Nationwide reports surprise growth despite near-record prices straining affordability
House prices in the UK grew at the fastest rate in nearly two years in November, in a surprise acceleration despite near-record highs straining affordability, according to figures from Nationwide.
The annual growth rate rebounded to 3.7% in November, up from 2.4% in October, according to the UK’s biggest building society. That was the fastest rate since November 2022.
Continue reading...Dave Lewis says the near-constant stream of clean electricity could supply the grid as early as 2030
In the south-west of Morocco, a sprawl of wind and solar farms stretching across an area the size of Greater London could soon generate the green electricity powering more than 9m British homes.
This is the unflinching vision of Sir Dave Lewis, the former Tesco boss who is hoping to build the world’s longest subsea power cable in order to harness north Africa’s renewable energy sources and power Britain’s clean energy agenda.
Continue reading...New management at struggling firm, which rejected £3.3bn bid from Aviva, ‘making excellent progress’, says CEO
The Direct Line chief executive, Adam Winslow, has appealed to shareholders to give his team more time to turn around the struggling insurer, faced with an unsolicited £3.3bn offer from Aviva, while its bigger rival is trying hard to drum up support from investors for the takeover.
The two companies – the UK’s biggest insurer, Aviva, and the Churchill owner, Direct Line, known for motor cover and its red phone on wheels mascot – are facing off in a takeover tussle that has sent the Direct Line share price soaring, amid speculation that Aviva could raise its offer or launch a hostile bid, or face a counterbid.
Continue reading...President-elect threatens retaliation if emerging economies create new currency to rival US dollar
Fears of a global trade war have risen after Donald Trump threatened to impose 100% tariffs on countries in the Brics group if they create a new currency to rival the US dollar.
Writing on his social media platform, Truth Social, on Saturday, Trump declared that he would also act if they supported another currency to replace the dollar.
Continue reading...Exclusive: ‘High-risk services’ will be removed, including companies providing consumer leases and household goods
The federal government will boot predatory rent-to-buy operators off its Centrepay debit system as part of sweeping reforms designed to stop the financial abuse of vulnerable Australians.
The reforms, set to be announced Monday, follow a Guardian Australian investigation that revealed shocking failures in the Centrepay system and helped trigger an urgent government review.
Sign up for Guardian Australia’s breaking news email
Continue reading...Business secretary Jonathan Reynolds says there is ‘no route to net zero’ that ignores concerns of businesses after wave of closures
• Jonathan Reynolds: If we delay the UK’s drive for electric vehicles, our rivals will overtake us
There is “no route to net zero” that ignores the real concerns of businesses, a cabinet minister has warned, as the government prepares to reduce financial penalties handed to carmakers not selling enough electric cars.
Ministers are also looking at how cheaper loans could be introduced to help people buy an electric vehicle (EV), after a wave of job losses and closures in which carmakers blamed the onerous fines they were facing.
Continue reading...A new electric model will be unveiled this week. Will it turn round the culture war embroiling the marque?
When German manufacturer BMW took over the Mini brand and launched the Mini Cooper in 2001, some people were outraged. Drivers with previous models even slapped on bumper stickers reading “this is a real Mini”. The BBC reported that executives insisted the car “is not a small BMW”.
The storm died down, and Mini has gone on to sell more cars each year (about 300,000) than ever before, many of them emblazoned with union jack tail-lights – whatever the ownership of the factory.
Continue reading...Warnings that genuine products are bulked out with cheaper sugar syrup prompt international congress to withdraw prizes
The World Beekeeping Awards will not award a prize for honey next year after warnings of widespread fraud in the global supply chain.
Apimondia, the International Federation of Beekeepers’ Associations, says it will showcase honey from around the world at its congress in Denmark, but for the first time make no awards for the product.
Continue reading...Stores in New South Wales, Victoria and the ACT affected as industrial action by up to 1,500 employees stretches into second week
Woolworths bears responsibility for the empty shelves seen in supermarkets across parts of Australia by attempting to treat workers like “robots”, the head of the Australian Council of Trade Unions has said, as a strike of warehouse workers extends into a second week.
Up to 1,500 employees began rolling 24-hour strikes on 21 November in warehouses in New South Wales and Victoria, seeking improved wages and safety. One of the major issues is a new framework system employed at the warehouse that tracks workers down to the minute, and logs performance each shift using an algorithm.
Continue reading...Conceptual work created by Italian artist Maurizio Cattelan was sold at auction in New York last week
The cryptocurrency entrepreneur Justin Sun has fulfilled a promise he made after spending $6.2m (£4.88m) on an artwork featuring a banana duct-taped to a wall – by eating the fruit.
