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  • Samsung's Note 7 phones back on sale AAP - 11 hours ago
    Samsung's Note 7 phones back on sale

    Samsung's flagship Galaxy Note 7 smartphones have gone back on sale in South Korea, almost a month after the electronics giant was forced to undertake a worldwide recall of the devices over a fire risk. Samsung launched the recall early last month after admitting the phablet, which was originally launched on August 19 and sold in several countries, could burst into flames while charging. The company said 2.5 million phones were affected and offered all customers replacements, including 1.4 million customers in South Korea and the US alone.

  • Deutsche Bank nears $US5.4 bln settlement AAP - 11 hours ago
    Deutsche Bank nears $US5.4 bln settlement

    Deutsche Bank AG is nearing an agreement with US officials to pay $US5.4 billion ($A7 billion) to settle charges related to its sale of toxic mortgage bonds before the financial crisis, French news agency AFP reports, citing sources. Germany's largest lender said about two weeks ago it would fight a $US14 billion demand from the US Department of Justice to settle claims it missold the securities. Deutsche Bank declined to comment on the report and a spokesman for the DoJ did not immediately respond to a request for comment.

  • China's yuan joins IMF reserve currencies AAP - 12 hours ago
    China's yuan joins IMF reserve currencies

    China's yuan has joined the International Monetary Fund's basket of reserve currencies in a milestone for the government's campaign for recognition as a global economic power. It is the first time that a currency has been added to sit alongside the US dollar, the euro, the yen and the British pound in the IMF's special drawing rights (SDR) basket, which determines the currencies countries receive as part of IMF loans. The IMF is adding the yuan, also known as the renminbi or "people's money", on Saturday - the same day that the Communist Party celebrates the founding of the People's Republic of China in 1949.

  • US set to transfer internet oversight AAP - 12 hours ago
    US set to transfer internet oversight

    The US Department of Commerce is due to cede stewardship of ICANN, or the Internet Corporation for Assigned Names and Numbers, as scheduled after a lawsuit seeking to halt the transition was denied by a federal judge in Texas on Friday. ICANN, a California-based nonprofit, manages the database for top-level domain names such as .com and .net and their corresponding numeric addresses that allow computers to connect. After the transfer, ICANN will be governed by a collection of academics, technical experts, private industry and government representatives, public interest advocates and individual users around the world, in what it calls a "multi-stakeholder process".

  • US begins Puerto Rico finances takeover AAP - 14 hours ago
    US begins Puerto Rico finances takeover

    A US federal control board has taken over Puerto Rico's finances and several government agencies for the first time in the US territory's history in a bid to haul the island out of an acute economic crisis. It ordered Governor Alejandro Garcia Padilla to produce a fiscal plan in two weeks and submit weekly and monthly revenue reports that detail how the government is adhering to its budget. Members also voted on which Puerto Rico government agencies would come under the board's oversight.

  • Volkswagen reaches $US1.2bn settlement AAP - 14 hours ago
    Volkswagen reaches $US1.2bn settlement

    Volkswagen has agreed to pay its US dealers up to $US1.2 billion ($A1.6 billion) to compensate them for losses they said they suffered as a result of the company's emissions cheating scandal, according to a settlement agreement filed on Friday in federal court in San Francisco. Under the terms of the deal, dealers can choose to opt out and pursue their own lawsuits against Volkswagen. A judge still has to approve the settlement before it can go into effect.

  • VW to pay US suppliers $1.2 bln over Dieselgate AFP - 17 hours ago
    VW to pay US suppliers $1.2 bln over Dieselgate

    German auto giant Volkswagen has agreed to pay US suppliers some $1.2 billion to settle claims emanating from the "Dieselgate" pollution scandal, the firm and suppliers said late Friday. Volkswagen issued a statement saying it had reached an agreement in principle with VW-branded suppliers after more than a month finalizing the accord. "Under the proposed agreement, Volkswagen has agreed to make a maximum total of $1.208 billion in cash payments to eligible dealers and to provide additional benefits to resolve alleged past, current and future claims of losses in franchise value," the statement read.

  • 'Worse than hell': Indian migrants recall Saudi nightmare AFP - Sat, Oct 1, 2016 7:08 AM AEST
    'Worse than hell': Indian migrants recall Saudi nightmare

    The workers from India, Pakistan, Bangladesh and the Philippines were left destitute, without enough money to get home or even to buy food after losing their jobs. This week around 40 workers from the impoverished east Indian state of Bihar finally arrived home with stories of being "left to die" by their employer Saudi Oger, the once-mighty firm led by Lebanon's billionaire former prime minister Saad Hariri. The company, which at one time had some 50,000 workers on its payroll, was hit by a drop in income from its core construction business after Saudi Arabia delayed or cancelled projects in the face of plummeting oil revenues.

