BUSINESS

Nike reported a drop in profits Tuesday on sagging revenues as the sports giant cautioned that a turnaround from a rocky period would take time under a new CEO. The athletics company's financials showed lower sales in every operating region, as its CFO pointed to lackluster store traffic in China and excess inventories in leading markets.

Tech giant Oracle on Wednesday said it plans to invest more than $6.5 billion on cloud services data centres in Malaysia, joining a list of US titans rushing to build up their AI infrastructure in Southeast Asia.

Under the agreement, Santos will supply up to 500,000 tons of liquefied natural gas (LNG) annually for three years, starting in Q4 2025.

Treasurer Cameron Dick put the cost of setting up the energy retailer at about AU$1.4 million adding that it would help people save up to 6% of their energy bills.

The affected areas will be the Direct Insurance Australia and Intermediated Insurance Australia divisions.

The eurozone's annual inflation rate fell to its lowest level in three-and-a-half years in September, official data showed Tuesday, dropping below the European Central Bank's two-percent target and fuelling expectations of a rate cut.

German chemicals group Covestro said Tuesday it had accepted a takeover bid from UAE state energy company ADNOC, as one of the key sectors in Europe's largest economy is gripped by crisis.

The latest figures boosted Australian dollar by 0.25%, bringing it to AU$0.6930, just shy of its 1.5-year peak of AU$0.6943.

The brands getting the axe are Rockmans, Autograph, Crossroads, W Lane, and BeMe, following which, Mosaic will focus on its five other brands -- Katies, Millers Noni B, Rivers, and its standalone Mosaic marketplace, Mosaic Brands, CEO Erica Berch said.

Treasurer Jim Chalmers responded the government cannot not regulate agreements between the Reserve Bank and the commercial banks. "But I do share the concern .... that some elements of confidentiality may have been breached, and I'm sure that our colleagues at the bank are working through what that means for the way that they conduct those briefings and who's involved."

Announcing the funding, Prime Minister Anthony Albanese said his government wanted to crack down on "misleading and deceptive pricing practices and unconscionable conduct.

Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal that could shake up Australia's Qantas-dominated market.

Chalmers believes the recent stimulus measures from China, including its decision to cut interest rates and inject liquidity through mortgage refinancing could potentially boost steel demand, leading to an increase in iron ore prices.

Besides low spending, the government stated strong commodity prices and a larger income tax as contributing to the two consecutive surpluses. The government also saved by paying less to the states and territories.

The engineers across major airports, including Sydney, Melbourne, Brisbane, Canberra, Adelaide, and Perth, have threatened to hold further strikes if their demands aren't met.

The watches are the latest products Trump has introduced since the start of his third campaign including Bibles, sneakers, photo books and cryptocurrency.

Bitcoin has had a rough few weeks following two market bloodbaths last month, but this week has been good for the digital currency, allowing the crypto coin to pass the $65,000-mark late on Thursday.

Many politics-themed memecoins have been surging overnight as the race between VP Kamala Harris and ex-President Donald Trump heat up on Polymarket, where crypto users gather to bet on who they think will be the 47th president of the United States.

The companies say they 'expect strong client demand and maintain the flexibility to significantly expand the size of the program.'

The Supermarkets Inquiry Interim Report by the Australian Competition and Consumer Commission (AICCC) found that the country's biggest grocery chains, Coles and Woolworths, were acting as "oligopoly," limiting the incentive to compete on price.

PayPal has announced that merchant accounts will also now be able to buy, hold, and sell cryptocurrencies as the digital payments platform has seen increased interest among business owners to utilize crypto.

Billionaire and Shark Tank investor Mark Cuban has seen his fair share of huge roles in the corporate world – now he wants a top position at what could be the most contentious agency for the crypto industry.

The Financial Stability Review reported a rising number of mortgage holders, who were defaulting on home loans and more people opting to sell their homes to escape repayment.

The results of its latest supermarket pricing study, tabled after comparing prices of 14 common grocery items across 104 stores nationwide, found Aldi to be cheaper by at least AU$18, while compared to Coles or Woolworths.

The job openings fell by 17.1% from 2023 at a seasonally adjusted 329,900, which was the lowest drop since August 2021. However, the rate was 45.1% higher than the period before the pandemic struck.

A court filing on the Federal Court of Australia's website revealed Thursday that knowledge about the issue was fragmented among the senior Qantas managers.

Between August 2018 and February 2021, the securities firm claimed to conduct ESG screens for its $1.1 billion Ethically Conscious Global Aggregate Bond Index Fund. However, the federal court found: "Approximately 74% of the securities in the Fund by market value were not researched or screened against applicable ESG (environmental, social, and governance) criteria."

The core consumer price inflation (CPI), which removed volatile price movers, also fell from 3.7% in July to 3%.

Eurozone business activity declined for the first time in seven months in September, as France lost steam after the end of the Paris Olympic Games, a key survey said Monday.