HSBC denies taking political stance over China's crackdown in Hong Kong

HSBC’s chief executive has denied taking a political stance on China’s crackdown in Hong Kong, claiming the bank was not in a position to question police requests when it agreed to freeze accounts of pro-democracy activists. Questioned by MPs on the foreign affairs committee on Tuesday, Noel Quinn ruled out exiting the Hong Kong market in light of Beijing’s controversial new security laws, saying it “would only harm” local customers. In a...

This swimming pool might be the coolest one in Australia

The house in Main Ridge, 93 kilometres south of Melbourne, has four bedrooms, five bathrooms and one very special swimming pool.

Rio Tinto and BHP battle Apache tribes to build North America's biggest copper mine at sacred Oak Flat site

Rio Tinto promised "never again" after the destruction of ancient Aboriginal rock shelters at Juukan Gorge, but now it wants to mine sacred Apache land in the US and investors are concerned little has changed within the company since it appointed an insider as its new boss.

$10 mn pay-cut for Goldman Sachs CEO over 1MDB scandal

Goldman Sachs cut its CEO David Solomon's 2020 salary by $10 million to $17.5 million because of the bank's role in the 1MDB Malaysian bribery scandal, according to documents filed Tuesday. "The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr. Although the three were not "aware of the firm's participation in any...

Rolls-Royce to burn through another £2bn of cash

Increased restrictions to protect against more contagious strains of the virus are expected to ground flights worldwide in 2021. This will deal a blow to Rolls as it gets paid when its engines fly.

The Guardian view on department store closures: end of an era

It is still possible that Jenners, the venerable Edinburgh department store and one of the fixtures of Princes Street, will be rescued in some form or other. Observers have speculated that the announcement it is to shut is a bluff by its owner, Mike Ashley, aimed at extracting more generous terms from the landlord. But coming in the same week as news that Debenhams has been sold to the internet retailer Boohoo, a move expected to lead to the...

Google revives Australia news platform launch amid content payment fight

Barbs fly over satellite projects from Musk, Bezos

A spat erupted Tuesday between Jeff Bezos and Elon Musk as the tech titans' space firms exchanged barbs over their rival satellite internet projects being evaluated by regulators. Amazon, founded and led by Bezos, put out a statement claiming Musk's rival SpaceX project Starlink was seeking design changes that could "create a more dangerous environment for collisions in space" and also increase radio interference. "Despite what SpaceX posts on...

The AMD that investors bet on is finally here

Advanced Micro Devices Inc. has finally achieved many of its big goals that investors have been banking on over the past few years, as they drove its shares to become the biggest gainer in the S&P500 two years in a row. Now comes the the conundrum.

Caught between China and the US, the pressure for HSBC to split grows

Noel Quinn, chief executive of HSBC, had his line and he stuck to it. He was just a humble banker, obeying the rules in Hong Kong, even the draconian ones imposed by Beijing that stamp out the last knockings of democracy. “It’s not my position to make moral or political judgments on these matters,” he told the foreign affairs select committee. “I have to comply with law”. One matter in question was HSBC’s freezing of the bank account of...

Amazon to expand tech hub in Boston with 3,000 new jobs

Amazon announced plans Tuesday to expand its technology hub in the Boston area, creating some 3,000 jobs in the next few years. Rohit Prasad, vice president and head scientist for Alexa at Amazon, said the new hub will expand research and development for the artificial intelligence system.

IMF lifts growth forecast on vaccine hopes

The International Monetary Fund has raised its forecast for global growth, but warns there is still exceptional uncertainty in the outlook.

Mastercard joins net-zero climate club with ambitious pledge to bring most of its customers on board

Mastercard Inc. pledges to hit the equivalent of net-zero greenhouse gas emissions by 2050, an increasingly familiar refrain across major companies and government bodies as a Joe Biden-led U.S. looks to rejoin global counterparts in trying to slow man-made climate change.

U.S. state regulator says GameStop trading could be 'systemically wrong': Barron's

U.S. state regulator says GameStop trading could be 'systemically wrong': Barron's

Biden to announce freeze on new oil, gas leases on federal land

President Joe Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on U.S. lands and waters, as his administration moves quickly to reverse Trump administration policies on energy and the environment and address climate change.

