Business

Brexit deal EXPLAINED: What we know about Theresa May’s 500-page Brexit deal

THERESA May has completed a draft Brexit deal with the European Union and now must seek the approval of her Cabinet at a crunch meeting in Westminster this afternoon. Joe Barnes Express The Prime Minister’s latest proposals have already become deeply controversial with rumours of more ministerial resignations and Northern Ireland’s Democratic Unionist Party ready to vote down the… But in what is considered largely as a victory by Brussels and Downing Street, Mrs May has secured a UK-wide Irish ... Read More »

Italy’s beggar’s nationalism

The populist government’s reckless budget relies on other countries being ready to bail it out. Alberto Mingardi Politico MILAN — One of the bestselling books in Italy right now is a novel based on the life of Benito Mussolini, the Italian dictator who invented fascism.   “M” by Antonio Scurati aims to be the first in a trilogy. Though several historical inaccuracies have been spotted, the novel captures well the spirit of the troubled times in which Mussolini came to power. ... Read More »

Judge tears up $35m settlement between ASIC and Westpac in lending case

The corporate regulator and Westpac Banking Corp have been forced back to the drawing board after the Federal Court threw out the bank’s offer to pay a $35 million settlement for contravening responsible lending laws. Sarah Danckert WAtoday Federal Court judge Nye Perram tore up the settlement between the parties on Tuesday on a technicality after finding the Australian Securities and Investments Commission (ASIC) and Westpac could not agree on exactly how, or how many times, Westpac broke the… The ... Read More »

Alexandria Ocasio-Cortez Targets Amazon Over New York HQ: ‘Extremely Concerning to Residents Here’

Incoming socialist Representative Alexandria Ocasio-Cortez said her constituents in Queens, New York City, are voicing “outrage” about reports that Amazon will locate one of its new headquarters in nearby Long Island City. Shane Crucher Newsweek The Wall Street Journal reported that Amazon is set to announce New York City and Virginia’s Arlington County as locations of two new headquarters for the commerce giant with as many as 25,000 employees split between both. NYC Mayor Bill de Blasio called it “the single biggest ... Read More »

Cities Should Stop Playing the Amazon HQ2 Bidding Game

There is no economic benefit to huge tax incentives to lure new companies, so why do cities keep offering them? Bryce Covert The New York Times It’s official: Amazon has anointed New York and Northern Virginia as locations for a major expansion, involving at least 25,000 employees and an investment of $5 billion. The announcement is the culmination of an intense bidding war among 238 cities for Amazon’s promise of $50 billion in investment and 50,000 high-paying technology jobs. To land that deal, cities ... Read More »

Preserving historical buildings: the most sustainable thing is not to build new stuff

Making heritage buildings sustainable is just as important as preserving their history – and they can offer energy-efficiency lessons of their own Clarissa Sebag-Montefiore The Guardian After grinding grain since 1897, Sydney’s Crago Flour Mill finally cranked to a halt in the mid 80s. Over the years, this handsome industrial Newtown site became rundown, a dusty labyrinth of rooms sprawled over four buildings. Given the job in 2008 of transforming the mill into 47 strata studios, architects Allen Jack+Cottier (AJ+C) ... Read More »

UK to sell ‘UNLIMITED’ amount of military equipment to China in MASSIVE rebuke to Trump

A UK DEFENCE company is preparing to sell an “unlimited quantity of goods” to the Chinese military, including advanced radar technology and tracking systems, in a possible challenge to the Trump administration which has imposed massive sanctions on the… James Bickerton Express The revelation was made by the South China Morning Post, based on information from within the UK’s Department for International Trade. According to the leak, a UK company, which hasn’t been identified, has been granted an Open Individual ... Read More »

Retailers to pay up to £1bn for recycling under waste strategy

Exclusive: ministers seeking to make firms pay more towards recycling their own waste Sandra Laville The Guardian Supermarkets, retailers and major drinks brands are set to pay tens of millions of pounds more towards recycling their used packaging under the government’s new waste strategy expected to be published this month, the Guardian understands. Supermarkets and other major producers of packaging waste currently pay a small fraction of the cost of collecting and recycling the 11m tonnes of packaging waste produced ... Read More »

