Category Archives: Business

New register of overseas owners of UK properties ‘riddled with flaws’

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Critics warn of loopholes as UK government tries to stop ‘oligarchs attempting to hide ill-gotten gains’

The business secretary, Kwasi Kwarteng, has promised that legislation coming into force on Monday will have an “immediate dissuasive effect on oligarchs attempting to hide their ill-gotten gains, ensuring that the UK is a place for legitimate business only”.

However, a string of lawyers, tax experts, MPs, accountants and transparency campaigners are warning that the long-awaited register of overseas entities, which was sped through parliament after Russia’s invasion of Ukraine, is “riddled with flaws and loopholes” and will have no impact on forcing corrupt oligarchs to reveal which UK mansions they own.

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More than one in eight UK households fear they have no way of making more cuts

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As energy bills soar, survey shows almost half of homes are worried about paying rent or mortgage

More than one in eight UK households fear they have no further way to make cuts to afford a sharp increase in annual energy bills this autumn.

More than a quarter of households earning less than £20,000 worry they will be unable to cope with higher bills, with families in Yorkshire, the south-west and Northern Ireland the least confident about covering their costs, according to the latest rebuilding Britain index of 20,000 people by Legal & General.

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Australian property prices tumble at rates not seen since GFC

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Interest rate rises lead to dwelling values falling for third month in a row with Sydney prices down 5.2% since January

Australia’s property prices are falling at rates comparable to the onset of the global financial crisis or the 1980s downturn as higher interest rates deflate demand. Sydney’s drop, though, is already more precipitous than those earlier eras.

In July alone, dwelling values fell 1.3% on average nationally, marking a third consecutive monthly decline according to CoreLogic, a property data firm. Five of the nation’s eight capitals reported falls, with Sydney down 2.2% and Melbourne retreating 1.5% while prices in Brisbane, Canberra and Hobart were also starting to slide.

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China’s factory activity shrinks amid Covid disruption

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Sharpest contraction is in energy-intensive industries, such as petrol, coking coal and ferrous metals

China’s factory activity unexpectedly shrank in July as sporadic Covid outbreaks disrupted the sector and the slowing global economy weighed on demand.

The official manufacturing purchasing managers’ index (PMI) fell to 49.0 in July from 50.2 in June, China’s National Bureau of Statistics said on Sunday. That was weaker than forecast, below the 50-point mark separating expansion from contraction.

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Home Office contractor gives children hotel food containing worms

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Family accommodated in a Midlands hotel were sick after eating meal provided by Serco

Children at a Home Office hotel unwittingly ate worms that were in food provided to them by government contractors, the Guardian has learned.

A four-year-old boy, not realising that his meal of fish and chips contained worms, began vomiting soon after he started to eat it. Paramedics were called and the boy was taken to hospital.

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MPs demand end to repayment clauses in contracts of overseas health workers

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Employment conditions can tie staff to roles for up to five years and impose fees of £14,000 for an early return home

• Trapped and destitute: how foreign nurses’ dreams turned sour

The NHS must halt the use of “repayment clauses” in contracts for international healthcare workers, MPs have said.

Members of the Commons health and social care committee came to this finding after an Observer investigation in March revealed how some workers were being forced to pay thousands of pounds if they wish to quit their jobs before their agreed contract ends. Widely used in both the private health and social care sector and in the NHS, the clauses are designed to help with retention of workers and recouping costs associated with overseas recruitment.

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Rail strikes leave Commonwealth Games city with almost no trains

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‘Special shuttle’ is only service running in Birmingham after the latest industrial action on the network in England and Wales

Rail strikes brought fresh misery for millions across the country on Saturday, including major disruption to Birmingham as it hosted one of the busiest days of the Commonwealth Games.

The latest round of strikes during a summer of chaos for passengers prompted bitter exchanges between union leaders and ministers.

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Rail strikes: union accuses Grant Shapps of lying about negotiations as millions face disruption – as it happened

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Head of Aslef says transport secretary ‘misrepresenting’ the truth after claim the union was ‘dragging its feet’ in pay talks

Mary Kelly Foy, the Labour MP for City of Durham, has expressed solidarity with Aslef union members as they strike.

LNER, which runs trains between London and Scotland, is warning customers of its “extremely limited services” today.

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Coalition offers qualified support for Indigenous voice as PM reveals referendum wording – as it happened

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Anthony Albanese announces draft wording of referendum question in Garma festival speech. This blog is now closed

AFP says reports of human trafficking and slavery reach highest ever level

Reports of human trafficking and slavery to the AFP have increased to their “highest ever reported”, according to new data released today.

This is the first time in Australia’s history where the uptake of a unified training and awareness-raising protocol to combat human trafficking and slavery will be delivered across all frontline agencies and jurisdictions.

This represents a critical step to addressing the scourge of human trafficking in the Australian community and it’s a job the AFP and our partners will work together to combat.

Dr Khorshid was elected AMA president during the first peak of the pandemic and quickly became the voice of reason, of calm and of urgency when needed – lobbying government, and fronting the media, along with hard-working vice-president Dr Chris Moy, to send clear messages about the pandemic.

His leadership was particularly critical during the early stages when there was no vaccine, and the focus was on implementing effective public health measures to ensure the safety of the community and healthcare workers.

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School uniforms: UK parents urged to buy early amid supply problems

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Supplier warns of Covid-related disruption, amid calls for VAT on over-14s’ school clothes to be axed

The holidays have only just begun for many children but families are being warned not to leave uniform shopping to the last minute because of potential shortages of official school blazers and jumpers.

