Category Archives: Business

Trump’s picks of loyalists for financial posts ensures his economic agenda is unimpeded

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Howard Lutnick and Scott Bessent, commerce and Treasury nominees respectively, are sure to ignore economist’s warnings and follow Trump’s lead

Certain events happen during every presidential campaign. The parties crown their candidates. The candidates debate on live TV, with millions watching. Tens of millions heads to the polls. And at some point in this process, Jamie Dimon will be tipped as the next Treasury secretary.

Sure enough, the veteran boss of JPMorgan Chase – Wall Street’s de facto ambassador to the world – was, indeed, linked with the role this time around as the Kamala Harris and Donald Trump campaigns mulled their options in the final stretch of the 2024 presidential election.

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Trump picks hedge-fund investor Scott Bessent for treasury secretary

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Job is one of most powerful in Washington with huge influence over US economy and financial markets

Donald Trump nominated Scott Bessent, a longtime hedge-fund investor who taught at Yale University for several years, to be his treasury secretary, a statement from Trump confirmed on Friday. The job is one of the most powerful in Washington, with huge influence over America’s gigantic economy and financial markets.

The move to select Bessent is the latest as the president-elect starts to pull together the administration for his second term in the White House. The process so far has been marked largely by a focus more on personal and political loyalty to Trump than expertise and experience.

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Trump selects key Project 2025 figure Russ Vought to head budget office

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Vought, who led Office of Management and Budget during Trump’s first term, deeply involved in rightwing manifesto

Donald Trump has chosen Russ Vought, a key architect of Project 2025, the controversial conservative plan to overhaul the government, to be director of the US Office of Management and Budget, a powerful agency that helps decide the president’s policy priorities and how to pay for them.

Vought, who was OMB chief during Trump’s first term, would play a major role in setting budget priorities and implementing Trump’s campaign promise to roll back government regulations.

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UAE urges countries to honour fossil fuels vow amid Cop29 impasse

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Petrostate’s rebuke comes as Saudi Arabia and allies try to derail transition promise made at climate talks last year

The world must stand behind a historic resolution made last year to “transition away from fossil fuels”, the United Arab Emirates has said, in a powerful intervention into a damaging row over climate action.

The petrostate’s stance will be seen as as a sharp rebuke to its neighbour and close ally Saudi Arabia, which had been trying to unpick the global commitment at UN climate talks in Azerbaijan this week.

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Greens say leaked pokies reform report ‘a huge concern’ – as it happened

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Heatwave conditions are building over parts of Victoria and New South Wales today.

According to the Bureau of Meteorology, much of Victoria will experience heatwave conditions, with maximum temperatures in the mid to high 30s.

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WiseTech’s billionaire founder Richard White cleared of allegations by company review

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Company’s shares sink with revised revenue outlook in wake of former CEO’s high-profile resignation last month

A company-ordered review into Richard White, the embattled billionaire founder of Australian software giant WiseTech, has cleared the former chief executive of bullying and intimidation allegations.

The law firms that reviewed a series of allegations against White, including alleged misuse of company funds, also concluded that their investigations had uncovered “no impropriety”, according to an update presented to shareholders on Friday.

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Defence firm Thales faces bribery and corruption investigation

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UK Serious Fraud Office and French equivalent ‘will pursue every avenue’ in allegations against Paris-based company

The Serious Fraud Office (SFO) is investigating suspected bribery and corruption at Thales Group, a multinational aerospace and defence electronics contractor.

The company, which is headquartered in Paris and has a UK subsidiary employing more than 7,000 staff, is known in defence circles for its varied businesses, which include making missiles and launchers, supplying sonar systems for the Royal Navy’s nuclear submarines and designing the Queen Elizabeth-class aircraft carriers.

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JD Sports shares slump 14% after profit warning

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Lower sales in UK and North America after mild weather and discounting by rivals offset by 3.5% rise in Europe

Mild weather and discounting by rivals hit sales at JD Sports in October, as the trainers and fashion retailer said profits will be at the lower end of expectations.

The gloomy update sparked a sell-off among investors, sending shares down 14% and wiping about £800m off the value of the FTSE 100 company, which owns the JD chain as well as outdoor wear retailers Millets and Blacks in the UK and chains in the US and mainland Europe. Shares in its rival, the Sports Direct owner Frasers Group, also fell, by 2.5%.

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Widow of gambling addict lambasts watchdog’s failure to investigate suicides

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Exclusive: Annie Ashton, whose husband killed himself, says more people will die because of Gambling Commission inaction

The widow of a man who took his own life after becoming addicted to gambling says more people will die because the regulator is refusing to investigate suicides linked to the addiction.

Annie Ashton is planning legal action against the Gambling Commission after it said it would not investigate or penalise Betfair over the death of her husband, Luke – despite concerns raised about the company at his inquest.

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Revealed: McKinsey clients had ‘rising share of global emissions’, internal analysis shows

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Consulting giant had said it engages with clients to help them transition to cleaner energy even as it knew they were in line to exceed climate targets

The world’s biggest consulting firm found that its clients were on a trajectory to bust global climate targets, details of internal forecasting in 2021 uncovered by the Centre for Climate Reporting (CCR) and the Guardian reveal.

