Category Archives: Business

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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Keir Starmer denies budget to blame for rise in mortgage rates

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PM says budget stabilised the economy, while mortgage rates are ‘individual decisions for the banks’

Keir Starmer has conceded he was disappointed in the UK growth figures last week, but denied that his government’s budget was responsible for a recent rise in mortgage rates.

The prime minister told journalists travelling to the G20 summit in Rio: “What we have done with the budget is to stabilise the economy and that, in my view, was the essential first step.

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Australian goldminer to pay Mali $160m to free detained CEO and executives

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Group were held after a meeting about what mining firm referred to as unsubstantiated claims regarding taxes and levies

An Australian goldmining company has agreed to pay $160m ($A247m, £126m) to Mali’s government after the west African country’s junta detained its chief executive and two other employees.

Resolute Mining’s chief executive, Terence Holohan, and the other two employees were detained on 8 November in Mali’s capital, Bamako, at the end of a meeting with government officials over tax and other state claims that the miner had previously said were “unsubstantiated”.

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Higher employment costs and interest rates to push UK firms into financial trouble; Trump tariffs would ‘hit growth’ – business live

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Rolling coverage of the latest economic and financial news

Begbies Traynor also reveals that their employment costs are expected to rise by £1.25m due to the increase in employers’ national insurance contributions.

The company is “reviewing options to mitigate the impact where possible”.

“Additional headwinds for UK business from increased employment costs and the prospect of higher for longer interest rates are likely to extend the period of elevated insolvency levels, increasing the need for advice and support from our insolvency and business recovery professionals.”

“We have made a very good start to the year with double digit growth in revenue and profits driven by positive momentum across the group. This gives us confidence that we will deliver market expectations for the year as a whole.

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Britons warned to expect ‘disappointing’ rise in energy bills in January

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Price cap for Great Britain forecast to rise to £1,736 a year for average dual-fuel bill, according to Cornwall Insights

Britons have been warned to expect a “disappointing” rise in energy bills in January, adding pressure to household finances, despite earlier hopes that prices may ease early next year.

The price cap for Great Britain is forecast to rise to £1,736 a year for the average dual-fuel bill, according to Cornwall Insights, a well-respected energy consultancy. This is a rise of 1% from the current price cap, which increased last month to £1,717 a year for a typical consumer.

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Backflip on international student caps ‘baffling’, MP says – as it happened

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This blog is now closed

Three million Australians are at risk of homelessness, a 63% increase since 2016, a new report from Homelessness NSW and Impact Economics has revealed.

By looking at household data including income, support and rental stress, the report found in 2022 there were 3.04m Australians now at risk of homelessness, an increase on the 1.87m reported in 2016.

1 in every five days the frontline services could not assist a family with children because they were so stretched.

Individuals without children were turned away 1 in every 2 days.

Unaccompanied young people and children without accommodation were turned away on 1 in 9 days.

I think more broadly, the government under Anthony Albanese has got an excellent record of managing relationships around the world, making genuine progress, whether it’s with China, whether it’s with American friends or others.

I think when it comes to Peter Dutton, I think he has a kind of a reckless arrogance which doesn’t lend itself to foreign policy and maintaining and managing some of these complex relationships.

I think he would be a risk to our economy, and that’s because that reckless arrogance, which has been a defining feature of his time as a politician over a long period of time now … [it] doesn’t lend itself to managing these relationships, which are so important to us.

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Average asking price for UK home drops by £5,000 in November

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Analysts say market is still relatively busy despite decline of 1.4%, which is unusually high for this time of year

The average asking price for a UK home has dropped by more than £5,000 this month as the autumn budget caused housing market jitters before the usual Christmas slowdown.

Average asking prices from new sellers fell by £5,366, or 1.4%, in November to £366,592, compared with the 0.8% decline usually recorded at this time of year, according to the website Rightmove.

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Starmer aims to build ‘pragmatic and serious relationship’ in meeting with Xi

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Prime minister wants bilateral at G20 to lead to closer ties with China, which he sees as key to faster growth

Keir Starmer will become the first UK prime minister in six years to meet the Chinese president, Xi Jinping, promising to turn the page on UK-China relations by building “a pragmatic and serious relationship”.

Starmer and the chancellor, Rachel Reeves, have been pursuing a thawing of relations with the world’s second-largest economy on pragmatic grounds, suggesting that the UK cannot achieve its growth ambitions without better terms with China.

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Floods, explosions and asbestos: Thames Water faces potential problems on all fronts

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Exclusive: Senior managers say they are forced to press ahead with orders for vital items without approval

When Sarah Bentley and Sarah Albon met at Beckton sewage treatment works in east London, the choice of location was designed to underline Thames Water’s predicament.

The site is Europe’s largest sewage treatment operation, with Grade II-listed parts of the site dating to the 1860s. It is now connected with the new Thames Tideway super-sewer, but insiders say several parts of the site are simply crumbling. The site is also riddled with asbestos.

