Democrats issue fresh ultimatum to Saudi Arabia over oil production

Members of Congress raise prospect of one-year arms sales ban unless kingdom reverses Opec+ decision to cut output

Democrats in the US Congress have issued a fresh ultimatum to Saudi Arabia, giving the kingdom weeks to reverse an Opec+ decision to roll back oil production or face a potential one-year freeze on all arms sales.

The threat came as Joe Biden reiterated his pledge to take action over Riyadh’s decision last week to cut oil output by 2m barrels a day, which Democrats have said would help “fuel Vladimir Putin’s war machine” and hurt American consumers at the petrol pump.

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UK’s 13-year housing market boom to end in 2023, surveyors predict

RICS report says rise in repossessions will add to supply while soaring interest rates price buyers out of market

Homeowners will struggle to make mortgage repayments and repossessions will rise next year as soaring interest rates and falling prices mark the end of the UK’s 13-year housing market boom, according to a sobering report from the Royal Institution of Chartered Surveyors (RICS).

The number of inquiries from potential homebuyers fell for a fifth month in a row in September, while sales fell to the lowest level since May 2020 when the housing market all but ground to a halt during the early stages of the coronavirus pandemic, it said.

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Oil pipeline to Germany partly shut after leak found in Poland

Cause of leak in Druzhba line, which supplies oil from Russia, not yet known, says operator

The Druzhba oil pipeline linking Russia and Germany has been partly shut after a leak was discovered in Poland, the Polish operator Pern said on Wednesday.

“The cause of the incident is not known for the moment. Pumping in the affected line was immediately stopped. Line 2 of the pipeline is functioning normally,” the operator said.

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Youpla collapse: ACCC warns funeral directors against ripping off victims

Australian Competition and Consumer Commission says people should not reveal to funeral providers they are eligible for payments from government scheme

The consumer watchdog has warned funeral directors against ripping off victims of the Youpla collapse by increasing the prices it charges to people who are eligible for payments from a government scheme.

People who are eligible for a payment from the scheme shouldn’t reveal this to funeral services providers while negotiating a quote, the Australian Competition and Consumer Commission said on Wednesday.

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Lidia Thorpe to lodge press council complaint over voice report; attorney general says pursuit of Assange has ‘gone on long enough’ – as it happened

Mark Dreyfus says most anti-corruption hearings will be private and only public in exceptional circumstances. This blog is now closed

US security expert says chances of Putin using nuclear weapon are “small”

During his visit to Canberra, the chief executive of the Washington-based thinktank the Center for a New American Security, Richard Fontaine, weighed in on the US president, Joe Biden’s recent comments that the world could face “Armageddon” if Russia’s Vladimir Putin uses a tactical nuclear weapon to try to win the war in Ukraine.

I seriously doubt that anybody handed the president a set of written talking points that had the word Armageddon on it. On the other hand, there is very grave concern about the rattling of the nuclear sabre, because the chances, I think, of Russia using even a tactical nuclear weapon are small, but they’re higher than they were. And they’re probably higher than any time since 1962 with the [Cuban] missile crisis.

The use of nuclear weapons is one of these low probability, extremely high consequence events. So even if the probability is relatively small, the consequences would be so grave. If they were to do this, we would wake up in a different world the next day.

Yes, absolutely. Every country really has a dog in this fight, because what we’re talking about here is a violation of the fundamental rules of international order, the cardinal element of which is the prohibition against territorial conquest by force. And that’s exactly what we’re seeing here.

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UK trade regulators struggling to cope due to poor Brexit planning, MPs say

Commons committee warns there are still shortages of staff to deal with UK’s new status as a third country

UK regulators are struggling to cope with the post-Brexit trading environment because of “poor preparation and planning”, a House of Commons committee investigation has found.

Almost two years after the UK quit the EU, there are still shortages of vets, toxicologists, lawyers and economists to deal with the UK’s new status as a “third country”, found the public accounts committee report, Regulating After EU Exit.

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Power giants to face windfall tax after all as Liz Truss delivers U-turn

Prime minister accused of ‘another screeching U-turn’ having previously rejected calls to impose levy

Renewable power companies will have their revenues capped in England and Wales, after the government bowed to pressure to clamp down on runaway profits.

The announcement late on Tuesday night provoked immediate accusations that Downing Street had performed “another screeching U-turn” – having previously rejected calls to impose a windfall tax on power giants.

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The Bank of England’s lifeboat is in choppy waters with its bond buying

Pensions hedging crisis shows how the City never seems equipped to handle the next big financial hazard

Pension funds have found themselves embroiled in a byzantine world of exotic financial trading that many of them appear to have badly misunderstood.

On Tuesday, a third rescue mission in little more than a fortnight was announced by the Bank of England, which is reprising its role in the 2008 financial crisis as the City’s lifeboat.

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Pound falls sharply against dollar after Bank confirms bond-buying end date

Sterling falls more than a cent to below $1.10 after Andrew Bailey tells pension firms they have ‘got to get this done’

The pound has fallen sharply against the dollar after Andrew Bailey warned the Bank of England would not extend its emergency intervention in financial markets beyond this week, after the turmoil sparked by the government’s mini-budget.

Sterling skidded by more than a cent against the dollar to below $1.10 after the Bank’s governor insisted the £65bn scheme to purchase UK government bonds would not be continued beyond the deadline on Friday.

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Saudi Arabia will face ‘consequences’, says Biden, amid anger at cuts in oil output

Moves by Opec+ to reduce production seen as siding with Putin over the US just as midterms loom

Joe Biden said there “will be consequences” for Saudi Arabia after its decision last week to side with Vladimir Putin and cut oil production.

“There’s going to be some consequences for what they’ve done, with Russia,” the US president said in an interview on CNN. “I’m not going to get into what I’d consider and what I have in mind. But there will be – there will be consequences.”

