Star ‘unsuitable’ to hold a casino licence in Queensland, state government says

Posted on October 5, 2022 by Admin

Independent review found a ‘serious dereliction’ of anti-money laundering responsibilities

Star Entertainment has been declared unfit to hold a casino licence in Queensland and will be issued with a notice to explain why it should continue to operate in the state.

Former judge Robert Gotterson’s report into the ASX-listed casino operator was released on Thursday after a public investigation into Star’s conduct in Queensland.

UK drivers for Bolt ride-hailing app pursue worker benefits claim

Posted on October 5, 2022 by Admin

Lawyers acting for more than 1,600 drivers say they have been wrongly classed as self-employed

More than 1,600 UK drivers working for the ride-hailing app Bolt are seeking compensation for missed holiday and minimum wage payments as they argue they have been wrongly classed as self-employed contractors.

Lawyers for the drivers have written to the government-backed workplace conciliation service Acas, in the first stage of lodging the claim against Bolt.

IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

Posted on October 5, 2022 by Admin

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

Millions of households are facing a “stealth” tax raid under Liz Truss’s government despite her promise to support workers through the cost-of-living crisis by lowering their tax bills, Britain’s leading economic thinktank said on Wednesday.

The Institute for Fiscal Studies (IFS) has calculated that for every £1 given to workers by cutting headline tax rates, £2 was being taken away through a freeze on the level at which people begin paying tax on their earnings.

Franca Fendi, inheritor of Italian fashion house, dies aged 87

Posted on October 5, 2022 by Admin

Fendi and her sisters took luxury brand to new creative heights by bringing in Karl Lagerfeld in 1960s

Franca Fendi, one of the five sisters who inherited a small Roman leather goods workshop and together transformed it into a luxury fashion house, has died in Rome on Monday. She was 87.

Born in 1935, she participated from a young age in the management of the company that from the 1960s onwards, under the guidance of the sisters, became a global luxury powerhouse famed for its reimagining of the classic fur coat.

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Posted on October 5, 2022 by Admin

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

The Opec oil cartel and its allies have agreed to a bigger than expected cut in oil production targets despite significant pressure from the US.

The Opec+ group of oil-producing nations signed up to a cut in output of 2m barrels a day, surpassing predictions earlier in the week of cuts of 1m to 1.5m barrels, squeezing supplies in a tight market.

Optus tells Victorians whose licences were exposed in data breach to register with roads body

Posted on October 5, 2022 by Admin

Optus yet to give specific information about what to do next to those who used Queensland driver’s licences or a passport to sign up

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Optus on Wednesday wrote to Victorian victims of its data breach whose driver’s licence details have been exposed, telling them they need to register with the state’s roads authority.

The embattled telco also wrote to New South Wales licence holders on Wednesday, telling them that although their licence numbers had been exposed they did not need to apply for new permits because the state uses a dual number system that adds an additional layer of protection against identity theft.

Tesco warns of cost inflation as it raises pay for third time in 13 months

Posted on October 5, 2022 by Admin

Supermarket aims to make £500m of savings but will freeze prices on more than 1,000 products until 2023

Tesco has warned annual profits will be at the lower end of its hopes as it faces significant cost inflation, revealing it has raised pay for a third time in 13 months.

The UK’s biggest retailer said it was aiming to make £500m of savings this year to offset its higher costs, including more automated tills, but was uncertain how shoppers would behave in the run-up to Christmas.

Battersea power station: timeline of a modern classic

Posted on October 5, 2022 by Admin

Begun in 1929, the building was a collaboration between architects Theo Halliday and Sir Giles Gilbert Scott

Battersea power station set for public opening after 10-year development

Battersea power station was built in two phases, as a collaboration between the architects Theo Halliday and Sir Giles Gilbert Scott.

Halliday was responsible for the overall shape and the interior.

