Category Archives: Business

Shrinking GDP forecast adds to German woes after coalition collapse

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European Commission figures predict German economy, usually the engine of the EU, will contract O.1% this year

Germany’s looming general election will be fought against the backdrop of a stagnating economy, the European Commission has forecast, with GDP expected to have contracted in 2024.

The commission’s quarterly forecast suggested Germany, traditionally the engine of the bloc’s economy, will be its weakest performer in 2025, notching up growth of just 0.7% after shrinking by 0.1% this year.

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Coles and Woolworths face class actions over claims misleading promotions deceived customers – as it happened

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Watt says issue of reconciliation not closed in Australia despite voice referendum

Wrapping up the interview, Murray Watt was also asked about the haka performed in New Zealand parliament yesterday over a controversial bill that proposes to radically alter the way New Zealand’s treaty between Māori and the crown is interpreted.

I think there are many Australians who care very deeply about the rights of our First Peoples. Of course, Australians had their say on the voice to parliament in the recent referendum but I don’t think that means the issue of reconciliation is closed in Australia. That is something that our government remains committed to working on with our First Peoples and I think a lot of Australians support that as well.

I probably won’t comment on what’s happening in New Zealand because it’s their own affairs, but it shows these issues still really matter to people.

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Investment firm London Capital & Finance was Ponzi scheme, court rules

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Judge Robert Miles says former chief Michael Thomson and four others knowingly participated in fraud

Investment firm London Capital & Finance (LCF), whose failure in 2019 triggered one of Britain’s biggest retail investment scandals, operated as a Ponzi scheme, a London judge ruled on Thursday.

The high court said former chief executive Michael Thomson and four others had knowingly participated in the fraud, misled investors and misappropriated assets in a ruling welcomed by LCF’s joint administrators, which brought the case.

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Global plastic production must be cut to curb pollution, study says

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Analysis lays bare huge challenge of mismanaged waste on eve of UN plastic treaty talks in Busan

Global plastic production must be reduced to tackle the immense challenge of plastic pollution, according to an analysis published on the eve of crucial talks to hammer out the world’s first legally binding treaty on plastic waste.

Mismanaged plastic waste, which leaches into the environment and can be harmful to health, will double to 121m tonnes by 2050 if limits are not placed on the production of plastic, according to Samuel Pottinger, the lead author of the research.

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UK court sides with Icelandic firm over artist’s spoof corruption apology

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Judge considering complaint by fishing firm Samherji rules artist Odee unlikely to be able to defend work as parody

The property rights of Iceland’s largest fishing company prevail over the right to artistic expression of an artist who spoofed the firm’s website to draw attention to a high-profile corruption scandal, London’s high court has ruled.

For his 2023 work We’re Sorry, the Icelandic artist Oddur Eysteinn Friðriksson, who goes by the moniker Odee, copied the corporate identity of Samherji, a major supplier to Britain’s fish and chips industry, and uploaded on to the spoof website a statement titled “Samherji Apologizes, Pledges Restitution and Cooperation with Authorities”.

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Minister pledges better protection for UK airline passengers

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Louise Haigh says she hopes to ensure a repeat of the air traffic control failure of August 2023 never happens again

Airline passengers will benefit from tougher enforcement of consumer protection laws following an inquiry into the August 2023 air traffic control meltdown, transport secretary Louise Haigh has said.

She said she wants to ensure “all passengers feel confident when they fly”.

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Southern Water’s debt downgraded to junk status by Moody’s

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Company close to technical default on some of its debt, underlining UK industry’s precarious state

Southern Water’s debt has been downgraded to junk status by the credit rating agency Moody’s in a decision that underlines the precarious state of the UK water industry.

Moody’s said Southern’s “history of material operational and financial under-performance” could imperil its plan, announced last month, to borrow £4bn from investors.

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Burberry’s turnaround chief plans £40m cuts and ‘scarf bar’ rollout

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Shares in fashion brand jump as ‘urgent’ cost-cutting programme announced following half-year losses

Burberry has unveiled a £40m cost-cutting programme as its new chief executive pledged to “stabilise the business” with a turnaround plan aimed at reviving the fortunes of the ailing British luxury fashion brand.

Joshua Schulman, the former Coach boss who replaced his ousted predecessor, Jonathan Akeroyd, in July, said the company was “acting with urgency” after straying too far from its roots of “timeless core collections” and outerwear, including trench coats and scarves with its distinctive Burberry check.

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Efune insists his Daily and Sunday Telegraph bid is still on track

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Asset manager Oaktree out of running as backer but businessman has ‘high confidence’ he will get finance

The British owner of the New York Sun has said his £550m offer to buy the Daily and Sunday Telegraph is still on track, despite a big potential backer not joining the bid.

Dovid Efune entered exclusive talks to buy the Telegraph titles last month after submitting the highest bid in the second round of the auction for the titles.

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Police make arrest and seize water pistol after incident outside NSW parliament – as it happened

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Could Donald Trump really fire Kevin Rudd?

The former prime minister’s criticism of Donald Trump has drawn the ire of those in the president elect’s inner circle, and prompted renewed debate about whether the incoming administration could seek retribution.

I’d be very much opposed to that.

You’ve got the world’s richest man, and you’ve given him this position of incredible influence in the American government. I think jobs for mates is a very bad idea. I don’t think that politicians should be putting their friends, their dear friends into positions of great influence in this country.

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News live: Birmingham says Australia could learn lessons from ‘disrupter’ Trump in making government more efficient

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The treasurer, Jim Chalmers will today announce funding of $900m for states and territories through a new national productivity fund to boost competition and productivity across the economy.

