Category Archives: Business

Cutting oil output risks global economy, warns US Treasury secretary

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Janet Yellen’s comments come as figures show business activity declining across most UK regions

The world’s biggest oil-producing nations cutting production at a time of soaring energy costs is “unhelpful and unwise” for global economic growth, the US Treasury secretary has warned, amid intense pressure from sky-high inflation.

Ahead of meetings hosted by the International Monetary Fund in Washington this week, Janet Yellen said the move by Opec+ – the oil production cartel led by Saudi Arabia, plus Russia – risked undermining the world economy.

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Thousands of salaried Tesco workers forced to take real-terms pay cut

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A 3% pay rise for team managers amid 10% inflation comes after a string of wage rises for hourly staff

Thousands of Tesco staff have been forced to take a large real-terms pay cut as the supermarket puts a squeeze on store managers while offering bigger wage rises for lower-paid workers.

In the latest pay battle amid the cost of living crisis, the retailer’s team managers, who earn about £30,000 a year, say they have received as little as a 3% pay rise. The official rate of inflation is close to 10%, and expected to hit 11% this month.

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France’s oil strikes push on as petrol station queues worsen

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The country’s total refinery output has been reduced by more than 60% over the past two weeks

Long tailbacks of vehicles continued to grow outside French service stations on Sunday as petrol supply was hit by pay strikes at refineries run by the oil giants, TotalEnergies and ExxonMobil.

The leftwing CGT union is leading a refinery workers’ strike for better pay during the cost-of-living crisis, and for a share of companies’ high profits.

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Extinction Rebellion protesters glue hands to prized Picasso – as it happened

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Dutton on his answer to filling the gap should stage-three tax cuts go through

Dutton:

If you look at even post lockdowns on a month by month basis, you can see months where we’ve gone back into surplus, so the settings we have in government, our instinct as Liberals, as a Coalition when it comes to budget management are vindicated.

When you look at where we are with a 50-year low unemployment, when you look at the strength of the underlying indicators here in Australia, that is a very significant contrast to where the UK or US budget is, and this government inherited a very strong position after nine years of Coalition management.

David, we went to the last election with a promise and I’m not in the business of breaking promises. The prime minister can contemplate it. He looked the Australian public in the eye and it seems he wasn’t so genuine and that he was prepared to make that statement.

I want to see the prime minister honour his commitment and not lie to the Australian people.

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New Weinstein trial to begin in Los Angeles, five years after bombshell reports

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Disgraced producer, already poised to spend life in prison, faces 11 additional sexual assault charges

Five years after the bombshell reports that ended his career, the disgraced film producer Harvey Weinstein will go on trial in Los Angeles on Monday over a series of alleged sexual assaults involving five different women.

It’s the second trial of the former Hollywood titan, who has been incarcerated since February 2020 when he was convicted of sexual assault and rape in proceedings in New York.

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Growing number of Australians want the stage-three tax cuts scrapped, poll shows

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Public opinion for repealing the package jumped 7% from the previous month as people become better informed about the consequences

Public support for the stage-three tax cuts continues to fall, with polling showing increased support for scrapping the $243bn plan.

The last stage of the Morrison government tax reform is not legislated to come into effect until July 2024, but a downturn in the economy has put increased pressure on the Labor government to make a decision on whether it will keep the cuts in place.

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Octopus Energy reportedly closing in on takeover of Bulb

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Deal to acquire rival’s 1.6m customers would end total cost to taxpayers at an estimated £4bn

Octopus Energy is reportedly closing in on a takeover of its rival Bulb in a deal that will set the final bill to the taxpayer at an estimated £4bn.

Ministers at the Treasury and the Department for Business, Energy and Industrial Strategy (BEIS) have been informed that a sale of Bulb’s customer base of 1.6 million would be the most favourable outcome, according to Sky News.

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Farmed fish feel pain, stress and anxiety and must be killed humanely, global regulator accepts

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Aquaculture Stewardship Council’s new standards put pressure on the UK to extend its animal welfare laws to fisheries

One of the world’s leading organisations for farmed seafood is to introduce new welfare rules after accepting fish can feel “pain, stress and anxiety”.

The Aquaculture Stewardship Council (ASC), which oversees a global certification scheme for farmed fish, is consulting on new draft welfare standards, including more humane slaughter practices. The ASC provides certification labelling for British supermarket fish, from sea bass to smoked salmon.

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Behind Moscow’s bluster, sanctions are making Russia suffer

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High oil and gas revenues notwithstanding, Putin’s ability to fight is being eaten away as the months go by

Fears that Russia is navigating its way around sanctions are unfounded, according to experts who say Moscow is suffering a bigger hit than institutions such as the World Bank have been predicting.

