Money

FTSE 100 drops to October levels as fears rise over Covid fallout

The FTSE 100 has recorded its worst week since late October amid investor concerns over the economic fallout from tougher lockdown measures around the world. The index of leading UK company shares ended the week down by 138 points compared with the previous week, a fall of about 2%, at 6,735, after official figures showed the British economy edged closer to a double-dip recession in November. After a strong start to the year, gaining by about 6%...


From furlough to the FTSE 250: Britain's economy in 2021 explained

The ONS this morning found the UK economy went into reverse in November, shrinking 2.6% on October as it was hit by a second national lockdown.


This company threatened to ax workers refusing the vaccine, by threatening a ‘no jab, no job policy’

One of Britain’s best-known plumbing firms also refused to employ people in the future unless they have the COVID-19 vaccine.


No CCTV for Qld hotel cluster probe

Queensland police have found at least two quarantine hotels are lacking CCTV cameras as they investigate a coronavirus cluster centred on a Brisbane hotel.


Spanish snow storm leads to UK salad shortage

January is a month when Britons turn to salads after the Christmas blowout. But now, on top of the disruption caused by Brexit and Covid, even the weather is conspiring against dieters by causing shortages in UK supermarkets. The supply of salad staples such as lettuce and tomatoes has been hit by Storm Filomena, the worst snowstorm to hit Spain in 50 years. It blanketed Madrid and the surrounding area and sent temperatures plummeting to record...


Large US banks eye improving economy after rocky 2020

Large US banks reported Friday a mixed fourth quarter to conclude a turbulent year, but expressed optimism about 2021 thanks to the coronavirus vaccine and additional fiscal stimulus. But "we've got the vaccine coming, we've got fiscal stimulus and people have saved a lot of money," Dimon said on a conference call with reporters.


How the ‘new normal’ for work is challenging what it means to be a socially responsible company

Focus on employee morale and access to advanced technology will define ESG investing.


WhatsApp to delay launch of new business features after privacy backlash

WhatsApp to delay launch of new business features after privacy backlash


Should you keep using WhatsApp? Plus five tips to start the year with your digital privacy intact

If you use the popular messaging service WhatsApp you may have noticed a pop-up message in recent days asking you to accept the service’s new terms and conditions by 8 February in order to continue using it. The update has prompted calls for users to leave the popular messaging service in favour of alternatives such as Signal and Telegram. And on Friday a legal challenge on privacy grounds was filed against WhatsApp in India, the service’s...


U.S. Senate panel to hold Jan. 21 hearing for transportation nominee

U.S. Senate panel to hold Jan. 21 hearing for transportation nominee


ASX higher ahead of US stimulus details

Investors had their best day of the week in ASX trading, but buying could intensifying once US President-elect Joe Biden gives details of his stimulus plan.


Schools demand No 10 explain unauthorised use of rapid Covid tests

School leaders have demanded urgent clarity about the government’s flagship mass-testing strategy for schools after the UK’s medicines regulator said daily coronavirus testing should not be used as an alternative to self-isolation. Headteachers said they were alarmed after the Guardian revealed that the Medicines and Healthcare products Regulatory Agency (MHRA) had not authorised the use of 30-minute lateral flow tests to allow students to...


Relaxing China tariffs would help US economy, report says

Reducing tariffs on China by even a "moderate" amount would benefit the US economy, according to a study by a business council and an economics firm. The report released Thursday came as the United States awaits the inauguration of President-elect Joe Biden on Wednesday, who is expected to detail his trade policy the following day. Commercial ties between Washington and Beijing deteriorated under outgoing president Donald Trump, who launched a...


Objective flags 70 per cent H1 profit rise

Software group Objective Corporation has hit a record share price after flagging a 70 per cent rise in first-half net profit.


'Exuberant spending' could follow pandemic, Powell says

The United States could see a boost of "exuberant spending" after the pandemic that causes price increases, but that may not lead to a spike in inflation, Federal Reserve Chair Jerome Powell said on Thursday. "As the pandemic recedes and we see potentially a strong wave of spending as people return to their normal lives and begin consuming various services, there could be quite exuberant spending and we could see some upward pressure on prices,"...


