Australian share market suffers worst two-day decline since start of pandemic as it tumbles 3.7% on Monday
Australia’s share market has suffered its worst day since the onset of the pandemic as fears of a US recession prompted investors to exit their positions, erasing more than $100bn in value from local stocks.
A sea of red overwhelmed the local market on Monday, with the benchmark S&P/ASX200 index down by 3.7% to 7,649 at the close.
Continue reading...Staff at Sushi Bay were underpaid more than $650,000 with 163 employees suffering losses ranging from about $50 to just under $84,000, court finds
Record fines have been dished out for the “audacious” underpayment of migrant workers by a once-sprawling Aussie sushi chain.
Sushi Bay group companies were ordered to pay fines totalling $13.7m by the federal court on Monday after it was revealed workers were deliberately denied entitlements including penalty rates and annual leave payments.
Continue reading...Though tiny compared with rivals, English wine trade is thriving as climate crisis fuels flood of new capital from investors
The largest English vineyards increased their revenues by 15% last year, as wine investors respond to the climate crisis by planting more vines.
While the UK still languishes well down the list of the largest wine-producing nations, below countries such as Uzbekistan and Tunisia, the industry’s output has soared in recent years, rising by 77% last year to 161,960 hectolitres, equivalent to 21.6m bottles.
Continue reading...Poll reveals emergency contraception, free prescription deliveries and extended opening hours among services hit
Pharmacies across England are unable to provide critical NHS and public health services owing to the overwhelming financial and operational pressures they are facing, according to research.
A poll of pharmacy owners representing more than 2,100 pharmacies found that more than 96% of respondents said they had stopped providing locally commissioned services over the past 12 months.
Continue reading...Trade bodies blame lack of lab facilities at Brexit border posts for longer delays and shorter shelf life of food
Imported food coming into the UK through Brexit border posts is being sent back to Europe to be tested due to a lack of laboratory capacity in Britain, food bodies have said.
The SPS Certification Working Group, which represents 30 trade bodies covering £100bn worth of the UK’s food supply, has written to the government warning that members are being advised that some samples of imported foods are being sent to countries such as Germany to be tested before they can be released at the border.
Continue reading...Far-right plan for a Republican presidency would undercut unions, strip child labor laws and boost corporate profits
Donald Trump proclaimed he was for “all the forgotten men and women”, in his acceptance speech at the Republican convention. His vice-presidential pick JD Vance consistently portrays himself as a pro-worker populist. But an analysis of the labor chapter of Project 2025 – an ambitious rightwing plan to guide the next Republican presidency – found it has little to offer them.
Project 2025’s labor section proposes hardly anything to improve workers’ wages and working conditions. It is, however, chock full of recommendations that would boost corporate profits, undercut labor unions and advance the rightwing culture war.
Continue reading...After a difficult period on the high street, base rates are falling, temperatures are rising and things are looking up
It’s been a second cruel summer in a row for retailers and the hospitality business, but a more prolonged spell of warmth – and the first cut in interest rates in more than four years – may finally heat up the market, if it’s not too late.
From Argos paddling pools and outdoor furniture at garden centres to Heineken beer and Unilever’s ice-cream brands, sales have been dampened by poor weather, which has added to the pressure from high interest rates and energy bills. Sales volumes were down in June and July in the UK, according to the latest CBI distributive trades survey, with retailers expecting more falls in August.
Continue reading...US economy added 114,000 jobs in July in significant dip from June while unemployment increased to highest level since October 2021
The US labor market cooled significantly last month as unemployment unexpectedly rose, sparking fears of a slowdown across the world’s largest economy.
American employers added 114,000 jobs in July – short of the 180,000 additions expected by economists, and a marked decrease from the 179,000 added in June.
Continue reading...Mortgage payers and business owners vainly hope cut to 5% signals return to pre-pandemic era of cheap borrowing
Mortgage payers and business owners will be hopeful that a cut in interest rates to 5% by the Bank of England this week signals a return to the pre-pandemic era of low borrowing costs.
Unless much lower interest bills arrive soon, thousands of homeowners and businesses could be forced to sell up.
Continue reading...Europe’s main indices all decline and Japanese equities suffer worst day since 2020 while gold hits fresh record
Stock markets in Europe, Asia and New York tumbled on Friday as fears of a US economic slump grew and technology shares were hit by underwhelming earnings.
Concerns that the US could be sliding towards a recession spurred a global sell-off, which accelerated after a poor employment report on Friday showed that the US jobs market was cooling fast, pushing up the unemployment rate.