Some analysts have interpreted the strength of the rouble, the size of the warchest of cash available to Vladimir Putin and the Kremlin’s ability to redirect exports destined for Europe to willing southern neighbours as a signal that the arsenal of sanctions deployed against Moscow is failing to bite.

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Dominic Perrottet urges people in NSW to stay out of flood water – as it happened

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Trough tracking over NSW towards the coast is bringing intense rainfall and the risk of flash flooding, Bureau of Meteorology says. This blog is now closed

Storey warned despite blue skies in some areas this morning, heavy rain will set in from the afternoon through to tomorrow.

That heavy rain coming on top of saturated soils and catchments and dams that are already full and overflowing [we] can really see that flooding risk escalate really, really quickly. Not only riverine flooding risk, which we’re monitoring closely, but that flash flooding risk, in particular. A lot of roads may see flash flooding affecting them very, very quickly and catching people unawares.

There is definitely a flood fatigue situation across many, many parts of the state. And in particular in the west and the south of the state as well, who have been experiencing major flooding now for what feels like the best part of a year. Many areas in the west and south are still subject to major flooding as we speak, and with the heavy rains continuing in those areas in the coming days, that’s going to exacerbate that risk.

Unfortunately, the bureau’s forecasting an above-average rainfall storm and flood season, so we’re probably gonna see many more events like this over the coming months.

With the expected heavy rainfall impacting the Hunter, Greater Sydney, and Illawarra over the next sort of 24 hours, so our key focus is on that flash flooding risk in those areas.

If you are in those affected areas or travelling through those affected areas, monitor those conditions and never drive through floodwaters. A lot of roads are already flooded in many parts of the state and will be flooded in the coming 24 hours. So, make those smart decisions for yourselves and your families. And the smartest decision you can make is to never drive through those floodwaters.

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Public sector job losses could pass 100,000 if government refuses pay rises, says IFS

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Chancellor must top up budgets or face industrial action and further recruitment issues, thinktank warns

More than 100,000 public sector workers would lose their jobs this year if the government refuses to fund higher than expected pay awards for nurses, doctors, teachers and care workers, according to the Institute for Fiscal Studies.

The IFS said the chancellor, Kwasi Kwarteng, faced a choice of either topping up public sector budgets or accepting the likelihood of industrial action, further problems recruiting and retaining staff, and a decline in quality of services already under extreme strain.

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UN body reaches long-term aviation climate goal of net zero by 2050

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Decision described as a compromise by several European countries who wanted a more ambitious target

A United Nations body has agreed to a long-term aspirational goal for aviation of net-zero emissions by 2050, despite challenges from China and Russia, as countries aligned overwhelmingly with airlines amid pressure to curb pollution from flights.

Nevertheless, environmentalists criticised the non-binding nature of the agreement as toothless.

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Rare ‘fancy vivid pink’ diamond sells for £52m in Hong Kong auction

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Williamson Pink Star sets world record highest price per carat for a diamond sold at auction

An extremely rare “fancy vivid pink” diamond has sold for 453m Hong Kong dollars (£52m) – more than double its estimated price – and set a world record for the highest price per carat for a diamond sold at auction.

The 11.15-carat Williamson Pink Star diamond, which is named after another pink diamond given to Queen Elizabeth II as a wedding gift, was sold to an undisclosed buyer at auction by Sotheby’s Hong Kong on Friday.

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Superdry returns to profit despite talks on £70m debt pile

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Founder Julian Dunkerton says being ‘cool again’ with TikTok generation helped turn previous £37m loss into £18m profit

Superdry is in talks with its banks to renegotiate up to £70m debt, the fashion retailer revealed on Friday, but investors shrugged off concerns to send shares soaring more than 14% as founder Julian Dunkerton announced a return to profit.

Dunkerton claimed Superdry “was cool again”, with strong demand from the TikTok generation for items such as parachute pants and Afghan coats, as he revealed pre tax profits of £18m, a bounce back from a loss of almost £37m a year before as sales rose almost 10% to £610m in the year to 30 April.

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Pink diamond expected to fetch more than £20m at Hong Kong auction

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Williamson Pink Star is second largest ‘fancy vivid pink’ diamond to ever appear at auction

The second largest, internally flawless “fancy vivid pink” diamond ever to appear at auction is expected to sell for more than £20m when it goes under the hammer at Sotheby’s in Hong Kong on Friday.