The specialist retailer School Uniform Direct, which supplies scores of UK schools, has written to thousands of customers urging them to place orders for branded clothing as soon as possible.

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Eurozone inflation hits record high of 8.9% as energy prices soar

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Cost of living crisis comes as 19-member currency bloc beats growth forecasts in second quarter

Inflation in the eurozone reached a record high of 8.9% this month, closing the gap with the UK’s 9.4% rate.

Dearer energy was blamed for the lion’s share of the increase from 8.6% in June, as the fallout from the Russian invasion of Ukraine continues to hammer European economies.

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BA owner IAG returns to profit for first time since start of Covid pandemic

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Airline group says demand is strong despite ‘historic challenges’ at Heathrow and elsewhere

British Airways has returned to profit for the first time since the start of the pandemic, with its owner International Airlines Group saying demand was strong despite “historic challenges” still facing the industry.

IAG said that there was no sign of bookings tailing off in the autumn and beyond – in the face of pessimistic forecasts from its main airport base, Heathrow – and that demand for the most lucrative transatlantic routes was continuing to grow.

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Biden hails ‘most significant legislation to tackle climate crisis’ after Manchin says yes – live

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Joe Biden “was not involved” in negotiations over the newly announced Inflation Reduction Act, Joe Manchin has said, claiming credit instead for himself and his own aides.

In a press call Thursday morning that shed a little more light, but not very much, on how the bill came to be, the Democratic West Virginia senator said:

It was me and my staff. And then we worked with [Senate majority leader Chuck] Schumer’s staff. My staff was driving it. We wrote the bill. Schumer’s staff would look at it and we would negotiate, and we worked that through them.

President Biden was not involved.

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Taxpayers left with £421m bill after one in 12 firms default on Covid loans

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About 8% of borrowers – 130,000 firms – have so far failed to repay government-backed emergency loans

Taxpayers have been left to foot a £421m bill to cover soured Covid debts, after one in 12 businesses defaulted on state-backed emergency loans distributed at the height of the pandemic, official figures reveal.

In the first set of figures detailing the performance of government-backed loans offered to struggling firms during the outbreak, the Department for Business, Energy and Industrial Strategy said about 8% of 1.6m borrowers – roughly 130,000 – failed to repay their debts as of March this year.

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Cancer researchers unable to access clinical trial data for top-selling drugs, study finds

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Lack of transparency from pharmaceutical companies on anticancer medication has implications for health equity, Australian scientist says

Clinical trial data that saw some of the world’s most widely used cancer drugs approved by the US drugs regulator remains secret, despite a pharmaceutical industry commitment to transparency made in 2014.

The authors of a study published in the journal JAMA Oncology on Friday said the lack of transparency should be concerning to Australia.

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Bangladesh to hold talks with IMF after applying for bailout

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Dhaka is understood to be seeking $4.5bn rescue package after being hit by high import costs and falling exports

Bangladesh is to hold talks with the International Monetary Fund after applying for a bailout to prevent the country running out of cash.

The government in Dhaka – the third in south Asia to seek a financial rescue package from the IMF after Pakistan and Sri Lanka – is understood to want $4.5bn (£3.7bn) after it was hit hard by high import prices, especially for gas, and a fall in exports as the global economy slowed down.

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Asia’s richest woman loses half her $24bn fortune in China property crisis

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Yang Huiyan, a majority shareholder in Chinese property giant Country Garden, saw net worth plunge to $11.3bn in a year

Asia’s wealthiest woman has lost more than half her fortune over the past year as the crisis engulfing China’s real estate sector continues to worsen, a billionaire index showed on Thursday.

Yang Huiyan, a majority shareholder in China’s biggest property developer Country Garden, saw her net worth plunge by more than 52% to $11.3bn from $23.7bn a year ago, according to the Bloomberg Billionaires Index.

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Jim Chalmers to cut economic growth estimates amid inflation ‘headwinds’

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Treasurer will use state of the economy speech to trim 2021-22 growth to 3.75% and provide new inflation, wage and unemployment forecasts

The federal treasurer, Jim Chalmers, will use the state of the economy speech to trim the national growth estimates, citing global economic “headwinds”.

“[T]he headwinds our economy is facing – higher inflation at the top of that list, along with slowing global growth – are now reflected in the revised economic outcomes and forecasts,” Chalmers will tell parliament on Thursday according to an excerpt of his speech.

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Despite Australia’s soaring inflation rate, some economists say the peak may be ‘coming into view’

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Analysis: Inflation optimists look to falling global supply chain pressures but spiking energy prices suggest we haven’t reached a plateau yet

Some economists have tipped that the inflation rate has started to plateau, even after the Australian consumer price index on Wednesday showed the fastest annual pace of inflation since 2001.

Australian prices rose 6.1% in the June quarter, the quickest pace in 21 years. Yet even in that dire news from the Australian Bureau of Statistics, some economists were able to spy a silver lining.

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Germany accuses Russia of ‘power play’ as gas pipeline supply drops by half

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State-run Gazprom reduces flow through Nord Stream 1 to around 20% of its capacity

Germany has accused Moscow of engaging in “power play” over energy exports, as Russian state-run Gazprom further throttled gas supplies into Europe.

As announced two days earlier, the energy giant on Wednesday reduced the gas flow through Nord Stream 1 to 33m cubic metres a day – about 20% of the pipeline’s total capacity and half the amount it has been delivering since resuming service last week after 10 days of maintenance work.

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