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Business news from Australia and around the world: companies, deals, earnings, regulation and the people running them.
1814 articles · page 9 of 38
Financial firms managing over $5.8 trillion in assets have established their first Gulf offices in the eight months since the Iran war disrupted the region's economies, with Abu Dhabi outpacing Dubai, Riyadh, and Doha to become the top destination for new entrants.
Meta has created a new class of non-voting stock that will allow Mark Zuckerberg to sell shares without losing control of the company, after the CEO threatened to leave California over a proposed billionaire wealth tax that residents will vote on November 3. Zuckerberg has committed to remaining in the state for eight years under the deal, which also gives Meta a new way to raise capital for AI investments.
The Nasdaq Composite recorded its worst session since June as a global market slide driven by Middle East tensions, a trimmed Tesla spending forecast and fresh worries over French debt extended into a second day. Stock futures steadied after the close, trading little changed.
Taiwan's Fair Trade Commission (FTC) has blocked Grab Holdings' $600 million purchase of Delivery Hero's Foodpanda business in Taiwan, citing the Singapore-based super app's equity and board ties to Uber, which operates the island's other leading food delivery platform, Uber Eats. The decision ends Grab's first attempt to expand outside Southeast Asia.
The UK government is yet to decide on the Rosebank oil field in the North Atlantic, even as the Jackdaw gas field in the North Sea has been allowed to start production after years of debate and legal challenges. The decision on Rosebank, which could be operational by 2027 if approved, remains pending.
Tesco could open its first store on the Isle of Skye by the end of 2028, after developer West Ranga Skye Limited submitted a detailed planning application to Highland Council for a food store and fuel filling station in Portree. The company said the supermarket could employ around 100 people, with construction potentially starting next summer if permission is granted.
Meta and its platforms Facebook and Instagram are facing a class action lawsuit in the Australian Federal Court over allegations that addictive design features harmed children and teenagers, the latest flashpoint in Australia's escalating standoff with Big Tech.
GSS Group, the private security contractor responsible for patrolling AFL-owned Marvel Stadium, has entered voluntary liquidation amid an investigation into the alleged underpayment of hundreds of workers and debts of more than $1.7 million to the Australian Taxation Office.
Queen Victoria Market traders say they have no confidence in management more than 18 months after a historic strike, amid an executive exodus at the operator of the Melbourne icon. An interim governance review by KordaMentha, considered by the City of Melbourne at its September 29 meeting, found “low trust and insecurity” among traders, with “disrespect” and “lack of understanding” recurring phrases in consultations.
France's 10-year borrowing costs have risen above those of the United States for the first time in more than a decade, as investor confidence erodes over the government's failure to pass a federal budget and widespread protests that turned violent over the weekend. The yield on French bonds rose to 5.089% on Thursday, its highest level since July 2022, crossing the 5% threshold for the first time since 2002.
Barclays will cut 5,000 jobs, about 5% of its global workforce, by the end of 2026, with the bank's bosses attributing the bulk of the efficiency gains to advances in artificial intelligence. The announcement came alongside a 12% jump in third-quarter pre-tax profit to £2.3bn, though the figures fell short of analyst expectations.
LSEG, the operator of the London Stock Exchange, has raised its profit forecast for the second time and confirmed it will acquire credit data specialist Octus in a $3.5bn (£2.6bn) deal. The FTSE 100 firm reported a 9.5 per cent rise in third-quarter gross profit to £2.2bn, driven by higher derivatives fees, and upgraded its pre-tax earnings margin forecast to between 100 and 120 basis points.
Shares in Australian data centre builder NextDC collapsed by 40 percent on Wednesday after the company warned that delays at its flagship Melbourne site would cause it to miss revenue forecasts, a development that has deepened investor anxiety about the viability of the AI infrastructure boom. The delays stem from local community opposition to 22-metre power poles that are crucial to the facility's operation, with electricity distributor Jemena pausing construction after councils raised concerns about the impact on residential neighbourhoods.
Waitrose will open its first new supermarket in eight years on Thursday in Cricklewood, north London, as part of a £1bn investment plan that includes another supermarket in Hale Barns, Greater Manchester, next month and four smaller stores next year.
Sainsbury's chief executive Simon Roberts has called on the government to tackle the UK's youth unemployment crisis and not repeat previous increases to employer National Insurance contributions, as businesses across Yorkshire also urge the Chancellor to cut NI for under-25s in his Budget on 28 October.
An Australian federal judge has ordered Apple to let Australian iPhone users install apps from third-party stores and websites from March 1, 2027, in a sweeping antitrust ruling in the long-running case brought by Epic Games. Apple has confirmed it will appeal.
China's CSI 300 index officially entered bear-market territory on Thursday, falling 20% from its June peak as a 10-week rout deepened, with analysts citing structural challenges, geopolitical uncertainty and weakening consumer confidence.