For some, Biden’s $1.9 trillion COVID-19 rescue plan is a ‘lifeline’ — and wouldn’t come a moment too soon

President-elect Biden said he will call for $1,400 stimulus checks and more vaccine funds in a new coronavirus economic relief package when he takes office this month.


Biden economic plan to test Congress’ COVID relief fatigue

President-elect Joe Biden's ambitious economic recovery plan outlined Thursday met with plaudits from Capitol Hill Democrats, but much of its fate hinges on Republicans in a narrowly divided Congress.


Bitcoin fever is back. Here are the Aussie exchanges where you can trade cryptocurrencies.

As the price of Bitcoin hovers just below $50,000, Australians are looking to trade cryptocurrencies again. There are a number of Australian exchanges as well as global ones that allow users to buy, sell and hold digital assets.


Record number of buy-to-let landlord companies set up in 2020

A total of 41,700 new holding companies for buy-to-let properties were formed in 2020, according to estate agent Hamptons International - and more than a third of them were based in London.


Gloomy outlook hits Citi shares despite quarterly profit beat

Gloomy outlook hits Citi shares despite quarterly profit beat


Oil settles lower as China lockdowns temper ‘euphoria’

Oil futures finish sharply lower Friday, prompting U.S. benchmark prices to pare their gain for the week, as investors weigh fresh COVID-19 outbreaks in China.


These are the top 10 fastest growing job searches in Australia, according to Gumtree

Gumtree has revealed the top 10 fastest growing job search terms on its platform. Topping the list are searches for waitressing, hospitality and retail.


It's now clear this government wants UK workers to have as little power as possible

As workers, families and businesses negotiate the hardest of hard times in this pandemic – trying to stay safe, care for their kids, fulfil their working responsibilities and keep their firms afloat – we now discover that some ministers’ thoughts are elsewhere. Now, in this post-Brexit Britain, they are planning their vision of the future. Unfortunately, it’s one that threatens to make our profound injustices far worse. That future involves...


Euro zone trade surplus rises year-on-year in November despite slowdown

Euro zone trade surplus rises year-on-year in November despite slowdown


Gym Group lost 216,000 members last year

Gym Group subscriptions have been frozen since a third national lockdown started on January 5, and the company had to shut all its venues.


Economy will grow without help: Frydenberg

New figures show Australian households and businesses amassed more than $200 billion in savings during the COVID-19 pandemic.


President-elect Biden to announce vaccines plan

US President-elect Joe Biden was set to announce his Covid-19 vaccine rollout plan Friday as he bids to wrest the focus from the impeachment of Donald Trump to the agenda for his first days in office. Experts credit the Trump administration's Operation Warp Speed (OWS) with helping to develop Covid-19 vaccines in record-breaking time, but say there was not enough planning for the "last mile," and distribution has been off to a rocky start.


Fed to stick to super-easy policy amid economic 'lull'

Fed to stick to super-easy policy amid economic 'lull'


Apple fails to overturn VirnetX patent verdict, could owe over $1.1 billion

Apple fails to overturn VirnetX patent verdict, could owe over $1.1 billion


Covid crisis prompts financial fears for those organising funerals

A third of people organising a funeral in the UK because of Covid-19 found meeting the costs caused them financial worries, according to the insurer SunLife. The pandemic also contributed to a fivefold surge in no-frills direct cremations, where there is no funeral service and no family or friends present, the annual report on the cost of dying found. This type of simple, low-cost funeral is typically cheaper than ever, the report says, costing...


ASX ends little changed, slips for week

The ASX closed little changed despite an economic recovery plan in the US, while experts think December jobs figures will show Australia steadily recovering.


Pubs, restaurants and bars have 'dreadful' Christmas

Bars and drink-led pubs were the worst affected, with sales falling by 87 per cent and 84 per cent respectively, according to the Coffer Peach business tracker.


‘They get free money’: People will receive more stimulus payments and unemployment insurance. Why is there no accountability?

‘I’ve heard of one case where a young adult purchased a ‘new’ used car with cash. Another one is approaching the $13,000 mark in savings from unemployment.’


