Category Archives: Business

Starbucks workers hold strikes in at least 17 states amid union drive

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Workers allege over 75 people have been fired in retaliation for organizing this year

Workers at Starbucks have held over 55 different strikes in at least 17 states in the US in recent months over the company’s aggressive opposition to a wave of unionization.

According to an estimate by Starbucks Workers United, the strikes have cost Starbucks over $375,000 in lost revenue. The union created a $1m strike fund in June 2022 to support Starbucks workers through their strikes and several relief funds have been established for strikes and to support workers who have lost their jobs.

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Ryanair boss blames Brexit for airport chaos and says era of €10 airfares over

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Michael O’Leary warns of rising cost of fuel and says policymakers need to get inflation back to about 2%

The boss of Ryanair has warned the era of ultra-low airfares is over and said Brexit is partly to blame for a shortage of airport workers that has created chaos during the peak holiday period.

The airline’s chief executive, Michael O’Leary, said surging oil prices would make it impossible to keep offering promotional tickets for less than €10 (£8.50). He added that Ryanair’s average fare would rise from about €40 towards €50 over the next five years as the company adjusted to rising inflation.

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Disney+ edges past Netflix in streaming subscribers as it raises ad-free prices

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Disney sees total of 221m customers at the end of the June quarter compared to Netflix’s 220.7m


Walt Disney edged past Netflix with a total of 221 million streaming subscribers at the end of the most recent quarter and announced it will launch a Disney+ option with advertising this December.

In the just-ended quarter, Disney added 14.4 million Disney+ customers, beating the consensus of 10 million expected by analysts polled by FactSet, as it released Star Wars series Obi-Wan Kenobi and Marvel’s Ms Marvel.

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UK energy bills – six ways to reduce the impact of soaring prices

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Be it a loft insulation drive or a lower price cap, there are many ways to help – but action must be swift and extensive

The UK government has been urged to take further action to alleviate the impact of soaring energy prices, and there are a number of measures it could take.

Any rescue package would need to be swift and extensive to prevent households being plunged into poverty this winter as home energy prices surge. Ministers will also need to dig deep to prevent more businesses hit by rising energy costs from defaulting on loans and declaring themselves bankrupt.

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Australian electricity companies not reducing emissions in line with Paris agreement goals, study finds

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AGL, EnergyAustralia and Origin among businesses study says not on track to meet global climate goals to limit heating to well below 2C

Nine out of 10 major Australian electricity companies are failing to reduce greenhouse gas emissions fast enough to meet the goals of the landmark Paris climate agreement, a study has found.

Businesses not acting in accordance with the 2015 Paris agreement goal of limiting global heating to well below 2C since pre-industrial times included the generators and retailers AGL, EnergyAustralia and Origin, according to the study led by University of Queensland researchers.

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NSW agent general to UK approved ad attacking Labor tax policy before 2019 election

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Exclusive: In former role leading NSW Business Chamber, Stephen Cartwright approved campaign targeting a business policy in three key seats

The man appointed by the New South Wales government to a senior London trade role approved negative television ads that targeted a Labor business tax policy at the last state election in his previous job as head of the NSW Business Chamber.

Separately, a NSW parliamentary inquiry heard testimony this week that the NSW agent general to the UK, Stephen Cartwright, went over the head of his manager, Investment NSW chief Amy Brown, and messaged Liberal trade minister Stuart Ayres directly in a dispute about a cost of living allowance.

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Domino’s retreats from Italy having failed to conquer the home of pizza

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After seven years and an ambitious plan to open 880 outlets, US chain’s local franchise files for bankruptcy

Domino’s Pizza has pulled out of the Italian market after failing in its mission to conquer the home of pizza.

The US fast food chain’s departure from Italy after seven years followed a period in which the business was badly hit by the coronavirus pandemic, which in turn forced traditional Italian pizzerias to adopt their own delivery services.

