Category Archives: Business

Restaurant faces $1m fine for allegedly shortchanging young staff in Australia-first wage theft case

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Under Victoria’s wage theft laws the Macedon Lounge owner could be jailed if found guilty

A Victorian restaurant faces a potential fine of more than $1m and jail time for its owner, in an Australian-first wage theft case brought over allegations it underpaid workers by thousands of dollars.

The Wage Inspectorate Victoria has deployed the first criminal wage theft charges in Australia, filing a combined 94 against the Macedon Lounge, north-west of Melbourne, and its “officer”.

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‘There is a lot to do’: Bob Iger outlines vision for Disney as he returns as CEO

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Priorities will be creativity and profitability, a shift from a costly streaming services growth strategy pursued by predecessor

Returning Disney boss Bob Iger told employees that he will prioritize creativity and profitability at a staff meeting at the company’s Burbank headquarters on Monday – outlining a shift from a costly streaming services growth strategy pursued by his predecessor, who was dramatically ousted from the company eight days ago.

Iger, 71, held the top Disney job from 2005 to 2020. After a two-year break, he was reinstated after the company ousted Bob Chapek following an earnings report that showed the company lost close to $1.5bn in just three months on its streaming services platform.

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Covid’s still a big issue for China – and that’s trouble for global economy

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The economic outlook for China is not good however its leaders respond to anti-lockdown protests

For much of the world there has been hope for some time that the worst economic shocks from the Covid pandemic are in the rearview mirror. In China, however, there are important reminders that risks to the world economy still remain.

Three years since the virus first spread, protests in several Chinese cities against the Beijing government’s strict zero-Covid policies have reignited concerns in financial markets over the economic costs of the pandemic. Global oil prices have fallen back, while the Chinese yuan and stock markets across Asia have taken a hammering.

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Australia politics live: Dodson ‘taken aback’ by Nationals’ call on Indigenous voice but doesn’t see it as a setback

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Follow the day’s news live

Coalition is alienating young voters, PM says

Over on ABC radio Melbourne, Anthony Albanese has been asked what he thinks about the Victorian election and the lessons for the Liberal party.

One of the things that we’re seeing, I believe is an alienation from younger voters from the Coalition.

When you have a position where you have senior members of the Coalition [who] can’t say that climate change is real in spite of the floods and bushfires and all of the evidence of the heating of the planet that we’re seeing, let alone any time something is put up to take action on climate change. They dismiss it.

[It] depends where you work. There will be some businesses, for example, which refuse to bargain with their staff where they used to and their staff where they used to and the better-off-overall test became too complex. Getting rid of the red tape we got there will bring some of the businesses back to the table straight away.

Also, any businesses that are concerned, like ... that actually don’t want to be involved in multi-employer bargaining, the simple fix for them is for them to negotiate with their staff now.

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Amazon’s UK tax bill could rise by £29m amid business rates overhaul

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Hikes set to hit warehouses and online retailers hardest in 2023 as UK government addresses ‘brick v clicks’ tax gap

Amazon’s UK tax bill jump could jump by £29m next year as a result of changes to business rates that are scheduled to hit warehouses and online retailers the hardest.

The online retailer is likely to be among firms facing big tax rises following the chancellor’s autumn statement, according to analysis from the real estate adviser Altus Group.

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BT asks ministers to help pay for low-cost broadband for poorest customers

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Critics say telecoms firms such as BT – which made £1.9bn profit last year – can afford to keep customers on benefits connected

BT has warned that the telecoms industry cannot afford an estimated potential loss of up to £2bn annually providing low-cost broadband to millions of the UK’s most financially pressured households, but critics have said they have an obligation to do so.

Marc Allera, the chief executive of BT’s consumer division, which includes the mobile company EE, said the industry needed government support to help cover the ongoing cost of providing cheap tariffs, the same way households have been helped with energy bills.

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UK households have cut energy consumption by 10%, say suppliers

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E.ON reports up to 15% drop as Grant Shapps writes to firms customers cutting back on energy use should not face direct debit rise

Britons have cut their gas and electricity use by more than 10% since October in the first evidence of the impact of the energy crisis on household habits, according to two of Britain’s biggest suppliers.

E.ON, Britain’s second-largest supplier, and the owner of Utility Warehouse have reported “double-digit” declines in recent weeks.

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Company fires 2,700 workers while they were sleeping days before Thanksgiving

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Workers at Mississippi-based furniture company received text saying they were terminated right before midnight on 21 November

A Mississippi-based furniture company abruptly fired nearly 2,700 workers in the US just days before Thanksgiving, according to multiple reports.

Right before midnight on 21 November, thousands of workers – many of whom were asleep – received a text message from United Furniture Industries (UFI) saying that they were terminated effectively and were no longer allowed to return to work.

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UK rail passengers face new disruption in latest strike

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People urged to travel only if necessary as train drivers with Aslef at 11 rail operators take industrial action over pay

Passengers across Britain face another day of cancelled or disrupted rail services on Saturday as drivers for 11 train companies go on strike.

Train operators urged people to travel only if necessary and to check before setting out, with no trains or only a handful of services running on affected routes.

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Shares in UK’s top housebuilders fall as housing market cools

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Large estate agent chain’s profits also hit as interest rate rises and cost of living crisis put off potential buyers

Shares in one of the UK’s biggest estate agent chains and some of the largest British housebuilders fell on Friday, amid the latest warnings about the outlook for the housing market, as potential homebuyers are squeezed by rising interest rates and the cost of living crisis.

