Money

Exxon faces SEC probe over Permian Basin asset valuation: WSJ

Exxon faces SEC probe over Permian Basin asset valuation: WSJ

2021-01-15T13:55:04Z

What if you could clone your investment adviser and save money? Well, now you can

Mark Hulbert on replicating mutual funds via exchange traded funds.

2021-01-15T14:43:46Z

From furlough to the FTSE 250: Britain's economy in 2021 explained

The ONS this morning found the UK economy went into reverse in November, shrinking 2.6% on October as it was hit by a second national lockdown.

2021-01-15T10:03:58Z

Labour to force Commons vote over £20 cut to universal credit

Labour will force a House of Commons vote on the looming £20-a-week cut to universal credit in an attempt to increase the pressure on the government to cancel it. The chancellor, Rishi Sunak, increased two key benefits, universal credit and the basic element of working tax credit, by £20 a week during the first wave of the coronavirus pandemic last spring. The uplift was only expected to last 12 months, but charities and anti-poverty campaigners...

2021-01-15T03:02:03Z

No CCTV for Qld hotel cluster probe

Queensland police have found at least two quarantine hotels are lacking CCTV cameras as they investigate a coronavirus cluster centred on a Brisbane hotel.

2021-01-14T16:44:44Z

These are the top 10 fastest growing job searches in Australia, according to Gumtree

Gumtree has revealed the top 10 fastest growing job search terms on its platform. Topping the list are searches for waitressing, hospitality and retail.

2021-01-15T05:01:32Z

ECB's Stournaras: Many euro zone banks underestimate credit losses from pandemic

ECB's Stournaras: Many euro zone banks underestimate credit losses from pandemic

2021-01-15T13:46:39Z

Tyler Perry to receive honorary statuette at Oscars

US filmmaker Tyler Perry will receive an honorary statuette at this year's Oscars for his humanitarian work, including efforts to get the entertainment industry safely back to work during the coronavirus pandemic, the Academy announced Thursday. The Black entertainment mogul has set up a self-contained, 330-acre (133-hectare) production "campus" at a Civil War-era Confederate military base in Atlanta, Georgia, where hundreds have been employed...

2021-01-14T21:46:31Z

Joan Micklin Silver obituary

A sensitivity to cultural differences, a playful looseness with actors, and a nose for the churn and thrust of interpersonal relationships were among the characteristics of the film-maker Joan Micklin Silver, who has died aged 85 of vascular dementia. She was 40 when she made her debut with Hester Street (1975), the story of a young Russian-Jewish woman arriving in late-19th-century New York only to struggle to match her husband’s aplomb in...

2021-01-14T22:59:59Z

China's Tencent buys audiobook platform Lazy Audio for $417 million

China's Tencent buys audiobook platform Lazy Audio for $417 million

2021-01-15T14:31:35Z

Gym Group lost 216,000 members last year

Gym Group subscriptions have been frozen since the government announced the third national lockdown on January 4, forcing them to close all their venues.

2021-01-15T14:19:03Z

Strong demand for home loans despite virus

Low interest rates and government housing stimulus measures resulted in a record jump in home loans in November.

2021-01-14T16:44:38Z

Delta Air Lines reports huge annual loss but eyes better 2021

Delta Air Lines reported a massive loss Thursday for 2020 following the devastating impact of the coronavirus on air travel, but said it expects to return to profitability later this year. With traffic depressed in the wake of lockdowns and myriad restrictions to counter the pandemic, Delta suffered a $12.4 billion loss for all of 2020, its first year in the red since 2009 and a big come-down from record profits in 2019. Delta also reported a...

2021-01-14T19:31:22Z

Taco Bell partnering with Beyond Meat to create plant-based protein

Taco Bell announced Thursday that it has partnered with Beyond Meat Inc. to create a plant-based protein that will begin testing in the next year.

2021-01-14T13:28:00Z

ASX higher ahead of US stimulus details

Investors had their best day of the week in ASX trading, but buying could intensifying once US President-elect Joe Biden gives details of his stimulus plan.

2021-01-14T01:44:10Z

Small businesses win Covid insurance payouts after UK supreme court victory

Tens of thousands of small businesses that were forced to close during the Covid-19 pandemic are now set to receive payouts on insurance claims following what was described as a “historic victory” at the supreme court. Judges threw out the appeals from six insurers and largely supported the arguments made by the Financial Conduct Authority and a policyholder action group. The FCA has previously estimated the value of claims affected at about...

2021-01-15T11:16:07Z

Amazon Web Services opens first office in Greece

Amazon Web Services opens first office in Greece

2021-01-15T14:36:33Z

Can an estate agent force me to use their firm's finance adviser?