Rouhani says new U.S. sanctions have no effect on Iran economy

Iranian President Hassan Rouhani said on Nov. 10 that U.S. sanctions announced last week have had no effect on Iran’s economy because Washington had already practically reimposed them earlier. DUBAI – Reuters Hurriyet The restoration of sanctions is part of a wider effort by U.S. President Donald Trump to force Iran to curb its nuclear and missile programs as well as its support for proxy forces in Yemen, Syria, Lebanon… “The sanctions have had no impact on our economy because America had already used all the weapons at its disposal and there was nothing ... Read More »

Wins By Democratic Attorneys General Threaten To Multiply Climate Suits Against Big Oil

The oil and gas industry’s expensive victories in the midterm elections could come at a price. By Alexander C. Kaufman HuffPost Democrats scored a string of state attorney general victories on Tuesday night, ousting loyal oil and gas allies and threatening to add to mounting lawsuits against the industry over climate change. The party flipped four states and held 13, re-electing incumbents in seven of them. in an election sweep that secured Democrats 27 states that represent over 58 percent of ... Read More »

Australians are the richest people in the world

The United States is home to more millionaires than any other country in the world. But whether the country is truly the wealthiest in the world depends on how you measure. Shayanne Gal & Hilary Brueck Business Insider A report released by Credit Suisse in October says the US is “in the lead” when it comes to global wealth. But a closer look at the numbers in that report reveals a different story. While it’s true that wealth in the US is growing faster ... Read More »

Bitcoin Pioneer Who Gave Away Over $100 Million Has No Regrets

Jeff Garzik started writing software code for Bitcoin after reading a blog postabout the digital currency in July 2010. Olga Kharif Bloomberg At the time, he was working remotely for open-source powerhouse Red Hat Inc. from an RV parked in an empty lot in Raleigh, North Carolina. He soon became the third-biggest contributor to Bitcoin’s code after the cryptocurrency’s anonymous creator Satoshi Nakamoto and developer Gavin Andresen, and remained so through 2014. Looking back 10 years after its creation, Garzik says he is ... Read More »

Norway’s $1 Trillion Wealth Fund Has a First-World Problem

The world’s biggest SWF wants to cut back on the diversification of its fixed-income portfolio. It deserves a hearing, whatever the experts say. Marcus Ashworth Bloomberg It’s the very definition of a first-world problem, but Norway’s $1 trillion sovereign wealth fund is wrestling with whether to make its investment portfolio less diverse. It’s a subject that cuts to the heart of the “active manager versus passive index” debate. As part of a long-running review, which will lift the fund’s equity ... Read More »

Canada-EU Trade Deal A ‘Disappointment’ As Deficit With Europe Soars 46%

Dear Canada, free trade deals don’t make sense if you don’t sell things to your trade partners. Daniel Tencer HuffPost The conventional wisdom is that free trade deals are, on the whole, a net benefit to an economy. But that isn’t true if you don’t actually take advantage of the opportunities created by those deals. Canada has grabbed few opportunities from its one-year-old Comprehensive Economic and Trade Agreement (CETA) with the European Union. Twelve months in, it looks like European ... Read More »

Frydenberg rejects foreign bid for ‘critical’ pipeline network

The Morrison government risks another feud with China over foreign investment after rejecting a $13 billion bid for Australia’s dominant gas pipeline network ahead of a crucial meeting in Beijing that… David Crowe & Cole Latimer, with Kylar Loussikian The Sydney Morning Herald The decision halts a divisive plan from Hong Kong company CK Group to buy APA Group and its massive energy network, giving the overseas bidder two weeks to appeal the ruling amid warnings of… Treasurer Josh Frydenberg issued ... Read More »

Funds have been peddling the Great Super Lie

Some years ago I went to an investment adviser, gave him my financial details and asked if I had enough super to do me in retirement. He didn’t answer, just laughed. Ross Gittins The Canberra Times I think he thought that someone with my amount of savings shouldn’t have needed to ask. Truth is, no matter how high or low the standard of living we’re used to, just about all of us worry that we haven’t saved enough to keep ... Read More »