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Thames Water supply ‘on knife-edge’ with £23bn repairs needed

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Exclusive: Company has failed to tackle serious safety concerns or upgrade vital IT systems, Guardian investigation reveals

Thames Water has £23bn of assets that are in urgent need of repair and the supply of water to its 16 million customers is “on a knife-edge”, a Guardian investigation can reveal.

Britain’s biggest water company has failed to tackle adequately serious safety concerns, has not upgraded essential IT systems and has tolerated a culture of intimidation among staff, according to insiders and an analysis of documents.

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More than 5,000 investors now suing Hargreaves Lansdown

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Claims management company expects claims over collapsed Neil Woodford fund to exceed £200m

More than 5,000 people who invested in Neil Woodford’s collapsed equity fund are suing Hargreaves Lansdown, claiming that the investment platform was still promoting the fund even when it was aware of its problems.

The number of people suing Hargreaves Lansdown, the UK’s largest investment site, has almost doubled in the past two years, according to the claims management firm RGL Management. Two years ago the number of people taking part stood at 2,750.

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Australian businesses selling essential goods and services to be forced to accept cash payments

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Treasury confirms cheques will stay in circulation until 2029 but then cease to be accepted as legal tender

Businesses selling essential goods and services such as groceries, medicines and fuel will be forced to accept cash from their customers unless granted a special exemption, under a government mandate to take effect from 1 January 2026.

In a move designed to taper the phase-out of cash and ensure those who rely on it can still use it for the near future, the federal government will require certain businesses to take cash payments. But others, including many small businesses, will be exempt from the measure.

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United Utilities refuses to hand over data on sewage discharges into Windermere

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Water company claims information is not in the public interest despite widespread pollution of UK waters

• ‘It’s a national disgrace’: fury at sewage-filled Windermere over toxic algae and dead fish

One of the UK’s biggest water companies is fighting a legal battle to block public access to data on treated sewage it is discharging into Windermere in the Lake District.

United Utilities initially claimed that data from phosphorus monitors at sewage treatment works at the lake “was not environmental information”. It later claimed the information on phosphorus – which can pollute watercourses when at high levels – was “internal communication” and exempt from disclosure.

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Tech firm Palantir spoke with MoJ about calculating prisoners’ ‘reoffending risks’

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Exclusive: Rights group expresses concerns as it emerges US spy tech company has been lobbying UK ministers

The US spy tech company Palantir has been in talks with the Ministry of Justice about using its technology to calculate prisoners’ “reoffending risks”, it has emerged.

The proposals emerged in correspondence released under the Freedom of Information Act which showed how the company has also been lobbying new UK government ministers, including the chancellor, Rachel Reeves.

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Tesco’s £25 champagne beats Moët & Chandon in festive taste test

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Supermarket fizz bursts the prestigious French label’s bubble in blind tastings by consumer group Which?

Champagne at prosecco prices? Every little helps. Tesco’s Finest champagne has triumphed over the prestigious French label Moët & Chandon in a festive quaff test.

The Tesco Finest premier cru brut champagne received the top score of 82% in a blind taste test conducted by the consumer group Which?. The £25-a-bottle bubbly was hailed by judges for its “nutty aroma and fresh, fruity flavours”. The supermarket fizz beat Moët & Chandon, which scored 77% and at £44 is almost twice as expensive.

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Houses in national parks in England and Wales sell for 25% more, study finds

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Nationwide says New Forest is most expensive national park with an average property price of £576,000

Buying a home in a national park comes at a 25% price premium, with the New Forest the most expensive of the 13 parks in England and Wales, according to Britain’s biggest building society.

Nationwide said properties in a national park enjoy a valuation almost £67,000 more than a similar property elsewhere, based on the average UK house price of £266,640.

New Forest – £576,000

South Downs – £400,000

Peak District – £375,000

Yorkshire Dales – £353,000

Lake District – £333,000

Dartmoor – £310,000

Bannau Brycheiniog (Brecon Beacons) – £274,000

Eryri (Snowdonia) – £173,000

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Reeves tells City regulator to encourage more risk-taking in financial sector

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New remit given to FCA by chancellor raises fears of a weakening of rules meant to avert another financial crisis

The financial regulator has been ordered to encourage more risk-taking across the City, raising concerns that the Labour government is in danger of watering down rules meant to avoid another financial crisis.

In an official “remit” letter addressed to Financial Conduct Authority (FCA) boss, Nikhil Rathi, the chancellor, Rachel Reeves, said regulations meant to protect consumers should not stand in the way of “sensible risk-taking” by investors and the wider financial sector, which includes banks, asset managers and insurers.

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Green signal given for first UK co-operatively owned railway service

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Regulator approves bid by open-access operator Go-op to run trains in south-west England from late next year

The UK’s first co-operatively owned railway service could begin running trains in the south-west of England late next year.

The Office of Road and Rail (ORR) has approved a bid from open-access operator Go-op to run several new services between Swindon, Taunton and Weston-super-Mare, and compete with Great Western Railway on the line.

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