Money

Former M&S boss Stuart Rose named chair of EG Group

The billionaire brothers buying Asda have hired the former Marks & Spencer boss Stuart Rose to chair their EG Group business. EG, a chain of 6,000 petrol stations owned by the Blackburn-based Issa brothers and the private equity group TDR, has appointed Lord Rose as non-executive chairman with immediate effect as Zuber and Mohsin Issa prepare to expand with the Asda acquisition. The veteran retailer also chairs the online groceries firm Ocado...

2021-01-21T13:39:50Z

Yellen sees ‘minimal’ job losses from a $15 minimum wage, but the Congressional Budget Office disagrees

Raising the minimum wage to $15 an hour would 'really help' struggling Americans make ends meet, Yellen said.

2021-01-21T14:37:29Z

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.

2021-01-20T05:52:47Z

Britons buying from EU websites face more than £100 in import duties

British shoppers who bought items from European websites are facing post-Brexit demands of more than £100 in import duties that must be paid before parcel firms will deliver the items. Despite claims by Boris Johnson that there would be tariff-free trade after the Brexit transition period ended on 31 December, consumers who bought items from EU websites are being chased for import duties, VAT and admin fees – which, they say, render the purchase...

2021-01-21T13:26:11Z

India stocks hit record highs on economic recovery hopes

Indian stocks hit record highs Thursday, tracking a global rally after the inauguration of US President Joe Biden and reflecting hopes of a domestic economic recovery following this month's vaccine roll-out. Indian IT firms including Infosys and rival Tata Consultancy Services (TCS) recorded strong profits in the October-December quarter, thanks to increased demand for digital services during the pandemic.

2021-01-21T06:33:29Z

Aust shares close at 11-month high

ASX investors nudged the market to an 11-month high as lower unemployment and US President Joe Biden's first day in office encouraged optimism.

2021-01-21T01:53:51Z

Liberal MP Warren Entsch says many businesses will need government aid after JobKeeper

Federal Government backbencher Warren Entsch says many businesses will need financial assistance beyond March when JobKeeper ends and is confident more support measures will be announced.

2021-01-20T20:08:10Z

Aust medicinal cannabis ships to Europe

Australia has started exporting medicinal cannabis to Europe with the first batch in a decade-long, $92 million export deal on its way to Germany.

2021-01-21T02:23:54Z

Sequoia Holdings says employees can draw part of salary in cryptocurrencies

Sequoia Holdings says employees can draw part of salary in cryptocurrencies

2021-01-21T14:59:00Z

Bank of Japan revises up growth outlook for next two years

The Bank of Japan on Thursday revised its growth outlook upwards for the next two years and maintained its ultra-loose monetary policy as it warned that the pandemic makes clear forecasts less likely. The bank warned in its report that its latest forecasts "could change depending on the consequences of Covid-19 and the magnitude of their impact on domestic and overseas economies".

2021-01-21T05:03:35Z

ECB meets as virus woes weigh on eurozone

European Central Bank governors meet Thursday to take stock of their monetary stimulus efforts as more infectious strains of the coronavirus and stricter shutdowns cloud the economic outlook. "The short-term path of the eurozone economy will be determined by the virus, vaccines, lockdowns, and fiscal stimulus, not additional monetary stimulus."

2021-01-21T02:03:25Z

Geoscience Australia expands earthquake monitoring system in NT's Beetaloo Basin

The cause of tremors near fracking sites remains a mystery in Australia due to a lack of data. Now, as the Federal Government and gas companies target the NT's Beetaloo Basin for fracking, scientists are preparing to answer some seismic questions.

2021-01-21T03:23:25Z

‘Just get over the marijuana stigma': The benefits of building houses with hemp, according to experts

Industrial hemp - a cannabis plant with very low concentrations of psychoactive chemical THC - can be used to build houses and has several benefits.

2021-01-21T06:10:30Z

We're about jobs, PM says as jobless fall

The unemployment rate dropped to 6.6 per cent in December from 6.8 per cent the previous month, the Australian Bureau of Statistics says.

2021-01-20T16:38:44Z

So long as we blame modern slavery on criminals alone, we'll never tackle the problem

“Modern slavery” is the scourge of our times – a calling card for the prime minister, a priority for the National Crime Agency and an issue that has gained widespread attention from the media, civil society and politicians. But rather than offering a solution to the problem it seeks to name, modern slavery is a misleading way of talking about exploitation that may help create more problems than it solves. The term, which became popular in the...

