Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: Australian shares have fallen sharply as investor concerns about the US presidential election were heightened after a tense presidential debate which was marked by interruptions and insults. The ASX 200 deepened its losses in afternoon trade and closed down 2.3 per cent or 136 points to 5,816, wiping around $40 billion off its market value..... [more]

  • U.S. Market Report: Wall Street’s main indexes jumped on Wednesday, led by industrials and technology-related stocks, as officials rekindled the idea of an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..... [more]

  • North/South Americas Market Report: North and South American markets are sharply higher today with shares in Mexico leading the region. The IPC is up 1.32% while U.S.'s S&P 500 is up 1.22% and Brazil's Bovespa is up 1.09%..... [more]

  • European Market Report: Shares in Germany are lower today as the DAX falls 0.51%. The British and French stock markets are closed at this time..... [more]

  • Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.99%, while the Nikkei 225 led the Shanghai Composite lower. They fell 1.50% and 0.20% respectively..... [more]

Australian Business News

  • JobSeeker payments are becoming the new “pre-age pension” as the number of older Australians signing up for the dole grows, a new report warns. Parliamentary Budget Office analysis reveals the typical welfare recipient is now an older person rather than a younger man..... [more]

  • Government announces digital ID plan to boost economic recovery.... [more]

  • Engineering construction work hits 2½-year high.... [more]

  • It sounds like an idyllic tour of Queensland: The Whitsundays, Noosa, Surfers Paradise, Coolangatta, Broadbeach. Instead it is a grim list of the top mortgage deferral hotspots..... [more]

  • A new banking industry watchdog has used its teeth for the first time, sanctioning Bendigo and Adelaide Bank for "serious and systemic breaches" in how it has treated customers since 2015..... [more]

  • AMP staff are bracing for job losses across two divisions as the wealth giant pursues a cost-cutting exercise while it looks to sell off parts of the business in what has been a turbulent year for the company..... [more]

  • Marvel Gold’s transition to gold supported by 54% lift in Tabakorole resource to 910,000-ounces.... [more]

  • Bardoc Gold lifts confidence in 3.3 million-ounce project with 64% of resource in measured and indicated categories. The updated mineral resource provides a strong foundation for the ongoing definitive feasibility study, which is on track for completion in Q1 2021..... [more]

  • Some of Australia's top manufacturers say the approval of Santos's contentious $3.6 billion Narrabri gas field is a key step in the push to avoid a supply crunch and start easing stubbornly high prices in the nation's south-east..... [more]

  • ACT Labor promise Canberra-wide network of renewable energy batteries if elected.... [more]

  • Red River Resources looks cheap if base metal prices hold up: E.L. & C. Baillieu. Red River management has flagged the restart of operations at Hillgrove through the treatment of old stockpiles in late 2020..... [more]

  • 3D Resources (DDD) has expanded its exploration program at the Adelong Gold Project in New South Wales. The project covers 70 square kilometres and comprises the old Adelong Goldfield in southern New South Wales..... [more]

  • Major miner BHP will support more than 3000 new apprentices through a multimillion-dollar package aimed at helping to boost Australia’s fragile economy..... [more]

  • Mining giant Rio Tinto is facing accusations that a mine it abandoned in Papua New Guinea two decades ago is leaking poisonous waste into rivers. More than 150 people living in Bougainville have filed a complaint with the Australian authorities..... [more]

  • Alderan Resources (ASX:AL8) to begin drilling at Mizpah.... [more]

  • What is the Narrabri coal seam gas project.... [more]

  • Kazia Therapeutics halted with news pending on accelerated entitlement offer. The Dana-Farber Cancer institute will initiate an open-label phase II clinical trial of paxalisib in primary central nervous system lymphoma, which is expected to recruit up to 25 patients, and take up to two years to complete..... [more]

  • Retailer Harvey Norman could be facing another fiery annual general meeting after failing to significantly modify its executive pay despite ongoing shareholder concerns..... [more]

  • Harvey Norman is pushing ahead with expansion plans overseas, although they have been pared-back due to pandemic disruption. The retailer flagged in last year’s annual report its intention to open up to 21 new stores by the end of 2020-21, mostly in Singapore and Malaysia..... [more]

