News: Money

Criniti's owner banned from managing companies for five years

Saturday  03:06,   26 may 2018

Seven failed companies run by restaurateur Frank Anthony Criniti owe creditors $3.5 million.Frank Anthony Criniti, the owner of a number of Critini’s restaurants, has been disqualified by the Australian Securities and Investments Commission (ASIC)[...]

Older and younger Australians face different worlds due to intergeneration gap, experts say

Saturday  02:16,   26 may 2018

Just how significant has the intergenerational gap become that both sides of politics are now tapping in to it? Researchers give their take on the home ownership divide, financial security and job opportunities.Load[...]

Easy-Money Curbs Bring Australia's Long Housing Boom to an End

Saturday  01:06,   26 may 2018

Tougher credit rules, increased supply and subdued wage growth are combining to put an end to Australia’s long housing boom. The downturn is most obvious in Sydney, where average home prices were down 3.4 percent in April from a year earlier. The[...]

In for $705m, out for £1: Wesfarmers abandons UK Bunnings disaster

Friday  23:54,   25 may 2018

Wesfarmers is giving up its disastrous attempt to expand its Bunnings chain into the United Kingdom.The conglomerate said on Friday it will sell its British hardware business, including the Homebase chain it bought in 2016 and 24 pilot Bunnings[...]

Australian anti-trust watchdog loses appeal against Pfizer over Lipitor sales

Friday  16:06,   25 may 2018

<p>The drug Lipitor generated annual sales of more than A$700 million ($530 million) for Pfizer in Australia before the company's patent expired there in May 2012.</p>The Australian Competition and Consumer Commission (ACCC) said on Friday [...]

Australia's bank note printers heed wage call - and strike

Friday  15:30,   25 may 2018

<p>The RBA declined to comment on an ongoing matter.</p>With wage growth in Australia crawling around the slowest pace on record, Reserve Bank of Australia (RBA) Governor Philip Lowe recently called on workers to demand fatter pay[...]

Google and LG Display have made the highest resolution VR screen yet

Friday  15:29,   25 may 2018

Google and LG Display have joined forces to design the clearest OLED display to date.&nbsp;The display offers an impressive 120Hz refresh rate, which is also a step up from the 90Hz achieved on Oculus Rift and Vive Pro. Measuring in at 4,800 x[...]

This analyst thinks Aussie dollar's heading back into the mid-80s in 2019

Friday  10:31,   25 may 2018

The Australian dollar has been strengthening in recent weeks, recovering after a steep drop earlier in the year. Bank of America Merill Lynch thinks there's more upside to come for the Aussie, and not just a little but a lot. "AUD[...]

'Appalling': Alan Joyce likens Canberra Airport to Somali pirates

Friday  10:07,   25 may 2018

The extraordinary stoush between Qantas and Canberra Airport flared-up again at an airline industry event held at Parliament House on Thursday.“Maybe the airport should be called ‘The Canberra Pirates’ because you wouldn’t have this in Somalia,” Mr[...]

We're spending billions on the housing crisis — so why is homelessness in Australia getting worse?

Friday  08:36,   25 may 2018

Australia's homelessness figures are going in the wrong direction, and housing experts warn we're about to recommit to a failing policy.&nbsp;Last month's census data revealed that after a long period of stability, homelessness in[...]

Here's how much the average Australian spends in a month

Friday  08:00,   25 may 2018

The average Australian living in metropolitan areas spent $2,150 per month in the March quarter. Those in regional areas spent an average of $1,947 per[...]

Apple's $539 Million in Damages Is a `Big Win' Over Samsung

Friday  07:46,   25 may 2018

Apple Inc. won $539 million from Samsung Electronics Co. in the final throes of the companies’ U.S. court struggle over smartphone technology, seven years after the start of a global patent battle. Apple sought about $1 billion in a retrial of a[...]

Westpac's decision to fight ASIC pays off

Friday  06:40,   25 may 2018

The judge's ruling in Westpac's BBSW case is sufficiently mixed and fuzzy for both parties to be able to claim partial victories. One suspects, however, that Lindsay Maxsted and Brian Hartzer have the most reasons to feel relieved.Unlike[...]

The Australian dollar is looking resilient despite a lift in geopolitical concerns

Friday  04:56,   25 may 2018

The Australian dollar rose against the greenback on Thursday despite a modest lift in risk aversion. Geopolitics once again dominated, weighing on the US[...]

Queenslanders set to receive lost super

Friday  04:15,   25 may 2018

The tax office is preparing to reunite up to 700,000 workers with lost superannuation in the next two years. And the best part is, taxpayers won't need to lift a finger.The tax office is preparing to reunite up to 700,000 workers with lost[...]