Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: The S&P/ASX 200 fell 20.4 points, or 0.3 per cent, to 8160.0, with eight of its 11 industry sectors in the red..... [more]

  • U.S. Market Report: Wall Street tumbled on Thursday, after warnings from Microsoft and Meta Platforms about escalating AI costs curtailed enthusiasm for megacap stocks, which have driven the market rally this year..... [more]

  • European Market Report: European stocks were slightly lower on Thursday as investors assessed the latest batch of earnings and awaited the closely watched preliminary euro zone inflation reading for clues to the ECB's rate trajectory..... [more]

  • Asian Market Report: Asian stocks ended broadly lower on Thursday, as investors reacted to mixed earnings from U.S. technology companies and signals from the Bank of Japan that further rate increases are still on the horizon..... [more]

Australian Business News

  • Australian consumers are trickling back into shopping centres, with new data showing a nascent spending recovery is under way before what retailers hope will be a bumper Halloween boost..... [more]

  • This 1-hour super check may add 25% to your retirement balance.... [more]

  • While research and ratings house Morningstar has been critical of investment team turnover at industry fund Cbus it has been highly approving of team stability and leadership of another industry fund, UniSuper..... [more]

  • Gold is at all-time highs – So why are gold miners underperforming?.... [more]

  • Toubani Resources has tabled a stunning Definitive Feasibility Study for its Kobada gold project in Mali which it says will deliver a post-tax net present value of US$635 million and $US1.499b in total pre-tax cash flows over its initial 9.2 year mine life..... [more]

  • Lynas Rare Earths Shares Dip Alongside Production & Revenue.... [more]

  • BHP has been forced to walk back comments about having “moved on” from its failed Anglo American bid to prevent its hands being tied by the UK takeover panel from launching another buyout attempt..... [more]

  • 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has announced the successful completion of its 2D seismic processing over Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin, Namibia..... [more]

  • St George Mining’s MoU with Invest Minas to accelerate Araxá approvals.... [more]

  • Woodside Energy (ASX:WDS) has confirmed its completed the sale of a 15.1% stake in its controversial Scarborough project to Japan’s JERA..... [more]

  • Calls to defund Grok Academy, WiseTech programs after scandals.... [more]

  • Thales Australia clinches government munitions deal after company stops hiring employee accused of corruption.... [more]

  • The chairman of retail conglomerate Wesfarmers has defended the role of big business in Australia and hit out at “political leaders of all persuasions”..... [more]

  • Woolworths employee on $26 an hour confronts board at AGM over millions paid to executives.... [more]

  • Supermarket giant Coles has revealed its customers are increasingly shopping around to stretch their wallets further, going to up to seven or eight retailers in a week to find lower prices..... [more]

  • Optus says it has sacked staff after the Australian consumer watchdog launched a federal court case alleging the telco.... [more]

  • Huge Aussie company T&R International collapses owing millions.... [more]

  • Comment - Greg Jericho: Labor’s actions to lower inflation have worked – so why is the RBA unlikely to cut interest rates next week?.... [more]

  • Analysis - Ian Verrender: Who is to blame for Australia's inflation problem and stubbornly high interest rates?.... [more]

World Business News

  • Low US weekly jobless claims, solid consumer spending showcase economy's strength.... [more]

  • As a presidential race profoundly shaped by Americans’ frustration with high prices nears its end, the government said Thursday that an inflation gauge closely watched by the Federal Reserve has dropped to near pre-pandemic levels..... [more]

  • Bitcoin, Ethereum, Polkadot dip as Wall Street selloff mood hits risk assets.... [more]

  • The 2024 election cycle has seen an upswell of political spending by the crypto industry, and Coinbase CEO Brian Armstrong is confident that lawmakers will be very friendly to the market next year. .... [more]

  • Shares of Robinhood Markets (HOOD.O), fell 14% on Thursday after more than doubling in value this year, as incentives aimed to attract customer assets hurt the retail trading platform's third-quarter results..... [more]

  • Comcast is exploring a separation of its cable networks business, President Mike Cavanagh said Thursday..... [more]

  • Oil and gas producer ConocoPhillips (NYSE:COP) surpassed Wall Street's third-quarter profit expectations on Thursday and elevated its full-year output forecast, crediting the increase to operational efficiencies enhancing production..... [more]

  • How well is Apple’s AI iPhone really selling? We’ll get the first signs soon.... [more]

  • AI server maker Super Micro Computer Inc (NASDAQ:SMCI) plunged 33% on Wednesday and is down another 12% today (Thursday) after the company disclosed that its registered public accountant Ernst & Young LLP resigned.... [more]

  • Ford to halt production of F-150 Lightning EV pickup trucks for six weeks.... [more]

  • Microsoft on Wednesday reported its quarterly sales grew 16% to $65.6 billion as the company sought to assure investors its huge spending on artificial intelligence is paying off..... [more]

  • Purdue Pharma nears new bankruptcy deal with Sacklers mediator says.... [more]

  • Microstrategy has been piling into bitcoin for years, but its latest investment is huge even by its standards. The company, led by chairman, founder, and bitcoin evangelist Michael Saylor, said it plans to raise $42 billion to buy more bitcoin..... [more]

  • Russia fines Google $20,000,000,000,000,000,000,000,000,000,000,000. Russia is seeking an unfathomable sum of money from one of the world’s biggest tech companies..... [more]

  • Rachel Reeves could need £9bn of further tax increases to avoid a fresh round of austerity for some struggling public services, despite her first budget setting out the largest rise in a generation, the Institute for Fiscal Studies has said..... [more]

  • UK borrowing costs hit highest level this year as gilt sell-off intensifies.... [more]

  • U.K. raises private equity tax, but by less than expected.... [more]

  • Would-be first time buyers and homeowners looking to remortgage have been dealt a devastating blow in the UK after the latest forecasts predicted that mortgage rates will remain high for at least five years..... [more]

  • Regulator bans more advisers over British Steel pension advice.... [more]

  • Portugal's parliament on Thursday approved the centre-right minority government's 2025 budget bill on its first reading, forecasting a slight pick-up in growth and a small surplus.... [more]

  • How Volkswagen Lost Its Way in China. A brutal price war, sudden shifts in consumer demand and human rights issues in Xinjiang have left VW stumbling in a market it led for 40 years..... [more]

  • French oil major TotalEnergies (TTEF.PA), has between $1.5 billion and $2 billion in annual dividends from its stakes in Russian gas producer Novatek (NVTK.MM), and the Yamal LNG project stuck in Russia.... [more]

  • Huawei founder Ren Zhengfei: US tech is great, but we have to build our own.... [more]

  • Huawei Technologies reports 13.7% drop in 9-mth profit.... [more]

  • The Chinese electric vehicle giant BYD has seen its quarterly revenues soar, beating Tesla's for the first time..... [more]