Shell profits down nearly a third after drop in gas prices

Europe’s tumbling gas prices caused profits at Shell to slump by almost a third in the last quarter after denting the earnings in its gas trading business.Gas prices in Europe fell by almost a fifth between April and June this year after a sudden ceasefire forged between Iran and Israel eased fears that gas deliveries via the strait of Hormuz might be disrupted by conflict.The biggest weekly slump in gas prices in almost two years helped to dent Shell’s adjusted earnings for the second quarter, which fell by almost a third from last year to $4.26bn (£3.22bn)

Co-op expands its ‘food on the go’ offering with 15 new bitesize stores

The Co-op is to challenge takeaway outlets such as Greggs, Pret a Manger and Subway with plans for hundreds of small food shops selling hot pizza, fried chicken and sandwiches.The first Co-op On The Go store opens in Solihull, near Birmingham, on Thursday and 14 more are planned this year, including five in London.They will sell ready meals, such as pizzas and lasagne to heat up at home, alcoholic and soft drinks, and essentials such as toothpaste and loo roll alongside staffed hot food counters and food in heated cabinets.At between 600 sq ft and 1,000 sq ft, the stores will be about a quarter of the size of a typical Co-op but unlike many convenience stores they will not sell cigarettes or vapes. However, the company has developed 35 new products for the new format, such as all day-breakfast meal pots and smoked salmon, egg and spinach pots

Queensland Productivity Commission argues construction industry ‘reset’ needed to fix housing crisis and deliver Olympics

Queensland’s Productivity Commission has flagged a broad construction industry “reset” that could threaten existing enterprise bargaining agreements, arguing it may be required if the state is to build its way out of a housing crisis – and host the Olympics.The commission released an interim report on Thursday into improving productivity in the construction sector that called on the Queensland government to permanently remove so-called “Best Practice Industry Conditions” (BPICs) from its procurement policy.Adopted under the previous Labor government in 2018, BPICs outlined construction union workers’ pay and conditions for all major state projects. Union proponents claim BPICs improved safety and lifted standards and created apprenticeship opportunities for women and Indigenous workers – industry opponents complained it led to cost blowouts and worksite shutdowns.Sign up: AU Breaking News emailThe Liberal National party deputy premier, Jarrod Bleijie, hit pause on BPICs in November until the re-established Productivity Commission completed its building industry review

Tax rises in autumn would force our prices up, retailers tell Reeves

Rachel Reeves has been warned by Britain’s biggest retailers that tax rises in her autumn budget could trigger higher shop prices, hitting household incomes and the economy.With high street chains closing stores and cutting jobs, the British Retail Consortium (BRC) said two-thirds of finance directors predicted there would be further price increases over the next year, even before any rise in tax in the autumn budget.Iceland, Poundland and New Look were among major retailers to announce store closures in recent months, amid business warnings over the impact of tax rises in the chancellor’s first budget.A survey of retail industry finance directors by the BRC, which represents more than 9,000 stores that employ 300,000 workers, found that 85% had raised prices in response to measures brought in since Labour came to power in 2024.Helen Dickinson, chief executive of the BRC, said a fresh round of tax increases would force retailers to push up prices further and leave many households struggling to cope

Labour says firms will be penalised for late payments to suppliers

Keir Starmer has warned businesses who persistently delay payments to their suppliers that it is “time to pay up” as the government prepares to impose fines and penalties on repeat offenders.In what Labour has billed as the toughest crackdown on late payments in a generation, the business secretary, Jonathan Reynolds, will say on Thursday that the changes will slash a cost to the economy that has escalated to £11bn a year.As many as 38 businesses shut down each day partly owing to late payments, the government said, hurting tradespeople, shopkeepers, startup founders and family-run firms.The planned changes will include handing the small business commissioner powers to impose fines, potentially worth millions of pounds. Established in 2016 to tackle late payments, the watchdog will also be able to carry out spot checks, verify claims and impose deadlines to clear a backlog of disputes

Divided Fed leaves interest rates unchanged despite Trump pressure

The US Federal Reserve left its benchmark interest rate unchanged on Wednesday, even amid intense pressure from Donald Trump to lower rates.Despite an onslaught of attacks from the White House against the Fed, officials at the central bank said that economic “uncertainty” remains too high to lower rates.But two of the Fed’s governors voted against the decision – the first time that multiple governors have voted against the majority since 1993. Governors Christopher Waller and Michelle Bowman, both appointed by Trump, wanted rates to be lowered. Both have been floated as potential replacements for Fed chair Jerome Powell