Category Archives: Business

Australia news live: Ley to unveil shadow ministry after deal done to reunite Coalition; Labor seizes third Senate spot in Victoria

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Liberal leader begins contacting MPs to inform them of their roles in her new frontbench. Follow today’s news live

Nationals frontbencher Bridget McKenzie has insisted her party never made free votes for cabinet members a condition of returning to Coalition with the Liberals, as the two parties draw closer to a deal.

McKenzie also took a shot at Liberal MPs who were giving her and her colleagues free advice. She told Channel Seven’s Sunrise:

There are many Liberal MPs who want to give us gratuitous advice about how to run our party room. I’m happy to give them membership forms if they’d like to join it. But a coalition works best when everybody respects the independence of both parties.

That wasn’t put to the room.

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‘Remote purchase’ fraud in UK surges as customers tricked into disclosing passcodes

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Banks say every day 7,000 incidents take place where scammers get people to disclose unique set of numbers

Banks are reporting a surge in a type of fraud where customers are tricked into disclosing online login passcodes they are sent, which has helped to fuel a 22% jump in crimes where scammers go shopping using people’s stolen details.

The banking body UK Finance revealed that “remote purchase” fraud hit its highest-ever level in 2024, with almost 2.6m cases logged, which works out at more than 7,000 incidents a day, or almost five a minute.

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AI tool trial could save equivalent of 1.5m meals in food waste

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Nestlé is among UK companies taking part in project to ‘design out’ waste by redistributing surplus product

Millions of meals worth of wasted food could be redistributed thanks to an artificial intelligence tool being trialled by companies across the UK, including Nestlé.

The AI tool, which has already generated an 87% reduction in edible food waste at one of the Swiss conglomerate’s factories over its first two-week trial period, is intended to “design out” food waste by providing real-time monitoring, tracking and insights of wasted ingredients and products.

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Trump indicates ‘positive’ progress in US-EU trade talks

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Wall Street up in early trading after US president commends bloc for calling to ‘quickly establish meeting dates’

Donald Trump has indicated there has been progress in US trade talks with the EU, helping send share prices rising on Wall Street, after he commended the bloc for calling to “quickly establish meeting dates”.

“I have just been informed that the EU has called to quickly establish meeting dates. This is a positive event, and I hope that they will,” Trump wrote on his Truth Social platform on Tuesday, saying the EU would be “very happy and successful” if it agreed a deal.

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KFC plans to invest £1.5bn in UK and Ireland, creating thousands of jobs

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Fast-food chain’s plan on back of booming fried chicken market includes opening 500 new restaurants

KFC is to invest almost £1.5bn and create thousands of jobs in the UK and Ireland over the next five years, as the fast-food chain seeks to capitalise on the booming popularity of fried chicken.

The chain, which is celebrating its 60th year of operations in the UK, said it plans to invest £1.49bn to grow and upgrade its existing 1,000-outlet estate.

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Four former Volkswagen managers convicted of fraud in ‘dieselgate’ trial

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Braunschweig court gives two former executives prison sentences for roles in emissions test-cheating scandal

A German court has convicted four former Volkswagen managers of fraud and given two of them prison sentences for their part in the “dieselgate” emissions test-cheating scandal that erupted almost a decade ago.

The former head of development Heinz-Jakob Neusser received a suspended jail term of one year and three months from the court in the city of Braunschweig, according to the news agency Bloomberg.

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EU hopes for quick deal to resolve US trade war after Trump delays 50% tariffs

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European leaders call for ‘lowest possible’ border taxes after levies postponed from 1 June to 9 July

EU leaders have expressed hopes for a quick deal to resolve the trade war with the US after Donald Trump announced he was delaying his threatened 50% tariffs for the bloc until 9 July.

The US president said on Sunday he would pause the border tax due to be imposed on 1 June, which he had announced two days earlier, after what he called a “very nice call” with Ursula von der Leyen.

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Taxpayers set for £10bn loss on NatWest as disgraced ex-boss takes £600k-a-year pension

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Government expected to sell last shares in banking group this week, drawing a line under 2008 financial crisis bailout

Fred “the Shred” Goodwin, the disgraced ex-boss of Royal Bank of Scotland, is estimated to be receiving an annual pension worth nearly £600,000, as the government prepares to declare a £10bn loss after selling its final stake in the bank as early as this week.

The banking group, now known as NatWest, is expected to return to full private ownership within days, drawing a line under a £45bn state bailout that saved the bank from the brink of collapse at the height of the 2008 financial crisis.

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EU president secures tariffs delay after talk with Trump

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Enactment of 50% tariffs postponed until July so both sides can ‘reach a good deal’ after pressure from European leaders

Donald Trump has announced that he will pause his threatened 50% tariffs on the European Union until 9 July, after a “very nice call” with EU chief Ursula von der Leyen.

The European Commission president announced in a social media post that she had spoken with Trump and secured the delay to give the two sides more time to negotiate.

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Any trade deal with US must be based on ‘respect not threats’, says EU commissioner

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Maroš Šefčovič’s remarks come after pace of talks prompted Trump to propose 50% tariff on goods from bloc

The European Union’s trade chief has struck a defiant tone after Donald Trump threatened to place a 50% tariff on all goods from the bloc, saying any potential trade deal between Brussels and Washington must be based on “respect not threats”.