  • France falls back in love with its humble grape pickers AFP - Sat, Oct 1, 2016 6:01 AM AEST
    France falls back in love with its humble grape pickers

    "There is no respect for the bosses in this country," bellowed Thibaut Pariset, as he badgered his team of grape pickers up another steep row of vines near Fuisse, deep in France's Burgundy wine region. It is this kind of good-humoured banter that keeps 69-year-old Rene Kleingardner coming back year after year to do eight hours of often backbreaking work for the minimum wage of around 10 euros ($11). You can see the bucolic charm when the pickers stop for lunch amid the vines overlooking the medieval village of Chasselas, in a scene that could be straight from an Impressionist painting.

  • Paris luxury hotel must pay after guest molested cleaner AFP - Sat, Oct 1, 2016 4:57 AM AEST
    Paris luxury hotel must pay after guest molested cleaner

    A cleaner who was molested at a Paris luxury hotel by a Qatari guest in 2010 has been awarded 57,000 euros ($63,500), according to a court ruling seen on Friday by AFP. The Paris labour relations tribunal found that the five-star Park Hyatt Paris-Vendome and the company that provides its cleaning crew lacked sufficient safeguards against such incidents. It ordered the Park Hyatt to pay the cleaner 30,000 euros, while the service provider must pay 27,000 euros over the incident involving a member of the entourage of a Qatari prince.

  • China manufacturing continues rebound in September AFP - Sat, Oct 1, 2016 4:26 AM AEST
    China manufacturing continues rebound in September

    Manufacturing activity in China continued its rebound in September on improving production and demand, government data showed Saturday -- a positive sign for the world's second-largest economy. The official purchasing managers' index (PMI) came in at 50.4 for September -- exactly the same level as in August, which was its highest since October 2014 -- figures from the National Bureau of Statistics (NBS) showed. Investors closely watch the PMI readings, which gauge conditions at Chinese factories and mines, as the first indicator of the health of the economy each month.

  • Stocks rebound in Deutsche Bank-led volatile trading AFP - Fri, Sep 30, 2016 10:54 PM AEST
    Stocks rebound in Deutsche Bank-led volatile trading

    US and eurozone shares pushed higher Friday in volatile trade driven by Deutsche Bank's negotiations to settle US charges over its sale of toxic mortgage bonds before the financial crisis. News that Deutsche ...

  • Deutsche Bank pressure eases as US fine looks smaller AFP - Fri, Sep 30, 2016 10:18 PM AEST
    Deutsche Bank pressure eases as US fine looks smaller

    Heavy market pressure on Deutsche Bank eased Friday as a knowledgeable source told AFP the US fine over toxic debt it sold would be only $5.4 billion, not the $14 billion originally demanded. A person familiar with the talks between Deutsche Bank and the Department of Justice said an agreement could come in the next few days to settle the US government charges that the bank knowingly sold high-risk mortgage securities ahead of the 2008 financial crisis. Deutsche Bank and the Justice Department declined to comment on the news of a deal, as did the German finance ministry.

  • EU states agree UN 2015 climate deal AAP - Fri, Sep 30, 2016 10:14 PM AEST

    Environment ministers from all 28 European Union states have agreed on Friday to a fast-track, collective ratification of last year's UN Paris climate deal, the EU said. "All member states greenlight ...

  • Chinese yuan set to join IMF's elite currency basket AFP - Fri, Sep 30, 2016 10:01 PM AEST
    Chinese yuan set to join IMF's elite currency basket

    China's yuan is poised to enter the International Monetary Fund's elite SDR basket of currencies, elevating Beijing's banknotes into a family long exclusive to global reserve assets. A symbolic coup for policymakers in Beijing, the move represents a milestone in raising the economic profile and prestige of China, the world's second-largest economy, and the success of a long-running effort by the People's Bank of China. The move will formally occur Saturday, with the yuan's induction following a decision first announced in November last year, when the IMF found that China's currency met the standard of being "freely usable." The yuan now joins a club also comprising the US dollar, pound, yen and euro.

  • Qantas secures new Australia Post deal AAP - Fri, Sep 30, 2016 9:59 PM AEST
    Qantas secures new Australia Post deal

    Qantas will continue to fly Australia Post's 12,000-tonnes of international mail and parcels around the globe after securing another five-year multi-million dollar deal. The new contract is on top of the $500 million five-year domestic air freight agreement between the two which included the establishment of a dedicated domestic freighter fleet for Australia Post in July. Qantas, which didn't detail the value of the latest deal, is the largest provider of air freight services for Australia Post.

