Category Archives: Business

Opposition demand funding for yes and no campaigns – as it happened

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The RBA board will meet tomorrow to make its decision about raising interest rates (which, if it does so, will be the 10th increase in a row). The board has said it won’t hesitate to raise interest rates again and again to get inflation down to its target band (between 2 and 3%), but the data shows whatever savings buffer some people had after the pandemic is diminishing.

David Pocock told ABC Breakfast TV it might be time to look at how we deal with inflation:

I mean, this is a big question. There’s so many Australians doing it tough. My understanding is that they are simply implementing the rules. I’d like to maybe see some discussion about the rules.

If – you know, to reduce inflation, is the best way just to give money to the banks? You know, there’s surely a better way of locking up some of the cash in the economy, whether it’s putting it into super, raising the GST, I don’t know – but to have politicians criticise what seems to be just the process that has been set up by politicians is one thing.

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How retrofitting the UK’s old buildings can generate an extra £35bn in new money

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Heritage and property groups outline plan to boost energy efficiency at historical sites to create jobs, cut emissions and meet net-zero targets

Retrofitting the UK’s historicsl buildings, from Georgian townhouses to the mills and factories that kickstarted the Industrial Revolution, could generate £35bn of economic output a year, create jobs and play a crucial role in achieving climate targets, research has found.

Improving the energy efficiency of historical properties – those built before 1919 – could reduce carbon emissions from the UK’s buildings by 5% each year and make older homes warmer and cheaper to run, according to a report commissioned by the National Trust, Historic England and leading property organisations.

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New Brexit trading rules could take more than two years to bed in fully

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No 10 says UK is giving firms in Northern Ireland time to prepare with phased introduction

The new Brexit trading arrangements in Rishi Sunak’s revised Northern Ireland protocol could take more than two years to be fully implemented, government sources have confirmed.

Businesses in Northern Ireland say they expect a mass educational campaign to be launched across the country by HMRC and other government departments to help them put the deal announced in Windsor last Monday into operation if it is approved by parliament.

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Cost of first class stamp to rise above £1 for first time, Royal Mail announces

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First class stamp £1.10 from April and second class 75p as firm predicts £450m operating loss

The cost of a first class stamp will rise to £1.10 early next month, Royal Mail has announced, breaking the £1 barrier for the first time.

The company said it would increase the price of a first class stamp by 15p from 3 April, a year after it went up by 10p to 95p. The price of a second class stamp is also going up, by 7p to 75p.

The secondary headline on an earlier version of this article gave the incorrect price for second class stamps. This has now been corrected.

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UK chip designer Arm chooses US-only listing in blow to Rishi Sunak

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PM had held talks with firm’s owner SoftBank in effort to make London first choice for tech flotations

The Cambridge-based chip designer Arm is to pursue a US-only listing this year, dealing a major blow to Rishi Sunak’s ambitions to make London the first choice for tech company flotations.

The company, which is owned by the Japanese conglomerate SoftBank, confirmed its preferred plan of seeking a US-only main listing later this year, spurning the UK despite heavy lobbying by successive prime ministers.

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Philippines oil tanker spill prompts fears for protected marine areas

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Authorities scramble to contain leak from sunken tanker that was carrying about 800,000 litres of oil

Authorities in the Philippines are scrambling to contain an oil leak from a sunken tanker that could threaten the rich biodiversity of more than 20 marine protected areas.

The MT Princess Empress, which was carrying a cargo of about 800,000 litres of industrial oil, sank on Tuesday off the coast of Naujan, Oriental Mindoro province, after it experienced problems with its engine and began to drift due to rough seas. A passing cargo ship rescued the 20 crew onboard.

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Leaked audio reveals US rail workers were told to skip inspections as Ohio crash prompts scrutiny to industry

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Exclusive: employee says manager told her to stop marking cars for repair, as Ohio derailment brings hard look at industry’s record of blocking safety rules

In leaked audio heard by the Guardian, a manager for one of the US’s largest rail companies can be heard explaining to a former carman that they should stop tagging railcars for broken bearings. The manager says doing so delays other cargo.

The disclosure comes as federal agencies investigate the derailment in East Palestine, Ohio. A wheel-bearing failure was cited as the cause of the crash in a preliminary report released by the National Transportation Safety Board.

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ECB looking out for price gouging as fears grow over ‘greedflation’

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Concerns that a big driver of price rises may be firms using inflation as excuse to increase profit margins

Fears that Europe’s companies are exploiting high inflation to increase their profit margins have prompted a warning from the European Central Bank that it is closely monitoring potential price gouging of consumers.

Policymakers have repeatedly called for wage restraint but concerns are mounting that a bigger driver of the wave of price rises may be companies using inflation as an excuse to increase profit margins, a trend unions have described as “greedflation”.

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Starbucks condemned for ‘intimidation’ of US union organizers

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Bernie Sanders moves to summon chief executive Howard Schultz to Senate committee to explain repeated anti-union violations

Starbucks is under fire over the company’s response to unionization efforts as senator Bernie Sanders threatens to call its chief executive before his committee on alleged labor violations and staff petition for it to end “intimidation” of organizers.

Sanders, chairman of the Senate health, education, labor and pensions (Help) committee, announced on Wednesday that the committee will be voting on whether to issue a subpoena to compel the Starbucks chief, Howard Schultz, to testify about Starbuck’s federal labor law violations, and to authorize a committee investigation into labor-law violations committed by major corporations.

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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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