  • AD1 Holdings (ASX:AD1) to purchase Art of Mentoring for $1.5M.... [more]

  • Flight Centre will shut a further 90 stores across Australia as the ongoing closure of state and national borders keep holidaymakers grounded and the travel group in hibernation..... [more]

  • Regional Express (ASX:REX) locks in six Boeing 737-800 NG aircrafts.... [more]

  • Hardware giant Bunnings Warehouse wants to relocate from its Subiaco site to Jolimont and build another store twice as big. Bunnings has leased the Salvado Road site from Homebase Management for almost 30 years and now wants to move to 616 Hay Street in Jolimont, a $55 million effort it says would provide an “improved service offering for the City of Subiaco community”..... [more]

  • Regional publisher Australian Community Media is launching a new company with digital property business Real Estate View, as it looks at ways to provide more value to its advertisers. ACM, which is led by former Domain boss Antony Catalano and backed by billionaire Alex Waislitz, will invest $60 million worth of editorial, sales and marketing into the joint venture and will take a controlling interest in the new business. Real Estate View will invest $40 million in the joint entity..... [more]

World Business News

  • The covid-19 recession is the most unequal in modern U.S. history. Job losses from the pandemic overwhelmingly impacted low-wage, minority workers..... [more]

  • U.S. Blocks Palm Oil Imports From One of the Top Producers.... [more]

  • The collapse in aviation caused by the coronavirus pandemic could wipe out 46 million jobs worldwide, according to new research that highlights just how damaging a prolonged downturn in air travel and tourism is for the global economy..... [more]

  • Global banks are preparing for the possibility that there will be no clear victor on the night of the U.S. presidential election, a scenario that could spark days or weeks of chaos in global equities and fixed income markets, several bankers said..... [more]

  • Some Lehman Brothers Creditors Set for Payday 12 Years After Collapse.... [more]

  • U.S. Treasury Secretary Steven Mnuchin said if Oracle’s deal for TikTok cannot be closed with terms that meet U.S. security requirements, including holding code in the United States, the short video app will be shut down..... [more]

  • Disney is laying off 28,000 employees as pandemic hammers its theme parks.... [more]

  • Asana shares jump nearly 29% in NYSE debut.... [more]

  • Nikola Corp NKLA.O Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a deal with an energy partner, and he defended the company's technology and strategy against a short-seller's fraud allegations, sending shares up as much as 12%..... [more]

  • Facebook takes a big step in linking Instagram, Messenger and WhatsApp.... [more]

  • Walmart is giving its massive stores a makeover, with a redesign that mimics its app so shoppers can more easily find what they're looking for..... [more]

  • Brexit is back and the stakes are higher than ever.... [more]

  • Britain’s rapid recovery from its Covid-19 slump is being put at risk by undue pessimism and a “Chicken Licken” fear that the sky is about to fall in, the chief economist of the Bank of England has said..... [more]

  • British beef is back on US menus for the first time in more than 20 years as exports restart on Wednesday. The beef was banned after the BSE outbreak in 1996 when cattle were infected by what became commonly known as Mad Cow Disease..... [more]

  • Trade unions urge EU to investigate Amazon effort to spy on workers. Three UK unions among signatories to letter calling for action against tech firm.... [more]

  • French investigators have called for a review of the design and maintenance of titanium alloy engine parts to ensure they guard against the risks of metal fatigue following an engine blowout on an Airbus AIR.PA A380 exactly three years ago..... [more]

  • Bayer to cut more than 1.5 billion euros in costs.... [more]

  • Royal Dutch Shell has said it plans to cut 7,000 to 9,000 jobs as it responds to challenges including the slump in oil demand amid the Covid-19 pandemic. The oil giant said the cuts would be implemented by 2022 and included 1,500 people who were taking voluntary redundancy..... [more]

  • Ex-Audi boss stands trial over 'dieselgate' scandal in Germany.... [more]

  • Bankruptcies in Asian commodities markets this year prompted banks to review some lending policies with trading houses, who nevertheless still enjoy abundant liquidity, several banking executives said on Tuesday..... [more]