Category Archives: Business

Juukan Gorge inquiry: Rio Tinto’s decision to blow up Indigenous rock shelters ‘inexcusable’

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Parliament committee says miner must negotiate a compensation deal with traditional owners and ‘ensure a full reconstruction’ of the caves

A parliamentary inquiry into the destruction of 46,000-year-old caves has delivered a scathing report criticising the actions of Rio Tinto and calling for the Western Australian government to put a stop to the destruction of heritage until new laws are passed.

The majority bipartisan interim report said Rio Tinto’s decision to destroy two rock shelters in Juukan Gorge, against the wishes of the traditional owners and despite knowing the archaeological value of the site, was “inexcusable”.

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Australia accuses China of breaching free trade deal by restricting imports

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Trade minister Simon Birmingham says ‘targeted nature’ of China’s measures raise concern about its adherence to trade deal and WTO obligations

China appears to be breaching its trade deal with Australia by taking a series of “disruptive and restrictive measures” against Australian exports, the Morrison government has said.

As concerns grow among Australian exporters about the impact of a widening range of actions, the trade minister, Simon Birmingham, told the Senate on Wednesday all dispute settlement options were on the table.

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Economic cost of Covid crisis prompts call for one-off UK wealth tax

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Tax experts and economists outline ‘fairest, most efficient’ way to repair public finances and quickly raise £260bn

The government has been urged to launch a one-off wealth tax on millionaire households to raise up to £260bn in response to the coronavirus pandemic, as the crisis damages Britain’s public finances and exacerbates inequality.

The Wealth Tax Commission – a group of leading tax experts and economists brought together by the London School of Economics and Warwick University to examine the case for a levy on assets – said targeting the richest in society would be the fairest and most efficient way to raise taxes in response to the pandemic.

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Coca-Cola, Pepsi and Nestlé named top plastic polluters for third year in a row

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Companies accused of “zero progress” on reducing plastic waste, with Coca-Cola ranked No 1 for most littered products

Coca-Cola, PepsiCo and Nestlé have been accused of “zero progress” on reducing plastic waste, after being named the world’s top plastic polluters for the third year in a row.

Coca-Cola was ranked the world’s No 1 plastic polluter by Break Free From Plastic in its annual audit, after its beverage bottles were the most frequently found discarded on beaches, rivers, parks and other litter sites in 51 of 55 nations surveyed. Last year it was the most frequently littered bottle in 37 countries, out of 51 surveyed.

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The tactics retailers use to make us spend more – and how they harm the vulnerable

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Online stores draw in shoppers but those with mental health issues are particularly susceptible

As a digital marketer, Emily Ware spends a lot of time online, yet this comes with a risk. Ware has borderline personality disorder, a mental health condition linked with impulsive behaviours. In her case, that’s spending money online.

“At the start of 2020 I was £4,250 in debt with nothing to show for it,” she says. “A good 95% of this was due to impulse spending, from clothes to pub trips to gig tickets. One of the worst was spending £300 on tickets to see Cher on a whim.”

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Philip Green is the Scrooge who haunts millions of garment workers | Meg Lewis

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The fallen tycoon leaves behind a mountain of debt, much of it owed to exploited people in Asia earning as little as £4 a day

The collapse of Arcadia in the lead-up to Christmas, and with it the demise of Sir Philip Green’s controversial reign over the UK high street, has a Dickensian feel to it. Over the years, Green has embodied the role of billionaire boss, brazenly handing his wife a tax-free £1.2bn dividend in 2005 (four times the actual annual profits made by the company), while relaxing on his luxury yacht in Monaco. He has rarely showed concern for the workers propping up his empire.

The stark prospect of 13,000 workers losing their jobs and an estimated £350m pensions deficit during a global pandemic is more than enough to constitute the bleak reality of Christmas present, and Arcadia’s collapse will send further shockwaves throughout the fashion industry. Already, news has emerged that Debenhams faces liquidation as JD Sports pulled out of rescue talks, a knock-on effect following the closure of Arcadia’s concession outlets in the department retailer.