Ukrainian economy will shrink at rate eight times that of Russia, World Bank forecasts

Posted on October 4, 2022 by Admin

Kyiv economy will contract by 35% in 2022, compared with a 4.5% fall in Russian GDP

Russia-Ukraine war – live updates

Ukraine’s economy will shrink at a rate eight times that of Russia this year as a result of the war triggered by Moscow’s invasion in February, the World Bank has estimated.

In its latest report on Europe and central Asia, the Washington-based institution said the Ukrainian economy would contract by 35% in 2022, compared with a 4.5% fall in Russian GDP.

Paris Métro paper ticket reaches end of the line after 120 years

Posted on October 4, 2022 by Admin

Iconic ticket on one-way trip to transport history as city opts for payment by travelcards and mobiles

It has inspired French film-makers and songwriters, proven useful to cannabis smokers and aestheticians and served as an emergency bookmark or jotter – but now the Paris Métro ticket has reached the end of the line.

The city’s public transport authority is phasing out the rectangular pieces of cardboard that have kept the capital’s travellers on the move for the past 120 years.

Kwarteng bringing forward debt plan could calm markets, says top Tory MP

Posted on October 4, 2022 by Admin

Mel Stride, chair of Treasury committee, says move could also mean smaller interest rate rises

Business live – latest updates

Kwasi Kwarteng’s decision to bring forward his debt-cutting plan could help to calm markets and mean smaller future interest rate rises than would otherwise have been the case, according to the Conservative chair of parliament’s influential Treasury watchdog.

Mel Stride, a Tory MP and the chair of the Treasury committee, said moving the government’s fiscal statement to October from 23 November could restore some confidence, depending on the content of the plan and the detail of the new forecasts from the Office of Budget Responsibility.

Ukraine ‘must revamp labour laws and step up privatisation to fix economy’

Posted on October 4, 2022 by Admin

President’s economic adviser says country must speed up reform of industries after Russia’s invasion

Russia-Ukraine war – latest updates

Ukraine needs to revamp its labour laws and redouble efforts to privatise thousands of companies to repair its economy, its president’s economic adviser has said.

Alexander Rodnyansky, an adviser to the president, Volodymyr Zelenskiy, said the war-torn country needed to speed up efforts to reform industries as it looked to rebuild after Russia’s invasion.

Kwasi Kwarteng set to address Tory conference with authority on the line after 45% tax rate U-turn – UK politics live

Posted on October 3, 2022 by Admin

Chancellor expected to give changed address after confirming plan to axe top rate of income tax has been scrapped

Q: Where does this leave your credibility?

Kwarteng says he has been in parliament for 12 years. He says ministers do sometimes change their minds.

I decided, along with the the prime minister, not to proceed [with the policy].

The American EV boom is about to begin. Does the US have the power to charge it?

Posted on October 3, 2022 by Admin

States have plans to ban gas-powered cars and the White House wants chargers along highways, but implementation is a challenge

Speaking in front of a line of the latest electric vehicles (EVs) at this month’s North American International Auto Show, President Joe Biden declared: “The great American road trip is going to be fully electrified.”

Most vehicles on the road are still gas guzzlers, but Washington is betting big on change, hoping that major federal investment will help reach a target set by the White House for 50% of new cars to be electric by 2030. But there are roadblocks – specifically when it comes to charging them all. “Range anxiety,” or how far one can travel before needing to charge, is still cited as a major deterrent for potential EV buyers.

Cost of insuring against Credit Suisse defaulting reaches record high

Posted on October 3, 2022 by Admin

Investors rush to buy credit default swaps as worries grow over solidity of bank’s balance sheet

The cost of buying insurance against Credit Suisse defaulting on its debt soared to a record high on Monday, amid fears on markets about the solidity of the balance sheet at the globally significant Swiss bank.

There was a sell-off in the bank’s shares and bonds while investors rushed instead to buy credit default swaps (CDS) – insurance against the bank failing to meet its debts.

