Business – Page 42 – Michmutters
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Tourist charged $865 for a 10-minute pedicab ride in London

A tourist in London has found out the hard way that some unscrupulous pedicab, or rickshaw, drivers are operating in the UK capital.

The man, who wished to remain anonymous, said he was charged a massive £500 ($A865) for a 10-minute ride last month.

The victim said he hailed down the rickshaw from Mayfair for a trip to nearby Soho.

He admitted that he had a few drinks inside him and said the driver distracted him as he put in his card details.

“I’d had a few drinks, and I should have realized but I blindly put my card in the machine,” he told The Local Democracy Reporting Service. “He was good at what he did.”

The man said more needed to be done to license pedicab drivers as currently they set their own prices.

“They obviously need to be regulated like taxis and they need to be licensed. At the end of the day, these guys could be anyone.”

New laws are due to be introduced to crack down on what the Transport Secretary Grant Shapps called “the Wild West of pedicabs or rickshaws.”

Westminster Council leader Adam Hug said unlicensed pedicabs “are a dangerous nuisance across the West End”.

“We’ve had enough of drivers blocking pavements, annoying residents and businesses late at night, and charging extortionate fares to visitors.”

It is not the first time that unlucky tourists have been forced to make huge payments to operators.

Two years ago, a 28-minute Uber trip across Coventry in the UK cost £606 ($A1048).

In 2018 in Paris, France, two unsuspecting tourists from Thailand were picked up by an unscrupulous taxi driver and charged an exorbitant fare.

They uploaded a video to YouTube showing their stand-off with a driver who charged them €247 ($A360) for the 45km journey from Charles de Gaulle airport into the city. The trip would normally cost €55. That driver was sentenced to eight months in prison.

Stuff.co.nz

See also: Don’t fall for this increasingly common rip-off overseas

See also: Ten things you need to know before your first trip overseas

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ASX set to open lower as Wall Street wavers

Major stock indexes on Wall Street gave up early gains and ended a choppy day of trading little changed Monday.

The S&P 500 and Nasdaq each slipped 0.1 per cent after shedding gains of 1 per cent and 1.6 per cent, respectively. The Dow Jones Industrial Average closed 0.1 per cent higher. The Australian sharemarket is set to start the day lower with futures at 5.04am AEST pointing to a fall of 17 points, or 0.3 per cent at the open.

Wall Street has made an uncertain start to the week.

Wall Street has made an uncertain start to the week.Credit:NYSE

Small-company stocks outpaced the broader market in a sign that investors were confident about the economy. The Russell 2000 rose 1 per cent.

The market’s latest gyrations came as investors prepare for a busy week of economic updates that could help answer whether the Federal Reserve’s efforts to cool the economy and quell inflation are working, or whether the central bank will continue aggressively raising interest rates. Wall Street is worried that the Fed could hit the brakes too hard and cause a recession.

“Early indications of inflationary pressures appear to be easing, which will be an important catalyst for the market,” said Quincy Krosby, chief global strategist for LPL Financial.

The S&P 500 fell 5.13 points to 4,140.06, while the Nasdaq slid 13.10 points to 12,644.46. The Dow added 29.07 points to close at 32,832.54. The Russell 2000 rose 19.38 points to 1,941.21.

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The benchmark S&P 500 index is coming off three consecutive weekly gains. Investors remain focused on inflation and its impact on businesses and consumers, along with the Federal Reserve’s efforts to fight higher prices. The central bank has been aggressively raising interest rates to pump the brakes on economic growth and rein in record-high inflation. The Fed is expected to hike short-term interest rates by another 0.75 percentage points at its next meeting.

The Federal Reserve Bank of New York on Monday released a survey of consumer expectations from July showing that there were “substantial declines” in inflation expectations for everything from food and gas to home prices.

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BHP too late to the OZ Minerals party: JPM

Just as BHP quibbles about its $25 a share offer being turned away too soon by OZ Minerals’ board, JPMorgan’s sell-side analysts were chiding the bigger miner for waiting too long to make a move.

BHP could have made a move on OZ Minerals in 2020, when the latter’s shares were half BHP’s $25 rejected bid. Will Willitts

“We are surprised how late BHP has left it to bid for OZL. Prior to 2020, OZL consistently traded below $12ps [per share],” JPMorgan’s Lyndon Fagan, Al Harvey and Devwrat Vegad said in a research note sent to clients on Monday afternoon.

“From 2020 onwards, OZL released study after study on its growth projects, which forced the market to value them, re-rating the stock. However, we believe there was a line of sight on these projects prior to 2020.”

The trio said the $25 per share rejected bid was a 43 per cent premium to their $17.45 per share net present value.

They said OZ Minerals would have been 4 per cent odd of BHP’s $US135 billion market capitalisation, and could go from 2 per cent of BHP’s EBITDA to about 10 per cent in the long term.

“Aside from potentially making the Carrapateena block cave bigger, it’s hard to see the value uplift that BHP can create on OZL’s asset base.

“…But it does make strategic sense. OZL’s Prominent Hill underground asset is potentially sub-scale for BHP, however, should the company successfully convert the large, inferred resource into reserves, then at least it’s long life,” they said.

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Inside the home fridges of four young chefs

Years ago, when Shannon Bennett’s star was rising at Vue de Monde, I went to his Melbourne home for a photo shoot, during which he was to cook a meal for friends. Of course, the food was pretty and delicious.

