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Finance

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Finance

RBA interest rates: Bullock says ‘pain now’ will prevent worse later as Reserve Bank hikes rates for fifth time

Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008 RBA interest rates live updates: Reserve Bank cash rate decision Get our daily political email, free app or daily news podcast The Reserve Bank governor Michele Bullock has said that “some pain now will prevent even worse pain down the track”, after lifting official interest rates to an 18-year high of 4.85% in a bid to combat persistent inflation. The RBA’s decision to hit mortgage holders for a fifth time in 2026 will intensify pressure on indebted households, but there were signs that th

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Finance

Poundland staff could be out of work for years if retailer collapses, founder says

Steve Smith calls on owners to accept proposed buyout as 12,000 staff face uncertain future in run-up to Christmas The founder of Poundland has warned that staff at the retailer could be out of work for “years” if it collapses, as he called on the owners of the troubled chain to accept a proposed buyout deal. Steve Smith, who set up the firm with a store in Burton upon Trent in 1990, said: “Once these jobs are lost, they are lost” from Britain’s struggling high streets. His warning comes as the chain’s 12,000 employees face uncertainty over their future in the run-up to Christmas. Continue rea

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Finance

UK job satisfaction at record low amid rising frustration over pay and flexible working

Resolution Foundation study finds workers are less willing to go ‘above and beyond for employers than a decade ago’ Job satisfaction among UK workers has dropped to a record low, according to a study that shows a growing frustration with employers over pay and flexible working. Analysis by the Resolution Foundation thinktank shows that a lack of flexible working, insecure jobs and a loss of independence have undermined how workers feel about their employment. Continue reading...

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Finance

Who is hacking Europe’s supermarket fridges and freezers, and why?

After a second apparent cyber-attack in weeks, we examine possible culprits and their motives Shop fridges and freezers across Europe hit by fresh suspected cyber-attack Supermarket fridges and freezers in seven European countries have malfunctioned, their thermostats remotely cranked up in some cases to 50C (122F). The EU has condemned what it said was “a deliberate attempt to disrupt our food supply chain and undermine consumers’ confidence in it”. Continue reading...

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Finance

Control of Britain’s 39m smart meters passes to non-profit startup

The handover marks the end of a 13-year licence for Smart DCC, a subsidiary of Capita, after years of spiralling costs and delays Control over Great Britain’s 39m smart meters has passed to a non-profit startup after its former owner presided over more than a decade of spiralling costs and delays in the troubled network. The company owned by crisis-hit outsourcing firm Capita has promised a “seamless transition” to its not-for-profit successor, which will take over running the data network connecting the smart meters from this week. Continue reading...

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Finance

Brickmaker’s woes deepen the UK housebuilding gloom

Ibstock has issued a thumping profits warning, with sales 22% below expectations in the third quarter With John Healey’s Your First Home scheme on the way, is the mood improving in the housebuilding sector? A couple of the builders have results later this week, so can speak for themselves. In the meantime, though, here’s a thumping profits warning from Ibstock, the country’s biggest brickmaker, to spread a little more gloom. Demand hit a brick wall in the summer, as the company could have put it. Industry data, said Ibstock, show UK brick market volumes down 17% year-on-year in July and August

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Finance

Oil price falls amid hope of a breakthrough to end Iran war

Brent crude drops by more than 6% to $105.55 a barrel, the lowest level in more than two weeks The oil price has fallen to its lowest level in more two weeks amid new hopes of a breakthrough to end the Iran war. Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel on Monday, the lowest since 16 October, sending shares in airline companies higher and pushing down government borrowing costs. Continue reading...

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Finance

Shop fridges and freezers across Europe hit by fresh suspected cyber-attack

Chains in seven countries say cooling unit temperatures rose overnight in incident similar to hack of French shops Who is hacking Europe’s supermarket fridges and freezers, and why? Supermarket chains in at least seven European countries have said the temperatures of refrigerators and freezers in some of their shops soared overnight to as high as 50C (122F), echoing a cyber-attack last month that caused millions of euros of damage in France. Retailers in Belgium, Estonia, Ireland, Finland, Luxembourg, the Netherlands and Sweden reported problems with their refrigeration systems on Monday, and

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Finance

Tomb Raider’s creators on how the game changed their lives: ‘Skint staff were suddenly pulling up in sports cars’

‘Giving Lara Croft pistols meant we could show off her acrobatics. And when she goes to Peru, we threw in a T rex!’ I joined Core Design in the summer of 1994 and met Toby Gard, who showed me his concept sketches for Tomb Raider. He’d already come up with the title and drawn a mock-up box cover with a woman holding two pistols. Continue reading...

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Finance

Ryanair faces clash with unions as it mulls pay freezes amid soaring fuel costs

Airline also weighs up reducing crew on flights and increasing use of AI as part of cost-cutting measures Business live – latest updates Ryanair has said it is considering implementing pay freezes, setting the scene for a confrontation with unions as the airline tries to offset soaring fuel costs driven by the Middle East conflict. The airline is also considering reducing crew numbers on flights and increasing the use of AI, in a cost-cutting drive. Continue reading...

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