Category Archives: Business

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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Tech firm Palantir spoke with MoJ about calculating prisoners’ ‘reoffending risks’

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Exclusive: Rights group expresses concerns as it emerges US spy tech company has been lobbying UK ministers

The US spy tech company Palantir has been in talks with the Ministry of Justice about using its technology to calculate prisoners’ “reoffending risks”, it has emerged.

The proposals emerged in correspondence released under the Freedom of Information Act which showed how the company has also been lobbying new UK government ministers, including the chancellor, Rachel Reeves.

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Tesco’s £25 champagne beats Moët & Chandon in festive taste test

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Supermarket fizz bursts the prestigious French label’s bubble in blind tastings by consumer group Which?

Champagne at prosecco prices? Every little helps. Tesco’s Finest champagne has triumphed over the prestigious French label Moët & Chandon in a festive quaff test.

The Tesco Finest premier cru brut champagne received the top score of 82% in a blind taste test conducted by the consumer group Which?. The £25-a-bottle bubbly was hailed by judges for its “nutty aroma and fresh, fruity flavours”. The supermarket fizz beat Moët & Chandon, which scored 77% and at £44 is almost twice as expensive.

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Houses in national parks in England and Wales sell for 25% more, study finds

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Nationwide says New Forest is most expensive national park with an average property price of £576,000

Buying a home in a national park comes at a 25% price premium, with the New Forest the most expensive of the 13 parks in England and Wales, according to Britain’s biggest building society.

Nationwide said properties in a national park enjoy a valuation almost £67,000 more than a similar property elsewhere, based on the average UK house price of £266,640.

New Forest – £576,000

South Downs – £400,000

Peak District – £375,000

Yorkshire Dales – £353,000

Lake District – £333,000

Dartmoor – £310,000

Bannau Brycheiniog (Brecon Beacons) – £274,000

Eryri (Snowdonia) – £173,000

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Reeves tells City regulator to encourage more risk-taking in financial sector

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New remit given to FCA by chancellor raises fears of a weakening of rules meant to avert another financial crisis

The financial regulator has been ordered to encourage more risk-taking across the City, raising concerns that the Labour government is in danger of watering down rules meant to avoid another financial crisis.

In an official “remit” letter addressed to Financial Conduct Authority (FCA) boss, Nikhil Rathi, the chancellor, Rachel Reeves, said regulations meant to protect consumers should not stand in the way of “sensible risk-taking” by investors and the wider financial sector, which includes banks, asset managers and insurers.

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Green signal given for first UK co-operatively owned railway service

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Regulator approves bid by open-access operator Go-op to run trains in south-west England from late next year

The UK’s first co-operatively owned railway service could begin running trains in the south-west of England late next year.

The Office of Road and Rail (ORR) has approved a bid from open-access operator Go-op to run several new services between Swindon, Taunton and Weston-super-Mare, and compete with Great Western Railway on the line.

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Shrinking GDP forecast adds to German woes after coalition collapse

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European Commission figures predict German economy, usually the engine of the EU, will contract O.1% this year

Germany’s looming general election will be fought against the backdrop of a stagnating economy, the European Commission has forecast, with GDP expected to have contracted in 2024.

The commission’s quarterly forecast suggested Germany, traditionally the engine of the bloc’s economy, will be its weakest performer in 2025, notching up growth of just 0.7% after shrinking by 0.1% this year.

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Coles and Woolworths face class actions over claims misleading promotions deceived customers – as it happened

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Watt says issue of reconciliation not closed in Australia despite voice referendum

Wrapping up the interview, Murray Watt was also asked about the haka performed in New Zealand parliament yesterday over a controversial bill that proposes to radically alter the way New Zealand’s treaty between Māori and the crown is interpreted.

I think there are many Australians who care very deeply about the rights of our First Peoples. Of course, Australians had their say on the voice to parliament in the recent referendum but I don’t think that means the issue of reconciliation is closed in Australia. That is something that our government remains committed to working on with our First Peoples and I think a lot of Australians support that as well.

I probably won’t comment on what’s happening in New Zealand because it’s their own affairs, but it shows these issues still really matter to people.

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Investment firm London Capital & Finance was Ponzi scheme, court rules

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Judge Robert Miles says former chief Michael Thomson and four others knowingly participated in fraud

Investment firm London Capital & Finance (LCF), whose failure in 2019 triggered one of Britain’s biggest retail investment scandals, operated as a Ponzi scheme, a London judge ruled on Thursday.

The high court said former chief executive Michael Thomson and four others had knowingly participated in the fraud, misled investors and misappropriated assets in a ruling welcomed by LCF’s joint administrators, which brought the case.

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Global plastic production must be cut to curb pollution, study says

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Analysis lays bare huge challenge of mismanaged waste on eve of UN plastic treaty talks in Busan

Global plastic production must be reduced to tackle the immense challenge of plastic pollution, according to an analysis published on the eve of crucial talks to hammer out the world’s first legally binding treaty on plastic waste.

Mismanaged plastic waste, which leaches into the environment and can be harmful to health, will double to 121m tonnes by 2050 if limits are not placed on the production of plastic, according to Samuel Pottinger, the lead author of the research.

