Finance

Finance news you need to know today

The Commonwealth Bank has lifted its quarterly profit to $2.4 billion. HERE are seven things making news in business and finance around the world today. 1. SYDNEY — Australia’s largest lender, the Commonwealth Bank, has lifted its quarterly cash profit four per cent to $2.4 billion after a further drop in bad debts. CBA said growth in deposits was strong ... Read More »

UK Prime Minister David Cameron outlines ‘once in a generation choice’ on EU reform

WHEN UK Prime Minister David Cameron stepped up to the microphone last week, he was in no mood to beat around the bush. “You will have to judge what is best for you and your family, for your children and grandchildren, for our country,” he said straight to people watching at home. “Your decision. Nobody else’s … At that moment, ... Read More »

War of wealth: Why hitting IS riches isn’t working

Iraqi security forces and allied Popular Mobilization Forces fire rockets at IS positions at an oilfield outside Beiji, north of Baghdad.   THE West has stepped up bombing of Islamic State’s oilfields, implementing trade sanctions and cutting off financiers in an effort to bring down the wealthiest terrorist group of all time. But raiding the extremists’ riches is going to ... Read More »

Hong Kong is the Bermuda Triangle of Chinese businessmen

WE’RE used to seeing North Korean dictators mysteriously vanish, but corporate bosses can generally be relied upon to show up to work. Except in this global financial hub, where a disturbing number of businessmen have been doing a Kim Jong-un-style disappearing act. Hong Kong has emerged as the Bermuda Triangle for executives, with normally dry stock exchange filings by Chinese ... Read More »

New Zealand government warns its citizens they may face arrest if they fly home for Christmas

AS IF Kiwis needed a reason not to cross the ditch this Christmas, they’ve just received an extraordinary warning from their government. Those New Zealanders who have not paid off their student loans are at risk of being arrested at the airport if they seek entry to their mother country. It seems tens of thousands of Kiwis that migrate to ... Read More »

Tech firms’ 2015 reviews: what they tell us … and what they didn’t say

Tech firms had lots to celebrate in 2015, but not everything went well. Photograph: James Russell / Alamy/Alamy   You probably wouldn’t bang on about your galloping gout or your teenager’s arrest for grand larceny in a round-robin letter at Christmas. So why should technology firms be any different? Most end-of-year reviews from technology companies emphasise the positive, from the ... Read More »

Why all the fuss about this mysterious encrypted currency?

Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties.   AUSTRALIAN Federal Police yesterday raided a Sydney home and office that, according to technology websites, belongs to the founder of the virtual currency, bitcoin. But the origin of ... Read More »

Gold recovers from biggest dip in 5 months after Fed rate rise

Gold jewellery is seen displayed for sale at a shop in a gold market in Basra, southeast of Baghdad February 14, 2015. Picture taken February 14, 2015.   Gold edged higher on Friday, recovering from its biggest daily loss in five months as stocks and the dollar retreated, but remained near multi-year lows after the U.S. Federal Reserve lifted interest ... Read More »

American Express can enforce anti-steering rules – court

American Express Co (AXP.N) can once again enforce its rules prohibiting merchants from steering customers to other credit cards after an appeals court temporarily lifted an earlier court order on Friday. The 2nd U.S. Circuit Court of Appeals is currently weighing American Express’ appeal of the earlier order, handed down by a lower court in April. It decided to lift ... Read More »

Turing CEO Shkreli replaced by chairman after fraud bust

Martin Shkreli (C), chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs the U.S. Federal Court after an arraignment following him being charged in a federal indictment filed in Brooklyn relating to his management of hedge fund MSMB… Martin Shkreli, the poster boy for large prescription drug price increases, has stepped down as chief executive of Turing Pharmaceuticals, ... Read More »