Walmart adding dozens of automated local fulfillment centers to speed delivery and pickup orders

The automated facilities feature robots that help Walmart associates pick and pack orders for delivery or in-store pickup.

Rating agency S&P warns 13 oil and gas companies they risk downgrades as renewables pick up steam

Rating agency S&P has warned 13 oil and gas companies, including the some of the world’s biggest that it may downgrade them within weeks because of increasing competition from renewable energy. On notice of a possible downgrade are Australia’s Woodside Petroleum as well as multinationals Chevron, Exxon Mobil, Imperial Oil, Royal Dutch Shell, Shell Energy North America, Canadian Natural Resources, ConocoPhillips and French group Total. S&P said...

Fox News hires Trump economic adviser Larry Kudlow to host show

Fox News has hired Larry Kudlow, a top economic adviser to former president Donald Trump, as a contributor and host of a new weekday show on the Fox Business Network, the company said on Tuesday. The announcement came on the same day that the company denied that the former White House press secretary Kayleigh McEnany had joined the conservative TV channel, after an ethics watchdog reported that she had. Kudlow served as director of the national...

Hong Kong airport readies bond issuance worth up to $1.5 billion: sources

Hong Kong airport readies bond issuance worth up to $1.5 billion: sources

Moonpig will bring home the bacon for Hampshire council

The online greetings card company, founded by former BBC Dragon's Den star Nick Jenkins, is planning to raise up to £422m from an initial public offering early next month.

Apple overtakes Amazon to become world’s most valuable brand, while Tesla is the fastest-growing

Apple has overtaken Amazon to become the world’s most valuable brand for the first time in five years, according to a global report.

US consumers mired in Covid gloom, but see better days ahead

US consumers are pessimistic about the state of the economy as it weathers the Covid-19 pandemic's tough winter months, but see things getting better soon, a survey said Tuesday. The Conference Board reported its January consumer confidence index was at 89.3, increasing slightly more than expected from its 87.1 level in December. "Consumers' appraisal of present-day conditions weakened further in January, with Covid-19 still the major...

Tasmania remains top economic performer

Commonwealth Securities' quarterly State of the States analysis has found Tasmania leading the pack for a fourth quarter in a row.

Textile waste presents 'untapped' potential for entrepreneurs as Bathurst runs recycling trial

Participants in a NSW textile recycling trial have donated more than 1,600kg of unwanted fabrics in the space of a month and organisers say they're overwhelmed by the response.

Heavy industry, transport sectors to align on net-zero climate plans

Heavy industry, transport sectors to align on net-zero climate plans

Walmart plans to fill online orders with help from robots at some U.S. stores

Walmart plans to fill online orders with help from robots at some U.S. stores

Apple set for $100bn sales record after strong demand for new devices

Analysts predict the US tech giant raked in a record $103.4bn (£75.2bn) during the final three months of 2020, the equivalent of more than half a million pounds per minute.

Gordon Brown calls for urgent budget help as 1 in 7 UK firms face collapse

Gordon Brown has called for emergency measures to support businesses in the budget after new research from the London School of Economics warned almost 1m UK companies were at risk of failure in the next three months. The former prime minister said the report’s finding that one in seven businesses – employing 2.5 million people – might be forced to close by the spring should act as a “clarion call” to Rishi Sunak as he prepares his tax and...

Pepsi, Beyond Meat cook up snack partnership

Food industry colossus PepsiCo and faux-burger makers Beyond Meat announced an alliance Tuesday to cook up plant-based snacks that tempt the palate while being easy on the planet. PepsiCo brings marketing and global distribution prowess to the alliance, while Beyond Meat has been creating plant-based alternatives to meat since it was founded in 2009.

Elaine Stead awarded $280k for defamation by Australian Financial Review columnist Joe Aston

Journalist Joe Aston engaged in a campaign of "offensive mockery" against businesswoman Elaine Stead while writing for the Nine Entertainment Co newspaper, a judge found, leaving Ms Stead feeling "humiliated".

Britain's jobless rate soars to five-year high

The number of jobless people rose 418,000 to 1.7m in the year to November, the biggest annual jump since the financial crisis. It means unemployment is now 5 per cent.

