Australia watching US case against Google
Australia’s competition watchdog is closely watching a United States case against internet search and advertising giant Google. The US government has filed a lawsuit against Google, accusing the company of illegally using its market power to fend off rivals. The Justice Department has warned nothing is off the table, including breaking up the online behemoth….
Netflix short on subscriptions, earnings
Netflix’s growth in the third quarter cooled considerably after its blockbuster COVID-fueled bump in the first half of 2020. The company netted 2.2 million Q3 subscribers in 2020 – below Wall Street’s expectations and under Netflix’s own previous forecast. The streaming giant also posted net earnings below analyst consensus estimates. Shares were down 6 per…
Bank worker charged over $21 million fraud
A former NSW bank employee is facing a raft of charges over an attempted fraud against the National Australia Bank valued at more than $21 million. Detectives from the State Crime Command’s Financial Crimes Squad uncovered fraudulent bank deposit guarantees had been used to buy properties across the state, for an inflated commission. On August…
Morrison pitches digital economic recovery
Scott Morrison wants Australia to become one of the world’s leading digital economies within the next 10 years. The prime minister says consumers and businesses have adopted to online technologies at warp speed during the coronavirus pandemic. He wants to springboard off the health and economic crisis to drag the country out of recession. “Our…
ASX lower, dollar eases on rate cut talk
Australia’s share market finished lower and the Aussie dollar edged down towards 70 US cents as the Reserve Bank gave further suggestions of a rate cut next month. The S&P/ASX200 benchmark index fell by 44.8 points, or 0.72 per cent, to 6184.6 on Tuesday. The index closed above 6200 on Monday, but failed to rise…
Airport deal probe to examine disgraced MP
A federal police investigation into a controversial government land purchase will look at whether disgraced former NSW MP Daryl Maguire was involved. The federal infrastructure department in 2018 paid $30 million for land worth $3 million near the Western Sydney Airport. The Australian Federal Police are investigating the deal after Auditor-General Grant Hehir referred it…
AUSTRAC warned Crown on SunCity: NSW probe
The Australian financial crime watchdog warned Crown Resorts in June 2017 that the boss of one of its high-roller junket partners was a foreign “politically-exposed person” with a criminal history, a NSW inquiry into the casino operator has heard. Some two years later, the organisation’s board signed an Australian stock exchange statement falsely stating the…
Afterpay, Zip link with Westpac, Visa
Afterpay and Zip have struck deals with Westpac and Visa to bundle their services, giving the buy-now-pay-later providers access to many more customers. Afterpay on Tuesday said it will offer its 3.3 million users in Australia the ability to link Westpac transaction and savings accounts. This will let users pay bills, withdraw funds and use…
Aust shares lower, Afterpay tops $100
Australia’s share market was up and down in the first two hours of trade then fell lower, reflecting negativity about economic stimulus chances in the US. The S&P/ASX200 benchmark index was down 15.3 points, or 0.24 per cent, to 6214.1 at 1200 AEDT on Tuesday. The All Ordinaries index dropped 13.4 points, or 0.20 per…
Deliveroo test case over gig economy
A food delivery rider is taking Deliveroo to court in a test case for the gig economy after he was sacked without warning at the height of the pandemic. The Fair Work Commission case on Tuesday is the first of its kind against Deliveroo and follows victory for a rider and the Transport Workers Union…
