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Schroders shares tumble to lowest in over 10 years after warning on outflows

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Schroders shares tumbled to their lowest in more than 10 years on Tuesday after the FTSE 100 asset manager warned it faced outflows of about £10bn this quarter.

Shares in one of Britain’s best-known asset managers were down more than 10 per cent in early trading, taking their decline this year to 25 per cent, and laying bare the difficulty facing incoming chief executive Richard Oldfield in reviving the group’s fortunes.

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In his first remarks to investors, Oldfield, who takes over the top job from Peter Harrison next week, vowed on Tuesday to improve the company’s “focus and execution”.

Oldfield, who is at present the asset manager’s chief financial officer after joining from professional services firm PwC last year, inherits a company with a bloated cost base and is confronting fundamental challenges to its business model, including from the rise of low-cost passive investing.

In a trading update on Tuesday, Schroders said its solutions business, which offers outsourced chief investment officers and liability driven investing to pension funds, would face an outflow of about £8bn this quarter from its legacy Scottish Widows mandate while three institutional clients intended to withdraw about £2bn in the period.

The blows come as Schroders suffered £2.3bn of outflows in the three months to September, leaving its total assets under management at £777.4bn. Its joint ventures in China and India also suffered in the third quarter, recording outflows of £2.6bn as markets in Shanghai endured wild swings.

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Addressing analysts, Oldfield acknowledged the need to increase revenues and lower costs, saying that “we have to save to invest to grow”.

He added: “What I don’t think we can do is an exercise in shrinking ourselves to greatness by taking costs out because I actually really believe in the potential of this business.”

Under Harrison, Schroders sought to offset the decline of its traditional mutual funds business by pushing into fast-growing areas such as private markets, wealth management and solutions.

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While Schroders’ overall assets under management rose under Harrison, boosted by several acquisitions, its profits tumbled and the group’s market capitalisation shrank.

Oldfield said: “My initial priority is to focus on simplification, commercial discipline and flawless execution . . . we’re going to be thinking about how and where to build on those strong foundations we already have in place.”

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China is trying to fix its economy. Trump could derail those plans

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Reuters US President Donald Trump meeting with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, 29 June, 2019.Reuters

Donald Trump and Xi Jinping at their last face-to-face meeting in 2019

China is expected to unveil new measures to boost its flagging economy, as it braces for a second Donald Trump presidency.

Trump won the election on a platform that promised steep import taxes, including tariffs as high as 60% on Chinese-made goods.

His victory is now likely to hinder Xi Jinping’s plans to transform the country into a technology powerhouse – and further strain relations between the world’s two biggest economies.

A property slump, rising government debt and unemployment, and low consumption have slowed down Chinese growth since the pandemic.

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So the stakes are higher than ever for the latest announcement from the Standing Committee of the National People’s Congress (NPC), the executive body of China’s legislature.

During his first term in office Trump hit Chinese goods with tariffs of as much as 25%.

China analyst Bill Bishop says Trump should be taken at his word about his new tariff plans.

“I think we should believe that he means it when [he] talks about tariffs, that he sees China as having reneged on his trade deal, that he thinks China and Covid cost him the 2020 election”.

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The pressure from Washington did not ease after Trump left the White House in 2021. The Biden administration kept the measures in place and in some cases widened them.

While the first wave of Trump tariffs were painful for China, the country is now in a much more vulnerable position.

The economy has been struggling to return to pre-pandemic levels of growth since abruptly abandoning its tight Covid restrictions two years ago.

Instead of delivering a widely expected fast-paced recovery, China became a regular source of disappointing economic news.

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Even before Trump’s election victory and after China began rolling out measures to support its economy in September, the International Monetary Fund (IMF) lowered its annual growth target for the country.

The IMF now expects the Chinese economy to expand by 4.8% in 2024, at the lower end of Beijing’s “about 5%” target. Next year, it projects China’s annual growth rate will drop further to 4.5%.

But the country’s leaders were not caught entirely off guard by the end to decades of super-fast growth.

Speaking in 2017, President Xi said his country planned to transition from “rapid growth to a stage of high-quality development.”

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The term has since been used repeatedly by Chinese officials to describe a shift to an economy driven by advanced manufacturing and green industries.

