Category Archives: Business

Coronavirus Australia update: NSW reports zero community transmission as Queensland border challenge hits snag – politics live

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Three new cases of Covid-19 reported were all from overseas travellers and are in quarantine; Queensland high court calls requests from lawyers to access border closure documents ‘a fishing expedition’. Follow live updates

Pat Dodson has spoken in the Senate on the issue of Indigenous deaths in custody:

Thirty years ago, the royal commission that I was part of made recommendations to the parliament - 339 recommendations.

That Commission had been set up by the government. And at that time, there were 99 deaths that we were concerned about in this nation to effect a national Royal Commission never got over 400 deaths since that Royal Commission, and we have 30 years that have passed that have not addressed the underlying issues that give rise to people being taken into custody and consequently die in custody.

Tony Burke’s answer to that same question:

Her politics feeds on outrage. It effectively – for all the talk of proud nationalism, that party has imported an American style of politics here.

I don’t want that style of politics here. I don’t particularly want to join the outrage, because that in fact elevates what she said. I would simply refer to it in the way that I guess One Nation wouldn’t want it referred to – that is importing foreign politics into Australia. We should be better than that. And most of us are.

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Britain will not seek to extend Brexit transition period, says minister

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Penny Mordaunt tells MPs she hopes to have post-Brexit deal agreed by autumn

The UK government will tell the EU on Friday it is not going to seek an extension to the Brexit transition period, the paymaster general, Penny Mordaunt, has said. 

She told the House of Commons in an update on Brexit talks that she and Michael Gove would “emphasise that we will not be extending the transition period” when they meet EU counterparts at a Brexit joint committee meeting on Friday. 

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US has officially entered first recession since 2009

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National Bureau of Economic Research says economic growth in the US peaked in February and has since entered its first downturn since 2007 to 2009

The United States is officially in a recession, ending the longest economic expansion in US history, the committee that calls downturns announced on Monday.

The National Bureau of Economic Research (NBER) said that economic growth in the US peaked in February and has since entered its first downturn since 2007 to 2009.

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Barclay nephews say it was ‘necessary and reasonable’ to bug Ritz

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Relatives claim they secretly recorded Sir Frederick Barclay to protect family business

Sir Frederick Barclay’s nephews have said they felt it was “necessary and reasonable” to bug the conservatory of the Ritz hotel after becoming concerned that their billionaire uncle’s conduct could potentially damage the family’s business empire, according to documents lodged at the high court.

Barclay, 85, and his daughter, Amanda, are suing three of his twin brother Sir David Barclay’s sons – Alistair, Aidan and Howard, and Aidan’s son Andrew – over 1,000 conversations secretly recorded at the Ritz hotel across several months.

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UK shares, sterling rise on further lockdown easing hopes – business live

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The government is reportedly ready to let beer gardens open from 22 June as part of plans drawn up by a group of ministers, dubbed the “Save Summer Six”, who are looking at ways to restart the hospitality industry earlier than initially planned, writes my colleague Rob Davies.

The proposals, first reported in the Financial Times, would allow some of the 27,000 UK pubs that have outdoor space to serve customers for the first time in three months.

UK airline and travel stocks are up, for once, despite the new quarantine rules. The cruise operator Carnival is the biggest riser on the FTSE 100 index, up 14%, while BA owner IAG is 6.9% ahead and easyJet has gained 5.5%.

As reported earlier, Ryanair boss Michael O’Leary said the airline would fly through the 14-day UK quarantine, which he described as “rubbish”. Britain’s three biggest airlines – Ryanair, easyJet and IAG – have begun legal proceedings against the government over the quarantine rules, which they argue are illogical and unfair, and come months late.

Related: Ryanair boss: Britons know quarantine rules are rubbish

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Opec and allies extend oil production cuts to end of July

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Nigeria and Iraq also agree to cuts as prices begin to recover with coronavirus lockdowns easing

Opec, Russia and allies have agreed to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

The group, known as Opec+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

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Europe’s big two kiss and make up for pandemic rescue deal

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Germany amazed the whole continent with last week’s stimulus package, but it paves the way for countries such as France to agree an effective coronavirus response

From champion of austerity to Europe’s biggest spender – Germany has travelled a long way in just a few months. The notoriously frugal ministry of finance has agreed to spend €130bn – a sum equal to 4% of national income – on more than 50 initiatives to promote growth across the country.

