Category Archives: Business

HSBC denies breakup plan as it launches $3bn share buyback

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London-headquartered bank says profits beat forecasts as it prepares to split eastern and western operations

The boss of HSBC has said moves to separate its eastern and western operations are not part of a plan to break up the banking group, as he announced a $3bn share buyback amid better-than-expected profits.

Georges Elhedery pushed back against rumours that a huge restructuring plan announced last week was a sign he was considering hiving off parts of the banking group, which had been under pressure to do so by its largest shareholder, the Chinese insurer Ping An. Investors last year rejected Ping An’s proposals.

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Peter Dutton says PM should refer himself to corruption watchdog over Qantas upgrades

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Prime minister’s office says opposition leader is making a ‘pathetic attempt at creating a headline’ over flight upgrades from 2009 to 2019

Peter Dutton says Anthony Albanese should refer himself to the National Anti-Corruption Commission (Nacc) after questioning whether the prime minister’s ties to Qantas influenced his government’s decision not to allow more Qatar Airways flights into the country.

It follows allegations in a book that Albanese had personally liaised with the former Qantas chief executive Alan Joyce about obtaining free flight upgrades during his time as transport minister and opposition leader.

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Australia news live: PM to announce clean energy projects; property market losing heat but prices still going up

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Anthony Albanese to launch schemes in NSW and Victoria today; Domain says rate of price increases is cooling. Follow today’s news headlines live

Bowen derides Coalition’s ‘nuclear fantasy’

Chris Bowen, minister for climate change and energy, is speaking on ABC Radio National this morning.

If I was the energy minister of another country, I would consider the opportunities that I had in that country – but a country saying to Australia, with our excellent renewable resources, that we should go down the nuclear road when we have no nuclear industry, no nuclear expertise of the scale that we would need for a nuclear power industry, is like us going to Finland or Scandinavia and saying, ‘Listen, we know [you have] a lot of snow, but you should really try beach surfing.’ It just doesn’t make any sense.

We have to play to our strengths in Australia, and we have the best renewable resources in the world, and the opposition wants to stop us using them, and in turn, keep coal in the system for longer. They’re quite explicit about that while we wait for this nuclear fantasy to come on board. That would be terrible for emissions and fatal for energy reliability.

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Cheese firm hails ‘overwhelming’ response after £300,000 theft

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Owners of Neal’s Yard Dairy say they have heard from ‘a lot of incredible people’ since losing 950 wheels of cheddar

The owners of Neal’s Yard Dairy have said they have had an “overwhelming” response after it emerged that more than 22 tonnes of cheddar had been stolen from the London cheese specialist.

The company delivered 950 wheels of cheddar – reported to be worth as much as £300,000 – to an alleged fraudster posing as a wholesale distributor for a major French retailer. The cheese is believed to have been spirited away to Russia or the Middle East, according to suppliers to the company who were caught up in the scam on 21 October.

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‘Cock-up with the comms’: how Labour announced five non-existent freeports

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Erroneous announcement traced back to briefing note prepared by Treasury officals, ahead of PM’s Samoa trip

When Keir Starmer announced a shake-up in his No 10 operation last month he hoped to put an end to the missteps of his first few months in office. But an embarrassing error by Downing Street this weekend demonstrates how many pitfalls there are for a new government still learning the ropes.

In a press release on Friday, Downing Street said five new freeports would be announced in the budget. The Guardian and other outlets covered the news, which was given first to reporters who had travelled with Starmer to Samoa for the Commonwealth summit. Both the prime minister and his aides answered questions on the policy they had unveiled.

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Whitehaven Coal faces rare shareholder action over mining plans and CEO’s $7m bonus

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Australian miner paying ‘massive bonuses’ for ‘steamrolling ahead with an outdated and unacceptably risky coal growth strategy’, activists say

Whitehaven Coal, one of Australia’s biggest coal producers, faces a rare “second strike” from shareholders this week as climate activists seek to draw attention to the miner’s plans to ramp up volumes and resulting carbon emissions.

The ASX-listed company received a 41% vote against its executives’ remuneration report at last year’s annual general meeting. A vote of at least 25% at this year’s AGM on Wednesday would force a motion to spill Whitehaven’s board.

