BUSINESS

Tupperware Brands and some of its subsidiaries have filed for Chapter 11 bankruptcy protection and are seeking a buyer, the food container firm said, after years of dwindling sales.

Gillon McLachlan, Tabcorp's chief executive, relayed the decision to employees via a memo, confirming that the betting giant's 1500 staff in Sydney, Melbourne, and Brisbane must return to office, effective immediately.

BlueScope Steel's venture fund BlueScopeX signed an MoU aimed at hatching a sustainable method of producing green iron from iron ores and tailings.

Negotiators from Boeing and the machinists union are scheduled to resume talks Tuesday after some 33,000 workers went on strike late last week.

Shares in Chinese electronic appliance maker Midea closed nearly eight percent higher on its Hong Kong debut Tuesday, having raised around US$4 billion in the city's biggest initial public offering for more than three years.

Most Asian markets rose Tuesday but Tokyo sank more than one percent as exporters were hit by a stronger yen with traders gearing up for a bumper US interest rate cut and a key Japanese central bank meeting.

Trade Minister Don Farrell announced the agreement in Canberra on Tuesday, highlighting that the deal would curb tariffs on over 99% of Australian products entering the UAE.

US and European stock markets wavered on Monday as investors cautiously awaited the US Federal Reserve's first interest-rate cut since 2020.

The agreement includes a 15% salary increase for both Captains and First Officers in the first year, followed by 3% annual increases in the subsequent two years.

"Given the RBA's hawkish rhetoric, we don't see rate cuts coming until the second quarter of 2025," Oxford Economics Australia head of macroeconomic forecasting Sean Langcake said ahead of the research firm's biannual economic outlook.

The Japanese finance ministry on Friday designated the parent company of 7-Eleven a "core" industry, a move that could make a takeover by Canadian rival Couche-Tard more difficult.

Despite declaring a AU$2.08 billion pre-tax profit for the fiscal year 2023–24, Qantas raised the change and cancellation costs for domestic flights to $119, beginning Oct. 9.

Despite the allegations leveled against it, the casino has been permitted to continue operating under the supervision of a regulator-appointed manager.

Asian markets mostly rose Friday while the yen sat around nine-month highs and gold hit a record after another healthy day on Wall Street as investors gear up for an expected US interest rate cut next week.

Tech mogul Elon Musk has likened the Australian government to "fascists", attacking proposed laws that would fine social media giants for failing to stem the spread of misinformation.

The hefty payout was in addition to his base salary of AU$381,000 for the last 67 days he worked as the CEO for the airline.

The cautious spending habit of consumers was also tied to rising household prices and mortgage repayments.

With inflation slowing and the economic outlook darkening, the European Central Bank is expected to cut interest rates again Thursday but is unlikely to give much away about its next moves.

Major Japanese and American business groups have urged US Treasury Secretary Janet Yellen not to succumb to political pressure when reviewing Nippon Steel's proposed acquisition of United States Steel.

US tech giant Amazon is to invest GBP8 billion ($10.5 billion) in Britain over the next five years, creating thousands of jobs via its web services arm, the company and UK government announced Wednesday.

US consumer inflation eased more than expected last month, according to government data published Wednesday, bolstering expectations that the Federal Reserve will cut interest rates next week.

"Conditions in the labour market have eased since late 2022, but our assessment is that the labor market is still tight relative to full employment. We expect the demand for labour to grow at a slower pace relative to the supply of labour in the coming quarters, gradually bringing the labour market into better balance. Our view is that some of this slowing in labour demand is likely to occur via a decline in average hours," said Sarah Hunter.

UK online property website Rightmove said Wednesday it had rejected a multi-billion-pound takeover offer from Australian peer REA Group, majority owned by Rupert Murdoch's News Corp empire.

BMW said Tuesday it was recalling about 1.5 million vehicles due to problems with their brakes and cut its outlook for the year, sending the German luxury carmaker's shares tumbling.

While the Westpac–Melbourne Institute Consumer Sentiment Index dipped by 0.5% to 84.6 in September from 85.0 in August, the NAB business confidence survey was down to -4 index points in August.

APRA recommended the transition to a simpler capital framework from Jan. 1, 2027, with all current AT1 bonds expected to be replaced by 2032. As of June 2023, Australian banks have a total of AU$40 billion worth of Additional Tier 1 (AT1) capital still outstanding.

Asian markets mostly rose Tuesday after a rally on Wall Street as traders try to assess the outlook for US interest rates following last week's disappointing jobs report, with focus on the release of key inflation data.

ACCC chair Gina Cass-Gottlieb said undisclosed financial arrangements were deceptive and asked for a ban on strata insurance commissions, which were adding to insurance costs.

A Qantas spokesperson said that the ACCC's four-year monitoring of the aviation industry found no anticompetitive behavior, with domestic fares trending down and Qantas and Jetstar offering lower international fares, including 12 million Jetstar fares under $100 last financial year.