Category Archives: Business

Customers’ personal data stolen as Optus suffers massive cyber-attack

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Personal information of potentially millions of customers exposed, including names, dates of birth, addresses, and contact details

Optus has suffered a massive cyber-attack, with the personal information of customers stolen, including names, dates of birth, addresses, and contact details.

The telco suffered the data breach when hackers, believed to be working for a criminal or state-sponsored organisation, accessed the sensitive information by breaking through the company’s firewall.

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Fed raises interest rate by 0.75 percentage points as US seeks to rein in inflation

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Third outsized rate increase in a row as central bank struggles to fight runaway inflation, increasing the cost of everything

The Federal Reserve announced another sharp hike in interest rates on Wednesday as the central bank struggles to rein in runaway inflation.

The Fed raised its benchmark interest rate by 0.75 percentage points, the third such outsized rate increase in a row, bringing the Fed rate to 3%-3.25% and increasing the cost of everything from credit card debt and mortgages to company financing.

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Indigenous leaders urge businesses and banks to stop supporting deforestation

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Amazon ecosystem is on verge of collapse, leaders tell brands such as Apple and Tesla as UN gathers in New York

Indigenous leaders from the Amazon have implored major western brands and banks to stop supporting the ongoing destruction of the vital rainforest through mining, oil drilling and logging, warning that the ecosystem is on the brink of a disastrous collapse.

Representatives of Indigenous peoples from across the Amazon region have descended upon New York this week to press governments and businesses, gathered in the city for climate and United Nations gatherings, to stem the flow of finance to activities that are polluting and deforesting large areas of the rainforest.

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Four media outlets facing libel claims over Nursultan Nazarbayev reports

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Complaints filed by charity named after ex-president reopen the debate over legal action against public interest journalism

Four media outlets in the UK and the US are facing libel claims after publishing investigative reports into allegations about the assets of a fund named after the former Kazakh president Nursultan Nazarbayev.

The Bureau of Investigative Journalism (TBIJ), openDemocracy and the Telegraph received several “pre-action” letters between May and August claiming their reporting was inaccurate and caused financial losses to a UK-registered company.

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Gordon Ramsay gin ad banned over nutritional claims

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Scottish producer Eden Mill made claims about ingredients on its Instagram and Facebook pages

An ad campaign for celebrity chef Gordon Ramsay’s new gin has been banned for making nutritional claims that are not allowed under UK marketing rules.

Ramsay, known for his restaurant empire and shows such as Kitchen Nightmares and Hell’s Kitchen, launched his first gin last year in partnership with the Scottish producer Eden Mill.

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Economists call for radical shakeup of Bank’s interest rate committee

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MPC is dominated by people with little ‘real world’ knowledge and prone to groupthink, says ex-committee member

Members of the Bank of England’s interest-rate setting body should be appointed by the devolved administrations and by English MPs in order to counter groupthink, a former member of Threadneedle Street’s monetary policy committee has said.

David Blanchflower said the committee was dominated by people with little knowledge of the “real world”, and greater diversity of thought was needed to ensure the interests of ordinary people were reflected.

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London council could seize oligarchs’ homes for affordable housing

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Exclusive: Westminster looking at compulsory purchase orders to tackle laundering of ‘dirty money’

Homes acquired with “dirty money” in the richest parts of London could be seized and turned into affordable housing under plans to crack down on oligarchs using Belgravia, Knightsbridge and Mayfair “to rinse their money”.

Labour-controlled Westminster city council is examining the use of compulsory purchase orders in extreme cases where it finds properties are not being used for their stated purpose, as part of a push to “combat the capital’s reputation as the European centre for money laundering”.

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‘Not every measure will be popular’: Truss says voters may not like all her pro-growth measures – UK politics live

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Latest updates: prime minister says she is willing to implement unpopular policies to try to boost growth in the UK

Rosie Cooper has indicated that she intends to stand down as Labour MP for West Lancashire to take up a new job as chair of the Mersey Care NHS foundation trust. In her statement announcing the move Cooper says that events in recent years have “undoubtedly taken their toll” – a reference to Cooper being targeted by a neo-Nazi who was jailed for life in 2019 for plotting to kill her.

Cooper’s statement implies she will resign and trigger a byelection. At the last election she had a majority of more than 8,000 over the Conservatives, and in a byelection Labour would be expected to hold the seat very easily.

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Kwasi Kwarteng urged to allow release of OBR forecasts with mini-budget

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Tory chair of Treasury committee says independent forecasts vital to provide reassurance to markets

The Tory chair of the Treasury select committee has urged Kwasi Kwarteng to allow independent forecasts for the public finances to be published alongside his mini-budget on Friday.

Mel Stride released a strongly worded statement urging more clarity around the effects of the new chancellor’s fiscal interventions.

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Fresh rail strikes to hit Tory party conference

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RMT members at 14 train operating companies take action in dispute over pay, jobs and working conditions

Workers across the rail industry will join train drivers in strikes on 1 October, targeting the start of Conservative party conference.

The RMT union has announced fresh action after planned strikes were put on hold during the 10 days of mourning for the Queen.

