Category: Finance
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Bitcoin value overtakes gold for first time
The digital cryptocurrency known as Bitcoin has exceeded the value of gold for the first time since the introduction of the payment method in 2009. Demand for the digital currency has skyrocketed in recent times,particularly in China. Its stock price closed today at a base value of US$1268, with an ounce of gold trailing it at…
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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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Pennybox app will teach kids financial literacy
Pennybox, the newest start-up to break into the $1.5 billion pocket money market, will teach children about financial literacy. The financial technology start-up has been designed to use pocket money to teach children about the cycle of earning, saving, and spending. Unlike Commonwealth Bank’s Dollarmites Club (which I’m sure we all remember) or Westpac’s new…
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Deutsche Bank pays $9.5 billion for contributing to GFC
Deutsche Bank this week reached a final settlement with the US Justice Department over their handling of mortgage-backed securities prior to 2008. The bank agreed to pay $9.5 billion (or US$7.2 billion) and admitted to misleading investors. Deutsche Bank admitted to misleading customers about the loans underlying the securities, including falsely claiming that loans had been…
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Prices rise in Australian supermarkets
Prices are rising in Australian supermarkets, particularly for fresh fruits and vegetables, research shows. There has been a strong rise in supermarket produce prices for the first time in 18 months, according to Deutsche Bank. The supermarket sector has been under pressure from German budget supermarket Aldi, which has been driving prices downward. However, prices…
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WATCH: “Becoming Warren Buffett” trailer
Warren Buffett is a household name as one of the world’s most successful and respected billionaires, yet he has got another achievement to add to his already very lengthy list. ON 30 January, HBO will air a documentary on the legendary investor. The documentary, “Becoming Warren Buffett”, will tell the story of Buffett’s life mostly…
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Petrol prices soar
Petrol prices are soaring throughout Australia, with reported rises of as much as 20 cents a litre in some areas. It is expected that $1.40 per litre for unleaded petrol will be the benchmark for this month. Figures from the Australian Institute for Petroleum show that the national average price rose 2.2 cents this past…
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Underpaid writer exploitation
Writers and transcribers are being exploited at an all time high, according to Australia’s Community and Public Sector Union. 10 years ago, an experienced journalist could get a $1 a word. Now it’s less than 5 cents, if that. Unpaid internships have sadly become the norm for students at university. Junior Journalists in their first few years out…
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Australian tourism industry booming
The Australian Bureau of Statistics has reported that Australia received more short-term visitors than ever in October. The Australian tourism industry recorded over 713,300 more visitors than the previous year, an improvement of 12.7%. That increase in short-term visitors takes the year’s total to over 8 million visitors, with an increase of 819,800 arrivals (or 11.2%)…
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Hopeful market as AUD and ASX rise
Australian traders will be feeling positive this morning as the Australian dollar climbs in early trade. The AUD now buys 0.7437 US cents, which represents a 0.09% increase on Friday’s closing price. The stronger performance of Australia’s key export commodities has helped to augment this rise, in particular iron ore. This week Australia’s largest export…