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Denmark to end new oil and gas exploration in North Sea

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Decision as part of plan to phase out fossil fuel extraction by 2050 will put pressure on UK

Denmark has brought an immediate end to new oil and gas exploration in the Danish North Sea as part of a plan to phase out fossil fuel extraction by 2050.

On Thursday night the Danish government voted in favour of the plans to cancel the country’s next North Sea oil and gas licensing round, 80 years after it first began exploring its hydrocarbon reserves.

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World Bank ‘missed vital opportunities’ to support Covid response, says Oxfam

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Millions forced to do without or pay for services as funding fails to adequately shore up healthcare systems, report finds

Millions of people in low-income countries have been forced to go without healthcare or have had to pay for it during the coronavirus pandemic, despite billions of pounds in emergency World Bank funding, research has found.

The World Bank’s $6bn (£4.45bn) emergency health fund to 71 countries in response to Covid-19 failed to strengthen health systems or remove financial barriers to using them, according to an Oxfam report published on Friday.

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Brexit talks falter as UK claims EU is hardening negotiating stance

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Progress stalls as robust lobbying from France alleged and tussle ensues over UK subsidies regulator

Brexit negotiations took a sudden step backwards Thursday afternoon Downing Street said, after furious French lobbying pushed the EU to make late demands.

The apparent eleventh hour hardening of the EU position was said to have destabilised the troubled talks, peeling back progress made over the previous 24 hours.

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Garment workers going hungry as fallout from cancelled orders takes toll – report

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Workers are being forced into debt and facing food shortages as suppliers to western fashion brands cut wages and close factories

The catastrophic fallout of the fashion industry’s decision to cancel billions of pounds of clothing orders at the start of the pandemic has left garment workers across the world facing chronic food shortages as wages plunge and factories close.

Interviews with nearly 400 garment workers in Myanmar, India, Indonesia, Lesotho, Haiti, Ethiopia, El Salvador, Cambodia and Bangladesh conducted by human rights group Worker Rights Consortium (WRC), found that almost 80% of workers, many making clothes for some of the world’s largest fashion brands, are going hungry. Almost a quarter of those surveyed said that they were facing daily food shortages.

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The rock star of retail: how Topshop changed the face of fashion

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With its celebrity collaborations and turbo-charged launches, Philip Green’s Topshop brought fun and drama to the once uninspiring business of clothes-shopping. We chart the rise and fall of the pandemic’s most glamorous corporate victim

“What’s this I’m reading in the paper? It’s a load of absolute shit, that’s what it is. What’s the matter with you? Are you stupid or what? I’ve never read so much rubbish in my life.”

It was February 2010, and I was at my desk in the Guardian office. Philip Green didn’t need to introduce himself. His habit of bellowing down the phone was unmistakable, and I had just written an article about how I was falling out of love with Topshop after a decade being in thrall to its shop floor. Green never did take kindly to criticism of the golden child of his Arcadia empire.

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China targeting Biden team, intelligence chief warns, amid fresh trade war measures

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William Evanina speaks of Beijing’s influence campaign ‘on steroids’, as Congress passes bill targeting big companies such as Alibaba

A counterintelligence chief in the US has warned that Chinese agents are already targeting the personnel of President-elect Joe Biden, as well as those close to his team, as Congress unveiled more measures targeting big Chinese companies.

William Evanina, from the office of the US Director of National Intelligence, told the Aspen Institute Cyber Summit on Wednesday it was an influence campaign “on steroids”.

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Brexit: UK has lowered demands on fish catches, says EU

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Significant gap remains as two sides enter crucial 48 hours of talks

Boris Johnson has lowered his Brexit demands by asking EU fishing fleets to hand over up to 60% of the value of stocks it takes from British waters, but the gap with Brussels remains wide, Michel Barnier has said ahead of what he described as a crucial 36 hours.

In briefings to EU ambassadors and MEPs in Brussels, the bloc’s chief negotiator said Downing Street had revised its demand down from 80%, but that it was unclear whether the divide could be bridged in the time remaining, prompting member states to caution against rushing into a deal.

