Investors disappointed after hoped-for policy plans by Beijing to stimulate economy failed to materialise
Chinese stocks have suffered their worst fall in 27 years after efforts by Beijing to stimulate the world’s second-largest economy disappointed investors.
Stock markets in Asia fell sharply after China’s top economic planning authority failed to announce further measures to improve flagging growth.
Continue reading...US brand says it was ‘inspired’ by local fans flying in cookies from the US and selling them at the weekend – for $17.50 each
Popular US-based brand Crumbl Cookies has announced it will fast-track plans to open in Australia, after a rogue pop-up stand in Sydney created huge hype for the company’s kilojoule-filled products.
The announcement comes after unaffiliated fans of the American company flew in hundreds of cookies to sell at a temporary store near Sydney’s Bondi Beach, charging $17.50 a biscuit. The cookies usually sell for US$4.49 ($6.67) in the US.
Continue reading...Department of Justice examining ‘structural remedies’ to challenge tech corporation’s internet search monopoly
The US government may ask a judge to force the breakup of Google’s business as it attempts to challenge the tech corporation’s monopoly over the internet search market.
The Department of Justice has filed court papers that say it is considering enforcing “structural remedies” that would prevent Google from using some of its products such as Chrome, Android and Play, which the DoJ argues give the company an advantage over rivals.
Continue reading...Acquisition by Anglo-Australian miner comes despite global headwinds in electric car market
Rio Tinto is to buy the US company Arcadium Lithium for $6.7bn (£5.1bn), in a huge bet on the energy transition despite global headwinds in the electric car market.
The Anglo-Australian metals and mining company said it would pay $5.85 a share for the US-based lithium miner. That represents an almost 90% premium to Arcadium’s closing price of $3.08 a share on 3 October, the day before news of a potential deal emerged.
Continue reading...IEA says faster clean energy rollout being led by solar power in China with country set to boast half of world’s renewables by 2030
China is expected to account for almost 60% of all renewable energy capacity installed worldwide between now and 2030, according to the International Energy Agency.
The IEA’s highly influential renewable energy report found that over the next six years renewable energy projects will roll out at three times the pace of the previous six years, led by the clean energy programmes of China and India.
Continue reading...Emma Pinchbeck will take over as chief executive of Climate Change Committee next month
The government’s official climate watchdog has appointed the head of the energy industry’s trade association to lead its work helping to drive the UK’s emissions to net zero by 2050.
Emma Pinchbeck, the head of Energy UK, will take up the role of chief executive of the Climate Change Committee (CCC) from early next month after four years at the helm of the trade association.
Continue reading...Beijing also considering duties on European petrol cars after EU imposed extra levies on Chinese electric vehicles
China has imposed tariffs on EU brandy imports in an escalating tit-for-tat trade row with Brussels over extra levies on Chinese-made electric vehicles.
Beijing also said it was considering duties on imported petrol cars from Europe.
Continue reading...Agency had been investigating Kazakh company for suspected corruption and fraud over 12 years
The UK’s Serious Fraud Office (SFO) and the Kazakh mining company Eurasian Natural Resources Corporation have agreed a settlement to end one part of a years-long legal battle.
The agency had been investigating ENRC for suspected bribery and fraud in Africa and Kazakhstan, which the mining company denied. But the SFO dropped its decade-long investigation last year without bringing charges, citing insufficient admissible evidence.
Continue reading...Ofwat says firms must lower bills next year after poor performance on issues such as sewage spills and leaks
Water companies in England and Wales will have to return nearly £158m to customers through lower bills next year after falling further behind on key targets including sewage spills and leaks.
The regulator, Ofwat, announced the penalties as part of its annual review of companies’ performance.
Continue reading...States and District of Columbia allege platform’s ‘dopamine-inducing’ algorithm can lead to anxiety and depression
More than a dozen states and the District of Columbia have filed lawsuits against TikTok on Tuesday, alleging the popular short-form video app is harming youth mental health by designing its platform to be addictive to kids.
The lawsuits stem from a national investigation into TikTok, which was launched in March 2022 by a bipartisan coalition of attorneys general from many states, including California, Kentucky and New Jersey. All of the complaints were filed in state courts.
Continue reading...Consumer group analysed carmakers’ privacy policies to determine the extent to which modern, more digital vehicles collect data
A Choice analysis of carmaker privacy policies has found some of the biggest car sellers in Australia collect and share a range of driver data, including in some cases video and biometric data, with third parties.