Red Metal has kicked off a 5000-metre drilling program at its Sybella rare earths project near Mount Isa, Queensland, targeting both infill and extensional zones as it works toward a prefeasibility study due early next year.
National Australia Bank (NAB) has announced plans to slash 2,500 roles, about 6 per cent of its workforce, as part of a restructuring that staff say involves a 'spill and fill' strategy where entire teams must reapply for their jobs. Workers have voiced deep concerns over offshoring and the growing role of AI in replacing roles, with the Finance Sector Union condemning the move as a 'wrecking ball' so close to Christmas.
Tesla said Wednesday it will begin selling its autonomous Cybercab to customers by the end of the year, even as US federal regulators investigate whether the vehicle meets vehicle safety standards. The gold-hued, two-seat vehicle has no steering wheel or other traditional controls.
More than one in 10 UK university students now plan to move abroad after graduating, up from 7.8% two years ago, as competition for graduate jobs hits a three-decade high, according to a survey of 15,000 final year students and a study by the Institute of Student Employers (ISE). The ISE found UK employers now receive an average of 140 applications per graduate vacancy, a 14% increase from 2025 and up from just 30 applications per vacancy 20 years ago. Personal stories from recent graduates who have already moved to Australia, the United States and Finland reveal the pull of better pay, quality of life and career prospects.
Cairo Takeaway, an Egyptian restaurant on Enmore Road in Newtown, has been reviewed in the Sydney Morning Herald Good Food Guide 2026, with the critic praising its casual atmosphere, hearty dishes and status as a long-running local favourite.
CATL, China's leading battery manufacturer, saw its shares plunge after reporting slower-than-expected profit growth, as intensifying domestic competition and electric vehicle price wars take a toll. The company's stock has nearly halved since May, with investors concerned over expiring tax breaks and a trend toward sourcing batteries from cheaper alternatives.
Meta confirmed during its third-quarter earnings call on Wednesday that it will create a new class of non-voting stock, a move designed to fund its artificial intelligence push while preserving founder Mark Zuckerberg’s controlling stake. The company also reported quarterly revenue of $64 billion, up 26% year-over-year, beating Wall Street expectations, as costs rose 68% amid heavy AI infrastructure spending.
Airbnb has confirmed new global rules that stop hosts from asking guests to complete checkout chores such as stripping beds, washing dishes and taking out rubbish, drawing immediate backlash from hosts who say the changes will push up costs and drive smaller operators off the platform. The rules apply to all reservations booked on or after 20 November.
A leaked draft of Anthropic's S-1 filing, obtained by The Wall Street Journal and reported by Fortune, provides an unusually detailed look at the company's finances as it prepares for a public offering valuing the firm at $2 trillion. The documents reveal steep revenue growth alongside a substantial increase in losses, raising questions about the sustainability of the AI industry's massive infrastructure spending.
Microsoft has begun allowing Xbox Insiders to purchase cloud playtime on an hourly basis, enabling them to stream games they already own without a Game Pass subscription. The introductory pricing is set at 24 to 40 cents per hour, depending on the size of the package.
A federal judge has rejected Donald Trump's attempt to intervene in a Clean Air Act lawsuit against SpaceXAI, ruling that the Environmental Protection Agency does not have the power to unilaterally dismiss such suits on the president's say-so. The decision allows the NAACP's lawsuit against the Elon Musk-owned company to move forward over unpermitted gas turbines powering its Colossus data center in Memphis, Tennessee.
Flapping Airplanes, a year-old artificial intelligence laboratory founded by three Stanford-linked entrepreneurs, has raised $1 billion in a Series A round led by Index and Lux, reportedly valuing the company at $6 billion. The raise comes nine months after the startup launched with a $180 million seed round that valued it at $1.5 billion.
Tesla has started production of its Optimus humanoid robot at its Fremont, California factory, the company announced Wednesday, even as third-quarter earnings showed a sharp drop in profits due to heavy spending on artificial intelligence and the robot project. Total revenue was flat at $28.04 billion, while net income plunged 43% to $787 million.
Australians and New Zealanders will be the first gamers in the world to play Grand Theft Auto VI when it releases in a staggered late-night global launch on 19 November, but employment law experts warn that calling in sick to play the game could lead to disciplinary action or even dismissal.
Bose announced on Wednesday it has acquired Skullcandy, a move aimed at broadening its audience in the consumer audio market. Specific financial terms were not disclosed.
Tesla's operating income tumbled 56 percent year over year to $718 million in the third quarter, as spending on AI and research weighed on profitability despite a stronger-than-expected bottom line and a surprise cash-flow beat. The results landed the day after Elon Musk said Tesla and SpaceX had each formed committees to explore a potential merger.
