Category Archives: Business

Australia politics live: Albanese tells caucus Labor will campaign on ‘risk’ of Dutton; Miles returns as Queensland Labor leader

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‘We need to extend the average time people stay in our defence force,’ says Matt Keough

The defence personnel minister, Matt Keough, has also been talking about that retention and renumeration package for defence.

We need to extend the average time people stay in our defence force.

That does mean it had a vulnerability. We’re looking at moving to more of a mesh-type arrangement of satellites, which provides greater resilience, with a more up-to-date technology, and we’ll be able to deliver the technology faster as well.

We are very much confident that we can meet these targets and that’s because we have properly funded them and we have a plan to get there, which is about really improving the terms of service for those who work in our defence forces.

We’re increasing and expanding the bonuses for continuing on in the defence force. We’re continuing the original retention bonus after your initial service obligation for three years and beyond that. There will be another bonus for people who stay in the defence force after that. And that’s really targeting those who are in their seventh, eighth, ninth years of service, which gets to the middle ranks where we’ve got an issue. And we’re also going to grow the active reserves so there are more opportunities for people in the reserve to do full-time or part-time work in the defence force.

This original plan goes back seven or eight years and it was about having two or three satellites above Australia to deliver that capability. Since then, we have seen technologies develop which can shoot satellites out of the sky but we have also seen technologies develop where you have thousands of micro satellites in a more distributed way providing the same effect and we are seeing that with Starlink above Ukraine.

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Britain’s green energy pledge ‘credible’ if planning fixed, says system operator

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State-owned Neso says Britain could be net exporter of green electricity by end of decade at no extra cost

A plan to create a clean electricity system by 2030 promised by Labour before the election is “immensely challenging” but still “credible” if ministers take urgent action to fix Britain’s sluggish planning system, the energy system operator has said.

Britain could become a net exporter of green electricity by the end of the decade at no extra costs to the energy system under the plans and bills may even fall if ministers make the right policy changes, according to the operator.

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UK retail sales growth slumps as shoppers wait for Black Friday deals

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Later October half-term break and budget uncertainty also led to lower spending, says industry

Growth in UK retail sales slumped in October, according to industry figures that suggest shoppers have put off spending in anticipation of Black Friday promotions and because of a later school half-term break.

Figures from the British Retail Consortium (BRC) show total sales grew by 0.6% year on year in October, significantly weaker than September’s and less than half the three-month average growth rate.

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Burberry shares rise after reports Moncler is considering bid

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Head of LVMH, an investor in Italy’s Moncler, reportedly keen to get deal done with British luxury brand

Shares in Burberry have risen by more than 7% after reports suggested Italian rival Moncler may be considering a bid for the British luxury fashion brand.

The spike came after the trade journal Miss Tweed reported that Moncler, which also owns Stone Island, was looking at a potential acquisition of Burberry, which has struggled as demand for luxury goods has fallen.

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Ryanair profits plunge amid lower fares and Boeing delays

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Problems with delivery of 737 aircraft left airline ‘over-crewed and over-costed’, says CEO Michael O’Leary

Ryanair’s profits have dropped by nearly a fifth, as lower peak-season fares met higher costs that the airline blamed partly on problems at Boeing.

Summer fares were down by an average 7% as Ryanair cut prices to keep its planes full, carrying 9% more passengers from April to September this year than last.

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Independent MPs cancel airline VIP memberships – as it happened

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In case you missed it – political editor Karen Middleton talked to shadow transport minister Bridget McKenzie about the Qantas saga for the Australian Politics podcast – please enjoy McKenzie’s nimble wordcraft:

Westpac has recorded a $7bn full-year profit, representing a modest decline on last year’s strong result, as the number of homeowners falling behind on repayments jumped higher.

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Greggs scoffs at reports of snub by its Christmas ad star Nigella Lawson

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TV chef, who has signed up for bakery chain’s first ever festive advert, says she is a fan of its sausage rolls

Nigella Lawson has issued an impassioned paean to the Greggs sausage roll, amid reports of a banger-based dust-up that threatened to cast a shadow over her appearance in the bakery chain’s first ever Christmas advert.

Greggs confirmed on Sunday that the celebrity chef and cookbook author had agreed to star in its inaugural Christmas promotion, in which Lawson will purr over such delicacies as vegan festive bakes.

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Push to count ‘sleepovers’ as breaks could lead to 28-hour shifts for Australian care workers, unions warn

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Fair Work Commission to hear case brought by business group asking for change to safety net for care industries

A business push to count “sleepovers” as breaks in care industries could result in “nightmare” 28-hour shifts without penalty rates, unions have warned.

This week the Fair Work Commission will hear a case brought by the Australian Industry Group asking it to change the safety net for care industries to clarify that hours worked before or after a sleepover count as separate shifts.

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Albanese pledges permanent free Tafe places – as it happened

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Australians will have access to permanent free Tafe nationwide if the Labor government is re-elected, the PM says in the first major policy announcement. Follow today’s news live

Trump ‘not afraid to exercise power’: Hockey

Hockey says he believes Trump will seek to restart his trade war with China as he “sees China as the main adversary of the United States rather than Russian, or even threats in the Middle East”.

At the end of the day, if – the United States – the thing about Donald Trump is he’s not afraid to exercise power and he’s not afraid to threaten to use power. If he does that, then it actually emboldens Australia’s position, doesn’t weaken it because it means we have an entry point into that unpredictable power that others don’t.

I think Trump is – I know that Donald Trump sees Australia very favourably when it comes to issues like national security. I think that will flow through to Aukus that he won’t want to change the relationship with Aukus. He will, however, put a greater priority on building up the US defence system, its reservoir of not only talent, but also importantly the hardware, be it F-35s or Virginia-class subs. So might mean we go down the pecking order on the Virginia-class subs, but again it will rely heavily on our advocacy with Trump.

