Queensland government clears way for controversial New Acland coalmine expansion

Stage three of New Hope Group’s open-cut mine granted a water licence, allowing work to proceed

Work can begin on the expansion of the controversial New Acland thermal coalmine after the Queensland government granted a water licence for the project.

Stage three of New Hope Group’s open-cut mine was on Thursday granted a water licence, clearing the final hurdle for work to start.

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Biden implores US oil companies to pass on record profits to consumers

President announces release of 15m barrels of oil from strategic reserve as he fights to keep gas prices in check before midterms

Joe Biden has called on oil companies to pass on their massive profits to consumers as he announced the release of 15m barrels of oil from the US strategic petroleum reserve.

Biden is fighting to keep gas prices in check ahead of November’s midterms. He blamed Vladimir Putin’s invasion of Ukraine for the global spike in oil prices and said his administration was doing all it could to keep prices in check.

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Hong Kong launches $3.8bn fund to attract foreign businesses back

Chief executive says territory will ‘trawl world for talent’ after lockdowns and political unrest cause brain drain

Hong Kong has unveiled a HK$30bn ($3.8bn) co-investment fund to attract overseas businesses back to the city after an exodus of talent prompted by strict lockdowns and a tumultuous political climate.

A raft of measures to address the brain drain were announced by Hong Kong’s chief executive, John Lee, in his first policy address on Wednesday – although his plans have largely failed to reassure investors.

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Netflix reverses subscriber decline with help from Stranger Things and Dahmer

Streaming service adds 2.4m subscribers in past three months to comfortably beat forecasts after ‘challenging’ first half of year

Netflix added 2.4m new subscribers in the last three months, more than twice what had been expected and reversing back-to-back quarters of decline, the company announced on Tuesday.

The streaming company had been expected to add 1m new subscribers over the latest quarter, which included the release of hit shows including the latest series of Stranger Things, Sandman and Dahmer – Monster: The Jeffrey Dahmer Story.

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French cement firm admits paying IS nearly $6m to keep Syrian plant open

Lafarge agrees to $778m fine after pleaded guilty in US trial to conspiring to provide material support to a terrorist organisation

The French cement company Lafarge pleaded guilty on Tuesday to paying millions of dollars to the Islamic State group in exchange for permission to keep open a plant in Syria, in a case the US justice department called the first of its kind. The company also agreed to penalties totalling about $778m (£688m).

Prosecutors accused Lafarge of turning a blind eye to the conduct of the militant group, making payments to it in 2013 and 2014 as IS occupied a broad swath of Syria and as some of its members were involved in torturing or beheading kidnapped westerners. The company’s actions occurred before it merged with a Swiss company Holcim, to form the world’s largest cement-making business.

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THG shares rise after SoftBank sells stake to Moulding and Qatar

Founder of online shopping group cements control as Japanese firm offloads its holding at £450m loss

THG shares have jumped on the news that Japan’s SoftBank will sell its stake in the troubled British online shopping group to its co-founder Matthew Moulding and Qatar’s sovereign wealth fund.

The move has cemented Moulding’s control of THG, formerly known as The Hut Group, which owns a range of internet health and beauty retailers, and ended speculation about SoftBank’s disastrous investment.

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UK housebuilder Bellway expects sluggish sales as interest rates rise

Company warns that next 12 months will be tougher, with economy likely to go into recession

The UK housebuilder Bellway has said demand for houses has moderated since the summer and it expects the number of sales to be roughly flat over the next year against a backdrop of rising interest rates and a deteriorating economy.

The company completed a record 11,198 homes in the year to 31 July, up 10.5% on the previous year, as a booming housing market drove £3.5bn of revenues, up 13% and also a record.

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Jeremy Hunt to detail mini-budget U-turn to MPs after Penny Mordaunt insists PM had ‘genuine reason’ for missing Commons question – live

Latest updates: chancellor to make statement after leader of Commons denied PM was hiding under a desk

Judging by what Conservative MPs have been telling journalists in private over the last few days, the consensus (but not unanimous) view among Tories seems to be that Liz Truss will have to be replaced as party leader before the next election. But very few MPs are saying that in public, and Sky’s Tom Larkin, who is running a spreadsheet of Tories calling for Truss’s resignation, has only got three names on it.

