A Ponzi scheme by any other name: the bursting of China property bubble

Only state intervention can save the day, but the pain is likely to fall on ordinary citizens, say observers

A little more than a year ago, a Chinese property developer largely unknown to the outside world said its cashflow was under “tremendous pressure” and it might not be able to pay back some of its eye-watering debts of $300bn (£275bn).

Today, that company, China Evergrande Group, is all too well known as the poster child of the country’s economic woes. House prices in China have fallen in each of the 12 months since Evergrande’s now prophetic warning, with Xi Jinping’s government now preparing to throw billions of dollars at a property market that experts say increasingly resembles a giant Ponzi scheme.

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Liz Truss ‘plans to loosen immigration rules to boost UK economy’

PM expected to expand shortage occupation list to help businesses fill jobs amid recession warnings

Liz Truss is expected to loosen immigration rules in an attempt to stimulate economic growth amid warnings of a recession.

The prime minister is set to expand the government’s shortage occupation list in order to help businesses fill vacancies by recruiting overseas workers with less bureaucracy.

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Kwasi Kwarteng could borrow for the right reasons. These are the wrong ones

Money spent on the green transition or skills would reap a dividend. But this cash is just going to the rich

The billions of pounds of extra borrowing signalled by Kwasi Kwarteng in his not-so-mini budget can be justified as long as the money isn’t flushed down the toilet.

Funds for renewable energy projects or to boost skills training would generate a return over the next decade.

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Tories gambling with the finances of British people, says Starmer

Labour leader attacks ‘casino economics’ in wake of £45bn package of tax cuts announced by chancellor

Sir Keir Starmer has accused the government of “gambling the mortgages and finances” of the British people with its “casino economics”.

Speaking before his party’s conference in Liverpool, the Labour leader tweeted: “Tory casino economics is gambling the mortgages and finances of every family in the country. Labour will secure growth for working people, that benefits all communities. My government will deliver a fairer, greener future.”

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AFP investigates $1m ransom demand posted online for allegedly hacked Optus data

Attorney general Mark Dreyfus has been briefed by the privacy commissioner about hack and is seeking ‘urgent’ meeting with telco

The Australian federal police is investigating after the data of millions of Optus customers exposed during a recent hack was allegedly put up for sale online.

On Saturday morning a post appeared on a data market from a user claiming to be in possession of the information obtained from the breach with a demand for $1m in Monero cryptocurrency.

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PM speaks out against discrimination; Penny Wong calls on China to rein in Putin – as it happened

Dozens of flood warnings across NSW after state lashed by heavy rainfall overnight. This blog is now closed

Wong highlights decline in the UN’s Human Development Index

Despite inheriting the biggest debt in our nation’s history, the new Australian Government is determined to play its part in supporting the development of other nations, particularly in our region.

We are alarmed that, for the first time, the UN’s Human Development Index has declined for two consecutive years – in 2020 and 2021 – and the impact of this decline has been most severe on women and girls, with nearly half a billion women and girls now living in extreme poverty. And the global food security crisis is increasingly grave.

The Australian parliament I serve in is ever more reflective of our modern nation, both enriched by their diversity. And this follows the collective decision of the Australian people to turn the page and write a new future for themselves. Newly elected parliamentarians have origins from across the world and Indigenous Australians have been elected in record numbers and serve in the ministry in record numbers.

The new Australian government is determined to make real progress on the national journey of healing with Indigenous Australians, the First Peoples of our continent. And as foreign minister, I am determined to see First Nations perspective at the heart of Australian foreign policy, and this week I have been encouraged by discussions with other countries on their own journeys. I am humbled to be guided in these efforts by First Nations colleagues.

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Renowned Melbourne bookstore in war of words with authors over ‘traumatic’ pay dispute

Readings boss sends angry rebuke after more than 250 writers campaigned for better pay and conditions for booksellers

For many Melburnians, Readings is more than just a bookstore – it’s a bricks-and-mortar embodiment of progressive values, a business that doubles as a community space where ideas are shared and diversity is celebrated.

