Category Archives: Business

Workers at UK’s biggest container port Felixstowe strike over pay

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About 1,900 crane drivers, machine operators and stevedores involved in eight-day action

Workers at the UK’s biggest container port have gone on strike for the first time since 1989, with shipping companies and union leaders warning the action could impact supply chains and leave shoppers waiting for goods.

About 1,900 members of Unite at Felixstowe have walked out in a dispute over pay today, in the latest outbreak of industrial action to hit a growing number of sectors of the economy.

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Victorian nightclub offers free lids after ‘rampant and repeated’ reports of drink-spiking

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Warehouse Ballarat says patrons used 500 drink lids in first weekend, which have made patrons ‘feel a lot more safe’

A regional Victorian nightclub has begun offering free lids to its patrons in an effort to prevent drink-spiking.

Warehouse Ballarat is taking the action after widespread reports of spiking incidents in the region dating back to last year.

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‘I am not blaming anyone’: Estonians shrug off 23% inflation

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Those in Europe’s inflation hotspot remain calm about rising prices, but a lack of government intervention could fuel further increases – and discontent

Like his cappuccinos, Taniel Vaaderpass, 33, isn’t bitter. His usually profitable company, OA Coffee, one of Estonia’s biggest coffee bean roasting companies, may have posted a loss for the first time last year and is set to do so again this year, but Vaaderpass remains strikingly sanguine as he sits on the terrace of the cafe he also owns on a cobbled street in the old town of Tallinn.

The central causes of Vaaderpass’s misfortune is a 240% increase in the price of unroasted green coffee and a 20% surge in the cost of the gas he uses to roast his imported beans. He also felt the need to give his staff a 10% pay rise in January despite the lack of company profits.

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Gibraltar prepares for first auction of a Russian oligarch’s detained superyacht

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Proceeds of the sale of Axioma, valued at £65m, will benefit JP Morgan rather than the Ukrainian people

A £65m superyacht of a Russian oligarch hit by sanctions will be auctioned off by the Gibraltar government on Tuesday, becoming the first of the luxury vessels to be sold off since restrictions were imposed on hundreds of rich Russians after Vladimir Putin’s invasion of Ukraine.

However, the 72.5-metre Axioma is not being sold for the benefit of the Ukrainian people but for a US investment bank, JP Morgan, which claims the yacht’s billionaire owner, Dmitry Pumpyansky, owes it more than $20m (£17m).

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Demolition job: the Liberal party war surrounding NSW building commissioner’s exit

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David Chandler’s job brought him into close proximity with developers. In NSW, that means politics is never far away either

David Chandler, a tough-talking 40-year veteran of the New South Wales construction industry, had reached the end of his tether when he resigned abruptly as the state’s building commissioner in July.

The man responsible for getting developers to fix unsafe buildings felt he had endured attacks on his character, a smear campaign swirling through the corridors of state parliament, lobbying by former ministers and a deteriorating relationship with his own minister.

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M&S pledges to put recycling at heart of Marble Arch store redevelopment

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Mark & Spencer says 95% of materials will be recovered, recycled or reused amid growing opposition

Marks & Spencer has pledged that 95% of the materials in its Marble Arch building in Oxford Street, west London, will be recovered, recycled or reused as it fights back against heavy opposition to its plan to flatten the shop.

In the run-up an inquiry into the scheme, scheduled to begin on 25 October, the retailer said some materials would be reused directly on site within its new building as part of its efforts to “promote circular economy principles”.

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Labour sets out plan to link minimum wage to cost of living

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Exclusive: Earnings of lowest paid could rise by £832; lower rates for 18- to 22-year-olds to be scrapped

Labour has drawn up plans to put hundreds of pounds into the pockets of the lowest paid by instructing the Low Pay Commission to factor in living costs when it sets the minimum wage.

They also want to scrap the lower pay categories for workers aged between 18 and 22, so they would all be paid at the higher rate.

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Billionaire Xiao Jianhua jailed for 13 years in China

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Chinese-Canadian’s firm fined record 55.03bn yuan on charges including illegally taking funds from public

Xiao Jianhua, a Chinese-Canadian billionaire at the centre of an alleged abduction scandal in Hong Kong in 2017, has been sentenced by a Shanghai court to 13 years in prison and his company fined a record 55.03bn yuan (£6.8bn).

Xiao, 50, and his Tomorrow Holdings conglomerate were charged with illegally absorbing public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai first intermediate court said.

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Leading grain traders ‘sourcing soy beans from Brazilian farm linked to abuse’

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Bunge and Cargill, behind more than 30% of soy exports to EU and UK, accused of exposing suppliers to link with indigenous rights violations

Two of the world’s biggest grain traders are sourcing soy from a Brazilian farm linked to abuses of indigenous rights and land, a report from the environmental group Earthsight claims

Earthsight named the companies as Bunge and Cargill and said they sourced soy produced on a farm located on ancestral land of the Kaiowá indigenous group.

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UK consumer confidence weaker than during major recessions

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Monthly look finds deepening pessimism about personal finances and prospects for the economy

Consumer confidence in the UK is weaker than during the four major recessions of the past half century as rapidly rising inflation saps morale.