But some economists say China cannot simply export itself out of trouble.

China risks falling into the type of decades-long stagnation that Japan endured after a stock and property bubble burst in the 1990s, Morgan Stanley Asia’s former chairman, Stephen Roach, says.

To avoid that fate, he says China should draw “on untapped consumer demand” and move away from “export and investment-led growth”.

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That would not only encourage more sustainable growth but also lower “trade tensions and [China’s] vulnerability to external shocks,” he says.

This more robust economic model could help China fend off the kind of threats posed by Trump’s return to power.

New economy, old problems

But China, which has long been the world’s factory for low-cost goods, is trying to replicate that success with high-tech exports.

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It is already a world leader in solar panels, electric vehicles (EVs) and lithium ion batteries.

According to the International Energy Agency (IEA) China now accounts for at least 80% of solar panel production. It is also the biggest maker of EVs and the batteries that power them.

The IEA said last year that China’s investments in clean energy accounted for a third of the world’s total, as the country continued to show “remarkable progress in adding renewable capacity.”

“For sure there is an overall effort to support high-tech manufacturing in China,” says David Lubin, a senior research fellow at London based-think tank, Chatham House.

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“This has been very successful”, he adds.

Exports of electric vehicles, lithium ion batteries and solar panels jumped 30% in 2023, surpassing one trillion yuan ($139bn; £108bn) for the first time as China continued to strengthen its global dominance in each of those industries.

That export growth has helped soften the blow to China’s economy of the ongoing property crisis.

“China’s overcapacity will increase, there is not doubt about it. They have no other source of growth,” said Alicia Garcia-Herrero, chief economist for the Asia Pacific region at investment bank Natixis.

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But along with those increased exports, there has been a rise in resistance from Western countries, and not just the US.

Just last month, the European Union increased tariffs on Chinese-built EVs to as much as 45%.

“The problem right now is that large recipients of those goods including Europe and the US are increasingly reluctant to receive them,” said Katrina Ell, research director at Moody’s Analytics.

Today, as Trump is set to head back to the Oval Office with a pledge to hammer Chinese imports, Beijing will have to ask itself whether its latest measures to boost its slowing economy will be enough.

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Filthy house sells for £50k more than guide price at auction – despite rubbish piled up to the windows

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Filthy house sells for £50k more than guide price at auction - despite rubbish piled up to the windows

A FILTHY property has sold for more than £50,000 more than its estimated price at an auction despite rubbish piling up to the windows

A house with waste filling up half the entire room has sold for an eye-watering £153,000 when it’s original price was £100,000.

Rubbish was piled all the way up to the windows

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Rubbish was piled all the way up to the windowsCredit: SWNS
Shockingly the filthy house sold for £153,000 despite the guide price being £100,000

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Shockingly the filthy house sold for £153,000 despite the guide price being £100,000Credit: SWNS
Many said the property wasn't even worth £100,000

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Many said the property wasn’t even worth £100,000Credit: SWNS
Rubbish was piled so high it reached the windows

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Rubbish was piled so high it reached the windowsCredit: SWNS

The three-bedroom property in Keighley, West Yorkshire, was put up for auction with rubbish strewn all over the place.

In some pictures of the place, bin bags full of waste were piled up – some so high they were reaching the windows.

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The house immediately caught the attention of social media and users were quick to comment on the revolting state of it.

One wrote: “Is that one of the council owned skips their closing down?”

Ander added: “Councils should make tenants to pay rubbish they leave behind, they know who they are, don’t waste taxpayer’s money.”

A third user was shocked at the guide price, not knowing it was be increased another £50,000 saying: “£100k they are having a laugh.”

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The terraced house on Scott lane is completely filled with old appliances and hundreds of deteriorating carrier bags filled to the brim with rubbish.

On Right Move the listing had stated the filthy property was a nice “renovation project.”

As a semi-detached dwelling that was completely trashed it would certainly need a lot of time to repair.

The listed stated: “Requiring a full scheme of renovation.

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“Arranged over two storeys, the property offers three bedrooms and also benefits from gardens to the front and rear and a rear garage, as well as its sought-after location.

“Once renovated, the property would make a pleasant family home.”

