Category Archives: Business

Widow of gambling addict lambasts watchdog’s failure to investigate suicides

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Exclusive: Annie Ashton, whose husband killed himself, says more people will die because of Gambling Commission inaction

The widow of a man who took his own life after becoming addicted to gambling says more people will die because the regulator is refusing to investigate suicides linked to the addiction.

Annie Ashton is planning legal action against the Gambling Commission after it said it would not investigate or penalise Betfair over the death of her husband, Luke – despite concerns raised about the company at his inquest.

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Revealed: McKinsey clients had ‘rising share of global emissions’, internal analysis shows

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Consulting giant had said it engages with clients to help them transition to cleaner energy even as it knew they were in line to exceed climate targets

The world’s biggest consulting firm found that its clients were on a trajectory to bust global climate targets, details of internal forecasting in 2021 uncovered by the Centre for Climate Reporting (CCR) and the Guardian reveal.

McKinsey & Company has worked with some of the world’s biggest emitters, including many of the largest fossil fuel producers. It has previously argued it is necessary to engage these clients to help them transition to cleaner forms of energy and hit the target of limiting global warming to less than 1.5C above preindustrial levels.

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British mining executives held in Mali released after $160m deal to settle tax dispute

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Resolute Mining chief executive Terence Holohan and two other employees had been detained since 9 November

Three British mining executives who had been detained by the government of Mali have been released and are “safe and well”, days after agreeing to pay $160m to settle a tax dispute.

Resolute Mining, an Australian company, said on Thursday its chief executive, Terence Holohan, and two other employees, who had been held in the country since 9 November, have been released.

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Regulator stops customers from being billed for ‘undeserved’ bonuses

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Ofwat uses new powers to ensure investors pay at Thames, Yorkshire, and Dŵr Cymru Welsh Water

Investors at Thames Water, Yorkshire Water, and Dŵr Cymru Welsh Water will be forced to pick up the tab for executive bonuses after the regulator determined that the sector had awarded “undeserved” extra payments, worth £6.8m.

Ofwat said on Thursday it had used new powers to ensure that shareholders and bondholders at the three companies paid for bonuses because they had not “adequately reflected overall company performance issues”.

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Google must sell Chrome to end search monopoly, says US justice department

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Court filing comes after landmark ruling in August and judge will consider arguments from both sides next year

The US Department of Justice has proposed a far-reaching overhaul of Google’s structure and business practices, including the sale of its Chrome browser, in a bid to end its monopoly on internet search.

The DoJ proposals follow a landmark court ruling in August in which a federal judge ruled that Google maintained an illegal monopoly over search services.

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Billionaire Gautam Adani charged in US over alleged $250m bribery plot

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Indian chair of Adani Group, worth about $85bn, accused of agreeing to pay bribes to obtain solar energy contracts

Gautam Adani, one of the world’s richest men, has been indicted in New York over an alleged multibillion-dollar scheme to pay $250m in bribes and conceal it from US investors.

Prosecutors charged the chair of the Indian conglomerate Adani Group and two other executives of a renewable energy company with securities fraud and conspiring to commit securities and wire fraud.

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Cop29 climate finance deal hits fresh setback as deadline looms

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Outcry after draft text contains only an ‘X’ instead of setting $1tn funding goal to support developing countries

Hopes of a breakthrough at the deadlocked UN climate talks have been dashed after a new draft of a possible deal was condemned by rich and poor countries.

Faith in the ability of the Azerbaijan presidency to produce a deal ebbed on Thursday morning, as the draft texts were criticised as inadequate and providing no “landing ground” for a compromise.

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Mineral Resources boss Chris Ellison tells shareholders ‘I hate what I’ve done’ after scandals rock company

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Perth businessman tells AGM he made ‘error in judgment’ as company’s executive pay plans are voted down

Embattled mining billionaire Chris Ellison has told shareholders he can’t stress enough “how much I hate what I’ve done” after a series of scandals engulfed the company he leads, Mineral Resources.

The Perth businessman has previously acknowledged he failed to disclose revenue generated by overseas entities to tax authorities earlier in his career. A company investigation later found he had also used business resources for his personal benefit.

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Attempt to prevent NSW climate protest overturned – as it happened

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New South Wales MPs condemned for ‘part-time’ parliamentary year

Scores of NSW MPs will earn the equivalent of more than $10,000 per sitting week in 2025 after a bid to increase the year’s 16-week calendar was rejected, AAP reports.

To do this, government MPs have to turn up to parliament and discuss matters. Voters won’t be happy that government MPs would prefer to hide in their electorate offices rather than turning up to parliament, where they face scrutiny.

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Lidl returns to profit on sales of £9bn after slowing expansion

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UK business says it has gained 300,000 new shoppers and plans 40 branch openings next year

Lidl’s UK business has bounced back into profit after it slowed expansion in favour of improving existing stores, spurring a jump in sales to above £9bn.

The German-owned discounter, which is close to overtaking Morrisons to become the UK’s fifth-largest supermarket, said it had gained more than 300,000 new shoppers and 60% of Britons visited the chain at least once year.