This breathtaking investment programme comes on top of the almost 30% of GDP the government has so far spent on rescuing businesses and protecting jobs during the coronavirus crisis.

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Spanish Puig snaps up Charlotte Tilbury makeup empire

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Barcelona-based firm is thought to have fought off bids from Unilever, L’Oréal and Shiseido

The celebrity makeup artist Charlotte Tilbury has handed a control of her namesake makeup and skincare empire to a Spanish fashion and fragrances business in a deal that could have valued the company at up to £1bn just seven years after she started it.

Tilbury, 47, personally owned between half and 75% of the company until signing a deal with the Barcelona-based Puig will likely have handed her a cash payout worth tens of millions of pounds. The Spanish firm also owns brands including Paco Rabanne, Jean Paul Gaultier and Nina Ricci.

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Angela Merkel has become the spend, spend, spend chancellor | Larry Elliot

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With its €130bn stimulus package, Germany is showing others how to do the recovery

And in one bound she was transformed. For Angela Merkel, the days of being lampooned as the archetypal Swabian housewife keeping tight control over the purse strings are over. Now, courtesy of a €130bn (£116bn) stimulus package, she is the spend, spend, spend chancellor.

Make no mistake, much of the past criticism of Germany’s frugal approach to government spending and budget deficits was justified. Saving some money for a rainy day is one thing but running surpluses worth 8% of national output was unnecessary and harmful to the global economy.

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UK car sales slump as 2,000 workers lose their jobs in Covid-19 crisis – business live

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Live coverage as Aston Martin and car dealer Lookers announce costs savings plans

Young’s pub chain intends to open all of its 276 sites by the 3 August, and is hopeful the business can “bounce back” once its pubs are allowed to reopen, but expects trading to be “materially below average” for the rest of the year.

Another interesting detail from the SMMT data: Tesla’s Model 3 was the most popular car during May.

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Trump administration to bar Chinese airlines from flying to US

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  • Transportation department says restriction to start 16 June
  • US wants Beijing to let American carriers resume flights

The US will bar Chinese passenger carriers from flying to the United States starting on 16 June as it pressures Beijing to allow US air carriers to resume flights, the Trump administration announced on Wednesday.

Related: Warren Buffett dumps US airline stocks, saying 'world has changed' after Covid-19

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‘Disastrous at a time like this’: US Postal Service is on the brink of crisis

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The post office could be key to people voting during the pandemic but perverse financial rules and Trump’s hostility put that at risk

Even before the coronavirus pandemic, the United States post office had been atrophying from financial turmoil. Over the past decade, post offices have been closed across the country, rural mail delivery is stretched thin, and thousands of post office workers have been laid off. 

The outgoing postmaster general recently warned that without immediate support the agency could run out of funds within the year, and in that case might need to shut down. 

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Coronavirus live update: Josh Frydenberg says Australia’s economy in recession as GDP falls 0.3% in March quarter – latest news

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ABS reports growth slowed to 1.4% through the year as industrial relations roundtables prepare an agenda to regrow the jobs lost during Covid-19. Follow live

Linda Burney and Mark Dreyfus has put out a statement, calling for clear targets to address the over-representation of First Nations people in Australian’s prison systems, and child removal.

Here is part of it:

I doubt we’ll be seeing ‘back solidly in the red’ mugs for sale anytime soon though.

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Electric cars gain market share in Europe despite Covid-19 crisis

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Data suggests that carmakers are making progress towards meeting emissions reductions targets

Electric and hybrid cars gained traction among European buyers in April despite coronavirus lockdowns stalling the market, suggesting carmakers are likely to avoid potential fines potentially worth billions of euros if they fail to reduce average emissions.

Battery electric vehicles and plug-in hybrid cars accounted for 17% of sales across all European markets, including the UK, in April, according to data collated by industry analysts Jato Dynamics. That was more than double the 7% market share achieved in April 2019.

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UK fisheries accuse EU of using ‘nuclear option’ in Brexit talks

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Head of trade body warns of French blockades if deal over fishing rights is not agreed

The UK’s fishing industry has accused the EU of using a “nuclear option” to secure a Brexit deal, warning that it is prepared for blockades by the French if trade talks collapse.

Fishing leaders have also revealed they do not support an extension to the transition period despite being hit badly by the coronavirus pandemic, with the closure of restaurants and hotels affecting sales.

