COST Financial News

Budget jewellery retailer Lovisa Holdings, backed by billionaire retailer Brett Blundy, cut its final dividend as pressure on the costs front mounted with slowing growth in the second half.

Australia’s largest discount variety retailer, The Reject Shop, has reinstated dividend payments and intends to undertake a further on-market share buyback of up to $10 million, after posting higher sales and profit.

An SEC split along party lines approved rules Wednesday to increase the transparency and oversight of private funds, a move that could make it more expensive for investment advisors who manage such funds.

infrastructure and services firms, have stepped up plans for overseas borrowing as rising local interest rates make that route of funding cheaper regardless of currency risks. Barring recent volatility, the rupee was relatively stable in the first half of 2023 against the dollar. External Commercial Borrowing (ECB) registrations registered a five-fold year-on-year jump during April-June to $21.0 billion, Reserve Bank of India (RBI) economists said in the central bank's August Bulletin. «Since interest rates have also been going up in India, companies that are borrowing are finding an advantage and more importantly since one expects the rupee to be largely stable, the forex risk — which is normally a major component of any overseas borrowing — seems to be on the lower side,» said Madan Sabnavis, chief economist at Bank of Baroda. On a net basis, ECB inflows of $14.5 billion were recorded in April-June, far exceeding the net inflows of $4.0 billion a year ago. According to the RBI authors, large corporations supplemented their local sources of financing with foreign funding.

With about three weeks until contracts expire with Detroit’s three automakers, the head of the United Auto Workers union says bargaining isn’t going well

Lebanon's political elites are pushing a recovery plan for the country's financial collapse that would allow them to sidestep tough reforms demanded by the International Monetary Fund

A year ago, Chair Jerome Powell warned that to fight high inflation, the Federal Reserve would continue to sharply raise interest rates, bringing “some pain” in the form of job losses and weaker economic growth

Minneapolis' mayor has vetoed a minimum wage for Uber, Lyft and other ride-hailing drivers in the city

The union representing 340,000 UPS workers says its members voted to approve the tentative contract agreement reached last month

Peloton managed to beat sales expectations during its fiscal fourth quarter, but the exercise equipment maker reported a bigger loss than anticipated partly due to recall costs and a shift in consumer spending

Wisconsin Democrats are trying to prohibit the use of expensive, sham lawsuits to deter criticism by news outlets and members of the public

Qantas chief executive Alan Joyce has been summoned to Canberra to appear before a parliamentary cost of living inquiry, as pressure mounts on the national carrier about competition in domestic and international aviation.

TPG Telecom plans to dump some of its brands and products to cut costs after its interim profits slid 71 per cent to $48 million.

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Judo Bank said its margins will shrink as cheap funding rolls off, but expects lending to small businesses to grow after delivering a full-year net profit eight times higher than a year earlier.

More than 40 banks have piled into data centre operator AirTrunk’s $4.6 billion novel debt deal linked to its carbon, energy and water usage, snapping a lacklustre year for Australian borrowers in sustainable financing markets.

The major crypto exchange Binance has launched its crypto payments processor Binance Pay in Brazil, aiming to streamline crypto payments for local merchants, an announcement from Binance said.

PlayStation has revealed details about its wireless earbuds, the PlayStation Pulse Explore. Though the parent company, Sony, has made earbuds in the past like the ones called WF1000XM4, Pulse Explore is the first set of earbuds under the brand PlayStation.

Natural Gas Regulatory Board (PNGRB) is re-evaluating a rule on performance bank guarantees for city gas companies that has benefited the likes of Adani Gas, Indian Oil and GAIL. The current rule allows the downstream regulator to reduce the performance bank guarantees (PBG) required of city gas licensees to 40% of the initial amount after they have completed their minimum work programme (MWP). Recently, PNGRB allowed a reduction in the PBG by GAIL Gas Ltd and Indian Oil Adani Gas Pvt Ltd after the two entities completed their MWP in their respective licensed areas of Bengaluru and Daman. After having allowed some city gas companies to benefit from this rule, the regulator is now having a rethink as several companies, which have completed MWP, have queued up with their requests for PBG reduction, according to people familiar with the matter.

The 117 PwC partners who will join spin-off Scyne Advisory will get a similar income as before, but be paid like executives in a corporation via base pay, equity and potential bonuses rather than a share of profits per year.

NEW DELHI : Contesting claims of a cost overrun in the construction of the Dwarka Expressway by the Comptroller and Auditor General’s (CAG), Union minister for road transport and highways Nitin Gadkari asserted that the project did not experience any cost overrun or corruption. Speaking at the Mint Sustainability Summit 2023 on Wednesday, he, however, added that ministry officials erred in not providing a written response to CAG’s findings. “In the Bharatmala programme, there was no detailed estimated cost.