Category: Business
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Jetstar and Virgin Australia fined over prices
Jetstar and Virgin Australia airlines have been fined hundreds of thousands of dollars after being found to be misleading consumers. On the 7th of March the Federal Court ordered Jetstar Airways to pay $545,000 and Virgin Australia Airlines to pay $200,000 for breaches of Australian Consumer Law. The way that the two companies were misleading…
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Intel buys Mobileye in a $15.3billion deal
Intel, the technology company best known for their processors, have acquired Mobileye in a $15.3 billion deal. Mobileye are leaders when it comes to computer vision for autonomous driving, so the purchase will advance Intel’s strides into driving cars. Mobileye are proud developers of software called the Advanced Driver Assist Systems (ADAS) which aims to make roads safer, ease traffic…
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Gold hit a five week low with further losses expected
Gold has sunk for the sixth straight session, reaching a five week low with more losses expected in the coming days. U.S. gold futures settled at $1,203.20 on Friday. Gold futures were at the lowest level since February 1st at $1,202.90 with the February level being $1,199.70. Spot gold didn’t fair much better, as it was down by 0.32% at $1,203.58 per…
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ACCC rejects insurers’ car commission deal
The Australian Competition and Consumer Commission (ACCC) has rejected the combined effort of insurance companies to cap the commissions they pay to those that sell their add-on policies. The insurance companies attempted to cap the commissions of car dealerships that that sell their add-on policies to 20%, after it was determined that the market was failing…
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Qantas among airlines fighting airport fees
Australasian airlines, including Qantas and Air New Zealand, have made moves to fight excessive airport fees for consumers by setting up a new advocacy group for the aviation industry. The move comes after a report from the Australian Competition and Consumer Commission (ACCC), which claimed Australian airlines and airline passengers had paid up to $1.6bn…
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Victorian government announces stamp duty cuts
Stamp duty cuts are the plan that the Victorian government is putting into place to make buying a home easier for first time buyers. When first time buyers are going to buy a house, they will not have to pay stamp duty if the price costs less than $600,000. However, Treasurer Scott Morrison says that…
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New ‘Frugal Movement’ taking over Australia
The ‘Frugal Movement‘ is a movement that is gaining traction all around the world. It involves users being more conscious about where they’re spending their money and breaking the cycle of consumer culture. Many people who are a part of this movement save thousands each year, so it’s confusing to see why we’re all not…
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Australian trade surplus falls by two-thirds
Australia’s trade surplus has fallen to $1.3bn for January 2017, a drop of almost two-thirds from December 2016’s significant $3.3bn surplus. This surprising decline defied the expectations of many market experts, who had predicted further growth in the surplus following the record-breaking surplus recorded for December 2016. However, economists have been quick to address the situation, stating…
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Yahoo CEO reprimanded in fallout from data breach
Yahoo CEO Marissa Mayer has agreed to forgo her annual bonus due to the multiple data breaches the technology company suffered during her tenure. Marissa Mayer, who became CEO of Yahoo in 2012, released a statement on Tumblr that announced that she was giving up her annual bonus and equity grant because of the data breaches. “I…
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Dairy farmers call for greater regulation of word “milk”
Dairy farmers are calling for greater regulation surrounding use of the word “milk”. Specifically, the farmers are unhappy that plant-based products are able to use the term “milk” for their dairy alternative products. Dairy Connect is a NSW lobby group for farmers that is leading the call for increased regulation of the dairy terminology. The group…