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World Business

Legal

HFT class action lawsuit filed in US

HFT

9:32am Dozens of the largest US stock exchanges, brokerages and high-frequency trading firms were hit with a class action lawsuit by the capital of the state of Rhode Island, accusing them of manipulating the US securities markets.

Dispute

Giorgio Armani in $399m tax settlement: reports

Giorgio Armani

8:59am Giorgio Armani settled a tax dispute in Italy by paying 270 million euros ($A399 million) this week, Italian business daily Il Sole 24 Ore has reported.

US

Designer sneakers the new blue-chip stock

Sneakers

With sneakers slung around their shoulders and pockets full of cash, young boys huddle in hotel ballrooms and high school gyms, shouting and bartering as though they belong on a trading room floor.

Legal

Bitcoin exchange MtGox in administration

Bitcoin exchange files for bankruptcy  (Thumbnail)

Failed Bitcoin exchange MtGox has been placed in administration by a Japanese court, with an order for bankruptcy expected to be issued soon, its administrator and chief executive says.

US

Janet Yellen says Fed will wait for 'right time' to raise rates

Yellen

Federal Reserve Chair Janet Yellen said on Wednesday the US economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come.

Courts

Doctor accused of hiding $15m worth of shares

Entrepreneur Dr Andrew Walker

Ben Butler Medical entrepreneur Andrew Walker has been accused of defrauding creditors by hiding $15 million worth of shares in tax haven the British Virgin Islands.

Data

US inflation up on rising housing, food costs

Rent

US consumer prices firmed a bit in March, as food and housing rental costs rose in a possible sign that a disinflationary trend had run its course.

US

Fed chief Janet Yellen set to force banks to hold more capital

Yellen stands by low interest rate policies (Thumbnail)

The US Federal Reserve is considering further steps to force big banks to hold more capital, and sees a case for other stability-enhancing measures for more shadowy areas of Wall Street as well, Fed Chair Janet Yellen said on Tuesday.

Bouncing back

Bullish US retail figures brightens outlook

A customer pays for groceries during the grand opening of a Wal-Mart Stores Inc. location in the Chinatown neighborhood of Los Angeles, California, U.S., on Thursday, Sept. 19, 2013. Wal-Mart Stores Inc. will phase out 10 chemicals it sells in favor of safer alternatives and disclose the chemicals contained in four product categories, the company announced Sept. 12. Photographer: Patrick T. Fallon/Bloomberg

US retail sales recorded their largest gain in 1-1/2 years in March in a decisive sign the economy is bouncing back from its weather-induced slumber.

Corporate America

US chief executives still cashing in

Honoured: Lachlan Murdoch, Rupert Murdoch and James Murdoch at the Television Academy's 23rd Hall Of Fame Induction Gala.

Corporate America's well-oiled compensation machine is running like a dream.

Climate

IMF, World Bank push for price on carbon

Christine Lagarde

The IMF and World Bank have urged finance ministers to impose a price on carbon, warning that time is running out for the planet to avoid worst-case climate change.

'It's been stressful. I'm quite open about it': Rupert Murdoch opens up on divorce from Wendi Deng

Rupert Murdoch

Media mogul Rupert Murdoch has opened up for the first time publicly about his divorce from Wendi Deng, saying he was "shocked" to learn of reports that his ex-wife kept diary entries about the former British Prime Minister Tony Blair.

Growth

US jobless claims hit seven-year low

WASHINGTON

The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in almost seven years, which could bolster views of an acceleration in job growth after a cold winter dampened hiring.

US

Fed minutes ease rate hike fears

Janet Yellen

Several Federal Reserve policy makers said a rise in their median projection for the main interest rate exaggerated the likely speed of tightening, according to minutes of their March meeting.

China's pizza passion has Fonterra riding mozzarella wave

China's economy may be slowing, its love affair with pizza is raging.

Legislation

GFC prevention: US banks must raise $72.7 billion in cash

JP Morgan

The eight biggest US banks must raise a total of about $US68 billion ($72.7 billion) in capital by 2018 to comply with a new rule designed to prevent another financial crisis, prompting industry complaints that international standards are less restrictive and give their global competitors an advantage.

'She is hardly a struggling single mother': twist in high-profile divorce saga

Annabelle Bond

Philip Sherwell in New York An acrimonious international child support battle between the mountain-climbing British socialite daughter of HSBC's former chairman and an American hedge fund tycoon has taken a new and deeply personal twist.

