UK

MP says record boss 'in cloud cuckoo land' over music streaming claims

The boss of a major record label has been described as “living in cloud cuckoo land” after he claimed artists were happy with the music streaming model. The heads of the three major labels – Universal, Sony Music and Warner Music Group – gave evidence before the digital, culture, media and sport (DCMS) committee inquiry into the economics of music streaming, in often testy exchanges about whether the model was fair. Universal Music UK chairman...


Streaming designed to benefit biggest music artists, says label boss

The UK chief executive of Universal Music, the home of stars including Taylor Swift, Lady Gaga and the Beatles, has said streaming deals are designed to benefit the biggest artists – as it emerged it can take more than 1m streams to make £1,000. David Joseph also told MPs that greater effort was needed to force more royalty payments from YouTube, which is responsible for the majority of music consumption but pays relatively small fees by taking...


Energy agency forecasts lower demand for oil as Covid cases surge

World oil demand will be lower than forecast this year as a surge in new coronavirus cases looks likely to keep restrictions on the global economy in place, the International Energy Agency has said. The agency warned that a string of new lockdowns across big economies will keep a lid on oil demand over the first months of the year, before the impact of Covid-19 vaccines begins to take effect in the second half. The IEA’s influential monthly oil...


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.


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.


US urges Australia to abandon news payment plan for tech giants


Tesla's stock gains as Model Y deliveries in China have begun

Shares of Tesla Inc. rose 1.2% in morning trading Tuesday, after the electric vehicle market leader tweeted over the weekend that it has started official deliveries of its Model Y vehicles in China. The model Y is Tesla's compact SUV, which can seat up to 7 people. Despite the gain, the stock has struggled over the past week to regain its rallying form, which saw the stock nearly double over the past three months, while rocketing more than 700%...


AO World shares drop amid hefty rise in costs

The online retailer said it faces higher warehouse, vehicle and driver costs, adding that the cost to the business of customer returns was also on the up.


GM teams up wtih Microsoft on Cruise self-driving vehicle

General Motors announced Tuesday it is joining forces with Microsoft on its Cruise autonomous driving venture, with the tech giant coming on board as an investor and technology partner as it pushes to commercialize self-driving technology. "Microsoft, as the gold standard in the trustworthy democratization of technology, will be a force multiplier for us as we commercialize our fleet of self-driving, all-electric, shared vehicles."


Demand for servicing and installation of boilers is down 34%

Demand for installing, servicing and repairing energy-efficient boilers has sunk by 34 per cent, compared to the same time as last year, as households reign in spending.


Consumers yet to share PM's upbeat view

Consumer confidence has softened in the early stages of 2021, but Prime Minister Scott Morrison insists better times are ahead.


U.S. judge rejects 'Pharma Bro' Shkreli's bid for compassionate release from prison

U.S. judge rejects 'Pharma Bro' Shkreli's bid for compassionate release from prison


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.


How has the pandemic affected Britain's productivity?

Year-on-year output per hour increased by 4 per cent over the period, marking the biggest annual jump since the final quarter of 2005, the ONS said today.


Aclaris Therapeutics stock more than triples after 'positive' data on arthritis treatment trial

Shares of Aclaris Therapeutics Inc. skyrocketed more than 200% toward a 2 1/2-year high, on massive volume, in midday trading Tuesday, after the biopharmaceutical company announced "positive" data from a Phase 2a trial of its rheumatoid arthritis treatment. The stock shot up 211.1%, putting it on track for the highest close since July 2018, to pace all gainers on major U.S. exchanges. Trading volume soared to 79.7 million shares, compared with...


‘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".


Business secretary confirms post-Brexit review of UK workers' rights

The business secretary has confirmed his department is reviewing how EU employment rights protections could be changed after Brexit, while insisting they will not be watered down. The Guardian understands a consultation on employment rights was signed off by Kwasi Kwarteng’s predecessor, Alok Sharma, who left after being given a full-time role leading preparations for the Cop26 climate conference. The consultation is said by insiders to be ready...


Is your local HSBC branch closing soon? Bank exits more locations

HSBC said the closure decisions have been made in response to 'market trends, customer behaviour and branch usage.'


Brazil battles Chinese red tape to get key vaccine ingredients, sources say

Brazil battles Chinese red tape to get key vaccine ingredients, sources say


Superdry's losses mushroom as store closures hit sales

Sales sank 23.4 per cent to £282.7million in the six months to October 24 at the Cheltenham-based fashion brand despite year-on-year online trade shooting up by around half.


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.


Janet Yellen says US must 'act big' to revive flagging economy

Janet Yellen, the economist picked by Joe Biden to run the US Treasury, has said America needs to “act big” to revive its flagging economy and protect itself against long-term scarring with a major stimulus package. The former chairman of the US central bank, the Federal Reserve, underlined the new administration’s determination to press ahead with plans to boost government spending when she told a Senate committee that the benefits of action by...


