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Articles related to "business"


Cleveland Indians Will Consider a Name Change

  • Cleveland’s Major League Baseball franchise, known as the Indians since 1915, said it would consider changing its nickname, a move that comes amid a recent movement across the U.S. to reexamine iconography that is thought to be racist or racially insensitive.
  • The team revealed its intentions hours after the NFL’s Washington Redskins—with a moniker commonly seen as a racial slur—announced they would undertake a “thorough review” of their name.
  • People familiar with the matter said it was likely that Washington will change its...

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The mystery of $4b of loans backed by fake gold

  • The Chinese financial community has been left reeling in shock as a large quantity of gold bars used as collateral for loans has turned out to be nothing but gilded copper, write Wu Yujian, Wu Hongyuran, Bai Yujie and Han Wei. More than a dozen Chinese financial institutions, mainly trust companies, loaned 20 billion yuan ($4 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses.
  • A Dongguan Trust employee said his company reported the case to police on February 27, the day after the test result was delivered, and demanded 1.3 billion yuan of compensation from PICC P&C’s Hubei branch.
  • Several trust company sources said Jia was well-connected in Hubei, which may explain Kingold’s surprise victory in the Tri-Ring deal.

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Eden-Monaro victory a warning to ScoMo: Labor

  • Labor has pulled off a narrow win in the Eden-Monaro byelection, easing pressure on the leadership of Anthony Albanese and reminding the government that Scott Morrison's sky-high personal ratings may not necessarily translate into electoral success.
  • Ms McBain had a primary vote of 36.1 per cent, which was a swing of 3.1 percentage points against Labor in the seat, but higher than the 33.3 per cent the party received nationally at last year's federal election.
  • The win, described by Labor frontbencher Joel Fitzgibbon as "ugly", maintains the 100-year run of no government winning a seat from an Opposition in a byelection.
  • One MP who backs Mr Albanese said had Labor's nationwide primary vote been 36 per cent at last year's federal election, it might have won government.
  • Mr Fitzgibbon, who convenes the powerful NSW Right faction, said Mr Morrison had been unable to translate his high approval ratings to the primary vote.

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People who refuse COVID-19 tests should be penalised, AFR readers say

  • More than 80 per cent of readers of The Australian Financial Review say there should be a penalty for people in Melbourne COVID-19 hotspots who refuse to take a diagnostic test.
  • Asked if they were more likely to fly Qantas or Virgin as travel resumes and Virgin re-launches under new ownership, one third responded that they were unsure, while 51 per cent say they would opt for Qantas and 16 per cent for Virgin.
  • Of the readers who took part in the poll, 64 per cent were men and 36 per cent were women.
  • The poll, run once a fortnight, canvasses the views of the Financial Review Business Leaders Panel, which is an online community of our readers and subscribers.
  • The fortnightly poll also revealed that a third of readers were undecided about whether to fly Qantas or Virgin as travel resumes and Virgin restarts under new management.

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Woman Hit by Car in Seattle Protest Dies

  • A 24-year-old woman died Saturday of her injuries after she and another woman were hit by a car on a closed highway in Seattle while protesting against police brutality, authorities said.
  • Summer Taylor of Seattle died in the evening at Harborview Medical Center, spokeswoman Susan Gregg said.
  • Ms. Taylor and Diaz Love, 32, of Portland, Ore.,...

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British mall owners struggle to rake in the rent

  • The London-listed landlords of many of the country's biggest malls opened their bonnets to the market in the second half of last week, revealing a collective coronavirus tale of lacklustre rent collection.
  • Shares in some of the shopping centre owners have halved over the past five years, said IG chief market analyst Chris Beauchamp.
  • Hammerson, owner of 18 malls across Britain, was one of the earliest out of the blocks, reporting that it had collected a mere 16 per cent of the rent it was due for the three months to October, a week past the due date.
  • The other big shopping mall owners, Land Securities Group and British Land Company, both have more diversified property portfolios beyond retail.
  • It reported last week that almost two-thirds of the stores in its properties were open at the end of June, but rent collection for the June quarter was running at 36 per cent in retail.

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Failure after failure for tough-talking Andrews

  • Yet the Andrews government is still shrugging off the offer of more numbers from the well trained Australian Defence Force – either to supervise Melbourne’s quarantine hotels, where widespread security breaches proved so disastrous, or to assist with the lockdowns now.
  • Yet when small outbreaks among a couple of families in a few suburbs as a result of infected hotel guards became obvious nearly three weeks ago, the Andrews government rejected advice to quickly institute a localised blitz in tracing, testing and shutdowns in affected areas.
  • So instead of the ADF, Melbourne-based staff from various federal departments are helping police manage an ever-increasing number of suburbs by encouraging people to get testing.
  • After accepting an earlier offer of 1000 military personnel on June 25, for example, the Victorian government reneged the same day, insisting only 200 would be necessary and not for quarantine duty.

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Strongmen rush to remake the world order as Trump faces potential election defeat

  • London (CNN) - This past week, on US President Donald Trump's watch Russia and China have effectively re-aligned the coming world order.
  • This past week, in a referendum on constitutional revisions so predictable that copies were on sale before the vote, Putin has effectively been made President for life, as Xi has moved equally ruthlessly, taking control of Hong Kong through a new national security law, while telling US allies Canada, Australia and the UK to keep out of China's internal affairs.
  • Tangled in a trade war, he has had to calculate Trump's real intent: on money, human rights issues, such as the Uyghurs or Hong Kong, and simply stopping the rise of the world's next superpower.
  • Hong Kong's new National Security Law, promulgated in Beijing this week and immediately enforced on the territory's streets, is a game changer.

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Auction listings go lower as pandemic worries linger

  • Auction volumes have fallen and clearance rates remain weak overall as school holidays and the upsurge in coronavirus cases – in Melbourne particularly – weigh heavily on the housing market.
  • The four-bedroom home in Sydney's Birchgrove sold above reserve for $2.91 million.
  • In Melbourne, there were 439 homes taken to auction, returning a preliminary clearance rate of 64.3 per cent, according to CoreLogic.
  • Last week's preliminary clearance figure was 62.7 per cent across 645 auctions, with a final result of 61 per cent.
  • In Sydney, 563 homes were listed for auction, with a preliminary clearance rate of 68.1 per cent.
  • In Melbourne, the action has moved off-market and more properties are exchanging ahead of listed auction dates, according to veteran buyer's agent, David Morrell, of Morrell and Koren.

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Kanye West announces US presidential bid on Twitter

  • It was not immediately clear if West was serious about vying for the presidency four months before the November 3 election or if he had filed any official paperwork to appear on state election ballots.
  • The US President used a weekend dedicated to patriotism to signal that he will spend the final four months of his re-election effort digging deeper into the nation's racial and cultural divides.
  • The average number of daily coronavirus cases in the United States set a record for the 26th straight day as Donald Trump delivered a divisive speech at the foot of Mount Rushmore.
  • Donald Trump's characteristically erratic and narcissistic mishandling of the triple-whammy health, economic, and racial crises means he deserves the defeat he is headed for in November.

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