The 11.15-carat, cushion-shaped diamond, known as the Williamson Pink Star, is named after two other huge pink diamonds: the 59.60-carat, mixed-cut, oval Pink Star diamond that sold for a record $71.2m at auction in 2017, and the Williamson stone, a 23.60-carat diamond given to the late Queen Elizabeth II as a wedding gift by the Canadian geologist and ardent royalist John Thorburn Williamson in 1947.

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Liz Truss meets European leaders in Prague as Irish deputy PM says NI protocol ‘a little too strict’ – as it happened

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This live blog has now closed, you can find our latest political coverage here

In his interview with LBC Jake Berry, the Tory chairman, was asked if he was channelling When Harry Met Sally when he described Liz Truss as the “Yes, yes, yes prime minister” in his speech to the conference yesterday. (Robert Hutton is very funny about this, and much else, in his sketch for the Critic.) Berry said he was referring to Yes, Minister and Yes, Prime Minister when he delivered that line.

In the same interview, Berry revealed that his joke-making has not improved since yesterday. Talking about the conference in general, Berry said:

I think colleagues saw yesterday that when the going gets tough, the Truss gets going.

I do think my language was a bit clumsy in that regard and I regret it.

The point I was making ... is that the government needs to go for growth to ensure that it can grow the economy and Britain can get a pay rise. You don’t have to tell me how hard people graft in this economy. I know how hard people work.

We’ve got to wait until those figures are available … You simply cannot make a decision on figures you do not currently have.

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Kwarteng considers extending mortgage guarantee scheme

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Initiative may continue beyond December as bank bosses raise concerns over mortgage market

The chancellor is considering extending the government’s mortgage guarantee scheme after UK bank bosses raised concerns over the state of the UK’s mortgage market at a high-level meeting at No 11 Downing Street.

The meeting on Thursday – which was attended by chief executives including Alison Rose of NatWest, Charlie Nunn of Lloyds Banking Group, HSBC UK’s Ian Stuart, Mike Regnier of Santander and TSB’s Robin Bulloch – was scheduled amid mounting fears about the potential fallout from rapidly rising mortgage rates.

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Inflight wifi could be pricier if takeover of UK satellite firm goes ahead, says CMA

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Competition and Markets Authority says other operators may not be able to compete after merger of Inmarsat and Viasat

The $7.3bn (£5.4bn) takeover of the British satellite company Inmarsat by its US rival Viasat could result in higher-priced and lower-quality wifi for aeroplane passengers, according to the UK competition watchdog.

The Competition and Markets Authority said its investigation has identified concerns with the merger possibly leading to airlines being offered lower-quality products for onboard wifi and facing higher prices to deliver it.

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Credit Suisse puts Zurich hotel up for sale in urgent liquidity dash

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Ailing Swiss bank’s share price has collapsed after being hit by series of crises

Credit Suisse, the investment bank whose shares plummeted to record lows this week over fears it could be on the brink of collapse, is selling the five-star Savoy hotel in the centre of Zurich for as much as 400m Swiss francs (£361m).

The bank, whose stock has fallen by more than 40% in the past six months, said on Thursday it had put the 184-year-old hotel on Paradeplatz in the heart of the city’s financial district on the market as part of a regular review of its global real estate assets.

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Albanese meets Solomons PM – as it happened

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Anthony Albanese meets with Solomons Islands PM Manasseh Sogavare, who reiterates ‘no foreign military bases’ pledge. This blog is now closed

Skill shortages ‘an indictment on the failure to plan’: skills minister

The National Skills Commission’s annual update of the skills priority list is out today, showing the number of occupations facing skills shortages have almost doubled in past year.

Well, I wouldn’t say exactly that. I would say, though, it is very high that we have so many occupations where there are significant shortages.

I mean, the fact that it almost doubled in a year speaks to a labour market that is crying out for skills. But also, it is an indictment on the failure to plan, invest in education and training to have the skills our labour market, our economy and our employers need and our workforce need so that they can find good jobs.

We do need to make sure, 1) the investment in education and training is in the right places so that we supply the skills needed for our economy now and into the future. And, of course, 2) we need to have a much faster way of delivering on the skilled migration pathways for industries that are crying out for skills. And whether they be nurses or tech worker, baggage handlers. Wherever you look across the economy, there are shortages and it is a very significant priority of this government.

Conditions haven’t changed that significantly.

The government went to the last election saying again and again they would honour the legislated tax cuts.

In the time since we’ve seen in Australia interest rate rises yes ... but we’ve seen an Australian economy that continues to perform very strongly.

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