Launching the plan in a speech to the Australian Business Economists in Sydney, Chalmers is hoping the plan will will incentivise states to achieve productivity gains through pro-competitive policies such as streamlining commercial planning and zoning, and removing barriers to the uptake of modern construction methods.

In March this year, on behalf of the Council on Federal Financial Relations, I asked the Productivity Commission to model the potential impacts of a revitalised NCP.

Its final report landed this month and the benefits on offer are substantial, if not staggering. The PC found a revitalised NCP could boost GDP by up to $45bn a year and reduce prices by 1.45 percentage points. That GDP boost represents about $5,000 per household, per year.

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Fears for local news diversity if rightwing startup buys Southern Cross regional TV network

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Fringe news streaming channel ADH TV, which launched with Alan Jones at the helm, confirms offer for 93 regional free-to-air stations

Diversity of local news may be at risk if a rightwing startup, ADH TV, is given the green light to purchase Southern Cross Austereo’s regional television network, an expert has warned.

Southern Cross Austereo (SCA) has confirmed it has received an offer from the fringe streaming news channel to buy its 93 regional free-to-air TV stations. The digital broadcaster, which is chaired by the former ABC chair Maurice Newman, was launched in December 2021 with the former 2GB broadcaster Alan Jones at the helm.

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Metro Bank fined nearly £17m for failure to monitor potential money laundering

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Problems were raised by junior staff three years before they were completely resolved, says FCA

Metro Bank has been fined nearly £17m by the UK’s financial watchdog for failings in its money-laundering controls over four years, in a fresh blow to the lender a year on from its near-collapse.

In a surprise announcement that also triggered the early release of Metro’s third-quarter results on Tuesday morning, the Financial Conduct Authority (FCA) said it had found shortfalls in the bank’s financial crime checks between 2016 and 2020.

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Subsea cables to help Britain meet green energy goal get green light

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Ofgem gives green light to five interconnectors capable of powering millions of homes

Projects to lay five subsea power cables capable of powering millions of homes have been given the green light as Great Britain prepares to use its giant offshore windfarms to become a net exporter of green electricity in the 2030s.

The energy regulator, Ofgem, has approved three subsea cable projects linking Great Britain to power grids in Germany, Ireland and Northern Ireland to help share renewable electricity across borders.

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Musk’s influence on Trump could lead to tougher AI standards, says scientist

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Tycoon might help president-elect realise race for artificial general intelligence is a ‘suicide race’, says Max Tegmark

Elon Musk’s influence on a Donald Trump administration could lead to tougher safety standards for artificial intelligence, according to a leading scientist who has worked closely with the world’s richest person on addressing AI’s dangers.

Max Tegmark said Musk’s support for a failed AI bill in California underlined the billionaire’s continued concern over an issue that did not feature prominently in Trump’s campaign.

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Man charged with murder after woman’s body found in Penrith hotel – as it happened

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Meteorologists are forecasting that thunderstorms will develop over large swathes of the country every day this week, and likely into next.

Ben Domensino from Weatherzone has outlined the forecast as follows:

Early in the week, showers and thunderstorms will target central, eastern, southern and southeastern Australia on Monday and Tuesday. Severe thunderstorms are likely in parts of NSW and [Queensland] on both days and are also possible in other states.

Storms will become more focussed on a broad arc stretching across Australia’s eastern and northern states and down into the WA interior through the middle of the week. Sydney, Brisbane and Canberra will all be at risk of severe thunderstorm activity on Wednesday.

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British Steel to keep Scunthorpe blast furnaces operating past Christmas

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Confirmation follows progress at talks over government support for switch to less polluting technology

The owners of British Steel are to keep the blast furnaces at its Scunthorpe site running past Christmas amid talks over government support for a switch to less polluting technology.

The government is thought to be considering aid for British Steel at the same level or even higher than the £500m pledged to Tata Steel, which closed its two blast furnaces in Port Talbot in September. However, no decisions on the shape of a package have been made.

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Leading UK estate agent cuts its longer-term house price growth forecast

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Hamptons says ‘modest’ rises can be expected amid ‘dampening effect’ of higher interest rates overall

Expectations that UK interest rates may stay higher for longer, as well as revenue-raising measures in the budget, have prompted a leading estate agent to cut its forecast for house price growth over the longer term.

The revised forecast from Hamptons came days after Halifax and Nationwide banks said the annual rate of property price growth had slowed, with the former saying it was likely to be “modest … for the rest of this year and into next”.

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Australia ‘not immune from trade tensions’, Chalmers says of incoming Trump presidency

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Treasurer says he spoke about tariffs to a ‘key member’ of Republican’s economic team before the US election

Australia’s economy will not be immune from escalating trade tensions, Jim Chalmers has warned, as the Albanese government prepares itself for an incoming Donald Trump administration.

In a speech to be delivered on Monday , the treasurer will outline the risks of an “uncertain world characterised by economic vulnerability and volatility” but will say the Australian government is “well-placed and well-prepared”.

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‘He hears me’: Trump’s Wall Street fixer prepares to assemble obedient administration

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Cantor Fitzgerald CEO Howard Lutnick is planning to stack the incoming White House staff with Trump loyalists

Scrambling to construct an administration in the wake of his shock victory eight years ago, Donald Trump looked far beyond his inner circle, and those who ardently embraced his agenda. Not this time.

The president-elect has charged Howard Lutnick, a longtime friend, and one of the few high-profile figures in corporate America to vocally endorse his campaign, with recruiting officials who will deliver, rather than dilute, his agenda.

A masculinity researcher on the Democrats’ ‘fatal miscalculation’

Election deniers use Trump victory to sow more doubt over 2020 result

What a second Trump presidency means for big US tech firms

Who could be in Trump’s new administration

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