Whatever the case, I think, you know, we’ll be in a good position with Harris as well.

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King and Prince William’s estates ‘making millions from charities and public services’

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Duchies of Cornwall and Lancaster likely to make at least £50m from leasing land to services such as NHS and schools, according to investigation

King Charles and Prince William’s property empires are taking millions of pounds from cash-strapped charities and public services including the NHS, state schools and prisons, according to a new investigation.

The reports claim the Duchies of Lancaster and Cornwall, which are exempt from business taxes and used to fund the royals’ lifestyles and philanthropic work, are set to make at least £50m from leasing land to public services. The two duchies hold a total of more than 5,400 leases.

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More than meatballs: Ikea opens its first UK standalone restaurant in London

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Diners hail ‘great price’ of dishes at Swedish furniture chain’s food outlet next door to its Hammersmith store

Its meatballs are as famous as its flatpack furniture, with a meal in one of its restaurants often the highlight of an Ikea trip.

Now shoppers can enjoy an Ikea meal without lugging around their kitchen sink – literally – as the furniture company has opened its first standalone restaurant on the UK high street in King Street in Hammersmith. Located next door to its west London city store, the space seats 75 people and serves a range of Swedish dishes.

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UK supermarkets using multibuy deals to encourage sales of meat, study finds

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Exclusive: about one in five offers involve meat and dairy and one in ten processed meat despite known health risks

Supermarkets are using multibuy promotional deals to encourage shoppers to buy meat and processed meat, despite the products being linked to a heightened risk of cancer, research reveals.

Almost one in five (18%) of multibuy offers in major British supermarkets involve meat and dairy products, and one in ten (11%) processed meat such as ham, bacon and sausages.

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Imported Christmas trees cost more thanks to post-Brexit checks

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Nearly all are deemed ‘high-risk’ and so will need customs declarations and phytosanitary certificates

Every year, hundreds of thousands of Christmas trees make the journey into the UK to take pride of place in living rooms across the country.

But the the cross-border operation faces a new hurdle this year. Plants coming from the EU will be subject to post-Brexit border checks that importers are warning will increase costs for sellers, and probably push up prices for consumers.

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Australia news live: PwC reveals it sacked eight staff over data breaches; Perth man dies after being taken to police watch house

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Court to rule in Pauline Hanson-Mehreen Faruqi case

A federal court judge is ready to rule on whether Pauline Hanson made a racial slur when she told Greens senator Mehreen Faruqi to go back to Pakistan.

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Qantas and Virgin among 1,200 major companies that paid no income tax in Australia in 2022-23

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ATO finds 31% of large businesses reported nil tax paid as many companies deducted losses and used offsets to dial their bills down to zero

A major streaming service, media outlets, big airlines and a pizza chain are among more than 1,200 large companies that paid no income tax in 2022-23, a new ATO report reveals, as many businesses deducted losses and used offsets to dial their tax bills down to zero.

Netflix’s Australian operations generated more than $1.15bn in income in the 2023 financial year, documents show, but had no tax payable.

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Striking Boeing workers to vote on deal offering 38% pay rise and bigger bonus

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More than 30,000 workers have been on strike since September and rejected two earlier offers from company

Striking Boeing workers will vote on an improved contract offer on Monday, which includes a 38% pay rise over four years and a bigger signing bonus, their union said on Thursday.

More than 30,000 factory workers who produce Boeing’s strongest-selling 737 Max commercial jet and other planes have been on strike since 13 September and have rejected two earlier offers from Boeing.

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Rachel Reeves’s most irritating manifesto fudge: private equity’s tax loophole | Nils Pratley

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Labour said it would bring taxation of performance-related pay in the industry in line with others – but the chancellor had a change of heart

It has been almost two decades since Nicholas Ferguson, a grand figure in the private equity business, caused a storm by talking out loud about his industry’s dirty little secret. It could not be right, he said, that highly remunerated private equity executives could pay less tax than a cleaner or other low-paid workers.

Things have moved on a bit since 2007. So-called “carried interest”, or carry – the portion of an investment profit that the private equity managers retain as a bonus for success – is now taxed at 28% under the capital gains regime; in the old days, rates in effect as low as 10% could be secured thanks to various exceptions.

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Reeves’s long-term spending figures almost as unrealistic as Tories’ were, IFS says – UK politics live

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Institute for Fiscal Studies says budget ‘looks like the same silly games’ as seen under the Conservatives

Rachel Reeves is now being interview on ITV’s Good Morning Britain.

She is being interviewed by Ed Balls, the former Labour shadow chancellor who is now a TV presenter. He asks her to confirm that workers will end up losing out because of the employers’ national insurance contributions (NICs) increase.

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Stellantis reports slump in car sales as European demand falls

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Owner of Fiat, Chrysler and Peugeot brands pushes back against rules that force sale of more electric vehicles

The owner of car brands including Fiat, Chrysler and Peugeot has reported a steep fall in sales, blaming production delays and flagging European demand.

Stellantis reported revenues on Thursday of €33bn (£27.6bn) for the July to September quarter, a drop of 27% compared with the same period a year earlier.

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EU launches action against shopping website Temu over illegal products

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Formal investigation opens amid concerns Chinese shopping website is breaching Digital Services Act

The EU has launched formal proceedings against the Chinese shopping website Temu amid concerns it is failing to halt the sale of illegal products online.

A formal investigation was opened on Thursday with the European Commission citing concerns over the platform, which is a cut-price rival to Amazon.

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