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UK unions seek legal review of government’s strike-breaking laws

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TUC leads legal action over ministers’ plans to allow agency workers to replace striking staff

Trade unions have launched legal proceedings against the UK government, arguing that new laws allowing companies to use agency workers to break strikes are a “broad daylight” attack on the right to take industrial action.

Eleven trade unions, led by the Trades Union Congress (TUC), have sought permission for a judicial review of new regulations making the change.

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Porsche IPO could raise up to €75bn for parent Volkswagen

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Flotation on Frankfurt stock market would be one of the largest European public offerings to date

The luxury carmaker Porsche could be valued at as much as €75bn when it floats on the Frankfurt stock exchange later this month, which would make it one of the largest European public offerings to date, according to the pricing of shares by its parent company, Volkswagen.

Volkswagen, which is planning to float 12.5% on 29 September, has priced the shares in Porsche at between €76.50 (£67.14) and €82.50.

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Queen’s funeral may break TV records – but it’s no cash bonanza for media industry

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A total blackout on TV advertising was agreed with Buckingham Palace following the death of the Queen

• Death of the Queen and King Charles’s accession – latest updates

The death of the Queen and coverage of her funeral will top the ranks of the most-watched broadcasts in British television history, while newspaper publishers have seen an unprecedented boost in sales as mourners seek commemorative copies. And yet the biggest national event in decades will not provide a commercial bonanza for media firms.

ITV has planned its largest-ever outside broadcast, with all of its channels simulcasting ad-free blanket live coverage for the first time in history. The day of the funeral will also be the first time in Channel 4’s four decades on air that it has instituted a 24-hour ad block across its channels.

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California’s fast-food industry calls for referendum on new labor legislation

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Law provides for councils to represent workers, but opponents claim menu prices will increase and restaurants will close

The fast-food industry is seeking to overturn one of the most significant labor wins in recent American history by trying to scrap a new law in California that will establish an industry council for the sector on wage standards and other regulations, including safety.

The Fast Food Accountability and Standards Recovery Act, AB 257, was signed into law by the California governor, Gavin Newsom, on 5 September in what is seen as a huge fillip to a US labor movement seeking to capitalize on a wave of unionization drives.

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Biggest interest rate rise for 25 years could spell showdown at the Bank

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This week’s decision could pit Bank of England governor Andrew Bailey against an expansionary PM and chancellor

A lightning strike from the Bank of England awaits. Having delayed its decision until after the period of national mourning for the death of the Queen, Threadneedle Street could this week launch the biggest rise in borrowing costs for at least 25 years.

Announcing its plans a day before Kwasi Kwarteng’s mini-budget on Friday, the central bank is widely expected to use a fast and forceful rate increase to show its commitment to tackling soaring borrowing costs – despite the gathering storm clouds for the British economy.

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Criticism intensifies after big oil admits ‘gaslighting’ public over green aims

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Fury as ‘explosive’ files reveal largest oil companies contradicted public statements and wished bedbugs upon critical activists

Criticism in the US of the oil industry’s obfuscation over the climate crisis is intensifying after internal documents showed companies attempted to distance themselves from agreed climate goals, admitted “gaslighting” the public over purported efforts to go green, and even wished critical activists be infested by bedbugs.

The communications were unveiled as part of a congressional hearing held in Washington DC, where an investigation into the role of fossil fuels in driving the climate crisis produced documents obtained from the oil giants ExxonMobil, Chevron, Shell and BP.

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Which businesses will be open or shut on the day of the Queen’s funeral?

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Many shops, cinemas, pubs and airports are choosing to limit their hours on Monday

Since it was confirmed last Saturday that Queen Elizabeth’s funeral would be held on Monday 19 September, a slew of businesses and services have said they will be reducing operations or closing for all or part of the day as a mark of respect.

With the day declared a bank holiday, many employers have given staff the entire day off and most shops will be closed. So what will be open on Monday and when?

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Biden talks up electric vehicle revolution – but is America ready to give up gas?

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President appears at Detroit auto show, where EVs are this year’s stars – but the road to electrification promises to be a bumpy one

Fresh off signing legislation aimed at propelling the nation’s electric vehicle (EV) transition, Joe Biden was in Detroit last week to reaffirm his support for electrification ahead of the opening of the US’s largest annual car show.

“The great American road trip is going to be fully electrified, whether you’re driving along the coast, or on I-75 here in Michigan,” he declared as the first North American International Auto Show since 2019 prepared to open its doors.

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Sister of oligarch Alisher Usmanov removed from EU sanctions list

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Saodat Narzieva was added to the list in April, after Russia’s invasion of Ukraine

The sister of the oligarch and former Arsenal football club shareholder Alisher Usmanov has been removed from the EU’s sanctions list, which was compiled in response to the war in Ukraine.

Usmanov’s sister, Saodat Narzieva, was among a number of relatives of Russian officials and oligarchs added to the list in April.

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Pound falls as weak retail sales raise fears UK economy is in recession

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On Black Wednesday anniversary, sterling hits 37-year low against dollar and 17-month low against euro

Fears that the British economy is already in recession after a slump in retail sales last month triggered heavy selling of the pound on international money markets taking it to a 37-year low against the dollar.

With average UK wages continuing to fall behind rising prices and the Bank of England expected to push up interest rates next week, sterling fell by more than 1% against the US currency to $1.135, its lowest since 1985.

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