Government debt costs in richest nations at highest since 2007

Payments by OECD countries outstrip amount spent on defence, police services and housing, report finds

The cost of government debt payments in the world’s richest nations last year reached its highest level since 2007, outstripping the amount spent on defence, police services and housing, a report has found.

Across the 38 members of the Organisation for Economic Co-operation and Development (OECD), debt service costs as a percentage of national income rose to 3.3% in 2024, from 2.4% in 2021.

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Women in business held back by mobile data’s cost in developing world – report

Nearly half of female entrepreneurs surveyed by Cherie Blair Foundation for Women do not have regular internet access

The cost of a mobile data package is all that is holding back many female entrepreneurs in developing countries, according to recent research.

While social media marketing is reported to be crucial by female business owners who have access to it, 45% of women in business in low- and middle-income countries said they did not have regular internet access because of the expense and connection issues.

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Australia news live: Albanese asked if he ‘trusts’ Trump; Dutton says he is confident an Aukus ‘plan B’ is not needed

On the issue of Aukus, the opposition leader said the Coalition is committed to increased defence spending. Follow today’s news live

‘Israeli government does not have a lot of palatable options’ – Sharma

The Liberal senator and former ambassador to Israel Dave Sharma was up on ABC News Breakfast earlier to discuss the latest strikes carried out by Israel on Gaza.

If any of us were in their position, we would be single-mindedly focused on the return of our loved ones. I can understand that. This is a politically contentious issue in Israel, there’s no walking away from that, but I don’t think the government has a lot of good choices.

Continuing the ceasefire was not going to lead to the release of further hostages, at least according to the mediators involved in the talks. Hamas had basically said they weren’t planning on returning any more. As I said, in that situation, the Israeli government does not have a lot of palatable options.

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UK cybersecurity agency warns over risk of quantum hackers

Organisations including energy and transport firms told to guard systems against powerful new computers

The UK’s cybersecurity agency is urging organisations to guard their systems against quantum hackers by 2035, as the prospect of breakthroughs in powerful computing threaten digital encryption.

The National Cyber Security Centre (NCSC) has issued new guidance recommending large entities including energy and transport providers introduce “post-quantum cryptography” in order to prevent quantum technology being deployed to break into their systems.

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UK watchdog bans ‘shocking’ ads in mobile games that objectified women

Investigation uncovered eight adverts that portrayed women in a harmful or degrading way, says ASA

An investigation by the UK advertising watchdog has found a number of shocking ads in mobile gaming apps that depict women as sexual objects, use pornographic tropes, and feature non-consensual sexual scenarios involving “violent and coercive control”.

The Advertising Standards Authority (ASA) used avatars, which mimic the browsing behaviour of different gender and age groups, to monitor ads served when mobile games are open and identify breaches of the UK code.

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Fired FTC commissioner raises concern over Trump ties to tech billionaires

Alvaro Bedoya points to ‘interesting coincidence’ that he was dismissed after criticizing Amazon’s Jeff Bezos

A day after his abrupt firing by Donald Trump from the Federal Trade Commission, Alvaro Bedoya raised questions about the US president’s relations with some of the country’s richest men.

Appearing at a hearing of the joint judiciary committee of the state legislature in Colorado on Wednesday, the ousted Democratic commissioner said it was an “interesting coincidence” his final public statement in post had blasted Jeff Bezos, the Amazon founder.

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EU accuses Google and Apple of breaking its rules, risking Trump clash

Tech companies could be fined billions if EU finds they have breached the Digital Markets Act

The European Commission has accused the US tech companies Google and Apple of breaking its digital rules, in a landmark action that could escalate transatlantic tension with Donald Trump.

The US president has sought to exert pressure on the EU to back away from tougher regulation of American technology groups, warning that he could retaliate by imposing tariffs on foreign companies.

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Value of Elon Musk’s X ‘rebounds to $44bn purchase price’

Dramatic reversal of fortune for platform since billionaire owner became key ally of Donald Trump

The value of Elon Musk’s social media platform, X, has reportedly soared back to the $44bn he paid for it, in a dramatic reversal of fortunes since the billionaire became a key ally of Donald Trump.

Investors valued the site formerly known as Twitter at $44bn (£33.9bn) in a secondary deal earlier this month, in which they exchange existing stakes in the company, according to a Financial Times report.

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Santander to close 95 UK branches, putting 750 jobs at risk

Bank says 18 other outlets will become ‘counter-free’ and further 36 will operate reduced hours

Santander is to close a fifth of its branches in the UK as part of an overhaul of its network, putting 750 jobs at risk.

