Category Archives: Business

US blocking selection of Ngozi Okonjo-Iweala to be next head of WTO

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Sources say it is unclear if move is attempt to sabotage trade body much criticised by Trump

The US is blocking the appointment of Ngozi Okonjo-Iweala as the next head of the World Trade Organisation despite the former Nigerian finance minister winning the overwhelming backing of the WTO’s 164 members, it has emerged.

Ngozi had moved a step closer to becoming the first woman and the first African to be director of the global trade watchdog after securing the support of a key group of trade ambassadors in Geneva. Soundings taken by a selection panel of three WTO trade ministers found Okonjo-Iweala had far more support than her South Korean rival, Yoo Myung-hee.

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Harry Potter publisher says Covid has weaved magic over book sales

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After shaky start in lockdown, Bloomsbury sales soar as people pick books over box sets

The Harry Potter publisher, Bloomsbury, has reported its most profitable first half in more than a decade, after a nation tiring of box sets fuelled a lockdown boom in book sales.

The company furloughed staff as the coronavirus crisis forced the publishing industry to shut down, but has seen a remarkable change in fortune as the pandemic has persisted.

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Asic admits it acted at ‘glacial’ pace over rent payments to deputy chairman

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Acting chair Karen Chester confirms at Senate inquiry that some of the advice KPMG gave its chairman related to tax minimisation

The acting chair of the Australian Securities and Investments Commission, Karen Chester, has admitted to parliament that the regulator acted with “glacial” speed in dealing with concerns about rent payments to its deputy chairman, Daniel Crennan QC.

Last week the auditor general, Grant Hehir, told the treasurer, Josh Frydenberg, that payments of about $70,000 to Crennan and $118,000 to KPMG for tax advice it gave to the Asic chairman, James Shipton, breached public service pay rules.

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Eggs Benedict and tattoos: what Melburnians are looking forward to when lockdown ends

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Some are packing their next few weeks full of activities, while others just want a chance to decompress

After a long dark night, there always comes the dawn, and for many Melburnians that dawn is a good strong coffee.

That’s certainly what retiree James Green missed the most. Visiting his local cafe is on the top of his list of things to do on Wednesday when hospitality venues in Melbourne are finally allowed to reopen.

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China sanctions major US defence companies after arms sales to Taiwan

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Lockheed Martin, Boeing Defense, Space & Security and Raytheon named along with US officials who played a role in weapons sales

China will sanction several major defence companies in retaliation for multibillion dollar US arms sales to Taiwan, the foreign ministry has announced.

Lockheed Martin, Boeing Defense, Space & Security and Raytheon were named as targets of the sanctions, as well as “the US individuals and entities who played an egregious role”, foreign ministry spokesman Zhao Lijian said at a regular press briefing on Monday, but did not provide further details.

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US and European markets dip as Covid containment efforts founder

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Investors’ summer optimism gives way to insecurity as curfews and lockdowns return

Stock markets in the US and Europe fell sharply oas investors focused on signs that rich countries’ efforts to contain the coronavirus pandemic were foundering.

In Europe, the Stoxx 600 index lost 1.8% after heavy falls in German blue-chip stocks. In the US the Dow Jones industrial average closed 2.3% down at 27685.38, while the benchmark S&P 500 fell 1.9% to 3400.97.

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Jack Ma’s Ant set for world’s biggest share offering at £26bn

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Financial technology firm will list on Shanghai and Hong Kong stock markets in snub to US

Chinese billionaire Jack Ma’s financial technology firm is aiming to raise more than $34bn (£26.15bn) in the world’s biggest initial public offering, valuing the business at more than $313bn.

Ant Group, which on Monday set the price for its much anticipated flotation and is expected to start trading early next month, will beat the record $25.6bn sold by state-backed oil giant Saudi Aramco in its flotation last December.

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France urges end to boycott of French goods as Macron defends Muhammad cartoons

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Calls for boycott of French goods after president’s remarks at tribute to murdered teacher Samuel Paty

France has appealed for foreign governments to stamp out calls by what it calls a “radical minority” for a boycott of French products after Emmanuel Macron’s public backing of the Muhammad caricatures.

The appeal came as anger escalated across the Islamic world over the president’s remarks at a national tribute to the murdered high-school teacher Samuel Paty last week, with Turkish leader, Recep Tayyip Erdoğan, calling on Monday for a complete boycott of French products in Turkey.

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Covid leaves 6m UK small businesses and 16m jobs in ‘precarious position’

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Survey finds nearly two-thirds of entrepreneurs believe their business may not survive pandemic

An estimated 6m small businesses in the UK supporting 16.6m jobs are in a financially precarious position as a result of the pandemic, a London business school has warned.

Nearly two-thirds of entrepreneurs felt their business might not survive the pressures of Covid-19, while more than half predicted they would run out of money within the next 12 months, according to the new study from King’s Business School.

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Big tech accused of avoiding $2.8bn in tax to poorest countries

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Reform of international corporate taxation could transform health and education, says report

Big US technology companies are exploiting loopholes in global tax rules to avoid paying as much as $2.8bn (£2.1bn) tax a year in developing countries, according to research by the anti-poverty charity ActionAid International.

