Reeves defends Grangemouth intervention; Warner Bros urges investors to reject $108bn Paramount bid – as it happened

The UK chancellor has said that the case for intervening to save the Ineos chemical plant in Grangemouth was “compelling”.The government is investing £120m to save the UK’s last ethylene plant at Grangemouth, in a deal expected to protect more than 500 jobs.Rachel Reeves talked of a “genuine partnership” and said the government had been in discussions “over the last few weeks and months”. She vowed to protect British industry, and said this was vital for Britain’s national security.Visiting Grangemouth in Scotland with Peter Kyle, the business secretary, Reeves said:There are loads of things that government can’t do, but there are also some things that business can’t do, and that is why you need a partnership, and indeed, with the workers and the trade unions to be able to have a sort of sustainable model for the future

The stats don’t lie. Australia’s tax system is designed to benefit the wealthiest and the rest of us pay for it | Greg Jericho

New figures from the Australian Bureau of Statistics reveal just how much an average Australian earns. Being “rich” might not see you living like a Kardashian but we need to acknowledge that earning more than 90% of people puts you in the top 10%, and that much of the tax system is geared to benefit you.Asking who is rich is a question that can send shivers down the spines of politicians.I’ve encountered more than a few progressives who are at pains to protest that they are not rich despite being on a very good wicket. They immediately reel off their CV of working-class roots as though they are worried someone is about to accuse them they came from Greece with a thirst for knowledge

Paddy Power and Betfair to pay £2m settlement after failing to protect users

Paddy Power and Betfair have reached a £2m settlement with the gambling industry regulator over social responsibility failings, including allowing one customer to bet for nearly eight hours solid.The Gambling Commission said the online betting and gaming brands, which are owned by Flutter Entertainment, had fallen “far short” of what was expected during a routine compliance assessment performed in 2024.Systems that were supposed to detect early indicators that gamblers may be experiencing harm and trigger checks on their wellbeing were found to have been insufficiently sensitive, resulting in late intervention.Failings identified by the Gambling Commission included one customer being allowed to stake £86,000 over a 16-day period, during which time they lost £6,000.“Despite the high velocity of spend, no manual review of the account took place,” the regulator said

Warner Bros reportedly poised to reject Paramount’s $108bn hostile takeover bid

Warner Bros Discovery is poised to tell shareholders to reject Paramount’s $108bn (£81bn) hostile bid, according to reports, clearing the way for Netflix to proceed with its buyout of the Hollywood film and TV group.The board could announce a decision as early as Wednesday after Paramount Skydance – run by David Ellison and bankrolled by his billionaire father, Larry, who founded Oracle – went directly to shareholders with its rival offer almost two weeks ago.Netflix had won the auction for the studio and streaming company with an $82.7bn bid a few days earlier – taking control of prize assets including the Harry Potter and DC Comics superhero film franchises, as well as HBO, home to hit shows including Game of Thrones, The White Lotus and Succession.The streaming company’s deal does not cover WBD’s cable channels, which include CNN, TBS and TNT, which are set to be spun off into a separate company next year

Inflation drop makes Bank of England early Christmas present to Reeves almost a certainty

The sharper-than-expected drop in UK inflation to 3.2% last month has eliminated any lingering doubt about whether the Bank of England will deliver an early Christmas present by cutting the nation’s borrowing costs.Bank policymakers announce their December decision at noon on Thursday, and after last month’s five-four split vote were already widely expected to cut the base rate by 0.25 percentage points from its current level of 4%.However, they are likely to be reassured by the significant slowdown in the annual inflation rate, from 3

UK inflation falls sharply to 3.2% amid slowdown in food price rises

UK inflation fell by more than expected in November to the lowest level in eight months amid a slowdown in food prices, clearing the way for the Bank of England to cut interest rates on Thursday.In a crunch week for the economy, the Office for National Statistics said the rate as measured by the consumer prices index eased to 3.2% last month from a reading of 3.6% in October. City economists had forecast a modest drop to 3