BUSINESS

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.

A Victorian Gambling and Casino Control Commission (VGCCC) investigation found that the company failed to keep a tab on its harm minimization measures spanning 2020 to 2023, resulting in at least one consumer incurring financial losses.

Those seeking three-year home loans are expected to get a competitive 5.89% interest rate, which is in line with Westpac's offer. Additionally, the new variable rate borrowers will be offered a reduction of up to 0.35 percentage points to ease financial strain

An independent review of the RBA last year recommended several proposals, including dividing the bank's board -- one responsible for monetary policy, which will continue to set interest rates, and the other, a Governance Board, to handle operations.

European and Asian stock markets rose on Thursday on growing optimism that the US Federal Reserve will cut interest rates next month.

"The current operating model and structure is not sustainable for us. Our customers are moving to digital channels ... but we have also seen very significant margin compression," BOQ's chief executive Patrick Allaway said.

The ACCC is concerned that Qantas and Virgin are capitalizing on the decreased competition and raising ticket prices on popular routes.

The patients were told about the abnormal embryos after they underwent the non-invasive pre-implantation testing (NiPGT). However, Monash IVF later admitted that test results from the now-suspended NiPGT were 75 to 85% similar to a standard test.

According to a survey by accounting firm Deloitte, 101,500 Australians could become jobless in the next one year, taking the unemployment rate from the current 4.2% to 4.5%.

US and European stock markets rebounded Wednesday but Asia slipped as investors waited for a speech by US Federal Reserve chief Jerome Powell at the end of the week.

UK government borrowing jumped by far more than expected in July, official figures showed Wednesday, stoking fresh anxiety for the new Labour government ahead of its first budget in just over two months.

The RBA's reluctance to lower interest rates is a result of its worries about wages and employment.

About 500 jobs are reportedly under threat, which the agency's staff union warns could jeopardize its research capabilities and national scientific expertise.

Switzerland's new instant payment system will bolster the future of cashless payments in the country, the Swiss central bank said Wednesday after the scheme went live.

Echo Law, the legal firm that filed the suit Wednesday, claimed even though the airline was obliged to refund the money, it gave travel credits to customers between 2020 and 2022.