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Australia news live: Dutton says he ‘respects’ Crisafulli’s rejection of nuclear power but will push for a ‘mature conversation’

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Earlier this morning, David Crisafulli said it was still a ‘no’ to any nuclear proposal, and Dutton said he ‘respected’ that. Follow the day’s news live

Employment minister Murray Watt has refused to comment on reports Anthony Albanese used his membership in Qantas’s chairman’s lounge to solicit flight upgrades when he was transport minister and opposition leader.

Watt was on RN Breakfast, where he refused to be drawn on what he called “unsourced claim by a journalist” that Albanese would reach out directly to former Qantas CEO Alan Joyce directly about his travel.

If you have a look at Peter Dutton behaviour, for example, several upgrades from the Qantas and other airlines, he’s had free flights paid for by Gina Rinehart.

I really would wonder whether it’s wise for the opposition to start calling this kind of stuff into question.

We obviously spend an enormous amount of time at airports. I think this week, I’m going to be in about three or four different cities, flying from place to place. And it is helpful from time to time, to be able to have private meetings or private environments, to be able to have teams meetings with your office, which I do every time I fly.

We want Labor to negotiate like we did in the previous housing legislation, where we not only improved and passed Labour’s housing legislation, but we got $3bn to start building public and community housing.

I think this is part of the message that we’re trying to give to the government. We are up for negotiation.

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London’s Aim shrinks to smallest since 2001 amid fears of tax relief changes

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UHY Hacker Young says 92 companies have delisted and only 10 floated on junior stock market in past year

The UK’s Alternative Investment Market (Aim) has shrunk to its smallest size in 23 years as business owners and investors anticipate an abolition of inheritance tax relief in the budget this week.

The accountancy group UHY Hacker Young calculated that 92 companies have delisted from Aim, London’s junior stock market, in the past year, reducing the total number of companies on Aim to 695.

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OBR to publish breakdown of claimed £22bn ‘black hole’ on budget day

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Former chancellor Jeremy Hunt says decision to publish findings of review on Wednesday is ‘significant concern’

Britain’s fiscal watchdog is to publish a detailed breakdown of the £22bn “black hole” that Labour says it inherited after Rachel Reeves presents the budget on Wednesday.

The Office for Budget Responsibility will release the conclusion of its review of how the forecast for departmental spending for its last economic and fiscal outlook, published for the March budget, was prepared.

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Reeves: ‘My budget will match greatest economic moments in Labour history’

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The chancellor says she will invest to reverse Tory decline, but stands accused of breaking party manifesto promises

Labour will launch a new era of public and private investment in hospitals, schools, transport and energy as momentous as any in the party’s history in this week’s budget, the chancellor, Rachel Reeves, has said.

In an interview with the Observer before the first budget by a female chancellor, Reeves draws comparisons with Labour’s historic reform programmes begun in 1945 by Clement Attlee, in 1964 under Harold Wilson and in 1997 under Tony Blair.

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Ministers urged to cut ties with P&O Ferries owner over links to Russia

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The government is facing calls to cease trading with DP World because of its partnership with Putin’s northern sea route

Ministers are facing calls to review the UK’s financial ties to the multinational logistics company DP World over its business deals in Russia.

The business announced a £1bn expansion of the London Gateway port earlier this month, despite a row over the transport secretary, Louise Haigh, calling its ferry subsidiary, P&O Ferries, a “rogue operator”.

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Brexit has put £370m a year on price of power from EU since 2021, experts say

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Trade body Energy UK also estimates total energy cost of leaving bloc could reach £10bn by end of decade

Brexit has added up to £370m a year to the price of power supplies from Europe, according to industry representatives who calculate that the total energy costs of leaving the EU could amount to £10bn by the end of the decade.

Energy UK, the sector’s trade body, has called on Keir Starmer to negotiate a closer trading relationship with the bloc as part of the “reset” he is seeking with Brussels.

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Labour to announce plans for five new UK freeports in budget

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Starmer says new low-tax zones, a policy inherited from the Tories, will ‘have this government’s stamp on them’

Downing Street will announce five new freeports in next week’s budget as part of its effort to drive economic growth.

Ministers will set out plans to establish five new low-tax zones, plus an investment zone in the East Midlands, where businesses will benefit from tax breaks such as lower tariffs and customs.

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NatWest urges Reeves to ‘get balance right’ when changing debt rules

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Bank’s boss says chancellor must signal intentions clearly amid risk to borrowing and mortgage rates

Rachel Reeves must “get the balance right” when announcing changes to Britain’s debt rules in next week’s budget given the potential knock-on effects to borrowing and mortgage rates, the boss of NatWest has said.