My father inherited money from his parents — he now tells people he earned it due to his (nonexistent) investment prowess

‘I would like my dad back, but I am afraid he is too far gone’

Courteney Cox practices self care as she visits a spa in Malibu

Courteney Cox, 56, practices some midweek self care as she hits up a luxury spa in Malibu before emerging fresh faced

Aust shares close down 0.65pc, miners drop

Sizeable losses for miners and energy providers have caused the ASX's steepest decline for a session in more than a week.

Asia sales help LVMH limit Covid damage

LVMH, the world's biggest luxury company, said Tuesday that a strong pickup in Asian sales and robust online business helped contain the damage from Covid-19 in its 2020 results. The outlook remained uncertain because of the global health crisis, but LVMH said it still entered 2021 with "cautious confidence" that it will be able to build on a strong fourth-quarter rebound. Headline sales came in at 44.6 billion euros ($54.2 billion), a drop of...

Covid vaccine supply issues could see Dutch violence repeated in rest of EU

In recent nights, rioters have poured on to the streets of 10 Dutch cities in what has been the closest Europe has come to open revolt against the coronavirus restrictions imposed across the continent. The violence, the worst in four decades, might be put down to the liberty-loving culture of the country but, perhaps not coincidentally, the Netherlands is also the very last EU member state to start vaccinating the public and offer some hope that...

Little change expected as Fed ends first meeting of Biden era

The Federal Reserve will on Wednesday conclude its first meeting since US President Joe Biden took office, and while the central bank is certain to comment on the health of the country's economy amid the Covid-19 pandemic, analysts say it's unlikely to change its main policies. Powell has repeatedly highlighted the need for government spending to take over the role of supporting the economy from the central bank.

Inflation remains well below RBA's target

The consumer price index rose 0.9 per cent in the December quarter, with the annual rate also at 0.9 per cent and well below the Reserve Bank's target.

Shaquille O'Neal sells his massive Florida mansion for $16.5 million

The 48-year-old former NBA star originally put his 31,000 square foot mega-mansion on the market in 2018 for $28 million, but it finally sold after he reduced the price to $16.5 million.

Australia, New Zealand dollars probe resistance, inflation tops forecasts

Australia, New Zealand dollars probe resistance, inflation tops forecasts

Consumer prices rose in 2020, despite the recession, as childcare fees returned

Consumer prices rose in Australia last year, bouncing back from record deflation in the June quarter despite the nation's first recession in nearly three decades.

Walgreens taps Starbucks exec Roz Brewer as its new CEO

Walgreens said Tuesday it has tapped Starbucks executive Roz Brewer as its new CEO, which will make her the only Black woman leading a Fortune 500 company.

Asian markets little changed after ho-hum day on Wall Street

Markets have meandered since last week as investors weighed solid corporate earnings results against renewed worries that troubles with COVID-19 vaccine rollouts and the spread of new variants of coronavirus might delay a recovery from the pandemic.

Oil rises as U.S. oil stockpiles drop, new Chinese COVID-19 cases decline

Oil rises as U.S. oil stockpiles drop, new Chinese COVID-19 cases decline

Australia's billionaires struck gold during the pandemic. Now it's time to combat rising inequality, analysts say.

Australia's 31 billionaires accumulated $85 billion more between them during the COVID-19 pandemic, according to the latest Oxfam report. The experience contrasts sharply with the those of the average Australian, who has faced rising unemployment and imminent cuts to government support.

Costello sees danger in low interest rates

Future Fund chair Peter Costello said he was unsure whether keeping interest rates low was helping inflate stock markets to possibly unsustainable levels.

ROSS CLARK: What are we to make of Brussels' hypocritical stunt?

ROSS CLARK: When Britain opted out to pursue its own vaccination course, siren voices warned. But oh how the EU has failed to live up to its lofty ideals.

Companies are powering ahead with big battery projects, but a 'lack of certainty' by governments could deter good investment

New projects are being announced all the time in the grid-scale battery arms race but concerns are being raised over a patchwork approach which has seen some states go at it alone in their pursuit of more aggressive emissions targets.

CPI ticks up on child care, tobacco costs

A rise in child care and tobacco costs were key drivers in a rise in inflation in the December quarter, but the annual rate was still a benign 0.9 per cent.

China money rates hit 21-month high on holiday demand, policy tightening worries

China money rates hit 21-month high on holiday demand, policy tightening worries