Category Archives: Business

Tory former energy secretary facing conflict of interest claim over JCB owner links

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Shadow cabinet secretary Claire Coutinho accepted donation from Lord Bamford while overseeing millions awarded to his family businesses in green grants

A Conservative former cabinet ­minister who took donations from the billionaire boss of the JCB digger dynasty – including a £7,000 trip on his VIP private helicopter – oversaw decisions to award his family’s business empire millions in taxpayer-funded green energy grants.

Claire Coutinho also posed for ­pictures promoting Lord Bamford’s personal £100m hydrogen engine project and accepted a £7,500 donation from JCB to her local election campaign while she was the energy secretary in Rishi Sunak’s government.

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Markets and farm shops among targets of organised crime gangs, say experts

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Smoked salmon, artisan cheese and fine wine among food and drink lost by European outlets

Small food producers are increasingly being targeted by organised crime gangs and rogue industry insiders looking to exploit national and global supply chain challenges , according to food crime experts.

The warning comes after several food businesses in the UK and continental Europe revealed how they had lost hundreds of thousands of pounds in scams where thieves apparently posed as legitimate buyers.

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EU leaders vow to make bloc more competitive in face of Trump threat

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Budapest meeting finds consensus on need to raise growth and productivity as ‘America first’ protectionism looms

EU leaders meeting in Budapest have signed a declaration aimed at boosting the bloc’s ailing competitiveness – a task given added urgency by the threat of “America first” protectionist trade policies promised by the US president-elect, Donald Trump.

The bloc has too many barriers to innovation and must drastically reduce red tape, especially for startups; ramp up investment; make access to capital easier; and raise productivity, the European Commission president, Ursula von der Leyen, said on Friday.

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China unveils 10tn yuan support for debt-stricken local government

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Cash stops short of hoped-for ‘bazooka option’, with critics calling it ‘an accounting exercise’ that will not bolster growth

China has announced 10tn yuan in debt support for local governments and other economic measures, but stopped short of the “bazooka” stimulus package that many analysts had expected.

The fiscal package included raising debt ceilings for local governments by 6tn yuan (£646bn) over three years, so they could replace hidden debt, which authorities said stood at 14.3tn yuan by the end of 2023.

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Sydney homes flooded after water pipeline bursts – as it happened

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Racism, colonialism ‘driving Indigenous self-harm’

Australia’s dark colonial past and ongoing racism are driving self-harm in Indigenous communities, according to a respected Aboriginal psychologist.

That whole process has left communities suffering from intergenerational trauma, disadvantage and ongoing racism, as well as the exclusion from the benefits of society and a lack of acknowledgment and respect for their different cultural values.

We still want clinical approaches but we want to see culture at the centre of that.

In Australia, the crisis support service Lifeline is 13 11 14. In the UK and Ireland, Samaritans can be contacted on freephone 116 123, or email jo@samaritans.org or jo@samaritans.ie. In the US, you can call or text the National Suicide Prevention Lifeline on 988, chat on 988lifeline.org, or text HOME to 741741 to connect with a crisis counselor. Other international helplines can be found at befrienders.org

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Tax unhealthy foods to tackle obesity, say campaigners

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Health and children’s groups urge UK ministers to impose levies on products containing too much salt or sugar

Dozens of health and children’s groups have urged ministers to tackle obesity by imposing taxes on foods containing too much salt or sugar.

New levies based on the sugar tax on soft drinks would make it easier for consumers to eat more healthily by forcing food manufacturers to reformulate their products, they claim.

74% think food firms are not honest about the health impact of their products.

61% worry about the amount of sugar and saturated fat in what they eat.

Only 13% believe producers will make their food more nutritious without government intervention.

72% worry about high levels of processing used in food production.

