News without the noise
Business news from Australia and around the world: companies, deals, earnings, regulation and the people running them.
1811 articles · page 7 of 38
SK hynix has dropped plans for an initial public offering of its US-based enterprise SSD subsidiary Solidigm, citing unfavorable stock market conditions and trends in semiconductor share prices. Instead, the company will build a new fabrication facility in the United States to meet rising demand for high-capacity data center storage driven by AI infrastructure.
The Supreme Court has rejected Tesco's application to appeal a key ruling in a long-running equal pay claim brought by more than 16,000 shop workers, allowing the case to advance to trial under the employment tribunal's established methodology.
SpaceX is reportedly in active negotiations with Crown Castle Inc., one of the nation's largest cell tower owners, to gain access to at least 80,000 cell sites. The move, reported by Bloomberg, positions the company to compete directly with Verizon, T-Mobile and AT&T in the mobile market.
Uber is providing all of its corporate employees with access to OpenAI's ChatGPT Work tool, the company announced Thursday. The rollout comes about a month after Uber laid off approximately 3,300 workers, or about 10 percent of its corporate workforce. The company did not cite AI in the layoff announcement, but some affected employees said AI was already performing significant parts of their roles.
The Free Speech Union (FSU), a prominent UK free-speech campaign group, is facing internal allegations of racism, workplace discrimination and sexually inappropriate remarks made by senior staff, according to multiple current and former employees who spoke to the Guardian. The claims have triggered a wave of departures and threaten to undermine the organisation's public image as a non-partisan defender of free expression.
A new dining precinct called Baillie Hill has opened in East Victoria Park, Perth, at the site of Western Australia's first dedicated maternity hospital. The $25 million redevelopment, funded by state, federal and private money, features several venues including Beth's Bakery, The Berwick pub, Milly's Acre and Greensleeves gelato kiosk. The precinct opened in January and is already drawing locals with its mix of pub classics, wood-fired pizza, Asian-influenced dishes and house-made gelato.
A defamation trial nearly eight years in the making has concluded in the West Australian Supreme Court, pitting property developer Greg Poland against The Sydney Morning Herald and The Age over two 2019 articles based on a covert recording sent to journalists by federal Liberal MP Andrew Hastie. The trial, which spanned several weeks, heard from politicians from both major parties, journalists, and lawyers, with Justice Matthew Howard now considering his verdict, likely to be delivered in 2027.
American Express is eliminating 5% of its global workforce and taking a $336 million restructuring charge as the credit card giant repositions itself for greater use of artificial intelligence, CEO Stephen Squeri told analysts on Friday.
Apple reclaimed the title of the world's most valuable company on Friday, as its stock price reached a new record high on the same day the company launched its foldable iPhone Duo. According to 9to5Mac, Apple's market capitalization climbed to approximately $5.12 trillion, surging past Nvidia and Google to claim the top spot.
Africa’s richest man, Aliko Dangote, plans to invest $1.5 billion into expanding a pipeline network in Kenya, according to a report by the Financial Times as cited by Semafor. The investment, which includes buying a 25% stake in the Kenya Pipeline Company, forms part of Dangote’s broader strategy to build a pan-African oil and gas operation amid rising demand triggered by the oil price shock from the Iran war.
Within days of Victoria requiring sellers to reveal their reserve prices at least one week before an auction, property agents have begun testing workarounds, including a pivot toward open-ended expressions of interest campaigns that allow the reserve to stay hidden. Market participants report a noticeable shift away from auctions to private sales as the new transparency laws take effect.
Amazon has abandoned plans to build four data centers on the former George Washington University campus in Loudoun County, Virginia, and will instead repurpose most of the 122-acre site for mixed-use and residential development after sustained opposition from local residents.
Israeli security firm Lava has identified 32 Nvidia Blackwell Ultra B300 GPUs operating within the network of state-owned China Telecom, according to a report by The Information cited by Tom's Hardware. The chips are barred from export to China under US export controls, raising questions about enforcement of restrictions on advanced AI hardware.
Washington's trade restrictions on foreign-made robots could reduce U.S. humanoid robotics revenue by 58 percent below baseline by 2030, according to a new projection from market research firm International Data Corporation (IDC). The Federal Communications Commission (FCC) added foreign-produced advanced robotic devices to its Covered List in July, blocking new models from receiving the authorization needed for U.S. imports and sales, though previously certified models can still be sold and some updates allowed through early 2029.
Environment Secretary Angela Eagle has made an unprecedented intervention in the setting of water bills in England and Wales, writing directly to the regulator Ofwat and water company bosses to demand a focus on affordable bills, investment in new technology, and action on leaks and sewage overflows.