Although the UK is technically yet to enter recession, the latest barometer of sentiment from the data company GfK found the public gloomier than at any time since the survey began in January 1974.

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Two-thirds of UK families could be in fuel poverty by January, research finds

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Estimated 45m people will struggle to pay energy bills this winter with predicted rises in price cap

Two-thirds of all UK households will be trapped in fuel poverty by January with planned government support leaving even middle-income households struggling to pay their bills, according to research.

It shows 18 million families, the equivalent of 45 million people, will be left trying to make ends meet after further predicted rises in the energy price cap in October and January.

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UK’s 10% inflation casts doubt on Truss and Sunak’s tax cut promises

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Soaring cost of living is forcing up government spending on benefits, pensions and debt leaving no spare cash to lower taxes

Britain’s first double-digit inflation in more than four decades has cast doubts on the plausibility of the tax cuts being promised by Liz Truss and Rishi Sunak during their leadership battle, one of the UK’s leading thinktanks has said.

Following news that the government’s preferred measure of the cost of living rose by 10.1% in the year to July, the Institute for Fiscal Studies said higher inflation would mean extra spending on welfare benefits, state pensions and on debt interest.

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Rail strikes: Britons face three more days of disruption from Thursday

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Network Rail, several train firms, London Underground and London buses to be hit by latest action

Commuters and other travellers are facing further disruption over three days from Thursday on rail, tube and bus services, as tens of thousands of workers begin the latest round of strike action.

Network Rail, several train companies, London Underground and buses in the capital will be hit by industrial action due to long-running disputes over pay, jobs and conditions.

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Japan tax office launches campaign to help encourage drinking

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Contest asks young adults for ideas to revitalise popularity of alcoholic drinks after big fall in tax revenues

The Japanese government has launched a nationwide competition calling for ideas to encourage people to drink more alcohol after a change in attitudes among the young resulted in a slide in tax revenues.

The Sake Viva! campaign, which is being run by the National Tax Agency (NTA), asks 20- to 39-year-olds to come up with proposals to help revitalise the popularity of alcoholic drinks, which have fallen out of favour because of lifestyle changes during the coronavirus pandemic and among young people.

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Power station owner Uniper posts £10bn loss as gas shortages bite

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German energy firm, which operates many UK power stations, has been bailed out by federal government

The owner of the Ratcliffe-on-Soar power station in Nottinghamshire has posted a €12bn (£10bn) loss weeks after agreeing a bailout package with the German government, in a set of results that signal the deepening energy crisis across Europe.

Uniper received a €15bn lifeline from the German state in return for a 30% equity stake in a deal agreed in July.

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Unions and employers agree 40,000 more migrants a year needed to fill Australia’s skills shortage

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Consensus on migration and increasing subsidies for apprentices could pave way for policy reform at government’s jobs and skills summit

Unions and employers have agreed Australia should lift its migration intake by 40,000 annually to help fill skills shortages and demanded a boost to apprentice subsidies.

The consensus suggests the Albanese government could secure broad support for some policy reform at its jobs and skills summit in September, although the Australian Chamber of Commerce and Industry (Acci) will use a major speech on Wednesday to reject more ambitious union requests.

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Canstruct loses lucrative Nauru offshore processing contract to US prisons operator with controversial record

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Management and Training Corporation is set to take over running Australia’s immigration regime on the island

Canstruct has lost the lucrative contract to run Australia’s offshore immigration regime on Nauru with the Brisbane firm to be replaced by a US-headquartered private prisons operator that has a controversial past.

Sources have told the Guardian that Canstruct’s current contract, set to end on 30 September, will not be renewed and from 1 October “facilities, garrison, transferee arrivals and reception services” will be run by Management and Training Corporation (MTC) Australia.

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Interest-free loans to be rolled out in UK to help with food bills

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Supermarket Iceland is part of scheme to offer sums of £25 to £100 to buy everyday items

A zero-interest loans scheme aimed at helping thousands of people who are struggling to put food on the table is being rolled out across the UK.

The initiative, the result of a link-up between the supermarket chain Iceland and a charity-owned lender, is the latest interest-free loans scheme to launch in response to growing concern about households who find themselves at the sharp end of the cost of living crisis and are unable to access or afford existing forms of credit.

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Oil prices hit lowest level since Ukraine invasion on China growth fears

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Chinese recovery from lockdowns shows signs of fizzling out as central bank cuts interest rates

Global oil prices have dropped amid concerns over weaker growth in the Chinese economy caused by repeated Covid lockdowns and a downturn in the property sector.

A barrel of Brent crude fell by about 5% to below $94 (£78) on Monday, hitting the joint lowest levels since the Russian invasion of Ukraine as traders reacted to weaker figures from the world’s second-largest economy.

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Kosovo stops import of electricity and begins energy rationing

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Power blackouts after wholesale prices soar as a result of Russia’s invasion of Ukraine

Soaring international energy prices have brought power blackouts to Europe as Kosovo said it could no longer afford to import electricity, adding to fears that tensions with Russia will plunge the continent into crisis this winter.

Consumers in the Balkan state have been told they will be allowed six hours of power at a time, punctuated by two-hour breaks, according to a spokesperson for its energy distribution company, KEDS.

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