Money

Crooks stole at least $11 billion in California jobless benefits in 2020, official says

Sophisticated hackers, identity thieves and overseas criminal rings stole over $11 billion in unemployment benefits from California last year, but the extent of the fraud might grow far larger: billions more in payments are under investigation.

2021-01-26T01:02:57Z

Asian markets stumble on stimulus timing and size

Asian markets sank into the red Tuesday following the previous day's healthy run-up, with sentiment jolted by the prospect that Joe Biden's huge stimulus could be watered down and not even be passed for several weeks. The biggest driver of the market rally in recent weeks has been hope for Biden's $1.9 trillion economic rescue plan.

2021-01-26T02:59:25Z

National Grid should lose role as electricity system operator, says Ofgem

National Grid could lose its role of keeping Britain’s lights on after the energy regulator called for a new and independent electricity system operator to help steer the UK towards its climate targets. Ofgem has called for National Grid to be stripped of its role after 30 years balancing the electricity grid because the energy company also owns energy networks. The regulator warned this could create a conflict of interest in the future as the...

2021-01-25T10:48:23Z

China exports buoy Australia trade surplus

Australia recorded a $9 billion goods trade surplus in December, up from $7.4 billion in November, the Australian Bureau of Statistics says.

2021-01-25T01:16:24Z

Listen-in social network Clubhouse readies for the masses

Invite-only audio social network Clubhouse is readying to let in the masses with the help of a fresh funding round reported to value it at nearly a billion dollars. The amount of cash prestigious Silicon Valley venture capital firm Andreessen Horowitz (a16z) is putting into Clubhouse was not disclosed, but the valuation was reported to be about a billion dollars.

2021-01-25T22:36:24Z

Dollar firm as jittery markets look to Fed for catalysts

Dollar firm as jittery markets look to Fed for catalysts

2021-01-26T00:55:39Z

U.S. bankruptcy judge okays Weinstein Co plan paying $17 million for sex abuse claims

U.S. bankruptcy judge okays Weinstein Co plan paying $17 million for sex abuse claims

2021-01-26T00:40:59Z

The Guardian view on Covid economics: worry about jobs, not the deficit

Last November, the Office for Budget Responsibility’s worst-case scenario figured that the double whammy of a lingering pandemic and a no-deal Brexit would see 4.2 million people out of work by 2022. The good news is that Britain clinched a deal with the EU before it left its regulatory orbit. The bad news is that the OBR’s worst-case scenario almost certainly underestimates the scale of the jobs crisis. Ministers have wilfully shut their eyes...

2021-01-25T19:12:08Z

Two men and a woman charged over alleged million-dollar gold theft at Coolgardie's Greenfields Mill

Three people are charged in connection with an alleged million-dollar gold theft in Western Australia's Goldfields, in which police say more than 8,000 tonnes of gold-bearing ore was stolen from a processing plant near Coolgardie.

2021-01-25T06:16:44Z

Google announces plan to tackle privacy issues in online advertising

Google has announced a plan to tackle privacy issues in online advertising, as the company attempts to chart a middle ground between Apple’s privacy-first approach and the needs of advertisers – including itself. Google will use AI to bundle an individual user with similar visitors in an attempt to convince users that they don’t need to block all tracking on the internet to preserve their privacy. It will also use a “trusted server” to store...

2021-01-25T17:41:35Z

Treasurer Josh Frydenberg has accused Facebook and Google of 'shifting the goalposts' over the media bargaining code

Treasurer Josh Frydenberg has accused Google and Facebook of “shifting the goalposts” over the proposed media code, saying the tech giants were doing a disservice to Australians by threatening to shut down their search engines.

2021-01-25T01:17:34Z

Big oil goes green: Shell buys electric car charging company

BP has dismantled its century old exploration team, cutting the division to less than 100 employees. And rival Shell bought Ubitricity, the UK's largest electric vehicle charging network.

2021-01-25T22:38:40Z

Fragile recovery seen in global labour market after huge 2020 losses: ILO

Fragile recovery seen in global labour market after huge 2020 losses: ILO

2021-01-26T02:00:52Z

Hedge fund manager Dalio says bipartisan effort needed for post-pandemic world

Hedge fund manager Dalio says bipartisan effort needed for post-pandemic world

2021-01-26T02:20:50Z

Debenhams deal and Topshop talks put more than 20,000 jobs at risk

More than 20,000 high street jobs are at risk after the online retailer Boohoo bought the Debenhams brand and its rival Asos said it was poised to buy Topshop. Debenhams, which traces its roots back to 1778, will disappear from the high street with the likely loss of up to 12,000 jobs after the £55m Boohoo deal, which does not include the department store chain’s high street operation. As part of the deal, Boohoo will buy the retailer’s Maine,...

2021-01-25T20:55:19Z

Australian seafood is bountiful and these tasty, inexpensive types are yet to find their customer

Australians have access to thousands of locally-caught commercial fish species, but most people only eat about 20 types. Is it time to try something a little more unusual?

