New report upgrades outlook for UK economy with growth now forecast at 1.1% rather than 0.7%
The International Monetary Fund has warned the trade tariffs favoured by US presidential candidate Donald Trump could hurt global growth, as it upgraded its forecast for the UK economy.
The Washington-based organisation said tariffs trigger tit-for-tat trade wars that impoverish the economies involved in the dispute and the wider global economy.
Continue reading...Report says ‘intense military operations in Gaza have left unprecedented humanitarian, environmental and social catastrophe’
Gaza’s economy has been left in “utter ruin” by the year-long war between Israel and Hamas, and it would take 350 years to return to its pre-conflict levels, the United Nations has warned.
In a report on the economic costs of the war prepared by its trade and development wing (Unctad), the UN said the fighting since Hamas killed more than 1,000 Israelis on 7 October last year had devastated the remnants of Gaza’s economy and infrastructure.
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The opposition leader, Peter Dutton, has been speaking with ABC RN about a range of issues – including Lidia Thorpe’s actions at King Charles’ parliamentary reception yesterday.
Dutton argued that “sometimes people make it all about themselves, and I think that’s what yesterday was.” He said it “didn’t advance anyone’s cause” and “add[s] to the self promotion … that she seeks.”
The vast majority of people have been very welcoming the king’s visit, and I think it’s been an opportunity to underscore the stability in our democracy, our rule of law, separation of powers, all of those institutions that we inherited from our British heritage.
That’s part of the success story of our country, and it’s a good reminder during his visit [that] if we change it, I think we want to be very careful about the system we’re changing to and whether or not we would be a safer, more secure, community and environment for decades to come or not.
Continue reading...HMRC and FCA asked to look into property deals with Saifuzzaman Chowdhury now under investigation for corruption in Dhaka
British regulators have been urged by MPs to examine the relationship between London estate agents, lawyers and lenders and a former Bangladeshi government minister under investigation for alleged corruption.
Saifuzzaman Chowdhury was the land minister in Bangladesh until earlier this year, when the government of Sheikh Hasina was spectacularly toppled, after her regime’s violent suppression of student protests.
Continue reading...Survey shows many consumers unaware that previously standalone businesses now owned by big corporations
Small breweries in the UK are ditching the term “craft beer” in favour of “indie beer”, warning that global corporations have bamboozled many drinkers into believing that formerly independent brands are still artisanal hidden gems.
In a survey by YouGov that marks a new phase of the bitter war over what constitutes “craft beer”, consumers were asked to say whether 10 beer brands were made by “independent craft breweries”.
Continue reading...Program that ties new infrastructure to housing projects will start in 2027 in 10 Melbourne ‘activity centres’, premier says
The Victorian premier, Jacinta Allan, says an overhaul of the state’s infrastructure contribution scheme will ensure communities that build more homes will receive funding for key amenities like schools and parks.
With her government’s third housing policy announcement in as many days, Allan on Tuesday flagged a revamped statewide pilot infrastructure contribution program.
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Continue reading...US company gives customers the ability to build own virtual agents as well as releasing 10 off-the-shelf bots
Microsoft is introducing autonomous artificial intelligence agents, or virtual employees, that can perform tasks such as handling client queries and identifying sales leads, as the tech sector strives to show investors that the AI boom can produce indispensable products.
The US tech company is giving customers the ability to build their own AI agents as well as releasing 10 off-the-shelf bots that can carry out a range of roles including supply chain management and customer service.
Continue reading...Analysis from business and trade department says bill will significantly strengthen workers’ right. This live blog is closed
In the past the weirdest budget tradition was the convention that the chancellor is allowed to drink alcohol while delivering the budget speech. But since no chancellor has taken advantage of the rule since the 1990s (and no one expects Rachel Reeves to be quaffing on Wednesday week), this tradition is probably best viewed as lapsed.
But Sam Coates from Sky News has discovered another weird budget ritual. On his Politics at Jack and Sam’s podcast, he says:
Someone messaged me to say: ‘Did you know that over in the Treasury as they’ve been going over all these spending settlements, in one of the offices, its full of balloons. And every time an individual department finalises its settlements, one of the balloons is popped.’
There couldn’t be a more important time for us to have this conversation.
The NHS is going through what is objectively the worst crisis in its history, whether it’s people struggling to get access to their GP, dialling 999 and an ambulance not arriving in time, turning up to A&E departments and waiting far too long, sometimes on trolleys in corridors, or going through the ordeal of knowing that you’re waiting for a diagnosis that could be the difference between life and death.
We feel really strongly that the best ideas aren’t going to come from politicians in Whitehall.
They’re going to come from staff working right across the country and, crucially, patients, because our experiences as patients are also really important to understanding what the future of the NHS needs to be and what it could be with the right ideas.
Continue reading...Strikes targeted Al-Qard Al-Hassan buildings in Beirut’s southern suburbs, south Lebanon and the Bekaa valley
Israel carried out a series of airstrikes on the southern suburbs of Beirut, south Lebanon and the Bekaa valley early on Monday morning, hitting buildings belonging to the Hezbollah-run banking institution Al-Qard Al-Hassan.
At least 10 airstrikes were carried out in the southern suburbs of the capital, with an entire building collapsing and a jet of fire streaming into the air in the Chiyah neighbourhood. A building close to Lebanon’s only commercial airport was also struck, video footage showing a smoke plume billowing while a nearby plane sat on the runway.
Continue reading...The House of Mouse taps former Morgan Stanley CEO as its new board chair, who will lead search for Iger’s replacement
Walt Disney said it would announce another replacement for CEO Bob Iger in early 2026 and named a veteran of Morgan Stanley as board chair on Monday, for the first time announcing a timetable for succession at the storied media and entertainment company.
