Money

Samsung Electronics profit spikes on pandemic-driven demand

Samsung Electronics, the world's biggest smartphone and memory chip maker, on Thursday reported a 26-percent rise in fourth-quarter net profits year-on-year, with pandemic-driven working from home boosting demand for devices powered by its chips. The firm said profits in October to December rose 26.4 percent year-on-year to 6.61 trillion won ($5.97 billion). Operating profit rose 26.4 percent to 9.05 trillion won, while sales were also up 2.8...

2021-01-28T00:18:02Z

Cable companies are once again capping data on home internet service — here’s what it costs if you go over

After a pause because of the pandemic, Comcast rolled out data caps nationwide on its home internet service at the start of the year.

2021-01-28T05:06:55Z

Lifting of Queensland border restrictions met with caution by businesses as families plan long-awaited reunions

Annastacia Palaszczuk's announcement that border restrictions will be lifted earns a mixed response from businesses, tourism operators and residents who remain worried there could be more lockdowns to come.

2021-01-28T04:23:01Z

BUSINESS LIVE: Car production falls to lowest since 1984

Lidl has revealed its UK business swung to an annual loss after investing heavily in stores and expanding its workforce.

2021-01-28T08:43:05Z

Tesla reports $721 mn in 2020 earnings, first profitable year

Tesla Motors reported its first annual profit Wednesday following a big jump in auto deliveries despite the upheaval of the coronavirus pandemic as it signaled confidence for more growth in 2021. Elon Musk's electric car company -- which has soared on Wall Street for much of the last year -- benefited from scaled-up production at factories in California and China as it pushes forward with new plants in the state of Texas and Germany that are...

2021-01-28T01:25:33Z

WHO China mission set to begin as US demands 'robust' virus origin probe

World Health Organization experts emerged from quarantine in China Thursday to begin a long-awaited investigation into the origins of the devastating coronavirus pandemic, which has shown no signs of slowing down. The experts left their Wuhan quarantine hotel in a bus, wearing masks and peering at the media crowded outside, but it was not confirmed when they will get to start their investigation in the ground-zero city, or what they will be...

2021-01-28T05:06:34Z

House prices have hit record highs in all but two capitals – but it's the outer city regions that are really booming

ul> Australian house prices have broken new records in every capital city bar Darwin and Perth. The median house price in Sydney now sits at $1.21 million, while Hobart house prices soared 12.5% last year.

2021-01-28T07:10:05Z

'Cosy gives you security': love them or hate them, Uggs are back

The cosy sheepskin Ugg boot was inescapable at the height of its popularity in the early noughties. And now with the end of lockdown still some way off, love them or hate them, Uggs are back. Perhaps it’s the desperate nostalgia for a simpler time when WAGs and reality TV stars sported velour tracksuits tucked into Ugg mini boots; or the general need for feeling simultaneously comfortable and put together as more of us work from home...

2021-01-28T08:18:28Z

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.

2021-01-27T01:39:21Z

EasyJet revenues down almost 90% in last three months of 2020

EasyJet suffered another grim quarter at the end of 2020 with revenue down by almost 90% but the budget airline said it was holding on for a surge in traveller numbers later this year if restrictions ease. The airline’s revenues for the last three months of 2020 decreased by 88% year-on-year to £165m, it revealed on Thursday. That matched an 87% decline in passenger numbers to only 2.9 million. Global air travel has been decimated in the past...

2021-01-28T08:44:57Z

A little-known Australian mining company with the same ticker code as GameStop has seen its share price surge today

The share price for an ASX-listed Australian mining company that shares a ticker code with GameStop rose by up to 50% on Thursday. Some social media users speculated that it was from others mistakenly buying the wrong stock, whereas others spoke about purchasing stock to capitalise on the possible mistake.

2021-01-28T00:54:55Z

Stan's sports package will cost $10 a month on top of an existing subscription

Stan has announced its sport add-on will cost $10 on top of an existing subscription. Stan Sport will feature plenty of rugby at launch, and will also broadcast Wimbledon and the French Open.

2021-01-28T05:40:01Z

Australian shares lose $46b after Dow Jones drops 630 points on fears of overvalued market

Australian shares post heavy losses following a sharp pullback across foreign markets, as investors fret about overvalued stocks and the economic impact of the COVID-19 pandemic.

2021-01-27T20:37:56Z

Victorian kangaroo meat heading to supermarket shelves under expanded harvest plan

The Victorian Government increases the number of kangaroos allowed to be killed as part of its controversial kangaroo harvesting program by nearly 40,000.

2021-01-28T06:38:11Z

CBA boss expects rules for pay later firms

CBA boss Matt Comyn says regulatory scrutiny will increase for buy now, pay later providers and still expects additional rules are inevitable for the sector.

