Money

ASX closes up 0.36pc, AUD at 77.4 US cents

Investors favoured consumer and technology stocks, and the ASX closed higher, ahead of earnings season.

Oxfam report says rich getting richer and poor getting poorer amid coronavirus pandemic

With unprecedented support from global governments, the stock market has boomed, driving up billionaire's wealth even while the real economy has faced the deepest recession in a century and the poor have gotten poorer.

Brazil buying as many vaccines as it can, criticism unwarranted, says economy minister

Brazil buying as many vaccines as it can, criticism unwarranted, says economy minister

New Syrian lira banknote is largest denomination ever

Syria's new 5,000-lira banknote that went into circulation on Sunday is the largest denomination in the country reeling from a decade of conflict and a crippling economic crisis.

Hoarding Covid vaccines 'could cost wealthy countries $4.5tn'

Hoarding Covid-19 vaccines could cost wealthy countries at least $4.5tn (£3.29tn) in lost income this year, according to a new study that argues vaccinating poorer countries against Covid-19 is not just a moral imperative but an economic one. The cost of fully funding the World Health Organization’s programmes to deliver Covid-19 vaccines and treatments to developing countries – currently $27bn away from their 2021 funding targets – would be...

NSW to play Cupid to boost R&D funding

A matchmaking platform linking research providers to investors will be launched as part of the NSW government's new R&D action plan.

Brazil proposes cuts to 2021 budget for environmental protection as deforestation spikes

Brazil proposes cuts to 2021 budget for environmental protection as deforestation spikes

Oil futures finish higher on supply concerns

Oil futures finished higher on Monday, buoyed by signs of an upcoming decline in global supplies. Fears that demand for energy "will slip because of extra and tougher [COVID-19] restrictions are being balanced out by supply issues," said David Madden, market analyst at CMC Markets UK. News reports said Iraq plans to reduce its oil production to make up for exceeding its output quota in 2020, and oil exports were reportedly halted at some major...

Inflation likely ended 2020 still subdued

The consumer price index is expected to have risen 0.7 per cent in the December quarter, keeping the annual rate also at 0.7 per cent.

BUSINESS CLOSE: Boohoo buys Debenhams; Asos in takeover talks

UK stock markets have ended the day in the red, with the FTSE 100 tumbling 0.8 per cent to 6,638 and the FTSE 250 closing down 1.2 per cent to 20,350.

EU threatens to block Covid vaccine exports amid AstraZeneca shortfall

The EU has threatened to block exports of coronavirus vaccines to countries outside the bloc, after AstraZeneca was accused of failing to give a satisfactory explanation for a huge shortfall of promised doses to member states. The pharmaceutical company’s new distribution plans were said to be “unacceptable” after it “surprisingly” informed the European commission on Friday that there would be significant shortfalls on the original schedule. The...

Mastercard to raise fees by at least 400% for EU firms selling to UK customers

Mastercard is to increase the fees EU firms face to take payments from online shoppers from the UK by at least 400%, in a move that could mean higher prices for consumers. When a credit or debit card is used, a percentage of the purchase price is paid by the retailer to the bank that issued it as an interchange fee, which is set by a payments firm. Mastercard’s interchange fee is currently 0.3% on credit card payments and 0.2% on debit card...

Bernie Sanders put himself on a $45 sweatshirt — then donated all the proceeds to elderly Americans

Bernie Sanders is using his viral image to donate to Meals on Wheels.

Postgraduate enrolments soar as jobseekers wait out competitive market at university

They're qualified and keen but the work simply is not there for many Australians doing it tough. Instead they're weathering the storm at university in numbers tipped to reach record highs.

Stocks priced for vaccination and perfection leave investors exposed

Symptoms of the pandemic will persist long after the virus is controlled, writes Satyajit Das.

Cannabis stocks slide as investors lock in gains driven by hopes that Biden will usher in reforms

Cannabis stocks were mostly lower Monday as investors locked in some of the market's recent gains amid continued optimism for the sector following record sales in 2020 and as more states look to legalize for adult use, including New York.

Ryanair interested in Alitalia slots in Milan and Rome

Ryanair interested in Alitalia slots in Milan and Rome

The Guardian view on Covid economics: worry about jobs, not the deficit

Last November, the Office for Budget Responsibility’s worst-case scenario figured that the double whammy of a lingering pandemic and a no-deal Brexit would see 4.2 million people out of work by 2022. The good news is that Britain clinched a deal with the EU before it left its regulatory orbit. The bad news is that the OBR’s worst-case scenario almost certainly underestimates the scale of the jobs crisis. Ministers have wilfully shut their eyes...

