Category: Business
-
Fairfax is cutting $30 million from newsrooms
Capital city newsrooms owned by Fairfax are suffering from restructuring changes as the company attempts to save $30 million per year. However, these costs are not staff related and will focus instead on editorial operations to get the savings that are needed. The media group is implementing changes through a ‘process of consultation’ across the Sydney Morning…
-
Rio Tinto hit with $447 million tax bill
Mining giant Rio Tinto has been hit with a $447 million tax bill by the Australian Tax Office (ATO). The London based company released a statement last night which revealed that they had been hit with the massive expense. “The Australian Commissioner of Taxation has issued amended income tax assessments to Rio Tinto for the…
-
Telstra loses fight over copper network prices
Mobile service provider Telstra has lost its battle against a ruling to cut the amount it can charge its customers for access to its copper network. The Australian Competition and Consumer Commission (ACCC) ruled in 2015 that Telstra was required to reduce access prices to its fixed line network by 9.4%. The move could potentially cost the…
-
Premier Investments confirms stake in Myer
Premier Investments has been announced as the largest stakeholder for the retail giant Myer. In a statement to the ASX, Premier Investments confirmed that it has bought a 10% stake in the retailer, after much speculation over who had bought the shares. “Premier Investments Limited has made a strategic investment of 10.77% in Myer Holdings…
-
Government announces code of conduct to resolve sugar dispute
The Federal Government has outlined plans to implement a code of conduct for the Australian sugar industry in an attempt to curb the dispute between cane-growers and refiners in North Queensland. Sugar refiners Wilmar have been locked in a dispute with industry marketers Queensland Sugar Limited (QSL) over mill access and sugar prices, leaving cane-growers…
-
Supersonic jet secures $43 million in funding
A supersonic jet that has the ability to fly from LA to Australia in under 7 hours has secured AUD$43.3 million in series A funding. The Denver-based start-up company behind the jet is called Boom. Boom secured funding from a variety of funders, including 8VC, Caffeinated Capital, Palm Drive Ventures, RRE Ventures, and Y Combinator’s Continuity Fund. It’s…
-
Turnbull rejects calls to bail out Hazelwood
Prime Minister Malcolm Turnbull has emphatically turned down a call from Tony Abbott to stay the closure of Hazelwood power station in order to prevent the worsening of the impending energy crisis. Former Prime Minister Abbott has publicly urged current Prime Minister Turnbull to rethink the planned closure of the Gippsland-based power station in Victoria, warning that…
-
Collins Foods buys more KFC restaurants in the Netherlands
Collins Foods is continuing its expansion of its KFC empire by purchasing 16 KFC restaurants in the Netherlands. The Australian company, which is the largest KFC franchisee in Australia, bought the restaurants from Yum! Brands for AUD$87.8 million. According to a report from Collins Foods on the acquisition, the deal also includes the rollout of…
-
Google advertising dissent expands to US
Major US brands have followed the UK’s lead in removing advertising from Google after having their logos placed alongside extremist content, with Australia closely monitoring the situation. The British government, the Royal Bank of Scotland (RBS) and retail giant Marks & Spencer have pulled their adverts from the media platform after their brands were placed alongside…
-
NAB interest rate rise is causing outrage
The National Australia Bank (NAB) is receiving heavy criticism for its decision to raise its interest rates yesterday, just hours after the US Federal Reserve raised its interest rates. The NAB raised its residential investment home loan variable rate by 25 basis points from 5.55% to 5.8% per annum. They also raised their standard variable rate for owner-occupiers…