Money

New home sales surge as economy recovers

New home sales rocketed in December as people rushed to get the federal government's $25,000 HomeBuilder grant before it was reduced at the turn of the year.

2021-01-18T16:32:57Z

Successful program buoys home building: PM

Prime Minister Scott Morrison says the government's successful HomeBuilder program has set up the residential building sector for the next two years.

2021-01-19T16:36:22Z

Disney cuts bonuses for top executives in pandemic fallout

Disney cuts bonuses for top executives in pandemic fallout

2021-01-20T00:26:47Z

NRL players accept 2021 cut to salary cap

NRL players have agreed to take a pay cut with the salary cap reduced by 6 per cent as the game deals with the financial implications of the COVID-19 pandemic.

2021-01-19T04:19:37Z

ALEX BRUMMER: Britain stages a float fightback

Among the biggest dangers for the post-Brexit City is that too many brilliant British start-ups in biotechnology, financial innovation and online consumer enterprises head to New York.

2021-01-19T23:56:36Z

Over $5 billion in U.S. small business relief loans approved in first week: SBA

Over $5 billion in U.S. small business relief loans approved in first week: SBA

2021-01-19T23:33:22Z

Asian markets set for modest upswing after gains on Wall Street

Asian markets set for modest upswing after gains on Wall Street

2021-01-20T00:05:00Z

GM teams up with Microsoft as electric car market revs

General Motors announced an alliance Tuesday with Microsoft on its Cruise autonomous driving venture, combining forces to challenge Tesla and others in an electric car market expected to rev with Joe Biden's environment-friendly administration in the White House. The companies have established "a long-term strategic relationship," and Microsoft will join GM, Honda and institutional investors in a new $2 billion equity investment round, GM and...

2021-01-19T20:23:40Z

Court strikes down major Trump rollback of restrictions on power plants, paving way for Biden emission regulations

In a last-minute slap at President Donald Trump, a federal appeals court struck down one of his administration’s most momentous climate rollbacks on Tuesday, saying officials acted illegally in issuing a new rule that eased federal regulation of air pollution from power plants.

2021-01-19T22:50:38Z

Trump administration issues oil and gas leases in Alaska’s Arctic refuge

The U.S. Bureau of Land Management on Tuesday said it has issued leases covering nearly 685 square miles in Alaska's Arctic National Wildlife Refuge in a move denounced by critics in the waning hours of the Trump administration.

2021-01-20T00:50:53Z

Bionano Genomics to sell more shares, stock falls

Bionano Genomics Inc. on Tuesday announced its second share sale in less than a month amid an unexplained spike in its price and volume, sending shares down in after-hours trading. Bionano did not disclose a targeted number of shares nor price in its offering, but the stock still fell more than 8% in the extended session. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago, as shares traded on the open market for...

2021-01-19T22:35:31Z

From Facebook to News Corp: here are the 5 most interesting submissions to Kevin Rudd's media diversity inquiry so far

After a public campaign led by Kevin Rudd for a royal commission into media diversity in Australia, the Senate agreed to establish an inquiry late last year.

2021-01-19T02:20:52Z

Biden's cabinet picks say US to stand against China trade abuses

President-elect Joe Biden's picks to lead economic and foreign policy signaled on Tuesday that there would be no letup in Washington's efforts to combat China's trade abuses. In a farewell address Tuesday, the outgoing president defended his record, saying he had brought unprecedented international pressure on Washington's communist rival.

2021-01-19T19:16:44Z

Netflix keeps growing in pandemic, tops 200 mn subscribers

Netflix on Tuesday topped subscriber growth expectations in the past quarter, keeping ahead of new streaming rivals competing for viewers stuck in their homes during the coronavirus pandemic. The streaming television leader added some 8.5 million paid subscribers in the quarter to reach 203 million, topping 200 million despite recent price hikes, its quarterly earning update showed. "Covid-19 has accelerated that big shift from linear to...

2021-01-19T22:23:54Z

Indigenous man Noel Walker explains why Coon Cheese name change is so important

Saddened by the openly racist tone of the social media debate over the Coon Cheese name change, Indigenous man Noel Walker joins the discussion to explain his perspective and share his insight into the pain the brand has caused.

2021-01-17T23:47:05Z

Death of INXS manager Chris Murphy casts doubt on the future of Ballina museum

INXS manager Chris Murphy had plans to build an X-shaped museum in Ballina, but it's unclear what the industry giant's death will mean for the long-awaited project.

2021-01-18T04:17:03Z

How to stop your self-assessment tax return coming back to haunt you

Accountants are warning that long waiting times at HMRC and extra work created by coronavirus means as many as 2.5 million taxpayers could miss the deadline and receive a £100 penalty.

2021-01-19T23:26:29Z

Calls for more help as international border stays closed due to COVID threat

With international borders likely to remain closed for much of 2021 Australia's tourism industry has demanded more financial support from the Government.