The retail bank said it would shut 95 out of its 444 high street outlets, and reduce the services or hours at a further 50-plus branches, by June to “better serve the changing needs of customers”.

Aberdare 24 June

Arbroath 17 June

Armagh 1 July

Blackwood 23 June

Blyth 5 August

Bognor Regis 14 July

Borehamwood 1 July

Brecon 25 June

Brixton 11 August

Caernarfon 7 July

Camborne 7 July

Canvey Island 5 August

Clacton 16 June

Cleveleys 23 June

Colne 14 July

Colwyn Bay 24 July

Crowborough 23 July

Croydon 16 June

Cumbernauld 7 July

Didsbury 8 July

Downpatrick 6 August

Dungannon 23 June

Edgware Road London, 12 August

Eltham 23 June

Exmouth 15 July

Falmouth 21 July

Farnham 29 July

Felixstowe 16 July

Finchley 6 August

Fleet 30 June

Formby 11 August

Gateshead 16 June

Glasgow St Vincent St, 24 June

Glasgow The Avenue, Newton Mearns, 23 June

Greenford 24 June

Hackney 15 July

Hawick 24 July

Herne Bay 8 July

Hertford 29 July

Holloway 14 July

Holywell 13 August

Honiton 14 July

Kidderminster 18 June

Kilburn 17 June

Kirkby 22 July

Launceston 16 June

Louth 17 June

Magherafelt 24 June

Malvern 2 July

Market Harborough 1 July

Musselburgh 30 June

New Milton 28 July

Peterhead 16 June

Plympton 14 August

Portadown 30 June

Pudsey 28 July

Rawtenstall 15 July

Ross-On-Wye 30 July

Ruislip 7 July

Rustington 5 August

Saltcoats 21 July

Seaford 15 July

Shaftesbury 23 July

Sidcup 11 August

St Austell 8 July

St Neots 30 July

Stokesley 31 July

Strabane 23 July

Surrey Quays London, 10 November

Swadlincote 30 June

Tenterden 7 July

Torquay 17 June

Tottenham 8 July

Whitley Bay 6 August

Willerby 13 August

Wimborne 4 August

Wishaw 22 July

Bexhill

Billericay

Dover

Droitwich

Dunstable

East Grinstead

Holyhead

Ilkley

Larne

Lytham St Annes

Maldon

Morley

North Walsham

Redcar

Saffron Walden

Turriff

Uckfield

Urmston

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Network Ten and Wilkinson ordered to pay own costs in Lehrmann defamation case – as it happened

Follow today’s news live

Growing inequality erodes social cohesion – Leigh

In his speech, Andrew Leigh will say growing inequality is an issue because it erodes social cohesion.

When wealth is concentrated among a few, society becomes fragmented. Our sense of collective responsibility diminishes, and the fabric that binds us as Australians weakens.

This approach contrasts with our predecessors, whose tax policies disproportionately benefited the highest earners, widening the gap between rich and poor. By maintaining a fair and responsible tax structure, we can fund essential public services while ensuring that the most fortunate Australians contribute their fair share.

Yet since the 1980s, Australia has seen what economists describe as a ‘Great Divergence’, reversing the gains of earlier decades.

Today, the top 1% of income earners receive nearly 10% of national income, nearly doubling their share from 40 years ago. Wealth inequality is even more extreme, with the richest 10% owning more than 60 times the wealth of the bottom 10%.

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Australia news live: Wong urges ‘all parties’ to respect Gaza ceasefire; renters need $130k income to afford average property, report shows

‘Palestinian civilians cannot pay the price of defeating Hamas. It has now been two weeks since humanitarian aid last entered Gaza’ says foreign minister. Follow today’s news live

Labour-hire flight attendants to get pay boost

More than 750 domestic flight attendants funnelled to Qantas by labour-hire firms will get a hefty pay boost, AAP reports, in what is being hailed as a victory for “same job, same pay” laws.

Some of these crew will no longer need three jobs to make ends meet and put a roof over the heads of their families.

These are workers who wear the same uniform, do the same work, work the same rosters but have been paid significantly less than their colleagues. They do the same job and they deserve the same pay.

A crime scene has been established and an arson chemist will attend the scene [this] morning. The investigation into the circumstances surrounding the fire remains ongoing.

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Chinese EV maker BYD says fast-charging system could be as quick as filling up a tank

BYD unveils platform with charging power of 1,000 kW, which would be twice as fast as Tesla’s supercharging

The Chinese electric vehicle maker BYD has unveiled a new charging system that it said could make it possible for EVs to charge as quickly as it takes to refill with petrol.

