Morning business roundup

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Read a sample of the Morning Business Roundup from today.

Market Reports

  • Australian Market Report: Miners and industrials companies buoyed the Australian sharemarket on Monday after Wall Street closed out its second-straight losing week. The S&P/ASX 200 index rose just 5.5 points to 7675.8 at the close, with five of the 11 major sectors trading in the red. The Australian dollar was also flat at US65.65¢..... [more]

  • U.S. Market Report: Wall Street's main indexes rose on Monday, with a rally in megacap growth stocks such as Alphabet and Tesla supporting a sharp recovery in the tech-laden Nasdaq ahead of the U.S. Federal Reserve's meeting this week..... [more]

  • European Market Report: European shares were flat to slightly higher on Monday ahead of key Eurozone inflation data due out later in the day and the Fed and Bank of England policy meetings due this week. The flash estimate showed that Eurozone inflation softened to 2.6 percent from 2.8 percent in January..... [more]

  • Asian Market Report: Asian stocks ended mostly higher on Monday as Chinese industrial output and retail sales figures beat estimates and investors looked ahead to a slew of central bank decisions..... [more]

Australian Business News

  • NSW Premier Chris Minns has said the state is unable to put a “stop sign” to the Commonwealth’s plan to increase immigration, despite ongoing pressures to NSW’s budget. While NSW continues to be on the warpath after being short-changed in the GST carve-up, Mr Minns says he is unable to use federally-mandated migration targets as a bargaining chip to get higher GST revenue..... [more]

  • $34 billion in payouts to come for investors despite weaker profits.... [more]

  • The tax office is chasing more than $34 billion worth of debts owed by small businesses and self-employed Australians that were put on hold during COVID, and sometimes using aggressive enforcement action to collect the money, which experts say is sending some businesses to the wall. .... [more]

  • $18.5m adviser estimate for CSLR levy.... [more]

  • Why consistent demand and falling inflation mean the ASX can continue to rally. In the following Rapid Fire, Centennial's Michael Carmody outlines why the Aussie market can keep rallying post reporting season.... [more]

  • 11 ASX stocks offering great value right now. These high-quality companies are our top picks for investors wanting to boost their domestic exposure..... [more]

  • How you can stay ahead of the explosive growth in ETFs.... [more]

  • Side hustles and tax: What to consider.... [more]

  • Stretched mortgage holders could save hundreds of dollars each month by switching from a big bank to one of their subsidiaries. Ahead of the March interest rate decision on Tuesday is widely expected to result in another month of rates on hold and further pressure on borrowers, analysis shows customers are missing out on better deals offered by the smaller offshoots of big banks..... [more]

  • Toro Energy is poised to launch drilling at its Wiluna uranium-vanadium play in Western Australia in a bid to provide sufficient ore samples to feed its upcoming pilot plant that is expected to begin operating in the next quarter..... [more]

  • Celsius Resources receives permit for Philippine's MCB mine.... [more]

  • With the till topped up to the tune of $3.2 million, courtesy of a joint venture (JV) deal with budding producer Delta Lithium, Reach Resources has landed boots on ground at its Wabli Creek project in its hunt for niobium and rare earths in Western Australia’s Gascoyne region..... [more]

  • Coalition and Labor negotiating on gas tax changes but deal could be months away.... [more]

  • Households and businesses in Australia's east will find out the price electricity providers will be able to charge as the energy regulator releases it's draft determination for the year. The default market offer (DMO) is a price cap on how much retailers can charge its customers on their default plans and will come into effect from July..... [more]

  • Uber to pay $272 million to Australian taxi operators.... [more]

  • Australia’s competition regulator would gain powers to “smash the supermarket duopoly” and force the breakup of big supermarket chains, under a push from the Greens to be introduced to federal parliament. The Greens will this week table a private senator’s bill seeking to introduce divestiture powers into Australian competition law. .... [more]

  • Animoca Brands kicking goals as it pens three key partnerships.... [more]

  • One of Australia’s most high-profile technology start-ups has escalated its battle with health regulators and lobby groups, with Eucalyptus chief executive Tim Doyle accusing the Medical Board of Australia and the Royal Australian College of General Practitioners of “technophobia” and “bad-faith attacks” on its business model..... [more]

  • Superloop shares drop 7% after legal error forces shareholder restructure.... [more]

  • Car Group (ASX: CAR) – Should Investors Take Profits, Hold, or Buy?.... [more]

  • Embattled big four consulting firm PwC appears to have a fresh controversy brewing just a week after hundreds of jobs were slashed. PwC has been in the limelight ever since its tax scandal was exposed last year, sparking allegations that the firm had used confidential information supplied by the Australian government to market tax avoidance schemes around the world..... [more]