2021-01-25T03:15:58Z

GameStop extends wild ride on Wall Street

GameStop continued its wild Wall Street ride on Monday with a dizzying climb seemingly powered by online chatter about the struggling video game retailer with a devoted fan base. A "GME to the Moon" hooded sweatshirt for sale at handmade e-commerce website Etsy was emblazoned with an image of a beloved character from video game "Fallout" riding a rocket skyward.

2021-01-25T18:20:40Z

Stocks slide on possible virus restrictions

European stock markets fell Monday on news that France might be headed for a fresh lockdown over the coronavirus pandemic. In New York, the Dow Jones index was also lower in midday trading, but the main Asian markets ended higher. The dollar traded mixed, while oil prices edged higher. "Renewed lockdowns and restrictive measures globally are dragging down the European bourses," commented Edward Moya, a market analyst at Oanda. "A steady stream...

2021-01-25T17:13:38Z

‘I’m tired of being the only one with moral values’: My mother put me on the deed of her home. Now my brother wants half

Before our mother passed away, she quitclaimed the deed of the home to me, and she also added me on to all of her bank accounts. My brother was there and he said nothing.

2021-01-25T11:45:57Z

NSW to play Cupid to boost R&D funding

A matchmaking platform linking research providers to investors will be launched as part of the NSW government's new R&D action plan.

2021-01-25T06:16:54Z

South Korea posts worst growth in two decades

South Korea recorded its worst growth in more than two decades in 2020, the central bank said Tuesday, but it is expected to be among the best-performing OECD economies in the wake of the coronavirus pandemic. The country's gross domestic product contracted 1.0 percent in 2020 from a year earlier, the Bank of Korea said, citing weak private spending and exports. It marks the worst annual growth since 1998, when the South Korean economy shrank...

2021-01-26T00:44:08Z

Transforming Australia's recycling system could pump billions into the economy, the CSIRO says in a major report

Australia could boost its GDP by $1 billion per annum by boosting its recycling capacities by 5%, according to a new CSIRO report. The major paper makes the economic and environmental case for an Australian 'circular economy' based on reducing waste and repurposing materials.

2021-01-25T01:32:41Z

Aussies paying $140,000 to stay connected

Bills for the internet, mobile phones and streaming services quickly add up, but a changing market and 5G entering the fray means the chance for a better deal.

2021-01-23T00:11:01Z

California extends eviction moratorium to June as Covid-19 devastates state

California leaders have reached an agreement to extend the state’s eviction moratorium through the end of June in an effort to stave off an expected surge in housing displacement as Covid continues to spread. The plan, agreed on by top legislative leaders and the governor, extends until 30 June a state law scheduled to expire next Monday that prevents landlords from evicting tenants who could not pay their rent between March and August because...

2021-01-25T23:36:38Z

Top global traders work to ease seafarer crisis due to coronavirus

Top global traders work to ease seafarer crisis due to coronavirus

2021-01-26T00:25:34Z

Rooney defers portion of his wage to help Derby through cash crisis

EXCLUSIVE: Rooney was instrumental in persuading other members of the squad to accept wage deferrals when he was a player at Pride Park last season, and has taken a similar approach as boss.

2021-01-25T23:08:16Z

Fears for shop worker jobs as Asos closes in on Topshop rescue

Rival bidders are waiting in the wings but Asos has stolen a march in the frenzied bidding war for the jewel in the crown of Sir Philip Green's collapsed Arcadia empire.

2021-01-25T22:53:37Z

RUTH SUNDERLAND: Grotesque greed killed the High Street giants

RUTH SUTHERLAND: Financial Darwinism in its purest form has hit the High Street. Two once-great names, Debenhams and Topshop owner Arcadia, are about to evaporate from our towns.

2021-01-26T01:12:25Z

HENRY DEEDES watches Work and Pensions Secretary on GMB

HENRY DEEDES: Over the past few months, a climate of fear has been brewing at the heart of Government.

2021-01-25T22:56:56Z

'Health' tonic with your ENTIRE daily sugar limit in one dose

With wintry weather adding to lockdown malaise, a 'health tonic' might seem like just what the doctor ordered. We asked dietitianHelen Bond to assess a selection.

2021-01-25T22:41:37Z

Mastercard to raise fees by at least 400% for EU firms selling to UK customers

Mastercard is to increase the fees EU firms face to take payments from online shoppers from the UK by at least 400%, in a move that could mean higher prices for consumers. When a credit or debit card is used, a percentage of the purchase price is paid by the retailer to the bank that issued it as an interchange fee, which is set by a payments firm. Mastercard’s interchange fee is currently 0.3% on credit card payments and 0.2% on debit card...

2021-01-25T17:05:46Z

Postgraduate enrolments soar as jobseekers wait out competitive market at university

They're qualified and keen but the work simply is not there for many Australians doing it tough. Instead they're weathering the storm at university in numbers tipped to reach record highs.

