Category Archives: Business

Support planned for UK households struggling with winter energy bills

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Government discusses measures after criticism over cuts to winter fuel payments

Ministers have committed to help households struggling with their gas and electricity bills this winter after energy industry bosses warned that consumer debt had climbed to more than £3bn.

With Labour under fire for scrapping universal winter fuel payments to pensioners, ministers met energy industry bosses on Wednesday to discuss ways of supporting struggling households through the coming colder months.

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Thames Water says without steep bill increase it’s ‘neither financeable nor investible’

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Debt-laden company tells Ofwat if it cannot charge customers 59% more, it ‘would prevent company turnaround and recovery’

Thames Water has said it will be unable to recover from its funding crisis if it is blocked from charging customers significantly more, as it proposed to pile an extra £228 a year on to household bills.

The debt-laden company said the increase to bills that has been proposed by the industry regulator, Ofwat, leaves its activities “neither financeable nor investible”.

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Warren Buffett’s Berkshire Hathaway hits $1tn valuation on Wall Street

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Vast conglomerate becomes the first non-tech company to hit the major stock market milestone

The market value of Berkshire Hathaway surpassed $1tn on Wednesday, reflecting investor confidence in the conglomerate that Warren Buffett built over nearly six decades into what many consider a proxy for the American economy.

Berkshire joined six other companies, mainly from the technology sector, above $1trn: Apple, Nvidia , Microsoft, Google parent Alphabet, Amazon.com and Facebook parent Meta Platforms.

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Lego plans to make half the plastic in bricks from renewable materials by 2026

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Toymaker hopes to bring down oil-based plastic it uses by paying up to 70% more for certified renewable resin to encourage production

Lego plans to make half the plastic in its bricks from renewable or recycled material rather than fossil fuels by 2026, in its latest effort to ensure its toys are more environmentally friendly.

The Danish company last year ditched efforts to make bricks entirely from recycled bottles because of cost and production issues. At the moment, 22% of the material in its colourful bricks is not made from fossil fuels.

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Sydney property developer who ‘washed’ money for tax fraud scheme blackmailer forced to repay $11m

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Liquidators to recoup millions sent to blackmailer who threatened to expose Plutus Payroll tax fraud scheme

A Sydney property developer who helped “wash” money for a blackmailer convicted for threatening to expose tax fraud will have to cough up more than $11m.

Plutus Payroll and its directors stole $105m from the Australian Taxation Office by skimming off GST and transferring it elsewhere, according to court findings.

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Hyundai to double hybrid range as demand for ‘pure’ electric cars slows

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Carmaker increases portfolio to 14 and will also launch challenge in large and luxury vehicle sectors

The carmaker Hyundai has said that it will double the range of its hybrid car models amid a wider slump in consumer demand for “pure” electric vehicles.

Hyundai, which is increasing the number of hybrid vehicles in its portfolio to 14, also plans to move beyond making compact and mid-size electric vehicles (EVs) and challenge in the large and luxury vehicle sectors.

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Ryanair passenger numbers pass 20m a month amid 5% fall in fares

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Shares rise despite a drop in carrier’s revenues, which Michael O’Leary says will last until spring 2025

Ryanair said it has reaped strong traffic growth after a summer when the airline’s fares were down 5% and passenger numbers passed 20 million a month.

Shares in Europe’s biggest carrier rose on Tuesday, after the group chief executive, Michael O’Leary, revised previous gloomier predictions of a double-digit drop in peak-season fare income, although he said the dent in revenues would probably last until spring 2025.

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Keir Starmer takes a political gamble with message of bad news

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Past Labour PMs – Blair, Wilson, Attlee – have tended to arrive in power accentuating the positive

Sir Keir Starmer could perhaps have timed it better. On the day that Oasis, the band that symbolised the mood of sunny optimism that swept Tony Blair to power in 1997, announced their reunion, the prime minister’s message to the nation was that things would get worse before they got better.

Politically, it is quite a gamble. There haven’t been all that many Labour governments in the past 125 years, but they have tended to arrive in power accentuating the positive. That was true of Blair in 1997 and true of Harold Wilson in 1964.

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Australia news live: thousands rally in capital cities as CFMEU workers walk off sites; fears of overdose crisis as use of nitazenes grows

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Rallies in support of the CFMEU have kicked off across the nation’s capital cities, from Sydney, Melbourne to Brisbane. Follow the day’s news live

Jim Chalmers accuses Liberals of ‘economic insanity’ on potential housing cuts

Jim Chalmers was asked about the $100bn in cuts the Coalition is set to announce today, mostly from Labor initiatives, if it wins the next election. Would this appeal to the electorate?

What we know from what’s in the newspapers today is that they plan billions of dollars to cuts in housing at a time when we’ve got a very severe housing shortage, and this goes with the absolute economic insanity of the Liberals and Nationals. During an extreme housing shortage, they want to swing the axe on billions of dollars in housing funding.

Also this is $100bn they reckon – let’s see the details. They flagged more than three times that amount when it comes to cuts, so let’s hear them come clean on the other cuts. Let’s hear what it means for Medicare and pensions and for the economy more broadly.

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Coles profit surges to $1.1bn as shoppers grapple with cost-of-living crisis

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Greens accuse company of price-gouging, as supermarket attributes sales boost to seasonal campaigns and rising digital revenue

Coles has posted a surge in revenue from its groceries business and expanded supermarket profit margins to the highest level recorded in the pandemic era, even as shoppers grapple with fast-rising household costs.

