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Money

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.


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.


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.


EU's vaccine supply issues mean light at end of tunnel that much further away

In recent nights, rioters have poured on to the streets of 10 Dutch cities in what has been the closest Europe has come to open revolt against the coronavirus restrictions imposed across the continent. The violence, the worst in four decades, might be put down to the liberty-loving culture of the country or an outbreak of straightforward criminality but, perhaps not coincidentally, the Netherlands is also the very last EU member state to start...


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.


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.


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...


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...


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...


Britain's next free trade deal set to be with Australia - City AM

Britain's next free trade deal set to be with Australia - City AM


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...


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.


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...


Boeing, Walt Disney share losses contribute to Dow's 600-point drop


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.


Fed's Powell says he has received one dose of coronavirus vaccine

Fed's Powell says he has received one dose of coronavirus vaccine


Fed leaves policy unchanged as economic recovery appears to moderate

Fed leaves policy unchanged as economic recovery appears to moderate


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.


Biden pledges to speed vaccine program as U.S. sees another 4,000 COVID deaths in a single day

The U.S. counted another 4,000 COVID-19 deaths in a single day on Tuesday, as President Joe Biden pledged to speed up the delivery and administration of vaccines, in a plan that aims to vaccinate 300 million Americans by the end of summer or earlier in the fall.


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".


Boeing reports $11.9 bn annual loss after hit on 777X delay

Boeing closed the books on a bruising 2020 by announcing another unpleasant surprise on Wednesday: a $6.5 billion hit from delays to its new 777X plane that exacerbated the aerospace giant's annual loss. Boeing, which saw its revenues ravaged by the commercial airline downturn sparked by the Covid-19 crisis and the 20-month grounding of its 737 MAX model, now expects first deliveries of the wide-body 777X in late 2023, compared with the earlier...


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.


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.


White House exploring tapping drugmakers to produce rivals' vaccines

White House exploring tapping drugmakers to produce rivals' vaccines


Plug Power stock plunges after upsized public offering prices at 11% discount

Shares of Plug Power Inc. tumbled Wednesday, to pull back from a more than 15-year high, after the hydrogen-fuel company announced the sale of $1.8 billion worth of common stock to the public.


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


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.


'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.


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.


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


Manchester Arena security firm not to blame for staff's inaction, inquiry told

The firm responsible for stewarding and security at Manchester Arena was not to blame if its staff “missed opportunities” to prevent the bombing, the public inquiry into the attack heard on Wednesday. Jonathan Laidlaw QC, representing Showsec, said that “primacy” for safety lay with the state and the police rather than the firm. He added that the firm “was not seeking to shift blame or to scapegoat” either. Two of the Showsec stewards, Kyle...


Dow skids over 600 points lower near Wednesday's nadir as Fed's Powell says COVID 'adds to economic uncertainty'

U.S. stocks saw losses gather steam Monday afternoon as the Federal Reserve Chairman Jerome Powell offered a sobering outlook for the U.S.'s battle against COVID-19, which continues to hobble the economy if not the stock market. The Dow Jones Industrial Average was trading down by about 600 points Wednesday afternoon at 30,347, which would represent its sharpest daily skid since around October. The S&P 500 index was drifting 2.5% lower to 3,754,...


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...


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.


Check out the most heavily shorted stocks this year—GameStop tops the list

A surge in the shares of a number of well-known but smallish companies has been the talk of Wall Street in recent days.


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.


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'.


Fed says US economy depends on pandemic, vaccinations

The Federal Reserve said Wednesday that the fate of the US economy depends on the course of the pandemic and the vaccine rollout, and pledged to keep interest rates low until employment recovers. The FOMC said it would keep the benchmark lending rate low until inflation rises to two percent, and the economy achieves "full employment," in keeping with the Fed's new policy stance.


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.


OPEC’s Barkindo stresses importance of oil market stability and investment

In prepared remarks to the S&P Global Platts Americas Petroleum and Energy Virtual Conference on Wednesday, OPEC Secretary General Mohammed Barkindo said OPEC+ will continue to assess the oil market on a month to month basis to ensure stability and stressed that fossil fuels will remain a significant part of the energy mix, even as renewable energy sources grow.


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.


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.


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.


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...


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...


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.


'Iron Man' Downey launches funds in environmental fight

'Iron Man' Downey launches funds in environmental fight


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.


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.