Money

China worries about lagging consumption as broader economy shakes off COVID

China worries about lagging consumption as broader economy shakes off COVID


What CAN Britain learn from Beijing? China's economy is surging ahead

China's economy expanded by 6.5 per cent in the final quarter of 2020, making it one of the few countries to be able to chalk up growth for the year. Industrial production drove the revival.


UK government rejects 'musician passports' as stars attack 'shameful' touring deal

The UK government will not pursue a waiver scheme that would allow British musicians to tour the EU without the need for visas, carnets and work permits for each individual member state. The announcement comes as over 100 artists including Sting, Bob Geldof and Elton John have signed an open letter published in the Times on Wednesday, calling on the government to negotiate paperwork-free travel for British musicians touring in Europe. The...


Is it too soon to deflate the Trump baby blimp?

No sooner had the Iraqi journalist Muntadhar al-Zaidi thrown his shoes in protest at the US president George Bush than people were calling for the offending items to be displayed in a national museum. They didn’t make it that far: US security forces destroyed them while checking for explosives. Luckily, the Trump baby balloon dodged a similar fate in July 2018, when it floated above crowds that had gathered to protest the president’s visit to...


Biden's cabinet picks say US to stand against China trade abuses

President-elect Joe Biden's picks to lead economic and foreign policy signaled on Tuesday that there would be no letup in Washington's efforts to combat China's trade abuses. The comments from the incoming administration reflect an unusual area of common ground with outgoing President Donald Trump, who over the past four years unleashed an aggressive and costly trade war that imposed billions of dollars in punitive tariffs on Chinese goods....


BHP raises iron ore production estimate

BHP has increased the quantity of iron ore it expects to produce this fiscal year, following the restart of an operation in Brazil.


UK inflation jumped in December as shoppers returned to high street

The annual rate of inflation rose to 0.6% in December from 0.3% in the previous month as shoppers returned to the high street in most parts of the UK after the end of the second lockdown. The Office for National Statistics said an increase in transport costs and a rise in computer games console prices as Christmas approached was only partially offset by cheaper takeaway food and lower furniture and household equipment prices. With the economy...


A new generation of digital payday lenders are springing up in Australia as demand for short-term loans surges

A new breed of digital payday lenders are popping up in Australia, with the lending niche growing five times larger in just 12 months. Joining an array of app-based competitors, the Commonwealth Bank is offering its own pay advance feature to customers.


Asian markets mixed as pandemic worries vie with optimism over Biden administration

Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases.


South Australia's recycling industry to be bolstered by up to $45 million

South Australia's "circular economy" of recycled waste is set to receive a $45 million infrastructure injection following a joint announcement by the Federal and State governments today.


Netflix keeps growing in pandemic, tops 200 mn subscribers

Netflix on Tuesday topped subscriber growth expectations in the past quarter, keeping ahead of new streaming rivals competing for viewers stuck in their homes during the coronavirus pandemic. The streaming television leader added some 8.5 million paid subscribers in the quarter to reach 203 million, topping 200 million despite recent price hikes, its quarterly earning update showed. "Covid-19 has accelerated that big shift from linear to...


Homelessness crisis looms as Western Australia's coronavirus rental moratorium due to expire

Western Australia is set to see increased levels of insecure housing and homelessness due to rental hikes of up to 20 per cent after the state's moratorium ends, Anglicare warns.


‘Harmful outcomes’: The US has urged Australia to ditch its plan to force Facebook and Google to pay for news

US trade representatives say Australia's draft media bargaining code is "fundamentally unbalanced", with consequences that could "significantly harm Australian consumers".


Biden's inauguration is a source of hope, says Labour's Lisa Nandy

Joe Biden won the US presidency as a “woke guy” who proudly defended trans rights and Black Lives Matter but also set the agenda on economic recovery, the shadow foreign secretary, Lisa Nandy, has said as Labour seeks to build new alliances with the Democrats. In a Guardian interview ahead of the 78-year-old president’s inauguration, Nandy said the Democrats were looking to her party as a dependable partner and that Labour would seek to use the...


‘This is sheer economic waste’: Our $1,200 stimulus ‘gift cards’ should have gone to people who need them. Why did we get them instead?

‘We do not light our fireplace with $100 bills, but we are comfortable.’


Google investigates ethical AI team member over handling of sensitive data

Google investigates ethical AI team member over handling of sensitive data


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.


Goldman Sachs earnings surge amid pandemic upheaval

Goldman Sachs reported another blowout quarter Tuesday to conclude a highly profitable 2020 despite the coronavirus pandemic, which provided lucrative opportunities to the investment bank while battering much of the US economy. For all of 2020, Goldman Sachs reported profits of $8.9 billion, up 13 percent, on a revenue increase of 22 percent to $44.6 billion.


Silicon Valley CEOs cannot lay down the law, EU chief says

Silicon Valley CEOs cannot lay down the law, EU chief says


IAG agrees to acquire Air Europa for a deferred, lower price tag of €500 million

International Airlines Group on Wednesday announced a cut-price deal for Air Europa worth €500 million ($607 million). Under terms of the deal, IAG-owned Iberia Airlines will acquire all shares of the rival airline from owner Globalia Corporacion Empresarial, but the amount to be paid has been reduced from €1 billion, and will be deferred until the sixth anniversary of the deal's completion. Revised deal terms are dependent on negotiations...


Halsey plunks down $10M for five-bedroom Calabasas mansion

The estate comes equipped with a number of indoor amenities including a recording studio, library, wine cellar and home theater.


