Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: Most share categories on the ASX including the heavyweight financials were lower after gloom on Wall Street about the likelihood of rising interest rates. The benchmark S&P/ASX200 index closed up 9.9 points, or 0.14 per cent, to 7,342.4 points..... [more]

  • U.S. Market Report: U.S. stock indexes rose on Thursday on strong earnings reports, while bargain hunting boosted mega-cap growth companies after the Nasdaq index plunged into correction territory in the previous session..... [more]

  • European Market Report: European stocks gave up early gains to edge lower on Thursday amid concerns over the pace of recent prices increases and the prospect of higher interest rates..... [more]

  • Asian Market Report: Asian stocks rose broadly on Thursday as the upward pressure on yields eased and China underscored its diverging monetary and economic picture by cutting benchmark mortgage rates..... [more]

Australian Business News

  • Figures show Morrison Government collecting more tax than previous governments. Scott Morrison is collecting $9600 more tax from each household in Australia today than when the Liberal Government was first elected in 2013..... [more]

  • Westpac faces investigation for underpaying staff.... [more]

  • Westpac is now expecting the Reserve Bank to start raising official interest rates as early as August, half a year earlier than it previously thought. The bank's economics team — led by its highly respected veteran chief economist Bill Evans — is tipping a gentle, 0.15-percentage-point cash rate rise in August, followed by another 0.25-percentage-point increase in October..... [more]

  • ANZ Bank has become the latest lender to cut home loan rates despite market predictions that official rates will rise. The big four bank on Thursday dropped variable interest rates by up to 0.2 per cent for new customers, depending on deposit size..... [more]

  • Unemployment plunges as post-Delta economic recovery sees jobs boom.... [more]

  • More people are changing jobs/planning to start new work as the labour market tightens, which will add to inflation.... [more]

  • A new survey from independent investment consultancy, bfinance, has revealed changes in insurers’ investment portfolios spurred on by long-term pressures and the ongoing effects of the COVID-19 pandemic..... [more]

  • Has the Zip (ASX:Z1P) share price fallen on Block’s ASX debut?.... [more]

  • BHP, the world’s largest mining company, has won overwhelming support from investors to end a two-decade corporate split between Australia and the United Kingdom and is now set to transform into a single ASX-listed entity..... [more]

  • World’s first hydrogen ship docks in Australia, raising hope for a new industry.... [more]

  • Resolute Mining (RSG) slightly increased gold production over the December 2021 quarter. The materials stock produced 79,816 ounces of gold in the three-month period ending December 31 2021..... [more]

  • More construction companies will fold this year as lock-in contracts leave builders unable to pass on the rising cost of labour and supplies, the Master Builders Association warns..... [more]

  • Qantas has applied to Australia’s employment umpire to end an agreement with its international long-haul cabin crew in a move it branded a last resort to change restrictive and outdated rostering. The airline has told the Fair Work Commission there would be no job losses associated with the proposed termination..... [more]

  • Avelo Airlines is raising pay and offering a $20,000 sign-on bonus to attract pilots amid an industry-wide staffing shortage.... [more]

  • Uber has acquired Australian car sharing platform Car Next Door as part of an expansion of its services away from its original ride sharing service and offering its users a viable alternative to car ownership..... [more]

  • EVE Health Group (EVE) has provided an unaudited half yearly update for its subsidiary, Meluka Australia, reporting an increase in revenue of 34 per cent to $750,000. The company reports Australian revenue is up 359 per cent, US revenue up 21 per cent, and Canada revenue up 492 per cent on the previous half year period..... [more]

  • Opinion - Elizabeth Knight: Risky business: Why Joyce has declared war on his cabin crew.... [more]

World Business News

  • U.S. stock indexes rose on Thursday on strong earnings reports, while bargain hunting boosted mega-cap growth companies after the Nasdaq index plunged into correction territory in the previous session..... [more]

  • Gas prices could soar if Russia invades Ukraine. Oil prices have already shot up to seven-year highs in recent days..... [more]

  • The number of Americans filing new claims for unemployment benefits jumped to a three-month high last week, likely as a winter wave of COVID-19 infections disrupted business activity, which could constrain job growth this month..... [more]

  • US home sales fall with available properties at a record low.... [more]

  • JPMorgan Chase (NYSE:JPM), the largest U.S. bank,will increase its annual bonus pool for top-performing investment bankers by 30% to 40%, three people with direct knowledge of the matter said, after a record-breaking year for Wall Street dealmaking..... [more]

  • Microsoft-Activision deal gives merger speculators a new darling. Hedge funds that earn returns speculating on precarious acquisitions were handed a gift this week when Microsoft Corp (MSFT.O) agreed to buy "Call of Duty" maker Activision Blizzard (ATVI.O) for $68.7 billion in cash..... [more]

  • Facebook owner Meta dives into NFT digital collectibles craze.... [more]

  • Efforts to Rein in Big Tech May Be Running Out of Time. With midterm elections approaching, a vote expected on Thursday could be the first of several that Congress takes on bills aimed at the industry..... [more]

  • Unit Corp (UNTC.PK), one of the top U.S. natural gas producers, has hired an investment bank for a sale of its oil & gas producing assets in the Anadarko and Gulf Coast basins that could fetch around $1 billion, sources told Reuters on Thursday..... [more]

  • U.S. lawmakers call Tesla expansion in Xinjiang 'misguided'.... [more]

  • What does inflation hitting a 30-year high mean for UK households? The impact of rising prices is highly uneven and Rishi Sunak has yet to indicate he has a plan that recognises the scale of the cost-of-living crisis.... [more]

  • Aldi is ditching grocery deliveries via Deliveroo to focus on its own home shopping service as consumers return to stores in greater numbers. About 100 of the German retailer’s 950 UK stores offered grocery orders and home deliveries through Deliveroo during the pandemic when shoppers increasingly chose to shop online..... [more]

  • Unilever's strategy was under the investor microscope on Thursday after the consumer goods group effectively abandoned its 50 billion pound ($68 billion) pursuit of GlaxoSmithKline's consumer healthcare business..... [more]

  • Cross-Channel power project backed by Tory donor and Russian oil tycoon thrown out. £1.2bn Aquind scheme also sparked warning that France could ‘turn off the power’ in post-Brexit battle .... [more]

  • President Tayyip Erdogan's approval rating rose 2.1 percentage points in January, a poll by Metropoll Research showed on Thursday, as the Turkish lira steadied in recent weeks on the back of government measures despite soaring inflation..... [more]

  • Evergrande creditors raise threat of action over default.... [more]

  • China’s internet watchdog says it has not issued a policy requiring vetting of investment deals at Big Tech firms .... [more]

  • Shares of Chinese property developers have jumped in Hong Kong as China's central bank cut a key mortgage rate for the first time in almost two years. The decision comes as concerns grow about a slowdown in the world's second largest economy amid Omicron outbreaks..... [more]

  • China vowed to curb the influence of tech companies on governments as part of a sweeping statement reaffirming the party’s vow to break the ties between money and power in a range of industries..... [more]

  • Explainer - Kelvin Chan: How sweeping EU rules would curb tech companies.... [more]