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

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

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

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

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

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

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

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

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

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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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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