Category Archives: Business

Netflix increases UK subscription prices despite record audience

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Analysts warn streaming service needs to tread carefully as its standard subscription rate goes up by 18%

Whether you are binging The Night Agent or American Primeval, getting a Netflix fix has become pricier in the UK as the streaming giant increased subscription costs despite a record audience.

The streaming service has upped the cost of its most popular standard subscription without adverts by £2, or 18%, to £12.99 a month. Its other packages are going up in price, too. The last time it pushed through a price increase in the UK was October 2023.

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Australians rack up record credit card spending as growing numbers struggle to pay off debt

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Reserve Bank statistics show the national credit card debt sits at $17.8bn, up $236m in December 2024 alone

Australians racked up a record $28bn in personal credit card transactions in December, according to new data, leaving many households unable to clear debts and paying extreme interest charges.

The Reserve Bank statistics, analysed by financial comparisons site Canstar, show that Australians are struggling to clear purchases made on credit more than ever before amid persistently high living costs.

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Australia news live: BoM warns of life-threatening flash floods in Queensland and severe storms in north-east Victoria

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Flood-hit Townsville, Cardwell and Ingham could face more dangerous flooding. Follow the latest news live

O’Neil makes housing announcements in lead-up to election

The housing minister, Clare O’Neil, is in Parramatta today and will travel to Bennelong later, announcing 28 new social and affordable homes

Funding is incredibly important here. I know all of our Australians at home who are watching are really deeply concerned about those devastating differences we see between health outcomes, even important things like infant mortality.

All of the indicators that we use to determine equality of life are very different between our First Nations communities, particularly in remote areas.

I think our prime minister has been quite sober and rational about this, but it is not a reasonable idea, and it’s not shrewd as described by Peter Dutton.

So I think the prime minister has done the right thing. And Peter Dutton is out there playing politics.

But the issue, I think, here that we’re missing is that Gaza has completely been destroyed … It’s devastating to see those kind of images. So there needs to be a rebuild. There needs to be a place that people can come back to in a safe haven for them to call home.

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Watchdog to investigate two former figures at bankrupt Woking council

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Exclusive: Local authority in Surrey declared itself effectively bankrupt in 2023 after series of risky investments

Two former senior figures at bankrupt Woking council are to be investigated by the UK’s accounting watchdog after it racked up more than £2bn in debt on a failed investment spree.

The Surrey council declared itself effectively bankrupt in 2023 after ploughing vast sums of borrowed money into skyscrapers, a luxury hotel and other risky commercial investments, in what was one of the biggest financial failures in local government history.

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‘Stagflation’ fears as Bank of England cuts growth forecast and warns of price rises

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UK economy expected to grow by just 0.75% this year, in fresh blow to Rachel Reeves’s attempts to raise confidence

Rachel Reeves’s plans for growth suffered a double blow after the Bank of England halved its forecast for the year and warned households would face mounting pressure from rising prices.

In a downbeat assessment as it cut interest rates for a third time in six months, Threadneedle Street warned people would face a fresh squeeze on living standards from rising inflation even as the economy stalled.

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BBC and ITV slash big-budget TV spend as US streamers pour money into UK

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Channel 4, Channel 5 and Sky also among UK broadcasters making cuts as Netflix, Disney and Amazon pile on pressure

UK broadcasters slashed their spending on big-budget TV shows to the lowest level in almost a decade last year, even as their US rivals Netflix, Disney and Amazon ploughed hundreds of millions more into British-made premium content.

In a sign of the increasing competitive pressures of the streaming era, the amount spent on high-end TV shows costing more than £1m an hour to make by domestic operators such as the BBC, ITV, Channel 4, Channel 5 and Sky, plunged by a quarter last year to £598m.

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Unambiguously bleak Bank of England forecasts pave way for spending cuts

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Weak jobs market and above-target inflation will dent Reeves’s growth plans and may wipe out fiscal headroom

With the public finances tight and Rachel Reeves having pledged to balance the books, interest rate cuts are one of the few levers that could boost the UK’s economic growth in the short term, and the chancellor will be glad of the Bank of England’s quarter-point reduction on Thursday – and the clear signal that it is now in cutting mode.

Seven of the monetary policy committee’s (MPC) nine members backed the quarter-point drop, taking the Bank’s policy rate to 4.5%, while two wanted to be more “activist”, proposing a half-point cut. The Bank of England’s governor, Andrew Bailey, said the MPC would be “taking a gradual and careful approach to reducing rates further”.

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Bank of England cuts interest rates to 4.5% and halves UK growth forecast

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Latest quarter-point reduction comes with warning households face inflation of 3.7% by autumn

The Bank of England has cut interest rates to 4.5%, as it halved its UK growth forecasts for the year and warned households would face renewed pressure from rising prices.

With the government under fire over the sluggish economy, the Bank’s monetary policy committee (MPC) voted by a majority of seven to two to reduce its key base rate, down from 4.75%, to provide some financial relief to borrowers.

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Evelyn de Rothschild left bank in 2004 after sexual misconduct complaint

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Rothschild & Co investigated complaint against the late financier in 2003 and he left shortly afterwards

The financier Sir Evelyn de Rothschild left the bank that bears his family name in 2004 after an investigation into a sexual misconduct complaint, it has emerged.

Staff at Rothschild & Co were told on Wednesday that the late banker, who was a financial adviser to Queen Elizabeth II, left in March 2004 after the complaint in late 2003.

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Ten thousand Kroger-owned grocery store workers strike in Colorado

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Two-week strike begins as union for King Soopers alleges surveillance of workers and pushes to gut health benefits

Ten thousand workers at Kroger-owned King Soopers grocery stores in Colorado begin a two-week unfair labor practice strike on Thursday.