The bank’s chief executive, Paul Thwaite, said markets would be sensitive to the chancellor’s reasons for releasing up to £50bn of borrowing headroom after she confirmed in Washington on Thursday that she planned to rewrite her fiscal rules.

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WiseTech shares surge after CEO stands down – as it happened

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Dutton and Shorten weigh in on Queensland state election

The federal opposition leader, Peter Dutton, and the NDIS minister, Bill Shorten, both spoke with the Today show earlier from Queensland, before the election.

He’s focused on the issues which affect Queenslanders: housing, health, cheaper transport and of course tackling youth crime. So we’ll find out soon enough who’s going to win.

The fact is that it’s time for a change in Queensland and law and order is out of control.

Well, yes, he did. He did three days ago and, despite that, the government’s scare campaign continues.

The scare campaign on a sensitive issue that has been run, quite frankly, crosses the line, and we’re better than that as Queenslanders … There won’t be changes to abortion laws and Queenslanders need to know that.

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State-backed loans to go to firms importing critical minerals into UK

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Rachel Reeves to encourage import of raw materials from Commonwealth countries to counter China’s grip on market

Businesses that import critical minerals to the UK will be given access to state-backed loans in a move to counter China’s dominance in the market.

The chancellor, Rachel Reeves, is expected to announce extra government support to encourage the import of critical minerals such as lithium, graphite and cobalt in her budget next week. Companies that bring supplies of critical minerals into the UK will be able to access state-backed loans under the UK export finance mechanism.

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Budget will reverse huge cuts in UK’s public investment, Reeves confirms

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Chancellor pledges to spend, but says there will be no Truss-style splurge when she changes fiscal rules in budget

Rachel Reeves will pledge to reverse huge cuts in public investment in her budget next week after she confirmed that rules limiting her spending power will be overhauled to enable the government to release as much as £50bn for infrastructure spending.

The chancellor said she would revise how the Treasury calculated shortfalls in the government budget over the rest of the parliament to free up funds to invest in public infrastructure.

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Jeremy Hunt claims Labour changing debt definition will ‘punish families with mortgages’ – as it happened

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Former chancellor says ‘increasing borrowing means interest rates would be higher for longer’ as Reeves says it will ‘make space for investment’

Nigel Farage, the Reform UK leader, has said that “no one knows” who Robert Jenrick, the Tory leadership contender, is.

Of the two candidates left in the contest, Jenrick is the one who is doing most to appeal to Tories who defected to Reform UK, because he is saying Britain should leave the European convention on human rights.

I know the fella. Is he the chap that one day was on the very much on the left of the Conservative party and is now on the right of the Conservative Party?... No one knows who he is.

I’m sure government can agree that support and providing opportunities for young people should be central to the policy of any government. We are glad to see the government working to build closer economic and cultural ties with Europe. We want to forge a new partnership with our European neighbours, built on cooperation, not confrontation and move to a new comprehensive agreement.

We must build rebuild confidence through seeking to agree partnerships or associations helping to restore prosperity and opportunities for British people.

We are not going to give a running commentary on the negotiations. We will obviously look at EU proposals on a range of issues, but we are clear that we will not return to freedom of movement.

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Intel wins lengthy EU legal battle over £880m competition fine

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Chipmaker disputed 2009 decision that it abused its market position in case dating back two decades

The US chipmaker Intel has won a long-running battle to quash a fine of more than €1bn imposed by the European Commission for allegedly abusing its market dominance in the sale of computer chips.

In a final ruling on Thursday, theEuropean court of justice upheld an earlier judgment that had quashed the €1.06bn (£880m) fine and partly dismissed the charges of anticompetitive behaviour.

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Albanese rejects China’s claim that Australia plagued by ‘systemic racism’ – as it happened

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The Rail, Tram and Bus Union of NSW (RTBU) conducted a five-minute work stoppage early this morning, which is leading to delays across the network.

Sydney Trains says this has led to minor delays and “larger than normal gaps in services may be experienced”, according to an alert:

Trains stops and platforms may change at short notice and some trains may be cancelled. Extra travel time may be experienced in some cases and you may need to change to continue your trip.

The action was set to happen in select locations across the network to ensure we could ramp up stoppages whenever needed.

The rail agencies continue to bargain in good faith with the Combined Rail Unions for a new enterprise bargaining agreement. Sydney Trains are working to minimise the disruption to commuters as much as possible.

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