  • Qantas workers suffered depression after being illegally sacked, compensation hearing told. Laid-off staff prescribed medication to deal with illness and are seeking damages after federal court said the airline’s actioons were wrong.... [more]

  • Opinion - Ross Gittins: Work on this year’s budget has started. Welcome to rent-seekers central.... [more]

  • Analysis - Nick Garvin: Stamp duty is holding us back from moving homes — we've worked out how much. If just one state of Australia, New South Wales, scrapped its stamp duty on real estate transactions, about 100,000 more Australians would move homes each year, according to our best estimates..... [more]

  • Opinion - Elizabeth Knight: Tabcorp scandal is not the only bizarre corporate blooper from last week.... [more]

World Business News

  • Oil prices climbed about 1% to a four-month high on Monday on lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the U.S. Brent futures were up 88 cents, or 1.0%, to $86.22 a barrel by 11:28 a.m. EDT (1528 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.3%, to $82.05..... [more]

  • Bitcoin price prediction: What is the impact of halving on BTC.... [more]

  • Across the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Wall Street traders envision higher stock prices. Consumers are looking for a break on credit card debt at record-high interest rates..... [more]

  • U.S. Supreme Court justices on Monday appeared skeptical of a challenge on free speech grounds to how President Joe Biden's administration encouraged social media platforms to remove posts that federal officials deemed misinformation, including about elections and COVID-19..... [more]

  • EV startup Fisker to raise funds, pause production after missing interest payment.... [more]

  • Sports Illustrated isn’t shutting down, after all. The iconic sports magazine is set to get new life under a publishing deal announced Monday by Authentic Brands Group, which owns the magazine’s intellectual property rights..... [more]

  • New York will evaluate its troubled recreational marijuana licensing program after lawsuits and bureaucratic stumbles severely hampered the legal market and allowed black-market sellers to flourish, Gov. Kathy Hochul ordered Monday..... [more]

  • Volkswagen workers at a plant in Tennessee have filed a petition with the National Labor Relations Board for a vote to join the United Auto Workers, the union announced Monday. The filing comes after a “supermajority of Volkswagen workers have signed union cards in just 100 days,” the union said, marking a major milestone in the labor group’s organizing drives of nonunionized auto plants in the U.S..... [more]

  • A U.S. appeals court on Monday revived an antitrust lawsuit by Regeneron (NASDAQ:REGN) Pharmaceuticals against Novartis (SIX:NOVN) related to prescription treatments to address a condition that can lead to eye disorders including permanent blindness..... [more]

  • Apple in talks to let Google's Gemini power iPhone AI features, Bloomberg News says.... [more]

  • Can UBS become Europe’s Morgan Stanley? .... [more]

  • Tata Steel has abruptly announced it will cease operations of coke ovens at its Port Talbot plant in south Wales, a move condemned by one union as a “massive blow”. The steelmaker, owned by the Indian conglomerate Tata, said it had made the decision after a “deterioration of operational stability”..... [more]

  • The inside story of a rotten Hewlett Packard deal to be told in trial of fallen British tech star. An $11 billion acquisition that backfired on Silicon Valley pioneer Hewlett Packard more than a decade ago will be resurrected Monday during a trial that will explore whether the deal was an illegal rip-off or a case of botched management..... [more]

  • P&O Ferries has paid some crew less than half UK minimum wage.... [more]

  • How Irish business is winning in the US: It’s not all butter and cheese. In 2010, Ireland was in the middle of a Great Recession-induced meltdown that required an emergency rescue by the European Union and International Monetary Fund to the tune of about $70 billion, or 40% of Ireland’s total economy..... [more]

  • China’s key real estate sector hasn’t shown much improvement following a flurry of government measures taken to boost the industry, even as other parts of the economy seem to be stabilizing. New property sales reached a total of 1.06 trillion yuan ($147 billion) in the first two months of this year, according to data released by the National Bureau of Statistics (NBS) on Monday..... [more]

  • Huawei injects fresh capital into Shenzhen investment subsidiary as US-sanctioned tech giant returns to growth.... [more]

  • India is unlikely to achieve the 8-10 per cent economic growth rates that China pulled off over the long term, Morgan Stanley’s chief Asia economist said, even though the investment bank remains optimistic about the South Asian nation’s prospects. India’s economy will likely grow steadily at 6.5-7 per cent over the long term, Chetan Ahya said in interview Monday with Bloomberg Television’s Haslinda Amin..... [more]

  • Nvidia Backs Little-Known Upstart in India’s Biggest AI Bet Yet. Yotta and its 52-year-old CEO are buying thousands of Nvidia chips to offer AI capabilities in the country.... [more]

  • Tata Sons to sell TCS shares worth up to $1.13 billion, term sheet shows.... [more]