Category Archives: Business

Tory-linked lobbying firm agreed to help swing DRC election, leak suggests

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Exclusive: CT Group, co-owned by Lynton Crosby, planned secretive African campaign on behalf of Canadian mining giant

A lobbying firm with deep ties to the Conservative party planned a secretive campaign to influence elections in the Democratic Republic of the Congo in exchange for millions of pounds from a mining company.

Leaked documents suggest the influential firm co-owned by the veteran Tory strategist Sir Lynton Crosby agreed to help the mining company swing a presidential election in the central African country.

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Proposed work-from-home tax changes would mean lower deductions or more paperwork

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If adopted, Australian Tax Office draft guidelines would cut 80c flat rate to 67c and affect tax returns from next July

People working from home would lose hundreds of dollars in tax deductions if new draft guidelines released by the Australian Tax Office are adopted.

Under the proposed changes, those working from home would not be able to claim expenses such as internet, electricity and mobile separately using the popular shortcut method, which sets out a flat rate for hours worked at home, rather than calculating the actual costs.

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Insurance firms must lower premiums as government funds disaster prevention, minister says

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Murray Watt says Canberra is funding disaster mitigation infrastructure and ‘expects the insurance industry to fulfil its end of the bargain’

Insurance companies need to reduce premiums for customers in disaster-prone regions now the federal government is investing heavily in infrastructure to minimise loss during extreme weather, the emergency management minister, Murray Watt, says.

Ahead of confirming funding on Friday for 34 new mitigation projects to reduce the impact of coastal erosion accelerated by the climate crisis, Watt used an insurance industry conference to put the sector on notice.

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Fed announces sixth consecutive hike in US interest rates to fight inflation

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Fed officials have now imposed the sharpest increases in interest rates since the 1980s, as the cost of living crisis batters consumers

The Federal Reserve stepped up its fight against a 40-year high in US inflation on Wednesday, announcing its fourth consecutive three-quarters of a percentage point hike in interest rates but signaling the pace of increases may soon slow.

With the cost of living crisis battering consumers and Joe Biden’s political fortunes, Fed officials have now imposed six rate rises in a row, the sharpest increases in interest rates since the 1980s, when inflation touched 14% and rates rose to nearly 20%.

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TikTok tells European users its staff in China get access to their data

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Privacy policy update confirms data of continent’s users available to range of TikTok bases including in Brazil, Israel and US

TikTok is spelling out to its European users that their data can be accessed by employees outside the continent, including in China, amid political and regulatory concerns about Chinese access to user information on the platform.

The Chinese-owned social video app is updating its privacy policy to confirm that staff in countries, including China, are allowed to access user data to ensure their experience of the platform is “consistent, enjoyable and safe”.

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Supply fears as China lockdown hits world’s largest iPhone factory

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Foxconn plant in Zhengzhou, from which many workers have fled, now under seven-day Covid lockdown

Chinese authorities have announced a seven-day coronavirus lockdown in the area around the world’s largest iPhone factory, stoking concern that production will be severely curtailed ahead of the Christmas period.

Foxconn’s plant in Zhengzhou, which employs about 200,000 people, produces the majority of Apple’s new phones, including the new iPhone 14.

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Banned Twitter accounts will not be reinstated until after US midterms

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Elon Musk says setting up process over those barred, including Donald Trump, will take ‘at least a few more weeks’

Banned Twitter accounts including Donald Trump’s will not be reinstated until after the US midterm elections at least, the platform’s new owner, Elon Musk, has said.

The Tesla chief executive’s statement came as a study revealed that Twitter had taken down six disinformation networks on the platform linked to China and Iran that had been tweeting about the 8 November elections.

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UK food prices soar by fastest rate on record as cost of living crisis bites

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Rise of 11.6% in October from 10.6% a month earlier comes as milk, teabags and sugar become more expensive

Food prices in the UK soared by 11.6% in October – the fastest rate on record – as staples such as teabags, milk and sugar became more expensive along with fresh food, data shows.

Annual food inflation rose from 10.6% in September, the latest monthly report from the British Retail Consortium and the data firm Nielsen showed.

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Labour in bid to avert Northern Ireland power cuts as result of Brexit legislation

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Exclusive: Peter Hain to table amendment in House of Lords to protect single energy market

A Labour peer is launching a bid to avert a fresh energy crisis with potential power cuts and drastic electricity price rises in Northern Ireland as a result of proposed Brexit legislation.

The former Northern Ireland secretary Peter Hain will table an amendment to the Northern Ireland protocol bill in the House of Lords on Wednesday to protect the so-called single energy market (SEM), which allows power to be traded with the island of Ireland as one economic unit.

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Crowds gather for national Cassius Turvey vigils – as it happened

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Budget forecast doesn’t predict wage price spiral: finance minister

The Reserve Bank says it wants to avoid a wage price spiral. Does Gallagher think the government’s policies are risking that?

The bank obviously will keep looking at that … we’re not seeing that, the budget in its forecast doesn’t predict that.

Looking at the regulatory arrangements is our first inclination. That work is under way, I can’t give you a timeframe on the completion of that.