At one of Hong Kong’s priciest hotels, Sun, 34, chomped down on the banana in front of dozens of journalists and influencers after giving a speech hailing the work as “iconic” and drew parallels between conceptual art and cryptocurrency.
Continue reading...This blog is now closed
Canavan says under-16 social media ban has caused new generation to become passionate about democracy
Nationals senator Matt Canavan was loudly outspoken against the under-16 social media ban bill and voted against it – but as we know, the bill ultimately passed.
It has been great seeing people learn how the parliament works. And with that in mind, note that the social media bill is not yet law. Tomorrow morning it heads back to the House of Representatives because there were amendments passed in the Senate tonight. It then has to go to the governor general. But both these steps are almost certain to happen.
Thanks again for all of your help and support. We got some amendments on digital ID so it was not for nothing and the fight continues.
As it currently stands, underlying inflation is still too high to be considering lowering the cash rate target in the near term.
Continue reading...Country is at risk of fresh turmoil with its government on the brink amid soaring sovereign borrowing costs
France is at risk of being plunged into fresh political turmoil as its minority government teeters on the brink of collapse amid opposition anger over a planned austerity budget.
Reflecting growing unease in financial markets, French sovereign borrowing costs have risen sharply, reaching the highest premium over German bonds since the height of the eurozone debt crisis in 2012.
Continue reading...Pop-up Frakta shop offering blue candy floss and mirrored room opens on site of delayed larger store
Glass cases house beautifully displayed arm-candy at the latest new entry on a reviving Oxford Street in central London.
This is not a designer handbag purveyor but a store dedicated to Ikea’s signature bright blue Frakta carrier bag – a pop-up shop paving the way for the home furnishing retailer’s delayed move into a larger store on-site, which is due to open next year.
Continue reading...London-listed company strikes deal with Fortress Investment Group, although shareholder approval needed
The cafe bar business Loungers has agreed to be bought by a US investment group in a deal that values it at about £338m.
Fortress Investment Group said it had made an offer for the UK hospitality group through a newly formed investment vehicle.
Continue reading...Follow today’s news live
Nuclear costings coming ‘in coming weeks and months ahead of election’: Taylor
The shadow treasurer was also asked when the Coalition would release the costings of its nuclear plan.
We will not be announcing it on your program this morning, as much as you might like me to.
Continue reading...Government faces risk of collapse over planned austerity budget
French sovereign borrowing costs have soared to the highest premium since the eurozone debt crisis amid political turmoil as the government faces the risk of collapse over a planned austerity budget.
The gap between French 10-year government bond yields and their German equivalent ballooned to as much as 90 basis points on Wednesday, the widest level in 12 years, while shares listed on the Paris stock exchange also tumbled.
Continue reading...Follow the day’s news headlines live
Labour market steadying as latest monthly CPI result looms
The consensus for much of the year has been the Reserve Bank’s 13-year high interest rates would squeeze demand in the economy, nudge up unemployment and help bring down inflation. And then it could start cutting its cash rate.
And then more recently, we’re actually starting to see [the labour market] tighten.
Continue reading...Sales of Christmas pet lines up 964% year-on-year at Waitrose online as people spend more on pet care
Unlike buying a present for a fussy father-in-law or an awkward aunt, a dog won’t complain if their treats aren’t the latest, and a cat is not likely to turn its nose up at a Christmas tree-shaped scratch tree.
Perhaps that’s why Britons are so happy to spend on their pets this Christmas, with sales of seasonal pet treats, toys and food booming.
Continue reading...Stellantis says it will shift production from Bedfordshire to plant at Ellesmere Port, Cheshire
The owner of Vauxhall has announced that it plans to close its van factory at Luton, in a decision that will put 1,100 jobs at risk of being cut or moving location despite the UK government preparing to relax rules on electric cars.
Stellantis said it would shift van production from Luton, Bedfordshire, to another factory at Ellesmere Port, Cheshire, blaming the UK’s economic conditions and the government’s zero-emission vehicle (ZEV) mandate.
Continue reading...US president-elect posted on social media about plan to impose 25% tariff on Mexico and Canada over immigration
Justin Trudeau has called an emergency meeting with provincial premiers across Canada after the US president-elect, Donald Trump, threatened a 25% tariff on the United States’ northern neighbour.
Trump posted on social media that he would “sign all necessary documents” to charge Mexico and Canada a 25% tariff on all goods products coming into the United States, adding the levy would remain in place until “such time as drugs, in particular fentanyl, and all illegal aliens stop this invasion of our country!”
Continue reading...