From Belgium to Coonalpyn, migrant couple's 'wild ride' story of success in land Down Under

When the Ait-Touatis traded the hills of Vijlen in Belgium for the dusty backdrops of Coonalpyn in South Australia, they hoped to make a success of it. But what came next was beyond their highest expectations.

Treasurer Josh Frydenberg has accused Facebook and Google of 'shifting the goalposts' over the media bargaining code

Treasurer Josh Frydenberg has accused Google and Facebook of “shifting the goalposts” over the proposed media code, saying the tech giants were doing a disservice to Australians by threatening to shut down their search engines.

Stocks slide on possible virus restrictions

European stock markets fell Monday on news that France might be headed for a fresh lockdown over the coronavirus pandemic. In New York, the Dow Jones index was also lower in midday trading, but the main Asian markets ended higher. The dollar traded mixed, while oil prices edged higher. "Renewed lockdowns and restrictive measures globally are dragging down the European bourses," commented Edward Moya, a market analyst at Oanda. "A steady stream...

National Grid should lose role as electricity system operator, says Ofgem

National Grid could lose its role of keeping Britain’s lights on after the energy regulator called for a new and independent electricity system operator to help steer the UK towards its climate targets. Ofgem has called for National Grid to be stripped of its role after 30 years balancing the electricity grid because the energy company also owns energy networks. The regulator warned this could create a conflict of interest in the future as the...

Aussies paying $140,000 to stay connected

Bills for the internet, mobile phones and streaming services quickly add up, but a changing market and 5G entering the fray means the chance for a better deal.

GameStop extends wild ride on Wall Street

GameStop continued its wild Wall Street ride on Monday with a dizzying climb seemingly powered by online chatter about the struggling video game retailer with a devoted fan base. A "GME to the Moon" hooded sweatshirt for sale at handmade e-commerce website Etsy was emblazoned with an image of a beloved character from video game "Fallout" riding a rocket skyward.

Dow down 100 points on losses in American Express, Goldman Sachs stocks

Goldman Sachs-backed ON24 seeks $2.22 billion valuation in IPO

UK-ON24-IPO:Goldman Sachs-backed ON24 seeks $2.22 billion valuation in IPO

Australian seafood is bountiful and these tasty, inexpensive types are yet to find their customer

Australians have access to thousands of locally-caught commercial fish species, but most people only eat about 20 types. Is it time to try something a little more unusual?

Transforming Australia's recycling system could pump billions into the economy, the CSIRO says in a major report

Australia could boost its GDP by $1 billion per annum by boosting its recycling capacities by 5%, according to a new CSIRO report. The major paper makes the economic and environmental case for an Australian 'circular economy' based on reducing waste and repurposing materials.

Italy sends warning letter to Pfizer over COVID vaccine delays

Italy sends warning letter to Pfizer over COVID vaccine delays

Dominion Voting Systems sues Giuliani for $1.3bn over baseless election claims

Dominion Voting Systems, the voting equipment manufacturer at the centre of baseless election fraud conspiracy theories pushed by Donald Trump and his allies, has sued the former president’s personal attorney Rudy Giuliani in a $1.3bn defamation lawsuit. The 107-page complaint, filed in federal court on Monday, accuses the former New York City mayor of having “manufactured and disseminated” a conspiracy theory related to the company’s voting...

Bookshops defy pandemic to record highest sales for eight years

More than 200m print books were sold in the UK last year, the first time since 2012 that number has been exceeded, according to an estimate from official book sales monitor Nielsen BookScan. Despite the coronavirus pandemic causing a series of lockdowns around the country – bookshops in England were closed from 23 March until 15 June, and then again from 5 November until 2 December, with differing lockdowns in place around the rest of the UK –...

Debenhams shuts stores, costing 12,000 jobs

UK department store chain Debenhams is to shut all its outlets, administrators for the collapsed group said Monday, with the loss of around 12,000 jobs. Debenhams, which has long struggled with fierce online competition, will see its brand live on however after British online fashion group Boohoo bought the group's intellectual property assets. Boohoo-rival ASOS meanwhile announced it was in exclusive discussions with the administrators of...