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Fed chair says he will not resign even if pressured by Trump as interest rate cut

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Trump has been a persistent critic of the Fed, which lowered rates for the second time in a row as inflation continues to ease

US Federal Reserve chair Jerome Powell said he would not resign if he received any pressure from Donald Trump’s new administration to step down as the central bank lowered interest rates by a quarter-point Tuesday afternoon.

Trump has been a persistent critic of the Fed and its independence, calling its officials “boneheads” in his last administration and arguing that he should have a role in setting interest rates.

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Optus fined $12m after thousands could not call triple zero during 2023 outage

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Australian Communications and Media Authority says telco did not check welfare of 369 people who tried to make a call while lines were down

Optus has paid a $12m fine over its mobile network outage last year that resulted in more than 2,000 people being unable to make triple zero calls.

One year ago on Friday, a routine software upgrade to Optus’s mobile network brought down the service for 14 hours across the country for the company’s 10 million customers.

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Shrinkflation a ‘difficult decision’ for manufacturers, inquiry told – as it happened

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Former prime minister Malcolm Turnbull, who had some colourful moments in his relationship with Donald Trump in his first presidency, is up now being colourful on the ABC. He says the Australian prime minister “has to stand up for Australia and not follow the conventional approach, which is being urged on everyone, which is to suck up to Trump and be utterly deferential:

I had a very successful relationship with Trump because I stood up to him, stood my ground, incurred his wrath, won his respect, and then got very good outcomes for Australia.

He did sort of encourage a mob to try to overthrow the peaceful transfer of power in 2021, on January 6.

The deal that Morrison instigated and Albanese signed up to is a very, very asymmetrical deal. All of the risk was on Australia. We have no agency and no leverage over this, and that’s why I think the most likely outcome is we’ll end up with no submarines, and that will be entirely our own fault because we signed up to a dud deal.

We have been clear, in terms of the Liberal party leadership, that Peter Dutton and the Liberal party have no plans, no intentions, to see any changes to abortion laws, that we respect the states’ rights in that regard, and I am very clear in terms of my respect for women’s reproductive rights.

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City analysts overwhelmingly predict Bank of England interest rate cut

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Rare agreement among forecasters gives 96% chance of today’s MPC meeting cutting borrowing costs to 4.75%

The Bank of England policymakers are widely expected to cut borrowing costs for businesses and homeowners by reducing official interest rates from 5% to 4.75% when they meet later today.

Financial markets are overwhelmingly forecasting that the Bank’s nine-strong monetary policy committee (MPC) will reduce rates for a second time when it announces its latest decision at noon.

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Post-Brexit border scheme to simplify trade put on pause again

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Single Trade Window designed to reduce friction on imports and exports will be halted until at least 2026 amid cost fears

A key part of the UK’s post-Brexit border strategy has been put on pause for more than a year amid government concerns over the cost of implementing the scheme.

The introduction of the Single Trade Window (STW), which is designed to reduce friction for traders moving goods in and out of Britain, had already been delayed from late October to January next year, but will now be halted until at least 2026.

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US cancels $1.1bn of Somalia’s debt in ‘historic’ financial agreement

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Commitment by Mogadishu’s largest single lender is latest in series of deals to forgive ‘unsustainable’ $4.5bn debt

Somalia has announced that more than $1.1bn (£860m) of outstanding loans will be cancelled by the US, a sum representing about a quarter of the country’s remaining debt.

The announcement is the latest in a series of agreements in which Somalia’s creditors have committed to forgiving its debt obligations.

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Wetherspoon’s boss warns of pub price rises as result of Labour budget

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Tim Martin blamed increases to the minimum wage and employers’ national insurance contributions

Pubgoers should expect prices to go up as a result of Labour’s first budget in 14 years, the politically outspoken boss of Wetherspoon’s, Tim Martin, has said.

Speaking as the hospitality chain announced record quarterly sales, Martin pinned the blame for an expected increase in pubs’ costs on the chancellor, Rachel Reeves, whose economic “pedigree” he has previously praised.