Right Move made it clear that the rubbish would not be removed before the property is purchased and is “sold as seen.”

The house was bought by Bradford Council with a compulsory purchase order (CPO) and said the owner had made “very little contact” before it was bought.

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It had been stood empty since at least 2014 despite numerous attempts to contact the owner.

The decision for a CPO is made by the Government office and tends to be used a last resort.

In this case it was necessary ass the house was empty for so long and was considered “wasted” in a time of much needed accommodation.

A council spokesperson said: ” “Empty properties are risk assessed by the council, taking many factors into account, and CPO action is only pursued where the council has sufficient evidence to demonstrate that unless it intervenes, the property will remain empty.

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“If successful, the council sells properties acquired on the open market, in their current condition so as to avoid incurring any further costs and so as to use public funds responsibly, and this is understandably reflected in the sale price.”

Bradford Council said they had little contact with the owner before the house was bought

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Bradford Council said they had little contact with the owner before the house was boughtCredit: SWNS
On Right Move it was listed as being in a "sought-after-location"

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On Right Move it was listed as being in a “sought-after-location”Credit: SWNS
The rubbish-strewn house Keighley, West Yorkshire, caused quite a stir on social media

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The rubbish-strewn house Keighley, West Yorkshire, caused quite a stir on social mediaCredit: SWNS
Bradford Council had to purchase the property with a compulsory purchase order

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Bradford Council had to purchase the property with a compulsory purchase orderCredit: Right Move

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With Trump in power, the dollar is likely to rally but then weaken

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With Trump in power, the dollar is likely to rally but then weaken

Over the incoming president’s second term, the risks of crises may unwind the greenback’s strength

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McDonald’s reveals Christmas menu shake up with never-seen before dessert based on iconic festive chocolate

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McDonald's reveals Christmas menu shake up with never-seen before dessert based on iconic festive chocolate

MCDONALD’S has unveiled its Christmas food range for 2024 with two new items launching including a spin on an iconic festive chocolate.

The home of the Big Mac is shaking up its menu in just under two weeks, with 12 new options on the way.

McDonald's is launching two new items including a Terry's Chocolate Orange Pie

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McDonald’s is launching two new items including a Terry’s Chocolate Orange Pie
The Cheesy McCrispy is also coming to restaurants later this month

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The Cheesy McCrispy is also coming to restaurants later this monthCredit: Peter Jordan

From November 20, fast food fans will be able to get their hands on a new Terry’s Chocolate Orange Pie for £1.99.

The pie combines crispy chocolate pastry with the classic Terry’s Chocolate Orange-flavoured ganache filling – a blend of chocolate and cream.

Customers keen on a savoury bite will be able to pick up the new Cheesy McCrispy from £7.79.

The spin on the classic McCrispy comes with a chicken breast fillet in a crispy coating, served with lettuce crispy onions, pink pickled onion
chutney, bacon, two slices of cheese and cheese sauce.

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Ten other menu options are making a comeback, including fan-favourite burger the Big Tasty, last seen on menus in March.

Foodies can pick up the burger from £7.59 or get it with bacon from £8.39.

Both burgers combine beef patties with Emmental cheese, onions, juicy tomatoes and smoky flavoured sauce in a toasted bun.

The Cheese Melt Dippers with tomato sauce are also returning after they were temporarily dropped from menus at the start of 2024.

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They come in a standard and sharing size, costing £2.49 and £6.79, combining breaded Camembert cheese with tomato dip.

The Terry’s Chocolate Orange McFlurry and mini McFlurry are also back on menus for the first time since 2023, for £2.19 or £1.59.

McDonald’s reveals new breakfast menu item that’s a twist on a classic

Both come with soft swirl ice cream, topped with Terry’s Chocolate Orange mini segments and Terry’s Chocolate Orange sauce.

Chocolate fans will be keen to hear the Galaxy Caramel McFlurry – both regular and mini sizes will be on sale for £2.19 and £1.59, respectively.

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The treats feature soft-serve ice cream, Galaxy Chocolate stars and Galaxy Caramel sauce.

Plus, you can get your hands on the Galaxy Caramel Latte and Galaxy Caramel Hot Chocolates for £2.69.

