Category Archives: Business

Coronavirus Australia live update: Daniel Andrews holds press conference as Victoria reports 51 new cases and NSW records seven

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Greg Hunt says Melbourne curfew should be lifted if ‘there is no medical basis’ for it as two more Sydney healthcare workers test positive. Follow live

The woman who was at the centre of Scott Morrison’s plea today will be allowed to attend a private viewing of her father to say goodbye after her family has held their funeral.

She will be escorted to the funeral home, and then escorted back, a spokeswoman has confirmed.

John Barilaro, who is rumoured to have his eye set on Canberra and the federal Nationals leadership, has effectively removed the Nationals from the NSW coalition, plunged the Berejiklian government into minority after vowing to abstain from government votes (unless its to do with regional NSW), and removed itself from joint party room and leadership meetings – unless the koala protection legislation is scrapped.

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‘I’m shocked’: businesses brace for long wait to reopen under Melbourne’s Covid roadmap

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Victoria’s path out of shutdown is contentious and uncertain for cinemas, beauty salons and hospitality venues

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Soon after the pandemic began the sign out front of the Thornbury Picture House read: “Cinema closed until real life doesn’t feel like a movie.”

Now the message is a little less whimsical: “Stay strong, Thornbury. We love you.”

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Tesla shares plummet 17% as tech sector sell-off continues

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Carmaker’s value plunges after failing to make S&P 500 listing as all major US stock markets fall

The US tech sell-off on Wall Street extended to a third day on Tuesday, with electric carmaker Tesla among the biggest fallers suffering its worst day in nearly six months.

The tech-heavy Nasdaq stock market dropped close to 3% in morning trading, following similar falls on Thursday and Friday. Wall Street was closed on Monday for the Labor Day holiday.

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Bottled water flotation makes founder China’s third-richest man

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Zhong Shanshan’s net worth rises to $51bn as Nongfu Spring shares launch in Hong Kong

The stock market flotation of China’s biggest bottle water company has made its founder the country’s third-richest man, as shares in his company rocketed on their debut in Hong Kong.

At one point the paper fortune of Zhong Shanshan, the biggest shareholder in bottled water company Nongfu Spring, briefly surpassed that of China’s two richest men, Alibaba founder Jack Ma and Tencent founder Pony Ma.

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Up to £3.5bn furlough scheme cash may have been wrongly paid out

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Error and fraud rate for scheme estimated at between 5% and 10%, says HMRC chief

The government believes it may have paid out up to £3.5bn in wrong or fraudulent claims for the furlough scheme.

Jim Harra, the top civil servant at HM Revenue & Customs, said that his staff had calculated for the possibility that as much as 10% of the money might have gone to the wrong places.

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Coronavirus Australia live update: Victoria Covid cases drop below 50 for first time since June as NSW records four – as it happened

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Melbourne’s stage 4 lockdown extended by two weeks in ‘roadmap’ as Victoria pursues aggressive suppression strategy. This blog has ended

Thanks for following our live coverage of the coronavirus coverage in Australia. You can continue to follow our rolling global coverage here.

A quick recap on what happened today:

Asked if he would step down as premier if the hotel quarantine inquiry laid the blame for the outbreak on his office, Andrews said his responsibility was to keep going.

My position and the responsibility I have is to see our state through this. What is what I’m focused on.

Let me be as frank as I can be: Politics has never mattered less to me. Leadership is not able doing what’s popular, it is about doing what’s right.

The politics of this, that is of no value. The only thing that matters is we all stay the course. We all keep following the data, the science and the doctors and get this done. Then move to the biggest economic repair job that our state has ever seen.

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The bleak Covid winter? America still not on course to beat back the virus

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As summer ends, and as deaths near 200,000 amid severe economic damage, experts say the next few months are vital

Even with three decades of experience in the travel industry, Jorge Pesquera has never seen a downturn in business like this one.

Related: Could western Pennsylvania win Trump a second term?

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From cool beans to has-beens? The Covid threat to Britain’s coffee shops

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Why the chains and independents at the heart of Britain’s high streets are in deep trouble

It’s the multibillion-pound industry that kept on growing, based on a bean that Britons couldn’t seem to get enough of: coffee.

Until, that is, the pandemic struck. As is the case with many businesses hit hard by coronavirus, the ubiquitous coffee chains that have powered city centres and high streets across the UK are in deep trouble.

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Coronavirus Australia live update: Victoria records 59 deaths and 81 new Covid cases as NSW reports eight

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Victoria reports nine deaths in the past 24 hours and 50 people added to total who died in aged care facilities in July and August. Follow live news and updates today

Queensland Premier Annastacia Palaszczuk, who was celebrating the AFL’s decision to stage the grand final in her state just two days ago, has called for tough penalties to be meted out to the two Richmond players arrested on the Surfers Paradise strip in the early hours of this morning.

With the AFL and police investigating the incident, which left Sydney Stack and Callum Coleman-Jones with facial injuries, Palaszczuk wants the pair thrown out of the state.

AFL players caught breaking Covid rules should be sent home,.

Queensland won’t tolerate it. I know the AFL takes these issues seriously and will take appropriate action.”

Related: Two Richmond AFL players arrested after late-night brawl outside Gold Coast strip club

One of the announcements out of national cabinet was that leaders “agreed that we needed to further boost the capacity for inbound arrivals into Australia, particularly for those Australians seeking to come home”.

However, Scott Morrison did not outline any detail of exactly how the arrival caps – which currently allow for about 4,000 passengers to enter Australian quarantine hotels each week – would be further boosted to help repatriate the 23,000 Australians (at least that’s how many have registered with Dfat) who want to come home but can’t.