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US inflation falls to 8.5% in July but still close to multi-decade high

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Gas prices drop sharply after a hitting a national average of $5 a gallon in mid-June

The pace of price rises dipped in the US in July as gas prices eased, bringing down the annual rate of inflation to 8.5%, still close to a multi-decade high but lower than the four-decade peak it hit in June.

July’s figure, while still high, represents a significant fall from the annual rate of 9.1% recorded in June and will raise hopes that inflation has finally peaked in the US. It follows other indicators that have suggested price rises are moderating.

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Environment Agency pension fund criticised for owning stakes in UK water firms

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Campaigner Feargal Sharkey says profiteering from firms that dump raw sewage into rivers an ‘obscenity’

The Environment Agency’s pension fund owns stakes in a string of British water firms – despite the watchdog calling for industry bosses to be jailed over shocking pollution levels, the Guardian can reveal.

An analysis of the Environment Agency Pension Fund’s investments shows it holds shares or bonds worth £28m in six of the largest water companies.

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UK energy bills ‘to top £4,200’ amid warning of ‘serious hardship on a massive scale’ – business live

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Joseph Rowntree Foundation, consumer champion Martin Lewis and CBI chief urge PM to act urgently to help people with soaring energy bills

More on the new forecast for UK energy bills from Cornwall Insight, which spells more misery for millions of families across the UK.

The consultancy’s principal consultant, Dr Craig Lowrey, said:

It is essential that the government use our predictions to spur on a review of the support package being offered to consumers.

If the £400 was not enough to make a dent in the impact of our previous forecast, it most certainly is not enough now.

The government must make introducing more support over the first two quarters of 2023 a number one priority. In the longer term, a social tariff or other support mechanism to target support at the most vulnerable in society are options that we at Cornwall Insight have proposed previously. Right now, the current price cap is not working for consumers, suppliers, or the economy.

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Liz Truss doubles down on tax cuts over support for energy bills

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Foreign secretary had previously said she did not want to give ‘handouts’ to people struggling with the cost of living

Liz Truss has doubled down on her refusal to offer significant help to people with soaring energy bills this winter, despite a forecast that these could exceed £4,200 annually from January, and rise further during 2023.

Truss, the runaway favourite to succeed Boris Johnson as prime minister next month, has already said she does not want to give “handouts” to people struggling with bills, preferring to prioritise tax cuts.

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Truss and Sunak accused of ‘living in parallel universe’ on bills crisis – UK politics live

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Latest updates: Lib Dem leader says Tory leadership hopefuls have no plan to help millions of families struggling with price rises

The Joseph Rowntree Foundation, a leading poverty charity, says, in the light of the latest forecast about how energy bills will rise (see 10.54am), the government needs to at least double the help already provided to help people through the cost of living crisis. This is from Peter Matejic, its chief analyst.

The latest projections of annual energy bills exceeding £4,200 from January is the latest in a series of terrifying warnings over the past week, from the Bank of England and others. Families on low incomes cannot afford these eye watering sums and as a nation we can’t afford to ignore an impending disaster.

Both candidates to be prime minister must now recognise the extraordinarily fast-changing situation and act to protect the hardest hit from the coming emergency.

Unite said the 4% increase for staff in middle pay bands announced by the government last month is a “massive pay cut” because of soaring inflation.

The union will now consult with its 100,000 health members across the NHS in both England and Wales on whether they accept the “imposed deal” or want to challenge it through industrial action, which could mean strikes this winter.

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SES and Resilience NSW ‘failed’ to lead flood response, inquiry finds – as it happened

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New threatened species listings include south-eastern glossy black-cockatoo

Two Australian species that were badly affected by the 2019-20 black summer bushfires have been officially listed as threatened.

The damage caused by the black summer bushfires is still being felt today and can be seen reflected in these listings today.

The fires had an immense impact on our environment, from a small reptile found in the mountains to a bird that is at home on the coast. There is still a lot of work to do.

