BUSINESS

According to University of Melbourne Professor Tom Kompas, people between the ages of 30 and 49 contributed the most to the loss. "Workers in that age bracket contributed to a loss of 52 million worked hours, or more than 50% of the total labor and productivity lost in 2022," he said.

Westpac surged ahead of its peers who were still grappling with soaring high interest rates and rising cost-of-living pressures, which led to concerns about asset quality and loan repayment.

Equities were mixed Monday following last week's strong performance, with traders focused on a closely followed meeting of central bank chiefs where the Federal Reserve's Jerome Powell is due to deliver a key speech.

Despite the challenges, the bank's core operating margins boosted investor confidence, leading to a 1.5% increase in its share price by mid-session.

Stock markets mostly rallied Friday after encouraging US retail sales data reassured investors about the health of the world's biggest economy.

Financial pundits have been betting on rate cuts by the end of the year, that would provide relief to mortgagors and renters.

Administrator Sam Freeman said more than more than 20,000 passengers flew Rex in the first week of administration, adding that only the capital city routes serviced by Boeing 737s have been grounded.

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday.

Based on the data from the Australian Bureau of Statistics (ABS), the market added more than 58,000 jobs in July, mostly in full-time roles, but the number of those who were unemployed grew by 24,000, which lifted the participation rate to a record high of 67.1%.

Telecom companies delayed the shutdown following concerns regarding the inability of some phones to connect to triple zero emergency network.

ASIC pointed out that a week before the February update, ASX's audit and risk committee was informed about the project's "red" status. Despite the warning, ASX updated the public in February 2022 that the project was progressing well and would go live the next April. After serious lapses, the project was finally shelved in November 2022.

The recruitment company's stock price fell 8.5%, causing a loss of AU$600 million, as SEEK's CEO, Ian Narev, predicts fewer job ads in Australia and New Zealand next year.

Asian stocks rose again Tuesday as worries about a US recession that sent markets into turmoil last week eased ahead of key inflation data, while oil prices held gains on concerns about a broader war in the Middle East.

In the June quarter, the pay for public servants was raised by 0.9% and in March by 0.6%, contributing to a 3.9% increase in the past one year.

Global stock markets mostly rose Monday as investors tried to move on from upheaval fuelled by US recession worries, with focus shifting to the week's release of American inflation figures and other key data.

According to Shell, the phase 2 development will produce 130 terajoules of additional gas per day at peak production.

The RBA's Andrew Hauser said, "As humans, we are all prone to overconfidence, particularly when forecasting the future. In many cases, the answer we ought to give is that we simply do not know."

European and Asian stock markets mostly rose Friday, the end of a roller-coaster week for equities, after US jobs data soothed concerns that the world's top economy could tip into recession.

Consultation regarding the layoffs started on July 31, with termination notices being circulated the same night.

E-commerce tycoon Colin Huang has become China's richest man, an index showed Friday, capping an ascent for the former Google employee whose shopping site Temu has sucked in consumers with its low prices and all-powerful algorithms.

News Corp's consideration of the sale is driven by emerging interest from potential buyers, and its unsuccessful bid to compete with Netflix by launching new services like Kayo and Binge.

The joint study agreement, which was disclosed Wednesday, focused on capturing and storing carbon dioxide from Japan and Australia in the surrounding regions of Australia's Bonaparte and Browse basins.

He will lose AU$8.36 million worth of Qantas shares, based on its current share price, while his short-term incentive bonus will be cut by 33% to AU$900,000.

Prime Minister Anthony Albanese rejected criticism that his government's spending was adding to inflation. He said the Labor government's two budget surpluses and several measures, which were aimed at reducing the living expenses, have helped to bring down the prices.

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Global stocks recovered further and the Japanese yen slid against the dollar on Wednesday as the Bank of Japan issued a dovish signal it will not hike interest rates amidst market volatility.

Disney reported Wednesday better revenues than anticipated in the most recent quarter, atop a first profit in its streaming business, but its theme parks are coming under pressure.

Denying that government spending was boosting inflation, Chalmers said the Commonwealth's AU$300 energy bill rebate and rental assistance would bring down the Consumer Price Index (CPI).

Miles also pledged to establish at least 12 state-owned fuel stations that would operate on a cost-recovery basis and offer petrol, diesel, and electric vehicle (EV) charging.