BYD’s Hong Kong-listed shares gained 4.1% on Tuesday to hit a record high of 408.80 Hong Kong dollars, as investors bet that the company could strengthen its already commanding position as one of the world’s biggest electric carmakers.

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Ikea to open Oxford Street store in May after 18-month delay

Swedish furniture retailer’s arrival is seen as crucial to hopes of reviving the London shopping street

Ikea will be bringing its mix of meatballs, lampshades and kitchen planning to London’s Oxford Street from 1 May, when the world’s largest furniture retailer finally opens its store 18 months late.

The company said its three-floor outlet, in the former Topshop base, would house a 130-seat Swedish deli and showrooms, as well as offering one-to-one design consultations.

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Former Bank of England deputy warns Rachel Reeves against kneejerk cuts

Charlie Bean says OBR forecasts are ‘flaky’ and cautions against trying to hit targets five years away

The former Bank of England deputy governor Charlie Bean has warned the chancellor against making kneejerk cuts in next week’s spring statement to try to hit fiscal targets that are five years away.

Rachel Reeves is preparing to slash spending, including on disability benefits, in response to weaker forecasts from the independent Office for Budget Responsibility (OBR) – prompting a backlash from within her own party.

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China plans to ‘vigorously boost consumption’ to shore up economy

Communist party aims to ‘promote reasonable wage growth’ and to reduce financial burdens amid Trump tariffs

China’s government has announced ambitious plans to “vigorously boost consumption” by putting up pay and reducing financial burdens, in its latest attempt to increase consumer confidence and lift its struggling economy.

The plans, announced by the ruling Chinese Communist party’s (CCP) central committee and state council on Sunday, include aims to “promote reasonable wage growth” and to improve the mechanisms for adjusting the minimum wage.

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Charlotte Tilbury tops list of UK’s richest beauty entrepreneurs

Sunday Times estimates the celebrity makeup artist, who founded her brand in 2013, has amassed £350m fortune

Charlotte Tilbury has topped a list of the top 30 richest beauty entrepreneurs in the UK.

The entries on the Sunday Times’s inaugural Beauty Rich List have built their wealth from a range of products and services including skincare, hair care, makeup, bath bombs and tanning shops.

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Notable Tesla investor says he hopes Musk’s government role is ‘short-lived’

Christopher Tsai retains faith in carmaker’s earnings potential despite backlash that has seen its shares take a hit

A devoted investor in Elon Musk’s Tesla – and once a close childhood friend of the US president’s eldest son and namesake – says he hopes the world’s richest man’s role in cutting federal spending for Donald Trump’s administration is “short-lived” and that he returns to managing his businesses.

Investment manager Christopher Tsai, whose firm has tens of millions of dollars tied up in Tesla, said the stock market had demonstrated clear signs of displeasure with Musk’s activities at the so-called department of government efficiency. And, in an interview with the Guardian, Tsai said: “I hope his involvement with [Doge] is short-lived so he can spend even more time on his businesses.”

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UK steel industry calls for capped energy prices amid Trump trade war

British steelmakers lobby for government to set limit to compete with France and Germany

The British steel industry has called for capped energy prices for heavy industry in order to match France and Germany, as companies grapple with the fallout from Donald Trump’s trade war.

UK Steel, a lobby group, has proposed the government set a maximum price for energy through a contract for difference (CfD), before an announcement of a new steel strategy.

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Pioneer fintech firm Klarna sees revenue boost as it eyes US stock market listing

Swedish company’s valuation jumped 24% in 2024 as ‘buy now, pay later’ market is projected to top $160bn by 2032

The Swedish fintech firm Klarna disclosed on Friday that its revenue jumped 24% in 2024 as the “buy now, pay later” (BNPL) pioneer made public its filing for a much-anticipated US stock market listing.

The company, which reshaped online shopping through its short-term financing model, drew investor attention as its valuation soared from $5.5bn to $46.5bn in just two years, fueled by three funding rounds between mid-2020 and 2021.

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China criticises Hong Kong firm’s sale of majority stake in Panama ports

Commentary urged CK Hutchison to ‘think twice’ about ‘what position and side they are on’ in sale to US investors

China has criticised the sale of the business that controls ports in Panama to US investors, saying the Hong Kong-based parent company should “think twice” and that the $22.8bn deal is “power politics” that is not in the country’s national interest.

Shares in the Hong Kong-based conglomerate CK Hutchison fell more than 6% on Friday after a critical commentary appeared in the Beijing-backed newspaper Ta Kung Pao in Hong Kong.

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