Finance News

Unemployment drops to 6.6pc, with 50,000 people starting work in December

After losing his job during the peak of the pandemic, Mitch thought he would never work again. But he recently joined 50,000 Australia's who nabbed a job in December as the country's recovery from coronavirus continues.

‘Just get over the marijuana stigma': The benefits of building houses with hemp, according to experts

Industrial hemp - a cannabis plant with very low concentrations of psychoactive chemical THC - can be used to build houses and has several benefits.

Engineer who stole trade secrets from Google among those pardoned by Trump

In his final hours of office, Donald Trump pardoned a former Google engineer who was convicted of stealing trade secrets from the company before taking up a new role with competitor Uber. Anthony Levandowski, 40, had been sentenced in August 2020 to 18 months in prison after pleading guilty to inappropriately downloading trade secrets from Google’s self-driving car operation Waymo, where he was an engineer. The surprise pardon was remarkable for...

BUSINESS LIVE: Entain appoints new boss

Ladbrokes owner Entain has appointed Jette Nygaard-Andersen to replace Shay Segev as chief executive.

Firm linked to Tory donor Lord Ashcroft wins £350m Covid contract

A company linked to the Conservative party donor and former treasurer Lord Ashcroft has been awarded a contract worth £350m by the government to provide laboratory staff for the Covid-19 testing operation. The contract, awarded to Medacs Healthcare plc, which has an ongoing contractual “framework agreement” with the Department of Health and Social Care (DHSC) and provides locum doctors, nurses and other staff to the NHS, is one of the largest...

California WeChat users claim China surveillance in lawsuit

California WeChat users sued its parent company Tencent on Wednesday, saying the mobile app is used for spying on and censoring users for the Chinese government. US-based nonprofit Citizen Power Initiatives for China (CPIFC) filed the suit in Silicon Valley, joined by a half-dozen California residents in urging a state court to order Tencent to change its ways and pay damages. "As the global erosion of democratic values shows little sign of...

Amazon offers to help with Covid-19 vaccine effort

Tech colossus Amazon on Wednesday offered to put its vast operation to work helping President Joe Biden get 100 million Americans vaccinated against Covid-19 in the next 100 days. Chief of Amazon's worldwide consumer business Dave Clark sent a letter to Biden urging that its workers get vaccinated as early as possible and offering to put the company's resources to work in the broader vaccination effort.

Household chore platform TaskRabbit soars in 2020 thanks to pandemic

A platform connecting people for odd jobs saw a surge in demand for 'taskers' as well as record sign-ups this year, due to the pandemic - pictured, three people who get work from the website.

Scott Morrison's regional Queensland tour overshadowed by talk of COVID quarantine site

Scott Morrison has been rubbing shoulders with locals at the pub, touring an oil refinery and making gas industry announcements, but the focus remains on a possible regional quarantine hub at a mining camp.

These 2 triggers could set off the next wave of market turbulence. Here’s why Citi says to buy the dip

Markets are continuing their optimism for fiscal stimulus from President Joe Biden’s new administration, after the S&P 500 lifted 1.39% yesterday to a fresh high — the best Inauguration Day rise in 36 years.

These are the 15 jobs on the rise in Australia in 2021, according to data from LinkedIn

LinkedIn has revealed the jobs on the rise in Australia in 2021. These include mental health specialist roles and jobs in cybersecurity. It comes as the coronavirus pandemic has shifted the employment landscape in Australia, causing a drop in demand across tourism but a spike across digital content.

Liberal MP Warren Entsch says many businesses will need government aid after JobKeeper

Federal Government backbencher Warren Entsch says many businesses will need financial assistance beyond March when JobKeeper ends and is confident more support measures will be announced.

Oil prices under pressure after industry data shows rise in U.S. crude inventories

Oil futures trade lower Thursday, losing ground after data from an industry group shows an unexpected rise in U.S. crude inventories.

'Australia's largest energy class action' filed against Queensland power companies accused of driving up prices illegally

The law firm leading a major class action involving more than 47,000 people is looking for more people to register for reimbursement as it alleges two of the state's biggest power players artificially created a lack of supply to drive up prices.

ECB meets as virus woes weigh on eurozone

European Central Bank governors meet Thursday to take stock of their monetary stimulus efforts as more infectious strains of the coronavirus and stricter shutdowns cloud the economic outlook. "The short-term path of the eurozone economy will be determined by the virus, vaccines, lockdowns, and fiscal stimulus, not additional monetary stimulus."

