Category Archives: Business

Trump’s reciprocal tariff threat brings fears for Australian trade

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Economist argues GST is not protectionist and should not attract any new levy from the US but concern remains for steel industry

US president Donald Trump has threatened “reciprocal tariffs” on US trade partners in retaliation for some domestic taxes, such as value-added taxes, sparking concerns Australia could be targeted.

But economists have argued Australia’s value-added tax – the goods and services tax, which is applied to imported and domestically sourced goods and services identically – is not protectionist, and so could escape retaliation from the US.

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Australia news live: ‘we have got your back’, Albanese tells steel workers amid speculation over Trump tariffs

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Australia prime minister says Trump giving ‘great consideration’ for an exemption. Follow the latest news headlines live

Dutton calls for more details on interaction between Australia and China in South China Sea

The opposition leader, Peter Dutton, has also weighed in on that interaction between Australian and Chinese aircraft in the South China Sea on Tuesday.

And then Richard Marles did a press conference to provide details. So we haven’t had a briefing on it as yet, but on what the deputy prime minister says it is deeply concerning because it puts that safety at risk, the safety of our personnel. And that is not something that Australia can tolerate.

[It] needs to be transparent in terms of what’s happened, and I just don’t think we’ve seen all of the detail yet from Richard Marles.

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UK government to ‘wait and see’ in the face of Trump tariffs announcement

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The US president announced what he called ‘reciprocal tariffs’ on all other countries on Thursday

The UK government will “wait and see” whether tariffs announced by Donald Trump “actually come to pass”, a senior minister said.

The US president announced what he called “reciprocal tariffs” on all other countries on Thursday evening, claiming it was “fair to all”.

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A grand exit: why four-figure coats have become a high street fixture

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From John Lewis to Cos, high street stores are selling coats costing more than £1,000 in a move to cast themselves as ‘luxe’ brands

If you were given £1,000 to splurge on the high street, what would you buy? Perhaps a head-to-toe new season wardrobe from Zara? Enough knitwear to see you through several winters, or maybe a lifetime supply of socks from Marks & Spencer?

Whatever you decide, you’d need to factor in the cost of a taxi to lug all those bags back from the shops. Or at least, once upon a time you would. These days, a grand is easy to spend on a single item – and it’s all thanks to the rise of the four-figure coat.

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Nissan and Honda end $60bn merger talks

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Both Japanese carmakers say they will continue to cooperate on electric vehicle technology

Japan’s Nissan and Honda have said that their boards have voted to end talks over a merger that would have created a $60bn (£48bn) auto group, but added that both companies would continue to cooperate in electric vehicles.

A merger would have spawned the world’s fourth-biggest carmaker by vehicle sales after Toyota, Volkswagen and Hyundai.

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UK economy grows by 0.1% in unexpected boost for Rachel Reeves

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ONS data showing British national output rose in final quarter of 2024 confounds forecasts of 0.1% decline

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Britain’s economy unexpectedly picked up in the final three months of 2024, official figures have shown, easing pressure on the chancellor, Rachel Reeves, after flatlining during the summer.

Figures from the Office for National Statistics show gross domestic product rose by 0.1% in the fourth quarter of 2024 – after zero growth in the previous three months – to beat the forecasts of City economists and the Bank of England for a decline of 0.1%.

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Caught in the middle: UK firms brace for fallout from Trump’s global trade war

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While UK may not be in direct line of fire, knock-on effects on global trade has British businesses worried

“We’re vulnerable at the moment,” says Fiona Conor, the managing director of Trust Electric Heating, a Leeds-based radiator manufacturer, who has been considering expanding into the US market.

After a predictably unpredictable start to Donald Trump’s second term as US president, Conor is worried her options could be limited, as businesses across the UK brace for a global trade war.

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Solar panels could cut fuel-poor UK families’ energy bills by 24%, says study

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Call for means-tested grants or loans to cover upfront costs that prevent poorer households from benefiting

Poorer households could cut their energy bills by a quarter if solar panels were installed on their rooftops, a report has found.

However, the upfront costs mean that those who stand to benefit most from decreased energy bills are prevented from getting panels installed, according to the Resolution Foundation thinktank.

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California insurance plan asks private insurers for $1bn after wildfires

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Private plans, such as State Farm, required to give to Fair plan so all residents have access to fire insurance

California’s home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims.

All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 – more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for “total losses”.

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New inflation numbers are at odds with Donald Trump’s promise to lower prices

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The president repeatedly claimed he would lower prices during the election campaign, but that’s not an easy task

As tens of millions of Americans prepared to watch the Super Bowl this weekend, Donald Trump sat for the customary pre-game presidential interview.

Trump was elected after pledging to bring down prices fast as much of the country grappled with the cost of living after years of heightened inflation. So when the Fox News anchor asked would families start to feel the impact, the president changed the subject.