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Australian politics live: economy grows 3.3% in September quarter, national accounts reveal

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OECD warns Australia over China exports; agriculture and trade ministers to meet wine producers – follow the latest updates

Philip Lowe is accompanied at today’s hearing by Guy Debelle, a deputy RBA governor. Debelle has just shown Lowe the growth number in the national accounts.

The governor is pleased. It’s very good, he says. (Lowe was hoping for more than 2% in today’s numbers. The growth number is 3.3%).

Jim Chalmers has responded:

Today’s headline number is cold comfort for millions of Australians looking for work, or more work. For many people what looks like a recovery on paper will still feel like a recession. #auspol

What really matters is not one quarterly GDP number on a page but how Australians are actually faring and whether they can provide for their loved ones. #auspol

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Could China replace Australian iron ore with metal from Africa?

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Analysis: Amid rising trade tensions, Chinese interests are keen to develop a high-quality deposit in Guinea. Analysts warn any restrictions on Australian sales to China would ‘send shockwaves through the market’

Across China and around the clock, furnaces fuelled by Australian iron ore pump out the steel the country needs to build its way out of the coronavirus downturn.

But as China’s trade war with Australia has become louder, working its way from unofficial stoppages to swingeing tariffs on barley and wine, so too have rumblings that the country may slow or end its use of Australian ore.

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‘Help is on the way’: Biden introduces economic team as pandemic rages

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  • Janet Yellen calls for urgent action amid ‘American tragedy’
  • Team demonstrates Biden’s commitment to diversity

Joe Biden, the US president-elect, formally introduced his top economic advisers on Tuesday, as his incoming administration prepares to deal with the worst financial crisis in decades and a resurgent coronavirus pandemic.

Related: Bipartisan group pitches $908bn Covid-19 relief to break deadlock in Congress

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Asian manufacturing boom offers hope for swifter global recovery from Covid

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Markets respond as manufacturing in China and South Korea grows at fastest pace in a decade

Hopes that the world will bounce back from the ravages of coronavirus in the new year have been buoyed by strong growth in output from Asia’s huge manufacturing centres, led by an accelerating post-pandemic boom in China.

China’s factory activity expanded at the fastest pace in a decade in November, a closely watched survey showed on Tuesday, in the latest sign that the world’s second-largest economy is recovering to pre-pandemic levels.

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Things are looking up for oil, but Opec can’t uncross its fingers just yet

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Despite good vaccine news and price rises, the cartel could still meet a few bumps in the road – some of them of its own making

When oil ministers from the world’s largest fossil-fuel nations meet via webcam this week to make decisions about the global oil market in 2021, they could be forgiven for indulging in a little early festive cheer.

Oil prices have more than doubled since tumbling below $20 a barrel and hitting 21-year lows during “black April” – when Covid restrictions brought major economies to their knees, and caused what is thought to have been the worst month in the history of the oil industry.

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Tony Hsieh, ‘visionary’ behind Zappos shoe retailer, dies aged 46

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The Illinois-born entrepreneur, who helped revitalize downtown Las Vegas, died ‘peacefully’ after being injured in a house fire

Tony Hsieh, the “visionary” developer of online shoe retailer Zappos who spearheaded the transformation of downtown Las Vegas in recent years, has died at the age of 46.

According to his lawyer Puoy Premsrirut, Hsieh was injured in a house fire in Connecticut while visiting relatives over Thanksgiving. He died on Friday “peacefully and surrounded by family”, according to a statement from DTP Companies, the organization he founded in 2012 as an umbrella for the revitalization program.

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The US is on ‘inequality autopilot’ – how can Biden’s treasury pick help change course?

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Janet Yellen will likely be the US’s first female treasury secretary – but as Covid shutdowns loom, she will have to win Republican votes for any major initiatives

Teresa Marez has never heard of Janet Yellen, likely to be the next treasury secretary of the United States. But she and millions of other Americans have a lot riding on the decisions Yellen will make if and when she is confirmed next year.

The coronavirus has upended Marez’s life. Her savings are almost exhausted and she is worried about her unemployment benefits, which run out next week. “It’s so hard. It’s just such a mess,” said the mother of two in San Antonio, Texas. “We just need Congress to make a decision,” Marez said. “As long as they are in limbo, we are in limbo.”

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