Bear in mind, the prices listed for the above items may vary from restaurant to restaurant.

This is the full list of items being added to the menus on November 20:

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  • Big Tasty – £7.59
  • Big Tasty with bacon – £8.39
  • Cheesy McCrispy – £7.79
  • Cheese Melt Dippers with Rich Tomato Dip – £2.49
  • Sharing Cheese Melt Dippers with Rich Tomato Dip – £6.79
  • Terry’s Chocolate Orange McFlurry – £2.19
  • Terry’s Chocolate Orange Mini McFlurry – £1.59
  • Galaxy Caramel McFlurry – £2.19
  • Galaxy Caramel Mini McFlurry – £1.59
  • Terry’s Chocolate Orange Pie – £1.99
  • Galaxy Caramel Latte – £2.69
  • Galaxy Caramel Hot Chocolate – £2.69

Not only is McDonald’s shaking up its menu offering from November 20 – it’s adding an iconic character to its Happy Meal too.

Eight Grinch and friend toys, plus Christmas decorations and family Grinch family card games, will be added to the meal deal.

Customers will be able to get the meal deal, which comes with a main, side and drink, for around £3.49 based on where you live.

All the new menu additions and Grinch happy meal toys will be on menus for six weeks so you’ll have to be quick.

The latest announcement from McDonald’s comes after the fast food chain brought back the McRib after 10 years.

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Plus, it recently unveiled the Double Chilli Cheeseburger in restaurants. Customers can get the item for around £2.49.

How do I find my nearest McDonald’s?

If you’re planning on taking a trip to McDonald’s, you’ll want to know where your nearest branch is.

The chain has a restaurant locator tool on its website you can use to find your nearest one – and check what time it opens.

Bear in mind that McDonald’s serves breakfast every day until 11am.

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After that, the menu switches to the normal menu serving meals such as burgers, chicken nuggets and more.

How to save at McDonald’s

You could end up being charged more for a McDonald’s meal based solely on the McDonald’s restaurant you choose.

Research by The Sun found a Big Mac meal can be up to 30% cheaper at restaurants just two miles apart from each other.

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You can pick up a Big Mac and fries for just £2.99 at any time by filling in a feedback survey found on McDonald’s receipts.

The receipt should come with a 12-digit code which you can enter into the Food for Thought website alongside your submitted survey.

You’ll then receive a five-digit code which is your voucher for the £2.99 offer.

There are some deals and offers you can only get if you have the My McDonald’s app, so it’s worth signing up to get money off your meals.

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The MyMcDonald’s app can be downloaded on iPhone and Android phones and is quick to set up.

You can also bag freebies and discounts on your birthday if you’re a My McDonald’s app user.

The chain has recently sent out reminders to app users to fill out their birthday details – otherwise they could miss out on birthday treats.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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How mines control driverless trucks

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Zoe Corbyn Two huge mining trucks pass by each other in a mine in Western AustraliaZoe Corbyn

Fifty of these giant driverless trucks work in the Greater Nammuldi iron ore mine

It doesn’t get much more remote than this. I’m in inland Western Australia, at Rio Tinto’s Greater Nammuldi iron ore mine.

It’s about a two-hour flight north from Perth in a region called the Pilbara.

No-one lives permanently here. Around 400 workers are on the site at any one time, and they are flown in, working between four and eight days, depending on their shift pattern, before flying home.

Giant trucks the size of townhouses, capable of hauling 300 tonnes, criss-cross red-earth roads in various sections of this open-pit mine complex.

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For an outsider like me their size is intimidating enough, but multiplying that feeling is the knowledge that there’s no driver at the wheel.

During a tour of the site in a normal-sized company vehicle, one of the trucks comes into view, approaching from a side road.

I sigh with relief as it deftly turns and continues in the direction we have just come. “Did it make you feel uncomfortable?,” asks the vehicle’s driver Dwane Pallentine, a production superintendent.

Zoe Corbyn Henry - a truck with a water tank on the back - sprays water on the dusty roads.Zoe Corbyn

“Henry” the autonomous water cart sprays roads to keep the dust down

Greater Nammuldi has a fleet of more than 50 self-driving trucks that operate independently on pre-defined courses, along with a handful that remain manually driven and work separately in a different part of the mine.

