Category Archives: Business

China’s share of global electric car market rises to 76%

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Market share increases after strong demand within country offsets risks from western tariffs on Chinese-made EVs

China’s share of the global electric vehicle market reached 76% in October, the country’s automotive trade body said, reflecting strong demand for EVs in the country even as western tariffs risk hobbling exports.

Between January and October, sales of EVs reached 14.1m units, according to the China Passenger Car Association, with 69% of those sales in China. In October, China’s share surpassed three-quarters.

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Japan’s Nomura bank boss takes 30% voluntary pay cut after worker tries to kill customer

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Wealth management employee charged with robbery, attempted murder and arson after home visit to elderly clients

The boss of the Japanese bank Nomura has apologised and taken a voluntary pay cut after a former employee was charged with robbery and attempted murder of a customer.

Kentaro Okuda, who has led Nomura since 2020, will take a 30% pay cut over the next three months, with several other senior managers at the bank taking similar reductions, the bank said.

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Vietnamese tycoon faces scramble to raise billions to avoid death sentence

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Truong My Lan must repay three-quarters of $12bn she embezzled from bank in a case that shocked the country

The Vietnamese property tycoon Truong My Lan has lost her appeal against the death penalty for masterminding a multibillion-dollar fraud scandal – though she could still save her life if she can repay most of the funds she embezzled.

Lan, who founded the real-estate developer Van Thinh Phat, was sentenced to death in April for embezzling $12bn (£9.95bn) from Saigon Commercial Bank (SCB), in a case that shocked the country.

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Australia news live: Allan defends Victoria after it’s named worst state for business; Burke to meet Indonesian minister over Bali Nine

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The Victorian premier has defended the state’s business credentials saying there’s key data missing from the Business Council of Australia’s report. Follow today’s news headlines live

Weather check shows mixed conditions forecast across Australian cities

It’s a mixed, if warm, bag in capital cities today, with the Bureau of Meteorology forecasting storms in Melbourne, sunny skies in Brisbane and Adelaide and showers across all other major cities.

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Woolworths takes $50m hit as strike leads to empty shelves

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The supermarket giant filed an urgent application with the Fair Work Commission to end industrial action blocking distribution centres

Australia’s biggest supermarket chain, Woolworths, says it has lost $50m in grocery sales since the start of industrial action that has disrupted the flow of goods into some of its stores.

More than 1,500 Woolworths warehouse workers have been on strike since 21 November, seeking better pay and safety on the job. Industrial action has affected up to five distribution centres, impacting supplies in some stores in Victoria, New South Wales and the ACT.

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Elon Musk’s $56bn Tesla pay package rejected again by US judge

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Kathaleen McCormick in Delaware rules Musk not entitled to vast sum despite Tesla shareholders voting to reinstate it

A judge ruled on Monday that Tesla chief executive Elon Musk is still not entitled to receive a $56bn compensation package even though shareholders of the electric vehicle company had voted to reinstate it six months ago.

The ruling by the Delaware judge, Kathaleen McCormick of the court of chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors. The decision cast uncertainty over Musk’s future at the world’s most valuable carmaker. Tesla’s board argued the enormous payment scheme was necessary to keep Musk involved in the company, an argument that the billionaire, already the world’s richest man, echoed.

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Typhoo Tea bought out of administration for £10m

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Vapes and batteries maker Supreme acquires collapsed 121-year-old tea company

The historic tea brand Typhoo has been bought out of administration by the vapes and batteries maker Supreme in a £10m rescue deal.

The company filed to appoint administrators last Wednesday, risking the future of the 121-year-old brand.

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Countries call for binding targets to cut plastic production after talks fail

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Group of 85 countries and blocs press for ambition in plastic waste treaty after no agreement was reached in Busan

Binding global targets to cut plastic production must be at the centre of any continuing negotiations to secure the world’s first treaty to tackle plastic waste, a group of 85 countries has said.

Talks in Busan, South Korea, attempting to secure agreement between more than 200 countries on the details of a plastic pollution treaty ended in failure over the weekend.

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UK house prices rise at fastest rate in nearly two years

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Nationwide reports surprise growth despite near-record prices straining affordability

House prices in the UK grew at the fastest rate in nearly two years in November, in a surprise acceleration despite near-record highs straining affordability, according to figures from Nationwide.

The annual growth rate rebounded to 3.7% in November, up from 2.4% in October, according to the UK’s biggest building society. That was the fastest rate since November 2022.

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Former Tesco boss wants to send power from Morocco to Great Britain using subsea cable

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Dave Lewis says the near-constant stream of clean electricity could supply the grid as early as 2030

In the south-west of Morocco, a sprawl of wind and solar farms stretching across an area the size of Greater London could soon generate the green electricity powering more than 9m British homes.

This is the unflinching vision of Sir Dave Lewis, the former Tesco boss who is hoping to build the world’s longest subsea power cable in order to harness north Africa’s renewable energy sources and power Britain’s clean energy agenda.

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Boss of takeover target Direct Line wants time to turn around insurer

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New management at struggling firm, which rejected £3.3bn bid from Aviva, ‘making excellent progress’, says CEO

The Direct Line chief executive, Adam Winslow, has appealed to shareholders to give his team more time to turn around the struggling insurer, faced with an unsolicited £3.3bn offer from Aviva, while its bigger rival is trying hard to drum up support from investors for the takeover.