Amazon has abandoned its plan to build data centers on the former George Washington University campus in Loudoun County, Virginia, forgoing a $427 million investment. The company will instead donate approximately 25 acres of the property valued at $65 million to the county for community facilities and contribute $5 million to affordable housing, under an agreement called 'Project Potomac Promise'.
Meta’s third-quarter earnings reveal that a $9.89 billion payment toward a child safety settlement reduced its operating income from operations, which would have been $22.89 billion without the charge. The payment is part of a larger $17.1 billion settlement reached in August with US state attorneys general, who alleged that Meta’s social media platforms were designed to be addictive to children.
Meta Platforms reported a 26% rise in third-quarter revenue to $64.6 billion on Wednesday, beating analyst expectations and sending shares up about 5% in after-hours trading, but the results were marred by a $25 billion legal penalty in New Mexico for data privacy violations, negative free cash flow for the first time since 2012, and the creation of a new class of nonvoting stock aimed at funding AI investments while insulating CEO Mark Zuckerberg from dilution.
IBM reported better-than-expected third-quarter results on Wednesday, with earnings and revenue both surpassing analyst estimates as CEO Arvind Krishna highlighted growing traction for the company's 'Super Intelligence' offerings.
Blacksmith, a platform that helps companies build and test software more efficiently, has achieved unicorn status with a $66 million Series C funding round led by Sequoia, the company announced on Wednesday. The round values the company at $1 billion, up from $550 million in its Series B just two months ago and $60 million a year ago.
Legora, a startup that automates workflow tasks for legal professionals, announced Wednesday that it has raised $550 million in Series E funding, bringing its valuation to $8.8 billion. The company said its annual recurring revenue has more than doubled since April to over $200 million, and it plans to use the new capital to expand across North America.
Vodafone's parent company TPG Telecom has publicly accused rival Aussie Broadband of failing to stop millions of scam calls, saying 98 per cent of the scam calls detected on its network between July 2025 and July 2026, more than 24 million, came via Symbio, a little-known wholesale carrier owned by Aussie Broadband. TPG's executive Vanessa Hicks called for urgent action to block calls closer to the source, while Aussie Broadband CEO Brian Maher said the company was working to address the problem but needed more data from other telcos.
General Motors on Wednesday laid out plans to slash vehicle development time to roughly two years, announced a proprietary in-car AI assistant under its OnStar brand, and reaffirmed its goal of eyes-off highway driving by 2028 at a 'GM Forward' event in Manhattan.
Netflix is set to release 30 films in theaters next year, matching its 2026 output, even as co-CEO Ted Sarandos insists the company remains a streaming-first business. The expansion comes amid a stock slump, viewership stagnation, and a leadership overhaul that installed former Disney executive Peter Rice as chief content officer.
A judge has ordered Meta to pay $25 billion to New Mexico after a jury found the company liable for deceiving users about privacy policies on Facebook. The ruling is among the largest state verdicts against a company in American history.
Electronic Arts has shut down BioWare, cancelled the next Mass Effect game, and laid off around 400 staff, including approximately 50 at the studio, the company confirmed on Wednesday. The closure ends a storied three-decade run for the studio behind the Mass Effect, Dragon Age, and Star Wars: Knights of the Old Republic franchises.
The Federal Aviation Administration has approved Boeing's 737 Max 10 for passenger service, ending nearly a decade of regulatory and technical delays. Transportation Secretary Sean Duffy announced the certification Tuesday at Boeing's Everett, Washington, plant, calling it a major win for American manufacturing after extensive safety reviews and thousands of hours of flight tests.
Western Sydney International Airport (WSI) will welcome its first commercial flight this Sunday, marking the opening of Sydney's second airport after years of planning. The airport, located roughly 60km from the city centre, promises to relieve congestion at Kingsford Smith and offer greater competition for flights. But as it launches with a modest initial schedule, aviation experts and the operator of Melbourne's lesser-known second airport, Avalon, offer contrasting perspectives on its path to success.
Political advertising ahead of the US midterm elections is forecast to reach a record $11.6 billion, with traditional broadcast television expected to capture the largest share at 48 percent, according to data from advertising intelligence firm AdImpact. The 2025-26 cycle surpasses both the $11.2 billion spent during the 2024 presidential race and the $8.9 billion in 2022 midterms, underscoring broadcast's enduring role in campaign strategy despite the rise of digital platforms.
Eurozone government debt rose to 88.8% of gross domestic product in the second quarter of 2026, up from 87.3% a year earlier, according to Eurostat. Italy's debt ratio now stands just 0.9 percentage points below Greece's, the bloc's most indebted member, while France's ratio climbed to 119.1% as its 10-year bond yield exceeded 5% for the first time since 2002.