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Ryanair staff in France accuse airline of ‘redundancy blackmail’

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Budget carrier is imposing 20% pay cuts for flight crew and 10% for cabin staff

French flight crew have accused Ryanair of blackmailing them into taking pay cuts or losing their jobs.

The Irish airline, which has warned it may cut up to 3,000 jobs in Europe, told staff in France it was imposing 20% salary cuts for flight crew and 10% for attendants. Those who are already on legal minimum wages will have their hours reduced.

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Coronavirus Australia live updates: Queensland government apologises to Nathan Turner’s family – live news

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Blackwater man who was wrongly believed to have died of Covid-19 at age 30 has been shown to have not had the disease. Follow live

Also worth paying attention to:

Related: Q+A: Matt Canavan grilled on climate change and family links to coal industry

The pandemic amplified many of the issues facing remote First Nations communitites. Today, Labor will question officials from the National Indigenous Australians Agency on its pandemic response & plans going forward. Watch at: https://t.co/Ngg6QzZtFn...
See more pic.twitter.com/vZorAaEDom

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EU has no legal duty to give UK trade privileges, document says

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Paper concludes EU does not have to offer privileges given to others in previous deals

The EU has no legal duty to grant the UK privileges offered to other countries in trade deals, an internal European parliament paper has concluded ahead of a crucial round of Brexit talks this week.

The document, drawn up by officials for the parliament’s UK coordination group, is a short analysis of arguments made by the UK’s chief negotiator, David Frost, in a letter to his counterpart, Michel Barnier. Frost accused the EU of treating the UK as an “unworthy” negotiating partner by denying the UK “the kind of well-precedented arrangements commonplace in modern FTAs [free trade agreements]”.

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Stocks rise despite US protests and US-China jitters – business live

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Germany’s final reading for the manufacturing PMI in May is 36.4, worse than expected, and up only slightly from April’s 11-year low of 34.5. It signals deep contraction.

Phil Smith, principal economist at IHS Markit, said:

The latest data show that business continues to be severely disrupted by the COVID-19 crisis. Even though more factories have started to resume operations after the loosening of restrictions, weak underlying demand is still a limiting factor, as evidenced by the survey’s measure of new orders rebounding far less than that of output in May.

Manufacturing production was already down 7-8% from a peak in late-2017 even before the onset of the pandemic, and now that figure looks to be in the region of 25-30%. With production as far as it is below capacity and manufacturers not expecting a full recovery anytime soon, factory job losses have continued to accelerate, led by another round of staff cuts in the particularly ravaged investment goods sector.

The French manufacturing PMI rose to 40.6 in May (slightly up from the preliminary reading of 40.3), compared with 31.5 in April.

Eliot Kerr, an economist at IHS Markit, which compiled the survey, said:

Despite some French manufacturers beginning to resume normal operations in May, output continued to decline following April’s record contraction. Although the rate of decline eased, the further reduction in activity highlights the challenges that the economy faces in its recovery from this crisis.

Firms are now presented with an environment of subdued demand, as clients remain hesitant to place orders amid uncertainty over the removal of restrictions and the potential for further outbreaks.

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Coronavirus Australia live update: Victoria and NSW further ease restrictions, as Rugby Australia cuts one third of staff – latest news

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NSW pubs and museums reopen while Victoria restaurants and cafes can now serve meals for up to 20 people, as NSW says rail project linking Sydney’s second airport will create 14,000 jobs. Follow the latest news

The NSW government’s proposal to give public servants a one-off $1,000 stimulus payment if they agree to a 12-month pay freeze has been slammed by unions as insulting, AAP reports.

Treasurer Dominic Perrottet has been talking with union bosses about the proposal which would see non-executive frontline staff such as nurses, police officers, paramedics and teachers receive a one-off payment in return for accepting a pay pause.

Rugby Australia stood down 47 of its 142 fulltime staff on Monday morning, as it implements a restructure that will save the code $5.5m per year.

The cuts, which will also see 30 contractors and casual workers axed, comes after Rugby Australia reported a $9.4m loss in 2019.

We have delivered the news to staff this morning and told them that Rugby Australia values the contribution of each and every one of them, some of whom have given significant service to Rugby Australia and to the game over many years.

This is a difficult time for a lot of very passionate, hard-working Rugby people and we are committed to helping those people find their next opportunity, whether it be within the game or elsewhere.

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