2021-01-18T14:17:31Z

Biden aims for best stock-market rally in 92 years ahead of inauguration

Supporters might point to President-elect Joe Biden's bullish impact on the stock market since the Nov. election as an early accomplishment, even if it's hard to pin all of the recent gains on the change in regime from Donald Trump to Biden.

2021-01-19T23:20:41Z

Advocates urge for rise to JobSeeker rate

Australia's peak welfare group is urging the government to increase the long-term rate of JobSeeker by at least $25 per day to ensure people can afford basics.

2021-01-18T16:32:58Z

Fixed interest rates may have reached rock bottom, say economists

If the Reserve Bank has no more three-year government bonds to buy by mid-2021, it may no longer be able to put downwards pressure on the benchmark yield for banks fixed mortgage products.

2021-01-19T18:51:12Z

Aust shares more than one per cent higher

A broad-based rally on the ASX has produced investors' best day in more than a week, as US politicians lobby peers to pass economic stimulus.

2021-01-19T01:49:14Z

Tony Blair son plans big expansion for training firm valued at $200m

An education business started by Euan Blair has secured new funding from venture capitalists thought to value the business as high as $200m (£147m) and crystallising a fortune for the son of the former prime minister Tony Blair. Multiverse is a start-up founded in 2016 that helps young people who don’t want to go to university find apprenticeships with companies and access training. The valuation placed on the business by new investors indicated...

2021-01-19T21:24:12Z

‘Irresponsible’ and ‘long overdue’: What economists and workers say about Biden’s bid for a $15 minimum wage and end to tip credits

Workers could benefit from higher wages, but many could lose their jobs as a result of a higher minimum wage and tipped credit elimination.

2021-01-19T20:50:22Z

Home repossessions set to surge after support schemes end

Thousands of borrowers have struggled to pay the mortgage in the virus crisis - with close two million taking a break from repayments. Last year 2,900 properties were repossessed by lenders.

2021-01-19T23:56:34Z

U.S. EPA grants three biofuel waivers to refiners before Trump leaves office

U.S. EPA grants three biofuel waivers to refiners before Trump leaves office

2021-01-19T23:36:47Z

BBC faces financial 'uncertainty' due to reliance on licence fee – report

The BBC faces an uncertain future because it relies heavily on the licence fee as its audience share plummets, Whitehall’s spending watchdog has concluded. In a pointed warning, the National Audit Office said the corporation has postponed making difficult decisions about future income streams, and is dipping into its reserves to cover the cost of free licences for viewers over 75 years old. The NAO’s findings come amid criticism from senior...

2021-01-20T00:24:38Z

Criminal charges laid over Japanese exchange student drownings at Fraser Island's Lake McKenzie

A school teacher and tour company are charged with workplace health and safety offences almost two years after two Japanese teenagers drowned at a lake on Fraser Island (K'gari).

2021-01-20T00:52:05Z

Trump seeks to curb foreign cyber meddling on last day in office

Trump seeks to curb foreign cyber meddling on last day in office

2021-01-20T00:27:23Z

BHP cuts Mount Arthur coalmine valuation by $1.5bn after thermal coal price plunges

BHP will slash its valuation of its Mount Arthur coalmine in New South Wales by at least $1.5bn after a dramatic fall in the price of thermal coal, which is burned to produce electricity. The move will wipe out most of the book value of the Hunter Valley mine, leaving it worth between $325m and $455m, BHP said in a quarterly update on Wednesday. BHP said it was selling thermal coal for US$44.35 a tonne in the second half of last year, down 24%...

2021-01-20T00:28:34Z

JB Hi-Fi’s online sales soared 161% which, together with Black Friday deals, more than made up for lockdown store closures

JB Hi-Fi Group reported stellar sales results for the first half of the 2021 financial year. In the company's preliminary, unaudited financial results, it reported $4.9 billion in sales, an increase of 23.7%.

2021-01-18T03:03:45Z

Electric vehicle maker Rivian valued at $27.6 bn in funding round

Electric vehicle maker Rivian on Tuesday said it raised $2.65 billion in a new funding round valuing the Amazon-backed US company at $26.7 billion. Investors included Amazon's Climate Pledge Fund and Fidelity Management and Research, according to Rivian. "This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," Rivian founder and chief executive RJ Scaringe said in a release. "The support...

2021-01-19T18:38:32Z

'We won't have much of a tourism industry left': Tourism boss calls for JobKeeper extension as borders stay shut

The head of Australia's peak tourism industry body has called for an extension to the JobKeeper subsidy to counteract the continuing financial strain caused by international and domestic border closures.

2021-01-19T01:35:42Z

Save lives or save the economy? That's a false choice – and it's obscene

For the past year Australians have heard politicians, business leaders and conservative commentators argue that we need to balance the benefits of protecting Australians from Covid-19 with the costs of those protections to “the economy”. Should we close down risky venues or keep them open? Should we worry about the elderly who might get sick and die or the young people who might lose their jobs? How do we choose between my money and your life?...

