Month: May 2024
A recent survey by a major bank indicates that household financial stress has reached its highest level in eight years.
According to a survey conducted by the National Australia Bank (NAB), Australians are experiencing a level of unease reminiscent of the early days of the pandemic. NAB's chief economist, Alan Oster, remarked, "Essentially, it's indicating that wellbeing has regressed to previous lows. So people are still very much concerned about their livelihoods." The survey, which polled thousands of Australians, gauged satisfaction levels with various aspects of their lives. Results showed the lowest levels of satisfaction with the[more...]
Despite owing $100 million and facing the loss of planes, Bonza is engaging in discussions with six potential buyers.
During a creditors' meeting in Sydney on Friday, administrators for Bonza Airlines revealed that multiple parties have shown interest in purchasing the collapsed airline. Richard Albarran of Hall Chadwick stated that Bonza owes over $100 million to backers, customers, and staff. Albarran also disclosed that 777 Partners, the airline's struggling private equity owners based in Miami, had infused approximately $78 million into Bonza, which commenced operations in early last year.
A world with a 3°C temperature increase would be marked by brutal heatwaves and cities partially submerged by rising sea levels.
A Guardian survey of hundreds of leading climate experts suggests that global heating is likely to surpass internationally agreed limits, leading to catastrophic heatwaves, floods, and storms. Only 6% of the respondents believed that the 1.5°C limit could be achieved, emphasizing the need for exceptionally swift and radical action to halt and reverse the world's escalating emissions from fossil fuel burning. Nevertheless, the experts were adamant that surrendering was not an option and that achieving 1.5°C was[more...]
ASIC has frozen the assets of a financial adviser and associated companies.
The corporate regulator has initiated "urgent" Federal Court proceedings against a Brisbane-based financial adviser. ASIC announced on Thursday that it had commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash and his affiliated companies, including Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd, and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund. According to the regulator, Prakash is a certified practicing accountant, registered tax practitioner, self-managed superannuation fund auditor,[more...]
A database containing 49 million records of Dell customers has been stolen and is now being offered for sale on the dark web.
Dell has confirmed that information regarding its customers and their orders has been stolen from one of its portals. While the thief claims to have taken 49 million records, now available for sale on the dark web, the IT giant has not disclosed how many individuals may be affected. The stolen data reportedly includes individuals' names, addresses, and details concerning their Dell equipment, excluding sensitive information like payment details. Nevertheless, the security breach compromised the portal. "We[more...]
A Tesla driver’s encounter with a kangaroo resulting in a $500 incident underscores a costly aspect of a popular EV.
Tesla cars have held their status as the top choice for electric vehicles on Australian roads for quite some time. Despite occasional grievances from drivers, the majority of buyers are enthusiastic about extolling the fleet's cutting-edge technology. However, a recent incident experienced by one driver has brought attention to a costly aspect of this advanced technology. On Tuesday, the driver encountered a kangaroo just before 6 am while traveling along a rural road in NSW, triggering a[more...]
A new Big W store debuts in Sydney’s north-west.
Big W has unveiled its first full-sized store in Sydney's north-west in five years. Nestled in Stanhope Gardens, adjacent to Bella Vista, this large-format establishment marks a significant return for Big W since 2019. Equipped with drive-up bays for a direct-to-boot service, a dedicated bulk-buy department, and a revamped layout in the health and beauty section, the store epitomizes convenience for the local community. Managing Director Dan Hake emphasized the commitment to offering quality products at competitive[more...]
As sales decline, Tesla slashes prices in key markets.
Tesla has once again reduced its prices in several major markets, including the US, China, and Germany, as the electric car titan led by billionaire Elon Musk contends with declining sales. This move follows a significant drop in global vehicle deliveries during the first quarter of this year. A price war among electric vehicle (EV) manufacturers has been escalating, with fierce competition emerging from Chinese companies in particular. Tesla is set to unveil its financial results for[more...]
If the Fed opts to cut rates to stave off a recession, stocks may plummet following an ill-conceived ‘melt-up’.
Market veteran and investment strategist Ed Yardeni warns of an impending risk: the Federal Reserve's actions could ignite a stock market melt-up. This concern arises from the resurgence of the "Fed Put" concept, wherein the Fed intervenes with interest rate cuts at the first signs of economic fragility. Fed Chairman Jerome Powell's recent suggestion that the next move in interest rates is likely a cut has reinforced this belief among investors. "Investors now believe the Fed will[more...]
Market momentum fades as a five-day rally loses steam.
The domestic stock market eked out its fifth consecutive day of gains, with shares edging marginally higher as traders absorbed the Reserve Bank's stance on interest rates. The benchmark S&P/ASX200 index closed Wednesday's session up 11.2 points, or 0.14 percent, at 7,804.5, while the broader All Ordinaries nudged up 11.2 points, or 0.14 percent, to 8,076.7. Westpac chief economist Luci Ellis, a former Reserve Bank assistant governor, predicted the central bank would maintain rates until late this[more...]