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Being trialled is also an autonomous water cart affectionately known as Henry, which, along with manually driven ones, sprays the mine roads to keep the dust down.

The company vehicle I am in is able to operate alongside the autonomous trucks only because it has been fitted with high-accuracy GPS, which allows it to be seen within a virtual system.

Before entering the mine’s gated autonomous zone, we logged onto this system and a controller verified over the radio that we were visible.

It has encased our vehicle in a virtual bubble that the self-driving trucks “see” and which causes them to manage their proximity by slowing or stopping as necessary.

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A touch screen in our cabin displays all the staffed and autonomous vehicles and other equipment in the vicinity, along with “permission lines” that show the immediate routes the self-driving trucks are intending to take. Had I looked at the screen instead of fretting I would have seen that truck was going to turn.

In addition to all vehicles being fitted with a big red emergency button that can stop the system, the autonomous trucks have lasers and radars front and rear to detect collision risks.

The sensors also detect obstacles. If a large rock fell off the back of a truck, the sensors on the next truck along would notice it and the vehicle would stop.

However, some trucks seem extra sensitive – on my tour I see a couple foiled simply by rough roads.

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Co-ordinating and monitoring these robots is Rio Tinto’s Operations Centre (OC) in Perth, about 1,500km (930 miles) to the south.

It’s the nerve centre for all the company’s Pilbara iron ore operations, which span 17 mines in total, including the three making up Greater Nammuldi.

Guided from here by controllers, include more than 360 self-driving trucks across all the sites (about 84% of the total fleet is automated); a mostly autonomous long-distance rail network to transport the mined ore to port facilities; and nearly 40 autonomous drills. OC staff also remotely control plant and port functions.

Autonomy isn’t new to Rio’s Pilbara operations: introduction began in the late 2000s.

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Nor is it unique: Australia has the greatest number of autonomous trucks and other mining equipment of any country, and other mining companies in the Pilbara also use the technology.

But the scale Rio has grown its operations to here, including at Greater Nammuldi – which has one of the largest autonomous truck fleets in the world – gives it global significance.

And it’s a global trend. According to GlobalData the number of self-driving haul trucks worldwide has roughly quadrupled over the past four years to more than 2,000, with most made by either Caterpillar or Komatsu.

Rio Tinto Two men sit at a desk with multiple screens monitoring trucks and other mining equipmentRio Tinto

The trucks and other mining equipment are monitored at a control room in Perth

The biggest reason for introducing the technology has been to improve the physical safety of the workforce, says Matthew Holcz, the managing director of the company’s Pilbara mines.

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Mining is a dangerous occupation: heavy machinery can be unpredictably operated by people who can also become fatigued. “The data clearly shows that, through automation, we’ve got a significantly safer business,” says Mr Holcz.

It has also improved productivity – to the tune of about 15%, he estimates. Autonomous equipment can be used more because there are no gaps due to shift changes or breaks. And autonomous trucks can also go faster when there is less staff-operated equipment on the scene.

Such automation does not come cheap. Rio won’t disclose what it has spent in total on its Pilbara automation journey to date, but observers put it at multiple billions of dollars.

Meanwhile, employment opportunities have evolved. The narrative might be one of robots taking jobs, but that doesn’t seem the case here so far.

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While the OC has about one controller for every 25 autonomous trucks – according to Rio, no one has lost their job because of automation.

Instead, there have been redeployments: truck drivers have joined the OC as controllers themselves, been reskilled to operate different pieces of equipment, such as excavators, loaders and dozers, or gone to drive manual trucks at different sites.

On the OC’s large open plan floor, amid the banks of monitors arranged in clusters for the different mines, I meet Jess Cowie who used be a manual driller but now directs autonomous ones from the central drill pod. “I still put holes in the ground…just without the dust, the noise and being away from the family,” she says.

Zoe Corbyn Zoe standing next to a mining truck. The wheels look taller than her.Zoe Corbyn

Each mining truck can haul 300 tonnes of rocks

Automation is delivering a “step change” in terms of safety in the mining industry says Robin Burgess-Limerick, a professor at the University of Queensland in Brisbane who studies human factors in mining. But it doesn’t mean there isn’t room for improvement.