Damian Green, the former first secretary of state, was on the Today programme and you would expect him to be on the Larkin list. He is chair of the One Nation Conservatives caucus, the group most horrified by Truss’s experiment with hardline free market ideology. But he insisted that Truss did have the credibility to carry on as PM, despite the fact she is abandoning most of the key tax policies at the heart of her leadership campaign. He explained:

She is a pragmatist - she’s realised that the first budget didn’t work in spectacular fashion, so she’s now taken the sensible view that we will now try something else, and she’s appointed a very sensible chancellor in Jeremy Hunt.

I obviously don’t know what he’s going to say, but clearly what he’s going to do is already beginning to reassure the markets, and I hope will continue to do so afterwards.

Yes, because if she leads us into the next election, that will mean that the next two years have been a lot more successful than the past four weeks have been. That would not only be good for the Conservative party, that would be particularly good for the country as well, so I think everyone would welcome that.

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BAE Systems in middle of dogfight between Saudis and Biden over oil

As the row between the US president and the Gulf kingdom over increasing oil production escalates, the UK arms industry giant may have to choose which of its two lucrative customers to side with

The UK has long had an awkward relationship with Saudi Arabia, but that unholy alliance now faces a stern test. After Joe Biden reacted angrily to the Opec+ decision to cut oil production, workers at BAE Systems’ fighter jet factory at Warton, on the banks of the Ribble in Lancashire, will have an eye on the fallout from the oil cartel’s decision.

The US president had hoped to persuade the world’s largest oil producer to ramp up production in order to lower oil prices, which have fed into surging inflation and fears over a global recession. Biden had been cultivating relations with Saudi Arabia’s de facto ruler, Mohammed bin Salman, illustrated by a fist bump in Jeddah in July. But despite all that, Prince Mohammed defied Biden, with Opec+ opting for a cut in output, a move that was seen as siding with fellow cartel member Russia, helping prop up its arms revenues.

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Woolworths says 2.2 million MyDeal customers’ details exposed in data breach

MyDeal chief executive apologises and says incident is being investigated

Millions of customers’ details have been exposed in a major data breach at an online shopping site owned by the retail giant Woolworths.

The company says a compromised user credential was used to get access to customer information from the MyDeal website.

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Australian fuel prices likely to rise as Opec+ countries cut oil production to ‘squeeze the market’

Cuts by world’s biggest petrol producers will work against other governments’ efforts to tame inflation by releasing fuel stocks

Australian motorists could be hit by higher petrol prices as the world’s largest oil exporting nations cut production, analysts say.

The Australian government reinstated the full fuel excise tax in September after the Morrison Coalition government introduced a temporary, six-month cut to lower the cost of fuel at a time of rising inflation.

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Broadband customers face up to 14% hike in bills, warns Which?

BT customers face £113 rise as providers such as EE and TalkTalk prepare controversial ‘inflation-plus’ mechanism

Broadband bills could surge by as much as £113 next year if a number of the UK’s biggest telecoms firms push ahead with inflation-busting price increases next spring, says consumer watchdog Which?

Many of the country’s main internet providers – including the largest player BT, along with TalkTalk, EE, Plusnet and Vodafone – use a mechanism to increase the cost of bills annually by the rate of inflation as measured by the consumer prices index (CPI) in January, plus 3.9%.

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Five million UK families ‘face mortgage rising by £5,100 a year by end of 2024’

Increase adds up to a £26bn rise for homeowners, says Resolution Foundation thinktank

More than five million families could see their annual mortgage payments rise by an average of £5,100 between now and the end of 2024, heaping fresh pain on households already struggling with higher food and energy bills.

The increase adds up to a £26bn mortgage rise for homeowners, according to the analysis by the Resolution Foundation thinktank which said nearly a fifth of British households would have to spend more on their housing costs by the end of 2024.

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Kwasi Kwarteng reportedly believes Liz Truss ‘only has a few weeks’ – as it happened

Source close to sacked chancellor briefs Times that ‘wagons are still going to circle’ around embattled prime minsiter

The Conservative peer, Ed Vaizey, said he disagreed with the international trade secretary, Greg Hands, who earlier said Kwasi Kwarteng’s early return is not unusual. “It is quite unusual for this to happen,” he said.

Speaking to Sky News, Vaizey said the chancellor cutting his trip to the US short is “not a good sign”. He said:

I’m afraid the chancellor coming back a day early doesn’t fill one with confidence.