Tech

iPlanet: Apple has enough cash to colonise Mars

Apple

Big technology companies have a problem anyone would love to have: They are sitting on vast amounts of cash.

PE

Private equity groups gouging on fees, US review finds

A man walks into the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., on Monday, April 19, 2010. The SEC split 3-2 along party lines to approve an enforcement case against Goldman Sachs Group Inc., according to two people with knowledge of the vote. Photographer: Brendan Hoffman/Bloomberg

A majority of private equity firms inflate fees and expenses charged to companies in which they hold stakes, according to an internal review by the US Securities and Exchange Commission.

Housing

Real estate: The great investment delusion

London houses

Recent days have seen a flurry of warnings about the UK housing market. Are the bears right to worry about another bubble?

Media

Kerry Stokes linked to bid for UK's Channel 5

seven network. 100317. afr pic by peter braig. kerry stokes from seven network  at today's interview for afr. story by neil shoebridge..

Seven West Media chairman Kerry Strokes is considering a bid for British broadcaster Channel 5 as growth in the Australian media market remains subdued, news reports said.

HFT

High-speed trading costs investors $2b, say industry super funds

HFT

Jonathan Shapiro and Patrick Durbin High frequency trading – a practice involving super-fast computers alleged to have "rigged" the sharemarket – is costing large investors almost $2 billion a year, according to industry super funds who want the practice curtailed.

Gambling

James Packer planning Tokyo casino

James Packer

James Packer's Asian gaming joint-venture Melco Crown is eyeing a new $US5 billion ($5.4 billion) casino complex in Japan in time for the 2020 Tokyo Olympics, reports The Australian.

Technology

Disagreements aside, TPG Capital keen to share a room with Airbnb

Junior telco TPG bought AAPT for $450 million.

Serena Saitto TPG Capital is reported to be close to signing an agreement to invest in room-sharing service Airbnb.

Economies

US job numbers are lacking, says International Monetary Fund's Christine Lagarde

International Monetary Fund Managing Director Christine Lagarde speaks at the Johns Hopkins School of Advanced International Studies on April 2, 2014 in Washington, DC. Lagarde spoke about the upcoming 2014 IMF and World Bank Spring Meetings. AFP PHOTO/Brendan SMIALOWSKI

Sandrine Rastell Christine Lagarde describes the number of jobs created in the US as 'not at potential'.

Technology

Weibo looks to raise more than $380m in US listing

Weibo.com

Michael De La Merced If all goes to plan, the biggest of China's Twitter-like microblogging services will raise $US380 million.

Heating up

US jobs market shakes off winter chill

A worker wearing a Chrysler jacket walks toward the Detroit Axle facility in Detroit, Michigan, U.S., on Friday, Dec. 19, 2008. Earlier this week Chrysler LLC, the third-largest U.S. automaker, said it would close all 30 of its plants for at least a month at the end of shifts on Dec. 19 as it combats plummeting demand for vehicles. Photographer: Jeff Kowalsky/Bloomberg News

US employers hired at a brisk pace last month and ramped up the hours their workers put in on the job, the strongest signals yet the economy was breaking free of its winter doldrums.

Asia-Pac

Is Indonesia leaving the 'fragile five'?

Flag raising ceremony for Indonesian Indepedence Day in Puputan Margarana park in Denpasar on Sunday 17 August 2003
SMH/Age News 
Photograph by Rick Stevens/krs SPECIAL 00000

GLENDA KWEK From being a poster child for emerging market woes to becoming the best-performing Asian share market this year, Indonesia has come a long way in just a few months.

Recovery

US jobs data expected to bring good news

A worker wearing a Chrysler jacket walks toward the Detroit Axle facility in Detroit, Michigan, U.S., on Friday, Dec. 19, 2008. Earlier this week Chrysler LLC, the third-largest U.S. automaker, said it would close all 30 of its plants for at least a month at the end of shifts on Dec. 19 as it combats plummeting demand for vehicles. Photographer: Jeff Kowalsky/Bloomberg News

Economists say employers in the US picked up the pace of hiring in March for a third month as the economy began to emerge from a weather-related setback.

Dairy

Fonterra fined $NZ300,000 over botulism scare

Dairy giant Fonterra has been fined $NZ300,000 ($A280,177) after admitting four charges laid over the 2013 whey protein contamination scare.

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