But an ongoing pay dispute has divided staff and threatens to tarnish the independent retail stalwart’s image, with hundreds of authors – such as Michelle de Kretser, Jennifer Down, Clementine Ford and Omar Sakr – recently campaigning on behalf of booksellers, and protesting outside the company’s flagship Carlton store.

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Optus cyber-attack: company opposed changes to privacy laws to give customers more rights over their data

In its submission to Privacy Act review telco said giving people right to erase personal data would involve ‘significant’ hurdles and costs

Optus has repeatedly opposed a proposed change to privacy laws that would give customers the right to request their data be destroyed, with the telco arguing there were “significant hurdles” to implementing such a system and it would come at “significant cost”.

On Thursday, the company revealed it had suffered a massive cyber-attack in which the personal information of customers was stolen, including names, dates of birth, phone numbers, email addresses, addresses, and passport and driver’s licence numbers.

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Mini-budget 2022: pound crashes as chancellor cuts stamp duty and top rate of income tax – live

Tax cuts to cost Treasury around £37bn in 2023-24, official figures reveal

There are no urgent questions in the morning, and so Kwasi Kwarteng, the chancellor, will be delivering his statement soon after 9.30am.

The Commons starts sitting at 9.30am, but they always begin with prayers in private, and so Kwarteng will be up a few minutes later.

The last time they did it one third of the beneficiaries were people buying second homes or buy to let, so we are sceptical that this is the magic bullet to increase homeownership. What we really need to do is to build more houses and to help get people onto the property ladder by increasing the supply of housing.

When this has been done before, it has often fuelled an already hot market and many of the beneficiaries have been people buying a second or third home, rather than the first time buyers that we really want to help who are often trapped in private rented accommodation where they’re paying as much in rent every month as they would in a mortgage.

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Kwarteng accused of reckless mini-budget for the rich as pound plummets

Strategy of sweeping tax cuts gets hostile reception from markets and economic thinktanks, leaving some Tory MPs aghast

Kwasi Kwarteng has been accused of delivering a reckless mini-budget for the rich after his £45bn tax-cutting package sent the pound crashing to its lowest level against the dollar in 37 years.

In a high-risk strategy designed to revive Britain’s stagnant economy, the new chancellor announced more than £400bn of extra borrowing over the coming years to fund the biggest giveaway since Tony Barber’s ill-fated 1972 budget.

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Disabled woman wins legal challenge against DWP over automatic benefit deduction

High court rules DWP scheme to deduct money without consent is illegal and breaches ‘obligation of fairness’

A disabled former police officer has won a legal challenge against the Department for Work and Pensions over its policy of allowing utility companies to automatically deduct hundreds of pounds a year from individuals’ benefits without their consent.

Helen Timson, 51, of Leicester, argued it was unlawful and immoral that the DWP enabled water and energy firms to draw down up to 25% of a claimant’s monthly benefit income at source without undertaking any form of check with the claimant. Hundreds of thousands of claimants are understood to be subject to the deductions.

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France sets minimum book delivery fee in anti-Amazon struggle

€3 charge aims to gives independent booksellers a chance against e-commerce firms that use free delivery loophole

France’s crusade to protect independent booksellers against huge online retailers was stepped up on Friday as the government proposed a €3 (£2.66) minimum delivery fee for all online book orders of less than €35.

The government’s fixed fee for online deliveries is part of a quest to support independent bookshops against the domination of big tech firms, such as Amazon.

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Tory MPs angrily challenge Rees-Mogg’s fracking revival plan

Energy secretary considers bypassing local planning rules as backbenchers voice opposition

Ministers face a furious backlash from Conservative MPs after overturning a manifesto pledge to pause fracking until it is proved safe, and then indicating drilling could be imposed without local support.