Biden to reinstate travel bans amid fears about new variants as global case tally heads toward 100 million

The global tally of confirmed cases of the coronavirus-borne illness COVID-19 headed closer to 100 million on Monday with the U.S. accounting for a quarter of that total, as President Joe Biden prepared to reinstate travel restrictions against foreign citizens visiting the U.S. from Brazil, the U.K, Ireland and much of the rest of Europe, as well as South Africa.

How does Joe Biden's plan to freeze student loan repayments work?

As well as rejoining the Paris climate change agreement, Biden also signed an order aimed at helping millions of Americans with student loan debt.

Chip industry group urges Biden admin to review export controls on China

Chip industry group urges Biden admin to review export controls on China

British Gas engineers embark on eighth day of strike

British Gas engineers have embarked on their eighth day of strike in a dispute over proposed changes to pay and work conditions.

Google announces plan to tackle privacy issues in online advertising

Google has announced a plan to tackle privacy issues in online advertising, as the company attempts to chart a middle ground between Apple’s privacy-first approach and the needs of advertisers – including itself. Google will use AI to bundle an individual user with similar visitors in an attempt to convince users that they don’t need to block all tracking on the internet to preserve their privacy. It will also use a “trusted server” to store...

Tractor rally aims to overshadow India's show of military might

Thousands of farmers on tractors gathered outside New Delhi on Monday, gearing up to rival an annual parade of tanks and troops on India's Republic Day in a protest against the government's agricultural reforms. Since November, protesters have camped at the entry points to New Delhi, opposing farming laws which they say will invite conglomerates to dominate the agricultural sector. Farmers plan to stage a huge rally involving tractors on...

World lost equivalent of 255 mn jobs in 2020: UN

The coronavirus pandemic took a huge toll on global jobs last year, the United Nations said Monday, with the equivalent of more than a quarter of a billion lost. That is equivalent to 255 million full-time jobs, or "approximately four times greater than the number lost during the 2009 global financial crisis," the ILO said in a statement.

Most Asian markets rise with eyes on US stimulus push

Asian markets mostly rose Monday, rebounding from a sell-off at the end of last week as investors keep tabs on the progress of Joe Biden's new US economic rescue package. But it will likely face headwinds from Republicans who think another massive outlay comes too soon after the $900 billion spending package passed at the end of last year.

WA Government launches police recruitment drive as Liberals pledge millions for trade

The State Government has launched a $1.8 million advertising blitz to recruit police officers following its budget commitment to add an extra 800 police if re-elected in March.

Bank of England warned over support for high-carbon firms

The Environmental Audit Committee (EAC) said any company which obtains funding from the Covid Corporate Financing Facility should be made to publish the risks they face from climate change.

National Grid could be stripped of role to run UK electricity system

The regulator has estimated that having an independent body operating the electricity system could save bill payers up to £4.8billion between 2022 and 2050.

Volkswagen ordered to pay $20 million in Spanish diesel claim, carmaker to appeal

Volkswagen ordered to pay $20 million in Spanish diesel claim, carmaker to appeal

Experts reveal the home improvements you SHOULDN'T waste money on

FEMAIL speaks to UK-based estate agents and interior design gurus to glean which home improvements are worth taking the plunge, and which are best saved for your future property.

Jab approval injects business positivity

As Australia's medicines regulator gives the tick of approval for the first coronavirus vaccine, the business community is anticipating a boost in confidence.

Australia Day is no longer an obvious and uncontroversial commercial winner for brands. Here's how the conversation has changed.

Australia Day used to be an obvious and uncontroversial occasion for brands to endear themselves to Australian consumers. No longer. There has been a decided shift over the past decade in commercial attitudes to January 26, acknowledging the problematic nature of the date’s choice as our day of national celebration to our First Nations.

Two men and a woman charged over alleged million-dollar gold theft at Coolgardie's Greenfields Mill

Three people are charged in connection with an alleged million-dollar gold theft in Western Australia's Goldfields, in which police say more than 8,000 tonnes of gold-bearing ore was stolen from a processing plant near Coolgardie.

China exports buoy Australia trade surplus

Australia recorded a $9 billion goods trade surplus in December, up from $7.4 billion in November, the Australian Bureau of Statistics says.

Will 2021 end the first-time buyer squeeze that sent deposits to £57k?

The lockdown property market mini-boom that sent house prices climbing spelt bad news for first-time buyers last year, but things are potentially improving.