The fact that people were speculating about the prime minister’s leadership this early in her premiership is not ideal, but I think he’s just got to bite the bullet. He’s got to try to give the markets confidence in the British economy.

If he can do that then perhaps he can say: ‘Well, I had to do some difficult choices, slightly humiliating choices, but the result is stabilisation and I can move forward.’

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‘Lipstick effect’: Britons turn to small luxuries in cost of living crisis

Strong demand for beauty products such as eyeliners and mascaras, as chocolate and coffee also sell well

The shadow cast by the cost of living crisis has spurred a retreat into small luxuries with Britons cheering themselves up with mood boosters such as luxury lip balms and false nails as well as chocolate and coffee.

The lipstick index, coined by Estée Lauder’s Leonard Lauder, is the idea that sales of affordable luxuries rise in economic downturns. This spending behaviour has been true during previous downturns and the same picture is emerging again as consumers battle severe financial headwinds.

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Labor announces boost in taxpayer-funded paid parental leave to 26 weeks by 2026

Leave is set to increase by two weeks a year from the present scheme of 18 weeks at minimum wage and can be split between partners

Commonwealth-funded paid parental leave will be increased to six months over the next four years with the Albanese government hailing the boost as the biggest change to the program since its inception.

In a pre-budget announcement, Labor said that from 2024 the government would add two weeks of paid parental leave (PPL) to the scheme each year until it reaches 26 weeks by 2026. The six months could be split between the parents of a newborn.

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Why global investors are piling into the UK’s luxury care home sector

With people aged 65 and over controlling 51% of Britain’s wealth, the logic for investors is simple

Canadian owners of care homes avoided UK taxes, researchers claim

With a spa, cinema and wood-panelled hall, Reigate Grange in Surrey, where Ann King was abused, is part of a growing trend for luxury care homes. Fuelled by global investors’ desire to capitalise on older people’s property wealth, luxury care applies a cruise-ship sheen to the grittier reality of dementia and the end of life.

The logic for investors is simple. People aged 65 and over in the UK now control 51% of Britain’s wealth, up from 42% in 2008, the year of the financial crash, according to the Resolution Foundation. A large minority of older people can afford £100,000-a-year care home fees because they have houses worth far more that they no longer need. A person in a £1m home who survives for the typical two years of a care home resident would still leave £800,000 in their will.

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Another U-turn looms – how much will it save and what else could the chancellor ditch?

Corporation tax plans likely to be latest to be dropped – bad news for Kwarteng’s credibility, but good for his balance sheet

Liz Truss is on the verge of reversing one of the last major pillars of her chancellor’s disastrous September mini-budget.

While Kwasi Kwarteng mingles with finance ministers at the International Monetary Fund gathering in Washington DC, discussions are taking place in London that would see the promise to freeze corporation tax rates binned. There is also speculation about dropping smaller measures including a more generous tax treatment of share dividends. These U-turns would come hard on the heels of the humiliating climbdown on Kwarteng’s promise to scrap the 45p top rate of tax.

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US-Saudi rift grows over decision to cut oil production

Washington has accused Saudi Arabia of coercing other Opec+ members into 2m-barrel-a-day reduction

The relationship between the US and Saudi Arabia continued to worsen on Thursday as the two countries traded barbs over the decision to cut oil production, with Washington accusing Riyadh of coercing other members of the Opec+ cartel, and Riyadh suggesting the Biden administration tried to get the decision delayed by a month.

In reaction to Joe Biden’s declared intention to reevaluate the US relationship with Riyadh, the Saudi foreign ministry issued an unusually long statement rejecting “attempts to distort the facts” about the kingdom’s motives for pushing for a 2m-barrel-a-day cut to Opec+ production.

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For the love of cars: will steep gas prices stall Democrats’ midterm hopes?

Economy in focus: America has a love affair with cars – but soaring prices are causing a rift. In the midwest, Adam Gabbatt asks voters what they think

The Henry Ford museum, in Dearborn, Michigan, is a tribute to America’s obsession with the motor vehicle.

The sprawling complex, set across 12 acres, is home to early examples of the Ford Model T, the mass-produced, affordable vehicle that set the US on the path of a car-dominant culture, as well as other era-defining vehicles right up to today.

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