News

A company gave back $1.7 million in JobKeeper payments after a spike in sales – but the treasurer says other businesses don’t need to do the same

Federal Treasurer Josh Frydenberg says companies which recorded strong profits over the last financial year won’t be required to pay back the JobKeeper subsidy payments they may have accrued. The statement comes after Super Retail Group, which operates Rebel Sports and SuperCheap Auto, today volunteered to pay back $1.7 million […]
A company gave back $1.7 million in JobKeeper payments after a spike in sales – but the treasurer says other businesses don’t need to do the same
News

The original Segway is dead, as the company brings production to an end

The production of the Segway PT is coming to an end after the company announced it would sunset its namesake device and plans to lay off 21 employees. Accounting for less than 1.5% of the company’s profit, Segway PT’s are no longer a financially attractive endeavour for the hardware maker. […]
The original Segway is dead, as the company brings production to an end
Tech

TikTok owner ByteDance reportedly hit $3 billion in net profit in 2019

TikTok’s parent company ByteDance generated $US3 billion in profit last year, Bloomberg reports. Sources told the publication that ByteDance pulled in $US17 billion in revenue in 2019, more than double what it made in 2018. The comfortable financial position means ByteDance can take its time with going public. Visit Business […]
TikTok owner ByteDance reportedly hit $3 billion in net profit in 2019
News

NCAA reverses course, may allow student-athletes to market themselves, and it could be worth millions for some of college sports’ biggest stars

The NCAA announced Tuesday afternoon that it would begin the process of allowing student-athletes to market themselves for financial gain. The statement, released via the NCAA’s website, said that the organisation’s board of governors “voted unanimously to permit students participating in athletics the opportunity to benefit from the use of […]
NCAA reverses course, may allow student-athletes to market themselves, and it could be worth millions for some of college sports’ biggest stars
Tech

A group of major US companies just took out a full-page NYT ad pushing Apple, Amazon, and Walmart to ‘get to work’ prioritising social responsibility over profits

Apple,Walmart, and dozens of other major US-based companies are part of a lobbying group which recently announced a major shift in their stated goals for businesses: to “benefit of all stakeholders – customers, employees, suppliers, communities and shareholders,” rather than focusing solely on creating shareholder value. A separate group of […]
A group of major US companies just took out a full-page NYT ad pushing Apple, Amazon, and Walmart to ‘get to work’ prioritising social responsibility over profits
Markets

Goldman Sachs is cutting nearly 100 jobs amid tumbling profits

Goldman Sachs is cutting 98 jobs across its operations,according to a filing. Employees have already been notified of the cuts, which are for “economic reasons” amid the Wall Street bank’s net income dropping 20% for the first quarter. The bank’s bonus pool also shrank after Goldman missed analyst revenue targets […]
Goldman Sachs is cutting nearly 100 jobs amid tumbling profits
Markets

Macquarie now expects its record 2019 profit will be even bigger

Macquarie Bank expects its 2019 profit to be near $3 billion, a bigger record than expected. The company increased its profit guidance today, to 15% higher than last year. The result will be boosted by the bank’s holding in Quadrant Energy which is being acquired by energy giant Santos. Macquarie […]
Macquarie now expects its record 2019 profit will be even bigger
Markets

CBA’s profit slides further in the September quarter

CBA reports September quarter unaudited cash net profit of $2.5 billion, down 5.6%. Operating income up 1%. Net Interest Margin lower due to higher funding costs. The Commonwealth Bank’s profit dipped again in the first quarter of the 2019 financial year. Cash profit fell by 5.6% to $2.5 billion compared […]
CBA’s profit slides further in the September quarter