Harris says cost of living ‘still too high’ as she lays out economic agenda

Democratic presidential nominee fleshed out economic vision for middle class and small businesses

Millions of Americans are struggling to make ends meet, Kamala Harris has said, as the Democratic presidential candidate fleshed out the economic agenda she hopes to adopt in the White House.

Conceding that the cost of living in America “is still just too high”, the vice-president argued this was true “long before” the Covid-19 pandemic ravaged the global economy, and she took office with the president, Joe Biden.

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Jared Kushner’s private equity firm faces inquiry as it fails to return profits

Trump son-in-law’s Affinity Partners fuels Senate suspicions of foreign influence-buying before US election

A private equity firm owned by Jared Kushner, Donald Trump’s son-in-law, has been paid $157m in fees since 2021 without returning any profit to investors, according to a US Senate inquiry.

The finding from the Senate finance committee has fuelled suspicions that the Miami-based company, Affinity Partners, may be a foreign influence-buying operation established in anticipation of the former president returning to the White House.

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Labour crackdown on non-doms may raise no money, officials fear

Exclusive: Watchdog may conclude that emigration of wealthy individuals could actually cost Treasury revenue

Keir Starmer’s promised tax crackdown on non-doms could yield no extra funds for the Treasury, leaving a £1bn hole in the government’s planned spending for schools and hospitals.

Labour planned to use the money raised from wealthy individuals who are registered overseas for tax purposes to invest in ailing public services.

But the Guardian understands that Treasury officials fear estimates due to be released by the government’s spending watchdog may suggest the policy will fail to raise any money because of the impact of the super-rich non-domiciles leaving the UK.

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UK economy to grow faster than Japan, Italy and Germany this year, says OECD

Forecast upgrades UK to joint second after US but it is still expected to have highest inflation among G7 countries

The global economy is “turning a corner”, according to the Organisation for Economic Cooperation and Development, which has upgraded the UK’s growth forecast for this year to faster than that of Japan, Italy and Germany.

The OECD’s latest outlook ranked Britain joint second among the G7 developed countries in its latest outlook for the world economy. However, the UK is still expected to have the highest inflation in the group.

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Co-operative Group returns to profit as almost £40m lost to shoplifting

Mutual reports half-year pre-tax profit of £58m despite soaring wage bill and rising cost of theft at retail stores

The Co-operative Group has laid bare the impact of shoplifting as it said the cost of crime in its stores soared by almost 20% to £40m in the first half of the year.

The member-owned mutual has spent £18m so far this year on measures to protect staff in its food business, including rolling out body-worn cameras and fortified kiosks.

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Greens MP invokes Whitlam in public housing push – as it happened

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Plibersek approves three coalmine expansions

We have more on environment minister Tanya Plibersek’s approval of three coalmine expansions on Tuesday from Graham Readfearn here.

There’s a range of everyday common health conditions that are unnecessarily blocking up our emergency departments and contributing to those wait times to see our precious general practitioners.

We would love to see more GPs. Who doesn’t love their local family doctor? My wife and I and our children certainly do. But we all know how difficult it is to not only find one, find one that bulk-bills, but find one that hasn’t closed their books and can take an appointment. That’s not just in the bush, that’s in our major capital cities as well, whether it’s after 6pm or on a weekend, when your local pharmacy is open.

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Rightmove rejects third bid from Rupert Murdoch’s REA Group

Australian company says it is frustrated that UK property website has refused to engage over £6.1bn offer

Rightmove has rejected a third bid from Rupert Murdoch’s REA Group and said the offer was “unattractive” and undervalues the UK’s largest online property portal.

On Wednesday Rightmove confirmed that its board had “unanimously rejected” the non-binding cash-and-shares offer put forward on Monday, which valued the company at £6.1bn.

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‘Davos on the Mersey’: key conference takeaways as Labour tries to woo business

As the budget looms, where the party stands on investment in the UK economy, workers’ rights and more

For a second year running, corporate Britain descended on Liverpool for Labour’s annual conference, in an event so packed with executives that some insiders joke the socialist gathering has developed into a full-blown “Davos on the Mersey”.

