Ministers urged to act as study shows average block of cheese or loaf of bread makes farmers less than a penny
UK farmers are receiving negligible profits for many items as food prices rise and supermarkets boast record takings.
An average block of cheese or loaf of bread produces less than a penny for farmers, and fruit producers do not fare much better, making just 3p from each kilo of apples.
Continue reading...British oil giant had said it would ‘exit Russia’ but still owns nearly 20% of state-controlled fossil fuel firm Rosneft
The chief economic adviser to the Ukrainian president, Volodymyr Zelenskiy, has called on BP to exit Russia entirely after the fossil fuel firm was offered a £580m dividend by the oil giant Rosneft.
Oleg Ustenko has written to BP’s chief executive, Bernard Looney, to demand the British company cuts ties with the state-controlled Russian firm nine months after announcing its intention to leave the country.
Continue reading...Gautam Adani’s takeover of NDTV is ‘serious threat to democracy’ in India, says news anchor
One of India’s few remaining news channels known for independent reporting is about to be taken over by a billionaire ally of the prime minister, Narendra Modi.
In recent years, NDTV (New Delhi Television) has earned a reputation as one of the last bastions of independent journalism among India’s mainstream media, which have increasingly been put under pressure to toe the government line under Modi, who came to power in 2014.
Continue reading...Nationwide warns inflation and rising interest rates will weigh down housing market
UK house prices have fallen at their fastest rate for two and a half years as the fallout from Liz Truss’s disastrous mini-budget put buyers off according to Nationwide, which warned inflation and rising interest rates would weigh on the market in the coming months.
The price of an average home dropped 1.4% to £263,788 in November, according to the lender’s house price index, accelerating a slowdown that saw prices fall 0.9% in October. It was the third monthly fall in a row, and the biggest drop since June 2020.
Continue reading...Sydney sneaks into Top 10 as rising energy prices send inflation soaring globally, Economist Intelligence Unit survey finds
New York was the world’s most expensive metropolis in 2022, sharing the unwanted title with Singapore, as soaring energy prices doubled the inflation rate across the major global cities, according to the Economist Intelligence Unit’s annual survey.
Last year’s leader Tel Aviv dropped to third, while Sydney snuck into the Top 10 and Moscow and St Petersberg in Russia scaled the rankings by as much as 88 places as sanctions and buoyant oil prices propelled prices higher, the EIU’s Worldwide Cost of Living report found.
Continue reading...Disgraced CEO said he ‘didn’t knowingly comingle funds’ with FTX’s sister company Alameda Research
“Look, I screwed up,” fallen crypto billionaire Sam Bankman-Fried told a conference in New York on Wednesday, but he maintained he “didn’t ever try to commit fraud” and was “shocked” by the collapse of his businesses.
Bankman-Fried, with glassy eyes and visibly shaking at times, appeared via video conference from a nondescript room in the Bahamas. He told the New York Times’s DealBook Summit he was “deeply sorry about what happened” but consistently argued he did not have a full picture of what was going on within the various branches of FTX, his now bankrupt cryptocurrency exchange, and its offshoots.
Continue reading...Jerome Powell warned there ‘was more ground to cover’ and rates would stay higher for an extended period
The Federal Reserve chair, Jerome Powell, indicated the central bank is preparing to slow the pace of interest rate rises as it tackles a 40-year high in inflation. But Powell warned there “was more ground to cover” and rates would stay higher for an extended period.
In a speech to the Brookings Institution, Powell said that the Fed may increase its key interest rate by a smaller increment at its December meeting, only a half-point, after four straight three-quarter point hikes.
Continue reading...PM tells business leaders his government is ‘working around the clock to deliver a solution’ and flags collaboration with states
Anthony Albanese has told business leaders he is “confident” the Queensland and New South Wales premiers will assist his government with a plan to reduce power prices for households and businesses.
The prime minister used a speech to the Australian Chamber of Commerce and Industry to provide an assurance that the government was “working around the clock to deliver a solution” and to flag collaboration with the states.
Continue reading...Apra finds country’s banks may be more vulnerable to economic downturns as they face threefold increase in lending losses
Banks expect to reduce lending to households and businesses in northern Australia and to fossil fuel industries across the country as the risk of losses due to the climate crisis escalates, the industry regulator says.
A new report by the Australian Prudential Regulation Authority (Apra) found climate change could make banks more vulnerable to economic downturns as they face up to a threefold increase in lending losses by 2050, but that the system should be able to absorb the impact.
Continue reading...New electricity price controls from 2023 to 2028 will keep costs to customers at about £100 a year
The operators of Great Britain’s local energy networks will be forced to spend more of their profits on investing to future-proof the country’s electricity grid, after the regulator, Ofgem, said it would not allow any rises in household bills.
In a new set of price controls that will run from 2023 to 2028, the energy watchdog said it would keep costs to customers unchanged at about £100 a year.
Continue reading...Workers could be prevented by congressional decree from striking over paid sick leave and quality-of-life issues
Railroad workers have expressed dismay at Joe Biden’s proposed solution to a looming strike that threatens to derail the US economy, which they say belies his image as the most pro-union president in generations.
As a 9 December deadline looms for the long-running labor dispute between the US’s largest railway companies and their unions, Biden has called on Congress to intervene and block a strike that could cost the US economy around $2bn a day by some estimates.
Continue reading...Avanti West Coast, which received £343m subsidy, had worst punctuality performance among train operators
Labour has called on ministers to claw back £12m in dividends paid by Avanti West Coast to its shareholders last year, when it was subsidised by £343m by the taxpayer.
Figures released by the rail watchdog on Tuesday showed that Avanti paid out £12m in 2021-22 from management and performance fees.
Continue reading...Billionaire rarely seen in public since criticising attitude of China’s regulators towards tech firms in 2020
The billionaire Jack Ma has reportedly been hiding out in Tokyo with his family during Beijing’s crackdown on the country’s star tech firms and its most powerful and wealthy business people.
Ma, the founder of the e-commerce giant Alibaba who until the tech clampdown was China’s richest person, has rarely been seen in public since criticising the attitude of Chinese regulators towards tech companies at a summit in Shanghai two years ago.
Continue reading...With 9 December deadline fast approaching, business groups also push US government to intervene in labor dispute before holidays
Joe Biden called on Congress to intervene and block a railroad strike before next month’s deadline in the stalled contract talks, saying a strike would “devastate our economy”.
Biden’s move comes as business groups have warned that the looming strike would hit just before the holiday season and worsen the US’s inflation problems.
Continue reading...End Fuel Poverty Coalition fears energy suppliers are using warrants to disconnect poorest ‘by the back door’
Campaigners have called for an immediate ban on pre-payment meter (PPM) installations made under court warrants because of fears that energy suppliers are using them to disconnect the poorest, most indebted customers “by the back door”.
Energy firms’ licence conditions protect many vulnerable people from formal disconnection over the winter, but the End Fuel Poverty Coalition said transferring households on to PPMs, which require regular top-ups and charge for energy at a higher rate, often prompted people in debt to “self-disconnect”.
Continue reading...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”.
Continue reading...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.
Continue reading...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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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.
Continue reading...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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