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Business news from Australia and around the world: companies, deals, earnings, regulation and the people running them.
1805 articles · page 36 of 38
Frank Sartor, a long-serving NSW Labor minister and former lord mayor of Sydney, has been revealed as a surprise figure in the collapse of property giant Bathla, according to court filings. The documents show Sartor assisted the company in calling in administrators, and also point to significant exposure for lender La Trobe Financial.
Perth-based Viking Mines has received US approval to extract a 907-tonne bulk sample from its Linka tungsten project in Nevada, a critical step towards securing offtake agreements in a tightening global market for the strategic metal. The approval, granted by the US Bureau of Land Management, allows the company to test the deposit's commercial viability while the US government pushes to reduce reliance on Chinese tungsten imports.
Magellan Financial Group has reported a record annual revenue of $778 million after completing its merger with investment bank Barrenjoey, and announced the combined entity will rebrand as Barrenjoey while expanding operations into New Zealand.
A coalition of U.S. states has secured a $25 billion settlement from Meta, the parent company of Facebook and Instagram, resolving allegations that the company misled users about the safety of its platforms for children and teenagers. The agreement, announced on Wednesday, marks one of the largest multi-state settlements in history and underscores growing regulatory pressure on social media giants worldwide.
Arturo Béjar, a former Facebook employee and whistleblower who served as the star witness in the US government's landmark trial against Meta, said Wednesday that the company's multibillion-dollar settlement does not go far enough to stop harm to young users. His comments came after Meta agreed to major changes to Facebook and Instagram as part of the settlement, which he called insufficient to make the platforms safe for teenagers.
Amazon announced on Wednesday that Mechanical Turk (MTurk), its pioneering crowdsourcing marketplace for human intelligence tasks, will shut down on September 30, 2026. The closure ends a 21-year run for a platform that enabled millions of 'Turkers' to earn small payments for tasks like data labeling, content moderation, and survey completion, while also serving as a critical workflow tool for AI training and academic research.
Wesfarmers has announced the retirement of Bunnings' chief executive alongside a full-year profit of $2.9 billion, with the conglomerate crediting strong momentum at Kmart, including sales growth in its Anko private-label brand. The dual announcement came as the Perth-based retail and industrial group delivered its annual results on Wednesday.
Nvidia on Friday denied a Wall Street Journal report that it had paused some transactions under its new AI Compute Partnership initiative, even as the company announced record quarterly revenue of $96.2 billion and projected $108 billion for the next quarter. The disagreement over partner restrictions comes as Nvidia prepares to ship its fastest-ramping data center product in history and launches its controversial DLSS 5 neural rendering technology.
The Australian share market is poised to open lower on Thursday after Wall Street drifted amid a report showing US inflation was a touch worse than economists had anticipated, with traders now turning their attention to upcoming results from tech giant Nvidia and airline Qantas.
The U.S. Department of Justice has charged the owner of Surro Connections, a now-defunct surrogacy agency, with wire fraud and money laundering for allegedly stealing more than $1 million from prospective parents. The funds were reportedly used to pay off gambling debts, take vacations, and buy luxury goods, leaving families who had paid for surrogacy services with neither children nor refunds.
Nvidia reported fiscal second-quarter earnings that topped analyst estimates on Wednesday, with the company guiding to approximately $108 billion in revenue for the current quarter. The results signal sustained growth driven by heavy spending on artificial intelligence infrastructure, even as questions mount about the durability of the boom.
The Virginia-based startup Operation Bluebird launched its new social media platform, Twitter.now, on Monday, claiming that Elon Musk's decision to rebrand the former Twitter as X effectively abandoned the iconic name and logo, making them available for reuse. The launch marks the culmination of a months-long effort to revive the Twitter identity.
Meta has agreed to implement far-reaching child safety measures across Instagram and Facebook as part of a settlement with attorneys general from 51 US states and territories, resolving a lawsuit that accused the company of designing platforms that are addictive and harmful to minors. The agreement, announced Tuesday, mandates default privacy settings for teens, limits on late-night use, and enhanced parental controls, marking one of the most significant regulatory actions against a social media giant over youth safety.
Meta agreed to pay nearly $18 billion and implement strict daily time limits for users under 18, settling child-safety lawsuits brought by most US states, though Florida rejected the deal as insufficient. The proposed settlement, which requires court approval, includes default two-hour daily limits across Facebook and Instagram, a midnight-to-6am block, and a school mode that mutes notifications.
Amol Rajan, the outgoing presenter of BBC Radio 4’s Today programme, has warned that the BBC is “destined to get smaller at an accelerating rate” as he prepares to leave the corporation to launch his own venture on YouTube, citing the need to avoid being “behind the curve” in a rapidly changing media landscape.