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Starmer’s chief of staff to leave job as Labour leader unveils major party shake-up – UK politics live

Latest updates: Labour leader hoping to put party on war footing ahead of next election

In the supreme court Dorothy Bain KC, the lord advocate, the Scottish government’s most senior law officer, is now setting out her case.

Here is the 50-page submission to the court setting our her case that was released in July.

Despite the political context of this reference, the questions the court has to decide are limited to technical questions of law. The court will decide them by applying legal principles.

The court will require time after the hearing to prepare its judgement. The hearing is the tip of the iceberg. We also have more than 8000 pages of written material to consider.

Therefore, as usual, is likely to be some months before we get our judgement.

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Pret a Manger raises pay for second time in a year amid staff shortages

Sandwich shop chain to increase pay by 5% for most cafe workers, with higher rates for baristas

Pret a Manger is investing £10m in raising pay, announcing its third rise in 13 months to a minimum of £10.30 an hour, as hospitality and retail businesses compete to attract workers during the busy run-up to Christmas.

The sandwich shop chain, which has more than 400 outlets in the UK, said it was increasing pay by 5% or 50p an hour for most cafe workers from 1 December. Pay for skilled baristas, who are particularly in short supply, will rise from a minimum of £10.30 to £10.85 – an extra 5p.

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Almost 200,000 robodebt cases to be wiped as Albanese government condemns ‘shameful’ scheme

Amanda Rishworth cites need for a welfare system that is ‘not punitive’ as she confirms reviews will be scrapped

Nearly 200,000 Australians will have their robodebt reviews wiped as the federal government scraps investigations that were put on hold for three years under the unlawful welfare scheme.

About 124,000 people were told they were under review for social security payments they had received, while 73,000 were never informed they were being assessed for potential debts under the data-matching program.

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Kwasi Kwarteng’s secret meetings with Saudi oil firms revealed

Exclusive: Meetings while in Saudi Arabia undisclosed due to ‘administrative oversight’, says business department

The chancellor, Kwasi Kwarteng, held undisclosed meetings with senior executives of Saudi Arabian firms when he was the business secretary, documents acquired by the Guardian show.

The meetings occurred in January, when Kwarteng visited the kingdom for a two-day trip under his previous ministerial role.

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US railroad union rejects contract with employers, raising strike concerns

The third-largest maintenance workers’ union opposed the deal, saying concerns over paid time off remained unaddressed

The US’s third-largest railroad union rejected a deal with employers Monday, renewing the possibility of a strike that could cripple the economy. Both sides will return to the bargaining table before that happens.

Over half of track maintenance workers represented by the Brotherhood of Maintenance of Way Employees Division who voted opposed the five-year contract, which contained 24% raises and $5,000 in bonuses. Union President Tony Cardwell said the railroads didn’t do enough to address the lack of paid time off – particularly sick time – and working conditions after the major railroads eliminated nearly one-third of their jobs over the past six years.

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Truss overrules Kwarteng Treasury pick in bid to calm markets

Veteran official gets permanent secretary role instead of reformer as fiscal plan is brought forward by three weeks

Liz Truss has overruled Kwasi Kwarteng’s top appointment at the Treasury and handed the role to a veteran Treasury official, one of a series of moves designed to calm markets and backbenchers.

It was also announced that the chancellor will set out plans to shore up the public finances three weeks earlier than planned and publish long-awaited forecasts by the Office for Budget Responsibility at the same time.

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Half of poorest countries have cut health spending despite Covid, says Oxfam

Analysis of budgets finds rich nations, including UK, ‘exacerbated explosion of economic inequality’

Many of the world’s poorest countries have cut health spending during the last two years, sometimes to make debt repayments to rich creditors, according to a report by Oxfam that shows inequality between rich and poor nations worsening during the coronavirus pandemic.

Analysis of national budgets across 161 nations found that despite the biggest global health emergency in a century, half of low- and lower-middle-income countries cut health spending, while almost half cut their welfare budgets and almost three-quarters cut education spending.

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Rise in UK borrowers falling behind on mortgage payments, says Santander

Boss says bank is putting aside more money for potential defaults linked to cost of living crisis

The boss of Santander UK says the bank is putting aside more money for potential defaults linked to the cost of living crisis after seeing a pickup in customers falling behind on mortgage and loan payments.

Mike Regnier told the Guardian that he was keeping a close eye on the “strain and pressure” facing customers as a result of the cost of living crisis, which has made it harder for some households to keep up with rising food and energy bills and financial commitments such as home loans.

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Unfunded tax cuts mean UK ‘will need £60bn spending cuts’

IFS says Kwasi Kwarteng’s mini-budget will leave ministers making serious reductions in public services

Kwasi Kwarteng will need to find £60bn of savings by 2026 to fill the gap left by unfunded tax cuts and the costs of extra borrowing triggered by a panicked reaction on international money markets to the chancellor’s “mini-budget”, according to the Institute for Fiscal Studies.

The UK will also struggle to hit the chancellor’s 2.5% growth target, with economic forecasts by the investment bank Citigroup that the IFS uses to underpin its analysis showing the UK will struggle to grow at more than 0.8% on average over the next five years.

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Manslaughter trial over 2009 Air France crash begins with cries of ‘shame’

Anger as airline and Airbus plead not guilty to charge 13 years after flight AF447 crashed, killing 228 people

A manslaughter trial over the 2009 crash of Air France flight 447 has opened in Paris, with the courtroom falling silent as a judge read out the names of 228 passengers and crew who died in the airline’s worst ever accident.

The grief of the victims’ families quickly erupted into anger as the chief executives of Air France and Airbus pleaded not guilty to involuntary manslaughter and offered their condolences.

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