Category Archives: Business

BP makes its biggest oil and gas discovery in 25 years off coast of Brazil

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Company to carry out more tests on its Santos basin find as it continues shift from renewables back to fossil fuels

BP has made its largest oil and gas discovery of the past 25 years off the coast of Brazil as it continues to shift its focus away from renewables and back to fossil fuels.

The Santos basin oil and gas discovery, which is located in deep waters, is the company’s 10th oil discovery of the year and could be its largest since its discovery at the Shah Deniz gasfield in Azerbaijan in 1999.

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US Boeing defense workers slated to strike after rejecting latest offer

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Over 3,200 union machinists around St Louis expected to strike at midnight on Monday as they seek new contract

More than 3,200 unionized workers who assemble Boeing’s fighter jets in the St Louis area rejected Boeing’s latest offer on Sunday and will strike at midnight on Monday, the International Association of Machinists and Aerospace Workers union said.

“IAM District 837 members ... deserve a contract that reflects their skill, dedication, and the critical role they play in our nation’s defense,” the union’s business representative, Tom Boelling, said.

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Millions in line for payouts from £18bn car loan compensation scheme

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City regulator says motorists should start to get payments in 2026 with ‘most payouts likely to be under £950’

Millions of drivers could be handed a share of a multibillion-pound compensation package after the City regulator said it would open a redress scheme for consumers affected by the car finance scandal.

The Financial Conduct Authority (FCA) will consult on the redress scheme, which could cost banks between £9bn and £18bn when it begins paying consumers compensation next year.

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White House officials rush to defend Trump after shaky economic week

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US trade representative says ‘the president is the president’ after firing of labor statistics chief amid slow job growth

Donald Trump administration officials fanned out on Sunday’s US political shows to defend the president’s policies after a bruising week of poor economic, trade and employment numbers that culminated with the firing of labor statistics chief Erika McEntarfer.

The US trade representative, Jamieson Greer, said Trump had “real concerns” about the jobs numbers that extend beyond Friday’s report that showed the national economy added 73,000 jobs in July, far below expectations. Job growth numbers were revised down by 285,000 for the two previous months as well.

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Revealed: Yorkshire Water boss was paid extra £1.3m via offshore parent firm

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Company says extra payments relating to work for Kelda Holdings were covered by shareholders not billpayers

The boss of Yorkshire Water, one of Britain’s biggest water suppliers, has received £1.3m in previously undisclosed extra pay since 2023 via an offshore parent company, the Guardian can reveal.

Nicola Shaw received £660,000 from Yorkshire Water’s Jersey-registered parent company, Kelda Holdings, in the 2023-24 and the 2024-25 financial years. The size of the fees was not disclosed in the annual report of the regulated subsidiary, Yorkshire Water Services.

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Online shoppers warned of ‘dangerous’ weight-loss scam as ‘ghost stores’ impersonate real people to sell Ozempic-like treatments

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Dietitian Lyndi Cohen says her likeness is being ‘abused and misrepresented’ as websites posing as Australian businesses claim to offer GLP-1 substances

Online “ghost stores” masquerading as Australian businesses have expanded into advertising Ozempic-like weight loss treatments, and are impersonating real people, including a well-known dietitian, to recommend their products.

After uncovering more than 140 sites falsely claiming to be Australian fashion retailers that prompted a public warning from the consumer regulator, Guardian Australia has identified a new scam that targets people trying to lose weight.

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Chancellor’s attempt to intervene in car finance scandal branded ‘disgraceful’

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Defending industry over consumers sends ‘really bad message’, says Treasury committee member Bobby Dean

Rachel Reeves’ efforts to intervene in the supreme court case on the car finance scandal were “unprecedented and disgraceful” and send a “really bad message” to consumers that the government is willing to defend wrongdoing by banks, Treasury committee member and Lib Dem MP Bobby Dean has said.

While the supreme court largely sided with finance companies on Friday – helping lenders avoid a £44bn compensation bill – Dean said the chancellor had gone too far to show she was on the side of business.

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Chancellor’s attempt to intervene in car finance scandal branded ‘disgraceful’

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Defending industry over consumers sends ‘really bad message’, says Treasury committee member Bobby Dean

Rachel Reeves’ efforts to intervene in the supreme court case on the car finance scandal were “unprecedented and disgraceful” and send a “really bad message” to consumers that the government is willing to defend wrongdoing by banks, Treasury committee member and Lib Dem MP Bobby Dean has said.

While the supreme court largely sided with finance companies on Friday – helping lenders avoid a £44bn compensation bill – Dean said the chancellor had gone too far to show she was on the side of business.

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India to still buy oil from Russia despite Trump threats, say officials

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No pause on Russian imports by Indian oil firms who base decisions on ‘price, grade of crude, logistics and economic factors’

Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow’s trading partners over the war in Ukraine.

Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump later told reporters that such a move would be “a good step” if true.