2021-01-21T14:08:46Z

These 2 key triggers could bring the next round of market turbulence and Citi says to buy the dip

Markets are continuing their optimism for fiscal stimulus from President Joe Biden’s new administration, after the S&P 500 lifted 1.39% yesterday to a fresh high—the best Inauguration Day rise in 36 years.

2021-01-21T12:37:24Z

Tech stocks won’t crash according to this fund manager, dubbed the English Warren Buffett

A one-size-fits-all label for technology stocks doesn’t help with evaluating them, says Fundsmith founder Terry Smith.

2021-01-21T13:37:25Z

Lufthansa has cut losses to a million euros every two hours, says CEO

Lufthansa has cut losses to a million euros every two hours, says CEO

2021-01-21T14:40:19Z

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.

2021-01-20T01:08:53Z

Best savings accounts: Where can I beat inflation?

The new year has brought the same old problems for savers as they continue to struggle to find accounts which keep up with the rising cost of living.

2021-01-21T10:28:15Z

Beckhams pay themselves £40,000 a day after strong image rights sales

David and Victoria Beckham have paid themselves £14.5m – or nearly £40,000 for every day of the year – following the strong performance of the former footballer’s image rights sales. The couple’s total dividends in 2019 were up £3.4m on the previous year, according to accounts filed at Companies House on Thursday. The 2019 accounts are the latest available, but they note that the couple also collected an additional £7m in interim dividend...

2021-01-21T14:48:08Z

Covid wiped out decade of job gains in UK's industrial heartlands, says report

A year of the Covid-19 pandemic has wiped out a decade of progress in reducing unemployment in Britain’s industrial heartlands and left the jobless rate higher than after the financial meltdown of the late 2000s, a report has found. In the first comprehensive study of its kind, researchers from Sheffield Hallam university have revealed the scale of the setback from twin health and economic emergencies on parts of the UK that went into the crisis...

2021-01-21T14:49:56Z

Scott Morrison's regional Queensland tour overshadowed by talk of COVID quarantine site

Scott Morrison has been rubbing shoulders with locals at the pub, touring an oil refinery and making gas industry announcements, but the focus remains on a possible regional quarantine hub at a mining camp.

2021-01-21T04:38:27Z

Firm linked to Tory donor Lord Ashcroft wins £350m Covid contract

A company linked to the Conservative party donor and former treasurer Lord Ashcroft has been awarded a contract worth £350m by the government to provide laboratory staff for the Covid-19 testing operation. The contract, awarded to Medacs Healthcare plc, which has an ongoing contractual “framework agreement” with the Department of Health and Social Care (DHSC) and provides locum doctors, nurses and other staff to the NHS, is one of the largest...

2021-01-21T12:41:11Z

Pets at Home sees festive sales soar as it enjoys 'essential' status

On a like-for-like basis, the retailer saw sales rise 19.3 per cent in December, with its vet arm sales up over 21 per cent, fresh figures have revealed today.

2021-01-21T12:13:17Z

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.

2021-01-20T01:52:46Z

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.

2021-01-20T04:24:21Z

Jobless claim data underscores employment crisis awaiting Biden

Government data released the day after Joe Biden entered the White House made clear the scale of the employment crisis facing the new US president as the country struggles to make it through the Covid-19 pandemic. The government also reported 423,734 new filings made under the Pandemic Unemployment Assistance program for self-employed people not normally eligible for benefits.

2021-01-21T15:10:51Z

Roller coaster's observation deck will offer views of Mount Fuji

The observation deck will open at a summit of the Fujiyama roller coaster in the Fuji-Q Highland theme park, which lies in the shadow of Mount Fuji.

2021-01-21T13:32:15Z

Small rise in SA jobless rate in December

The South Australian government says more people now have jobs than before the COVID-19 pandemic despite a rise in the state's jobless rate.

2021-01-21T05:23:55Z

Here’s one simple thing Biden can do with a stroke of a pen to rebuild America’s shattered economy

Joe Biden must make good on his campaign pledge to “update the trade rules for Buy American” and make sure that taxpayer dollars spur investment here and not in foreign countries.

2021-01-20T15:07:00Z

Mid-Atlantic factory activity surges in January: Philly Fed survey

The Philadelphia Fed's business conditions index jumped to 26.5 in January from 9.1 in December. That's the highest level since February 2020.

2021-01-21T13:52:26Z

Amazon offers to help with Covid-19 vaccine effort

Tech colossus Amazon on Wednesday offered to put its vast operation to work helping President Joe Biden get 100 million Americans vaccinated against Covid-19 in the next 100 days. Chief of Amazon's worldwide consumer business Dave Clark sent a letter to Biden urging that its workers get vaccinated as early as possible and offering to put the company's resources to work in the broader vaccination effort.