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‘War on plastic’ could strand oil industry’s £300bn investment

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Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels

The war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.

Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels.

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Prevent ‘tsunami’ of job losses when furlough ends, TUC urges Sunak

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UK should adopt German-style wage support for short-time working, unions say

Rishi Sunak has been urged by union leaders to launch a wage subsidy scheme to prevent a “tsunami” of unemployment when furlough comes to an end this autumn.

Demanding the chancellor follows the examples of other leading European countries to avert a looming jobs crisis, the Trades Union Congress said a continental-style system of “short-time working” wage support could be used in Britain to save millions of jobs from redundancy.

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France launches €100bn stimulus plan to drive Covid-19 recovery – business live

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US stock market is suffering its worst day since June, as Apple and Tesla lead stock markets into the red

Earlier:

US traders can now catch their collectives breath after the choppiest trading session in several weeks.

It wasn’t as dramatic as the massive selloffs back in February and March (which still give me the shivers), but certainly a volatile day.

Related: Coronavirus live news: Robert Pattinson 'tests positive for Covid-19, halting Batman production'

Today’s losses mean the Dow is slightly negative for 2020, while the tech-heavy Nasdaq Composite index is still up 27% since January.

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Chinese mining firms in Zimbabwe pose threat to endangered species, say experts

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Two companies granted permission to clear land at Hwange national park, home to cheetahs, elephants and rhinos

Rhinos, giraffes, cheetahs and other endangered species face a new threat in Zimbabwe’s Hwange national park: Chinese mining companies.

Zhongxin Coal Mining Group and Afrochine Smelting have received permission from the government to begin environmental impact assessments for drilling, land clearance, road building and geological surveys at two proposed sites inside the park, which is home to almost 10% of Africa’s remaining wild elephants.

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Coronavirus Australia live: Victoria premier Daniel Andrews provides Covid update after 113 new cases and 15 deaths

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Security firms involved in guarding Melbourne quarantine hotels continue giving evidence at the state’s inquiry into the program. Follow live news and updates today

This is also very interesting, given what we have seen play out this pandemic:

Our Parliamentary Library has published its latest research note that provides a brief overview of the size, operation and recent history of residential aged care in Victoria. It’s available at https://t.co/DonHd6SQ4g #springst

The auditor-general has responded to Stephen Jones’s request to have the early superannuation access scheme audited.

He has said no, as there are other priorities at the moment:

Dear Mr Jones

I am writing in response to your letter of 5 August 2020 requesting that I review the integrity and performance of the Government’s early release scheme for superannuation, as established through the Coronavirus Economic Response Omnibus Package Act 2020.

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Lego reports sales jump after Covid crisis kept families at home

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Shoppers globally bought toys online while physical stores were hit by restrictions

Lego, the toy brick company, has enjoyed a lockdown boost to sales as families around the world were forced to spend more time at home during the coronavirus pandemic.

Total sales rose by 14% in the first half of 2020 and sales were up by more than 10% in its largest markets – including the Americas, western Europe, Asia Pacific and China – despite the closure of toy shops for months in some countries, including the UK.

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‘Trickle not a torrent’: workers in Canary Wharf and Manchester return to the office

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Suits and takeaway coffees were back out in London’s financial district - but numbers are still lower than normal

The morning flow of commuters arriving at Canary Wharf, London’s financial district, was a trickle on Tuesday rather than the torrent traditionally associated with the end of summer return to work.

Sparse numbers of suited and smartly dressed workers emerged from the underground station, clutching their morning takeaway coffees, destined for the corporate headquarters of banks, financial services companies and law firms.

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Concern over ‘opaque’ Covid-related contracts awarded around world

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UK among the countries in spotlight after spending more than £2.5bn on outsourcing

The UK has spent more than £2.5bn on services and equipment related to the Covid-19 pandemic, according to fresh analysis that raises concerns about “opaque” contracts around the world wasting money and putting lives at risk.

A report by the Open Contracting Partnership and Spend Network found governments had spent $130bn (£97bn) on pandemic-related contracts, including on PPE (personal protective equipment) and other medical supplies, out of an annual procurement spend of nearly $13tn.

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Coronavirus: ‘selfish covidiots’ on flight to UK from Greek island criticised

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Tui launches investigation after almost 200 passengers told to isolate after outbreak

A flight from the Greek island of Zante was “full of selfish ‘covidiots’ and an inept crew”, according to a passenger among the almost 200 onboard who have been told to self-isolate after a coronavirus outbreak.

Tui said it had launched an investigation after 16 people tested positive for Covid-19 linked to its flight to Cardiff on 25 August, including seven passengers who were infectious or potentially infectious on the plane.

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How Britain’s high streets are recovering after lockdown – visual analysis

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Data reveals that three in 10 shops hadn’t reopened after coronavirus restrictions were lifted – with some areas lagging further behind than others

Following the reopening of the UK’s retail and hospitality sectors through June and July, there were hopes that the economic damage of the coronavirus pandemic could be lessened.

But research from the Local Data Company shows that, as of July, 29% of English high street shops hadn’t reopened in the weeks after lockdown relaxation – with that proportion increasing to as much as 54% in some areas.

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TikTok US sale faces fresh hurdle after China tightens tech export rules

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Beijing says some exports will now need government approval in move believed to be linked to Trump sale order

New Chinese government restrictions could complicate ByteDance plans to sell TikTok to a US company and avoid a ban threatened by Donald Trump.

Late on Friday, Beijing issued new restrictions or bans on tech exports, requiring companies to seek government approval – a process that can take up to 30 days. In mid-August, Trump gave the company 90 days to sell up or face a shutdown.

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