Thursday newspaper round-up: Scams, second-hand car sales, AstraZeneca

7th Nov 2024 07:24

(Sharecast News) - Companies could face fines of up to $50m for failing to prevent scams and may be forced to compensate victims under new laws the Albanese government says would give Australians the strongest anti-scammer protection in the world. The government will introduce legislation to federal parliament on Thursday to establish its long-awaited "scams prevention framework". - Guardian

About 1,000 London buildings including the Houses of Parliament and the National Gallery could soon be warmed by low-carbon heat sourced from the River Thames, London Underground and sewer networks. Plans to develop the UK's biggest heat network to supply decarbonised heat to buildings across Westminster were set out on Wednesday by the government as part of its pledge to back seven heat network zones with more than £5m of public funding. - Guardian

Second-hand car sales are climbing as cash-strapped consumers shun the new vehicle market. The number of used car transactions rose by 4.3pc from July to September compared to a year ago to reach 1.96m, according to the Society of Motor Manufacturers and Traders (SMMT). Of these, a record 53,423 were electric vehicles (EVs) - an increase of 57pc, or about 19,000. - Telegraph

Rachel Reeves has played down concerns around Donald Trump's expected wave of tariffs, as she vowed to strengthen Britain's trade links with the US. In comments made shortly after Mr Trump declared victory in the election, the Chancellor said she would fight to maintain "free and open trade" with America. In a signal that the Government is seeking ways to work with Mr Trump's tariff-driven economic agenda, Ms Reeves said she recognises how important it is to care about "where things are made, who makes them and who owns them". - Telegraph

The head of AstraZeneca's international business has been arrested in China and separately about 100 former employees have been sentenced for alleged insurance fraud in the FTSE 100 company's second-biggest market. Britain's biggest pharmaceuticals company released the information on Wednesday as it tried to calm investor fears after Chinese media reports of widening investigations by authorities triggered a renewed sell-off of its shares on the London Stock Exchange. - The Times

The government will force a Chinese tech company to sell its majority stake in a British chipmaker a year after The Times revealed that microchips it had sold to Russia were found in a tank destroyed in Ukraine. The Cabinet Office issued a "final order" yesterday under the National Security and Investment Act mandating that the Chinese state-owned holding company that acquired an 80.2 per cent stake in FTDI must sell it within a "specified period". - The Times