Category Archives: Business

Reeves: third Heathrow runway would be hard decision but good for growth

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Chancellor expected to unveil new building projects and revise planning rules to stimulate UK economy

Rachel Reeves has given her strongest hint yet that she will back a third runway at Heathrow airport, arguing that she is willing to make difficult decisions while pursuing economic growth.

The chancellor is poised to make a significant speech this week where she will outline her plans to boost the British economy by radically altering planning rules and accelerating building projects.

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Protests by fruit pickers and farmers put spotlight on price of cheap food in UK

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In two actions, migrant workers claim exploitation while farmers demonstrate against inheritance tax plan

This is a tale of two countrysides. One was featured prominently on Saturday by broadcasters as farmers held demonstrations throughout the UK against inheritance tax plans they believe will cripple family farms.

A smaller protest staged a day earlier outside the Home Office received almost no attention. A small band of fruit and vegetable pickers, mainly from Latin America, were highlighting their battle against what they call the exploitation of migrant workers.

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Wegovy maker Novo Nordisk rebuked by watchdog over failure to disclose payments to UK health groups

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Danish drug giant found to have failed to accurately report spending even after admitting to errors

The pharmaceutical watchdog has reprimanded Wegovy maker Novo Nordisk for failing to correctly disclose dozens of payments to the UK health sector as it sought to boost sales of its slimming drugs.

The Danish drug giant – Europe’s most valuable listed company – systematically misreported, under-reported or did not disclose funding given over seven years to pharmacy firms, obesity charities, training providers, professional bodies and patient groups.

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‘Move closer to Europe – not Trump’ voters tell Starmer in major UK poll

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Pressure growing on Labour to improve trade with EU as Rachel Reeves admits Brexit damaged UK

Keir Starmer is under growing pressure to forge closer economic links with Europe five years on from Brexit, as a major new poll shows voters clearly favour prioritising more trade with the EU over the US.

The MRP survey of almost 15,000 people by YouGov for the Best for Britain thinktank shows more people in every constituency in England, Scotland and Wales back closer arrangements with the EU rather than more transatlantic trade with Washington. MRP polls use large data samples to estimate opinion at a local level

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The oil crisis fuelled by Russia’s war is evaporating – and so are the profits

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Results from Shell and Exxon this week will be weaker – and Trump’s desire to drill may result in oversupply

Almost three years ago, Russia’s invasion of Ukraine wiped out Europe’s largest source of gas and shocked global energy markets, setting the stage for quarter after quarter of better-than-expected earnings for the fossil fuel producers ready to profit from the volatility. Now those returns are beginning to cool.

But as markets have reduced to a simmer, oil executives have warned that profits are also going off the boil. A glut of new oil and gas projects, stoked by a pro-fossil-fuel agenda from the White House, could mean weaker markets in the future too.

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Guinness boom prompts owner Diageo to consider sale or spin-off

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Stout, which has become fashionable with gen Z drinkers, likely to be valued at more than £8bn

The drinks company Diageo is considering cashing in on booming demand for pints of Guinness by selling or listing the famous beer brand on the stock market, according to reports.

Selling or spinning off Guinness are among the options being considered by the FTSE 100 company as part of a plan to revive its fortunes, according to Bloomberg which first reported the story.

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Second man charged over attempted arson of Sydney synagogue – as it happened

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The anti-fracking group Lock the Gate Alliance has launched a legal challenge to a Northern Territory government decision to approve another gas exploration project in the Beetaloo basin.

The case in the territory’s civil and administrative tribunal is challenging the merits of the government’s approval of the environment management plan for Empire Energy’s “Larrimah” exploration project.

Our robust regulation of the onshore petroleum industry is informed by the best available science. As the project is before the NT Civil and Administrative Tribunal, it would be premature to make any further comment on the matter.

For too long, vice-chancellors and senior executives have escaped any real accountability for some of the terrible decisions that have damaged our public universities. An inquiry would be a golden opportunity to get to the bottom of what’s allowing the wage theft epidemic, rampant casualisation and a raft of other serious problems to flourish in our sector.

This is the path to lasting reform that will ensure staff can deliver the world-class teaching and research our students and community deserve.

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UK government contacts potential administrators for Thames Water

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Teneo, Interpath and EY among those reportedly approached for the role if company falls into bankruptcy

The UK government has reportedly approached multiple restructuring advisers for the role of special administrator for Thames Water if the troubled utility falls into bankruptcy.

Teneo, Interpath and EY are among the companies contacted by the government as it prepares contingency plans should Britain’s largest water company be forced into nationalisation, the Financial Times reported, citing people familiar with the process.

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Almost 40 firms banned from installing UK insulation amid botched jobs outcry

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Schemes backed by previous government to improve energy efficiency have left homeowners unable to sell

Almost 40 building companies have been blocked by the government from installing insulation amid a growing outcry over the profusion of botched jobs across the UK.

Ministers also announced that any homes found to have received botched insulation would have the issues put right by the installer responsible at no extra cost to the homeowner.

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Woolworths selling downsized’ Brut deodorant for more than double unit cost of old product

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Consumer advocates call for more transparency around ‘shrinkflation’ as supermarkets continue to defend against price-gouging allegations

Australia’s biggest supermarket chain, Woolworths, is selling a significantly smaller stick of Brut deodorant for more than double the unit price of the old product, in an extreme example of “shrinkflation” that leaves shoppers paying more for common household products.