The share price of LSL Property Services, one of the UK’s largest estate agent chains, tumbled by as much as 11% after it warned on profits for the second half of the year and said conditions in the housing market had become more challenging than anticipated.

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Amazon warehouse workers stage Black Friday strikes and protests around world

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On one of firm’s biggest shopping days of year, employees demand better wages and conditions

Amazon warehouse workers in the UK and 40 other countries are to strike and stage protests timed to coincide with the Black Friday sales, one of the company’s biggest shopping days of the year.

Employees in dozens of countries, from Japan and Australia to India, the US and across Europe, are demanding better wages and conditions in a campaign called “Make Amazon Pay”.

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Nurses to strike for two days as December disruption deepens

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Royal College of Nursing announces unprecedented action, likely to to be first in a series of strikes by NHS staff over winter

The Royal College of Nursing (RCN) has announced its members will stage national strikes – the first in its 106-year history – on 15 and 20 December, with action expected to last for 12 hours on both days.

The unprecedented industrial action will seriously disrupt care and is likely to be the first in a series of strikes over the winter and into the spring by NHS staff, including junior doctors and ambulance workers.

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Sales boost for B&Q and Screwfix owner amid rush for energy-saving products

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Kingfisher says sales of loft insulation roll more than double while smart thermostats rose by nearly a third

The B&Q owner, Kingfisher, has reported higher sales as fears over higher gas and electricity costs boosted demand for energy-efficient products including insulation roll and smart thermostats.

The retail group, which also owns the hardware trade supplier Screwfix, said customers who invested in a raft of energy-saving DIY products helped increase group sales by 0.6% to £3.3bn in the three months to October. When stripping out the impact of the weaker pound, sales were up 1.7%.

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Annual UK energy bills would have hit £4,279 without emergency support, Ofgem says

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Regulator raises cap for start of 2023 by £730 but government limits typical bill to £3,000 from April

The energy regulator Ofgem has said its price cap will reach £4,279 from January – but households will be shielded by the government’s emergency intervention to keep a lid on bills.

Ofgem said the cap, which is adjusted every quarter, will increase by £730 for the three months from the start of next year. However, the government’s energy price guarantee (EPG) will limit typical household bills to £2,500. Analysts had expected the cap to sit at about £4,200.

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UK single parents skipping meals due to food price inflation, Which? finds

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Consumer body says one in three lone parents forced to miss meals or visit food banks to make ends meet

Close to a third of single parents have resorted to skipping meals to make ends meet because of rising food costs, according to research revealing the household types worst hit by the cost of living crisis.

Three in 10 single parent households surveyed said they had missed meals as a consequence of runaway food prices. That compared with one in seven parents in couples and an overall figure of 14% in the poll by the consumer group Which?

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EasyJet looks to over-45s in cabin crew recruitment drive

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Airline launches campaign targeting ‘empty nesters’ or people looking for challenge later in life

The airline easyJet has launched a recruitment drive urging people over the age of 45 to join its cabin crews, as firms devise new strategies for hiring staff in the UK amid a shortage of workers.

The airline said it has seen a 27% increase in crew aged 45 and over in the past four years, including a 30% increase in over-60s in the past year.

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Major funds exposed to companies allegedly engaged in Uyghur repression in China

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Report finds stock indexes provided by MSCI include companies using forced labour or constructing surveillance state in Xinjiang

Many of the world’s largest asset managers and state pension funds are passively investing in companies that have allegedly engaged in the repression of Uyghur Muslims in China, according to a new report.

The report, by UK-based group Hong Kong Watch and the Helena Kennedy Centre for International Justice at Sheffield Hallam University, found that three major stock indexes provided by MSCI include at least 13 companies that have allegedly used forced labour or been involved in the construction of the surveillance state in China’s Xinjiang region.

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Gene therapy at $3.5m a dose approved for US adults with hemophilia B

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Hemgenix frees patients from repeated treatments but initial cost makes it most expensive medicine in the world

US drug regulators have approved a one-off gene-therapy treatment for adults with the genetic blood disorder hemophilia B that frees patients from repeated treatments but costs $3.5m a dose, making it the most expensive medicine in the world.

The US Food and Drug Administration (FDA) approved CSL Behring’s hemophilia B gene therapy Hemgenix on Tuesday. It cuts the number of bleeding events expected over the course of a year by over half, a study found, and reduces 94% of patients from the need for regular infusions to control the condition.

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Royal Mail workers to go ahead with strikes before Christmas after rejecting pay offer

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CWU members to strike on dates around Black Friday and Christmas after spurning ‘final’ pay offer up to 9%

Strikes by postal workers around Black Friday and in the run-up to Christmas are to go ahead after their union rejected a pay offer that Royal Mail said was final.

Members of the Communication Workers Union (CWU) will strike for 48 hours on Thursday and Friday and on 30 November and 1 December, and will also carry out single days of action on 9, 11, 14, 15 and 23 December and on Christmas Eve.

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Founder of failed crypto exchange FTX apologises to ex-employees

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Sam Bankman-Fried continues to say firm’s downfall can be solely explained by misplaced $8bn

The founder of the failed crypto exchange FTX has written to its former employees apologising for his role in its collapse and continuing to insist its downfall can be solely explained by a misplaced $8bn (£6.7bn).

In the letter, first published by the industry news site CoinDesk, Sam Bankman-Fried wrote: “I deeply regret my oversight failure. In retrospect, I wish that we had done many many things differently … I’m going to do what I can to make it up to you guys – and to the customers – even if that takes the rest of my life.”

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