US President Donald Trump has personally pressed Apple to change the name of Lake Ontario to 'Lake America' on its Maps platform, Interior Secretary Doug Burgum said Monday, as the company continues to display the original name while Google has already made the switch for US users.
Meta has proposed an $18 billion settlement with 52 U.S. attorneys general to resolve a 2023 lawsuit alleging the company illegally collected data from minors and designed its platforms to drive excessive use while concealing the risks. The settlement, announced Wednesday, includes sweeping changes to Facebook and Instagram accounts for users under 18 — but Meta has tied 30 percent of the payout to YouTube and TikTok agreeing to implement equivalent measures within a yet-unspecified timeframe.
Flipboard has acquired Graze, a startup known for building customizable feeds on the Bluesky social network, in a move that brings privacy-friendly ad technology and creator monetization tools into Flipboard's open social web strategy. The acquisition, announced on August 26, 2026, underscores Flipboard's push to become a central hub for the federated social web, integrating Graze's technology to help creators and publishers earn revenue across decentralized platforms.
The Bathla Group, a major property developer, collapsed into administration on Tuesday, leaving behind flooded worksites, half-built homes, and hundreds of anxious buyers unsure whether their dream homes will ever be completed.
The Australian Securities and Investments Commission (ASIC) has warned of emerging cracks in the private credit sector after the collapse of a large, heavily indebted NSW property developer left several private credit lenders and their investors heavily exposed, with other major funds already moving to restrict withdrawals.
The Israeli Product Centre, a Christian Zionist organisation, has filed a lawsuit against the Dutch government over its recent ban on trade with Israeli settlements in the occupied West Bank, arguing that authorities did not provide adequate time to sell off existing stock before the prohibition took effect.
Meta has agreed to sweeping changes to Instagram and Facebook in a settlement that ends a landmark lawsuit brought by California and 28 other US states, which alleged the company deliberately designed addictive products harming young people. The agreement, announced Tuesday, requires Meta to pay up to $18 billion and to make safety features — including a two-hour daily usage limit and night-time blocks — the default for teenage accounts nationwide. The company denies any wrongdoing.
Meta has agreed to a sweeping settlement with a coalition of 47 states and several territories, resolving a high-stakes lawsuit over the harmful effects of its platforms on young users. The agreement, announced Tuesday, requires the company to implement a court-supervised age assurance system with strict accuracy thresholds, provide teens with default privacy settings, and offer the option to disable personalized feeds, marking one of the most comprehensive regulatory interventions into social media design for minors.
Oura, the company behind the popular Oura Ring, is facing a class-action lawsuit alleging that its sleep stage tracking claims are deceptive, as the device lacks direct brain wave measurement and relies on AI models that the suit argues cannot deliver the accuracy promised to consumers struggling with sleep issues.
Hospitality and brewing trade bodies say sentiment has improved sharply since Prime Minister Andy Burnham announced a 20% discount on business rates for pubs, clubs and live music venues, but they warn that the so-called 'Burnham bounce' will fade unless the government delivers further tax relief.
Meta has reached a proposed settlement with a bipartisan coalition of state attorneys general, resolving allegations that it deliberately designed Facebook and Instagram to be addictive for children and teenagers. The settlement, which could total up to $24 billion depending on the source, includes both a substantial financial payout and a commitment to platform-wide child safety changes, according to court filings and state officials.
X Corp., formerly Twitter, has escalated its legal battle against the open-source project Nitter, sending cease-and-desist letters and taking legal action to shut down the service that provided a privacy-focused alternative interface for viewing tweets without ads or tracking. The move marks a significant escalation in the company's efforts to control access to its platform's data.
The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) price index, rose 0.2% in July and remained at 3.7% year-over-year, according to data released Wednesday by the Bureau of Economic Analysis. Excluding food and energy, core inflation climbed 3.3% from a year ago, indicating that price pressures persist even as overall inflation has plateaued.
Tesla is recalling 3 million electric vehicles in China due to issues with door handles and driver monitoring systems, as part of the nation's largest-ever vehicle recall that also involves XPeng, Xiaomi, and other firms, according to reports.
Elon Musk’s SpaceX has announced plans to construct a $100 billion launch facility in Louisiana, its largest site to date, with the goal of sending rockets to space as early as 2029. The project promises to transform the state’s economy but raises questions about environmental impact and public funding.
Woolworths is staging a comeback by leaning into perpetual discounting and nostalgia-driven collectibles like Ooshies, according to business columnist Elizabeth Knight. Writing in The Age and The Sydney Morning Herald, Knight argues that after years of being "beaten up by politicians and targeted by the consumer regulator," the supermarket giant's renewed focus on price competition is a good first step toward winning back shoppers.