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Trump tariffs would halve UK growth and push up prices, says thinktank

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NIESR warns British economy would be one of the worst affected by protectionist policies

UK growth is likely to be halved by Donald Trump’s victory in the US presidential race if goes on to impose the swingeing new tariffs he has threatened, a leading thinktank has warned.

The National Institute of Economic and Social Research (NIESR) said the protectionist measures planned by the Republican challenger for the White House would result in weaker activity, rising inflation and higher interest rates from the Bank of England.

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Inflation pain helped secure Trump win but his policies mean higher prices

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Markets expect his policy package to harm trade and growth but reduce business taxes

Higher share prices. A stronger dollar. A less rapid pace of interest rate cuts. The financial market reaction to Donald Trump’s return to the White House was swift and predictable.

The man who will become his country’s 47th president has made no secret of what he plans to do: cut taxes, impose heavy tariffs on imported goods, place curbs on migration, and slash red tape.

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Wall Street and bitcoin soar to record highs as Trump wins US election

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Dollar up and renewable energy stocks down, while shares in president-elect’s media business rise by more than a third

Wall Street and bitcoin rallied to fresh record highs and the dollar soared after Donald Trump’s victory in the US presidential election, while renewable energy stocks fell.

Trump was declared the winner on Wednesday morning after securing the 270 electoral votes needed to take the presidency.

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Bridget McKenzie updates register and apologises after failing to declare 16 flight upgrades

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Shadow transport spokesperson belatedly discloses Qantas and Virgin upgrades after it was revealed she failed to declare offers of better seats

Bridget McKenzie did not declare 16 flight upgrades received over the last nine years, with the Nationals senator apologising and belatedly updating her official register of interests to disclose numerous instances of business class travel which had not been declared as per parliamentary rules.

Two instances were in July and August this year, just a few months before the shadow transport spokesperson claimed to have never been offered a single upgrade on a Qantas flight. Another five upgrades were on personal flights between Australia and New Zealand, including four in 2018 while she was a cabinet minister.

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Morrison and Abbott praise Trump – as it happened

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There was some seriously colourful language in Senate estimates yesterday, but in this case the media regulator found radio hosts’ words were a step too far. Sarah Martin reports on what the Greens senator Sarah Hanson-Young described as “revolting, sexist, racist, misogynistic, divisive stuff”:

A “dangerous anti-abortion bill” before the Senate should be withdrawn, if the opposition leader, Peter Dutton, wants credibility on women’s healthcare, the minister for women, Katy Gallagher, says.

It is typical of Peter Dutton to view this purely as a matter of winning or losing votes, rather than any genuine commitment to women’s healthcare.

If Peter Dutton wants any credibility on women’s healthcare, he must immediately ensure Senators [Matt] Canavan and [Alex] Antic withdraw their dangerous anti-abortion bill currently before the Senate.

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AstraZeneca shares tumble after reports China unit is linked to insurance fraud

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Pharmaceutical’s weight loss pill described as ‘underwhelming’, also piling pressure on share price

AstraZeneca shares tumbled on Tuesday wiping £14bn off the value of Britain’s biggest drug maker, after a report that dozens of senior executives at its China unit could be implicated in an insurance fraud case in the country’s pharmaceutical sector.

Also putting pressure on the share price, early data on AstraZeneca’s experimental weight loss pill published on Monday was described as “somewhat underwhelming” by analysts at Deutsche Bank, who reiterated their “sell” rating on the stock.

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Employers shortchanged Australian workers a record amount of super last year, tax office says

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The dollar figure of superannuation that went unpaid after recovery efforts rose to $5.2bn from $4.8bn in 2022-23

Australian workers missed out on a record $5.2bn of superannuation that employers failed to pay last financial year, according to the Australian Taxation Office.

The ATO has released the data on the superannuation “gap” in its annual report, which also reveals that $1.4bn is likely to go unpaid because it is owed by insolvent companies.

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