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Professor Burgess-Limerick has analysed incidents involving autonomous equipment reported to regulators.

As he sees it, the interfaces used by staff both in the field and in control centres to gain information aren’t optimally designed. There have been situations where field staff have lost awareness of the situation, which better screen design may have prevented. “The designers of the technology should put a bit more effort into considering people,” he says.

And there is also a risk that controllers’ workloads can be overwhelming – it is a busy, high stakes job.

Over-trust, where people become so confident the autonomous equipment will stop that they start putting themselves at risk, can also be an issue, and he notes effort needs to be directed into improving the ability of trucks themselves to detect moisture. There have been incidents where wet roadways have caused them to lose traction.

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There can be legitimate safety concerns with autonomous equipment, says Shane Roulstone, co-ordinator for the Western Mine Workers Alliance, which represents mining-related workers in the Pilbara.

He points to a serious incident this May where an autonomous train slammed into the back of a broken-down train, which workers at the front end were repairing (they evacuated before it hit but were left shaken).

But Mr Roulstone also praises Rio generally for having, over time, developed “some good strategies, procedures and policies” around how people interact with automated vehicles.

Mr Roulstone expects that at some point options for redeployment will lessen and there will job losses. “It is just the mathematics of it,” he says.

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Meanwhile, Rio’s automation journey in the Pilbara continues with more trucks, drills and Henry the water cart. It is also closely watching work by Komatsu and Caterpillar to develop un-staffed excavators, loaders and dozers.

Late in the afternoon, waiting at Greater Nammuldi’s airport for the last flight back to Perth, the announcement comes that it has been cancelled due to an issue with the plane. That’s 150 extra people who will now need to be fed and accommodated. It is nothing for Rio, but I can’t help but think we humans are complicated compared to robots.

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Surprising supermarket mulled wine named best in blind test – it’s not Aldi or Lidl & it’s a perfect fruit and spice mix

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Surprising supermarket mulled wine named best in blind test - it’s not Aldi or Lidl & it's a perfect fruit and spice mix

A SUPERMARKET’S mulled wine has been named better than more expensive rivals – which cost double the price.

New results from consumer website Which? has revealed the nation’s favourite mulled wine.

Britain's best mulled wine has been crowned by consumer group Which?

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Britain’s best mulled wine has been crowned by consumer group Which?Credit: Sun Graphics

A panel of 63 expert mulled wine drinkers blind-tasted ten of the tipple from supermarkets including Lidl, Asda and Aldi – as well as more expensive brands like M&S and Waitrose.

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All the drinks were rated on their taste, aroma, mouthfeel and appearance to give an overall score out of 100%.

Flavour made up 50% of the score while 25% was aroma, 15% mouthfeel and 10% appearance.

One mulled wine stood out from all of the others and was the clear favourite of the tasting panel.

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Sainsbury’s mulled wine nabbed the top spot and costs just £3 for 750ml.

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The supermarket’s mulled wine was awarded an impressive score of 73%, winning high marks for look, flavour and mouthfeel.

Sainsbury’s mulled wine was awarded the top prize

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Sainsbury’s mulled wine was awarded the top prizeCredit: Sainsburys

Judges said the wine achieved that crucial balance between sweetness and bitterness.

Meanwhile, two thirds said the strength of the spice flavour was just right and nearly as many said the fruitiness hit the spot too.

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More than half enjoyed the strength of the alcohol flavour, which is 5% ABV. Although 29% said they wanted a stronger hit.

The Co-op and Three Mills trailed behind Sainsbury’s, scoring 68%.

How to find the best bargains at the supermarket

Both beverages cost £4.50 for 750ml.

The Co-op’s tipple lost marks on flavour when compared to Sainsbury’s but it was popular with judges who enjoyed its look and mouthfeel.

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The alcohol flavour was enjoyed by 57% of the panel while a similar number enjoyed its bitterness and fruitiness.

Around half said the sweetness and spicy flavour were just right but a third said they would have enjoyed the drink more if it had a spicier kick.

How to save money buying alcohol

Alcohol can be pricey if you’re planning a party or hosting an event but there are ways to cut costs.

