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$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...


European stocks drop on growing virus concerns

European stock markets sank Wednesday as coronavirus-linked fears eclipsed stimulus hopes and investors waited on the US Federal Reserve's first interest rate decision under President Joe Biden, dealers said. Investors also trod warily as they weighed distant hopes of a long-term recovery against immediate worries over Covid-19 infection rates and mutations, combined with slow vaccine rollouts. "Markets are on the slide as ongoing economic...


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.


Fall by John Preston review – the truth about Robert Maxwell

Soon after he took over the New York Daily News – his last and most foolish purchase – Robert Maxwell asked the tabloid’s publisher, Jim Hoge, if he could do him a favour: “Would you mind,” Maxwell asked, “if I stood here with the door open and shouted at you for a while?” Hoge had known worse requests; the paper had recently emerged from a long and bitter struggle with the print unions, and its circulation was under the thumb of the Mafia. “I...


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".


Oil edges lower ahead of inventory data

Oil futures edge lower Wednesday as investors track COVID-19 cases and await official data on U.S. crude inventories after an industry trade group reported a fall in supplies.


Wall Street expects near-record iPhone sales despite delay, shut Apple stores

Wall Street expects near-record iPhone sales despite delay, shut Apple stores


Coles slashes the prices of items including pasta, cheese, and snacks

Coles has slashed the prices of popular grocery items including pasta, sliced cheese and snacks in a bid to help lower the cost of living for all Australians.


BUSINESS LIVE: Ofgem to fine Symbio Energy

As investors wait to hear the outcome of the US Federal Reserve policy meeting that ends today, the FTSE is set to fall this morning.


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.


Facebook investors, shrugging off election woes, look for 'social commerce' payday

Facebook investors, shrugging off election woes, look for 'social commerce' payday


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 to announce freeze on new oil, gas leases on federal land and other climate-related actions

President Joe Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on U.S. lands and waters, as his administration moves quickly to reverse Trump administration policies on energy and the environment and address climate change.


Hinkley Point C costs may rise by £500m on back of Covid crisis

The Covid-19 pandemic could delay construction of the Hinkley Point C nuclear reactor by six months and raise its costs by £500m, according to its developer. The fresh delays are expected to take the cost of the UK’s first new nuclear power plant in a generation to £23bn, said EDF Energy, and delay its launch to the summer of 2026. Prior to the coronavirus outbreak, Hinkley Point was expected to start up by the end of 2025, at a cost of between...


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.


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.


Sales surge for sofa firm ScS as lockdowns put focus on homes

The sofa retailer ScS experienced surging sales over the past six months as locked-down consumers opted to spend money on new furniture for their homes. Gross sales at ScS rose by 13.9% over the 26 weeks to 23 January to reach £182.3m, compared with sales of £160m a year earlier. However, the company, one of the UK’s largest retailers of upholstered furniture, and flooring, said new orders had slumped over the past month, with renewed...


Shaquille O'Neal sells his massive Florida mansion for $16.5 million

The 48-year-old former NBA star originally put his 31,000 square foot mega-mansion on the market in 2018 for $28 million, but it finally sold after he reduced the price to $16.5 million.


Courteney Cox practices self care as she visits a spa in Malibu

Courteney Cox, 56, practices some midweek self care as she hits up a luxury spa in Malibu before emerging fresh faced


Online grocery shopping took off last year but can it be profitable?

Within a matter of weeks last year, supermarkets had to ramp up their digital operations as online customer orders went from a ripple to a deluge.


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...


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.


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.


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.


Financial markets are complacent and exuberant — a formula that raises risk of correction, IMF warns

A sense of complacency appears to be permeating financial markets and that raises risk of a correction, the IMF warned on Wednesday.


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.


Barbs fly over satellite projects from Musk, Bezos

A spat erupted Tuesday between Jeff Bezos and Elon Musk as the tech titans' space firms exchanged barbs over their rival satellite internet projects being evaluated by regulators. Amazon, founded and led by Bezos, put out a statement claiming Musk's rival SpaceX project Starlink was seeking design changes that could "create a more dangerous environment for collisions in space" and also increase radio interference. "Despite what SpaceX posts on...


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.