The union, United Food and Commercial Workers local 7, whose contract expired last month, voted 96% in favor of authorizing the strike.

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EU to tighten checks on goods sold by sites such as Shein and Temu

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European Commission also urges EU lawmakers to phase out exemption on customs duties for parcels under €150

Parcels sent from China by online retailers such as Shein and Temu will face strict new customs controls as part of a crackdown by the European Commission on “dangerous products” flooding the EU market.

Brussels officials also urged EU lawmakers to phase out the exemption on customs duties that is allowed for parcels under €150 (£125), which enables foreign suppliers to sell cheap goods in the bloc without paying the tax.

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Iran reformists urge concessions in attempt to reconnect to west

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Decision expected in next week that could allow country to rejoin international banking system

Iran’s reformists are pressing for the country to make concessions on financial transparency to allow it to reconnect to the global economic system and send a signal to the Trump White House that it is serious about renegotiating a new relationship with the west, including around its nuclear programme.

Tehran is expected in the next week to take decisions that would mean it would be taken off the blacklist of the Paris-based Financial Action Task Force (FATF), the body that tackles money laundering and terrorist financing.

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China has reacted in kind to Trump’s tariffs, but a deal may still emerge

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Beijing will defend its core interests, but its initial response is more cautious than when Trump imposed levies in 2018

Moments after Donald Trump introduced tariffs of 10% on Chinese goods, Beijing retaliated with countermeasures.

China’s finance ministry put tariffs of 10-15% on imports of a range of US goods and its anti-trust regulator announced an investigation into Google. Several US companies were also added to China’s “unreliable entity” list, potentially restricting their ability to conduct business in the country.

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Johnnie Walker owner Diageo says Trump tariffs could hit profits by $200m

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UK drinks company considering possible price rises as shares fall despite strong Guinness sales

Diageo, the company behind Smirnoff vodka and Johnnie Walker whisky, has said US tariffs could damage a nascent recovery in its sales and result in a $200m (£161m) hit to profits, with its tequila portfolio and Canadian whisky most affected.

The UK drinks company returned to sales growth in the latest half year, as strong performances for Guinness and tequila offset weakness in other spirits – but Donald Trump’s 25% tariffs on Canadian and Mexican imports could stop this recovery in its tracks, analysts said.

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‘It’s been madness’: US federal workers reeling over Trump-Musk takeover

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Office of personnel management workers say anxiety is palpable amid intimidation and threat of dismissal

US government workers are describing an atmosphere of “fear” and “madness” as they grapple with a barrage of executive orders issued by Donald Trump and threats to their jobs from the office of personnel management, the agency tasked with managing the federal civil service, which has been taken over by the billionaire Elon Musk.

Weeks before the administration transition, federal worker unions reported low morale among workers in anticipation of pushes for intimidation, mass firings and harassment.

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UK grocery inflation slows for first time in six months amid rise in promotions

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Kantar figures could be good news for government as food price rises have fuelled persistent UK inflation

Grocery inflation slowed in January – for the first time in six months – as retailers ramped up promotions to attract budget-conscious shoppers.

The price of groceries increased by 3.3%, easing from 3.7% in December, as the costs of toilet roll and cat food fell but those of chocolate, butter and chilled juices rose, according to analysts at Kantar.

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Sun website to charge £2 a month for selected content including Clarkson

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Exclusive: Paywall to return after a decade with new Sun Club offering also featuring Royal Exclusive video show

Sun readers will have to pay £2 a month to access columns by star writers including Jeremy Clarkson, popular content such as from the agony aunt Dear Deidre and some exclusive stories and investigations, as the UK’s biggest tabloid launches a paid-for content strategy.

Called Sun Club and initially priced at £1.99 a month, it launches on Tuesday and comes a decade after the Sun scrapped a subscription strategy that put all of its content behind a paywall.

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PM labels Coalition’s tax-free lunch plan ‘worst, sloppiest policy’ as Treasury puts cost in the billions

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Costings commissioned by Jim Chalmers suggest policy at risk of being ‘rorted’ could cost up to $10bn a year


The Coalition’s policy for tax-deductible business lunches would cost between $1.6bn and $10bn a year, the Labor government claims, according to costings Jim Chalmers commissioned from his Treasury department.

The treasurer claimed the policy was at risk of being “rorted” by businesses claiming personal food expenses, adding further to confusion about the Coalition’s contentious meals and entertainment policy.

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EU will stand up for itself in face of Trump tariffs threat, Macron says

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French president and other leaders call for cooperation with Washington but vow a robust response if needed

The EU will stand up for itself if its interests are targeted, Emmanuel Macron has said, as the bloc’s leaders urged talks – but a firm response if needed – in response to Donald Trump’s weekend threat to impose punishing tariffs.

“If our commercial interests are attacked, Europe, as a true power, will have to make itself respected and therefore react,” the French president said as he arrived for an informal defence meeting with other leaders in Brussels on Monday.

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Mitch McConnell calls Trump tariffs ‘bad idea’ but most Republicans toe line

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Ex-Senate majority leader is one of few party members to criticize president’s trade war with US neighbors and China

Republicans on Capitol Hill have largely fallen in line with Donald Trump’s move to impose tariffs on the US’s biggest trading partners, with the notable exception of the former Senate majority leader Mitch McConnell, who called it a “bad idea”.

With even Trump admitting that the tariffs – 25% on imports from Canada and Mexico and 10% on China – might cause “some pain”, there was mostly strong support from the president’s loyalists. Jason Smith, chair of the ways and means committee of the House of Representatives, said the tariffs would “send a powerful message that the United States will no longer stand by as other nations fail to halt the flow of illegal drugs and immigrants into our country”.

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