James Gorman will step down as executive chair of Morgan Stanley at the end of 2024 and take on the position at Disney in January. He had served as CEO of the Wall Street bank for 14 years and is credited with transforming it into a wealth management powerhouse.
Continue reading...Poll shows more voters support US vice-president’s tax and housing policies compared with the Republican nominee
Donald Trump has lost his advantage over Kamala Harris on who is best qualified to manage the economy, new polls suggest.
With millions of voters already casting early ballots for the presidency ahead of election day on 5 November, a fresh Associated Press/NORC poll says Harris, the Democratic nominee, has taken a slight lead when it comes to some key economic questions that concern middle-class voters.
Continue reading...Economists at investment bank say markets are underestimating likely extent of action by Bank of England
Interest rates are on course to fall to 2.75% by next autumn after the Bank of England reduces the cost of borrowing at each of its nine next meetings, a leading investment bank has predicted.
Economists at Goldman Sachs said that, according to their assessment of the long-term level of interest rates consistent with achieving the government’s 2% inflation target, markets were underestimating the likely extent of the action by Threadneedle Street’s nine-strong monetary policy committee (MPC).
Continue reading...Letter to governing body accuses Saudis of using sports to ‘distract from the regime’s brutal human rights reputation’
More than 100 professional female footballers have signed a letter calling on Fifa to end its sponsorship deal with the state-owned Saudi Arabian oil company, Aramco, accusing Saudi authorities of “brutal human rights violations”.
A four-year deal signed in April will see Aramco, which is 98.5% state-owned, sponsor major tournaments including the men’s World Cup in 2026 and the Women’s World Cup in 2027.
Continue reading...Hauliers’ group Transport in Nood BV launched judicial review earlier this year over fines issued in Ulez and Lez
Transport for London (TfL) could be forced to pay back millions of pounds in low emission zone fines issued to Dutch lorry drivers after agreeing they had been issued unlawfully.
The body said it had agreed to settle a claim regarding the Ulez fines after a company representing dozens of Dutch haulage companies launched a legal challenge into the ultra-low emission zone (Ulez) and low emission zone (Lez) fines earlier this year.
Continue reading...Private equity firm CD&R revealed to be in exclusive talks to buy 50% stake in consumer healthcare arm Opella
The French government has warned a US private equity firm buying the consumer healthcare arm of the drugmaker Sanofi that it faces penalties of more than €100m if it does not keep production and jobs in France.
Sanofi is splitting off Opella, which makes the paracetamol brand Doliprane, the laxative Dulcolax and other over-the-counter medicines and vitamins. However, news of talks with the New York-based Clayton, Dubilier & Rice on 11 October prompted fears about French jobs and the loss of control to a foreign company.
Continue reading...King Charles III and Queen Camilla have greeted the crowd at the Australian War Memorial, shaking hands and high-fiving kids. Follow the day’s news live
Independent Kooyong MP responds to Victorian government rezoning plan
Monique Ryan, the federal member for Kooyong, was up on ABC News Breakfast earlier to discuss the Victorian government’s rezoning plan:
The announcement this weekend from the premier was for nine massive new developments just in the electorate of Kooyong. That’s huge. These could be up to 20 storeys high. Of course that will cause some concern from people who live in the area, who have chosen to live there, because it’s a beautiful part of the world.
We’re not saying we don’t want it, I think people in my part of the world are welcoming it. We’d also like some assurances from the government they will include social and affordable housing in these developments. We really don’t have any detail as of yet and that’s the stuff that’s missing at this point.
Continue reading...Judge rebukes airline for ‘vast legal costs’ expended to defend claims of illegally firing baggage handlers
A federal court judge has rebuked Qantas for the “vast legal costs” expended to defend claims it illegally sacked almost 1,700 baggage handlers in 2020, as former workers move a step closer towards a compensation payout.
Justice Michael Lee ruled on Monday that three test cases should receive $30,000, $40,000 and $100,000. They suffered varying amounts of “non-economic loss”, the court ruled.
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Continue reading...Autumn price bump failed to emerge as buyers spoiled for choice, with properties on market at a 10-year high
The number of homes being sold is up almost a third, year on year, so far this month, although the traditional autumn price bump has failed to emerge due to buyers being spoilt for choice, with the number of properties for sale at a 10-year high, according to Rightmove.
The number of sales agreed is up 29%, with the number of house hunters contacting estate agents up 17%, despite some market uncertainty caused by the looming budget at the end of October.
Continue reading...Third of total comprises bonuses at Severn Trent as indebted Thames nearly doubles payouts to executives
Bonuses for water company bosses in England and Wales rose to £9.1m this year despite record sewage discharges into rivers and seas.
More than a third of that total comprised bonuses at Severn Trent, which was fined £2m this year for “reckless” pollution but lifted its bonuses to £3.36m.
Thames Water almost doubled its payouts to executives, from £746,000 in 2021-22 to £1.3m in 2023-24, despite its CEO quitting halfway through the year.
Data from Companies House, analysed by the Liberal Democrats, show that overall bonuses increased from £9.013m last year to £9.127m this year.
The payouts pile further pressure on the regulator, Ofwat, to intervene in the decisions of water company boards. Last year, raw sewage was discharged for more than 3.6m hours into rivers and seas, a 105% increase on the previous 12 months.
Continue reading...Business Council of Australia also recommends phasing out stamp duty and fast-tracking migrant workers for building industry
The nation’s peak business body has called for a $10bn housing reform fund that will pay out to states that fix the regulation and planning bottlenecks contributing to the supply crisis.
The Business Council of Australia is also pushing for the nation-wide removal of stamp duty on homes, warning that it disincentivises people from moving to smaller dwellings and freeing up larger homes.
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