Facebook, Google and Microsoft have been accused of failing to pay a fair amount of taxes in poor countries where governments are struggling to provide even basic healthcare or education to their citizens.

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Why China’s dramatic economic recovery might not add up

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The country seems to have rebounded, but some analysts believe that at the very least, there is sleight of hand at work

Beijing prompted envy, admiration and not a little resentment when it released data last week confirming that it was the first major economy to start growing again after the devastation caused by Covid-19 in the first half of the year.

China appeared to have achieved the V-shaped recovery being chased by finance ministers around the world, after pioneering mass lockdowns to contain the virus that had taken hold in Wuhan, then shutting its borders to stop it filtering back in from abroad.

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Cross-border toilet trips at Chester cinema fall foul of Welsh Covid rules

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Loos for Storyhouse’s Halloween drive-in screenings were just over Welsh side of the line

Drive-in cinemagoers in Chester were almost caught short after it emerged anyone using the toilets, located across the Welsh border, would be breaking coronavirus lockdown laws.

Ticket-holders for the Storyhouse’s Moonlight Drive Halloween showings could breathe a sigh of relief on Friday, after the cinema confirmed it had found a way out of the tight spot.

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Amy Coney Barrett faces recusal questions over links to Shell

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Barrett previously recused herself from cases because her father worked for Shell but has failed to commit to doing so in future

Amy Coney Barrett is poised to make critical rulings on whether oil and gas companies will be held accountable for the effects of the climate crisis once she is confirmed to the supreme court, even though she has acknowledged in the past that she has a conflict of interest in cases involving Royal Dutch Shell.

Related: Trump and Barrett's threat to abortion and LGBTQ rights is simply un-American | Robert Reich

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Top London restaurants find loophole in tier 2 Covid rules

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An exception meant for freelancers sees a roaring lunch trade, and No 10 doesn’t seem too bothered

“A table for six? No, sir, that is against the Covid-19 restrictions … unless you promise that your party will discuss business, not pleasure.”

Some of London’s fanciest restaurants have discovered a loophole in the tier-2 coronavirus lockdowns restrictions designed to prevent households from mixing and thereby slow the spread of the virus.

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Facebook moderators forced to work in Dublin office despite high-tier lockdown

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Exclusive: Contract staff deemed essential workers as firm’s own employees work from home

Facebook moderators working for one of the company’s Dublin-based contractors are being forced to go into the office, even as Ireland returns to its highest tier of Covid lockdown, after their employer categorised them as “essential workers”.

Staff with personal shielding requirements are exempt from the order, but those with high-risk family members at home have been told by the contractor, CPL, that they are still required in the office.

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Australia Post reveals luxury Cartier watches for senior managers actually cost $20K

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A federal government investigation into the scandal may cost more than the lavish gifts purchased in November 2018

Four Cartier watches given to Australia Post senior managers were worth nearly $20,000 in total, $8,000 more than the organisation’s chief executive told a parliamentary hearing this week.

Christine Holgate told Senate estimates on Thursday the watches, purchased in 2018 as a reward for the executives, were worth about $3,000 each.

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With 10 days to go, time and history are not on Donald Trump’s side

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Covid has tanked the gains he made in the economy and any new stimulus could be too late

It all looked so simple for Donald Trump as he took the stage at the World Economic Forum in Davos in January this year. At the start of an election year, the annual gathering of the global business elite was an opportunity to launch his campaign.

It was one Trump eagerly seized. The next 30 minutes was one long boast, detailing how a US economy that had allegedly been on its knees under Barack Obama had been transformed under his stewardship.

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American Apparel ‘used fake comments to fuel founder’s bad boy image’

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Ex-worker tells documentary series staff would post on articles about Dov Charney

A documentary series has revealed how American Apparel helped fuel its founder’s bad boy mythology in order to bolster interest in the clothing company online.

In the nine-part Big Rad Wolf, a former employee reveals she would leave approved fake comments under salacious articles about Dov Charney on celebrity media blogs such as Gawker and Jezebel, in order to manufacture his reputation as predatory.

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Coronavirus Australia live updates: 800 people forced to self-isolate after outbreak at Melbourne college

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Today’s meeting between federal, state and territory leaders will focus on removing social and border restrictions to jumpstart the economy. Follow live

On the bonuses that aren’t blingy watches.

In just the year to June, Australia Post paid $1.95 million in bonuses to 35 of its executives earning over $520,000 a year. That’s 648 Cartier watches - or 162 times the total Cartier watch spend. (Or about 27,850 Casio watches...) https://t.co/S8mmcqJmhh

We will probably be in a bit of a news lull while national cabinet is meeting and the US presidential election debate is on in about 25 minutes.

You can follow the debate in our other live blog here.

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UK insurers warn against go-ahead for self-driving cars on motorways

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Government plans set to start in 2021 risk lives and are ‘hugely wrong’, experts say

Plans for cars to drive themselves on UK motorways as soon as 2021 are unlikely to go ahead after insurers warned government proposals were risking lives and “hugely wrong”.

Cars with the technology to keep in lane, accelerate and brake automatically will be on the road next year, and ministers had proposed that drivers could relinquish control to their vehicles at speeds of up to 70mph on motorways.

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