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'Iron Man' Downey launches funds in environmental fight

'Iron Man' Downey launches funds in environmental fight


It's not just the pandemic, stupid. Australia's economy has been weak for years

One of the weird consequences of Covid-19 is that it has actually hidden the weakness of the economy. When things are going to hell due a pandemic, it gets all the blame, and yet, as the latest inflation figures show, Australia’s economy has been weak for many years now. The consumer price index figures for December, released yesterday by the Australian Bureau of Statistics, show the continual impact of the pandemic. After a record fall of 1.9%...


Costello sees danger in low interest rates

Future Fund chair Peter Costello said he was unsure whether keeping interest rates low was helping inflate stock markets to possibly unsustainable levels.


Analysis: A 'transitory way to govern' - Biden reverses Trump's orders with the stroke of a pen

Analysis: A 'transitory way to govern' - Biden reverses Trump's orders with the stroke of a pen


Fed holds policy steady as U.S. economic recovery appears to moderate

Fed holds policy steady as U.S. economic recovery appears to moderate


Boeing 737 Max cleared to fly again by EU regulator

Boeing’s 737 Max aircraft has been given the green light to return to the skies in the UK and the EU, after a 22-month grounding following two fatal crashes. The UK’s Civil Aviation Authority (CAA) said on Wednesday it had lifted a ban on the 737 Max in UK airspace and that UK airlines would be allowed to fly it, shortly after the European Union Aviation Safety Agency (EASA) also issued its final approval. However, the CAA stressed that pilot...


ThredUp has confidentially filed to go public

Secondhand clothing and accessories company ThredUp has confidentially filed to go public. The company will make class A common stock available, though the number of shares and price range have yet to be determined. ThredUp, which is known for its annual resale reports as well as the goods for sale, joins a number of other digital retailers that have recently gone public including Poshmark Inc. and Wish app parent ContextLogic Inc. . COVID-19...


Poundland enjoys sales boost as expansion plans continue

Like-for-like sales across the retailer's open shops rose by 5.5 per cent over the period, the group's new trading update shows.


Corrie's Maureen Lipman taking break from the soap until Covid vaccine

The actress, 74, explained that although she was concerned because cast 'weren't being tested', her mind is now at ease and she's 'looking forward to going back' to work after taking a 'sabbatical'.


Aust shares close down 0.65pc, miners drop

Investors had their steepest losses on the ASX in more than a week, but inflation figures showed plenty of reasons to stay in the market.


GameStop and AMC stocks soar on another day of wild trading in heavily shorted companies

GameStop Corp.'s stock movement continued to turn efficient market theory on its head Wednesday, streaking to a record that valued the retail chain at more than $20 billion.


Benign inflation keeps rate rise at bay

Signs of a strengthening economic recovery has yet to have a meaningful impact on inflation, which will keep interest rates at record lows for some time yet.


Tasmania remains top economic performer

Commonwealth Securities' quarterly State of the States analysis has found Tasmania leading the pack for a fourth quarter in a row.


CPI ticks up on child care, tobacco costs

A rise in child care and tobacco costs were key drivers in a rise in inflation in the December quarter, but the annual rate was still a benign 0.9 per cent.


Private sector body unveils multi-billion ambitions for carbon offsets

Private sector body unveils multi-billion ambitions for carbon offsets


European clubs chief warns of losses up to 8.5 billion euros due to pandemic

The head of the powerful European Club Association, Andrea Agnelli, has warned that top-level football clubs across the continent face more dire financial losses this year as they struggle to come to terms with the impact of the Covid-19 pandemic. Agnelli was speaking after the release of the Deloitte Football Money League report this week which showed combined revenue of the top 20 richest clubs in Europe in 2019/20 had dropped by 1.1 billion...


JP Morgan to launch digital bank in UK

Wall Street giant JP Morgan is to launch a new digital bank in the UK, in a move that threatens to shake up a banking sector still dominated by a handful of high street lenders. JP Morgan has already hired 400 staff for its soon-to-be-launched digital bank, which will be headquartered in Canary Wharf and operate under its consumer brand, Chase. The announcement confirms rumours about JP Morgan’s plans for a retail bank in Britain. Known only as...