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UK court sides with Icelandic firm over artist’s spoof corruption apology

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Judge considering complaint by fishing firm Samherji rules artist Odee unlikely to be able to defend work as parody

The property rights of Iceland’s largest fishing company prevail over the right to artistic expression of an artist who spoofed the firm’s website to draw attention to a high-profile corruption scandal, London’s high court has ruled.

For his 2023 work We’re Sorry, the Icelandic artist Oddur Eysteinn Friðriksson, who goes by the moniker Odee, copied the corporate identity of Samherji, a major supplier to Britain’s fish and chips industry, and uploaded on to the spoof website a statement titled “Samherji Apologizes, Pledges Restitution and Cooperation with Authorities”.

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Minister pledges better protection for UK airline passengers

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Louise Haigh says she hopes to ensure a repeat of the air traffic control failure of August 2023 never happens again

Airline passengers will benefit from tougher enforcement of consumer protection laws following an inquiry into the August 2023 air traffic control meltdown, transport secretary Louise Haigh has said.

She said she wants to ensure “all passengers feel confident when they fly”.

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Southern Water’s debt downgraded to junk status by Moody’s

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Company close to technical default on some of its debt, underlining UK industry’s precarious state

Southern Water’s debt has been downgraded to junk status by the credit rating agency Moody’s in a decision that underlines the precarious state of the UK water industry.

Moody’s said Southern’s “history of material operational and financial under-performance” could imperil its plan, announced last month, to borrow £4bn from investors.

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Burberry’s turnaround chief plans £40m cuts and ‘scarf bar’ rollout

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Shares in fashion brand jump as ‘urgent’ cost-cutting programme announced following half-year losses

Burberry has unveiled a £40m cost-cutting programme as its new chief executive pledged to “stabilise the business” with a turnaround plan aimed at reviving the fortunes of the ailing British luxury fashion brand.

Joshua Schulman, the former Coach boss who replaced his ousted predecessor, Jonathan Akeroyd, in July, said the company was “acting with urgency” after straying too far from its roots of “timeless core collections” and outerwear, including trench coats and scarves with its distinctive Burberry check.

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Efune insists his Daily and Sunday Telegraph bid is still on track

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Asset manager Oaktree out of running as backer but businessman has ‘high confidence’ he will get finance

The British owner of the New York Sun has said his £550m offer to buy the Daily and Sunday Telegraph is still on track, despite a big potential backer not joining the bid.

Dovid Efune entered exclusive talks to buy the Telegraph titles last month after submitting the highest bid in the second round of the auction for the titles.

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Police make arrest and seize water pistol after incident outside NSW parliament – as it happened

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Could Donald Trump really fire Kevin Rudd?

The former prime minister’s criticism of Donald Trump has drawn the ire of those in the president elect’s inner circle, and prompted renewed debate about whether the incoming administration could seek retribution.

I’d be very much opposed to that.

You’ve got the world’s richest man, and you’ve given him this position of incredible influence in the American government. I think jobs for mates is a very bad idea. I don’t think that politicians should be putting their friends, their dear friends into positions of great influence in this country.

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News live: Birmingham says Australia could learn lessons from ‘disrupter’ Trump in making government more efficient

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The treasurer, Jim Chalmers will today announce funding of $900m for states and territories through a new national productivity fund to boost competition and productivity across the economy.

Launching the plan in a speech to the Australian Business Economists in Sydney, Chalmers is hoping the plan will will incentivise states to achieve productivity gains through pro-competitive policies such as streamlining commercial planning and zoning, and removing barriers to the uptake of modern construction methods.

In March this year, on behalf of the Council on Federal Financial Relations, I asked the Productivity Commission to model the potential impacts of a revitalised NCP.

Its final report landed this month and the benefits on offer are substantial, if not staggering. The PC found a revitalised NCP could boost GDP by up to $45bn a year and reduce prices by 1.45 percentage points. That GDP boost represents about $5,000 per household, per year.

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Fears for local news diversity if rightwing startup buys Southern Cross regional TV network

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Fringe news streaming channel ADH TV, which launched with Alan Jones at the helm, confirms offer for 93 regional free-to-air stations

Diversity of local news may be at risk if a rightwing startup, ADH TV, is given the green light to purchase Southern Cross Austereo’s regional television network, an expert has warned.

Southern Cross Austereo (SCA) has confirmed it has received an offer from the fringe streaming news channel to buy its 93 regional free-to-air TV stations. The digital broadcaster, which is chaired by the former ABC chair Maurice Newman, was launched in December 2021 with the former 2GB broadcaster Alan Jones at the helm.

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Metro Bank fined nearly £17m for failure to monitor potential money laundering

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Problems were raised by junior staff three years before they were completely resolved, says FCA

Metro Bank has been fined nearly £17m by the UK’s financial watchdog for failings in its money-laundering controls over four years, in a fresh blow to the lender a year on from its near-collapse.

In a surprise announcement that also triggered the early release of Metro’s third-quarter results on Tuesday morning, the Financial Conduct Authority (FCA) said it had found shortfalls in the bank’s financial crime checks between 2016 and 2020.

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