Intel earnings: We know who the next CEO is, but what decisions will be made before he arrives?

As Pat Gelsinger returns to Intel Corp. as chief executive, investors are likely to skim past the chip maker's quarterly results and short-term outlook to look for more detail on the company's nebulous plans to get back on track as a chip leader.


Italian PM faces senate test as pandemic rages


Explainer: How Biden could use his whole government to take on climate change

Explainer: How Biden could use his whole government to take on climate change


Gold sales surge at the Royal Mint in the festive period

As overall gold sales leapt fivefold, the Royal Mint said customers flocked to invest online and physically, with 1g and 5g gold bar sales up 53% in November and December.


Sober lifestyle grows in popularity, with more Australians giving up alcohol

More Australians are turning away from alcohol, and some who have ditched the drink say non-alcoholic beverages make it more socially acceptable to be sober.


GM stock soars toward another record after Microsoft partnership on driverless cars

Shares of General Motors Corp. shot up into record territory Tuesday, after the automaker said it was partnering with Microsoft Corp. to accelerate the commercialization of driverless cars.


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%.


Equities mixed on eve of Biden inauguration

European stock markets were generally softer Tuesday following a strong showing in Asia ahead of keenly awaited comments from US Treasury secretary nominee Janet Yellen. In New York, however, the Dow Jones index showed a modest increase as trading kicked in after markets were closed on Monday. The dollar was mixed on the eve of Joe Biden's inauguration as US president, with all eyes on his vast $1.9-trillion stimulus plan. Oil prices gained on...


UK car investment decision looms in test of Brexit and Stellantis

UK car investment decision looms in test of Brexit and Stellantis


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.


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.


Yellen to urge Congress to 'act big' to help US economy

US President-elect Joe Biden's nominee for Treasury secretary, Janet Yellen, will urge lawmakers Tuesday to support big stimulus spending for the coronavirus-ravaged US economy, according to prepared remarks seen by AFP. Biden, who will take office on Wednesday, has proposed a $1.9 trillion rescue package to help businesses and families struggling amid the pandemic, and Yellen would be tasked with getting that massive bill through a Congress...


'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.


French series 'Lupin' tops 'Queen's Gambit' views on Netflix

The Netflix-produced series "Lupin", a sly modern take on France's beloved gentleman thief, is on track for 70 million views worldwide in its first month, setting a record for a French TV show, the streaming platform said Tuesday. The 1905 book on which the series is loosely based, "Arsene Lupin -- Gentleman Burglar" by French novelist Maurice Leblanc -- has shot to the top of book sales on Amazon.fr since the release of the TV show.


Australians racked up $24 billion in credit card debt for Christmas, as the country remembers how to spend again

More than $24 billions 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.


Joe Biden will launch presidency with appeal for unity – but whose unity?

When Joe Biden takes the oath of office on Wednesday, the new president will appeal for national unity from the steps of the US Capitol, where two weeks ago a mob, incited by Donald Trump, stormed the building in a violent attempt to prevent this very moment. Though their efforts failed, the bloody insurrection exposed the fragility of America’s commitment to a peaceful transfer of power, underscored by Trump’s absence at his successor’s...


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.


Biden likely to tighten COVID travel restrictions from these countries

U.S. President-elect Joe Biden opposes the lifting of a ban on travelers from Europe and Brazil ordered by his predecessor President Donald Trump for Jan. 26, his incoming press secretary Jen Psaki tweeted on Monday.


Britain's largest fishing port sees 18% fall in catch after Brexit

Britain's largest fishing port sees 18% fall in catch after Brexit


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.


Yellen champions Biden’s economic plan at confirmation hearing: live blog

Join MarketWatch for a live blog of the Senate confirmation hearing for Janet Yellen, President-elect Joe Biden’s nominee to head the Treasury Department.


Global sales of electric cars accelerate fast in 2020 despite pandemic

Global sales of electric cars accelerated fast in 2020, rising by 43% to more than 3m, despite overall car sales slumping by a fifth during the coronavirus pandemic. Tesla was the brand selling the most electric cars, delivering almost 500,000, followed by Volkswagen. Sales of electric cars more than doubled in Europe, pushing the region past China as the world’s biggest market for them, according to data published on Tuesday by EV-volumes.com,...


Average U.S. air fares fall to lowest price after COVID-19 pandemic

Average U.S. air fares fall to lowest price after COVID-19 pandemic


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.


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.


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.


Northern Territory national parks Litchfield and Nitmiluk to charge fees for tourists

The cash-strapped NT Government has confirmed park fees will be on the cards for interstate and international tourists, as one of its budget repair measures.


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.