Category Archives: Business

Moscow importing western aircraft tyres despite ban, says Ukraine agency

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Exclusive: Michelin, Dunlop, Goodyear and Bridgestone products have found way to Russia via intermediaries

More than $30m (£23m) worth of aircraft tyres made by western manufacturers including the French firm Michelin and Britain’s Dunlop were imported into Russia last year via intermediaries despite attempts to ban the trade, according to a Ukrainian government agency.

Russian aviation is critically dependent on foreign-made tyres and, according to the available customs records, the vast majority imported into the country in 2023 were produced by companies headquartered in France, Britain, the US and Japan.

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Australian politics live: Labor confirms aged care deal; AEC abolishes Kylea Tink’s electorate; parliamentary standards bill passes Senate

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Helen Haines condemns ‘stitch up’ over Independent Parliamentary Standards Commission bill

Independent MP Helen Haines is furious at what she calls a “stitch up” between Labor and the Coalition that “weakens the transparency of the new Independent Parliamentary Standards Commission”.

The bill as currently drafted means serious findings could be made about an MP, but they could face no sanction and the public could never know.

I want to see more transparency around this process.

The government made two last-minute changes to its own legislation that would reinforce the major party duopoly, ensuring no member of the crossbench can be deputy chair of the parliamentary standards oversight committee. What a stitch up!”

We’re going to have the same people on the joint select committee as on the privileges committee, meaning the people who are meant to make sure the whole system is working are the same people who are part of it.

I’m really staggered by this, and it isn’t right.

We’re taking a stand against the unchecked greed that’s fuelling the cost-of-living crisis, and we’re urging the parliament to support this critical reform.

Our bill will put an end to corporate price gouging by making it illegal for corporations with substantial market power to charge excessive prices for goods and services.

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Surge in larger homes for sale amid capital gains tax fears, Rightmove says

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Speculation Rachel Reeves to raise tax in budget thought one reason for some homeowners cashing out

Growing speculation about a capital gains tax (CGT) raid in October’s budget appears to have prompted a surge in the number of larger homes being put up for sale, the UK’s biggest property website says.

Rightmove said in the week ending 9 September there had been “a flurry of activity at the top end” of the market. The number of larger homes – defined as four-bedroom detached houses and all five-bedroom and larger properties – being listed for sale in Great Britain was 15% more than in the same period last year. And in the east and south-west of England, which include some of the UK’s most popular coastal and countryside hotspots, the percentage was over 20%.

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Campbell’s to drop soup from company name after 102 years

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Plan to rename group the Campbell’s Company part of shift in focus to other food it sells

Bosses at Campbell Soup Company, whose cans feature in one of Andy Warhol’s best known 1960s pop artworks, have announced plans to drop ‘soup’ from its name after more than 100 years.

Its chief executive, Mark Clouse, said the decision to rename the group the Campbell’s Company was part of a shift in focus to the other snack foods and jarred sauces it sold.

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Rupert Murdoch-owned firm REA makes £5.6bn offer for Rightmove

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Board rejects non-binding indicative proposal of 705p a share for UK’s biggest online real-estate portal

REA, the Australian property company majority-owned by Rupert Murdoch’s News Corp, has made a £5.6bn offer for Rightmove, the UK’s biggest online real-estate portal.

The Rightmove board rejected the 705p a share offer, worth 18.6% of the enlarged company post-deal, which comes a week after REA confirmed it was considering a cash and share offer for Rightmove.

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UK economy unexpectedly flatlines for second month in row

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Pre-election slowdown continues in July despite economists predicting growth of 0.2%

The anticipated post-election bounceback in the UK economy failed to materialise as activity flatlined in July for a second month, , according to the latest official data.

The Office for National Statistics (ONS) said the pre-election stalling of activity in June was followed by another month in which gross domestic product remained unchanged.

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Jacinta Price alleges ‘opportunists’ claiming Indigenous heritage to block resources projects

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Shadow minister for Indigenous Australians says Albanese government ‘turning a blind eye’ to alleged ‘weaponisation’ of identity

Jacinta Nampijinpa Price has claimed “opportunists” are making “false claims” to membership of Indigenous groups to scuttle resource projects seeking environmental approval.