2021-01-28T05:08:37Z

Cathay shares plunge as bond sale announced to stem cash crisis

Shares in Hong Kong's marquee carrier Cathay Pacific plunged on Thursday after the struggling airline unveiled a HK$6.7-billion (US$870-million) bond sale to try to stem its rampant cash burn. The firm tumbled as much as nine percent, days after it warned new quarantine measures planned for passenger and cargo crew arriving in Hong Kong would further dent its finances. Cathay on Thursday said it would offer five-year bonds maturing in February...

2021-01-28T02:33:08Z

GameStop's three largest shareholders earn over $2bn amid stock surge

The three largest shareholders in GameStop, the video game retailer at the center of a frenzied dual between Wall Street and small investors, have made more than $2bn from the company’s astronomic recent share rise. Stock in the company continued its vertiginous rise on Wednesday, hitting a fresh 52-week high of $354.83, making the 13% stake held by Ryan Cohen, 34, GameStop’s largest single shareholder, worth more than $1.3bn. Over the past two...

2021-01-28T07:09:24Z

Aust shares have biggest drop since Sept

Investors had their biggest loss on the ASX since September, however an investment analyst could see positives in the move.

2021-01-28T01:38:43Z

Thursday briefing: Spectre of vaccine 'trade war' between Britain and EU

Top story: ‘We reject first come, first served’ Hi, I’m Warren Murray and I am just going to leave this here. Britain is on a collision course with the European Union over vaccine shortages after Brussels refused to accept that people in the UK have first claim on Oxford/AstraZeneca doses produced in British plants. Stella Kyriakides, the EU’s health commissioner, said the UK should not earn any advantage from signing a contract with AstraZeneca...

2021-01-28T06:41:11Z

Australia could rebuild its local tourism industry in 2021 – but it might need a helping hand from the government

Australians are in a position to rescue the local tourism industry, if state borders were to reopen. AMP senior economist Diana Mousina said local tourism spending could compensate for the lack of international visitors in the short term, pending border closures and government incentives.

2021-01-28T02:54:56Z

Elizabeth Warren calls for new leadership to oversee student loans — and calls Betsy DeVos era a ‘disaster’

'Students deserve leadership at this office who will follow the law and make this program work for students,' Senator Elizabeth Warren told MarketWatch.

2021-01-28T05:51:56Z

Wonder Woman 1984 boosts HBO Max activations by 17.7M

NEW YORK (AP) - Despite premiering simultaneously by streaming service, "Wonder Woman 1984" managed the best box office debut of the pandemic, opening with...

2021-01-28T06:29:46Z

Sun Cable signs development agreement with NT Government to build giant solar farm, but intended customer Singapore yet to commit

The Sun Cable project, on track to be built in the Northern Territory, aims to supply up to 15 per cent of Singapore's energy by 2027, but the city-state has concerns about reliability and has not yet signed any agreements.

2021-01-28T04:38:13Z

Fortescue boss sees China demand steady

Fortescue boss Elizabeth Gaines is confident Chinese demand for iron ore will stay strong, despite stable shipments and lower production for the second quarter.

2021-01-28T00:38:32Z

‘I have been plagued by enormous guilt and regret:’ I tried to care for my late father, but I gave up. How can I ever forgive myself?

‘He was a good father, except everything had to be his way. But I know I was a cruel and horrible son.’

2021-01-28T05:36:57Z

Gig economy shows the danger and power of data imbalance, Mozilla report says

As gig workers try to improve their working conditions, the Mozilla Foundation's fourth annual report on internet health says they need to gather as much information as possible, while pointing out that gig companies control much of that data.

2021-01-28T09:07:09Z

Australian stock surges after being mistaken for GameStop

A little-known Australian mining company saw its share price soar as much as 50 percent on Thursday, after investors appeared to mistake it for the similarly named cult US stock GameStop. GameStop, a struggling US video game retailer, has seen its stock surge about 1,000 percent in two weeks after a group of amateur investors active on the online forum Reddit banded together to fight the Wall Street funds that had pushed its price lower.

2021-01-28T05:03:09Z

Siemens Healthineers signs $169 million partnership with British hospital trust

Siemens Healthineers signs $169 million partnership with British hospital trust

2021-01-28T08:47:13Z

Toyota overtakes Volkswagen as top-selling global auto maker

Japan's Toyota reclaimed the title of world's top-selling automaker in 2020, according to data released by the firm on Thursday, pushing Volkswagen into second place for the first time in five years. Toyota said it had sold 9.53 million vehicles around the world last year, overtaking the 9.3 million sales made by its German rival. The Japanese giant took the lead despite a decline in global sales of more than 10 percent as the auto industry...

2021-01-28T06:18:11Z

Insurance giants facing COVID-19 payout class actions after 'stuff up' with contract fine print

Furious small business owners are vowing to "fight to the end" against Australian insurance companies, in an increasingly heated battle over pandemic payouts that is likely to drag on for years.

2021-01-27T19:22:55Z

A Queensland farm industry group is reportedly up in arms after a Coles magazine promoted plant-based alternatives to meat

A Coles magazine guide celebrating plant-based diets has reportedly drawn the ire of an industry group representing rural Australian livestock farmers.