Australian housing market to experience 'up crash' on back of homebuilder mini-boom – investment bank

Australia’s housing market is set for an “up crash” as the government’s homebuilder subsidy scheme prompts a spike in construction that will rapidly fall away, investment bank UBS says. George Tharenou, the chief economist at UBS in Australia, said due to the homebuilder spending spree he had increased his estimate of the number of houses that would be built in 2021 from 185,000 to 230,000 – well above the 175,000 level predicted by other...

India stocks hit record highs on economic recovery hopes

Indian stocks hit record highs Thursday, tracking a global rally after the inauguration of US President Joe Biden and reflecting hopes of a domestic economic recovery following this month's vaccine roll-out. Indian IT firms including Infosys and rival Tata Consultancy Services (TCS) recorded strong profits in the October-December quarter, thanks to increased demand for digital services during the pandemic.

These ‘lucky seven’ ETFs left the S&P 500 in the dust in the past decade-plus

Niche and sector exchange traded funds would have made you five times your money.

Biden bounce peters out for European stocks

European stock markets' bounce from Joe Biden taking office as US president petered out Thursday. Attention switched to the European Central Bank, which meets Thursday to take stock of their monetary stimulus efforts as more infectious strains of the coronavirus and stricter shutdowns cloud the eurozone economic outlook. The euro hit a six-month low versus sterling, with the British currency buoyed by the UK's early vaccine rollout, analysts...

More than a quarter of VET student loans go unpaid. The Productivity Commission says Australia should collect those debts from the dead.

Unpaid VET Student Loan debts should be collected from deceased estates, the Productivity Commission says in a new report. "There is no clear rationale" against treating student debts differently to mortgages or credit card debts, the report claims.

Building a green economy could stop ‘nightmare’ degradation of Amazon

The Amazon will be transformed into a “highly degraded nightmare” unless a sustainable biodiversity-based economy develops which properly values ecosystem services and products produced by the rainforest, a leading scientist has warned. Prof Thomas Lovejoy, the “godfather of biodiversity”, said if agro-industrial economic developments such as cattle farming, palm oil production and mining continue, the rainforest’s hydrological cycle will be “in...

FuelCell Energy stock extends pullback after wider-than-expected loss, while revenue beat forecasts

Shares of FuelCell Energy Inc. slumped 7.2% in premarket trading Thursday, to extend their pullback from a 2 1/2-year high, after the alternative energy and fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss, although revenue rose above forecasts. The net loss for the quarter to Oct. 31 narrowed to $19.7 million, or 8 cents a share, from $36.0 million, or 23 cents a share, in the year-ago period, while the...

Britons buying from EU websites face more than £100 in import duties

Parcel firms demanding payment before delivering items ordered from European websites since Brexit

Lebanese prosecutor questions central bank governor Salameh after Swiss request

Lebanese prosecutor questions central bank governor Salameh after Swiss request

Ladbrokes owner Entain appoints female chief executive

Entain, the gambling company behind the Ladbrokes and Coral brands, has appointed a female chief executive in a move that raises the number of women leading FTSE 100 businesses to six. The bookmaker has hired one of its non-executive directors, Jette Nygaard-Andersen, to replace Shay Segev, who departed abruptly last week. Segev left to join sports streaming company DAZN as Entain tried to repel a takeover attempt by American casino owner MGM...

Ladbrokes owner Entain appoints its first female boss

Entain confirmed it has hired Jette Nygaard-Andersen as its new chief executive to replace outgoing Shay Segev, who quits today as a director, but will stay on to help the leadership transition.

Pets at Home sees festive sales soar as it enjoys 'essential' status

On a like-for-like basis, the retailer saw sales rise 19.3 per cent in December, with its vet arm sales up over 21 per cent, fresh figures have revealed today.

The federal government is singing praises for its $2 billion HomeBuilder scheme as data shows a boom for the construction industry

The commencement of new private sector housing projects jumped 4% over the September quarter of 2020, with the value of major home alterations and additions climbing by 6.4%.

Banks pressuring customers to make unrealistic loan repayments as deferrals end

As a pause on home loan repayments begins to lift, banks are asking customers to make large lump sums or add $1,000 a month to their repayments to clear up what they owe in arrears.

We're about jobs, PM says as jobless fall

The unemployment rate dropped to 6.6 per cent in December from 6.8 per cent the previous month, the Australian Bureau of Statistics says.