The two companies – the UK’s biggest insurer, Aviva, and the Churchill owner, Direct Line, known for motor cover and its red phone on wheels mascot – are facing off in a takeover tussle that has sent the Direct Line share price soaring, amid speculation that Aviva could raise its offer or launch a hostile bid, or face a counterbid.

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Trump threat of 100% tariffs against Brics nations raises trade war fears

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President-elect threatens retaliation if emerging economies create new currency to rival US dollar

Fears of a global trade war have risen after Donald Trump threatened to impose 100% tariffs on countries in the Brics group if they create a new currency to rival the US dollar.

Writing on his social media platform, Truth Social, on Saturday, Trump declared that he would also act if they supported another currency to replace the dollar.

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Predatory rent-to-buy operators barred from Centrepay debit system in sweeping Albanese government reforms

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Exclusive: ‘High-risk services’ will be removed, including companies providing consumer leases and household goods

The federal government will boot predatory rent-to-buy operators off its Centrepay debit system as part of sweeping reforms designed to stop the financial abuse of vulnerable Australians.

The reforms, set to be announced Monday, follow a Guardian Australian investigation that revealed shocking failures in the Centrepay system and helped trigger an urgent government review.

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Cheaper loans on table to urge UK motorists to EVs, plus cuts in fines for firms

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Business secretary Jonathan Reynolds says there is ‘no route to net zero’ that ignores concerns of businesses after wave of closures

• Jonathan Reynolds: If we delay the UK’s drive for electric vehicles, our rivals will overtake us

There is “no route to net zero” that ignores the real concerns of businesses, a cabinet minister has warned, as the government prepares to reduce financial penalties handed to carmakers not selling enough electric cars.

Ministers are also looking at how cheaper loans could be introduced to help people buy an electric vehicle (EV), after a wave of job losses and closures in which carmakers blamed the onerous fines they were facing.

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Claws are out as Jaguar heads down EV rebrand road

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A new electric model will be unveiled this week. Will it turn round the culture war embroiling the marque?

When German manufacturer BMW took over the Mini brand and launched the Mini Cooper in 2001, some people were outraged. Drivers with previous models even slapped on bumper stickers reading “this is a real Mini”. The BBC reported that executives insisted the car “is not a small BMW”.

The storm died down, and Mini has gone on to sell more cars each year (about 300,000) than ever before, many of them emblazoned with union jack tail-lights – whatever the ownership of the factory.

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Beekeepers halt honey awards over ‘huge fraud’ in global supply chain

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Warnings that genuine products are bulked out with cheaper sugar syrup prompt international congress to withdraw prizes

The World Beekeeping Awards will not award a prize for honey next year after warnings of widespread fraud in the global supply chain.

Apimondia, the International Federation of Beekeepers’ Associations, says it will showcase honey from around the world at its congress in Denmark, but for the first time make no awards for the product.

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‘Treating workers like robots’: Woolworths blamed for empty supermarket shelves as warehouse strikes continue

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Stores in New South Wales, Victoria and the ACT affected as industrial action by up to 1,500 employees stretches into second week

Woolworths bears responsibility for the empty shelves seen in supermarkets across parts of Australia by attempting to treat workers like “robots”, the head of the Australian Council of Trade Unions has said, as a strike of warehouse workers extends into a second week.

Up to 1,500 employees began rolling 24-hour strikes on 21 November in warehouses in New South Wales and Victoria, seeking improved wages and safety. One of the major issues is a new framework system employed at the warehouse that tracks workers down to the minute, and logs performance each shift using an algorithm.

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Crypto entrepreneur eats banana art he bought for $6.2m

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Conceptual work created by Italian artist Maurizio Cattelan was sold at auction in New York last week

The cryptocurrency entrepreneur Justin Sun has fulfilled a promise he made after spending $6.2m (£4.88m) on an artwork featuring a banana duct-taped to a wall – by eating the fruit.

At one of Hong Kong’s priciest hotels, Sun, 34, chomped down on the banana in front of dozens of journalists and influencers after giving a speech hailing the work as “iconic” and drew parallels between conceptual art and cryptocurrency.

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Senator calls social media ban a ‘sham’ – as it happened

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This blog is now closed

Canavan says under-16 social media ban has caused new generation to become passionate about democracy

Nationals senator Matt Canavan was loudly outspoken against the under-16 social media ban bill and voted against it – but as we know, the bill ultimately passed.

It has been great seeing people learn how the parliament works. And with that in mind, note that the social media bill is not yet law. Tomorrow morning it heads back to the House of Representatives because there were amendments passed in the Senate tonight. It then has to go to the governor general. But both these steps are almost certain to happen.

Thanks again for all of your help and support. We got some amendments on digital ID so it was not for nothing and the fight continues.

As it currently stands, underlying inflation is still too high to be considering lowering the cash rate target in the near term.

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Why has France’s austerity budget caused a political storm?

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Country is at risk of fresh turmoil with its government on the brink amid soaring sovereign borrowing costs

France is at risk of being plunged into fresh political turmoil as its minority government teeters on the brink of collapse amid opposition anger over a planned austerity budget.

Reflecting growing unease in financial markets, French sovereign borrowing costs have risen sharply, reaching the highest premium over German bonds since the height of the eurozone debt crisis in 2012.

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