BUSINESS

BMW said Tuesday it was recalling about 1.5 million vehicles due to problems with their brakes and cut its outlook for the year, sending the German luxury carmaker's shares tumbling.

While the Westpac–Melbourne Institute Consumer Sentiment Index dipped by 0.5% to 84.6 in September from 85.0 in August, the NAB business confidence survey was down to -4 index points in August.

APRA recommended the transition to a simpler capital framework from Jan. 1, 2027, with all current AT1 bonds expected to be replaced by 2032. As of June 2023, Australian banks have a total of AU$40 billion worth of Additional Tier 1 (AT1) capital still outstanding.

Asian markets mostly rose Tuesday after a rally on Wall Street as traders try to assess the outlook for US interest rates following last week's disappointing jobs report, with focus on the release of key inflation data.

ACCC chair Gina Cass-Gottlieb said undisclosed financial arrangements were deceptive and asked for a ban on strata insurance commissions, which were adding to insurance costs.

A Qantas spokesperson said that the ACCC's four-year monitoring of the aviation industry found no anticompetitive behavior, with domestic fares trending down and Qantas and Jetstar offering lower international fares, including 12 million Jetstar fares under $100 last financial year.

Anthony Miller, who has been serving Westpac as the head of the business and wealth division for four years, has a strong resume in the financial industry.

Chinese consumer inflation ticked up slightly in August to a six-month high, official data showed Monday, but the reading missed expectations and did little to soothe worries about sluggish spending in the world's number two economy.

The European Central Bank is expected to cut interest rates again this week as inflation drifts back down towards its two-percent target, but policymakers will likely stay tight-lipped on future moves.

The eurozone economy's growth in the second quarter this year was slightly smaller than previously estimated after the EU's statistics agency on Friday revised its data.

Lending by first-time home buyers increased by 0.8% in July, and was 19.7% higher compared to July 2023. July also recorded a national average of new owner-occupier loans and new investor loans at AU$641,000.

Hiring in the US private sector markedly undershot analyst expectations in August, said payroll firm ADP on Thursday, as the labor market's health comes under scrutiny.

Founded in 2015, AirTrunk is the largest data center group in Asia Pacific, with 11 sites across Australia, Japan, Malaysia, Hong Kong and Singapore.

The report also highlighted that the government's previous efforts to impose a ban were thwarted by powerful vested interests, which led to Australians losing a staggering $24 billion to gambling in 2020-21.

Meta's regional director of policy, Mia Garlick, stated that the News Media Bargaining Code, which pertained to publishing news content, was "unworkable" as it was not "reflective of the economic realities of news on our services."

Susan Lloyd-Hurwitz said the council was set to find solutions to the issues plaguing homebuyers for a long time and will also stress the critical need for a stronger course of action to increase the housing supply.

The June quarter was driven by increased spending by the government and foreign students, while household consumption took a beat due to high inflation and interest rates. Consumer spending, which declined to 0.2% in the June quarter, was the lowest since the global recession.

Hong Kong carrier Cathay Pacific said Tuesday that 15 of its Airbus A350 jets needed new engine parts after inspecting its entire fleet, which was grounded following a "first of its type" engine component failure.

The UK on Tuesday said it had awarded a record 131 new green infrastructure projects in a single auction, including plans for Europe's two biggest offshore windfarms.

In addition, the goods and services balance decreased by AU$3.9 billion, sharply diving to AU$12 billion.

The survey, dating back to July, involved 1,074 participants, among which 37% said they would turn to borrowing or selling assets to foot any bill of AU$500 or more.

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.