BUSINESS

Qantas and Virgin Australia used carried-forward pandemic losses to dodge taxes in 2022–2023, while Netflix Australia made nearly AU$1.15 billion in the 2023 fiscal year without paying taxes.

While households increased their spending on groceries and healthcare, there was a 1.8% decrease in spending on new clothes and shoes, reversing the 0.2% growth reported in August.

Microsoft delivered solid quarterly results on Wednesday, beating analyst expectations with revenue jumping 16 percent to $65.6 billion, but questions were raised about the company's big spending on the AI boom.

Facebook owner Meta saw net income and revenues top expectations on Wednesday as the company said it would expand investments into artificial intelligence, drawing nervousness from investors.

The eurozone's annual inflation rate rebounded more than expected in October due to rising food costs, official data showed on Thursday, but remains in line with the European Central Bank's two-percent target.

Optus indulged in improper sales practices, including pressuring consumers to buy many expensive products without checking if they had coverage in their area.

The inquiry found that the average price of nine essential items, including penne pasta, beef mince, teabags, carrots, and Weet-Bix, at Woolworths, Coles, Aldi, and IGA across all Australian capital cities was AU$44.70. In comparison, the same items cost AU$99.38 in the four remote communities.

The eurozone economy grew faster than expected between July and September buoyed by Germany's surprise expansion, official data showed Wednesday, but experts warned of slow growth in the months ahead.

A handful of industry funds accounted for most of the spending, with AustralianSuper being the largest marketing spender in the 2022-23 financial year, spending a total of AU$60.2 million. Queensland-based Australian Retirement Trust ranked as the second largest spender on marketing, investing AU$41.8 million.

The company predicted that its earnings from its Australian food division, before interest and tax, to be between AU$1.48 billion and AU$1.53 billion in the December half.

Compared to Q2, Australia's inflation rate declined one percentage point in the September quarter and broadly aligned with expectations of being between 2-3%. The drop in the inflation rate is being attributed to lower fuel prices and energy bill discounts.

Most major global stock markets rose on Tuesday with investors looking ahead to the release of US economic data and the earnings reports of tech titans this week.

Global commodity prices should fall to a five-year low next year thanks to a huge oil glut, the World Bank said Tuesday, pointing to oversupply and to flat demand from China.

Myer will acquire the retailers by issuing 890 million new shares valued at AU$863.78 million, which was over 51% of the company.

Albanese, however, said he behaved openly and disclosed 22 complimentary Qantas upgrades in the register of gifts to parliamentarians, and denied any wrongdoing.

Fortescue CEO Dino Otranto said soaring demand for decarbonization was increasingly threatening Australia's position as the biggest seaborne iron ore supplier.

The German CEO of major Japanese optical equipment manufacturer Olympus has stepped down after allegedly buying illegal drugs, the company said on Monday.

Global stocks diverged and oil prices tumbled on Monday as markets were relieved that Israel's strikes on Iran had avoided the country's energy infrastructure.

According to the company's statement to the Australian Securities Exchange (ASX) on Monday, a "small number" of stakeholders did not agree to support the restructuring plan or negotiate a deal, due to which, a satisfactory solution could not be found.

The lawsuit, filed by The Australasian Center for Corporate Responsibility (ACCR), accused the fossil fuel company of misleading investors by "greenwashing" its net-zero claims and emissions-free blue hydrogen projects.

RBA governor Michele Bullock announced the central bank incurred a loss of AU$4.2 billion, during 2023-24, recording its fourth consecutive year of accounting losses. The bank suffered shortfalls of AU$6 billion in 2022-23, a record AU$36.7 billion in 2021-22, and AU$4.3 billion in 2020-21.

Major European and Asian stock markets diverged Friday in a quiet end to the week's trading dominated by earnings updates.

Following a drop in global fuel prices, its first-half jet fuel costs fell to AU$2.55 billion from AU$2.7 billion, and the share price surged 1.6% to a record AU$8.04.

Critics of the 3% buffer said that it prevented potential borrowers from obtaining home loans because it required them to demonstrate the ability to manage a much higher mortgage than the set interest rates.

Europe's main stock markets rose solidly Thursday thanks to well-received earnings updates and the prospect of more regional cuts to interest rates.

British bank Barclays on Thursday said its net profit jumped almost a quarter in the third quarter, helped by improved performance at its core UK and investment divisions alongside cost-cutting.

Italy's leading bank, Intesa Sanpaolo, has reached a deal with trade unions for 9,000 voluntary job cuts -- around 10 percent of its workforce -- due to the expansion of artificial intelligence (AI) and digitalisation.

Herbert will take over from Anthony Miller, who becomes Westpac's CEO on Dec. 16.

Turnkey Building Group acts as a buyer advocate, guiding clients through land purchases and serving as the main link between them and builders. Though not builders themselves, Turnkey's team helps clients navigate the market and manage the entire process.