Property prices dropped further in September and falls ‘could accelerate’ again with rate rise

Posted on October 2, 2022 by Admin

Investors and banks predict RBA will raise cash rate further on Tuesday, while rent increases begin to slow around Australia

Australia’s property prices fell another 1.4% in September as the cost of borrowing increased, and another interest rate rise is likely after Tuesday’s Reserve Bank meeting.

Last month’s drop in CoreLogic’s home value index was less than the 1.6% fall in August but the pace of declines could quicken again if the RBA’s key interest rate keeps rising, said Tim Lawless, the data group’s research director.

Unions brand bid to exempt firms with up 500 staff from new rules ‘reckless’

Posted on October 2, 2022 by Admin

Government says change would apply to all new regulations and it would look to raise in threshold in future

Ministers are seeking to exempt firms with up to 500 staff from new regulations, with unions warning that they could soon be spared from reporting on gender pay gaps and executive pay ratios in a “cynical and reckless” move.

Liz Truss announced on Sunday that companies with up to 500 staff would now be treated the same way as small businesses with fewer than 50 staff, which are exempt when new regulations are introduced.

Labour demands names of guests at champagne event Kwarteng attended

Posted on October 2, 2022 by Admin

Drinks reception with wealthy Tory donors took place on same day the chancellor delivered mini-budget

Pressure is growing on the Tory party to provide a full list of attendees at a private champagne reception attended by the chancellor, Kwasi Kwarteng, hours after he delivered his mini-budget.

Anneliese Dodds, the Labour chair, has written to her Conservative counterpart, Jake Berry, calling on him to release a list of those in attendance and whether they pledged donations or paid a fee to be there.

Co-founder of collapsed energy firm Bulb hopes to expand battery business

Posted on October 2, 2022 by Admin

Loss-making venture led by Amit Gudka eyes continent as countries move towards using renewable power

The co-founder of collapsed energy supplier Bulb is planning to expand his loss-making battery storage venture into Europe as the energy crisis escalates.

Amit Gudka hopes to develop Field Energy, the business he set up after leaving Bulb in February 2021, on the continent as countries attempt to switch toward renewable power.

Majority of Australians back sound economic management over keeping promised tax cuts, survey suggests

Posted on October 2, 2022 by Admin

Almost half of those polled support axing stage three cuts while one quarter thought they should be kept

Support for the stage three tax cuts remains low with the majority of Australians backing sound economic management over sticking to election promises, a new survey suggests.

The research from the Australia Institute found that high-income earners were particularly likely to support the repeal of the stage three tax cuts, despite being the main beneficiaries of the changes.

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Category Archives: Business

Star ‘unsuitable’ to hold a casino licence in Queensland, state government says

UK drivers for Bolt ride-hailing app pursue worker benefits claim

IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

Franca Fendi, inheritor of Italian fashion house, dies aged 87

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Optus tells Victorians whose licences were exposed in data breach to register with roads body

Tesco warns of cost inflation as it raises pay for third time in 13 months

Battersea power station: timeline of a modern classic

Ukrainian economy will shrink at rate eight times that of Russia, World Bank forecasts

Paris Métro paper ticket reaches end of the line after 120 years

Kwarteng bringing forward debt plan could calm markets, says top Tory MP

Ukraine ‘must revamp labour laws and step up privatisation to fix economy’

Kwasi Kwarteng set to address Tory conference with authority on the line after 45% tax rate U-turn – UK politics live

The American EV boom is about to begin. Does the US have the power to charge it?

Cost of insuring against Credit Suisse defaulting reaches record high

Property prices dropped further in September and falls ‘could accelerate’ again with rate rise

Unions brand bid to exempt firms with up 500 staff from new rules ‘reckless’

Labour demands names of guests at champagne event Kwarteng attended

Co-founder of collapsed energy firm Bulb hopes to expand battery business

Majority of Australians back sound economic management over keeping promised tax cuts, survey suggests