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Business news and updates: CBA plans to take on fintech threat with digital lending

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 August 16: 

CBA plans to take on fintech threat with digital lending

To address the growing threat from fintechs, the Commonwealth Bank of Australia (CBA) is planning to take on the critical mortgage sector, providing totally digital house loans that can be approved in as little as 10 minutes. 

As the CBA aims to utilise its technological power to consolidate its dominance, retail banking services group CEO Angus Sullivan said that the next battleground in the struggle with fintech would be mortgaged.

Welfare groups support proposal to charge solar panel owners for exporting electricity

Owners of solar panels will soon face costs for exporting electricity to the grid. They might get a lower return on their investment. According to welfare organisations, it is a commendable initiative that will aid individuals who do not own solar panels. 

NSW needs ‘just’ transition to sustainability

A parliamentary committee has determined that New South Wales has long been reliant on the coal industry and requires investment and assistance in order to transition to a future based on renewable energy. 

According to the Committee on Environment and Planning, economic, environmental, and societal pressures are forcing a shift away from coal-fired power and toward renewable energy, and the transition “must be just.” 

Elon Musk earned zero in pay but billions in stock options in 2020

According to a filing, Tesla CEO Elon Musk received no income in 2020, although he did obtain stock options worth $22 billion during the year. Musk received no base compensation for the year.

This is consistent with Tesla’s previous approach, however, in previous filings, Tesla indicated what Musk would have made if he had gotten California’s minimum wage. In 2019, that amounted to $23,760.

Airbnb warns that the Delta variant could disrupt travel

Airbnb had a record-breaking second quarter, with revenue nearly tripling and exceeding forecasts. However, the business also revealed some bad news: it is concerned about the Delta variant’s influence on consumers’ future travel plans. 

The company profited from more people taking vacations in the spring and summer, but Airbnb predicts that the next three months will be difficult.

T-Mobile investigating customer data breach claims

T-Mobile is investigating a claim on an online forum post that says the personal data of over 100 million users have been breached, the company said.

PM Narendra Modi announces National Hydrogen Mission

Prime Minister Narendra Modi formally announced the National Hydrogen Mission putting a truly zero-carbon fuel – dubbed “green hydrogen” – at the core of India’s energy security and climate action, while also promising investors of policy support. 

In his Independence Day speech, Prime Minister Modi set a 2047 target for becoming energy self-sufficient through a combination of electric mobility, 20% ethanol-blending of gasoline, and developing city gas networks to increase the amount of less-polluting natural gas in India’s energy basket.

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