2021-01-20T00:52:15Z

UK proves world-beating at Covid deaths and prioritising profit

On the day that the UK took poll position in the number of deaths per capita in the coronavirus pandemic – I’m not sure that’s what the prime minister had in mind when he described the country as world-beating – one of the biggest political stories was whether Boris Johnson treated himself to power naps during the course of his working day. Allegra Stratton, the prime minister’s press spokesperson, insisted that the rumours were untrue but...

2021-01-19T19:39:00Z

What CAN Britain learn from Beijing? China's economy is surging ahead

China's economy expanded by 6.5 per cent in the final quarter of 2020, making it one of the few countries to be able to chalk up growth for the year. Industrial production drove the revival.

2021-01-19T23:56:35Z

Tyro close to restoring EFTPOS connections

A problem with Tyro EFTPOS terminals, which has left many businesses unable to collect payments, could be resolved by the end of the week.

2021-01-19T04:34:37Z

Forget diets, here's clever ways to pile on pounds!

If you want to become a better saver this year, we've outlined some innovative ways to help the pennies and pounds stack up. Stick to them and you could save between £668 and £1,456.

2021-01-19T23:41:31Z

The top five things this leading economist thinks will happen in Australia 2021

Last year was a hell of a ride for, well, almost every industry. So what will 2021 bring? Here's how Australia's economy will play in 2021 according to one of our top economists.

2021-01-17T18:46:48Z

‘Harmful outcomes’: The US has urged Australia to ditch its plan to force Facebook and Google to pay for news

US trade representatives say Australia's draft media bargaining code is "fundamentally unbalanced", with consequences that could "significantly harm Australian consumers".

2021-01-19T04:35:57Z

Australian consumer confidence clouded by COVID-19 in Jan - survey

Australian consumer confidence clouded by COVID-19 in Jan - survey

2021-01-19T23:45:04Z

A new generation of digital payday lenders are springing up in Australia as demand for short-term loans surges

A new breed of digital payday lenders are popping up in Australia, with the lending niche growing five times larger in just 12 months. Joining an array of app-based competitors, the Commonwealth Bank is offering its own pay advance feature to customers.

2021-01-19T05:21:06Z

MARKET REPORT: Second round of funding to prop up Wetherspoons

The pub chain is hoping to raise between £92.1m and £93.7m to see it through the rest of the year, by selling up to 8.4m shares. This would mean offloading them for around 1100p.

2021-01-19T23:26:28Z

Tug-of-war between debt and stimulus awaits Yellen at Treasury

Spend big to help the economy while dealing with a massive national debt: as US Treasury secretary, Janet Yellen will face a delicate dance between undoing the damage done by the coronavirus while figuring out ways to pay the bill. With employment faltering and virus infections soaring, President-elect Joe Biden, who takes office on Wednesday, has proposed a $1.9 trillion rescue package to revitalize the economy and kickstart the underperforming...

2021-01-19T19:23:50Z

UK ministers gain power to allow lower-standard food imports

Ministers will be able to approve the import of animal and agricultural products of a lower standard than currently permitted in the UK, after attempts to amend the trade bill failed. The government has repeatedly vowed not to allow the import of chlorinated chicken and hormone-treated beef, but has refused to sign those pledges into law. The House of Lords put forward amendments to the trade bill that would have required future trade agreements...

2021-01-19T20:13:55Z

Sensing a shifting tide with Biden tackling climate change, this major business lobby gets on board

The nation's arguably leading pro-business lobby sees the incoming Biden administration's pledge for climate-change action --- including rejoining the Paris Accord that President Trump abandoned --- as a can't-miss chance to influence "market-based" policy on greenhouse gas emissions and more.

2021-01-19T22:20:31Z

Homelessness crisis looms as Western Australia's coronavirus rental moratorium due to expire

Western Australia is set to see increased levels of insecure housing and homelessness due to rental hikes of up to 20 per cent after the state's moratorium ends, Anglicare warns.

2021-01-19T00:22:44Z

Australians racked up $24 billion in credit card debt for Christmas, as the country remembers how to spend again

More than $24 billion was spent on Australian credit cards over the Christmas period, according to RBA forecasts. Although lower than last year, the figure remains substantial, amounting to $1,748 per card, Finder analysis found.

2021-01-19T00:50:29Z

Goldman Sachs earnings surge amid pandemic upheaval

Goldman Sachs reported another blowout quarter Tuesday to conclude a highly profitable 2020 despite the coronavirus pandemic, which provided lucrative opportunities to the investment bank while battering much of the US economy. For all of 2020, Goldman Sachs reported profits of $8.9 billion, up 13 percent, on a revenue increase of 22 percent to $44.6 billion.

2021-01-19T18:53:24Z

BHP raises iron ore production estimate

BHP has increased the amount of iron ore it expects to produce this fiscal year, following the restart of an operation in Brazil.

2021-01-20T00:52:33Z