Like last year, the exhibition and conference fringe had sponsored events, lounge areas and advertising from exhibitors including Gatwick, National Grid, Ikea and Specsavers. This year, however, business leaders were looking for clues about how Labour will govern after July’s election landslide.

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Caroline Ellison sentenced to two years after serving as star witness against FTX’s Sam Bankman-Fried

Ex-Alameda CEO and ex-girlfriend of fallen crypto mogul pleaded guilty, but prosecutors requested lenient sentence

Caroline Ellison, the former crypto executive and romantic partner of the disgraced FTX founder Sam Bankman-Fried, was sentenced to 24 months in prison in Manhattan federal court on Tuesday. Ellison was a central figure in the FTX bankruptcy saga and key witness for the prosecution in the $8bn fraud trial that ended with Bankman-Fried’s conviction.

Ellison served as the chief executive of Alameda Research, which was the trading arm of the now defunct FTX crypto exchange. The collapse of FTX, once valued at $32bn, was directly linked to revelations that it was attempting to financially prop up Alameda with fraudulent accounting. Subsequent investigations and criminal charges found that FTX and the hedge fund had used billions in customer funds for risky trades and lavish personal spending.

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‘Can’t afford health insurance’: California CVS workers take strike vote

More than 7,000 workers to hold strike vote this week amid accusations of staff shortages and expensive healthcare

More than 7,000 workers at CVS stores across California are holding a strike vote this week after accusing the US’s largest pharmacy chain of shortchanging staff and failing to provide affordable healthcare.

CVS and its union remain far apart in negotiations on a new contract. Their current union contract expired on 30 June 2024.

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Airlines suspend more Lebanon flights amid Israeli airstrikes

Emirates, Qatar Airways, Air France and Lufthansa among carriers pausing services to and from Beirut

International airlines have suspended more flights to Lebanon amid an Israeli bombardment that authorities said had killed almost 560 people since Monday.

The United Arab Emirates-based airline Emirates announced the temporary suspension of its flights to Beirut on Tuesday and Wednesday. Its sister airline flydubai also cancelled flights to Beirut on Tuesday and Wednesday.

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Tanya Plibersek approves three coalmine expansions in move criticised as ‘the opposite of climate action’

Decision angers environment groups with Australian Conservation Foundation saying Albanese government ‘continues to disappoint’

The environment minister, Tanya Plibersek, approved three coalmine expansions on Tuesday in a step described by conservationists as reckless and “the opposite of climate action”.

The Australian Conservation Foundation (ACF) said the three projects, all in New South Wales, would generate more than 1.3bn tonnes of greenhouse gas emissions in their lifetime.

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EU plant exporters turning backs on UK over ‘painful’ border checks, says trade group

Trading relationships at ‘breaking point’ because of delays and costs, garden centres and nurseries warn

Exporters of plants and flowers from mainland Europe are turning their backs on supplying Britain as “painful” new Brexit border checks are putting some trading relationships at “breaking point”, garden centres and nurseries have warned.

The Horticultural Trades Association (HTA), which represents garden retailers and growers, said long-held links between British nurseries and EU suppliers were now being put under strain because of the delays and costs associated with the new border processes.

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Australia news live: RBA ‘didn’t explicitly consider’ hiking interest rates, governor says

Reserve Bank leaves interest rate on hold for seventh meeting in a row. Follow all the days’s headlines live

Tony Armstrong is leaving ABC News Breakfast for a new show screening in 2025. He told viewers this morning:

I just want to thank Brekky and the broader ABC News team for welcoming me in with open arms and helping me grow over the past few years. I love live TV and those moments that are unplanned and unpredictable where anything can happen. I’ve been so lucky to be surrounded by an incredible team and it’s those friendships that I’m going to cherish the most.

How blessed we’ve been to have Tone on our screens every morning, bringing the sparkle, joy and heart that only Tony can! Tony is a wonderful friend and everyone at News Breakfast is going to miss his infectious and caring nature. I know it’s meant so much to me and to thousands upon thousands of First Nations viewers waking up to see Tony representing us on the daily. Can’t wait to see what you do next, Tone! Maybe sleep?!