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Germany calls for ‘precautionary pause’ before deep-sea mining industry starts

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Berlin urges International Seabed Authority to prioritise nature as it debates rules and warns seabed mining may ‘destroy ecosystems’

Germany has called for a pause in the controversial deep-sea mining industry, saying not enough is known about the likely impacts of digging up the ocean floor for metals.

While other nations, including Spain and New Zealand, have previously called for a temporary halt to any exploitation of deep-sea metals, Germany, the world’s fourth biggest economy, is the most significant nation to voice its opposition to date. The country holds two of the 22 licences for exploration of the seabed.

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Ocado shares soar as it signs deal with South Korean retailer

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Online grocer to build robotic warehouses for Lotte Shopping in boost after slowing sales

The online grocer Ocado has struck a deal to build robotic warehouses for a South Korean retailer, sending its share price rocketing.

Under the deal with Lotte Shopping, Ocado will also provide technology for online grocery orders from Lotte’s stores. Financial details of the partnership were not disclosed.

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China iPhone factory quadruples bonuses to workers amid anger over Covid curbs

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Apple supplier Foxconn raises daily bonuses to $55 to ease discontent after strict Covid measures prompted some workers to flee the site

Apple supplier Foxconn said it has quadrupled bonuses on offer for workers at its Zhengzhou plant in central China as it seeks to quell discontent over Covid curbs and retain staff at the giant iPhone manufacturing site.

Daily bonuses for employees, who are part of a Foxconn unit responsible for making electronics including smartphones at the site, have been raised to 400 yuan ($55) a day for November from 100 yuan, according to the official WeChat account of Foxconn’s Zhengzhou plant.

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Biden accuses oil companies of ‘war profiteering’ and threatens windfall tax

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A week out from US midterm elections, president pleads with energy firms to invest profits in lowering costs for American consumers

President Joe Biden has accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax if companies don’t boost domestic production.

In remarks on Monday, just over a week away from the 8 November midterm elections, Biden criticised major oil companies for making record profits while refusing to help lower prices at the pump for American people. The president said he would look to Congress to levy tax penalties on oil companies if they don’t begin to invest some of their profits in lowering costs for American consumers.

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Australian EV conversion startup merges with UK firm to turn classic cars electric

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Merged Australian-UK firm will convert Porsche 911s, Mini Coopers, Land Rovers and Land Rover Defenders into EVs

An Australian startup adding modern technology to classic Land Rovers will become part of one of the biggest electric vehicle conversion companies in the world this week after merging with a British firm.

Melbourne-based Jaunt Motors will partner with Zero EV to create Fellten, which will operate across Australia, the UK and North America.

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UK-backed battery firm Britishvolt considers entering administration

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Company struggling to find investors willing to fund effort to build giant £3.8bn ‘gigafactory’ in north-east

The UK government-backed battery startup Britishvolt is on the brink of entering administration with the potential loss of almost 300 jobs, after it struggled to find investors willing to fund its effort to build a giant £3.8bn “gigafactory” in north-east England.

The company had considered an administration as early as Monday, two sources with knowledge of Britishvolt’s operations told the Guardian. Britishvolt has lined up the accountancy firm EY to carry out the administration if it goes ahead.

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After a UPS worker’s suicide, employees disclose ‘tragic’ conditions at largest facility

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Revealed: UPS workers tell the Guardian that intense quota pressures, injuries, an unclean and unsafe environment and understaffing take a heavy toll

The article includes details surrounding a suicide.

The gargantuan UPS Worldport is the largest automated packaging sorting facility in the world. Covering 5.2m sq ft in Louisville, Kentucky, with 70 aircraft docks and 155 miles of conveyor belts, the site is larger than the Mall of America, employs about 11,000 workers and is capable of handling 115 packages a second.

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Visitors trapped in Shanghai’s Disney resort after lockdown announced

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Videos appear to show guests rushing to locked gates as strict Covid restrictions return across China

Visitors to Shanghai’s Disney resort were trapped inside for the second time in 12 months after authorities and operators announced a sudden lockdown as part of China’s strict pandemic response.

In a repeat of scenes from across Covid-zero China, viral videos on Monday appeared to show guests rushing to the locked gates of the theme park in an attempt to escape the lockdown. It followed extraordinary scenes on the weekend, with a mass escape of employees from a locked-down Foxconn factory in Zhengzhou, to walk up to hundreds of kilometres to their hometowns.

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UK government’s £400 energy bill support going unclaimed

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Many households who use non-smart prepayment meters are failing to redeem vouchers, says PayPoint

Government energy bill support worth as much as £400 over the winter is not reaching many households who use prepayment meters, according to data from a payments company.

Households with prepayment energy meters are entitled to vouchers giving them monthly discounts, but only half of the expected number have been used so far, according to PayPoint, which handles top-up payments in shops across the UK.

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More than a third of UK hospitality firms ‘could go bust by next year’

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Pubs, restaurants and hotels threatened by energy bills and food price inflation, survey finds

More than a third of UK hospitality businesses, including pubs, restaurants and hotels, could go bust by early next year as energy bills surge and bookings fall, according to a new survey.

With nearly all businesses saying they face higher energy costs and food price inflation, 35% of respondents to a quarterly hospitality industry survey said they expected to be operating at a loss or to be unable to continue trading by the end of the year.

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