exodus helps drive record number in EU banks paid €1m-plus

Data shows UK banks losing well-paid staff, as Italy, France and Spain make up 70% of rise in EU top earners

A record 1,957 bankers across Europe earned more than €1m (£878,000) last year, according to data that shows the scale at which some of the best-paid jobs in Britain have moved from London to the EU since Brexit.

The European Banking Authority disclosed on Thursday that the number of bankers earning €1m or more a year had increased by more than 40%, from 1,383 in 2020 to 1,957 in 2021. Excluding UK figures, it is the highest number of €1m-plus European bankers since the EBA began collecting the data in 2010.

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News live updates: Australian leaders react to Jacinda Ardern’s shock resignation; Queensland braces for severe storms

Student debt cut for teachers who go rural; WA to ban display and possession of Nazi symbols. Follow the day’s news live

Growing impact of climate disasters on mental health revealed

In case you missed it, a new poll commissioned by the Climate Council shows that four in five Australians have experienced some form of natural disaster at least once since 2019.

This coal cap scheme will see NSW doing our part at the request of the Albanese government to contribute to the national solution of this national problem.

I know those currently providing coal for the local market will appreciate that companies enjoying super profits on the back of the war in Ukraine will now do their part for the domestic market.

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Microsoft to cut 10,000 jobs in March as tech firms, including Amazon, thin ranks

Sector reacts to post-pandemic shift in digital spending and gloomy economic outlook for 2023

Microsoft is cutting 10,000 jobs as it cited a post-pandemic shift in digital spending habits and weakness in the global economy.

The tech group joined a list of US peers making extensive job cuts, including Facebook owner Meta, Amazon, and business software-maker Salesforce, who have scaled back on workforce expansions stoked by a pandemic-related boom in demand for their services and products that have lost momentum.

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NSW to intervene in coal market to ‘even playing field’ among producers

Miners to be required to set aside up to 10% of production for domestic users, state energy minister Matt Kean says

New South Wales will require thermal coalminers reserve as much as 10% of their output for domestic coal-fired power stations and other users in a bid to share the burden more fairly among producers.

The move, announced on Thursday, is the latest government intervention in energy markets in a bid to limit price increases and avoid a repeat of last June’s supply shortages that helped trigger a suspension of the national electricity market.

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Indian diamond heiress gives up fortune to become child nun

Eight-year-old daughter of wealthy gem dealer follows family’s Jain faith to enter strict religious order

An eight-year-old girl in India who was due to inherit a multimillion-dollar diamond fortune has instead been admitted as a nun to a strict religious order after renouncing worldly pleasures.

Devanshi Sanghvi was, until this week, an heiress to the Sanghvi and Sons jewellery business in the western city of Surat, known locally as Diamond City for its prominence in the global gem trade.

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Rush for bags and scarves helps Burberry offset China Covid slump

British luxury goods firm reports 1% increase in global sales in last quarter of 2022

Burberry offset a plunge in Chinese sales of more than a fifth amid Covid disruption, thanks to the return of tourists to Europe who snapped up bags, scarves and trenchcoats in the run-up to Christmas.

The British luxury goods firm reported a 1% increase in global sales in the three months to the end of December, below its 2% target and sharply down compared with the 11% growth reported in the previous quarter.

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Aldi increases pay for UK warehouse workers for third time in a year

Supermarket’s rise to £13.18 on 1 February puts hourly minimum rate 20% ahead of January 2022

Aldi is increasing pay for UK warehouse workers for the third time in a year – with the hourly minimum rate now 20% ahead of last January.

The German-owned discounter, which is the UK’s fourth-largest supermarket chain, said pay would rise to £13.18 on 1 February, up 4% on the current minimum of £12.66, which was introduced in September.

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How will drop in inflation affect plans to raise UK interest rates?

Bank of England must proceed with caution as households are still cutting back and business confidence is weak

There is hope for households across Britain that inflation, finally, has peaked. After hitting a 41-year high of more than 11% in October as energy bills soared, the fall in the annual inflation rate in December for a second consecutive month will come as a relief.

However, prices remain high and are still rising fast. Lower inflation rates do not mean prices are falling for consumers; it is just that they are not rising quite as fast as a month ago. The cost of living crisis may be fading but it is very far from over.

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Where does the Britishvolt collapse leave UK’s dream of an electric future?

Britain’s car industry relies on petrol or diesel vehicles – and every failure to be part of the electric revolution makes it more exposed

The battery startup Britishvolt eyed a big opportunity. With the looming UK ban on sales of internal combustion engine cars after 2035, big demand for batteries was guaranteed. The problem was actually building the batteries.

The company’s efforts have now come to nothing. It collapsed into administration on Tuesday after funding talks failed, leaving a string of disappointed backers ranging from the FTSE 100 companies Glencore and Ashtead to the property investor Tritax, owned by investment group abrdn, which had committed to fund a battery “gigafactory” in Northumberland.

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Ryanair enjoys record January with 2m sales in a weekend for the first time

Airline to continue aggressive post-Covid expansion, offering 10% more seats in the UK this summer compared with 2022

Ryanair took record numbers of bookings in January, the budget airline has announced, passing 2m sales in a weekend for the first time.

Its chief executive, Michael O’Leary, said there was no sign of a slowdown in demand despite the economic uncertainty.

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Ukraine urges world leaders to intensify war efforts on first day at Davos

Kyiv officials ask allies at World Economic Forum to step up military supplies to defeat Russia

Ukraine has urged world leaders to intensify efforts to remove Vladimir Putin’s troops from its soil as the country’s war with Russia dominated the first full day of the gathering of the global elite in Davos.

With the war clouding the outlook for the global economy in 2023, Ukraine’s deputy prime minister, Yuliia Svyrydenko, urged the country’s allies to step up supplies of military hardware so that Russia could be more quickly defeated.

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