Abbott beats sales estimates as rapid diagnostics business now generates one-fourth of revenue

Shares of Abbott Laboratories were down 0.8% in premarket trading on Wednesday as surging revenue for its COVID-19 tests carried the company past earnings and sales estimates. Abbott had earnings of $2.1 billion, or $1.20 per share, in the fourth quarter of 2020, up from $1.0 billion, or 59 cents per share, in the same quarter a year ago. It had adjusted earnings per share of $1.45, against a FactSet consensus of $1.35. Abbott's sales for the...


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.


JPMorgan to launch UK consumer bank within months

JPMorgan to launch UK consumer bank within months


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.


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.


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...


Little change expected as Fed ends first meeting of Biden era

The Federal Reserve will on Wednesday conclude its first meeting since US President Joe Biden took office, and while the central bank is certain to comment on the health of the country's economy amid the Covid-19 pandemic, analysts say it's unlikely to change its main policies. Powell has repeatedly highlighted the need for government spending to take over the role of supporting the economy from the central bank.


AT&T quarterly postpaid phone additions jump on 5G boost

AT&T quarterly postpaid phone additions jump on 5G boost


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 EU by the European Union Aviation Safety Agency (EASA), after a 22-month grounding following two fatal crashes. Marking a crucial step in its return to service, a modified version of the US company’s previously best-selling aeroplane has been given permission to fly again, although not until a package of checks and training is completed. The move does not...


Sanofi teams up with BioNTech and Pfizer to help fix Europe’s vaccine shortage

Unusual collaboration will see Sanofi supply more than 125 million doses of Pfizer–BioNTech COVID shot from the summer.


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.


Boeing to delay 777X again as it posts record annual loss

Boeing to delay 777X again as it posts record annual loss


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.


Coty to shutter German fragrance factory, 300 workers impacted

Coty Inc. said Wednesday that it will close its manufacturing facility in Cologne, Germany, a move aimed at increasing efficiency and generating savings. The factory produces fragrance products, employing 300 workers. The closure will be complete in summer 2022. "[O]ur network has been operating over-capacity in recent years and the considerable impact of COVID-19 has accelerated the need to take action," said Richard Jones, chief global supply...


How GameStop found itself at the center of a groundbreaking battle between Wall Street and small investors

The coronavirus pandemic hit GameStop hard. Like many retailers, already suffering from the shift to online sales, the video games chain is losing money and plans to close 450 stores this year. And yet, surprisingly, GameStop has become one the hottest stocks of the year. The 37-year-old chain store group is now the focus of a David-and-Goliath battle between an army of small investors and Wall Street that shows no signs of abating and has...


Here are five ways the government could have avoided 100,000 Covid deaths

Yesterday Britain passed a grim milestone. A further 1,631 deaths from Covid-19 were recorded, taking the official tally above 100,000, though data from the Office for National Statistics suggests the total number will now be nearer 120,000. While the number of UK deaths has entered the hundreds of thousands, New Zealand has recorded only 25 deaths from Covid-19 so far. Taiwan has recorded seven, Australia 909, Finland 655, Norway 548 and...


Global carbon markets value surged to record $277 billion last year - Refinitiv

Global carbon markets value surged to record $277 billion last year - Refinitiv


Rio Tinto and BHP battle Apache tribes to build North America's biggest copper mine at sacred Oak Flat site

Rio Tinto promised "never again" after the destruction of ancient Aboriginal rock shelters at Juukan Gorge, but now it wants to mine sacred Apache land in the US and investors are concerned little has changed within the company since it appointed an insider as its new boss.


Pepsi, Beyond Meat cook up snack partnership

Food industry colossus PepsiCo and faux-burger makers Beyond Meat announced an alliance Tuesday to cook up plant-based snacks that tempt the palate while being easy on the planet. PepsiCo brings marketing and global distribution prowess to the alliance, while Beyond Meat has been creating plant-based alternatives to meat since it was founded in 2009.


Big tech facilitated QAnon and the Capitol attack. It’s time to hold them accountable

Donald Trump’s election lies and the 6 January attack on the US Capitol have highlighted how big tech has led our society down a path of conspiracies and radicalism by ignoring the mounting evidence that their products are dangerous. But the spread of deadly misinformation on a global scale was enabled by the absence of antitrust enforcement by the federal government to rein in out-of-control monopolies such as Facebook and Google. And there is...


U.S. Treasury yields follow stock-market swoon ahead of Fed update

U.S. Treasury yields slide Wednesday as global stock markets come under pressure, ahead of the Federal Reserve's policy update.


British government faces pushback on mass COVID-19 testing plan - sources

British government faces pushback on mass COVID-19 testing plan - sources