BUSINESS

Asian markets retreated Tuesday as investors steel themselves for a high-stakes US jobs report at the end of the week while keeping tabs on China after fresh data stoked renewed worries over the world's number two economy.

Last week, the Victorian government introduced a bill in Parliament to impose a 7.5% tax on revenue from short-term stays booked for less than 28 days through platforms like Airbnb and Stayz, starting from Jan. 1.

Following the announcement by REA Group, Rightmove shares shot up 25% to £6.96 (AU$13.49) -- the highest it has reached since March 2022.

Major stock markets mostly fell Monday as more weak Chinese economic data offset optimism over an expected US interest-rate cut.

The grocer announced that it will use the funds from the sale to acquire 35% stake in PFD Food Services.

The treasurer's remarks on Sunday followed weeks of rumors regarding tensions between the RBA and the government, sparking concerns about the economy's direction.

Star Entertainment also decided to pushback publishing its annual financial results, following the release of the report.

According to the Super Members Council (SMC), 2.8 million Australian workers were not paid their full amount of superannuation in 2021–2022, which amounted to AU$5.1 billion.

The miner expects to raise its annual output from 322,000 tons to 500,000 metric tons of cathode by the early 2030s and up to 650,000 by the mid-2030s.

The country is now home to over 1,200 crypto ATMs, up from just 73 two years ago, catapulting Australia as the third-largest market globally, behind the U.S. and Canada.

"There has been speculation that potential misconduct by ANZ in connection with this issuance may have cost taxpayers. From what I have seen, there is no evidence of this. I've not seen any evidence, any of the data that supports any misconduct, market manipulation or otherwise, from ANZ," ANZ CEO Shayne Elliott told a parliamentary committee on Friday.

"Overall, it's clear there was little momentum behind consumer spending at the start of the quarter. And while it is early days, the data broadly reinforce our view that Australian households are not rushing to spend their newfound tax cuts," economist Abhijit Surya said.

The probe will address eight key questions, such as how WFH should be defined, should employees be given legal right to request for WFH, and how overtime should be authorized and calculated.

Denouncing Greens' proposed 40% tax on excessive corporate profits as "insidious populism," Matt Comyn suggested that prioritizing popularity over genuine reform will only erode trust in institutions.

The company's revenue also grew by 1.5%, reaching AU$44.19 billion.

Australian airline Qantas reported on Thursday a slide in net profit as post-Covid fares dropped, and said it was working to rebuild its reputation after a string of public scandals.

A quarter of all the energy China consumes now comes from non-carbon sources, according to research published Thursday, as Beijing rapidly pivots its huge economy to a greener footing.

Despite the 93.3% drop in profit, the company announced Wednesday an annual net profit of AU$1.71 billion, after tax, for the year 2023-24.

Equity markets moved cautiously Wednesday ahead of key US data and the release of earnings by tech titan Nvidia that could shine a light on demand for all things artificial intelligence after this year's tech-led markets rally.

In July, energy prices dropped to 6.4%, compared to the usual 0.9% rise, and as the government announced rebates across the country, further drop in prices were expected.

Primary residences, hotels, motels and caravan parks have been exempted from the short-stay levy.

In spite of losing the $49 billion bid for Anglo American, BHP is ramping up its efforts to increase its footprint in South Australia, aimed at raising production to over 500,000 metric tonnes.

Coles chief executive, Leah Weckert, said the supermarket sales soared as "a lot of Australians were choosing to eat out less and eating at home more."

The Dutch data protection watchdog said Monday it hit ride-hailing app Uber with a 290-million-euro ($324 million) fine over the transfer of personal data of European drivers to US servers.

The Senate inquiry will bring Bunnings' business operations under the radar as it is facing scrutiny over the expansion of its grocery section, which raised the question of whether it is consistent with the industry code of conduct.

Meanwhile, the Fair Work Ombudsman has cautioned the construction workers to not participate in the scheduled strike, adding that employers can deduct a minimum of four hours' pay from the wages of employees, who disregard the warning.

According to the report, areas most prone to climate-related disasters, such as cyclones and floods, are experiencing a 30% surge in insurance premiums.

According to the new initiatives, the airlines will have to "show cause" the reason for delay and cancellation of flights during their regular briefing to the government, while the ombudsman can seek more information.

Nestle shares fell Friday after the surprise departure of chief executive Mark Schneider, which followed slowing sales growth and bad headlines at the Swiss food group.