Tag: finance
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ASIC is reviewing Harvey Norman’s accounts
Retail giant Harvey Norman is having its accounts reviewed by the Australian Securities and Investments Commission (ASIC) as part of its financial reporting surveillance program. In an statement made to the Australian Stock Exchange, Harvey Norman disclosed that they were having their accounts reviewed by the corporate regulator. The announcement was made after the Australian Financial Review (AFR)…
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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…
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Iron ore price drops to lowest point in 2017
The price of iron ore has seen a massive drop after Chinese demand for steel continues to fall. The price dropped by 4.3% to $87.59 US a tonne overnight, the biggest percentage drop in 2017 so far . This recent fall extends the losses from earlier in the week to over 7%. This also the…
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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…
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Snapchat shares hit an all-time low
Shares in Snapchat’s parent company, Snap Inc, have reached the lowest point since the company was publicly listed on 2 March. The all-time low of $20.50 is due to investor concerns about slowing user growth and a lack of profit. The company’s stock has mostly fallen since the Initial Public Offering of $24.48. Snap Inc…
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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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Visa is changing how people pay
Payments technology has changed significantly over the last twenty years, with traditional cash payments being slowly outmoded by other methods of payment. This is due in large part to Visa, which, along with other credit card companies, has driven and revolutionised payment technology. Their latest payment innovation is a wearable pay band. According to Visa, the payment…
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ATO targeting the cash in hand economy
The Australian Tax Office (ATO) is cracking down on the cash in hand economy that generates up to $15 million in turnover each year. Currently, 1.6 million businesses that operate with cash only, including hairdressers, cafes and trade persons. Assistant Commissioner Tom Wheeler has said that the measure is not targeting any particular business. “We know that the majority…
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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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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…