I tried to make an offer on a home, but the agent said they would only present it to the vendor if I used their in-house finance adviser first. I refused as I have finance secured. Can they really hold back my offer?

2021-01-15T08:18:51Z

The greatest handheld games consoles – ranked!

20. Gizmondo (2005) OK, it’s here more for the amazing backstory than the qualities of the handheld itself, but Gizmondo did momentarily look like a contender back in 2004, offering text messaging, web browsing and video playback as well as mobile gaming. But then the founders burned through millions of investor funds on Regent Street stores and extravagant launch parties, and the whole thing collapsed in spectacular fashion, symbolised by one...

2021-01-15T08:17:22Z

Bitcoin fever is back. Here are the Aussie exchanges where you can trade cryptocurrencies.

As the price of Bitcoin hovers just below $50,000, Australians are looking to trade cryptocurrencies again. There are a number of Australian exchanges as well as global ones that allow users to buy, sell and hold digital assets.

2021-01-14T04:31:09Z

This company threatened to ax workers refusing the vaccine, by threatening a ‘no jab, no job policy’

One of Britain’s best-known plumbing firms also refused to employ people in the future unless they have the COVID-19 vaccine.

2021-01-15T10:13:37Z

Pubs, restaurants and bars have 'dreadful' Christmas

Bars and drink-led pubs were the worst affected, with sales falling by 87 per cent and 84 per cent respectively, according to the Coffer Peach business tracker.

2021-01-15T11:19:02Z

Why the GDP hit from UK lockdown 2.0 was smaller than expected

When the UK first went into lockdown last spring the impact on the economy was swift and profound. National output dropped by almost a fifth in April

2021-01-15T09:36:16Z

Self-employed must have 40% deposit to get a mortgage, says Santander

Santander has excluded self-employed home buyers from its lower-deposit mortgage deals, meaning that new borrowers will now need a deposit of at least 40%.

2021-01-15T08:33:53Z

NSW eyes lighter COVID restrictions

The state needs higher daily testing numbers before rules can be eased, premier Gladys Berejiklian warned, after the state again recorded zero new local cases.

2021-01-14T16:44:46Z

JPMorgan Chase scores record profit, lowers reserves for bad loans

JPMorgan Chase reported Friday a jump in fourth-quarter profits on strength in investment banking and some consumer lending businesses as it released some reserves taken earlier in the pandemic. The profits included $1.9 billion in credit benefits, reflecting that the bank now expects fewer loan defaults compared with last year when coronavirus shutdowns prompted JPMorgan to set aside huge reserves in case of a much sharper economic downturn.

2021-01-15T13:01:56Z

Economy will grow without help: Frydenberg

New figures show Australian households and businesses amassed more than $200 billion in savings during the COVID-19 pandemic.

2021-01-13T16:43:58Z

Australians have amassed $200 billion in pandemic savings – and the government wants them to spend big as it slashes support

Australians have stockpiled around $200 billion in savings during the pandemic, anticipating a worse economic crisis. The money, largely accrued from record government spending measures, will help stimulate the real economy as programs such as JobKeeper and JobSeeker are wound back, Treasurer Josh Frydenberg said.

2021-01-14T01:15:46Z

Covid crisis prompts financial fears for those organising funerals

A third of people organising a funeral in the UK because of Covid-19 found meeting the costs caused them financial worries, according to the insurer SunLife. The pandemic also contributed to a fivefold surge in no-frills direct cremations, where there is no funeral service and no family or friends present, the annual report on the cost of dying found. This type of simple, low-cost funeral is typically cheaper than ever, the report says, costing...

2021-01-15T13:32:24Z

Stocks open lower after Biden proposal, weak retail sales

U.S. stocks slumped at the open Friday as investors assessed the chances for an ambitious fiscal proposal from President-Elect Joe Biden, and incoming data continued to show the coronavirus pandemic battering the economy. The Dow Jones Industrial Average fell 191 points, 0.6% to open near 30,800, while the S&P 500 lost 15 points or 0.4%, trading near 3,781. The Nasdaq Composite was 10 points, 0.1%, lower, near 13,104. Biden on Thursday offered...

2021-01-15T14:43:40Z

Poshmark takes inspiration from old-school retail to create an experience for the future

Poshmark closed its first trading day soaring 141%.

2021-01-14T22:43:13Z

U.S. retail sales sink for third straight month as pandemic pounds economy again

Sales at U.S. retailers fell in December for the third month in a row as the record deluge of coronavirus cases opened freshly wounds in the economy. Retail sales dropped 0.7 % last month.

