Category Archives: Business

Australia news live: Queensland LNP candidate alleges he was assaulted; Sydney Harbour Bridge closed after fatal crash

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New polling from the Australia Institute shows that Australians view the supermarkets as “public enemy No 1” in the cost of living crisis.

The Australia Institute’s Centre for Future Work surveyed 1,014 voters, and 83% said supermarkets deserve some blame – or a great deal of blame – for the soaring cost of living.

Australians are pointing the finger squarely at supermarkets as public enemy No 1 in the cost-of-living crisis … More people blame supermarkets for the cost-of-living crunch than governments or banks.

The public’s appetite for increased supermarket competition is unmistakable. Nearly two-thirds of voters see it as crucial for alleviating cost-of-living pressures … There’s likely to be political rewards for taking actions that increase supermarket competition.

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Great British Energy can become a major power generator, says its chair

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Jürgen Maier’s vision for company includes the potential to borrow its own money in order to rival multinationals

Britain’s new national energy company will eventually become a major power generator, running its own windfarms, tidal power and carbon capture schemes and potentially borrowing its own money, according to its new chair.

Jürgen Maier, the chair of Great British Energy (GBE), told the Guardian in an interview that his vision for the company far outstrips its current scope and would put it on a par with multinational firms such as Denmark’s Ørsted or Sweden’s Vattenfall.

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Louis Vuitton owner LVMH reports surprise sales drop amid China slowdown

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Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7%, briefly hitting two-year low

Shares in luxury goods brands slumped after Louis Vuitton’s LVMH reported an unexpected fall in third-quarter sales amid China’s economic slowdown.

Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7% in early trading, briefly hitting a two-year low, before regaining slightly, after it warned of an “uncertain economic and geopolitical environment”,with falling sales in Asia.

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Report calls for child labor protections as Project 2025 seeks to limit regulations

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Study offers actions Biden can take after surge in child labor violations and warns protections may weaken under Trump

State governments across the US are taking steps to eliminate protections for minors as rates of child labor violations, injuries and chronic school absenteeism rise, according to a report released on Wednesday.

The report by Governing For Impact, the Economic Policy Institute, and Child Labor Coalition proposes actions the Biden-Harris administration can take in response to a recent surge in child labor violations around the country and a trend of some states passing legislation that rollbacks state-level child labor protections.

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Surprise fall in UK inflation badly timed for benefit recipients

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Payments such as universal credit linked to previous September’s figure, meaning a rise of just 1.7% in April

Last month’s surprise fall in UK inflation lands with bad timing for millions of people who receive state benefits linked to the figure, who can now expect their payments to rise by just 1.7% next April.

A number of benefits, including universal credit, are increased each tax year in line with the cost of living figure for the previous September.

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Premier Inn owner Whitbread ramps up cost-cutting plans as tax rise looms

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Firm’s profits fall 22% and demand slows, with hospitality sector bracing for employer tax increase in budget

The Premier Inn owner, Whitbread, is ramping up its cost-cutting programme amid slowing demand, as the hospitality sector braces for a widely expected employer tax rise in this month’s budget.

The company, which owns the Beefeater and Brewers Fayre restaurant chains as well as the UK’s biggest hotel brand, said its total revenues had been flat at £1.57bn in the six months to 29 August, while profit before tax fell by 22% year on year to £309m.

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UK inflation falls below 2% for first time since 2021 in boost to Rachel Reeves

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Surprise annual drop to 1.7% in September raises chance of interest rate cuts, increasing budget leeway

Inflation in the UK has fallen to its lowest level in three and a half years, giving a pre-budget boost to Rachel Reeves as expectations grow for the Bank of England to cut interest rates.

Figures from the Office for National Statistics show the consumer prices index dropped sharply to 1.7%, down from 2.2% in August, in a bigger fall than anticipated in financial markets, driven by lower air fares and petrol prices.

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Rio Tinto praised for ‘breaking ranks’ to back revamp of environment laws – as it happened

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Queensland leaders to lock horns again in election debate

After their deputies traded blows, the Queensland premier and opposition leader are set to face off again ahead of the state election, AAP reports.

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Is it really possible to fly ‘carbon neutral’ with Qantas? A greenwashing complaint to the ACCC hopes to find out

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A spokesperson for the airline says it is doing ‘what we can with what’s available now’ after Environmental Defenders Office singles out ‘carbon neutral’ claim

Climate campaigners have asked the Australian Competition and Consumer Commission to investigate whether “fly carbon neutral” and other sustainability claims by Qantas are misleading or deceptive.

The greenwashing complaint, filed by the Environmental Defenders Office on behalf of research and advocacy organisation Climate Integrity, urged the competition watchdog to investigate the airline’s marketing materials and the credibility of the company’s transition to net zero.

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‘I love the smell of success more than petrol’: investors break with tradition in world-leading climate campaign

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Investors say climate change poses biggest risk to their assets, and urge Albanese government to see the economic dangers of a slow path to net zero

Institutional investors dealing with portfolios in the trillions of dollars aren’t typically the most vocal climate campaigners. You won’t find many superannuation fund staff, fund managers, asset consultants or brokers with a placard on the streets or on top of a Newcastle coal train.

But you may increasingly find them on a screen you’re watching. Or at least their message.

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Taiwan to have satellite internet service as protection in case of Chinese attack

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Coverage with UK-European provider will be in place by end of month, says island’s main telecoms company

Taiwan is expected to have access to low earth orbit satellite internet service by the end of the month, a step the government says is crucial in case a Chinese attack cripples the island’s communications.

