Category Archives: Business

Dutton’s position on international student caps ‘utterly reckless’, Giles says – as it happened

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Oxfam reacts to Australia’s Cop29 pledge

Oxfam Australia has welcomed the government’s Cop29 pledge of $50m towards a global loss and damage fund to help the world’s most vulnerable people to repair the damage from climate breakdown.

If climate change losses and damages are not included in the new global climate finance goal, the new fund for responding to loss and damage risks becoming an empty vessel.

The danger is that developed country governments will prioritise meeting the new and ambitious climate finance goal, and will not prioritise a fund that doesn’t count towards it.

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Trump tariffs are coming, but some Chinese companies may already know how to avoid them

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Some experts liken tariffs to a game of whack-a-mole, with trade flows simply rerouted if the potential rewards are big enough

Businesses are bracing for the economic impact of a second Trump presidency, which, if his campaign promises are to be believed, will mean tariffs across nearly all imports to the US, especially those from China.

But amid the gloom over the spectre of a renewed global trade war, some manufacturers may be looking to those who already have a playbook on dealing with aggressive US levies, such as China’s solar companies.

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Trump reportedly picks Howard Lutnick as commerce secretary

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Billionaire founder of financial firm Cantor Fitzgerald was one of president-elect’s biggest fundraisers

Donald Trump has reportedly picked one of his biggest fundraisers for the position of commerce secretary.

Howard Lutnick, the billionaire founder of the financial firm Cantor Fitzgerald, will be nominated to serve as one of Trump’s principal advisers on commerce and international trade, the news website Axios reported.

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Global stock markets fall and bonds jump as fears grow over Ukraine war

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Investors dash to safe-haven currencies after Putin updates nuclear doctrine and Ukraine fires missiles into Russia

Global stock markets fell and bond prices have jumped after reports that Ukraine had fired a US-made long-range missile into Russia for the first time and Vladimir Putin approved changes to Moscow’s nuclear doctrine.

Investors dashed into safe-haven currencies such as the US dollar, the Japanese yen and the Swiss franc on Tuesday, after the RBC-Ukraine news outlet reported that Kyiv had carried out its first strike on Russian territory using western-supplied missiles.

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Gender pay gap data reveals Australia’s female CEOs paid $170,000 less than men on average

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But new data shows 3% increase in men taking primary carer parental leave – the largest annual increase since records began

Female CEOs in Australia are paid an average of $170,000 less than their male counterparts – a gender pay gap of 25% – according to government figures.

The pay gap among CEOs was published as part of the national pay gap scorecard for the first time this year, after legislative changes introduced last year.

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Australia politics live: Dutton calls Labor’s international student caps bill ‘a dog’s breakfast’; RBA fuels expectations for February interest rates cut

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Follow today’s news headlines live

First investment announced as part of National Reconstruction Fund

The science and industry minister, Ed Husic, was on ABC News Breakfast to discuss the government’s first investment via the National Reconstruction Fund – $40m to a Toowoomba mineral processing factory.

The difference in terms of what the [NRF] does is it provides loans, equity, and guarantees to firms that are [working across] seven priority areas to expand and grow their operations.

Given the sizes of the investments, it does take more time to be able to go through to shape up what the investment will look like, how big it’ll be, over what term, the rate of return – because the other important thing to stress to viewers is – this is not about handing out grants, and certainly not doing it on the basis of political colour-coded spreadsheets as we saw with the last government.

In fact, the social media users were less likely to have a negative attitude towards Jewish and Muslim people, irrespective of where they were on the political spectrum.

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Bunnings breached privacy of customers by using facial recognition, watchdog finds

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Hardware chain breached law by scanning faces of everyone entering the store against a database of banned customers

Bunnings breached the privacy of potentially hundreds of thousands of Australians through the use of facial recognition technologies in stores to scan every customer on entry that were aimed at addressing theft or store safety, the Australian privacy commissioner has ruled.

In 2022, it was revealed the hardware chain was one of a number of retailers using facial recognition tech in stores to check the face of every customer entering the store against a database of banned customers.

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The Australian government will force some shops to accept cash. So who still uses it, and why?

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Cash use has declined drastically across all age groups and for all products, but small pockets of resistance to digital-only payments remain

The Australian government has announced it will mandate that businesses selling essential goods and services must accept cash from 2026, and has confirmed that cheques will no longer be accepted as legal tender from 2029.

So how many Australians are still paying with cash?

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Keir Starmer denies budget to blame for rise in mortgage rates

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PM says budget stabilised the economy, while mortgage rates are ‘individual decisions for the banks’

Keir Starmer has conceded he was disappointed in the UK growth figures last week, but denied that his government’s budget was responsible for a recent rise in mortgage rates.

The prime minister told journalists travelling to the G20 summit in Rio: “What we have done with the budget is to stabilise the economy and that, in my view, was the essential first step.

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Australian goldminer to pay Mali $160m to free detained CEO and executives

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Group were held after a meeting about what mining firm referred to as unsubstantiated claims regarding taxes and levies

An Australian goldmining company has agreed to pay $160m ($A247m, £126m) to Mali’s government after the west African country’s junta detained its chief executive and two other employees.

Resolute Mining’s chief executive, Terence Holohan, and the other two employees were detained on 8 November in Mali’s capital, Bamako, at the end of a meeting with government officials over tax and other state claims that the miner had previously said were “unsubstantiated”.

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Higher employment costs and interest rates to push UK firms into financial trouble; Trump tariffs would ‘hit growth’ – business live

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Rolling coverage of the latest economic and financial news

Begbies Traynor also reveals that their employment costs are expected to rise by £1.25m due to the increase in employers’ national insurance contributions.

The company is “reviewing options to mitigate the impact where possible”.

