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Business news and updates: Bitcoin soars past $55k on George Soros fund investment

Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for October 7:

Regulator tightens standards for Aussie home buyers

Prospective homebuyers in Australia’s borrowing power will be reduced by tens of thousands of dollars after the banking regulator intervened to tighten lending requirements in the face of surging house prices and mounting concern about the financial system’s stability. 

As record low-interest rates fuel the property market, the banking regulator took the first step on Wednesday to rein in higher-risk mortgage lending and rising family debts.

ASIC relaxes red tape for businesses gone bankrupt

The Australian Securities and Investments Commission (ASIC) has reduced some red tape for businesses in the external administration sector. The new rules extend the deadline for insolvent companies to compile and file financial reports. 

The deferral relief kicks in as soon as a company’s control is transferred to a third party, such as a voluntary administrator or temporary liquidator. Companies can then postpone financial reporting duties for a minimum of six months and up to two years. 

Simultaneously, a firm can postpone having an AGM until two months after the delayed relief expires.

NSW building defects under-reported

In NSW, 39% of over 500 strata buildings surveyed had major issues, yet only 15% were notified to Fair Trading. According to a survey conducted by the NSW Building Commissioner and Strata Community Australia, the primary impediments to under-reporting are expense and a lack of understanding. 

Waterproofing and fire safety were two of the most frequently identified problems. The NSW government, according to Building Commissioner David Chandler, is attempting to restore consumer confidence in the home building business.

Oil retreats from multi-year highs

Oil prices fell over 2%, retreating from multi-year highs, as an unexpected increase in U.S. crude stocks caused buyers to take a breather following recent dramatic gains.

Bitcoin soars past $55,000 on George Soros fund endorsement

Bitcoin has returned, and it now has a notable new supporter. The price of the world’s most expensive cryptocurrency jumped about 10% to around $55,000, following news that billionaire George Soros’ investment business holds bitcoin. 

Soros, who is well-known for reaping large profits from traditional currency investments, is said to have begun trading in bitcoin in recent months.

Coal shortage could hit India hard

India is currently facing a shortage of coal reserves, with demand greatly outstripping supply, potentially resulting in a serious power crisis. 

With the economy rebounding from COVID-19 lockdowns and other economic restraints, a sudden increase in energy demand has resulted in an unprecedented fuel shortage at the country’s coal-fired power plants. 

At the end of last month, these power plants had an average of four days’ worth of fuel on hand, down from 13 days at the start of August.

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