Finance News

Australia shares set to open higher on further U.S. stimulus hopes

Australia shares set to open higher on further U.S. stimulus hopes


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.


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.


Vauxhall plant at risk after 'brutal' 2030 ban, says Stellantis boss

The future of Vauxhall’s UK car production will depend on government support after the “brutal” decision to ban the sale of new petrol and diesel cars from 2030, according to the boss of Stellantis, the newly formed carmaker. Stellantis was officially created on Saturday after the completion of the merger between Fiat Chrysler Automobiles and Peugeot, the owner of the Vauxhall brand. The merger, first announced in October 2019, has created a...


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.


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.


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.


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...


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.


BioNTech SE ADR outperforms market on strong trading day


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...


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.


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...


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.


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.


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.


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.


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.


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.


Asian markets set for modest upswing after gains on Wall Street

Asian markets set for modest upswing after gains on Wall Street


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.


Pfizer Inc. stock rises Tuesday, still underperforms market


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.


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.


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

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


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.


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


'Act big' now to save economy, worry about debt later, Yellen says in Treasury testimony

'Act big' now to save economy, worry about debt later, Yellen says in Treasury testimony


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.


'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.


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...


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%.


Exclusive: Biden administration considers creating White House antitrust czar - sources

Exclusive: Biden administration considers creating White House antitrust czar - sources


Superdry issues going concern warning as Covid-19 hurts sales

Superdry shares have fallen sharply after the fashion brand issued a going concern warning, although the company’s founder insisted the business would survive the turmoil caused by the pandemic. The company’s shares closed down 16% after the uncertainty hanging over the business’s future was compounded by a gloomy financial picture of widening losses and a steep decline in sales over the key Christmas weeks. Julian Dunkerton, the company’s...


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.


Netflix keeps growing in pandemic, tops 200 mn subscribers

Netflix on Tuesday delivered stronger-than-expected subscriber growth in the past quarter, keeping ahead of new streaming rivals competing for viewers stuck in their homes during the coronavirus pandemic. Apple, Comcast, Disney and others have taken on Netflix with streaming television services of their own "The big growth in streaming entertainment has led legacy competitors like Disney, WarnerMedia and Discovery to compete with us in new ways,...


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...


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.


Pre-Christmas rush for construction grants

The HomeBuilder construction stimulus program is now expected to cost $2 billion after a surge in applications in the final two months of 2020.


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.


Senior Welsh Tory and Labour figures apologise for drinks event

Three senior politicians including the Conservative leader in Wales, Paul Davies, have apologised over a drinks event in a Welsh parliament building at a time when pubs were banned from serving alcohol on their premises under Covid laws. Davies, along with the Tory chief whip in the Senedd, Darren Millar, and the party’s chief of staff in Wales, Paul Smith, said they had broken the spirit of the rules and were “profoundly sorry”. Alun Davies, a...


‘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.


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...


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.


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.


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.


EBay explores strategic alternatives for S. Korean business

EBay explores strategic alternatives for S. Korean business


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.


‘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".


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...