The shadow minister for Indigenous Australians made the claim on Wednesday while defending a Coalition plan to designate which Indigenous groups would need to be consulted by project proponents, as revealed by the shadow resources minister, Susan McDonald, at a Minerals Week event.

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Death of the corkscrew? Only 27% of young people in UK own one, report says

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Prevalence of screw-top bottles and abstinence among young people blamed for falling popularity of gadget

It was once an essential piece of kit in every kitchen but, like the corks that gave it a reason to exist, tastemakers are announcing the “death of the corkscrew” after it lost the battle with screw-tops and younger consumers who do not know how to use one.

Forget music or fashion, it turns out that it is ownership of a corkscrew that divides young and old, according to research. Only 27% of 18- to 24-year-olds own one of the devices while for the over-65s that figure stands at 81%, according to the annual trends report by the household goods retailer Lakeland.

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BMW shares fall to four-year low as recall of 1.5m cars announced

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Mini and Rolls-Royce models also affected by potential braking system fault likely to cost BMW almost €1bn

Shares in BMW tumbled as the carmaker revealed it will have to recall 1.5m vehicles over a braking problem, costing it almost €1bn (£0.84bn).

The German manufacturer said its annual earnings would be considerably lower than expected, with the fault in the braking system now discovered to be far more widespread than first thought.

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How China and a tariffs row cast a shadow over booming US solar power

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The source of new renewable energy is also a battleground over China’s cheap exports of panels that has split US firms

The Biden administration touts solar energy as one of its big success stories, a booming new industry that is curbing the effects of the climate crisis and creating high-paying jobs across the country. But the more complicated truth is that the United States is mired in a long-running trade war with China, which is flooding the market with artificially cheap solar panels that carry an uncomfortably large carbon footprint and threaten to obliterate the domestic industry.

The price of solar panels has plummeted 50% over the past year, largely, industry insiders say, because of deliberate Chinese overproduction of key components and a game of international cat-and-mouse over trade rules often likened to a game of “Whac-A-Mole”. As different sets of rules get established, Chinese companies have proved adept at moving their manufacturing plants to other countries, in south-east Asia, and shifting strategies to work around US tariffs and other deterrent measures.

This article was amended on 10 September 2014. An earlier version incorrectly stated that this year’s RE+ conference took place in Las Vegas, Nevada.

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Australia politics live: Littleproud heckled at Canberra farmers protest; Greens senator urges Chalmers to override RBA and cut interest rates

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Peter Dutton and David Littleproud addressed the crowd of hundreds from as far as Western Australia. Follow today’s news live

PM speaks on social media ban for kids

Anthony Albanese is doing the media rounds this morning, speaking on the government’s announcement it will ban children from social media platforms. This came after the South Australian announcement yesterday it would be moving to ban children under 14.

Well, we want to work with the states and territories. What we didn’t want to develop is eight different systems. We know this is a national issue and it’s pretty simple. We want to get kids off their devices and on to the footy fields, on to the netball courts, into the swimming pools.

We want them to have real experiences with real people, and we know that social media is causing social harm, which is why we put funding in the budget to have a trial to make sure that we get it right.

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UK debt must be steered off unsustainable course, warns Lords committee

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Peers said they were raising a ‘big red flag’ and tough choices will be needed

The pressing risk of the national debt becoming unsustainable will force Britain into the unenviable choice of paying higher taxes or the state doing less, a House of Lords committee has warned.

A report by peers said tough decisions and a new set of rules for the public finances were needed in order to put debt – currently just under 100% of annual national income – on a decisive downward path.

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Mario Draghi warns EU at risk without ‘new industrial strategy’ and €800bn a year investment boost – business live

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‘For the first time since the cold war we must genuinely fear for our self-preservation,’ warns former ECB chief as he presents new report on European competitiveness

We also have worrying signs that the US jobs market is cooling.

The latest UK Report on Jobs from KPMG and REC shows that the UK labour market softened in August, with vacancies falling for both permanent and temporary staff.

“Recent Government warnings that the UK’s economy may weaken further before improving add to the overall sense of uncertainty, affecting recruitment plans. Firms holding back from hiring led to a sharp contraction in the number of people placed into permanent roles in August amid continued decline in demand, extending the downturn in the UK’s labour market.

