Category Archives: Business

‘It’s desperation’: Ireland’s restaurant industry facing crisis with daily closures

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Rise in VAT, inflation and people working from home has led small business owners to demand government support

Blazing Salads, Dillingers, Assassination Custard and Brasserie Sixty Six in Dublin, Church Lane and Sage in County Cork, and Barnacles in Galway.

These are just some of the most recent additions to the list of more than 600 restaurants that have been forced to close in Ireland in the last year in what is being seen as a growing crisis for the country’s high street and tourist offering.

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Post Office considering making branch operators fund ‘losses pool’, inquiry told

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Option among those explored, as state-owned body looks to recover £12m a year written off over Horizon scandal

The Post Office is looking into the possibility of creating a “losses pool”, funded by branch owner-operators, as it seeks to address the mounting financial issue of shortfalls in its network of 11,500 outlets.

Following damning high court judgments in 2019, which ultimately resulted in hundreds of postmasters being exonerated over wrongful prosecutions for shortfalls linked to faulty Horizon software, the Post Office pursues losses only if there is an agreement with the branch owner-operator.

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Biden’s economic legacy could decide the presidential race in Scranton

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The politically split Pennsylvania town shows why the race is so close – and it’s unclear whether the president’s legacy will be enough to carry Harris over the line

From the north, motorists pull into Scranton via the Joseph R Biden Jr Expressway. Cutting through the scenic Pocono Mountains, now at the start of autumn color season, they are greeted with a towering, electric billboard, blaring an encapsulating – if divisive – message to this working-class town: “Democrats for Trump,” it reads. “Economy,” it continues, with a green checked box next to the word.

The sign in Biden’s hometown is the perfect fall 2024 welcome mat in this crucial swing state filled with voters whose economic anxiety or satisfaction will decide next month’s election.

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Rachel Reeves will tax businesses to plug £9bn black hole in NHS

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The chancellor is set to announce a revenue-raising budget designed to reset Britain’s public finances

Rachel Reeves is set to use one of the most pivotal budgets of recent times to call on businesses to pay more tax to help restore the NHS, amid warnings that the health service has been left with a £9bn hole in its finances.

The chancellor is expected to stake her reputation on a tax-­raising budget designed as a reset of the public finances. She has already had to deal with cabinet skirmishes over funding unveiled alongside the statement. However, Reeves is understood to believe that the public will accept a multibillion-pound hike in business taxes if it is linked to repairing the health system’s finances.

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Quarter of UK summit investment came before Labour win, analysis suggests

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Ministers heralded ‘record-breaking’ £63bn total at London event but £16.5bn appears to have preceded July election

About a quarter of the investment announced by the government at its summit this week appears to have been secured or initiated before Labour came to power.

Ministers touted £63bn of investment at the summit on Monday, where they hosted hundreds of company bosses in a showcase of the UK’s pro-growth policies.

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‘Best-in-class’ seats and no bog-standard loos: first look at HS2 train interiors

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Carriages for controversial high-speed line focus on passenger comfort, innovations and headroom, mock-ups reveal

For now, it remains unclear quite how far any passenger will travel on future HS2 services – whether reaching Euston or on high-speed tracks all the way to Crewe. But however short the journey, an exclusive peek at HS2’s embryonic carriages reveals travellers will be enthroned in “the best seats of any UK trains” – even, arguably, in the toilets.

Conscious of discontent with the “ironing board” seats in some of the newest trains introduced to Britain’s railways, HS2 are putting passengers’ backs and bottoms centre stage.

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Boeing faces new scrutiny as US aviation agency opens safety review

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Three-month audit by FAA was not triggered by a specific event but is part of its oversight of safety culture

The Federal Aviation Administration (FAA) said on Friday it will open a three-month review of Boeing’s compliance with safety regulations, continuing the agency’s closer oversight of the company since a panel blew off a Boeing jetliner during an Alaska Airlines flight in January.

The FAA said its review will examine key areas of safety processes at Boeing to make sure that they “result in timely, accurate safety-related information for FAA use”.

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Musk steers X disputes to conservative Texas courts in service terms update

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Although choosing a venue is not uncommon, northern district stands out because it’s not where X is located

Elon Musk’s X has updated its terms of service to steer any disputes from users of the social media platform formerly known as Twitter to a federal court in Texas whose judges frequently deliver victories to conservative litigants in political cases.

New terms of service that will take effect on 15 November specify that any lawsuits against X by users must be exclusively filed in the US district court for the northern district of Texas or state courts in Tarrant county, Texas.

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Australia news live: Bondi beach reopens after tar-ball pollution; tornado warning for Victoria

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Waverley council says no remaining evidence of the debris could be found at Bondi, Bronte and Tamarama beaches. Follow today’s news live

Max Chandler-Mather continued, and told ABC News Breakfast:

I would argue in this instance in the context of one of the worst housing crises we have seen in generations … now is precisely the time where we need more than tinkering around the edges and we need substantial change.

There is a building consensus we need to scrap these tax handouts. Increasingly the biggest barrier is a prime minister [who has just] gone through multiple days of scandal for buying another property and being a property investor.

So I think there’s a real moment here the government should seize to make real substantial change to the lives of hundreds of thousands of renters, and the bottom line is the Greens are ready and willing to work with Labor to do it.

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Infrastructure taskforce to help chancellor avoid financial sector turmoil

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Rachel Reeves is to seek advice from City experts to ensure big projects’ value for money and reassure markets

Rachel Reeves, the chancellor, is taking action to ensure her budget plan for a multibillion-pound increase in government borrowing to fund infrastructure projects avoids a Liz Truss-style meltdown in financial markets.

