Category Archives: Business

Bitcoin price hits record-high $100,027 as Trump win fuels crypto fever

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Largest cryptocurrency, prone to volatile market surges, lifts amid hopes of lighter regulation with Trump’s return

Bitcoin has crossed $100,000 for the first time, scaling a fresh record high amid a euphoric rally sparked by Donald Trump’s election victory.

The world’s largest and most valuable cryptocurrency – prone to volatile market surges and routs – has been lifted in recent weeks by hopes that the president-elect’s return to the White House will usher in a new era of lighter regulation and supportive policies.

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New York police search for person suspected of killing UnitedHealthcare CEO in ‘brazen’ attack

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Police look for suspect who shot and killed Brian Thompson, 50, outside Hilton hotel in midtown Manhattan

The CEO of UnitedHealthcare, one of the US’s largest health insurers, was shot dead on Wednesday in midtown Manhattan, police confirmed in a press conference.

Brian Thompson, 50, was shot outside the Hilton hotel at 1335 Avenue of the Americas just after 6.45am after arriving early for the company’s annual investor conference. A man wearing a mask approached him and fired at him repeatedly, police said.

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Tata Steel’s UK losses hit £1.1bn on cost of closing Port Talbot blast furnaces

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Losses quadruple from a year earlier after decision to end primary steelmaking in south Wales with loss of 2,500 jobs

Losses at Tata Steel’s UK operations ballooned to £1.12bn due to the cost of closing Port Talbot’s two blast furnaces.

Accounts for the Indian-owned company show that pre-tax losses quadrupled from £279m to £1.12bn in the year to the end of March due to restructuring costs associated with the closure of its blast furnaces and coke ovens at the site in south Wales.

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GM to write down value of China business by more than $5bn

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Automaker is restructuring in China after losing about $350m in the region in the first three quarters of this year

General Motors told shareholders on Wednesday that it would write down the value of its China business by more than $5bn.

The company’s board of directors determined that the non-cash charges were necessary “in light of the finalization of a new business forecast and certain restructuring actions” with the joint venture, according to a company filing.

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UK interest rates to fall more slowly than expected after budget, claims report

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Government’s spending and borrowing plans mean rates will stay higher for longer, according to OECD

UK interest rates will fall by less than expected over the next two years after Rachel Reeves revealed significant spending and borrowing plans in the budget, according to an influential report.

In its annual economic survey, the Organisation for Economic Cooperation and Development (OECD) said UK inflation would also surpass previous forecasts next year, and upgraded growth projections for the economy, because of boost from October’s budget.

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Rail renationalisation should reduce delays but may not cut fares, says UK minister

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Heidi Alexander refuses to confirm cost of setting up Great British Railways but insists it is lower than fees paid to train operators

The renationalising of train companies will not necessarily bring cheaper rail fares but should reduce cancellations and late trains, the UK transport secretary has suggested.

South Western Railway is to become the first train operator nationalised under the Labour government, ministers announced on Wednesday. Greater Anglia and C2C will also be brought into public ownership next year.

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Rio Tinto investor urges mining giant to drop primary London listing

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Hedge fund with £197m stake leads push to prioritise Sydney exchange as FTSE 100 firm outlines ambitious copper production targets

An activist investor in Rio Tinto has demanded the miner scrap its primary London listing and focus on Australia, as the FTSE 100 firm outlined its long-term investment strategy.

Palliser Capital called on the metals and minerals firm to drop its “outdated” dual listing structure across the London and Sydney financial markets.

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Labor declines to review three coal proposals for potential climate impact – as it happened

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This blog is now closed

More on the new Malaysia-based maritime institute:

The government is contributing $1.78m over four years to support the institute, which will train regional government officials on the United Nations Convention on the Law of the Sea, broader maritime law and ocean governance, awareness of maritime domains and environmental protection.

We don’t want to see any unilateral changes to the status quo across the Taiwan straits, and our focus is on doing everything we can in terms of exercising our international voice around promoting stability and peace in and around the Taiwan straits, in and around Taiwan.

Rules and norms are vital for our shared maritime region and the countries of our region make an ongoing contribution to maintaining and promoting them.

The institute will deliver training to officials from across the region on complex maritime legal and policy topics. It will nurture leaders and help further our collective contribution to a peaceful, stable and prosperous Indo-Pacific region.

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Water firms push for higher shareholder returns as Ofwat considers bills increase

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Companies say higher returns are needed to ensure record infrastructure investment across industry is delivered

Water companies want to see higher returns for shareholders to ensure record investment into sewage infrastructure, pipes and treatment plants is delivered.

As Ofwat, the water regulator for England and Wales, prepares to announce its decision on how much customer bills will be allowed to rise by to fund tens of billions of pounds in investment across the industry, water companies said higher returns were needed.

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South Western Railway to become first train operator nationalised under Labour

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As part of a comprehensive programme of renationalisation, the service will come under public ownership in May

South Western Railway will be the first train operator nationalised under the Labour government, ministers have announced.

One of the UK’s biggest commuter services, which operates out of London Waterloo, it will be taken into public hands in May.