Outlining a return to shale gas extraction in England after three years, Jacob Rees-Mogg dismissed worries about earthquakes caused by the practice as “hysteria”, claiming this was often down to a lack of scientific understanding.

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Boeing to pay $200m to settle charges it misled investors over 737 Max crashes

Company and former CEO made misleading statements about the jets involved in two crashes that killed 346 people

Boeing and its former chief executive have settled an investigation by the US’s top financial regulator into allegedly misleading statements the planemaker and its then boss made about its 737 Max jets, involved in two deadly crashes in Indonesia and Ethiopia.

Boeing will pay $200m to settle charges that it misled investors and the former Boeing chief Dennis Muilenburg has agreed to pay $1m.

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UK in recession and further interest rate hikes probable, Bank warns Kwarteng

Threadneedle Street makes clear on eve of tax-cutting mini-budget that plans risk triggering more rate rises

The Bank of England has warned Kwasi Kwarteng the economy is in recession and it will most probably need to push interest rates higher after Friday’s tax-cutting mini-budget.

On the eve of a major package of support from the chancellor designed to break what he called the economy’s “cycle of stagnation”, Threadneedle Street said the UK economy was heading for a second consecutive quarter of falling output, with gross domestic product set to shrink 0.1% in the three months to September.

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New bill vows to stop kleptocrats ‘treating UK as their safe deposit box’

Proposed reforms previously delayed by Boris Johnson reannounced amid accusations Tories are soft on ‘dirty money’

Companies House will be given new powers to challenge incorrect or fraudulent claims made by kleptocrats and their agents in an economic crime bill that was previously delayed by Boris Johnson a few weeks before Russia invaded Ukraine.

The new bill – the second of two that had to be hurriedly reannounced amid accusations the government had gone soft on dirty money – is backed by the new security minister, Tom Tugendhat.

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Rail strikes: 40,000 RMT members to stage further action on 8 October

Strike will affect Network Rail and 15 train operators and comes on top those planned for 1 and 5 October

Another rail strike has been announced for next month, continuing the wave of industrial action sweeping the country.

The Rail, Maritime and Transport union (RMT) announced that 40,000 of its members at Network Rail and 15 train operators will strike on 8 October.

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National insurance increase will be reversed from 6 November, says Kwasi Kwarteng – UK politics live

The chancellor says the move will save 28m people £330 on average next year

Catholics outnumber Protestants in Northern Ireland for the first time, a demographic milestone for a state that was designed a century ago to have a permanent Protestant majority, my colleague Rory Carroll reports.

Thérèse Coffey is deputy prime minister as well as health secretary. Speaking on ITV’s Good Morning Britain this morning, and responding to a question from the former Labour MP Ed Balls, who was presenting, she said that as deputy PM whould be would “chairing things like the home affairs committee and different elements like that”. But she rejected claims this meant she would be doing the health job part time. She said:

I’m conscious that in two weeks we’ve already pulled together our plan for patients and we will continue to develop that.

I don’t think it will be a case of being part-time ... We don’t have fixed working hours.

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Activists subvert poster sites to shame aviation and ad industries

Billboards have been hijacked across Europe to highlight role of airline emissions in climate crisis

As Kate, 23, walked out of Seven Sisters station, in Tottenham, north London, she noticed an airline advertisement attracting unusual attention.

“I was on my way back home, I was coming out of the station, and I saw two people taking pictures of the billboard,” she said. “I thought at first it was just a normal airline ad, so I just walked past. Then I did a bit of a double take.”

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Tesla recalls nearly 1.1m vehicles in US over windows pinching fingers

Company says in documents that the automatic window reversal system may not react correctly after detecting an obstruction

Tesla is recalling nearly 1.1m vehicles in the US because the windows can pinch a person’s fingers when being rolled up.

Tesla says in documents posted Thursday by US safety regulators that the automatic window reversal system may not react correctly after detecting an obstruction.

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