2021-01-28T02:24:54Z

At Davos, the global elite should ensure the whole world can access Covid vaccines

In different times, the president of South Africa would have been one of the world leaders in Switzerland this week for the annual gathering of the global elite in Davos. But the January talkfest has been online-only, and covered less avidly than usual by the media. That’s a pity in Cyril Ramaphosa’s case because of what he had to say about the dangers of “ vaccine nationalism”: that while the leaders of the world’s richest countries keep...

2021-01-28T07:02:01Z

Can I borrow with bad credit? We answer the top 5 mortgage questions

Britain's most commonly asked mortgage questions have been revealed following analysis by Comparethemarket.com. We went to three mortgage experts to find the answers.

2021-01-28T08:28:05Z

Gold demand hit an 11-year low in 2020

Global demand for gold fell last year to its lowest level since 2009, as the coronavirus pandemic drove weakness in consumer demand for the precious metal, the World Gold Council reported Thursday.

2021-01-28T05:06:52Z

Prudential to split off U.S. business Jackson, eyes $2.5-3 billion capital raise

Prudential to split off U.S. business Jackson, eyes $2.5-3 billion capital raise

2021-01-28T08:57:04Z

No review into workers' rights, says business minister

No review into workers' rights, says business minister

2021-01-28T09:13:29Z

London stocks drop to near one-month low as lockdown fears weigh

London stocks drop to near one-month low as lockdown fears weigh

2021-01-28T08:42:17Z

Twitter lifted to overweight, price target set at $65: KeyBanc

Citing "growing pains that are nearing an end" thanks to product catalysts, analysts at KeyBanc Capital Markets have upgraded Twitter to overweight from sector weight and set a $65 price target. "Our view is that execution is improving, and the combination of a cyclical ad recovery and new products creates potential for revenue to outpace our above-consensus revenue estimates in 2021 and 2022," said analysts Justin Patterson and Sergio Sugura,...

2021-01-28T07:51:59Z

ACCC vows to pursue Google's ad dominance, as tech giant threatens to remove its search engine from Australia

The consumer watchdog raises fresh concerns about tech giant Google's digital advertising dominance, vowing to pursue its potential misuse of market power.

2021-01-28T06:53:31Z

Buying a home? Here's how to ensure you beat the stamp duty deadline

With the stamp duty holiday set to end on 31 March, some home buyers are pushing to complete purchases in order to save up to £15,000 in tax. We asked three property experts for their tips.

2021-01-28T08:13:05Z

The government should 'promote home ownership' over super as ownership rates drop

The Australian’s Judith Sloan says it would be better for the government to promote home ownership over superannuation as the number of homeowners over the age of 44 has dropped significantly.

2021-01-28T07:38:00Z

ACCC puts Google's ad power in spotlight

With negotiations continuing over the government's media code, the competition watchdog has released a report showing Google's dominance in the $3.4bn ad space.

2021-01-28T01:38:33Z

Asian markets sink after Wall Street’s worst day in months

Asian shares skidded on Thursday as a reality check set in about longtime economic damage from the coronavirus pandemic, giving Wall Street its worst day since October.

2021-01-28T04:37:00Z

Vaccines take pressure off credit ratings

Global credit rating agency S&P says the successful development of coronavirus vaccines should help government budgets over the next couple of years.

2021-01-27T16:38:28Z

Germany will mobilize up to 50 billion eur more state aid for firms

Germany will mobilize up to 50 billion eur more state aid for firms

2021-01-28T08:52:12Z

Exclusive: Regulators press Deutsche Bank CEO to drop investment bank role - sources

Exclusive: Regulators press Deutsche Bank CEO to drop investment bank role - sources

2021-01-28T09:05:32Z

Cousins dodge pension tax trap and receive apology from Fidelity

Ellie Lacey, 19, (pictured with father Peter) and her brother and two cousins aged in their early 20s each inherited a share of a pension set up by their late grandfather.

2021-01-28T08:13:04Z

Head office targeted in latest Virgin cuts

Virgin Australia is close to completing its major restructure, announced last year, under which 3000 staff will depart the battered airline.

2021-01-28T06:38:43Z

DIY master Craig Phillips explains what paint to use on your shed

Big Brother winner property makeover expert Craig Phillips xplains which type of paint he would use on sheds and gives some tips.

2021-01-28T08:01:10Z

White House ‘monitoring’ GameStop share surge as US hedge fund pulls out

The White House has said it is “monitoring” the extraordinary surge in the share price of the ailing video games retailer GameStop and other companies amid a surge of bets by small investors discussing their investments online. Wednesday’s announcement by the press secretary, Jen Psaki, came as the Treasury and the Securities and Exchange Commission said it was “aware of and actively monitoring the ongoing market volatility in the options and...

2021-01-27T18:44:37Z