It seems as though these positions are being offered around almost like lolly bags to senior members of the New South Wales government rather than what they’re intended to be, which is senior positions funded by the taxpayer. We shouldn’t operate like that in New South Wales. We’re slowly but surely finding out the contours of what is an absolute scandal.

There’s many questions to be asked. At the end of the day we’re expected to believe of the 8 million people who live in New South Wales, John Barilaro was independently chosen to represent our interests. I think that ... stretches credibility.

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Truss and Sunak still haven’t grasped the magnitude of Britain’s cost of living crisis

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Sunak says Truss’s plan to reverse the increase in national insurance ‘won’t touch the sides’ but neither will his

Britain is facing a cost of living crisis this winter more brutal than any in living memory. Annual energy bills for the average household are set to hit £300 a month from October, almost double the current level. Spending power will be sucked out of the economy as millions of households struggle – and fail – to make ends meet. The courts will be clogged up with people prosecuted for falling behind with their payments.

That’s the situation facing the two hopefuls slugging it out to be the country’s next prime minister, yet neither Liz Truss nor Rishi Sunak yet seems to have grasped the magnitude of the problem, in public at least.

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State government ‘disappointed’ as Queensland real estate peak body urges skirting of new eviction laws

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Property managers are being advised to provide notices to leave when issuing fixed-term leases

Queensland’s housing department says “best practice” advice given by the state’s peak real estate body that would see every renter issued with notice to leave at the start of their lease is “disappointing” and “not in the spirit” of rent reforms.

But the tenants’ union is calling for the state government to go further, urging them to restrict the issuing of “Form 12s” and make it harder for renters to be removed without reason.

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UK braces for even higher bills as Norway threatens electricity export cut

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Water levels in southern Norway so low domestic consumers may be prioritised over international customers

British consumers could face even higher bills and potential energy shortages this winter after Norway threatened to ration electricity exports.

The UK receives hydroelectric power from Norway through a subsea interconnector cable running beneath the North Sea.

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A third of UK parents cutting back on children’s pocket money

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Cost of living crisis has meant the average amount given to children has fallen to lowest level since 2001

Children’s piggy banks are paying a high price for the cost of living crisis after almost a third of parents cut back on pocket money during the last year.

The average amount that is going into the pockets of under-16s each week has dropped by 23% to £4.99 this year from £6.48 in 2021, according to research from the lender Halifax – the lowest amount since 2001.

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Two-thirds of UK’s top restaurants in the red after Brexit, Covid and inflation

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Meanwhile £700m of support funds in business rates relief remains unpaid by local councils

Debt repayments, staff shortages and rising energy bills have pushed almost two-thirds of the UK’s top 100 restaurants into the red, according to research that reveals the impact of the pandemic, Brexit and the cost of living crisis on the hospitality sector.

With a recession looming and further increases in energy bills weighing on businesses, a separate report found that £700m of business rates relief remains unpaid with only half of English councils paying out the support funds.

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China’s export sector posts stronger than expected figures for July

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Outbound shipments grew 18% after struggle with shortages of raw materials and lockdowns in first half of year

China’s export industries performed strongly last month after spending the first half of the year hampered by shortages of raw materials and pandemic-related lockdowns at major ports.

Offering an encouraging boost to the economy, outbound shipments grew 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, beating analysts’ expectations for a 15% gain, though imports remained sluggish.

Analysts had expected exports to fade amid growing signs that Europe, the US, UK and Australia are heading for recession, dampening the outlook for global consumption.

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Gordon Brown: ‘Set emergency budget or risk a winter of dire poverty’

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Former PM has warned of a financial timebomb awaiting families as Labour plans a major intervention to address crisis

Boris Johnson and the Tory leadership candidates should agree an immediate emergency budget tackling the spiralling cost of living, Gordon Brown has said, or risk “condemning millions of vulnerable and blameless children and pensioners to a winter of dire poverty”.

The intervention by the former prime minister comes as new figures seen by the Observer show that more than 4 million households are on course to spend a quarter of their net income on energy.

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