By Praveen Menon and Byron Kaye SYDNEY (Reuters) – The cryptocurrency industry said on Wednesday it was disappointed with Australia’s decision to continue treating digital currencies as assets for tax purposes, and not as foreign currency. The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital…
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -South Korea’s SK Hynix Inc warned on Wednesday of an “unprecedented deterioration” in memory chip demand, deepening fears of global recession, and said it would slash investment after quarterly profit tumbled 60%. The world’s second-largest memory chipmaker, whose clients include Apple Inc, said its investment in 2023…
(Reuters) – Australia’s corporate regulator said it had appealed the Federal Court’s decision to dismiss its petition against the Commonwealth Bank of Australia and its pension unit on allegations of improperly collecting commissions. Last month, the Australian Federal Court dismissed a petition by the Australian Securities and Investments Commission (ASIC) that accused the country’s top…
CANBERRA, Australia (AP) — Australia’s largest health insurer said on Wednesday a cybercriminal had hacked the personal data of all its 4 million customers, as the government introduced legislation that would increase penalties for companies that fail to protect clients’ private information. Medibank said “significant amounts of health claims data” had also been accessed in…
By Byron Kaye and Harshita Swaminathan SYDNEY (Reuters) -Australian No. 2 grocer Coles Group Ltd flagged climate change as its next big operational challenge on Wednesday as floods pushed up prices in the first quarter, lifting sales revenue but squeezing the farming supply chain. The commentary shows one of the country’s biggest companies acknowledging that…
SAN FRANCISCO (AP) — California regulators proposed on Tuesday fining Pacific Gas & Electric more than $155 million for sparking a 2020 wildfire in Northern California that destroyed 200 homes and left four people dead. PG&E already faces criminal charges in the Zogg fire, which state fire officials said began when a pine tree in…
By Wayne Cole SYDNEY (Reuters) -Australian inflation raced to a 32-year high last quarter as the cost of home building and gas surged, a shock result that stoked pressure for a return to more aggressive rate hikes by the country’s central bank. Data from the Australian Bureau of Statistics (ABS) on Wednesday showed the consumer…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to purchase big-ticket items like motor vehicles and appliances. The Conference Board survey on Tuesday also showed more consumers planned to buy a…
(Reuters) – Drugmaker Bristol Myers Squibb said on Tuesday its third-quarter sales fell from last year as generic competition ate into sales of its blockbuster cancer drug Revlimid in the United States, as well as the effect of the weak euro and pound. Sales and earnings in the quarter were still better than expected as…
SAN FRANCISCO (AP) — Summertime revenue growth at Google’s corporate parent slipped to its slowest pace since the pandemic jarred the economy more than two years ago, with advertisers clamping down on spending and bracing for a potential recession. Alphabet Inc., which owns an array of smaller technology companies in addition to Google, on Tuesday…