The consumer group analysed the privacy policies of Toyota, Ford, MG, Mazda, Kia, Hyundai, Tesla, Subaru, Isuzu and Mitsubishi to determine the extent that modern vehicles are collecting data on their customers, as vehicles become more and more digital.
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Continue reading...Thai conglomerate Central Group to co-own high-profile retailer with Saudi Public Investment Fund
Saudi Arabia’s sovereign wealth fund has bought a stake in the upmarket department store Selfridges in its latest move on a high-profile British asset.
The Saudi Public Investment Fund (PIF) said it had signed a deal to buy a 40% stake in the loss-making retailer for an undisclosed sum.
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So what’s that ARC research project on islands actually about, anyway?
A blog watcher has taken the trouble to look up the research project that has Liberal MP James Stevens all hot and bothered, Archipelagic Connections in Australian and Pacific Literature:
Australia is often defined as an isolated island-continent, ‘girt by sea’. This project aims to challenge this protectionist myth by analysing literary and historical connections between different geographical sites that have been represented as enclosed in Australian history.
It expects to offer new interpretations of interconnected narratives of Aboriginal Australian, South Sea Islander and migrant enclosure in Australian literature.
The project also contributes to national strategic initiatives into the ‘truth telling’ on Australia’s past relations to Aboriginal Australians and the study of environmental change in islands and archipelagos.
Continue reading...Energy system operator expects winter power supplies to outstrip demand by almost 9% this year
The risk of winter blackouts in Great Britain has tumbled to its lowest in four years even after the shutdown of the UK’s last coal plant, thanks to investments in low-carbon electricity sources.
The National Energy System Operator (Neso) expects Britain’s winter power supplies to outstrip demand by almost 9% this year in its base case scenario, the greatest margin since the winter of 2019 to 2020.
Continue reading...Scope of oil and gas influence underscores concerns technology will prolong demand for planet-heating natural gas
The UK government’s move to award £22bn in subsidies to carbon capture projects followed a sharp increase in lobbying by the fossil fuel industry, it can be revealed.
Oil and gas giants such as Equinor, BP, and ExxonMobil attended 24 of 44 external ministerial meetings to discuss carbon capture and storage (CCS) in 2023, according to official transparency records.
Continue reading...Move could increase pressure on utility companies turning to bond markets amid crisis at Thames Water
Southern Water is looking to borrow up to £4bn from investors over the next five years, in a move that could ratchet up the pressure on utility companies turning to bond markets for support amid the ongoing crisis at Thames Water.
An investor presentation posted to Southern Water’s website shows that it will need to tap investors for up to £3.8bn worth of debt over the next five years, as part of a revised business plan – on top of needing to raise £650m worth of equity.
Continue reading...Vegemite sells for 30 cents more per 100g in Australia, a salty byproduct of lower supermarket competition sure to leave a bad taste
Shoppers in the UK are paying less for Australian brands including Vegemite and Tim Tams than customers in Australia, despite the classic products being made in Australia.
A comparison of seven Australian products stocked in UK supermarkets shows they are often cheaper to buy in Britain than at Australia’s two major supermarket chains.
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Continue reading...COO Andrew Northwall last month left the company that now owes almost 800,000 shares to an investor
The chief operating officer of Truth Social’s parent company has resigned, and the company must hand over almost 800,000 shares to one of its investors as part of a court ruling, according to a regulatory filing.
Andrew Northwall, the former COO, resigned from Trump Media & Technology Group Corp late last month, according to the Securities and Exchange Commission filing, adding that the company plans to “transition his duties internally”.
Continue reading...Decision opposed by five countries including Germany, where car firms say it could be ‘fatal’ blow for industry
EU leaders have given the green light to extra tariffs on electric vehicles from China despite opposition from five countries including Germany, where car manufacturers condemned the decision as a potential “fatal” blow for the auto industry.
The European Commission – which provisionally approved the step in June after an inquiry found that Beijing’s state aid to auto manufacturers was unfair – now has free rein to impose steep tariffs for five years from the end of this month.
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A joint police statement warns “there will be no tolerance for illegal behaviour or violence on any day of the year” in the lead-up to protests planned for the 7 October anniversary.
The statement comes from NSW police, Northern Territory police, the Queensland police service, South Australia police, Victoria police, Western Australia police, Tasmania police and Australian federal police.
Police respect the right to peacefully protest and assemble in Australia, however, there will be no tolerance for illegal behaviour or violence on any day of the year.
In Australia, there are offences that prohibit behaviour that incites or advocates violence or hatred based on race and religion, including the display of prohibited symbols in public under these circumstances.
The commission can confirm it carried out operational activity today at Parliament House. This was in relation to an ongoing investigation.
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