Fed holds policy steady and points to renewed slowdown in sectors already damaged by pandemic

The Federal Reserve on Wednesday kept its monetary policy unchanged as expected while noting that some sectors of the economy have "moderated" in recent months


FOMC statement for January

The Federal Reserve is going all out to help the economy during the pandemic and doesn't plan to raise interest rates until the economy is fully recovered.


Rishi Sunak's brinkmanship is no answer to the crisis Britain faces

What does it take to get Rishi Sunak to act with some urgency? The number of people who have died from Covid-19 has surpassed 100,000, joblessness is on its on its way to reaching 3 million, and thousands of people are slipping from poverty into destitution. The UK’s paltry level of sick pay has forced many to choose between self-isolating and enduring financial hardship, or putting others at risk by going back to work. But rather than take...


Consumer prices rose in 2020, despite the recession, as childcare fees returned

Consumer prices rose in Australia last year, bouncing back from record deflation in the June quarter despite the nation's first recession in nearly three decades.


Protect your finances as the UK heads for a double-dip recession

Unemployment has climbed to 5 per cent while recent GDP figures highlighted a likely double-dip recession for the UK. We outline how you can protect yourself.


Biden poised to halt fossil fuel leasing on federal land

US President Joe Biden was planning to announce new bans on oil and gas drilling on federal lands Wednesday as part of a raft of actions that take aim at climate change, according to reports and a White House memo.


'Brexit has NOT been catastrophic': City of London boss says

Despite reservations about a potential 'bonfire' of EU rules by the Government, City of London Corporation boss Catherine McGuiness thinks the capital will continue to thrive as a financial hub.


Companies are powering ahead with big battery projects, but a 'lack of certainty' by governments could deter good investment

New projects are being announced all the time in the grid-scale battery arms race but concerns are being raised over a patchwork approach which has seen some states go at it alone in their pursuit of more aggressive emissions targets.


IMF lifts growth forecast on vaccine hopes

The International Monetary Fund has raised its forecast for global growth, but warns there is still exceptional uncertainty in the outlook.


Inflation remains well below RBA's target

The consumer price index rose 0.9 per cent in the December quarter, with the annual rate also at 0.9 per cent and well below the Reserve Bank's target.


Textile waste presents 'untapped' potential for entrepreneurs as Bathurst runs recycling trial

Participants in a NSW textile recycling trial have donated more than 1,600kg of unwanted fabrics in the space of a month and organisers say they're overwhelmed by the response.


Microsoft profits surge as Xbox and Azure services soar

High demand for the firm's cloud computing services and a successful launch of two new video game consoles helped its year-on-year revenues grow 17 per cent to £31.4billion.


US manufacturing recovery continues despite weak December

The ongoing struggles of the aviation sector held back US durable goods orders at the end of 2020, but the manufacturing sector continued to slowly recover from the Covid-19 downturn, government data showed on Wednesday. Orders for big-ticket manufactured items grew a measly 0.2 percent in December, well below expectations and November's upwardly revised growth, though there's evidence the sector's recovery is continuing after the coronavirus...


Five or six doses? Controversy over Pfizer vaccine vials

The US pharmaceutical giant Pfizer, which is manufacturing the Covid-19 vaccine developed by Germany's BioNTech, now considers each vial contains six doses compared to five previously. The difficulty in obtaining that sixth dose in practice means many countries are at loggerheads with Pfizer and facing a drop in supply. - How many doses ? - Until recently, each vial of the BioNTech-Pfizer vaccine was considered to officially contain five doses....


Elaine Stead awarded $280k for defamation by Australian Financial Review columnist Joe Aston

Journalist Joe Aston engaged in a campaign of "offensive mockery" against businesswoman Elaine Stead while writing for the Nine Entertainment Co newspaper, a judge found, leaving Ms Stead feeling "humiliated".


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.