The revenue bump underpinned a robust rise in annual profit to $1.1bn. It threatens to draw Australia’s second largest chain back into the public limelight as cost-of-living pressures become a central political issue for the next federal election.

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UK shop prices fall year on year for first time since cost of living crisis began

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Prices down 0.3% in first week of August as food inflation eases and retailers attempt to shift unsold summer stock

UK shop prices have dropped for the first time since the cost of living crisis began nearly three years ago, as food inflation eased and retailers offered discounts on clothes and household goods to shift unsold summer stock.

New data showed prices were down 0.3% in the first week of August, compared with the same period last year. That compares to a 0.2% rise in July, and the three-month average of 0%.

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Canada to follow US lead in imposing 100% tariff on Chinese electric vehicles

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Trudeau also announces 25% tariff on imported steel and aluminum and says ‘China is not playing by the same rules’

Canada, following the lead of the United States, on Monday said it would impose a 100% tariff on the import of Chinese electric vehicles and also announced a 25% tariff on imported steel and aluminum from China.

The prime minister, Justin Trudeau, said Ottawa was acting to counter what he called China’s intentional, state-directed policy of over-capacity. But he did not specify whether tariffs would be softened or would be the same on Tesla, whose shares were down over 3% on Monday after the announcement.

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Barclays enlarges half-year bonus pool for first time since 2021

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Rise to £675m after lifting EU bonus cap suggests lender may increase payouts to high-performing bankers

Barclays has bulked up its half-year bonus pool for the first time in three years, raising bankers’ hopes of bigger annual payouts after the lender formally scrapped the EU bonus cap this month.

The bank put £675m towards its bonus pool in the first six months of 2024, according to Barclays filings. That is up from the £665m put aside for its staff bonus pot, which is made up of cash and shares, over the same period in 2023. That bonus pool will continue to be built up until the end of the year, with staff able to be paid up to 10 times their salary now that the EU cap has been set aside.

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The US is a lucky charm – and reliable partner – for Irish businesses

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With just 5 million people, Ireland ranks sixth globally for foreign direct investment in US, above Italy and Mexico

More than 80 years since helping develop the nuclear bomb, Oak Ridge National Laboratory in the mountains of eastern Tennessee remains a critical piece of the US government’s research-and-development infrastructure.

Inside its walls lie the world’s fastest supercomputer; fusion, fission and neutron research projects; and thousands of expert scientists and researchers.

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Report warns 1.6m Australian households struggling to insure their homes

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Actuaries Institute report says rising insurance premiums will increase further because of natural disasters associated with climate crisis

Fast-rising home insurance premiums have plunged 1.6m households into affordability stress, an Actuaries Institute report has warned, with those in cyclone and flood-prone areas facing significant spikes in cost.

The figure is a 30% increase over the past year, and the institute has forecast it will only worsen as the frequency and intensity of natural disasters grows.

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Police acting as ‘private security’ for Drax power station, say climate activists

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Greenpeace among 150 groups expressing outrage after preemptive arrests led to cancellation of protest camp

Greenpeace and Friends of the Earth have accused police of acting as “private security” for the UK’s biggest carbon emitter after dozens of pre-emptive arrests forced the cancellation of a climate protest camp near Drax power station.

In a statement signed by almost 150 groups, they called the operation against activists who had spent months planning the camp near the wood-burning power station “an unreasonable restriction of free speech”.

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Government to seek global trade deals for UK at expense of formal EU re-entry

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Business secretary Jonathan Reynolds says joining Asia-Pacific CPTPP bloc is a ‘real win’ for exporters, even though it will preclude the UK from EU membership

The business and trade secretary, Jonathan Reynolds, has signalled a new twin-track approach to UK trade policy, in which the Labour government will pursue closer ties with the European Union while at the same time seeking new global partnerships further afield.

Writing for the Observer online, Reynolds welcomes the UK’s imminent entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a “real win” for British exporters.

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‘On the front foot’: Waitrose boss confident chain is getting its mojo back

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James Bailey is confident the market has swung in its favour, with more customers and plans to open new stores

Waitrose is getting its mojo back, according to the boss of the upmarket supermarket chain, with shoppers treating themselves more often to pricier items such as green harissa paste and organic beef fillet steak as the cost of living crisis subsides for them.

James Bailey says Waitrose is selling nearly double the amount expected of its range of branded ingredients for recipes by the celebrity chef Yotam Ottolenghi, which launched in April, while sales of its Duchy Organic range are up more than 10%, as are those for its premium No 1 own label range, while sales of its budget Essentials range are falling back.

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From cars to coffee machines, here’s how Australian spending habits are weathering the high cost of living

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Retailers like Temple & Webster have slashed their pricing and tweaked their product range to lure gen Z and millennials – and it’s working

Many Australian businesses are feeling the pinch as customers can no longer afford the armchairs, gadgets, clothing brands and new bathrooms they could before the cost of living shot up.

But spending patterns remain uneven, and at times counterintuitive, leading to a mixed corporate earnings season marked by subdued but not collapsing demand.

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Frasers Group seeks approval for Mike Ashley to cash in £585m in share buyback

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Company wants investors’ permission to buy billionaire’s shares in private deal at market price at the time

Mike Ashley’s Frasers Group is seeking approval for the billionaire entrepreneur to cash in £585m of shares which could be bought back by the company in a private deal.

Under the plan, the stock market-listed retail group said it wanted permission from shareholders to buy back the shares privately from Ashley – in one or several transactions – at the market price at the time.

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