Tyler Perry to receive honorary statuette at Oscars

US filmmaker Tyler Perry will receive an honorary statuette at this year's Oscars for his humanitarian work, including efforts to get the entertainment industry safely back to work during the coronavirus pandemic, the Academy announced Thursday. The Black entertainment mogul has set up a self-contained, 330-acre (133-hectare) production "campus" at a Civil War-era Confederate military base in Atlanta, Georgia, where hundreds have been employed...


Fair Work is taking cafe chain 85 Degrees to court over a fake internship program which allegedly underpaid foreign workers

Cafe chain 85 Degrees is being taken to court by the Fair Work Commission after allegedly underpaying workers almost $430,000 over a 12-month period.


'Not that good': Montreal restaurant's brutally honest menu pulls in the customers

In the cut-throat restaurant industry, most business owners boast that their dishes are the best in town. Feigang Fei, who runs Aunt Dai Chinese restaurant in Montreal, has taken a different approach, with a menu offering bracingly honest descriptions of the dishes on offer. “Comparing to our general tao chicken, this one is not THAT good,” reads the entry for orange beef. “Anyway, I am not a big fan of North American Chinese food and it’s your...


Vaccine passports: what are they and do they pose a danger to privacy?

Vaccine passports, which would allow people with immunity to Covid to prove they were at low risk of spreading the disease, are being investigated by companies and countries around the world. But the proposals have also raised fears among critics that they could underpin an oppressive digital ID system, and put sensitive medical records in the hands of authorities and employers. Despite the name, a vaccine passport is not a piece of paper;...


14 Free and low cost educational resources for parents who need help

If you're frustrated with the lack of support you've received from your school or if you need more inspiration there are many free and low cost resources online that you can use to help your kids


China's 2020 GDP growth slowest in over four decades: AFP poll

China's economy grew last year at its slowest pace since transformative market reforms of the 1970s, according to an AFP poll of economists, but finished the year strongly on an accelerating coronavirus recovery. "We think China's economy will show a strong rebound this year," said Raphie Hayat, a senior economist with Rabobank.


The number of properties for sale in Australia is beginning to dry up in every capital city but one, putting upward pressure on prices

Australian property listings have fallen dramatically in the new year, down 18% on the same time last year. Melbourne has proven the lone exception, with new listings surging 55% and total listings up 13%, versus a 17% average decline.


NSW eyes lighter COVID restrictions

The state needs higher daily testing numbers before rules can be eased, premier Gladys Berejiklian warned, after the state again recorded zero new local cases.


Inflation plays are outperforming deflation assets by the most in 15 years as money pours into energy sector and TIPS

The new year is obviously young but already there is a pretty clear theme on display in financial markets.


Fearful US consumers await Biden stimulus injection

President-elect Joe Biden's stimulus plan could spur hesitant US consumers to start spending again, analysts said Friday, amid reports of falling sales in December. "We expect consumers' spending to struggle until falling Covid cases allow restrictions to be eased, starting in March.


How telecom firms are helping their customers this lockdown

This is Money spoke to the top broadband companies to find out what help they are offering their customers during the third national lockdown.


JPMorgan Chase scores record profit, lowers reserves for bad loans

JPMorgan Chase reported Friday a jump in fourth-quarter profits on strength in investment banking and some consumer lending businesses as it released some reserves taken earlier in the pandemic. The profits included $1.9 billion in credit benefits, reflecting that the bank now expects fewer loan defaults compared with last year when coronavirus shutdowns prompted JPMorgan to set aside huge reserves in case of a much sharper economic downturn.


Progress reported on one-dose J&J vaccine; COVID-19 reinfections seen as rare

Progress reported on one-dose J&J vaccine; COVID-19 reinfections seen as rare


Can an estate agent force me to use their firm's finance adviser?

I tried to make an offer on a home, but the agent said they would only present it to the vendor if I used their in-house finance adviser first. I refused as I have finance secured. Can they really hold back my offer?


Canada PM Trudeau tells finance minister to avoid additional permanent spending

Canada PM Trudeau tells finance minister to avoid additional permanent spending


Here’s what you really should know about the ‘First 5 Days of January’ indicator

One week or even one month does not make a year for stock investors.


Strong demand for home loans despite virus

Low interest rates and government housing stimulus measures resulted in a record jump in home loans in November.