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Levy could raise £19bn to help pay for Andy Burnham’s support for those struggling with bills, say campaignersBusiness live – latest updatesCampaigners have renewed calls for a windfall tax on UK banks that could raise £19bn towards Andy Burnham’s cost of living agenda, after HSBC raked in $10.1bn (£7.5bn) worth of profits in the second quarter of the year.Bosses at HSBC reported on Tuesday that profits rose 60% year on year in the three months to the end of June, helped by fees from wealth management and insurance business, as well as higher interest rates, which allow the bank to charge more for loans and mortgages. Continue reading...

Treasury secretary’s notepad, photographed by Reuters on Friday morning, prompts questions over US plansDuring a cabinet meeting at Camp David on Friday, the US treasury secretary Scott Bessent carelessly revealed plans for the US to buy $5bn-$10bn ⁠in Japanese yen in a scribbled “to do” list left visible to a Reuters photographer.The image, taken over Bessent’s shoulder during a portion of the meeting open to journalists, showed a Camp David notepad with the underscored words “To Do” followed by “Buy Japanese Yen (JPY) $5-10 bil”. Continue reading...

Geoffrey Watson criticises Victorian government as union administrator warns of ongoing criminality on construction sitesFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastIntegrity expert Geoffrey Watson SC says “nobody” from the Victorian Labor government has contacted him about his bombshell report alleging corruption in the construction union which he estimated cost taxpayers at least $15bn, as its administrator warned “criminality” still exists in the sector.Watson’s Rotting from the Top report was commissioned by a former administrator of the Construction, Forestry and Maritime Employees Union (CFMEU) and was tendered during a Queensland inquiry into the CFMEU in February. Continue reading...

KKR and Energy Capital Partners poised to buy firm despite misgivings from founder and biggest shareholdersBusiness live – latest updatesOne of the biggest energy businesses listed on the London Stock Exchange has agreed a controversial £5.7bn takeover by private equity, adding to the growing exodus of companies from the UK market.US private equity groups KKR and Energy Capital Partners are poised to buy DCC Energy after the company’s board recommended the offer despite misgivings from its founder and biggest shareholders. Continue reading...

• House Republicans are drafting a $95 billion reconciliation bill designed to fund the war in Iran and provide financial aid to farmers. • The GOP-controlled chamber is attempting to allocate $10 billion toward the "Save America Act," a measure championed by Donald Trump to ban mail-in ballots and tighten voter ID requirements. • This move is considered a "long-shot" because budget reconciliation rules limit legislation to spending, revenue, and the debt limit, excluding general policy changes.

GOP-controlled chamber paves way for reconciliation bill, while making long-shot attempt at new voting restrictionsHouse Republicans on Wednesday agreed to begin the process of writing a $95bn bill to fund the war with Iran as well as provide new aid to farmers, while making a long-shot attempt to impose new restrictions on voting nationwide.In a virtually party-line 216-214, the Republican-controlled chamber passed a budget resolution that paves the way for the creation of a reconciliation bill, which can advance through the Senate under special rules that circumvent the Democratic filibuster and requires only a simple majority to pass. Two Republicans – Warren Davidson of Ohio and Thomas Massie of Kentucky, as well as Kevin Kiley, an independent of California – joined all Democrats in opposing the measure. Continue reading...

Administration will also overhaul how US government funds federal research by supporting individual scientists and AI over universitiesThe US will spend $5bn to tackle longstanding scientific problems across multiple fields using AI, ⁠the Trump administration said in a statement on Wednesday. The agencies will use the funding to identify the root causes ⁠of chronic diseases, accelerate drug ⁠discovery and ​develop longer-lasting building materials, among other tasks, according to the statement.Scientists will have access to the Department of Energy’s supercomputers, AI and specialized ⁠datasets, along with other components needed to run experiments using algorithms, said Michael Kratsios, chief technology adviser to Donald Trump, in an ⁠interview with Reuters. Continue reading...