JP Morgan Securities Faces $775K Fine for Market Failures

After an ASIC investigation, the Markets Disciplinary Panel (MDP) has levied a $775,000 fine against J.P. Morgan Securities Australia Limited (JPMSAL) for allowing suspicious client orders on the ASX 24 futures market. The MDP determined that JPMSAL should have recognized 36 orders from a client between January 11, 2022, and March 3, 2022, as potentially intended to manipulate the market or prices of Eastern Australia Wheat futures contracts for January 2023 (WMF3). ASIC Deputy Chair Sarah Court[more...]

Hungry Jack’s reintroduces its iconic burgers following a contentious legal dispute with McDonald’s.

Hungry Jack’s has reintroduced a controversial selection of burgers that sparked a tumultuous three-year legal battle with McDonald’s. The fast food chain has officially announced the return of the Big Jack and Mega Jack to menus nationwide, albeit for a limited time. In 2020, the introduction of these burgers led to a legal dispute initiated by McDonald’s, claiming trademark infringement on its Big Mac range. Throughout the legal proceedings, Hungry Jack’s chief marketing officer Scott Baird acknowledged[more...]

Australia receives a cautionary note as China is reported to be utilizing rare earths as a strategic tool.

Iluka Resources, a company specializing in mineral sands and rare earths, has delivered a strong cautionary message amidst China's efforts to "weaponize" the supply of critical materials and impede Australia's advancement. During the annual general meeting in Perth on Tuesday, CEO Tom O'Leary emphasized the significance of rare earths, noting that China has demonstrated a willingness to exploit its control over them. He highlighted China's dominance in production and its influence over pricing as key factors. O'Leary[more...]

AstraZeneca has announced its decision to withdraw its COVID-19 vaccine from circulation in the European Union, with other countries likely to follow suit in a similar move.

AstraZeneca has decided to withdraw its COVID-19 vaccine globally, shortly after acknowledging its potential to cause a rare yet severe side effect. The application to withdraw the vaccine from circulation in the European Union was submitted on March 5 and took effect on Tuesday, as reported by The Telegraph. Similar withdrawal requests will be made by the company in several other countries where the vaccine had been authorized, including Australia. This decision comes amid concerns about a[more...]

Major travel disruption hits UK airports as e-gates malfunction.

Long delays plague airports throughout the UK as the border force e-gate system experiences a significant malfunction. Heathrow, Gatwick, Edinburgh, Birmingham, Bristol, Newcastle, and Manchester airports have all reported delays due to a problem with the UK Border Force, according to the BBC. E-gates, which utilize facial recognition technology to verify individuals' identities and grant them entry into the country without direct interaction with a Border Force officer, are affected by the disruption.

TikTok has filed a lawsuit against the US government in an attempt to prevent the enforcement of a law that may lead to the banning of the popular social media platform.

TikTok and its Chinese parent company, ByteDance, have initiated legal action against the US government regarding a law that mandates the sale of the popular video-sharing app or its potential banning, citing concerns over national security and First Amendment rights. The anticipated lawsuit, filed on Tuesday, sets the stage for a prolonged legal battle over TikTok's future in the United States, with the possibility of escalation to the Supreme Court. TikTok warns that if it loses, the[more...]

ANZ has unveiled a decline in its cash profit, attributing it to a rise in borrowers falling ‘past due’ on their loans.

ANZ reported a surge in homeowners falling behind on their mortgages, with the value of past due loans rising by 22 percent over the past year, as stated in their Tuesday report. Despite indications of households grappling with successive interest rate hikes and rising living costs, CEO Shayne Elliott emphasized that the numbers were still "remarkably low." There was a notable spike in loans now 60-89 days past due, increasing by 63 percent in the 12 months[more...]

Woolworths has officially announced a significant alteration to its iconic mud cake, effective immediately.

Woolworths has confirmed a significant update to its beloved range of mud cakes, effective immediately. This week, the supermarket is introducing a new Hokey Pokey flavor both in-store and online, available for a limited time. Crafted by the Woolworths bakery team, the Hokey Pokey Mudcake features milk chocolate infused with honeycomb pieces. This addition joins the ranks of other favorites such as Mint Choc, Orange Choc, and Birthday Cake. “Our decision to introduce the Hokey Pokey flavor[more...]

McDonald’s is currently testing a new menu item in specific Australian locations.

McDonald's has unveiled a clandestine addition to its menu after eagle-eyed fans spotted it – but it's not available everywhere. The fast-food behemoth is testing out Wavy Fries, a crinkle-cut chip that packs more thickness than the standard Aussie fries. Although limited to specific outlets for now, the introduction of this new item, previously a hit in France, hasn't dampened the enthusiasm of potato lovers. "McDonald’s Australia is currently trialing Wavy Fries in select restaurants across New[more...]

New South Wales is currently caught in a persistent rain streak, with the weather pattern showing little sign of relenting.

Behind this pattern, various factors such as atmospheric conditions, oceanic currents, and regional weather systems converge to sustain the prolonged wet spell. For those residing in southeastern Australia, the weather may evoke a sense of déjà vu akin to the film "Groundhog Day." Since the beginning of May, Sydney and other areas along the New South Wales coastline have experienced relentless rainfall, resulting in accumulations ranging from 50 to 100 millimeters over the span of a week.[more...]