Biden, Harris working to build support for COVID-19 recovery plan: White House

Biden, Harris working to build support for COVID-19 recovery plan: White House


Andrew and Nicola Forrest flag RM Williams factory expansion, push for 100pc Australian-made products

The owners of iconic bootmaker RM Williams, Andrew and Nicola Forrest, say they are looking at expanding the company's factory in Adelaide's northern suburbs and are aiming to have all products 100 per cent made in Australia.


New mass badger culls to be banned after 2022, says minister

No new mass culls of badgers will be allowed in England after 2022, under government plans announced on Wednesday. The controversial policy has seen more than 100,000 badgers killed since 2013. The culls aim to reduce tuberculosis infections in cattle, which are a severe problem for farmers and taxpayers. About 30,000 cattle are slaughtered each year at a cost of £150m. The drive to eradicate bovine TB (bTB)will instead focus on vaccinating both...


New listings fall amid lockdown but price growth hits four year high

The average price for a UK home rose 4.3 per cent to £223,700 in the year to December, the highest since April 2017, according to property portal Zoopla.


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.


Supermarke premium ready meals have DOUBLE the amount of fat

Channel 5's Secrets of Your Supermarket Food looked into the amount of saturated fat and salt contained in supermarket's own-brand premium ready meals compared to their classic options.


Why are Indian farmers protesting?

Indian farmers have for months been camped on the outskirts of New Delhi in protest against new agricultural legislation, and on Tuesday thousands rampaged through the capital in a dramatic escalation of their standoff with the government. AFP examines the laws, why they are contentious and at Prime Minister Narendra Modi's options in his stiffest challenge since coming to power in 2014. - What is the state of Indian agriculture? - India's...


House budget chief warns wage hike could make it harder to pass Biden rescue plan

Including a boost in the $7.25 minimum wage in an upcoming package of filibuster-proof legislation could make it harder to pass the budget plan meant to clear the path for that package, House Budget Chairman John Yarmuth warned.


Global stocks retreat as virus concerns mount

Global stock markets sank Wednesday as coronavirus-linked fears eclipsed stimulus hopes and investors waited for news from US Federal Reserve head Jerome Powell, dealers said. "Financial stability risks have been in check so far, but we cannot take this for granted," cautioned Tobias Adrian, head of the IMF's Monetary and Capital Markets Department.


$10 mn pay-cut for Goldman Sachs CEO over 1MDB scandal

Goldman Sachs cut its CEO David Solomon's 2020 salary by $10 million to $17.5 million because of the bank's role in the 1MDB Malaysian bribery scandal, according to documents filed Tuesday. "The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr. Although the three were not "aware of the firm's participation in any...


U.S. stocks lower in volatile trade amid mixed corporate earnings, short squeeze

Stocks are mostly steady, but lower Wednesday, after the Federal Reserve opted to hold interest rates steady in a band of 0%-0.25% and left unchanged its massive bond-buying program, following its first policy meeting of 2021.


Grenfell cladding firm president agrees to give evidence at inquiry

A senior executive at the firm that made the combustible cladding used on Grenfell Tower has agreed to give evidence to the public inquiry after refusing to do so for the last seven months. Claude Schmidt, the president of Arconic Architectural Products, the French company that supplied the plastic-filled panels that were the main cause of fire spread, was one of several witnesses wanted for questioning by the inquiry into the disaster who had...


Back-to-school confusion in South Australia over lunchbox fruit bans, coronavirus restrictions

Students across South Australia return to school amid confusion over bans on parents in classrooms and fruit in lunchboxes.


GameStop stocks: US hedge fund pulls out after heavy losses

A US hedge fund that has invested heavily betting on the failure of the struggling video game store chain GameStop has pulled out after an army of small investors sent its shares soaring and cost the financial firm a fortune. Melvin Capital Management, one of a number of Wall Street firms that stood to make money for investors if GameStop’s shares plummet, has told CNBC it has closed out its short position after taking a huge loss. The hedge...


White House says telecom equipment made by vendors such as Huawei is a threat to national security

White House says telecom equipment made by vendors such as Huawei is a threat to national security


How to invest in a market bubble

When investors fall in love, consequences can be dreadful


White House exploring tapping drugmakers to produce rivals' vaccines

White House exploring tapping drugmakers to produce rivals' vaccines