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It’s always important to drink responsibly, here, Sun Savers Editor Lana Clements share some tips on getting booze for the best price.

Stocking up can mean big savings on drinks, especially if you want to buy wine or fizz.

The big supermarkets regularly offer discounts of 25% when you buy six or more bottles of wine. The promotions typically run in the lead up to occasions such as Bank Holidays, Christmas and Easter.  

If you know you are going to need booze later in the year, it can be worth acting when you see offers.

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Before buying your preferred drink make sure you shop around to find the best price – you can use a comparison site such as pricerunner.com or trolley.co.uk.  

Don’t forget that loyalty cards can unlock better savings so make sure you factor that in too.

If you like your plonk, wine clubs can also be a good way to save money and try new varieties. You’ll usually have to pay a membership fee in return for cheaper price so work out if you will be buying enough to make the one off cost worthwhile.

The Three Mills mulled wine was on par with Co-op’s mulled wine for price and level of enjoyment.

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Two thirds of the panel were fans of the sweet and bitter balance of the drink.

The panel praised its fruity flavour, which was enjoyed by 57% of the group, as was the alcohol taste.

But this wine is only 5% ABV and a third of judges said the boozy hit was somewhat lacking.

Extra spiciness would also have seen this wine awarded more points as less than half said it worked for them.

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Aldi and Lidl usually score highly in these types of tests but both supermarkets failed to top the table this time.

Lidl’s Baywood mulled wine costs £2.79 for 750ml and scored 67% in the test.

Meanwhile, Aldi’s mulled wine was awarded the same score and has the same price.

At the bottom of the table was Tesco Vineyards mulled wine which was awarded a score of 62%.

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The best mulled wine ranked by Which?

  • Sainsbury’s mulled wine – 73% – £3 for 750ml
  • Co-op mulled wine – 68% – £4.50 for 750ml
  • Three Mills mulled wine – 68% – £4.50 for 750ml
  • Aldi mulled wine – 67% – £2.79 for 750ml
  • Lidl Baywood mulled wine – 67% – £2.79 for 750ml
  • Asda mulled wine – 66% – £3 for 750ml
  • Waitrose mulled wine – 65% – £5.49 for 750ml
  • M&S Red mulled wine – 64% – £6 for 750ml
  • Morrisons Winter Warmer mulled wine – 64% – £4 for 750ml
  • Tesco Vineyards mulled wine – 62% – £3 for 750ml

Judges said the beverage’s good looks were the top feature of this otherwise disappointing drink.

Just 46% approved of the alcohol flavour and a further 41% found it too weak.

Only a third liked the spice levels and 46% said it was too bitter.

At £3 for 750ml it was beaten by much cheaper rivals.

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The Morrisons Winter Warmer mulled wine also trailed behind other supermarkets.

It was awarded a score of 64% and three quarters of judges said that its colour was appealing.

But only 59% enjoyed its bitterness levels and a third said the alcohol flavour was right.

Half enjoyed its fruity sweetness but a similar number of judges said that they wanted a stronger spice flavour.

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At £4 for 750ml it was one of the more expensive beverages in the test, despite having an ABV of 5%.

M&S Red mulled wine was the priciest bottle in the test but it was also the strongest at 11% ABV.

Judges awarded it a score of 64% but more than a third of them said the alcohol flavour was a bit much.

Around half said they were happy with the spiciness, fruitiness and bitterness of the drink.

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Waitrose mulled wine was the second priciest in the test at £5.49 for 750ml but received a score of 65%.

Aside from the colour this wine struggled to win the approval of judges.

Around 46% said the alcohol flavour was too much, which was unsurprising given its 10% ABV.

Only a third were positive about the spice flavour while half found the wine lacked sweetness and was overly bitter.

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Harry Rose, Editor of Which? Magazine said: “Mulled wine is a festive favourite and the perfect winter warmer.

“Sainsbury’s mulled wine emerged as the panel’s top pick. The strength of the spice flavour hit the right notes and it is a deserving Best Buy which is also affordable at just £3.”

In other taste test news, The Sun tried supermarket mulled wines to find out which offered the best value for money.

Plus we reveal the best supermarket for every part of your Christmas dinner.

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And we try supermarket champagne to find out which is perfect for parties.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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