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Trump says he will block Nippon Steel’s $14.9bn bid to acquire US Steel

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Acquisition of Pittsburgh-based steel producer by Japanese company has faced opposition from steelworkers and Biden

Donald Trump said on Monday that he intends to block Japan’s Nippon Steel’s $14.9bn bid to acquire US Steel in a move that will fuel further fears about a global trade war when the Republican returns to the White House next month.

“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan” the US president-elect said in a statement on Monday, adding: “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!”

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Meloni says Italy aims to protect jobs after CEO of Fiat owner Stellantis quits

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Company is at loggerheads with Italian government, which claims it has not invested enough in the country

The Italian prime minister, Giorgia Meloni, has said her government will try to protect jobs as political tensions mount with Fiat maker Stellantis after the abrupt resignation of its chief executive.

Meloni said she would attempt to “defend” employees in the carmaker’s Italian operations in the wake of the surprise exit of Carlos Tavares, its longstanding chief executive, who left after the company said “different views have emerged” between the executive and its board.

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China’s share of global electric car market rises to 76%

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Market share increases after strong demand within country offsets risks from western tariffs on Chinese-made EVs

China’s share of the global electric vehicle market reached 76% in October, the country’s automotive trade body said, reflecting strong demand for EVs in the country even as western tariffs risk hobbling exports.

Between January and October, sales of EVs reached 14.1m units, according to the China Passenger Car Association, with 69% of those sales in China. In October, China’s share surpassed three-quarters.

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Japan’s Nomura bank boss takes 30% voluntary pay cut after worker tries to kill customer

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Wealth management employee charged with robbery, attempted murder and arson after home visit to elderly clients

The boss of the Japanese bank Nomura has apologised and taken a voluntary pay cut after a former employee was charged with robbery and attempted murder of a customer.

Kentaro Okuda, who has led Nomura since 2020, will take a 30% pay cut over the next three months, with several other senior managers at the bank taking similar reductions, the bank said.

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Vietnamese tycoon faces scramble to raise billions to avoid death sentence

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Truong My Lan must repay three-quarters of $12bn she embezzled from bank in a case that shocked the country

The Vietnamese property tycoon Truong My Lan has lost her appeal against the death penalty for masterminding a multibillion-dollar fraud scandal – though she could still save her life if she can repay most of the funds she embezzled.

Lan, who founded the real-estate developer Van Thinh Phat, was sentenced to death in April for embezzling $12bn (£9.95bn) from Saigon Commercial Bank (SCB), in a case that shocked the country.

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Australia news live: Allan defends Victoria after it’s named worst state for business; Burke to meet Indonesian minister over Bali Nine

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The Victorian premier has defended the state’s business credentials saying there’s key data missing from the Business Council of Australia’s report. Follow today’s news headlines live

Weather check shows mixed conditions forecast across Australian cities

It’s a mixed, if warm, bag in capital cities today, with the Bureau of Meteorology forecasting storms in Melbourne, sunny skies in Brisbane and Adelaide and showers across all other major cities.

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Woolworths takes $50m hit as strike leads to empty shelves

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The supermarket giant filed an urgent application with the Fair Work Commission to end industrial action blocking distribution centres

Australia’s biggest supermarket chain, Woolworths, says it has lost $50m in grocery sales since the start of industrial action that has disrupted the flow of goods into some of its stores.

More than 1,500 Woolworths warehouse workers have been on strike since 21 November, seeking better pay and safety on the job. Industrial action has affected up to five distribution centres, impacting supplies in some stores in Victoria, New South Wales and the ACT.

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Elon Musk’s $56bn Tesla pay package rejected again by US judge

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Kathaleen McCormick in Delaware rules Musk not entitled to vast sum despite Tesla shareholders voting to reinstate it

A judge ruled on Monday that Tesla chief executive Elon Musk is still not entitled to receive a $56bn compensation package even though shareholders of the electric vehicle company had voted to reinstate it six months ago.

The ruling by the Delaware judge, Kathaleen McCormick of the court of chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors. The decision cast uncertainty over Musk’s future at the world’s most valuable carmaker. Tesla’s board argued the enormous payment scheme was necessary to keep Musk involved in the company, an argument that the billionaire, already the world’s richest man, echoed.

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Typhoo Tea bought out of administration for £10m

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Vapes and batteries maker Supreme acquires collapsed 121-year-old tea company

The historic tea brand Typhoo has been bought out of administration by the vapes and batteries maker Supreme in a £10m rescue deal.

The company filed to appoint administrators last Wednesday, risking the future of the 121-year-old brand.

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Countries call for binding targets to cut plastic production after talks fail

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Group of 85 countries and blocs press for ambition in plastic waste treaty after no agreement was reached in Busan

Binding global targets to cut plastic production must be at the centre of any continuing negotiations to secure the world’s first treaty to tackle plastic waste, a group of 85 countries has said.

Talks in Busan, South Korea, attempting to secure agreement between more than 200 countries on the details of a plastic pollution treaty ended in failure over the weekend.

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