Category Archives: Business

Fashion retailer Shein finds child labour in its supply chain

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Disclosure comes as campaigners call on UK to oppose company’s planned listing on London Stock Exchange

The online fashion seller Shein has admitted it found two cases of child labour and factories failing to pay the minimum wage in its supply chain last year, as it tries to gain backing for a potential £50bn UK stock market flotation.

The disclosure, in Shein’s 2023 sustainability report, comes after workers’ rights campaigners called for the government to oppose a possible listing of Shein on the London Stock Exchange over concerns about a lack of transparency about its supply chain and ethical questions. The British Fashion Council (BFC) has also said the listing, which could be announced as early as next month, would be a “significant concern” to the industry.

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Average annual energy bill to rise by 9.5% to £1,717 in Great Britain from October

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Campaigners fear increase by £149 in energy price cap by Ofgem will put more pressure on households

Households will begin the run-up to winter with a sharp increase in their energy bills after the industry regulator increased its cap on energy prices by 9.5% from October.

Under the new price cap, the average annual energy bill will rise to £1,717 a year for gas and electricity, up £149 from its current level of £1,568, which has been in place since July.

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Australia news live: winter heat record set in South Australia; NZ suspends import of all Australian tomatoes

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South Australia has notched up its hottest winter day on record. Follow the day’s news live

David Anderson says it was ‘the right time for me’ to resign from ABC

The ABC managing director, David Anderson, is speaking with ABC RN after yesterday’s announcement of his resignation.

And I think the right time for the ABC. It is something I had thought about now for months, and went away on leave, spoke to [ABC chair] Kim [Williams] a lot. Kim tried to get me to change my mind. [I] came back from leave with it, certain in my mind that I was making the right decision.

We’ve got a long lead time for the board to find a new managing director, and I’ve been asked to and I agreed to stay on until that person starts, which could very well be April next year.

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Big polluters targeting esports industry with advertising deals, report reveals

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Oil firms, petrostates, airlines and carmakers ‘doubling down’ on sector that is popular with young people

Oil companies, petrostates, airlines and carmakers are among the big polluters bombarding the esports industry with adverts, a study has found.

Esports, short for electronic sports, are competitive video games watched by spectators, with multiplayer games such as League of Legends and Defense of the Ancients 2 attracting peak viewer figures in the millions.

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Botswana diamond could be second-largest gem-quality example ever found

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Canadian company Lucara digs up ‘extraordinary’ 2,492-carat stone from Karowe diamond mine

A 2,492-carat raw diamond discovered in Botswana could be the second-largest gem-quality example ever unearthed.

The Canadian mining company Lucara Diamond Corp said it had recovered the “exceptional” stone from its Karowe diamond mine, with a photo showing the hefty rough diamond sitting in the cupped palm of a hand.

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Paris Olympics gives eurozone economic boost after rise in spending

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French service sector drives growth but experts warn strong figures mask disappointing performance elsewhere

The Paris Olympics have provided a boost to the eurozone economy after a sharp rise in spending as athletes and spectators descended on the French capital for the summer sporting event.

Figures from a closely watched survey of businesses showed monthly French private sector output rose to its highest level in 17 months in August.

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PwC expecting six-month China ban over Evergrande audit

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Company tells clients it also expects to receive a large fine following property developer’s collapse

The auditor PwC China has reportedly told clients that it expects to receive a six-month ban from Chinese authorities, and potentially a large fine, as a punishment for its role in auditing the collapsed property developer Evergrande.

PwC expects to be banned from conducting regulated activities in China, such as signing off on financial results, for six months starting in September, the Financial Times reported.

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Sicily yacht wreck divers find bodies of five missing people

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Identities not disclosed but UK tech entrepreneur Mike Lynch and his daughter were among those onboard

Divers scouring the wreck of the luxury yacht that sank off the coast of Sicily on Monday have found the bodies of five of the six missing passengers.

The UK tech entrepreneur Mike Lynch, his teenage daughter Hannah Lynch, the Morgan Stanley International chair, Jonathan Bloomer, his wife, Judy, and the Clifford Chance lawyer Chris Morvillo and his wife, Neda, have been missing since the vessel went down on Monday morning.

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China begins anti-subsidy investigation into European dairy imports

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Inquiry into eight EU countries is latest chapter in hostility between Beijing and EU over trade

Chinese authorities have launched an anti-subsidy investigation into European dairy imports, in the latest sign of escalating trade tensions between Brussels and Beijing.

The announcement from China’s commerce ministry on Wednesday came a day after the European Commission revealed revised duties on Chinese electric vehicles as part of its examination into what it viewed as artificially cheap cars that posed a threat to jobs in Europe’s motor industry.

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Albanese given taxpayer-funded legal help after defamation threat from John Margerison

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Attorney general approves legal assistance ‘in relation to a defamation claim’ made against PM, along with approval for claims against Bill Shorten

The attorney general has approved legal assistance for Anthony Albanese and Bill Shorten in relation to defamation threats by a business associate of the former Liberal minister Stuart Robert.

On 12 August Mark Dreyfus approved assistance “in relation to a defamation claim” made against the prime minister on 23 July and for defamation claims on 23 and 25 July against Shorten, the government services and national disability insurance scheme minister, according to documents tabled to parliament.