McKinsey & Company has worked with some of the world’s biggest emitters, including many of the largest fossil fuel producers. It has previously argued it is necessary to engage these clients to help them transition to cleaner forms of energy and hit the target of limiting global warming to less than 1.5C above preindustrial levels.

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British mining executives held in Mali released after $160m deal to settle tax dispute

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Resolute Mining chief executive Terence Holohan and two other employees had been detained since 9 November

Three British mining executives who had been detained by the government of Mali have been released and are “safe and well”, days after agreeing to pay $160m to settle a tax dispute.

Resolute Mining, an Australian company, said on Thursday its chief executive, Terence Holohan, and two other employees, who had been held in the country since 9 November, have been released.

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Regulator stops customers from being billed for ‘undeserved’ bonuses

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Ofwat uses new powers to ensure investors pay at Thames, Yorkshire, and Dŵr Cymru Welsh Water

Investors at Thames Water, Yorkshire Water, and Dŵr Cymru Welsh Water will be forced to pick up the tab for executive bonuses after the regulator determined that the sector had awarded “undeserved” extra payments, worth £6.8m.

Ofwat said on Thursday it had used new powers to ensure that shareholders and bondholders at the three companies paid for bonuses because they had not “adequately reflected overall company performance issues”.

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Google must sell Chrome to end search monopoly, says US justice department

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Court filing comes after landmark ruling in August and judge will consider arguments from both sides next year

The US Department of Justice has proposed a far-reaching overhaul of Google’s structure and business practices, including the sale of its Chrome browser, in a bid to end its monopoly on internet search.

The DoJ proposals follow a landmark court ruling in August in which a federal judge ruled that Google maintained an illegal monopoly over search services.

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Billionaire Gautam Adani charged in US over alleged $250m bribery plot

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Indian chair of Adani Group, worth about $85bn, accused of agreeing to pay bribes to obtain solar energy contracts

Gautam Adani, one of the world’s richest men, has been indicted in New York over an alleged multibillion-dollar scheme to pay $250m in bribes and conceal it from US investors.

Prosecutors charged the chair of the Indian conglomerate Adani Group and two other executives of a renewable energy company with securities fraud and conspiring to commit securities and wire fraud.

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Cop29 climate finance deal hits fresh setback as deadline looms

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Outcry after draft text contains only an ‘X’ instead of setting $1tn funding goal to support developing countries

Hopes of a breakthrough at the deadlocked UN climate talks have been dashed after a new draft of a possible deal was condemned by rich and poor countries.

Faith in the ability of the Azerbaijan presidency to produce a deal ebbed on Thursday morning, as the draft texts were criticised as inadequate and providing no “landing ground” for a compromise.

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Mineral Resources boss Chris Ellison tells shareholders ‘I hate what I’ve done’ after scandals rock company

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Perth businessman tells AGM he made ‘error in judgment’ as company’s executive pay plans are voted down

Embattled mining billionaire Chris Ellison has told shareholders he can’t stress enough “how much I hate what I’ve done” after a series of scandals engulfed the company he leads, Mineral Resources.

The Perth businessman has previously acknowledged he failed to disclose revenue generated by overseas entities to tax authorities earlier in his career. A company investigation later found he had also used business resources for his personal benefit.

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Attempt to prevent NSW climate protest overturned – as it happened

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New South Wales MPs condemned for ‘part-time’ parliamentary year

Scores of NSW MPs will earn the equivalent of more than $10,000 per sitting week in 2025 after a bid to increase the year’s 16-week calendar was rejected, AAP reports.

To do this, government MPs have to turn up to parliament and discuss matters. Voters won’t be happy that government MPs would prefer to hide in their electorate offices rather than turning up to parliament, where they face scrutiny.

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Lidl returns to profit on sales of £9bn after slowing expansion

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UK business says it has gained 300,000 new shoppers and plans 40 branch openings next year

Lidl’s UK business has bounced back into profit after it slowed expansion in favour of improving existing stores, spurring a jump in sales to above £9bn.

The German-owned discounter, which is close to overtaking Morrisons to become the UK’s fifth-largest supermarket, said it had gained more than 300,000 new shoppers and 60% of Britons visited the chain at least once year.

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E.ON must pay £14.5m to prepayment customers after billing failures

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Ofgem says nearly 250,000 people will each receive average of £144 in compensation and refunds

The energy regulator has ordered power supplier E.ON Next to pay £14.5m in compensation to nearly 250,000 prepayment customers, after an investigation found “unacceptable” failures to pay credit they had on accounts or final bill payments they were owed.

Ofgem found that the customers were affected over an 18-month period from early 2021 to late last year by an error in E.ON Next’s billing system. About 100,000 of the affected accounts were also in credit.

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UK’s inflation jump dashes hope of interest rate cut in December | Heather Stewart

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Rate cut unlikely until 2025 as energy prices blamed for stronger-than-expected inflation of 2.3%

Any lingering hope that the Bank of England might deliver a pre-Christmas interest rate cut next month appears to have evaporated, after official data showed inflation jumping to 2.3% in October.

The CPI measure had been expected to tick up, after dipping to 1.7% in September, but 2.3% was stronger than expected.

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