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China unleashes boldest stimulus in years to boost ailing economy

The People’s Bank of China announces a host of policy support measures but some experts fear they may not be enough

China’s central bank unveiled its strongest suite of economic stimulus measures since the start of the Covid pandemic, underlining the difficulty it faces in reviving an economy grappling with a prolonged property crisis and strong deflationary pressures.

Governor Pan Gongsheng said the People’s Bank of China will cut the amount of cash that banks must hold as reserves – known as reserve requirement ratios (RRR) – by 50 basis points. The People’s Bank of China will also cut a key policy rate by 0.2 percentage points to 1.5%.

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Cutting winter fuel payments ‘right decision’, says Reeves, as No 10 says no change to council tax discount for single people – Labour conference live

Chancellor says £22bn gap in current spending budget and state pension rise meant she had to make decision on means-testing fuel payments

In interview this morning Rachel Reeves, the chancellor, defended her own decision to accept clothing donations worth £7,500 when she was in opposition.

Speaking on the Today programme, she said:

I can understand why people find it a little bit odd that politicians get support for things like buying clothes.

Now, when I was an opposition MP, when I was shadow chancellor of the exchequer, a friend of mine who I’ve known for years [Juliet Rosenfeld] – she’s a good personal friend – wanted to support me as shadow chancellor and the way she wanted to support me was to finance my office to be able to buy clothes for the campaign trail and for big events and speeches that I made as shadow chancellor.

It’s never something that I planned to do as a government minister, but it did help me in opposition.

It’s rightly the case that we don’t ask taxpayers to fund the bulk of the campaigning work and the research work that politicians do, but that does require, then, donations – from small donations, from party members and supporters, from larger contributions, from people who have been very successful in life and want to give something back.

We appreciate that support. It’s part of the reason why we are in government today, because we were able to do that research work, and we were able to do that campaigning.

Unite and the Communication Workers Union (CWU) have put forward motions which were due to be debated on Monday afternoon, with strong support expected from other unions.

Sources said unions were told late on Sunday that the debate is being moved to Wednesday morning.

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Competition minister ‘concerned’ Australians pay most in world to sell their homes online

Agents and critics claim business practices and pricing structure of REA Group - which owns realestate.com.au - stifle competition in market

The assistant competition minister, Andrew Leigh, says he is “concerned” Australians are paying the highest costs in the world to advertise their homes for sale online.

After a Guardian Australia investigation into the market power of the Murdoch-controlled REA Group – which owns realestate.com.au – Leigh said he wanted to see costs in the property market come down.

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Reserve Bank expected to leave interest rate untouched for seventh meeting in a row

Economic activity was ‘a little bit softer’ than central bank had predicted, one expert notes, but a rate cut still seems unlikely

How soon the Reserve Bank might cut interest rates will be the focus for borrowers and economists alike when the central bank wraps up its latest meeting on Tuesday.

Governor Michele Bullock is expected to keep the RBA’s key rate unchanged for a seventh meeting in a row, according to a survey of 45 economists by Reuters. The bank lifted the rate 13 times between May 2022 and last November.

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JCB profits rise despite faltering demand in UK and Germany

Company owned by Bamford family benefits from strong US sales offsetting end of exports to Russia

JCB has reported an increase in profits last year as strong US sales made up for its exports to Russia ending and faltering demand in the UK and Germany.

The company, one of the largest manufacturers in Britain, said that pre-tax profits rose 44% to £806m last year, up from £558m in 2022, according to a summary of its accounts published on Monday.

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Batterymaker Northvolt to cut 1,600 jobs amid electric car ‘headwinds’

Move comes after weeks of uncertainty over reports of financial problems as green vehicle sector struggles

The Swedish batterymaker Northvolt is to cut 1,600 jobs, in response to “headwinds” blowing through the electric car industry.

The battery company announced redundancies across three of its sites on Monday, including 1,000 in Skellefteå, in northern Sweden, where it is suspending the expansion of Northvolt Ett, Europe’s first homegrown battery gigafactory.

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