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 12:
Job Keeper paid billions to profit-making businesses: Treasury report
According to a Treasury insight report, $27 billion was given to businesses in Australia that did not meet the scheme’s 30 per cent turnover eligibility requirement during the first two quarters of 2020, which were hit by the coronavirus pandemic.
Of those funds, $13.8 billion went to companies that reported more turnover than the previous year. 480,000 individual employees are covered by the payments made to profit-making businesses.
New airline Bonza targets budget flights in Australia
The Australian aviation sector may see a new entrant in the new year as independent carrier Bonza prepares to give more options to budget-conscious travellers.
Bonza, which is backed by the US private investment group 777 Partners, is expected to launch in early 2022, subject to regulatory permission.
Australia is the only country in the top 15 domestic aviation markets that lacks an independent low-cost airline, and the budget end of the local market has remained dormant since the collapse of low-cost airline Tigerair Australia by parent company Virgin Australia in September 2020.
Facebook unveils new controls for kids using its platforms
Following damning testimony that its platforms harm children, Facebook will introduce various features, including asking kids to take a break using its photo-sharing app Instagram, and “nudging” teens if they are continually viewing the same information that is not conducive to their well-being.
Facebook, based in Menlo Park, California, also plans to give additional restrictions for adults of teens on an opt-in basis, so that parents or guardians can monitor what their teens are doing online.
Chinese coal prices hit a record high
Flooding in northern China has severely damaged a major coal production centre, sending coal prices skyrocketing and hindering Beijing’s efforts to address continuing power shortages.
According to a statement made Saturday by the provincial government’s Emergency Management Bureau, heavy rains have forced the closure of 60 coal mines in Shanxi province, China’s largest coal mining region. The province produces one-quarter of the country’s coal.
China seeks action on US-China trade reset
According to Chinese media, US-China ties will improve only if the US lowers tariffs on Chinese imports and removes Businesses from its entity or special restrictions list.
According to two commentaries released by official media, China would not stop developing its high-tech industry at the United States behest as the two countries will only achieve mutual benefits under international rules.
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