2021-01-20T21:25:29Z

New York emerges winner as Brexit pushes swaps trading from London

New York emerges winner as Brexit pushes swaps trading from London

2021-01-21T14:42:06Z

Property sales in December up over 30% on 2019 levels

On a provisional seasonally adjusted basis, there were 129,400 residential sales completed in December, which is 13 per cent more than in November 2020, HMRC said today.

2021-01-21T13:58:20Z

Vocational training needs reform: report

The Productivity Commission has released its final report into the national skills agreement, with fresh calls to overhaul vocational education and training.

2021-01-20T16:38:46Z

Academy Sports eliminates COO role

Academy Sports & Outdoors Inc. said in a filing that it has eliminated the chief operating officer role "in order to create a more efficient operating structure and focus on key strategic priorities." The retailer's current COO, Kenneth Attaway, will leave the company, effective Jan. 29, 2021. Starting on that date, Michael Mullican, Academy's chief financial officer, and Sam Johnson, executive vice president of retail operations, will assume...

2021-01-21T14:52:28Z

Ladbrokes owner Entain appoints its first female boss

Entain confirmed it has hired Jette Nygaard-Andersen as its new chief executive to replace outgoing Shay Segev, who quits today as a director, but will stay on to help the leadership transition.

2021-01-21T10:58:21Z

California WeChat users claim China surveillance in lawsuit

California WeChat users sued its parent company Tencent on Wednesday, saying the mobile app is used for spying on and censoring users for the Chinese government. US-based nonprofit Citizen Power Initiatives for China (CPIFC) filed the suit in Silicon Valley, joined by a half-dozen California residents in urging a state court to order Tencent to change its ways and pay damages. "As the global erosion of democratic values shows little sign of...

2021-01-21T01:33:23Z

Vinco Ventures stock blasts nearly fivefold higher after merger deal with ZASH

Shares of Vinco Ventures Inc. are Thursday's highest fliers, soaring nearly fivefold on heavy volume after the mergers and acquisition company, focused on digital media and consumer brands, announced a merger deal with ZASH Global Media and Entertainment Corp. Vinco's stock, up 388.3% in morning trading, was the biggest gainer trading on major U.S. exchanges, and was on track for the highest close since July 2018. Trading volume exploded to 59.9...

2021-01-21T15:07:26Z

More than a quarter of VET student loans go unpaid. The Productivity Commission says Australia should collect those debts from the dead.

Unpaid VET Student Loan debts should be collected from deceased estates, the Productivity Commission says in a new report. "There is no clear rationale" against treating student debts differently to mortgages or credit card debts, the report claims.

2021-01-21T02:10:15Z

European stocks edge higher as ECB meets

European stock markets' bounce from Joe Biden taking office as US president lost steam Thursday. Asian stock markets made solid gains Thursday, as Biden prepared to unveil plans on tackling the coronavirus crisis.

2021-01-21T03:03:29Z

'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.

2021-01-20T05:52:47Z

ECB'S Lagarde wishes 'smart and inclusive' Yellen success as U.S. Treasury Secretary

ECB'S Lagarde wishes 'smart and inclusive' Yellen success as U.S. Treasury Secretary

2021-01-21T14:52:01Z

KLM to cut 1,000 more jobs, protests against mandatory COVID-19 testing

KLM to cut 1,000 more jobs, protests against mandatory COVID-19 testing

2021-01-21T14:45:18Z

Column: Can Biden transform the U.S. energy system? - John Kemp

Column: Can Biden transform the U.S. energy system? - John Kemp

2021-01-21T14:47:03Z

Ethereum has broken its all-time high. Here's why one analyst thinks it could hit $US2,500 this year.

Ethereum broke its all-time high this week before tumbling alongside Bitcoin on Thursday. The cryptocurrency looks to have plenty of upside according to eToro cryptocurrency analyst Simon Peters.

2021-01-21T00:55:12Z

Unemployment drops to 6.6pc, with 50,000 people starting work in December

After losing his job during the peak of the pandemic, Mitch thought he would never work again. But he recently joined 50,000 Australia's who nabbed a job in December as the country's recovery from coronavirus continues.

2021-01-21T00:53:18Z

Unilever pledges all suppliers will pay their staff the living wage

The Persil and Domestos owner also said it would also spend €2billion a year buying products from suppliers run by people from underprivileged groups over the next four years.

2021-01-21T14:58:22Z

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%.

2021-01-20T04:09:21Z