Ahead of her tax and spending event on 30 October, the chancellor is convening on Friday the first meeting of a taskforce of leading City figures to advise on infrastructure projects. The government will also launch a watchdog to oversee public works and ensure value for money for the taxpayer.

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Netflix to double profits after adding millions of subscribers in three months

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After cracking down on password sharing, expanding into ads and investing billions in live TV, group declares success

Netflix expects to double its profits this quarter after the world’s largest streaming service added more than 5 million new subscribers this summer.

After cracking down on password sharing, introducing adverts to its service and investing billions in live TV, the group declared it had “delivered” on plans to shore up its business.

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ECB cuts interest rates to support flagging eurozone economy

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Fall in inflation enables central bank to bring in quarter point cut to 3.25% after business and consumer slowdown

The European Central Bank has intervened to prevent a sharp slowdown in the eurozone economy with its first back-to-back interest rate cut since the euro crisis in 2011.

With Germany on the brink of a recession and inflation tumbling across the 20 member single currency bloc, the ECB followed a reduction in the cost of borrowing at its previous meeting in September with a further 0.25 percentage point cut in its key deposit rate to 3.25%.

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Negative stereotypes in international media cost Africa £3.2bn a year – report

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Focus on conflict, corruption and poverty heightens perception of risk, raising interest on sovereign debt, authors say

Africa loses up to £3.2bn yearly in inflated interest payments on sovereign debt due to persistent negative stereotypes that dominate international media coverage of the continent, according to a new report.

Research by consultants Africa Practice and the advocacy non-profit Africa No Filter suggests that media portrayals, especially during elections when global coverage is heightened, focus disproportionately on conflict, corruption, poverty, disease and poor leadership, widening disparities between perceived and actual risks of investing in the continent, and creating a monolithic view of Africa.

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Australia news live: Queensland LNP candidate alleges he was assaulted; Sydney Harbour Bridge closed after fatal crash

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New polling from the Australia Institute shows that Australians view the supermarkets as “public enemy No 1” in the cost of living crisis.

The Australia Institute’s Centre for Future Work surveyed 1,014 voters, and 83% said supermarkets deserve some blame – or a great deal of blame – for the soaring cost of living.

Australians are pointing the finger squarely at supermarkets as public enemy No 1 in the cost-of-living crisis … More people blame supermarkets for the cost-of-living crunch than governments or banks.

The public’s appetite for increased supermarket competition is unmistakable. Nearly two-thirds of voters see it as crucial for alleviating cost-of-living pressures … There’s likely to be political rewards for taking actions that increase supermarket competition.

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Great British Energy can become a major power generator, says its chair

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Jürgen Maier’s vision for company includes the potential to borrow its own money in order to rival multinationals

Britain’s new national energy company will eventually become a major power generator, running its own windfarms, tidal power and carbon capture schemes and potentially borrowing its own money, according to its new chair.

Jürgen Maier, the chair of Great British Energy (GBE), told the Guardian in an interview that his vision for the company far outstrips its current scope and would put it on a par with multinational firms such as Denmark’s Ørsted or Sweden’s Vattenfall.

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Louis Vuitton owner LVMH reports surprise sales drop amid China slowdown

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Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7%, briefly hitting two-year low

Shares in luxury goods brands slumped after Louis Vuitton’s LVMH reported an unexpected fall in third-quarter sales amid China’s economic slowdown.

Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7% in early trading, briefly hitting a two-year low, before regaining slightly, after it warned of an “uncertain economic and geopolitical environment”,with falling sales in Asia.

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Report calls for child labor protections as Project 2025 seeks to limit regulations

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Study offers actions Biden can take after surge in child labor violations and warns protections may weaken under Trump

State governments across the US are taking steps to eliminate protections for minors as rates of child labor violations, injuries and chronic school absenteeism rise, according to a report released on Wednesday.

The report by Governing For Impact, the Economic Policy Institute, and Child Labor Coalition proposes actions the Biden-Harris administration can take in response to a recent surge in child labor violations around the country and a trend of some states passing legislation that rollbacks state-level child labor protections.

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Surprise fall in UK inflation badly timed for benefit recipients

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Payments such as universal credit linked to previous September’s figure, meaning a rise of just 1.7% in April

Last month’s surprise fall in UK inflation lands with bad timing for millions of people who receive state benefits linked to the figure, who can now expect their payments to rise by just 1.7% next April.

A number of benefits, including universal credit, are increased each tax year in line with the cost of living figure for the previous September.

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Premier Inn owner Whitbread ramps up cost-cutting plans as tax rise looms

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Firm’s profits fall 22% and demand slows, with hospitality sector bracing for employer tax increase in budget

The Premier Inn owner, Whitbread, is ramping up its cost-cutting programme amid slowing demand, as the hospitality sector braces for a widely expected employer tax rise in this month’s budget.

The company, which owns the Beefeater and Brewers Fayre restaurant chains as well as the UK’s biggest hotel brand, said its total revenues had been flat at £1.57bn in the six months to 29 August, while profit before tax fell by 22% year on year to £309m.

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UK inflation falls below 2% for first time since 2021 in boost to Rachel Reeves

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Surprise annual drop to 1.7% in September raises chance of interest rate cuts, increasing budget leeway

Inflation in the UK has fallen to its lowest level in three and a half years, giving a pre-budget boost to Rachel Reeves as expectations grow for the Bank of England to cut interest rates.

Figures from the Office for National Statistics show the consumer prices index dropped sharply to 1.7%, down from 2.2% in August, in a bigger fall than anticipated in financial markets, driven by lower air fares and petrol prices.

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