News: Money

Whyalla steelworks owner Sanjeev Gupta buys majority stake in renewable firm Zen Energy

Wednesday  14:08,   20 september 2017

British billionaire Sanjeev Gupta, who purchased the Whyalla steelworks earlier this year, has now bought a majority stake in Adelaide-based energy company Zen Energy. Zen's work is focused on renewable energy and storage technologies.The joint[...]

Tabcorp and Tatts merger derailed in Federal Court

Wednesday  14:08,   20 september 2017
The Age

Plans for an $11 billion mega-merger of Australia's two biggest gambling companies have been dealt a devastating blow.The tie-up of the ASX-listed Tabcorp and Tatts Group was thrown into uncertainty on Wednesday when the court found in favour of [...]

We put Australia's new $10 note to the test

Wednesday  14:07,   20 september 2017

Can it stand up to daily abuse? put the brand new $10 note through the usual torture tests – scrunching, dropping it down the toilet, attempting to pull it apart – to find that the polymer note passed with flying[...]

Amazon reportedly working on Alexa-enabled 'smart glasses'

Wednesday  11:06,   20 september 2017

Amazon wants to make Alexa a more formidable competitor to Google Assistant and Siri by letting you put it on your face and take it anywhere, according to a Financial Times report (paywall). Though the lack of a screen and camera would seem [...]

Seven Group Holdings buys out Coates Hire

Wednesday  10:30,   20 september 2017

Seven Group Holdings says its acquisition of equipment hire company, Coates Hire, will enhance its portfolio and increase exposure to industrial services. Managing director and chief executive Ryan Stokes said the equipment hire company is well[...]

Bonus bonanza: BHP chief Andrew Mackenzie's pay doubles to $5.7m

Wednesday  08:36,   20 september 2017

Bonuses pay off for BHP chief Andrew Mackenzie as he doubles his pay packet from last financial year.Melbourne-based Mr Mackenzie received a base salary in fiscal 2017 of $US1.7 million, but total remuneration was $US4.55 million when other[...]

CBS won because Network Ten employees didn't want Lachlan Murdoch to come back

Wednesday  08:30,   20 september 2017
The Age

The most humiliating news for former Network Ten executive chairman, Lachlan Murdoch, was that his former employees at the broadcaster didn't want him back.The emphatic message from Tuesday's creditor meeting for former Network Ten[...]

New $10 bank note now in circulation

Wednesday  08:26,   20 september 2017

Australia's new $10 banknote has been released into the world, featuring a revamped design making it harder to counterfeit. A year after a new $5 note was introduced, the Reserve Bank has printed 200 million of the new notes which are expected[...]

Iron ore is getting pulverised

Wednesday  07:51,   20 september 2017
Business Insider Australia

Iron ore is back below $70 a tonne. According to Metal Bulletin, the spot price for benchmark 62% fines tumbled 4.1% to $68.85 a tonne, extending its losses over the past four sessions.According to Metal Bulletin, the spot price for benchmark 62%[...]

Google's miniature Home leaks ahead of Pixel event

Wednesday  07:06,   20 september 2017
The Verge

Google is reportedly working on a smaller version of its Home smart speaker, the Home Mini, and it appears to have just leaked out ahead of the company’s October 4th event, via Droid Life, which discovered the upcoming product. The Home Mini seems[...]

Why Australia Post is going head-to-head with Amazon over GST collection

Wednesday  06:01,   20 september 2017
Smart Company

Australia Post is still fighting it out with the world’s biggest online retailers over exactly whose responsibility it will be to collect GST.After years of consultation, the Senate passed legislation to scrap the $1,000 GST-free threshold for[...]

Old Royal Adelaide Hospital $1 billion luxury redevelopment proposal collapses

Wednesday  05:12,   20 september 2017

A $1 billion deal for a private consortium to redevelop the vacant Royal Adelaide Hospital site has fallen through, with the State Government instead announcing it will manage a significantly smaller project on the site. A $1 billion deal[...]

Outgoing Wesfarmers MD Goyder paid $12.1m

Wednesday  04:52,   20 september 2017

Wesfarmers managing director Richard Goyder pocketed a total $12.1 million in his final full year in charge of the conglomerate.Mr Goyder's fixed remuneration remained steady at $3.35 million, but his annual incentive payment swelled nearly fourfold [...]

How a sugar tax would increase the cost of common drinks

Wednesday  03:56,   20 september 2017

A 375ml can of coke could jump from a theoretical $2 to $2.50Called "Tipping the scales", the eight-point-plan tabled by the coalition calls for a 20 percent tax on sugary drinks, restrictions on advertising sugar-laden foods and the introduction of [...]

CBS wins battle for Ten Network's future, trumping Murdoch and Gordon bid

Wednesday  03:10,   20 september 2017
ABC News

<p>After a one-hour creditors' meeting, US media giant CBS has emerged as the victorious bidder for the struggling Ten Network.</p>This is the second defeat for Australian media moguls Lachlan Murdoch and Bruce Gordon in two[...]