The US is a lucky charm – and reliable partner – for Irish businesses

With just 5 million people, Ireland ranks sixth globally for foreign direct investment in US, above Italy and Mexico

More than 80 years since helping develop the nuclear bomb, Oak Ridge National Laboratory in the mountains of eastern Tennessee remains a critical piece of the US government’s research-and-development infrastructure.

Inside its walls lie the world’s fastest supercomputer; fusion, fission and neutron research projects; and thousands of expert scientists and researchers.

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Report warns 1.6m Australian households struggling to insure their homes

Actuaries Institute report says rising insurance premiums will increase further because of natural disasters associated with climate crisis

Fast-rising home insurance premiums have plunged 1.6m households into affordability stress, an Actuaries Institute report has warned, with those in cyclone and flood-prone areas facing significant spikes in cost.

The figure is a 30% increase over the past year, and the institute has forecast it will only worsen as the frequency and intensity of natural disasters grows.

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Police acting as ‘private security’ for Drax power station, say climate activists

Greenpeace among 150 groups expressing outrage after preemptive arrests led to cancellation of protest camp

Greenpeace and Friends of the Earth have accused police of acting as “private security” for the UK’s biggest carbon emitter after dozens of pre-emptive arrests forced the cancellation of a climate protest camp near Drax power station.

In a statement signed by almost 150 groups, they called the operation against activists who had spent months planning the camp near the wood-burning power station “an unreasonable restriction of free speech”.

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Government to seek global trade deals for UK at expense of formal EU re-entry

Business secretary Jonathan Reynolds says joining Asia-Pacific CPTPP bloc is a ‘real win’ for exporters, even though it will preclude the UK from EU membership

The business and trade secretary, Jonathan Reynolds, has signalled a new twin-track approach to UK trade policy, in which the Labour government will pursue closer ties with the European Union while at the same time seeking new global partnerships further afield.

Writing for the Observer online, Reynolds welcomes the UK’s imminent entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a “real win” for British exporters.

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‘On the front foot’: Waitrose boss confident chain is getting its mojo back

James Bailey is confident the market has swung in its favour, with more customers and plans to open new stores

Waitrose is getting its mojo back, according to the boss of the upmarket supermarket chain, with shoppers treating themselves more often to pricier items such as green harissa paste and organic beef fillet steak as the cost of living crisis subsides for them.

James Bailey says Waitrose is selling nearly double the amount expected of its range of branded ingredients for recipes by the celebrity chef Yotam Ottolenghi, which launched in April, while sales of its Duchy Organic range are up more than 10%, as are those for its premium No 1 own label range, while sales of its budget Essentials range are falling back.

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From cars to coffee machines, here’s how Australian spending habits are weathering the high cost of living

Retailers like Temple & Webster have slashed their pricing and tweaked their product range to lure gen Z and millennials – and it’s working

Many Australian businesses are feeling the pinch as customers can no longer afford the armchairs, gadgets, clothing brands and new bathrooms they could before the cost of living shot up.

But spending patterns remain uneven, and at times counterintuitive, leading to a mixed corporate earnings season marked by subdued but not collapsing demand.

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Frasers Group seeks approval for Mike Ashley to cash in £585m in share buyback

Company wants investors’ permission to buy billionaire’s shares in private deal at market price at the time

Mike Ashley’s Frasers Group is seeking approval for the billionaire entrepreneur to cash in £585m of shares which could be bought back by the company in a private deal.

Under the plan, the stock market-listed retail group said it wanted permission from shareholders to buy back the shares privately from Ashley – in one or several transactions – at the market price at the time.

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Fashion retailer Shein finds child labour in its supply chain

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

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

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

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

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

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

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

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

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

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

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

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

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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