Continue reading...Kevin Burrowes received additional salary from the firm’s international arm but did not initially reveal it to parliamentary inquiry into company
The chief executive of PwC Australia, Kevin Burrowes, received a $1.2m payment from the consulting company’s international arm which he did not initially reveal to the parliamentary inquiry into the 2015 leaking of confidential government tax reform information.
A parliamentary inquiry was told on Friday that Burrowes first told the corporations and financial services committee that he was paid an annual salary of $2.4m. That was later corrected to $2.8m.
Continue reading...Ex-CNN anchor alleges fraud and breach of contract after X Corp owner abruptly ended video series partnership
The former CNN anchor Don Lemon has sued Elon Musk and X over a cancelled deal with the social media platform formerly known as Twitter.
His filing in California superior court in San Francisco includes claims of fraud, negligent misrepresentation, misappropriation of Lemon’s name and likeness and breach of express contract.
Continue reading...Incremental cuts likely over two to three years with rates expected to stay well above pre-Covid levels of 0.75%
Borrowers will breathe a collective sigh of relief. The Bank of England has cut interest rates by a quarter point to 5% and major lenders are shaving their best-buy mortgage offers in response.
Those wanting to get on the housing ladder should find property slightly more affordable after the cut, which ends a year of ultra-high borrowing costs and is the first rate cut in more than four years.
Continue reading...Committee voted by five votes to four in favour of cut as governor says inflationary pressures have eased enough
The Bank of England has cut interest rates for the first time since the start of the Covid pandemic, moving to ease the pressure on households after ratcheting up borrowing costs to combat the worst inflation shock in four decades.
In a finely balanced decision after holding borrowing costs at the highest level since the 2008 financial crisis for a year, the Bank’s monetary policy committee (MPC) voted by a narrow majority to cut its base rate by a quarter of a percentage point to 5%.
Continue reading...Even as shares fall about 9%, chief financial officer says firm is seeing ‘more investment’ in AI than ‘even 90 days ago’
Chip designer Arm Holdings on Wednesday reported a stronger-than-expected 39% surge in quarterly revenue, and forecast fiscal second-quarter sales broadly in line with Wall Street estimates, yet its shares fell about 9% in extended trading.
For the current fiscal second quarter, Arm forecast revenue in a range between $780m and $830m, compared with an average analyst estimate of $804.1m, according to LSEG data.
Continue reading...Stock price grew around 5%, which revealed the company outperformed analysts’ expectations for its second quarter
Meta’s shares rose in after-hours trading on Wednesday off the back of a strong earnings report that comes as the company is spending heavily on AI tools.
The company’s stock price grew around 5% following the report, which revealed the company outperformed analysts’ expectations for its second quarter.
Continue reading...Federal government’s promise to force banks to reimburse scam victims criticised as ‘too vague’ and ‘a mess’
The government’s proposed reforms to laws on financial scams let the banking system off the hook, are inferior to policies applied overseas, are complicated for victims and will not be legislated before Australians lose many more billions of dollars, according to consumer advocates.
The scathing criticism comes after an address by the assistant treasurer, Stephen Jones, who vowed on Wednesday to force banks, telcos and social media platforms to reimburse scam victims if their systems prove inadequate, as techniques used by fraudsters grow increasingly sophisticated.
Continue reading...Employees reportedly told the airline will no longer operate flights between capital cities
As many as 360 staff at Rex Airlines have been sacked already and hundreds more are on the chopping block after administrators were called in to run the embattled carrier, with remaining staff told they may not get paid until a new buyer is found.
It comes amid speculation that Asia-based private equity firm PAG, which funded Rex’s $150m expansion to jet operations, was considering becoming the airline’s new owner out of administration.
Continue reading...Rising bill largely result of ‘staggering’ levels of presenteeism causing loss of productivity
The hidden cost of rising workplace sickness in the UK has increased to more than £100bn a year, largely caused by a loss of productivity amid “staggering” levels of presenteeism, a report warns.
Analysis by the Institute for Public Policy Research (IPPR) shows the cost of staff sickness has grown by £30bn a year to £103bn in 2023. The annual bill was £73bn in 2018, its study found.
Continue reading...The new budget comes after the previous government failed to award a single new offshore wind contract in 2023
The Labour government will make record amounts of funding available to clean energy developers after it increased the value of its summer subsidy auction by 50%, to £1.5bn.
The addition, compared with figures previously announced, means the total budget is seven times the amount available at last year’s auction, the government said.
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