Home repossessions set to surge after support schemes end

Thousands of borrowers have struggled to pay the mortgage in the virus crisis - with close two million taking a break from repayments. Last year 2,900 properties were repossessed by lenders.


Biden to 'hit ground running' as he rejoins Paris climate accords

Joe Biden is set for a flurry of action to combat the climate crisis on his first day as US president by immediately rejoining the Paris climate agreement and blocking the Keystone XL pipeline, although experts have warned lengthier, and harder, environmental battles lie ahead in his presidency. In a series of plans drawn up by Biden’s incoming administration for his first day in office, the new president will take the resonant step of bringing...


Barley finds a home in Mexico as CBH sends first shipment from WA

Despite the trade tensions with China and the massive tariff imposed on barley exports there, there are some good signs for grain growers on international markets.


MARKET REPORT: Second round of funding to prop up Wetherspoons

The pub chain is hoping to raise between £92.1m and £93.7m to see it through the rest of the year, by selling up to 8.4m shares. This would mean offloading them for around 1100p.


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.


Crypto tech vs. COVID-19: How hospitals are using blockchain in the vaccine rollout

The mass campaign to inoculate millions against COVID-19 was always going to be a monumental challenge. The fact that some vaccines are rendered useless if not kept at ultralow temperatures only complicates matters.


People's Choice Credit Union customers angered by outages and slow online banking

A system upgrade is being blamed for leaving tens of thousands of Australians without access to their online bank accounts.


Forget diets, here's clever ways to pile on pounds!

If you want to become a better saver this year, we've outlined some innovative ways to help the pennies and pounds stack up. Stick to them and you could save between £668 and £1,456.


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.


Criminal charges laid over Japanese exchange student drownings at Fraser Island's Lake McKenzie

A school teacher and tour company are charged with workplace health and safety offences almost two years after two Japanese teenagers drowned at a lake on Fraser Island (K'gari).


Which jobs are tipped to prosper in 2021?

As the Australian economy begins to settle after a year of upheaval, new data has revealed which industries have the best prospects for the year ahead.


Black Americans are dying from COVID-19 at higher rates than other people — so why are they getting vaccinated at lower rates?

A new analysis reveals the racial disparity in health-care worker vaccinations.


Asia markets mostly up on hope for Biden recovery agenda

Asian investors pushed markets higher again Wednesday as they await the swearing-in of Joe Biden, while they have taken heart from comments by Treasury nominee Janet Yellen as she looks to push through the new president's stimulus proposals. The long-running battle on trading floors between long-term recovery hopes and concerns about the immediate virus crisis was being won by the more optimistic outlook, though the disease continues to cast a...


Johnson's 'levelling up' council criticised as most members based in London

A business council set up by Boris Johnson to rebuild the UK after Covid has been criticised for being too London-centric and treating most of the country with “contempt” after it emerged that all but five council members are based in or near the English capital. Just one of the 30 Build Back Better Council members is based in the north of England, two are in the Midlands, one in Cambridge and one in Scotland. None work for firms headquartered...


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%.


Save lives or save the economy? That's a false choice – and it's obscene

For the past year Australians have heard politicians, business leaders and conservative commentators argue that we need to balance the benefits of protecting Australians from Covid-19 with the costs of those protections to “the economy”. Should we close down risky venues or keep them open? Should we worry about the elderly who might get sick and die or the young people who might lose their jobs? How do we choose between my money and your life?...


Luxury stocks, ASML lift European shares in early trading

Luxury stocks, ASML lift European shares in early trading


Exclusive: Alibaba-backed logistics firm Best weighs sale in strategic review - sources

Exclusive: Alibaba-backed logistics firm Best weighs sale in strategic review - sources


From Facebook to News Corp: here are the 5 most interesting submissions to Kevin Rudd's media diversity inquiry so far

After a public campaign led by Kevin Rudd for a royal commission into media diversity in Australia, the Senate agreed to establish an inquiry late last year.


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.


'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.


Tug-of-war between debt and stimulus awaits Yellen at Treasury

Spend big to help the economy while dealing with a massive national debt: as US Treasury secretary, Janet Yellen will face a delicate dance between undoing the damage done by the coronavirus while figuring out ways to pay the bill. With employment faltering and virus infections soaring, President-elect Joe Biden, who takes office on Wednesday, has proposed a $1.9 trillion rescue package to revitalize the economy and kickstart the underperforming...


Aust shares more than one per cent higher

A broad-based rally on the ASX has produced investors' best day in more than a week, as US politicians lobby peers to pass economic stimulus.


GM teams up with Microsoft as electric car market revs

General Motors announced an alliance Tuesday with Microsoft on its Cruise autonomous driving venture, combining forces to challenge Tesla and others in an electric car market expected to rev with Joe Biden's environment-friendly administration in the White House. The companies have established "a long-term strategic relationship," and Microsoft will join GM, Honda and institutional investors in a new $2 billion equity investment round, GM and...


ALEX BRUMMER: Britain stages a float fightback

Among the biggest dangers for the post-Brexit City is that too many brilliant British start-ups in biotechnology, financial innovation and online consumer enterprises head to New York.


Workers in demand as home building blooms

Skilled vacancies advertised on the internet have grown for eight consecutive months after hitting a record low last April.


SA to launch its own satellite in 2022

South Australian Premier Steven Marshall has announced plans for the state to launch its own satellite into a low-earth orbit next year.


Feds won’t charge Sen. Richard Burr with insider trading

The Justice Department has closed an insider trading investigation into Republican Sen. Richard Burr without criminal charges, his lawyer and another person familiar with the investigation said Tuesday.


South Korea's LG considering all options for loss-making mobiles

South Korea's LG considering all options for loss-making mobiles