While not unlawful, the pricing decision rubs against heightened public criticism of strategies employed by supermarkets, which have consistently defended themselves against price gouging allegations during a cost-of-living crisis.

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Australia news live: Bruce Lehrmann seeks judge-only trial on rape charges; off-duty police officer in hospital after Sydney attack

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Asked about the future of the weekly pro-Palestinian protests across Australia, Malarndirri McCarthy said as long as they are respectful and peaceful, “they are part of our democratic way”.

It’s interesting, isn’t it? I mean, we are a democracy. Whatever the rally or protest is, we enable that. We allow that so long as it’s peaceful and respectful.

Police across every jurisdiction in the country know they have to be prepared. Rally organisers, whoever they may be, also know they need to consult to be able to have access to those streets. Come on, let’s be mindful that these rallies, so long as they are held in a respectful manner, in a peaceful manner, they are part of our democratic way.

I think when I look at the polls, Karl – and I think I’ve talked to you about this over the years, you know, when we went into the 2019 election – every poll said we were going to win. The reality is, you have to work every single day right up – and the only poll that does really count, and I believe that especially after that loss, is the one on election day.

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Unpaid internships ‘locking out’ young working-class people from careers

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UK charity calls for positions of four weeks or longer to be banned to help close social mobility gap

Young people from working-class or disadvantaged backgrounds are being “locked out” of careers by unpaid or low-paid internships that benefit middle-class graduates, according to a social mobility charity.

Research by the Sutton Trust found that middle-class graduates made more use of internships as stepping stones into sectors such as finance or IT, even in cases where the internships paid nothing or below the minimum wage as required by legislation.

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Trump threatens 10% tariff on China and considers EU levy

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Yuan and Chinese stocks fall despite suggestion of lower tariff than president mentioned during campaign

Donald Trump has threatened to impose a 10% tariff on Chinese-made goods arriving in the US from as early as 1 February, adding that he was also considering levies on imports from the EU.

Ordering an investigation into US-China trade on his second day in office, Trump said any penalties on Chinese goods would be “based on the fact that they’re sending fentanyl to Mexico and Canada”.

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UK borrowing jumps unexpectedly, adding to pressure on Rachel Reeves

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Increase to £17.8bn is well above City forecasts and is highest December figure for four years

UK government borrowing jumped unexpectedly to £17.8bn last month, piling pressure on Rachel Reeves to plan budget cuts before a spending review in the summer.

The figure was about a quarter higher than the City had forecast and was up by £10.1bn more than in the same month a year earlier, making it the highest December borrowing for four years.

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Australian independent publishing stalwart Text acquired by global giant Penguin Random House

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Local publishing house says it will ‘retain creative control’ and no redundancies are planned for Melbourne office

The world’s largest general book publisher has acquired one of Australia’s leading independent publishers, the Text Publishing Company.

Penguin Random House announced the acquisition on Wednesday, with the chief executive of its Australian operations, Julie Burland, saying the move consolidated the publishing house’s longstanding relationship, where its Australian arm distributes and sells all of Text’s titles in the Australian and New Zealand markets.

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Housing completions fall behind accord target – as it happened

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Watt defends government response to antisemitism as ‘very strong’

Asked if the federal government has been going enough to combat antisemitism, Murray Watt said it had responded “very strongly here”.

Unfortunately, there are some people in the community who are engaging is disgusting behaviour and the AFP and state police have demonstrated they will be caught and go to jail, which is where they belong.

I [will] leave it to the AFP to confirm some of the details about this, but I think this demonstrates exactly how far our police authorities are going to try to crack down on the shocking behaviour …

[The number of arrests made] sends a really clear message from the whole community that there is no tolerance that this kind of hate, and you will be caught if you do these kind of disgusting attacks.

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Wall Street shrugs off Trump after he vows Mexico and Canada tariffs

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S&P 500 and Nasdaq Composite largely unmoved as it opened for trading for first time after inauguration

Financial markets largely shrugged after Donald Trump outlined plans to impose punitive tariffs on Mexico and Canada as soon as next month while signing scores of executive orders on his first day in office.

The US president told reporters in the White House Oval Office he was thinking about introducing 25% US tariffs on imports from Mexico and Canada as soon as 1 February.

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Australia news live: second child dies after Tasmania house fire; mental health ward closures begin in NSW after mass resignation of psychiatrists

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The foreign affairs minister, Penny Wong, says it was a “privilege and honour” to be the first Australian foreign minister to “be invited and to attend an inauguration on behalf of our country”.

She spoke with the Today show from Washington DC, where she attended Donald Trump’s inauguration.

My message here in Washington to those I meet is to point out the reality of the economic relationship between Australia and the United States, that there is a surplus in America’s favour. There has been for decades. In fact, it’s about two to one. And of those exports from Australia that come here, about half of them go into the US production.

As we know, the Wall Street Journal is obviously reporting, now [Trump is] going to review the trade situation and then look at what sort of tariff changes need to be made.

We need to make sure that our foreign affairs ministry, our trade minister and our ambassador are deeply engaged in that review process to make sure our national interest is upheld.

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UK ‘second most attractive country for investment’, survey finds

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The survey of chief executives, published ahead of the World Economic Forum, follows an upgraded growth forecast from the IMF

The UK is the second most attractive country for investment behind the US, signalling a climb up the rankings, according to an annual survey of global business leaders by the consultancy PwC.

Published at the start of the World Economic Forum (WEF) in the Swiss ski resort of Davos, the survey of almost 5,000 chief executives from 109 countries puts the UK in second place, ahead of China, Germany and India.

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