  • Japan's jobless rate rises to 3.1 per cent AAP - Fri, Sep 30, 2016 9:56 PM AEST
    Japan's jobless rate rises to 3.1 per cent

    Japan's unemployment rate has climbed for the first time in six months. The jobless rate moved up to 3.1 per cent in August from three per cent in the previous month, the Ministry of Internal Affairs and Communications said on Friday. The unemployment rate for men increased to 3.4 per cent from 3.2 per cent in July, while the rate for women was unchanged at 2.7 per cent.

  • US lawmakers slam Wells Fargo CEO AAP - Fri, Sep 30, 2016 9:50 PM AEST
    US lawmakers slam Wells Fargo CEO

    Angry US congressmen have heaped another round of criticism on Wells Fargo's chief executive, pressing for details about what senior managers knew about allegedly illegal sales practices and when any concerns were disclosed. Chief executive John Stumpf, newly stripped of tens of millions in compensation, told the House financial services committee on Thursday the bank was expanding its review of accounts and would evaluate executives' roles. Several lawmakers, Republican and Democrat, alleged Wells Fargo's sales practices might have violated federal laws, including the federal racketeering laws, which would constitute a criminal offence.

  • Six things to know about Deutsche Bank AFP - Fri, Sep 30, 2016 8:22 PM AEST
    Six things to know about Deutsche Bank

    - Why are investors worried about Deutsche Bank? Deutsche Bank has been on shaky ground since the 2008 financial crisis, with repeated scandals forcing it to set aside billions to cover legal costs and fines. The latest fears were sparked by a $14-billion (12.46-billion-euro) fine demand from the US Department of Justice over Deutsche's role in the subprime mortgage crisis -- on top of around 8,000 legal cases worldwide.

  • Oil rises in New York, buoyed by OPEC cheer AFP - Fri, Sep 30, 2016 8:12 PM AEST
    Oil rises in New York, buoyed by OPEC cheer

    Oil prices finished higher in New York on Friday, two days after producing countries reached the consensus needed for a production cut. On the New York Mercantile Exchange, a barrel of West Texas Intermediate for November delivery gained 41 cents to close at $48.24. In London, North Sea Brent fell 18 cents to settle at $49.06 on the Intercontinental Exchange.

  • Qld used car salesman nabbed for bad loans AAP - Fri, Sep 30, 2016 7:42 PM AEST

    A Queensland used car salesman who targeted high interest loans at indigenous people who couldn't afford to pay them off could be fined more than a million dollars. Used car business Supercheap in Cairns advertised car finance with a 20-minute on-site approval to people on Centrelink benefits, former bankrupts, defaulters and those with a bad credit history. Loans with an interest rate of 48 per cent per annum were then provided by the associated Cash Brokers and lender Channic.

  • Sony closes on Michael Jackson's stake in music publisher AFP - Fri, Sep 30, 2016 7:13 PM AEST
    Sony closes on Michael Jackson's stake in music publisher

    Sony said Friday that it had closed its $750 million purchase of Michael Jackson's stake in a music venture behind a vast trove of hit songs. The Japanese company announced in March that it was buying the Jackson estate's 50 percent stake in Sony ATV Music Publishing, which owns the rights to several million titles. Sony in a statement said it closed on the purchase after meeting conditions including regulatory approval.

  • WA sandalwood firm begins China exports AAP - Fri, Sep 30, 2016 6:49 PM AEST
    WA sandalwood firm begins China exports

    West Australian sandalwood producer TFS Corporation has sent its first shipment to China. The processed wood, which sold for $US2.25 million ($A2.96 million), departed Fremantle on Friday. Managing director ...

  • No need for a clipboard: Babes still an item at Paris Motor Show AFP - Fri, Sep 30, 2016 6:37 PM AEST
    No need for a clipboard: Babes still an item at Paris Motor Show

    A sultry blonde in a black mini-dress with a plunging neckline smiles through scarlet lipstick as she leans fetchingly against a bright red Kia Rio at the Paris Motor Show. "This sexualisation of the car, associated with male power, is intolerable," said Florence Montreynaud of the feminist group Les Chiennes de Garde, which means female watchdogs. "You have the impression that for the same price, you get the girl with the car!" Montreynaud told AFP.

  • Brexit leads Santander to lower profitability target AFP - Fri, Sep 30, 2016 6:23 PM AEST
    Brexit leads Santander to lower profitability target

    Spanish banking giant Santander on Friday lowered its profitability target for 2018, saying its growth expectations had worsened in its main market Britain following the country's decision to leave the EU. In a presentation to investors, Santander said it was aiming for a return on tangible equity ratio (ROTE) of over 11 percent in 2018, down from the previous target of 13 percent stated last year. "While the environment in some of our markets has deteriorated, our strategy and business model continues to deliver for our customers and shareholders," Santander chief executive officer Jose Antonio Alvarez said in a separate statement.