“Additional headwinds for UK business from increased employment costs and the prospect of higher for longer interest rates are likely to extend the period of elevated insolvency levels, increasing the need for advice and support from our insolvency and business recovery professionals.”

“We have made a very good start to the year with double digit growth in revenue and profits driven by positive momentum across the group. This gives us confidence that we will deliver market expectations for the year as a whole.

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Britons warned to expect ‘disappointing’ rise in energy bills in January

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Price cap for Great Britain forecast to rise to £1,736 a year for average dual-fuel bill, according to Cornwall Insights

Britons have been warned to expect a “disappointing” rise in energy bills in January, adding pressure to household finances, despite earlier hopes that prices may ease early next year.

The price cap for Great Britain is forecast to rise to £1,736 a year for the average dual-fuel bill, according to Cornwall Insights, a well-respected energy consultancy. This is a rise of 1% from the current price cap, which increased last month to £1,717 a year for a typical consumer.

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Backflip on international student caps ‘baffling’, MP says – as it happened

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Three million Australians are at risk of homelessness, a 63% increase since 2016, a new report from Homelessness NSW and Impact Economics has revealed.

By looking at household data including income, support and rental stress, the report found in 2022 there were 3.04m Australians now at risk of homelessness, an increase on the 1.87m reported in 2016.

1 in every five days the frontline services could not assist a family with children because they were so stretched.

Individuals without children were turned away 1 in every 2 days.

Unaccompanied young people and children without accommodation were turned away on 1 in 9 days.

I think more broadly, the government under Anthony Albanese has got an excellent record of managing relationships around the world, making genuine progress, whether it’s with China, whether it’s with American friends or others.

I think when it comes to Peter Dutton, I think he has a kind of a reckless arrogance which doesn’t lend itself to foreign policy and maintaining and managing some of these complex relationships.

I think he would be a risk to our economy, and that’s because that reckless arrogance, which has been a defining feature of his time as a politician over a long period of time now … [it] doesn’t lend itself to managing these relationships, which are so important to us.

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Average asking price for UK home drops by £5,000 in November

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Analysts say market is still relatively busy despite decline of 1.4%, which is unusually high for this time of year

The average asking price for a UK home has dropped by more than £5,000 this month as the autumn budget caused housing market jitters before the usual Christmas slowdown.

Average asking prices from new sellers fell by £5,366, or 1.4%, in November to £366,592, compared with the 0.8% decline usually recorded at this time of year, according to the website Rightmove.

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Starmer aims to build ‘pragmatic and serious relationship’ in meeting with Xi

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Prime minister wants bilateral at G20 to lead to closer ties with China, which he sees as key to faster growth

Keir Starmer will become the first UK prime minister in six years to meet the Chinese president, Xi Jinping, promising to turn the page on UK-China relations by building “a pragmatic and serious relationship”.

Starmer and the chancellor, Rachel Reeves, have been pursuing a thawing of relations with the world’s second-largest economy on pragmatic grounds, suggesting that the UK cannot achieve its growth ambitions without better terms with China.

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Floods, explosions and asbestos: Thames Water faces potential problems on all fronts

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Exclusive: Senior managers say they are forced to press ahead with orders for vital items without approval

When Sarah Bentley and Sarah Albon met at Beckton sewage treatment works in east London, the choice of location was designed to underline Thames Water’s predicament.

The site is Europe’s largest sewage treatment operation, with Grade II-listed parts of the site dating to the 1860s. It is now connected with the new Thames Tideway super-sewer, but insiders say several parts of the site are simply crumbling. The site is also riddled with asbestos.

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Thames Water supply ‘on knife-edge’ with £23bn repairs needed

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Exclusive: Company has failed to tackle serious safety concerns or upgrade vital IT systems, Guardian investigation reveals

Thames Water has £23bn of assets that are in urgent need of repair and the supply of water to its 16 million customers is “on a knife-edge”, a Guardian investigation can reveal.

Britain’s biggest water company has failed to tackle adequately serious safety concerns, has not upgraded essential IT systems and has tolerated a culture of intimidation among staff, according to insiders and an analysis of documents.

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More than 5,000 investors now suing Hargreaves Lansdown

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Claims management company expects claims over collapsed Neil Woodford fund to exceed £200m

More than 5,000 people who invested in Neil Woodford’s collapsed equity fund are suing Hargreaves Lansdown, claiming that the investment platform was still promoting the fund even when it was aware of its problems.

The number of people suing Hargreaves Lansdown, the UK’s largest investment site, has almost doubled in the past two years, according to the claims management firm RGL Management. Two years ago the number of people taking part stood at 2,750.

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Australian businesses selling essential goods and services to be forced to accept cash payments

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Treasury confirms cheques will stay in circulation until 2029 but then cease to be accepted as legal tender

Businesses selling essential goods and services such as groceries, medicines and fuel will be forced to accept cash from their customers unless granted a special exemption, under a government mandate to take effect from 1 January 2026.

In a move designed to taper the phase-out of cash and ensure those who rely on it can still use it for the near future, the federal government will require certain businesses to take cash payments. But others, including many small businesses, will be exempt from the measure.

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United Utilities refuses to hand over data on sewage discharges into Windermere

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Water company claims information is not in the public interest despite widespread pollution of UK waters

• ‘It’s a national disgrace’: fury at sewage-filled Windermere over toxic algae and dead fish

One of the UK’s biggest water companies is fighting a legal battle to block public access to data on treated sewage it is discharging into Windermere in the Lake District.

United Utilities initially claimed that data from phosphorus monitors at sewage treatment works at the lake “was not environmental information”. It later claimed the information on phosphorus – which can pollute watercourses when at high levels – was “internal communication” and exempt from disclosure.

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