The forthcoming service is via a contract between Taiwan’s main telecoms company, Chunghwa, and a UK-European company, Eutelsat OneWeb, signed last year, and marks a new milestone in Taiwan’s efforts to address technological vulnerabilities, particularly its internet access, after attempts to get access to Elon Musk’s Starlink service collapsed.

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Oil price slides amid China slowdown and easing Middle East fears

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Brent crude slides by almost $3.50 a barrel to below $74 after Opec cuts forecasts for demand growth

Global oil prices have tumbled by almost $3.50 a barrel amid ongoing concerns about a slowdown in China and as fears ease about the possibility of an attack by Israel on Iran’s energy facilities.

The Israeli prime minister, Benjamin Netanyahu, has reportedly offered assurances to the White House that its retaliation against Iran for its missile attack at the start of October would not target oil export terminals or nuclear facilities, which could send market prices soaring.

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Australia news live: Hanson-Young calls for investigation of live music ticketing allegations; culprit flees botched ram raid with arm on fire

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The federal government has announced targeted financial sanctions and travel bans on five Iranian individuals it says is “contributing to Iran’s missile program.”

A statement from the foreign affairs minister, Penny Wong, said Iran’s missile program “poses a material threat to regional and international security”, with the 1 October attack on Israel a “dangerous escalation that increased the risk of a wider regional war.”

Australia will continue to hold Iran to account for its reckless and destabilising actions.

We’re holding ministers accountable when the premier of Tasmania refused to. This project – for people who don’t know – is $500m over budget, five years delayed.

It’s a completely debacle. Someone needed to take responsibility. The premier [was] saying he wouldn’t do that, the parliament decided it would act and, at the last moment, the deputy premier resigned.

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UK ‘risks repeat of surging energy bills’ amid continued reliance on gas

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Energy crisis panel warns country is ‘dangerously unprepared’ and must shift away from gas quickly

Britain is at risk of experiencing a repeat of the sharp increase in energy costs which has fuelled the continuing cost of living crisis because it relies too heavily on gas, according to an expert panel of industry leaders.

The Energy Crisis Commission has warned that the UK is still “dangerously underprepared” for another crisis because it continues to rely on gas for its power plants and home heating.

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Vauxhall owner to make decision on future of UK plants ‘in next few weeks’

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Stellantis chief says company is nearing decision on Ellesmere Port and Luton amid row over EV quotas

The owner of the Vauxhall, Citroën and Peugeot brands has said a decision will be made on the future of its UK plants “in the next few weeks”, amid a row over government electric vehicle quotas.

Carlos Tavares, the outgoing chief executive of Stellantis, has said the company is nearing a decision on the future of Ellesmere Port and Luton.

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Russia’s shadow fleet of oil tankers grows despite western sanctions

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Poorly maintained and uninsured vessels transporting up to 70% of country’s seaborne oil, says report

Russia’s shadow fleet of oil tankers is expanding, according to research, transporting up to 70% of the country’s seaborne oil despite western efforts to curb Moscow’s wartime energy revenues.

The volume of Russian oil being transported by poorly maintained and underinsured tankers has almost doubled in a year to 4.1m barrels a day by June, according to a report published on Monday by the Kyiv School of Economics (KSE).

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Battery-operated items from Temu tested by Choice fail Australian safety standards

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Consumer advocate says results are a ‘worrying reminder’ children are at risk from insecure battery components on most items

An LED-lit tutu skirt, a spinning top and a set of building blocks are among a number of dangerous toys that were sold by Chinese-owned shopping platform Temu, Choice has found.

Choice tested 15 toys operated by circular coin or button-style batteries, including watches, a writing tablet, a musical keyboard, a cartoon projector and a electronic pet game from Temu in May.

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Shoppers to no longer pay fees when using debit cards under new Albanese government plan

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Treasurer says uncovering ‘unfair’ practices also part of proposed surcharge revamp designed to give consumers better deal and cut small business’s costs

The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul.

The proposed changes would mean consumers no longer pay a fee when using their debit card to buy their morning coffee or make a major retail purchase. Credit card fees would still apply.

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Shares in UK gambling firms fall £3bn amid talk of higher taxes in budget

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Thinktank reports saying sector should be hit with extra £900m to £3bn in levies prompts market selloff

Shares in British gambling companies have dropped sharply, reducing the stock market value of large operators by more than £3bn, after the Guardian reported that Treasury officials could tap the sector for between £900m and £3bn in extra taxes.

The chancellor, Rachel Reeves, has come under pressure from two influential thinktanks to raise taxes on the industry, as she pulls every available lever to plug a £22bn “black hole” in the nation’s finances.

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Mulberry’s owner rejects increased £111m bid from Mike Ashley’s Frasers Group

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Majority owner, Challice, says it has no interest in selling shares to group that already owns 37% of luxury brand

The owner of the Mulberry fashion brand has rejected an increased £111m bid from Mike Ashley’s Frasers Group to buy the British luxury handbag maker, saying it has “no interest” in selling its shares.

Challice, a group controlled by Singaporean entrepreneur Christina Ong and her husband, Ong Beng Seng, which owns 56% of Mulberry – giving it the power to block any bid – called on Frasers to ditch plans to take over, saying it came at an “inopportune time” for the struggling brand.

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