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E.ON must pay £14.5m to prepayment customers after billing failures

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Ofgem says nearly 250,000 people will each receive average of £144 in compensation and refunds

The energy regulator has ordered power supplier E.ON Next to pay £14.5m in compensation to nearly 250,000 prepayment customers, after an investigation found “unacceptable” failures to pay credit they had on accounts or final bill payments they were owed.

Ofgem found that the customers were affected over an 18-month period from early 2021 to late last year by an error in E.ON Next’s billing system. About 100,000 of the affected accounts were also in credit.

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UK’s inflation jump dashes hope of interest rate cut in December | Heather Stewart

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Rate cut unlikely until 2025 as energy prices blamed for stronger-than-expected inflation of 2.3%

Any lingering hope that the Bank of England might deliver a pre-Christmas interest rate cut next month appears to have evaporated, after official data showed inflation jumping to 2.3% in October.

The CPI measure had been expected to tick up, after dipping to 1.7% in September, but 2.3% was stronger than expected.

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Dutton’s position on international student caps ‘utterly reckless’, Giles says – as it happened

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Oxfam reacts to Australia’s Cop29 pledge

Oxfam Australia has welcomed the government’s Cop29 pledge of $50m towards a global loss and damage fund to help the world’s most vulnerable people to repair the damage from climate breakdown.

If climate change losses and damages are not included in the new global climate finance goal, the new fund for responding to loss and damage risks becoming an empty vessel.

The danger is that developed country governments will prioritise meeting the new and ambitious climate finance goal, and will not prioritise a fund that doesn’t count towards it.

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Trump tariffs are coming, but some Chinese companies may already know how to avoid them

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Some experts liken tariffs to a game of whack-a-mole, with trade flows simply rerouted if the potential rewards are big enough

Businesses are bracing for the economic impact of a second Trump presidency, which, if his campaign promises are to be believed, will mean tariffs across nearly all imports to the US, especially those from China.

But amid the gloom over the spectre of a renewed global trade war, some manufacturers may be looking to those who already have a playbook on dealing with aggressive US levies, such as China’s solar companies.

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Trump reportedly picks Howard Lutnick as commerce secretary

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Billionaire founder of financial firm Cantor Fitzgerald was one of president-elect’s biggest fundraisers

Donald Trump has reportedly picked one of his biggest fundraisers for the position of commerce secretary.

Howard Lutnick, the billionaire founder of the financial firm Cantor Fitzgerald, will be nominated to serve as one of Trump’s principal advisers on commerce and international trade, the news website Axios reported.

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Global stock markets fall and bonds jump as fears grow over Ukraine war

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Investors dash to safe-haven currencies after Putin updates nuclear doctrine and Ukraine fires missiles into Russia

Global stock markets fell and bond prices have jumped after reports that Ukraine had fired a US-made long-range missile into Russia for the first time and Vladimir Putin approved changes to Moscow’s nuclear doctrine.

Investors dashed into safe-haven currencies such as the US dollar, the Japanese yen and the Swiss franc on Tuesday, after the RBC-Ukraine news outlet reported that Kyiv had carried out its first strike on Russian territory using western-supplied missiles.

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Gender pay gap data reveals Australia’s female CEOs paid $170,000 less than men on average

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But new data shows 3% increase in men taking primary carer parental leave – the largest annual increase since records began

Female CEOs in Australia are paid an average of $170,000 less than their male counterparts – a gender pay gap of 25% – according to government figures.

The pay gap among CEOs was published as part of the national pay gap scorecard for the first time this year, after legislative changes introduced last year.

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Australia politics live: Dutton calls Labor’s international student caps bill ‘a dog’s breakfast’; RBA fuels expectations for February interest rates cut

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First investment announced as part of National Reconstruction Fund

The science and industry minister, Ed Husic, was on ABC News Breakfast to discuss the government’s first investment via the National Reconstruction Fund – $40m to a Toowoomba mineral processing factory.

The difference in terms of what the [NRF] does is it provides loans, equity, and guarantees to firms that are [working across] seven priority areas to expand and grow their operations.

Given the sizes of the investments, it does take more time to be able to go through to shape up what the investment will look like, how big it’ll be, over what term, the rate of return – because the other important thing to stress to viewers is – this is not about handing out grants, and certainly not doing it on the basis of political colour-coded spreadsheets as we saw with the last government.

In fact, the social media users were less likely to have a negative attitude towards Jewish and Muslim people, irrespective of where they were on the political spectrum.

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Bunnings breached privacy of customers by using facial recognition, watchdog finds

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Hardware chain breached law by scanning faces of everyone entering the store against a database of banned customers

Bunnings breached the privacy of potentially hundreds of thousands of Australians through the use of facial recognition technologies in stores to scan every customer on entry that were aimed at addressing theft or store safety, the Australian privacy commissioner has ruled.

In 2022, it was revealed the hardware chain was one of a number of retailers using facial recognition tech in stores to check the face of every customer entering the store against a database of banned customers.

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The Australian government will force some shops to accept cash. So who still uses it, and why?

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Cash use has declined drastically across all age groups and for all products, but small pockets of resistance to digital-only payments remain

The Australian government has announced it will mandate that businesses selling essential goods and services must accept cash from 2026, and has confirmed that cheques will no longer be accepted as legal tender from 2029.

So how many Australians are still paying with cash?

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