Southeastern Grocers set terms for its IPO, as selling shareholders look to raise up to $142.4 million

Southeastern Grocers Inc. set terms for its initial public offering, which could value the Florida-based food retailer at up to $694 million. The company said selling shareholders are offering 8.9 million shares in the IPO -- the company is not selling any shares -- which is expected to price between $14 and $16 a share, to raise up to $142.4 million. The stock is expected to list on the NYSE under the ticker symbol "SEGR." BofA Securities and...

v2food has launched the next iteration of its plant-based meat product: sausages

v2food has released the next iteration of plant-based meat products. The company is rolling out v2sausages in Coles supermarkets this week for a limited time.

Geoscience Australia expands earthquake monitoring system in NT's Beetaloo Basin

The cause of tremors near fracking sites remains a mystery in Australia due to a lack of data. Now, as the Federal Government and gas companies target the NT's Beetaloo Basin for fracking, scientists are preparing to answer some seismic questions.

Small rise in SA jobless rate in December

The South Australian government says more people now have jobs than before the COVID-19 pandemic despite a rise in the state's jobless rate.

Aust shares close at 11-month high

ASX investors nudged the market to an 11-month high as lower unemployment and US President Joe Biden's first day in office encouraged optimism.

'No more broken treaties': indigenous leaders urge Biden to shut down Dakota Access pipeline

Indigenous leaders and environmentalists are urging President Joe Biden to shutdown some of America’s most controversial fossil fuel pipelines, after welcoming his executive order cancelling the Keystone XL (KXL) project. Activists praised Biden’s decision to stop construction of the transnational KXL oil pipeline on his first day in the White House, but they stressed that he must cancel similar polluting fossil fuel projects, including the...

Vocational training needs reform: report

The Productivity Commission has released its final report into the national skills agreement, with fresh calls to overhaul vocational education and training.

Aust shares higher before Biden era begins

Australia's share market has closed higher, as attention turns to the swearing in of US president-elect Joe Biden and his economic stimulus plan.

Katy Perry poses with Orlando Bloom after inauguration performance

Orlando Bloom has praised his fiancé Katy Perry's incredible performance at President Joe Biden's inauguration in Washington on Wednesday.

Aust medicinal cannabis ships to Europe

Australia has started exporting medicinal cannabis to Europe with the first batch in a decade-long, $92 million export deal on its way to Germany.

City of London to vote on removing statues linked to slavery trade

City of London to vote on removing statues linked to slavery trade

ECB keeps copious stimulus measures unchanged

ECB keeps copious stimulus measures unchanged

Dow set to add to records in first full day of Biden administration

U.S. stock benchmarks head modestly higher Thursday morning and are set to build on a record run-up, a day after the inauguration of President Joe Biden, as investors await clarity on the prospects for the new commander-in-chief's legislative agenda to contend with the COVID-19 pandemic and a rocky economy.

Japan maintains estimate for long-term budget surplus in fiscal projections

Japan maintains estimate for long-term budget surplus in fiscal projections

Bank of Japan revises up growth outlook for next two years

The Bank of Japan on Thursday revised its growth outlook upwards for the next two years and maintained its ultra-loose monetary policy as it warned that the pandemic makes clear forecasts less likely. The bank warned in its report that its latest forecasts "could change depending on the consequences of Covid-19 and the magnitude of their impact on domestic and overseas economies".

European Central Bank leaves rates, bond-buying program unchanged

The European Central Bank, as expected, made no changes to interest rates or its asset-buying program on Thursday after moving last month to bolster its efforts to support the eurozone economy. The ECB said its Governing Council left its deposit rate at negative 0.5% and its main refinancing rate at 0%. The central bank also affirmed it would maintain the "envelope" for its pandemic emergency purchase program at 1.85 trillion euros and would...

Volkswagen faces EU fine for missing 2020 emissions targets

Volkswagen faces EU fine for missing 2020 emissions targets

Ethereum has broken its all-time high. Here's why one analyst thinks it could hit $US2,500 this year.

Ethereum broke its all-time high this week before tumbling alongside Bitcoin on Thursday. The cryptocurrency looks to have plenty of upside according to eToro cryptocurrency analyst Simon Peters.

Futures edge higher ahead of weekly jobless claims data

Futures edge higher ahead of weekly jobless claims data

Best savings accounts: Where can I beat inflation?

The new year has brought the same old problems for savers as they continue to struggle to find accounts which keep up with the rising cost of living.