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India to still buy oil from Russia despite Trump threats, say officials

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No pause on Russian imports by Indian oil firms who base decisions on ‘price, grade of crude, logistics and economic factors’

Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow’s trading partners over the war in Ukraine.

Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump later told reporters that such a move would be “a good step” if true.

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India to still buy oil from Russia despite Trump threats, say officials

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No pause on Russian imports by Indian oil firms who base decisions on ‘price, grade of crude, logistics and economic factors’

Indian oil refineries will continue to buy oil from Russia, officials have said, before threatened US sanctions next week against Moscow’s trading partners over the war in Ukraine.

Media reports on Friday had suggested India, a big energy importer, would stop buying cheap Russian oil. Trump later told reporters that such a move would be “a good step” if true.

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Victorians could soon have the right to work from home two days a week under Australian-first laws

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Premier Jacinta Allan to announce proposal that if legislated would make Victoria the first state to enshrine in law the right to work remotely

Victorians could soon have a legal right to work from home two days a week, under proposed Australian-first laws to be introduced to parliament by the state Labor government in 2026.

The Victorian premier, Jacinta Allan, will use Labor’s state conference on Saturday to announce the proposal, which, if passed by parliament, would make the state the first in the country to legislate the right to work remotely.

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Victorians could soon have the right to work from home two days a week under Australian-first laws

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Premier Jacinta Allan to announce proposal that if legislated would make Victoria the first state to enshrine in law the right to work remotely

Victorians could soon have a legal right to work from home two days a week, under proposed Australian-first laws to be introduced to parliament by the state Labor government in 2026.

The Victorian premier, Jacinta Allan, will use Labor’s state conference on Saturday to announce the proposal, which, if passed by parliament, would make the state the first in the country to legislate the right to work remotely.

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Adani promised Australia billions from its Carmichael mine but it hasn’t paid a cent in tax. How did we get here?

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The coalmine generated millions in revenue in its early days but recorded an operating loss – a pattern that would repeat at scale

It was entirely foreseeable, and has resulted in billions of dollars in forgone revenue for Australia.

But just how did policymakers fail to extract a single cent in company tax from Adani’s Carmichael coalmine, even though it opened during the start of a commodity price boom?

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Trump steps up attacks on Fed’s independence amid interest rates row

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US president called on top Fed officials to seize control from chair Jerome Powell if he fails to cut interest rates

Donald Trump called on top Federal Reserve officials to seize control from its chair, Jerome Powell, if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank’s independence.

The US president called Powell “a stubborn MORON” in a series of critical social media posts on Friday, days after the Fed held rates steady for the fifth consecutive time.

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US adds just 73,000 jobs in July amid pressure from trade war and ‘increasing signs of fragility’ in labor market

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July jobs growth slowed amid rising signs that Trump’s tariffs are weighing on trade, prices and hiring

The US economy added 73,000 jobs in July, far lower than expected, amid ongoing concerns with Donald Trump’s escalating trade war.

Forecasters surveyed by Bloomberg had predicted the July jobs report would show a drop in added jobs to around 109,000. The unemployment rate rose to 4.2% from 4.1% in June.

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Trump threatens drug giants with crackdown over prices

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US president tells pharma firms to match lowest global prices or face crackdown, citing burden on US families

Donald Trump has threatened to use “every tool in our arsenal” to crack down on pharmaceutical giants if they fail to cut drug prices for Americans within 60 days.

The president wrote to executives at 17 companies on Thursday, demanding they match their US prices for prescription drugs with the lowest price offered in other developed nations.

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Canada braces as tariff deadline looms and talks with US ‘chaos machine’ drag

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Ottawa is still trying to find a trade deal with Washington to avoid heavy tariffs as 1 August deadline approaches

After months of tariff threats from the US and escalating trade tensions that have sowed anger in Canada and fractured a once-close alliance, the country is now fast approaching a 1 August deadline to reach a deal with the Trump administration – which has shown no signs of backing down.

And observers are keeping a close eye on negotiations this week to determine whether too large a chasm has grown between the countries, resulting in what could be an explosive end to what was decades of free-flowing trade.

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Countries failing to act on UN climate pledge to triple renewables, thinktank finds

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Fossil fuel reliance likely to continue and Cop28 target of limiting global heating to below 1.5C will be missed

Most global governments have failed to act on the 2023 UN pledge to triple the world’s renewable energy capacity by the end of the decade, according to climate analysts.

The failure to act means that on current forecasts the world will fall far short of its clean energy goals, leading to a continued reliance on fossil fuels that is incompatible with the target of limiting global heating to below 1.5C.

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Labour says firms will be penalised for late payments to suppliers

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Government drive to support small business will include startup loans for 69,000 companies worth £4bn

Keir Starmer has warned businesses who persistently delay payments to their suppliers that it is “time to pay up” as the government prepares to impose fines and penalties on repeat offenders.

In what Labour has billed as the toughest crackdown on late payments in a generation, the business secretary, Jonathan Reynolds, will say on Thursday that the changes will slash a cost to the economy that has escalated to £11bn a year.

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