The US president made his announcement after voicing frustration with the pace of progress on a trade agreement with the EU. The new rates would come into effect from 1 June.

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UK employees work from home more than most global peers, study finds

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Exclusive: Staff in Britain now average 1.8 days a week of remote working, above global average of 1.3 days

UK workers continue to work from home more than nearly any of their global counterparts more than five years after the pandemic first disrupted traditional office life, a study has found.

UK employees now average 1.8 days a week of remote working, above the international average of 1.3 days, according to the Global Survey of Working Arrangements (G-SWA), a worldwide poll of more than 16,000 full-time, university-educated workers across Europe, the Americas, Asia and Africa that began in July 2021.

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Trump warms to Nippon Steel, backing ‘partnership’ with US Steel

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Biden had blocked Japanese acquisition, citing national security, with Trump previously agreeing he was ‘totally against’ it

Donald Trump has thrown his weight behind a “partnership” between US Steel and Nippon Steel, months after insisting he was “totally against” a $14.9bn bid by the Japanese firm for its US rival.

While the US president stopped short of an all-out endorsement of the takeover, he announced a deal between the two businesses on social media on Friday.

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NCA freezes £90m of London property linked to former Bangladesh regime

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Two men linked to Sheikh Hasina prevented from selling properties, including apartments in Grosvenor Square

The UK’s serious and organised crime agency has frozen almost £90m of luxury London property belonging to two men linked to the deposed ruler of Bangladesh.

In a development that comes after mounting pressure on the UK to assist Bangladesh in tracing assets linked to the former regime, the National Crime Agency (NCA) obtained nine freezing orders, official records show.

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Trump threatens 25% tariff on Apple and Samsung phones not made in US

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Announcement wipes about $70bn off Apple shares amid pressure on company to build smartphones in US

Donald Trump has threatened to impose a 25% tariff on iPhones if they are not made in the United States, as he stepped up the pressure on Apple to build its signature product in the country.

The president wiped approximately $70bn (£52bn) off the company’s shares with a post on the Truth Social platform that said iPhones sold inside the US must be made within the country’s borders.

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Australia news live: new analysis links NSW floods to climate change; count in Bradfield narrows teal’s lead over Liberal to a handful of votes

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BoM says heavy rainfall will extend south through NSW today with some areas set to receive up to 160mm. Follow Australia news and NSW floods live updates today.

Darren Chester says focus on Coalition split ‘frustrating’

Nationals MP Darren Chester says “there are bigger issues” than the makeup of the coalition.

It’s been frustrating to be talking about ourselves at a time when, you know, much of the mid coast, the central coast and north coast of New South Wales is facing devastating floods including loss of life. And in close to home in Victoria central and western Victoria and northern Victoria right through South Australia there’s a devastating drought.

We need to resolve our issues as quickly as we can, because there are bigger issues facing rural and regional Australians than the make-up of the coalition. We need to make sure we get back being a strong and incredible opposition as quickly as possible and I’m hoping that these negotiations can consider – can continue now in a positive and constructive way.

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UK travellers face road and rail disruption over bank holiday weekend

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Motoring organisations warn of heavy traffic, and delays and cancellations will hit two rail routes out of London

The bank holiday getaway is likely to be a tricky one, with transport analysts predicting congested roads and the year’s busiest day so far for departing airports, while long-distance rail passengers dodge the start of more engineering work.

Motoring organisations forecast traffic to be at its worst on Friday, with many drivers surveyed apparently taking an extra day off before the long weekend and half-term break for most schools in England and Wales.

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World’s seven wealthiest countries agree to counter China’s trade practices

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G7 finance ministers and central bank governors pledge to address ‘economic imbalances’, without naming China

Top finance officials from the world’s seven wealthiest democracies have set aside stark differences on US tariffs and agreed to counter global “economic imbalances”, a swipe at China’s trade practices.

Ahead of the meeting of G7 finance ministers and central bank governors there had been doubt about whether there would be a final communique, given divisions over US tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal.

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FTC drops case over Microsoft’s $69bn Activision Blizzard acquisition

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Microsoft president declares ‘victory’ in Call of Duty maker deal as FTC chair says case doesn’t fit with Trump’s agenda

The US Federal Trade Commission dropped a case that sought to block Microsoft’s $69bn purchase of the Call of Duty maker Activision Blizzard, saying on Thursday that pursuing the case against the long-closed deal was not in the public interest.

Andrew Ferguson, the FTC chair, is seeking to use the agency’s resources for cases that fit with Donald Trump’s agenda, such as an investigation related to whether advertisers colluded to spend less on X.

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Ministers said to be considering bill to wipe out British Steel’s debts

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Chinese owner owed almost £1bn as government weighs up how best to attract buyer for Scunthorpe works

Ministers are reportedly considering legislation to relieve British Steel of debts that have risen to nearly £1bn, as the government considers how best to prepare the Scunthorpe steelworks for sale.

The government took control of the business last month after it said its Chinese owner, Jingye Steel, planned to close the plant within days. The move required emergency legislation that was passed in a historic recall of parliament.

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UK petrol prices poised to fall further as oil production may be stepped up

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Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuels

Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.

The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.

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