2021-01-24T20:29:58Z

Southern California utility settles wildfire claims for $2.2 billion

Southern California Edison will pay $2.2 billion to settle insurance claims from a deadly, destructive wildfire sparked by its equipment in 2018, the utility announced Monday.

2021-01-26T02:18:04Z

Jakarta meat sellers strike, Indonesia considers importing Mexican cattle as Australian cattle prices reach record highs

The Indonesian Government is reportedly looking to Mexico as an alternate source of live cattle, after Australian cattle hit record prices and Jakarta meat sellers go on strike.

2021-01-25T20:33:28Z

Oxfam report says rich getting richer and poor getting poorer amid coronavirus pandemic

With unprecedented support from global governments, the stock market has boomed, driving up billionaire's wealth even while the real economy has faced the deepest recession in a century and the poor have gotten poorer.

2021-01-25T04:00:57Z

Australia Day is no longer an obvious and uncontroversial commercial winner for brands. Here's how the conversation has changed.

Australia Day used to be an obvious and uncontroversial occasion for brands to endear themselves to Australian consumers. No longer. There has been a decided shift over the past decade in commercial attitudes to January 26, acknowledging the problematic nature of the date’s choice as our day of national celebration to our First Nations.

2021-01-25T00:32:53Z

Inflation likely ended 2020 still subdued

The consumer price index is expected to have risen 0.7 per cent in the December quarter, keeping the annual rate also at 0.7 per cent.

2021-01-24T02:13:03Z

Jab approval injects business positivity

As Australia's medicines regulator gives the tick of approval for the first coronavirus vaccine, the business community is anticipating a boost in confidence.

2021-01-25T03:16:32Z

Tractor rally aims to overshadow India's show of military might

Thousands of farmers on tractors gathered outside New Delhi on Monday, gearing up to rival an annual parade of tanks and troops on India's Republic Day in a protest against the government's agricultural reforms. Since November, protesters have camped at the entry points to New Delhi, opposing farming laws which they say will invite conglomerates to dominate the agricultural sector. Farmers plan to stage a huge rally involving tractors on...

2021-01-25T12:53:07Z

MARKET REPORT: Blow to airline shares as Covid curbs set to tighten

The measures being considered to prevent the spread of strains from Brazil and South Africa include requiring some or all international arrivals to quarantine in hotels for up to two weeks.

2021-01-25T22:38:38Z

ASX closes up 0.36pc, AUD at 77.4 US cents

Investors favoured consumer and technology stocks, and the ASX closed higher, ahead of earnings season.

2021-01-25T02:01:19Z

US Senate confirms Yellen as first female Treasury secretary

The US Senate on Monday voted by a wide margin to confirm Janet Yellen as the first woman to lead the Treasury Department. Democratic Senator Ron Wyden, chairman of the Finance Committee, called Yellen an "exceptional economist" who is "supremely qualified" to lead Treasury at a critical time.

2021-01-25T23:36:29Z

Microsoft earnings: The SolarWinds hack may be a good thing for Azure

Microsoft Corp. was wrapped into a massive cybersecurity attack late last year, but the unprecedented intrusion may actually end up being a positive for the company's bottom line.

2021-01-22T21:54:19Z

GameStop stock sets record, then loses bulk of gains in another volatile day of trading

GameStop Corp.'s stock spiked past $150 Monday in a run that has appeared to defy gravity as loyalists and short sellers have clashed over the value of the mall-based videogame retailer that has suffered under the COVID-19 pandemic.

2021-01-25T18:47:00Z

WA Government launches police recruitment drive as Liberals pledge millions for trade

The State Government has launched a $1.8 million advertising blitz to recruit police officers following its budget commitment to add an extra 800 police if re-elected in March.

2021-01-24T08:13:17Z

A surge in options trading is pushing around the stock market — and bringing back memories of the dot-com bubble

Individual investors are back in love with the stock market, but a newfound passion for treating call options like lottery tickets is making veteran traders nervous.

2021-01-26T00:02:51Z

EU threatens to block Covid vaccine exports amid AstraZeneca shortfall

The EU has threatened to block exports of coronavirus vaccines to countries outside the bloc, after AstraZeneca was accused of failing to give a satisfactory explanation for a huge shortfall of promised doses to member states. The pharmaceutical company’s new distribution plans were said to be “unacceptable” after it “surprisingly” informed the European commission on Friday that there would be significant shortfalls on the original schedule. The...

2021-01-25T18:36:00Z

Stimulus that saved markets from collapse in 2020 now may be a key risk, warns Putnam Investments

"Nobody rings a bell at the top," says Putnam Investments in a first-quarter outlook about lofty stock levels and the glut of negative yielding global debt.

2021-01-26T01:32:57Z

Marina Bay beckons as Singapore gears up for 'Davos in Asia'

Marina Bay beckons as Singapore gears up for 'Davos in Asia'

2021-01-26T01:50:13Z

Oil prices edge lower amid doubts over U.S. stimulus, rising coronavirus cases

Oil prices edge lower amid doubts over U.S. stimulus, rising coronavirus cases

2021-01-26T02:12:34Z