A rogue landlord from Hounslow in west London who is being stripped of his OBE following a conviction for unlawfully renting out property in poor condition says he plans to challenge the decision. Nirpal Riat was fined more than £300.000 and now faces forfeiting the honour he recieved in 2011 for charity work. Hounslow Council's deputy leader, Tom Bruce, said the move sends a 'clear message' that exploiting tenants will not be tolerated.
The 10-year U.S. Treasury yield remained below the 5% threshold on Friday but edged up 4 basis points to 4.997%, as investors continued to flee technology stocks amid worries over the debt being taken on by AI companies, even as oil prices tested $100 a barrel on fresh geopolitical tensions.
Nvidia's strategy of using its financial muscle to fund AI infrastructure faces its first major stress test, as shares of key neocloud partners CoreWeave, Nebius and IREN have fallen at least 30% this month and credit markets tighten. The company has $36 billion in off-balance-sheet AI cloud agreements and a guarantee on up to $105 billion for OpenAI's proposed Ohio data center, according to its latest quarterly filing.
Fewer people are flying in the United States this year, with airport screening numbers on track for their first annual decline since 2020, but the country's biggest airlines say they are happy with the trade-off: record-high fares are worth more than packed planes.
Artificial intelligence is eliminating more than 10,000 American jobs each month, according to new analysis from Pantheon Macroeconomics, while Goldman Sachs warns that 9% of workers could face temporary displacement during the AI transition. The findings come amid a broader market sell-off that has hit tech stocks particularly hard, with the Nasdaq falling 2.9% and AI cloud provider CoreWeave dropping 10% in a single day.
Global stocks faced a broad sell-off on Wednesday as a confluence of pressures from the artificial intelligence sector, rising oil prices and France's deepening budget crisis spooked investors. The S&P 500 fell 1.21%, the Nasdaq dropped 2.9%, and European and Asian indices also slid, with traders attributing the rout to what Deutsche Bank's Jim Reid called “the wobbles of recent weeks all collided at once.”
Bradford Council has unveiled a £2 million grant programme to help businesses replace their vehicles with cleaner alternatives, as part of the city's Clean Air programme. The Zero Emission Grant Programme offers up to £16,000 for heavy-duty vehicles and £4,500 for light-duty vehicles, with funding provided by the Labour government.
Europe’s benchmark gas price hit its highest since the 2022 crisis on Friday, surging to €101.82 per megawatt-hour as QatarEnergy extended force majeure on liquefied natural gas deliveries to year-end, unplanned outages in Norway added to supply concerns, and storage levels remained well below average.
Google has apologized for unauthorized forest clearings in Finland and been ordered to halt construction work, after residents reported that wolves and other wildlife driven from the cleared land are roaming into nearby villages.
Robinhood Ventures has invested $10 million in Cognition, the developer of the AI coding tool Devin, the company exclusively told Fortune. The investment, made as part of Cognition’s $2 billion Series E round in September, comes months after Robinhood put $75 million into OpenAI, signaling a bet that the market for AI coding tools will support multiple winners.
Raffles Family Office, the Singapore and Hong Kong based wealth manager, is building its business around Asia's young, self-made billionaires who hold fortunes in stablecoins and other digital assets, and is extending into Africa through a partnership with Rwanda's development board.
Heineken has warned British pubs and bars that the rising popularity of GLP-1 weight-loss drugs could lead to a drop in beer sales, as users reduce their alcohol consumption. In a presentation to hospitality customers, the world's second largest brewer advised venues to promote half pints, low and zero-alcohol drinks, and food pairings to counter potential declines in customer visits and spending.
A SpaceX regulatory filing has revealed that Elon Musk, who controls roughly 85% of the company's voting power, must approve any merger with Tesla, undercutting his public position that he has recused himself from the talks. The disclosure in SpaceX's October 22 10-Q filing states any potential combination 'would be subject to further approval by our special committee, our board of directors and our controlling shareholder.' Musk has described his role in the process as 'an odd kabuki dance where two groups of people are talking, and I can't be in the conversation,' but the filing language confirms he will have the final word regardless.
Rebel Wilson has emerged victorious in a bitter legal battle with co-producers of her film The Deb, with the NSW Supreme Court awarding her $359,000 plus interest and dismissing the producers' claim for damages with a nominal $10 award.
Volvo Cars will cut 2,500 jobs, most of them in Sweden, and trim costs by 5 billion Swedish kronor after a faster-than-expected slump in China pushed the automaker to a 5.6 billion Swedish kronor ($563.7 million) operating loss in the third quarter. Shares fell around 27 per cent on Friday as the company flagged "hypercompetition" from Chinese rivals and pressure from US tariffs.
Sweden's central bank has called on lawmakers to reconsider a digital version of the krona, warning that foreign-currency stablecoins and a planned digital euro could erode the currency's role in payments. The Riksbank says legislation should be prepared now, noting an e-krona would take at least five years to launch.
