Stifel warns that Bitcoin is signaling an imminent stock market sell-off.

Bitcoin's 10% sell-off since June 7 is a warning sign for the broader stock market, according to Stifel strategist Barry Bannister. In a Wednesday note, Bannister pointed to the strong correlation between Bitcoin and the Nasdaq 100 since 2020, noting that Bitcoin behaves more like a speculative risk-on asset than "digital gold." Despite Bitcoin's decline in June to around $65,000, the broader stock market has continued to reach new record highs, driven by gains in mega-cap tech[more...]

The U.S. overtakes Australia as New Zealand’s second-largest export market.

The U.S. overtook Australia as New Zealand’s second-largest export market last month due to increased demand for wine and meat. Exports to the U.S. rose to a record 8.8 billion New Zealand dollars (USD 5.4 billion) in the 12 months through May, an 8.9% increase from the previous year, according to Statistics New Zealand. In contrast, annual sales to Australia dropped 2.4% to NZD 8.7 billion, down from a peak of NZD 9.1 billion in mid-2023. While[more...]

Perovskite solar cells, designed for rooftop installation, are soon entering the residential market.

Global solar capacity is rapidly increasing, and this growth is poised to accelerate with the emergence of new, high-efficiency solar cells from research labs. Among these are perovskite solar cells, a new class of synthetic material that promises low-cost, high-volume manufacturing. After years of research and development, perovskite solar cells are finally ready for rooftop installation.

The ASX 200 rises as Collins Foods reports a 500% revenue increase, while Nvidia declines following a mixed session on Wall Street.

The Australian share market is trading higher on Tuesday after Collins Foods, the local operator of KFC and Taco Bell in Australia, reported a 500 percent net profit increase for the last financial year. This follows a mixed session on Wall Street, where chipmaker Nvidia slid for the third consecutive session. Follow the day's financial news and insights from our specialist business reporters on our live blog.

ASX extends losses as Cettire shares drop by 50%

Energy, healthcare, and consumer discretionary stocks dragged the Australian sharemarket lower in afternoon trading, amid fears that upcoming figures will show an uptick in inflation, pressuring the Reserve Bank to lift the cash rate. By 1 PM, the S&P/ASX 200 was down 43.7 points, or 0.56 percent. Only two out of 11 sectors – industrials and information technology – were trading in the green. Energy stocks were the worst hit, falling 1.48 percent, followed by healthcare, down[more...]

Qantas Domestic Sale: Airline Reduces Fares on Nearly All Routes for the Next Week

Qantas has placed nearly one million domestic flights on sale, with fares starting from $109 for a one-way ticket between the Gold Coast and Sydney. Seats will be discounted until 11:59 PM on Sunday, June 30, unless sold out earlier. Prices on more than 30 routes have been reduced to under $150, including flights from Brisbane to the Whitsunday Coast ($129), Adelaide to Melbourne ($139), and Albury to Sydney ($149). Select business class fares have also been[more...]

China and the EU will hold discussions on electric car tariffs.

The risk of soaring Chinese electric car prices in the EU could be easing after both sides agreed to negotiate a planned series of import taxes. Top officials from both regions discussed the tariffs in a call on Saturday and agreed to further negotiations, despite ongoing frictions. This call marks the first time the two sides have agreed to negotiate since the EU threatened China with electric vehicle (EV) tariffs of up to 38%. The EU claims[more...]

The City of Melbourne has sold its waste service to Cleanaway for $110 million.

Melbourne residents will soon experience a new garbage service for their kerbside rubbish collection, as Cleanaway Waste Management Ltd has acquired the business for $110 million. The Melbourne-based company will assume responsibility for maintaining the city's cleanliness, having been chosen by the City of Melbourne as the best operator to replace its Citywide waste and recycling business.

‘Not highly sophisticated’: A coding error caused the Optus data breach affecting 9.5 million Australians, alleges ACMA.

Australia's telecommunications watchdog has alleged that Optus could have fixed a simple coding error four years before hackers stole personal details of millions of customers. In a claim published by the Federal Court on Wednesday, the Australian Communications and Media Authority (ACMA) detailed how the September 2022 cyber attack occurred and highlighted Optus's failure to identify or rectify the vulnerability. Approximately 9.5 million current and former customers were affected by the breach, with personal information including names,[more...]

An inquiry has been told that Facebook’s potential news ban is already affecting smaller Australian media outlets.

Smaller publishers are already feeling the effects of a potential news ban on Facebook, a parliamentary committee has heard, as both small and large news outlets argue for social media companies to be required to pay for news content. Meta, the parent company of Facebook and Instagram, announced in March that it would not enter into new agreements with news companies to pay for news, following the expiration of contracts signed in 2021 under the Morrison government’s[more...]