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 10:
NAB acquires Citigroup consumer arm
Citigroup’s consumer division is being purchased by National Australia Bank, and the two companies are working on new buy now, pay later (BNPL) options.
Citi’s Australian lending operations, comprising credit cards, home loan portfolios, retail deposits, and wealth management divisions, will be acquired by NAB. According to the NAB, Australians have over 16 million credit cards in their possession.
However, NAB executives aren’t ignoring BNPL offerings, with Mr McEwan telling analysts in an interview that the bank, like Citigroup, was working on a product in this area.
NT exploring Hemp crops option
The Northern Territory is looking into whether its mild winters could help it gain a competitive edge in Australia’s growing industrial hemp business.
Hemp is a renewable resource that may be used in a wide range of products, including construction materials, textiles, and beer.
Growers in the Northern Territory may be well-positioned to offer dry-season fibre crops for southern jurisdictions that typically plant hemp in the summer.
Oil slides to 3-week low after COVID-19 cases rise in China
Oil prices fell more than 2% to a three-week low this week, extending last week’s severe losses on the back of a stronger U.S. dollar and fears that new coronavirus-related restrictions in Asia, particularly China, will hamper a worldwide recovery in fuel demand.
U.S. employment surge to new record high
In June, job postings in the United States reached a new high and hiring climbed as well, indicating that the supply restrictions that have slowed the labour market are still present, even as the pace of the recovery accelerates.
Warren Buffett continues to buy his own stock
Warren’s Berkshire disclosed that it repurchased $6 billion of its shares in the second quarter. It has now bought back $12.6 billion in Berkshire stock so far this year.
Shares of Berkshire’s more affordable B shares, which trade for around $285 and are in the S&P 500, are up 23% this year — outperforming the broader market.
McDonald’s faces Italian antitrust probe: Document
Following repeated complaints, Italy’s antitrust body AGCM will investigate McDonald’s terms and conditions in franchise agreements, according to an AGCM document seen by Reuters.
Hong Kong banks hopeful about the new anti-sanctions law
Hong Kong’s banks and financial institutions are hoping that Beijing will allow the legislature of the special administrative region to review and maybe alter the Anti-Foreign Sanctions Law before it is implemented in the city.
The anti-sanctions law, which prohibits Hong Kong-based persons and businesses from imposing international sanctions in the territory, has been met with conflicting reactions from the city’s pro-establishment camp.
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