Donald Trump’s war on statistics is an authoritarian attack on democracy and countries like Australia should call it out | Greg Jericho

Whether it be the judicial system, universities, or health organisations, Donald Trump cannot abide by anything that does not confirm his world view. So it was not a shock when late last week he came for statistics – or, more pointedly, the person in charge of the economic statistics.On Friday, the US’s Bureau of Labor Studies released the July US employment figures. They were not good. Just 73,000 non-farm jobs were added and annual employment growth was the worst it has been since the GFC years (excluding the pandemic):If the graph does not display click hereIn response, Trump did what any autocrat would do when told bad news: he shot the messenger – at least only figuratively

Qantas has devalued its frequent flyer points. What should you do now?

Qantas was back in the spotlight this week with news that affected members of its frequent flyer program.The airline has made significant changes to its loyalty program, effectively devaluing its frequent flyer points.While we don’t know the full extent or the specifics of the changes, airline loyalty program experts estimate a 20% average increase in the number of points needed to redeem a seat.Qantas has given us a few examples, including that a Classic Rewards economy seat on a Sydney-Melbourne flight has risen to 9,200 points plus $55 in fees, from 8,000 points plus $55 in fees.So, will the Qantas promise of more rewards seats available to flyers make the additional expense worth it? Or are people better off spending their points on shopping instead of flights?Sign up: AU Breaking News emailFlagging the changes in January, the chief executive officer of the frequent flyer program, Andrew Glance, said: “A lot has changed in the last six years

Claire’s files for US bankruptcy for second time in seven years

The tween jewellery and ear-piercing retailer Claire’s has declared bankruptcy in the US for the second time in seven years amid a slowdown in consumer spending and the switch to online shopping.The US accessories retailer, which has more than 2,700 stores in 17 countries including the UK and France, said in papers filed with a court in Delaware that it had debts of between $1bn and $10bn.Uncertainty about Donald Trump’s tariff policy has raised questions about Claire’s ability to deal with a loan of nearly $500m (£375m), which is due for repayment in December 2026.Chris Cramer, the chief executive of Claire’s, said: “This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders

China’s Leninist industrial policy is creating instability at home and abroad | George Magnus

China’s astounding technological success in mass-producing quality electric vehicles (EVs) sits alongside a serious flaw in its industrial model: overcapacity.It has the capacity to produce about three times as many units as it can sell at home. The consequences so far have included widespread price cutting, large losses, misallocation of capital, and surging low-cost EV exports leading to trade conflict.The bigger problem, though, is that EVs are just a part of a broader overcapacity problem involving a myriad of sectors and products.At home, Chinese overcapacity lies at the heart of the destruction of profits, debt management problems, and persistent deflation

UK construction activity in July falls at steepest rate since Covid

Activity in the UK construction sector fell last month at the sharpest rate since the height of the Covid pandemic amid a collapse in housebuilding, underscoring the challenge facing the government to meet its 1.5m new homes target.The figures from S&P Global Market Intelligence showed activity fell in July at the steepest pace since May 2020, during the first UK coronavirus lockdown.The data provider said a sharp drop in residential building pulled down its monthly purchasing managers index (PMI) for the UK construction sector as a whole, alongside a plunge in civil engineering and a softer downturn in commercial property.Compiled from a survey of about 150 construction companies, the survey is closely monitored by the Treasury and the Bank of England for early warning signs from the economy

Honda’s quarterly profits are halved as Trump’s tariffs bite

The Japanese carmaker Honda has reported a 50% drop in quarterly profits as it counted the cost of Donald Trump’s tariffs and electric vehicle policies, even as it said the full impact would be less than its worst expectations.The manufacturer’s operating profits fell by half to 244bn yen (£1.2bn) in the three months to June, according to financial results published on Wednesday. That was mainly because of a 124bn yen hit from tariffs, as well as 113bn yen in losses on electric car sales in the US.The car industry has been among the worst hit by the US tariff chaos, as the US president has specifically targeted it in the hope of reviving American car manufacturing