“The news that while salaries rose last month it was at the weakest rate since March could help make the case for more rate cuts when the [Bank of England’s] Monetary Policy Committee meets to decide the future path of interest rates.

This reflects ongoing concerns in the job market, including falling job vacancies and more people claiming unemployment-related benefits, which reached its highest level since December 2021 according to the Office for National Statistics.

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Top EU court to rule in €13bn Apple case that could hit ‘sweetheart’ tax deals

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Long-running legal battle began in 2016 after bloc’s competition chief said iPhone maker had benefited from unfair tax breaks in Ireland

The EU’s top court will rule whether the European Commission was right to demand that €13bn (£11bn) in “illegal” tax breaks for Apple should be repaid, in a judgment likely to have far-reaching effects on “sweetheart” deals for large multinationals.

A ruling due on Tuesday from the European court of justice (ECJ) may bring an end to a bitter legal saga that began in 2016 when the EU competition chief, Margrethe Vestager, concluded the iPhone maker had benefited from billions worth of unfair tax breaks from the Irish government.

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Aldi says a basket of its goods is cheaper than a year ago as it cuts prices

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Supermarket has come under pressure as rivals such as Tesco and Sainsbury’s have promised to match its prices

Aldi has said the price of a basket of its goods is lower than a year ago despite ongoing grocery inflation, as the discount chain tries to fight back against increasing pressure from rivals’ price-matching schemes.

The German-owned budget retailer said a slowdown in growth this year – sales are rising by just 0.5% compared with 16% last year – was partly caused by a decision to cut prices as big chains including Tesco and Sainsbury’s have won back customers by promising to match Aldi on key items.

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‘Throuples’ dating app Feeld nearly doubles turnover to £39.5m

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Platform run from industrial estate in Cumbria and catering to alternative relationships has expanded globally

A dating app aimed at alternative relationships nearly doubled its revenues last year as non-monogamous, queer and kinky users helped the UK-based business expand its reach across the world.

Feeld, founded by an entrepreneur couple in an open relationship, has said it is “on a mission to elevate the human experience of sexuality and relationships” from its registered office on an industrial estate in Carlisle, Cumbria.

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Santander to insist UK workers are in office three days a week

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About 1,000 of those affected work in London and 4,500 at the bank’s new Milton Keynes headquarters

Santander has joined the ranks of employers herding reluctant British workers back to the coalface, telling office staff they must turn up in person for at least three days a week on average.

While the bank’s back-office staff will still be able to work from home more regularly than before the pandemic, the minimum requirement now tips the balance in favour of the traditional workplace rather than home.

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HSBC on hiring spree to drive UK wealth division ambitions

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Exclusive: Europe’s biggest bank hopes to double UK arm of its wealth and private banking operations

HSBC is recruiting hundreds of bankers to serve rich clients in the UK as it looks to head off growing competition from British rivals and take a larger slice of the wealth management market.

Europe’s biggest bank is hoping to fortify the UK arm of its wealth and private banking operations by bulking up its team of relationship managers, who offer bespoke services and advice to rich clients in exchange for lucrative fees.

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UK music industry presses government to solve post-Brexit limits on touring

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As documents reveal EU ‘not prepared’ to change, Keir Starmer is reminded of Labour’s manifesto pledge

Industry insiders have urged the UK government to find a solution to post-Brexit restrictions on live music touring, after EU documents suggested Brussels was “not prepared” to change regulations.

In Labour’s manifesto, Keir Starmer pledged to improve trade and investment relations with the EU to “help our touring artists” . Since Brexit, musicians touring the EU have faced barriers introduced in the EU-UK Trade and Cooperation Agreement (TCA). They can work up to 90 out of every 180 days, which causes problems for longer tours, musicians who work in multiple bands or orchestras, and crew required on site before and after performances.

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More than a million British workers not having a single day of paid time off, says TUC

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Employees have lost out on holiday pay worth £2bn, according to new trade union research

Workers across Britain have lost out on holiday pay worth £2bn, with more than a million people going without a single day of paid time off, according to new research.

With unions gathering in Brighton this weekend for the first TUC conference under a Labour administration for 15 years, the body revealed new research showing the extent to which workers are being denied holiday pay. Workers are entitled to 28 days paid leave for a typical five-day week.

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