Swedish defense contractor Saab reported better-than-expected third-quarter results on Friday, with new orders more than tripling to 65.8 billion Swedish kronor ($6.6 billion), driven by a major deal to supply Gripen fighter jets to Ukraine. The company's sales and earnings also beat FactSet expectations, and its stock rose around 2% in morning trading.
The Metropolitan Police has carried out one of its largest operations against the resale of stolen goods, visiting about 400 shops, market stalls and car boot sales across London, leading to 42 arrests and 11 closure orders.
Meta, the American company behind Facebook and Instagram, is facing a landmark class action in Australia, according to reports published on Wednesday evening across the country's major metropolitan news sites.
British retail sales fell 0.4 per cent in September, far exceeding the 0.1 per cent decline forecast by economists, official data showed on Friday, as unseasonably warm weather dampened demand for autumn clothing and cost of living pressures began to bite. The figures come alongside a sharp drop in UK consumer confidence, the fastest since the Covid pandemic, and global market turmoil driven by growing fears over AI stocks and rising oil prices, clouding the outlook for Chancellor John Healey's budget next week.
Eddie McGuire's Tuesday night edition of Footy Classified will not return on Nine in 2027, with the network replacing the program with an extra weekly episode of Footy Furnace that is expected to be relegated to its digital platforms.
BHP has defended an increase in board pay approved at its annual general meeting, after the Electrical Trades Union accused the mining giant of inflating directors' packages just days after flagging up to 300 job cuts at its Pilbara iron ore operations.
A fortnight of gold sector capital raisings on the ASX has left most new investors nursing losses, with eight of ten deals examined trading below issue price by Friday morning even as brokers collected cash fees and option packages worth millions. Perth broker Argonaut Securities featured on $225 million of the fundraising, including the week's heavyweight deal, Wiluna Mining's $180 million return to the ASX.
BBC News has spotlighted the cost of renting in London with a report featuring a tenant who says they pay £2,000 a month for a one-bedroom home. Published on 23 October, the piece sits within the broadcaster's business coverage of renting, housing, personal finance and the cost of living.
Western Australia's Nationals leader has asked the state government why a Perth house relocation company, alleged to have left around 40 people $6 million out of pocket collectively, is still operating three months after a consumer warning was issued. Shane Love raised the matter in parliament on Thursday, pressing Commerce Minister Tony Buti on what enforcement action has been taken against James Sinclair Thomson, who runs Perth House Relocators under several business names.
Great Britain is expected to pay some of the highest energy costs in Europe this winter, driven by a deepening reliance on expensive imports and a volatile global energy market. A last-minute deal to secure pipeline gas from Belgium and an expected increase in liquified natural gas (LNG) purchases have tempered fears of outright shortages, but the country's small gas storage capacity and falling domestic production continue to push costs upwards, adding pressure to household bills and the broader economy.
Indonesian President Prabowo Subianto declared that Indonesia will not be intimidated by MSCI's proposal to downgrade the country's market to 'standalone' status, a move that could trigger billions of dollars in investment outflows. The defiance comes as the Jakarta Composite Index has fallen sharply and the president faces declining approval ratings over economic discontent.
Retail union SDA NSW has called on Aldi to scrap mandatory bag checks after a survey of 185 Aldi workers found nearly 97 per cent reported experiencing some degree of abuse or violence while working at the supermarket's self-serve checkouts, including threats that staff would be waited for outside after their shifts.
Chancellor John Healey has set out plans to deliver around £800 million in savings for businesses by cutting paperwork and red tape, in a package announced days before his first Budget. The measures include streamlined reporting requirements, lower costs in the home-buying chain and a year-long extension of paused import tariffs covering more than 250 products.
UK consumer confidence fell 11 points to -24 in October, its steepest monthly decline since the 2016 Brexit vote outside the Covid pandemic, according to GfK, as cost-of-living pressures and the economic fallout of the war in the Middle East bite less than a week before Chancellor John Healey's first budget.
Virginia Murdoch, who co-founded ebook startup Booki.sh before AI coding tools existed, told founders at Google Ascend in Sydney last week that the AI era has made building software almost free and that customer trust, not technical speed, now decides which startups win.
Tesla has confirmed it will not produce a right-hand-drive version of the Cybertruck for Australia and New Zealand, ending a wait that began with deposits in 2019. In an email to customers reported by news.com.au, the company said plans had been discontinued, with deposits to be refunded within 30 days. Customers who instead buy a Model 3 or Model Y will receive a complimentary 12-month Full Self-Driving subscription.
Comcast reported a loss of 144,000 residential broadband customers in the third quarter of 2026, a sharp increase from the 91,000 customers it lost in the same period last year. The company, which is reportedly planning significant job cuts in its cable division, attributed the deepening subscriber losses to aggressive competition from fixed wireless providers and fiber-optic networks.