2021-01-15T13:58:47Z

Forests may flip from CO2 'sink' to 'source' by 2050

Forests and other land ecosystems today absorb 30 percent of humanity's CO2 pollution, but rapid global warming could transform these natural 'sinks' into carbon 'sources' within a few decades, opening another daunting front in the fight against climate change, alarmed researchers have said. Climate sceptics often describe CO2 as "plant food", suggesting that increased greenhouse gas emissions will be offset by a massive upsurge in plant growth....

2021-01-14T17:03:48Z

Objective flags 70 per cent H1 profit rise

Software group Objective Corporation has hit a record share price after flagging a 70 per cent rise in first-half net profit.

2021-01-15T00:59:53Z

U.S. industrial output surges in December

U.S. industrial production rose 1.6% in December, the biggest gain since July, the Federal Reserve reported Friday.

2021-01-15T14:43:44Z

Huawei to open its biggest flagship store outside China in Riyadh

Huawei to open its biggest flagship store outside China in Riyadh

2021-01-15T14:26:32Z

14 Free and low cost educational resources for parents who need help

If you're frustrated with the lack of support you've received from your school or if you need more inspiration there are many free and low cost resources online that you can use to help your kids

2021-01-15T08:33:58Z

Higher gas prices drive up U.S. wholesale inflation

U.S. wholesale prices rose in December mostly because of an increase in the cost of gasoline, but there was little evidence of rapidly building inflation in the innards of the economy. The producer price index increased 0.4% last month.

2021-01-15T14:13:45Z

How telecom firms are helping their customers this lockdown

This is Money spoke to the top broadband companies to find out what help they are offering their customers during the third national lockdown.

2021-01-15T08:33:53Z

China's 2020 GDP growth slowest in over four decades: AFP poll

China's economy grew last year at its slowest pace since transformative market reforms of the 1970s, according to an AFP poll of economists, but finished the year strongly on an accelerating coronavirus recovery. "We think China's economy will show a strong rebound this year," said Raphie Hayat, a senior economist with Rabobank.

2021-01-15T03:09:43Z

U.S. producer prices increase moderately in December

U.S. producer prices increase moderately in December

2021-01-15T13:56:40Z

The number of properties for sale in Australia is beginning to dry up in every capital city but one, putting upward pressure on prices

Australian property listings have fallen dramatically in the new year, down 18% on the same time last year. Melbourne has proven the lone exception, with new listings surging 55% and total listings up 13%, versus a 17% average decline.

2021-01-15T01:46:25Z

UK heads for double-dip recession as GDP falls 2.6%

The UK economy is heading for a double-dip recession after official figures confirmed a renewed slump in November as the second wave of the coronavirus pandemic took hold. The Office for National Statistics said gross domestic product (GDP) fell by 2.6% in November from a month earlier, a period when the government launched the second national lockdown in England and amid tougher controls in Scotland, Wales and Northern Ireland. City economists...

2021-01-15T07:16:08Z

PepsiCo suspends all political contributions

PepsiCo suspends all political contributions

2021-01-15T13:45:01Z

Canadian home sales soar in December to cap record year, CREA says

Canadian home sales soar in December to cap record year, CREA says

2021-01-15T14:21:37Z

'Exuberant spending' could follow pandemic, Powell says

The United States could see a boost of "exuberant spending" after the pandemic that causes price increases, but that may not lead to a spike in inflation, Federal Reserve Chair Jerome Powell said on Thursday. "As the pandemic recedes and we see potentially a strong wave of spending as people return to their normal lives and begin consuming various services, there could be quite exuberant spending and we could see some upward pressure on prices,"...

2021-01-14T19:31:24Z

Fair Work is taking cafe chain 85 Degrees to court over a fake internship program which allegedly underpaid foreign workers

Cafe chain 85 Degrees is being taken to court by the Fair Work Commission after allegedly underpaying workers almost $430,000 over a 12-month period.

2021-01-15T05:01:26Z

US clamps down on China tech, blacklists CNOOC

The US government on Thursday ramped up sanctions and restrictions on Chinese firms over Beijing's actions in the disputed South China Sea, and the security threat posed by technology. "China's reckless and belligerent actions in the South China Sea and its aggressive push to acquire sensitive intellectual property and technology for its militarization efforts are a threat to US national security and the security of the international community,"...

2021-01-14T17:39:17Z

42% of Australian millennials are planning to find a new job this year, according to new data from LinkedIn

Gen Y are the the biggest "job switchers" compared to the average Australian, according to new LinkedIn research. 42% of Gen Yers - people aged between 23 and 35 - plan to look for a new job in 2021.

2021-01-14T01:30:47Z

ASX ends little changed, slips for week

The ASX closed little changed despite an economic recovery plan in the US, while experts think December jobs figures will show Australia steadily recovering.

2021-01-15T01:44:45Z