In a bold move that defies the prevailing gloom in Australia's housing market, a $1.3 billion merger and acquisition deal has been struck, signaling that some deep-pocketed investors see the current downturn as a temporary sentiment shift rather than a structural collapse, according to a Financial Review analysis.
Reserve Bank interest rate expectations have shifted dramatically after stronger-than-expected July inflation data, with traders now pricing in a more than 80 per cent chance of a fourth rate increase this year.
Coles has confirmed it will stop selling bananas grown by local Coffs Coast farmers at its Coffs Harbour supermarket, a move that has left growers baffled and angry. The supermarket giant cited supply chain efficiency and consistency as reasons, but local producers argue the decision undermines the region's identity as Australia's banana-growing heartland and threatens their livelihoods.
Rio2 Ltd has secured regulatory approval for a significant expansion of its Condestable copper mine in Peru, a project that will boost copper output and extend the mine’s operational life by 10 years.
A potential new interest rate increase by the Reserve Bank of Australia is adding to concerns over the stability of the private credit market, following the recent Bathla case, and is expected to intensify regulatory scrutiny from the Australian Securities and Investments Commission (ASIC), according to financial analysts.
Former employees of the collapsed Sydney developer Bathla Group have come forward alleging the company struggled to pay contractors and staff prior to its $3.6 billion failure, adding another layer of scrutiny to one of the largest corporate collapses in the Australian property sector.
Millions of households in Great Britain will face the highest energy charges in three years this winter after the government's price cap rises by 4% from October, pushing the average annual bill to £1,723 and prompting renewed calls for greater financial support.
The company running Britain's National Lottery is facing backlash from MPs after appointing a former William Hill executive with a controversial record in the gambling industry as its interim chief executive, renewing questions about the lottery's relationship with problem gambling and high-street betting culture.
Instagram’s head testified Monday that very few teens used the platform’s built-in safety tool, as Meta stands trial over allegations that it deliberately hooked young users despite clear mental health risks. The trial, brought by a coalition of state attorneys general, focuses on whether Meta’s product design and data practices violate consumer protection laws.
The US national debt has surpassed $40 trillion for the first time, with the federal deficit nearing 6% of GDP, prompting debate over the Trump administration's fiscal strategy. Treasury Secretary Scott Bessent has dismissed fears as overblown, arguing that strong economic growth will address the debt, but his recent moves to alter the maturity structure of government debt have sparked accusations of panic from critics, including his former mentor, billionaire investor Stanley Druckenmiller.
Woolworths has reported a $175 million surge in net profit to $1.14 billion for the 2026 financial year, lifting its market value briefly above $50 billion. CEO Brad Banducci attributed the result to increased customer traffic and the popular Ooshies toy promotion, not to higher shelf prices. The announcement comes as Australian households continue to grapple with a severe cost-of-living crisis, reigniting debate over whether supermarket giants are profiteering during a period of economic hardship.
Gateway Mining has announced a major extension of its Cowza gold discovery near Wiluna in Western Australia, with the strike length now reaching 4.5 kilometres, alongside a high-grade 4-metre intercept grading 9.7 grams per tonne of gold at the nearby Celia South prospect, signalling a potentially significant gold system in the region.
Dolly Parton, the iconic entertainer known for her music and philanthropy, is increasingly being recognized not just as a performer but as one of the savviest businesswomen in the music industry and beyond, according to a recent analysis.
Raphael Arndt, chief executive of Australia’s Future Fund, will leave the sovereign wealth fund after delivering a 14.8% return for the past financial year, one of the strongest performances in the fund’s history. Arndt, who has led the fund for over a decade, is moving to the private sector, though his next role has not yet been disclosed.
Nine Entertainment Co has signalled a strategic pivot away from its legacy free-to-air television business, citing a 'transformative year' that has pushed premium subscription services and outdoor advertising to the forefront of its future growth plans. The shift reflects a broader trend in the media industry as audiences migrate to digital and on-demand platforms, and advertisers follow.
Generalist, a robotics startup specializing in physical AI, has reached a $3 billion valuation after closing a $200 million extension to its latest funding round, according to sources familiar with the deal. The round comes just months after the company was valued at $2 billion, marking a rapid ascent in the competitive embodied AI sector.
Leonid Radvinsky, the reclusive billionaire owner of the adult-content platform OnlyFans, received a $990 million windfall from the company before his death in March after a battle with cancer, according to reports jointly published by The Age, The Sydney Morning Herald and the Brisbane Times.