ACCC action may improve user protection
SYDNEY, AAP – ACCC legal action against Facebook owner Meta for allowing scam cryptocurrency ads could set a precedent prompting online giants to better protect users. The Australian Competition and Consumer Commission (ACCC) will ask the Federal Court to impose hefty fines and orders for Meta allowing the ads, which showed people including David Koch…
Report flags super as home loan security
CANBERRA, AAP – Australians should be allowed to use their superannuation balance as collateral for a home loan, a parliamentary committee recommends. Home ownership is still part of the Australian dream but barriers like supply issues and increasing costs are making it difficult to become reality. Allowing people to use their superannuation as security for…
Aussies ‘lucky bastards’ as UK gas spikes
BRISBANE, AAP – Australians are “lucky bastards” to be avoiding the gas price crunch in Europe, according to the former British energy regulator. Dermot Nolan, ex-CEO of the UK Office of Gas and Electricity Markets (OFGEM), said on Friday the soaring gas price in the United Kingdom was now beyond the control of regulators and…
Asian stocks step back, oil bounces
SINGAPORE, RAW – Stockmarkets have taken a breather after several days of sizeable gains, while commodities were set on edge by the lack of progress in Russia-Ukraine peace negotiations. Oil rose sharply and back over $US100 overnight and Brent crude futures were up another two per cent to $US108.73 in early trade. Commodity exporters’ currencies…
ASX higher on commodity shares
SYDNEY, AAP – Materials and energy shares were keeping the ASX higher for a third straight day after commodity prices rose and the oil price increased to more than $US100 per barrel. The market was up 0.14 per cent on Friday after Wall Street remained buoyant a day after the US Federal Reserve increased rates…
Facebook owner sued over dodgy crypto ads
SYDNEY, AAP – Facebook owner Meta is being sued for scam ads that showed people such as David Koch and Dick Smith backing cryptocurrency schemes they never endorsed. The Australian Competition and Consumer Commission (ACCC) will ask the Federal Court to impose financial penalties on Meta, alleging false, misleading or deceptive conduct. Users who clicked…
Amazon.com closes deal to buy MGM
WASHINGTON, D. C., RAW – Amazon.com Inc says it has closed its $US8.5 billion ($A11.5 billion) deal to buy MGM, combining the fabled movie maker behind Rocky and James Bond with the online retailing giant as it looks to draw consumers through more streaming video. In a statement, Amazon said it would welcome all MGM…
Farmers prepare for fertiliser price hikes
SYDNEY, AAP – The Russian invasion of Ukraine is sending ructions through Australia’s agricultural sector with the price of fertiliser forecast to rise by as much as a third in the coming months. Fertiliser is one of the biggest input costs for Australian farms. Its price is already elevated due to the conflict’s impact on…
US stocks rise as Fed, Russia worries ease
NEW YORK CITY, RAW – All three of Wall Street’s major indices have advanced more than one per cent as investors considered the Federal Reserve’s path for interest rate hikes and worries eased about the prospects of a Russian default after creditors received payments. Investors on Thursday were reassured that Russia may, at least for…
‘Targeted’ cost of living relief in budget
CANBERRA, AAP – Treasurer Josh Frydenberg says the federal budget will deliver “targeted” cost-of-living relief for Australians while setting a path to balancing the government’s books. Mr Frydenberg says the budget will reveal a trajectory where debt compared to the size of the economy will peak lower and earlier than initially thought in December 2021….