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Flight costs from France to rise as government more than doubles air tax

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‘Solidarity tax’ to go up in move criticised as ‘irresponsible’ by Air France, as Ryanair threatens to cut flights in country

The cost of flights from France will rise next month when the government more than doubles its “solidarity tax” on tickets.

The French government has said the increases are fair on ecological and fiscal grounds but critics say it will hit France’s ability to compete globally.

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Philippines storm survivors join climate protest outside Shell HQ in London

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Greenpeace protest draws attention to worsening typhoons and demands accountability from major polluters

For two days and two nights, Ronalyn Carbonel and her four children clung to the roof of their home as a huge storm raged around them. With the wind battering her village of Rizal, about 10 miles east of Manila in the Philippines, and water swirling through the rooms below them, they had no choice but to wait, hoping that someone would come to rescue them and hundreds of their neighbours.

“We did not have shelter, we did not have food … we just had to wait for the government for two days,” Carbonel said. “It is not easy, no electricity, no light, we just wait for the sun to rise. The children were scared, we had never experienced anything like this.”

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Australia ‘killing’ US manufacturing with aluminium imports, Trump’s trade adviser says

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Peter Navarro’s comments to US media, which follow president’s 25% tariff announcement, were shared on an official Trump administration account on X

Donald Trump’s trade adviser claims Australia is “crushing” and “killing” America’s manufacturing sector with its imports of aluminium, as the Albanese government scrambles to try to secure exemptions to the president’s 25% tariffs on metal.

Anthony Albanese said he was still hopeful the local steel and aluminium industry could be spared from the tariff regime, even after escalating comments from the Trump administration criticising current trade arrangements with allies, including Australia.

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Next ad banned over ‘unhealthily thin’ model in digitally altered leggings

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Watchdog upholds complaint about advert that digitally altered clothing and used low angle to accentuate long legs

The UK advertising watchdog has banned an advert from high street retailer Next for featuring an “unhealthily thin” model in digitally altered clothing.

The advertisement, which ran on its website, featured a model marketing Next’s “power stretch denim leggings”.

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UK health insurer Vitality to offer members discounted anti-obesity drugs

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Third-largest healthcare insurer will be first to give 20% off treatments such as Wegovy and Mounjaro through health cover

Vitality has become the first health insurer in the UK to offer customers discounted weight loss treatments for up to a year through its health cover.

The UK’s third-largest health insurer behind Bupa and Axa, with 1.9 million members, said it would offer discounts of up to 20% for medications such as Wegovy and Mounjaro – which are popular but pricey – to members, based on their body mass index (BMI) and weight-related health conditions.

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Canada, Mexico and EU criticise Trump’s metal tariffs amid fears of trade war

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Ursula von der Leyen says tariffs ‘will not go unanswered’ as Justin Trudeau says Canadians will ‘stand up if we need to’

Canada, Mexico and the EU have sharply criticised Donald Trump’s decision to impose 25% tariffs on all steel and aluminium imports to the US, amid mounting fears of a global trade war.

The president of the European Commission, Ursula von der Leyen, said on Tuesday she “deeply regretted” the US president’s move, announced late on Monday, adding: “Unjustified tariffs on the EU will not go unanswered.”

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Bank of England’s Mann backed rate cut as she sees inflation ‘hump’ easing

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Downturn in jobs market will mean workers will be unlikely to be able to bid up their wages, says policymaker

The Bank of England policymaker Catherine Mann has said she backed a half-point cut in UK interest rates last week because she believes the downturn in the jobs market will make the inflation “hump” this year short-lived.

Mann surprised financial markets last week by switching from voting against the Bank’s last cut, in November, to supporting a half-point reduction.

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Trump announces 25% tariffs on foreign steel and aluminum

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Modified US duties will be enforced ‘without exceptions’, said president, in controversial bid to boost economy

Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.

The modified US duties will be enforced “without exceptions or exemptions”, the president declared, dashing the hopes of countries that hoped to avoid them.

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Asian stock markets mixed after Trump tariffs announcement while gold reaches record high

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Analysts say measures so far have been less than feared but traders still cautious as uncertainty about US policy ‘has basically exploded’

Asian markets were mixed on Tuesday as traders kept a nervous eye on Donald Trump’s next moves after he signed off on 25% tariffs for steel and aluminium imports, having warned of more measures to come.

The president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.

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EU says it will retaliate immediately if Trump imposes new tariffs

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Bloc’s leaders also pledge to protect EU interests after US president announces escalation in aggressive trade policy

Europe will not hesitate to retaliate if Donald Trump imposes any new tariffs, the European Commission and EU national leaders have said, after the US president announced another escalation of his aggressive trade policy at the weekend.

Trump said he would announce on Monday 25% tariffs on all steel and aluminium imports that would affect “everybody”, adding that reciprocal tariffs on all countries that tax imports from the US would follow on Tuesday or Wednesday.

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