Category Archives: Business

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

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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

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‘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

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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

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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

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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

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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

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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’

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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

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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

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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

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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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Tesla tells US government Trump trade war could ‘harm’ EV companies

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Letter from Elon Musk’s firm to US trade representative warns of ‘downstream impacts’ of tit-for-tat tariffs

Elon Musk’s Tesla has warned that Donald Trump’s trade war could expose the electric carmaker to retaliatory tariffs that would also affect other automotive manufacturers in the US.

In an unsigned letter to Jamieson Greer, the US trade representative, Tesla said it “supports fair trade” but that the US administration should ensure it did not “inadvertently harm US companies”.

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Shrinking economy offers unhelpful backdrop for Rachel Reeves’s growth push

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GDP goes in wrong direction as chancellor puts final touches to fiscal plans

For a government that has made growth its overriding mission, the 0.1% decline in GDP in January signalled by the Office for National Statistics will be depressing news.

As Rachel Reeves prepares to announce her spring statement on 26 March, the economy appears to be going in the wrong direction – underlining the fact that the Office for Budget Responsibility is likely to have presented her with notably weaker forecasts than in October.

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UK economy shrinks unexpectedly in blow to Rachel Reeves

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ONS data showing 0.1% fall in GDP in January comes less than two weeks before chancellor’s spring statement

The UK economy contracted by 0.1% in January, dealing a blow to Rachel Reeves before the spring statement later this month.

In a surprise to City economists, who expected 0.1% growth in January, the Office for National Statistics data showed the services sector failed to offset a decline in the industrial sector and maintain growth from the previous month.

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Taxi firms crowdfund legal battle with Uber over VAT on fares in UK

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Minicab drivers say Uber’s bid to apply tax to all rides would put many out of business and leave people stranded

Two British taxi companies have launched a crowdfunding drive for the last leg of a lengthy legal battle with Uber that could result in higher cab fares.

Uber will seek, at a supreme court hearing in July, a ruling on contractual models that affect whether VAT applies to private-hire companies outside London, which it has argued would level the playing field across the UK.

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Nearly one in four Britons have witnessed shoplifting, study shows

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A similar number have also seen staff abused as shops say crime is spiralling out of control with 55,000 thefts a day

Nearly a quarter of Britons have witnessed shoplifting in the past year and seen physical or verbal abuse of shop workers as criminals become “bolder and more aggressive”.

A survey carried out for the British Retail Consortium (BRC) by the market research firm Opinium found Nottingham to be a UK hotspot for retail crime where 32% of residents said they had witnessed shoplifting. London was close behind on 29%.

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Australians urged to shop around as power prices set to rise up to 9% from July

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Peter Dutton blames the government for proposed rises but won’t guarantee power prices will be lower if he wins coming election

Hundreds of thousands of households face higher power bills after the energy regulator proposed lifting benchmark prices by up to 9% in some regions.

The move prompted the energy minister on Thursday to concede power bills are “too high” and urge users to shop around for the best deal, while the opposition branded the price rise a failure of Labor’s energy policy.

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UK drops down list of affluent nations after decade of stagnation, NIESR finds

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Districts in Birmingham now ranked below poorest areas of France, Malta and Slovenia as institute urges rethink on planned welfare cuts

The UK has tumbled down the league of affluent nations after almost a decade of welfare cuts and stagnant incomes, according to a report that found the poorest districts in Britain now rank below the lowest-income areas of Malta and Slovenia.

In a warning for ministers to protect welfare spending before Rachel Reeves’s spring statement later this month, the National Institute of Economic and Social Research (NIESR) said the UK’s reputation for high living standards was under threat.

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Prince Andrew was told Epstein saw Staley as close friend, court hears

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FCA presents email evidence it claims shows bank boss and child sex offender were like ‘family’

Prince Andrew was among a number of high-profile contacts of Jeffrey Epstein who were told that the child sex offender considered the former Barclays boss Jes Staley to be a close friend and like “family”, a court has heard

A package of emails presented at the upper tribunal in London marked the first time that the prince was explicitly mentioned in the case launched by Staley in hopes of overturning a lifetime ban from working in the City.

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Trump’s ‘drill, baby, drill’ agenda could keep the world hooked on oil and gas

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The US president is making energy deals with Japan and Ukraine, and in Africa has even touted resurrecting coal

Donald Trump’s repeated mantra of “drill, baby, drill” demands that more oil and gas be extracted in the United States, but the president has set his sights on an even broader goal: keeping the world hooked on planet-heating fossil fuels for as long as possible.

In deals being formulated with countries such as Japan and Ukraine, Trump is using US leverage in tariffs and military aid to bolster the flow of oil and gas around the world. In Africa, his administration has even touted the resurrection of coal, the dirtiest of all fossil fuels, to bring energy to the continent.

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