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Shares in National Express owner jump as it starts sale of US school bus business

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Mobico also reports 24% increase in half-year profits to £71.2m as group tries to reduce £1.2bn debt

The owner of National Express has revealed it has begun the sale of its North American school bus business in an effort to reduce its £1.2bn debt, sending its shares sharply higher.

The share price of Mobico, which changed its name from National Express Group in June 2023, jumped by more than 20% after markets opened on Wednesday, before settling at 14% up at 66p by mid-morning.

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Social housing rents to rise as part of UK push to build affordable homes

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Rachel Reeves works on plan for 10-year formula to give councils and housing associations certainty

Social housing rents will rise by more than inflation over the next decade as part of UK government plans to boost affordable housebuilding and shore up the finances of struggling landlords.

The chancellor, Rachel Reeves, is working on plans to introduce a 10-year formula to calculate social rent on homes that will result in rents increasing every year by the rate of the consumer prices index – which is now 2.2% – plus 1%, removing an existing cap on rises.

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Australia politics live: Coalition to reveal cost of nuclear plan ‘in good time’, Angus Taylor says; misbehaving MPs face fines under new standards commission

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The government will introduce legislation today which includes penalties for MPs and parliament house staff who have been found to have committed wrong doing. Follow the day’s news live

Gambling ads ‘an issue of morality’: Sharkie

As Paul Karp reported yesterday, the independent MP Rebekha Sharkie is one of the MPs pushing for the major parties to be allowed a conscience vote on the forthcoming Labor gambling legislation.

The Murphy report called for a full ban. That’s the expectation of many members of parliament, both the opposition and government said and the crossbench, but many have said to me that they’re wrestling with their conscience on the idea that there would only be a partial ban and many people see this issue closely tied to their faith, an issue of morality.

So it would appear to me and also to Andrew Wilkie that, you know, a straightforward position would be to allow a conscience vote and in my time in the Parliament, we’ve had four conscience votes. I think it would naturally fit for the parameters an issue that sits within their soul.

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Bayesian yacht sinking: six presumed dead as divers try to access cabins

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UK tech entrepreneur Mike Lynch and daughter among those thought to have been trapped when storm hit off Sicily

Six people are now presumed dead after the super yacht they were onboard sank in a violent storm off the coast of Sicily.

Divers tried in vain on Tuesday to gain access to the inside of the sunken 56-metre Bayesian luxury vessel, where rescue crews believe those missing may have been trapped.

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Rachel Reeves planning to raise taxes and cut spending in October budget

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Chancellor insists she still has large black hole to fill despite stronger-than-expected growth in first half of 2024

Rachel Reeves is planning to raise taxes, cut spending and get tough on benefits in October’s budget amid Treasury alarm that the pickup in the economy has failed to improve the poor state of the public finances.

With the latest official set of borrowing figures out on Wednesday, the chancellor is insisting she will still have a substantial black hole to fill despite stronger than expected growth in the first half of 2024.

Raising more money from inheritance tax and capital gains tax.

Sticking to plans for a 1% increase in public spending even though it would involve cuts for some Whitehall departments.

Rejecting pressure to scrap the two-child benefit cap.

Changing the way debt is measured to exclude the Bank of England.

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Gold prices hit record high amid prospect of US interest rate cuts

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Spot price increases to $2,522.99, with record run meaning standard gold bar is worth more than $1m

Gold prices have hit a fresh high as increasing hopes of US interest rate cuts from the Federal Reserve prompted investors to buy more of the precious metal.

The spot price of gold rose to a record $2,522.99 (£1,941.69) on Tuesday morning, up 0.7% on the day. Gold bars generally weigh 400 troy ounces (12.4kg), so a standard gold bar is now worth more than $1m.

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Canadian export agency ‘hit by big losses after lending to Thames Water’

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State-backed body EDC has reportedly sold at deep discount two loans made to debt-ridden UK utility

Canada’s state-backed export credit agency is reportedly nursing steep losses after lending debt-ridden Thames Water hundreds of millions of pounds.

The British utility, which has said it could run out of cash by next June, received two loans from Export Development Canada (EDC) in 2018 and 2019 at the behest of the Canadian pension fund Omers.

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First £1 coin featuring King Charles III enters circulation

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Design with bees on reverse, part of collection inspired by plants and animals, was voted people’s favourite

The first £1 coin bearing the official portrait of King Charles III has entered general circulation as part of a collection inspired by plants and animals found across the four nations of the United Kingdom.

The latest design, featuring two bees, has been issued to Post Offices and banks, with nearly 3m coins making their way into tills and pockets.

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Federal Reserve ‘poised to begin cutting rates as early as September’

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Bank officials signal readiness to start interest rate-cutting cycle to ease pressure on households and businesses

Kamala Harris’s hopes of victory in the looming US presidential election have been given a boost by mounting expectations that the US Federal Reserve will cut interest rates from as early as September.

As Democrats gather for the party’s national convention in Chicago starting on Monday, economists on Wall Street said the world’s most powerful central bank was poised to begin a cycle of interest rate cuts before the end of the year.

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Housing construction and renovations to continue decline for ‘at least 12 months’, Australian building supplier says

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Reece forecasts further ‘softness’ in the building and renovation markets over the coming year

Australians’ love affair with their home has been unshakeable, with property owners usually willing to upgrade, detonate and renovate even during financial downturns.

But according to major plumbing and bathroom products supplier Reece, that is now being tested.

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