What didn’t make it into the story was how foreign a visitor the chef was in his own home kitchen. I couldn’t find the plug for the sink. The oven was an unsolved mystery. And he didn’t even use the fridge: the ingredients came out of chilled crates transported from the restaurant.

Perhaps things are different now. A little more work-life balance. More of a focus on health. And, as we see with these young guns, miso and kimchi are now compulsory. It seems today’s up-and-comers not only have food in their fridge they also – lo and behold – cook and eat it.

Good Food fossicked in the fridges of four accomplished young chefs. Two of them, Hugh Allen and Charlie Carrington, cooked at the recent Melbourne Food and Wine Festival 30th birthday gala dinner.

This is voyeuristic, for sure, but can we also glean pro tips for home? I think we can.

Hugh Allen

chief chef
View of the World, Melbourne

Hugh Allen’s fridge bounty falls into one of three categories: food from friends, jazzy condiments and seasonal fruit and veg. “I only cook simple food at home, unless I’m on holidays,” he says. “I’ll do curry, steamed rice with egg, a piece of meat or fish.”

Fruit is a must. “I’m not a sit-down breakfast person but I’ll grab and go,” says Allen, biting into a pear. He’ll also reach for Market Lane coffee beans to brew in a Moccamaster batch filter. Vegetables reflect those on the menu at the restaurant, partly because they’re in season but also because they’re front of mind. In summer, it’s tomatoes and berries. Now it’s turnips, celeriac and lion’s mane mushrooms. “There’s nothing wrong with potato but celeriac is less starchy and heavy,” says Allen. “You can roast it, mash it, make gratin or chips.” Mushrooms can be sliced ​​to make a schnitzel or chopped into a curry. “They are an awesome replacement for meat, they hold their shape and absorb flavor really well.”

He loves umami bombs such Ronin Kelp Wild Soy Sauce, a locally made tamari-style sauce that he uses instead of salt in many dishes (available from chefshat.com.au) and macadamia nuts from Meru Miso in Tasmania (widely available in delis and from merumiso.com). “I’ll add it to cookies, salad dressing, barbecued corn or steamed broccoli, and butter when I’m frying an egg. It makes dishes much more interesting.”

Cheese is from the same local artisans who star on the Vue cheese trolley. “We know them all,” says Allen. “I’d rather buy cheese from someone I’ve met than French cheese I have no connection with.” He loves the White Savourine Log from Yarra Valley Dairy, a delicious semi-mature white mold goat’s milk cheese; a triple cream brie from Woombye Cheese on the Sunshine Coast; and Oasis from Boatshed Cheese on the Mornington Peninsula, a fluffy goat’s milk cheese with native bush herbs.

Free-range chicken liver pâté from chef Robbie Bell of City Larder (city-larder.com) is a constant. “I’ve known Robbie since I was 15,” says Allen, who started his apprenticeship at Rockpool, where Bell was then a senior chef. “I love everything he does,” says Allen. There’s also a very recognizable Meredith jar. “That marinated goat’s cheese, I love it. Salad, avocado on toast, it sneaks its way into heaps of stuff. I think it’s a staple in many Australian households.”

And drinks? “I am a beer man,” he says. “Stone & Wood Pacific Ale is my favourite.” bottled cocktails are from Byrdi, a Melbourne bar owned by friend Luke Whearty. Currently on the shelf, there’s brandy infused with fennel pollen and a liquid “Lamington”, with coconut oil and raspberry vermouth available at byrdishop.com.au). “It’s nice to offer people something more exciting than a martini or negroni,” says Allen.

Abbey Kitchen head chef at NOMAD showing the contents of her fridge at her Surry Hills home.  26th July 2022 Photo Louise Kennerley SMH

‘It’s all about the prep game’ in Abby Kitchen’s home kitchen. Photo: Louise Kennerley

Abby’s Kitchen

head chef
Nomad, Sydney

Abby Kitchen starts with a confession. “That’s the fullest my fridge has been in six months,” she says. Ella’s partner Tom Jeffery is head chef at Totti’s Bondi and when they’re off work together, they like going to new restaurants. Cooking at home is a luxury. “All that said, I tried to be as true to myself as possible,” says Kitchen.

Her shopping and cooking are strategic. “I think about quick breakfasts before work or late-night snacks that won’t make me feel ill at one in the morning,” she says. The red Le Creuset casserole is often key. “I like a one pot wonder that I can graze on for a few days,” says Kitchen. “That one is braised white beans with kale and tomato. I might crack a poached egg on top and it becomes brunch, or put crispy bacon through and it becomes a hearty stew, or saute extra greens and anchovies and fold them through. I like multi-purpose dishes that also work as a fridge cleaner.”

fennell is a constant. “I usually have a dip of some sort and make myself a vegie and dip plate, or I’ll shave it into a salad for lunch on the go, maybe with tuna. I often boil potatoes and keep them for a few days – they might become a hearty salad with eggs, fennel and mayonnaise. “I’m American – I love May,“says Kitchen, explaining away the fridge door stocked with Kewpie, vegan and whole egg mayonnaise.

What about those jars? “Kimchi is always there,” she says. “Kimchi quesadilla was my lockdown thing: a breakfast burrito with scrambled eggs, kimchi, avocado, maybe halloumi.” pickles for adding to salads and olives for cocktails or snacking.

Making food last a while is a focus. “It’s all about the prep game,” she says. herbs and radishes are stored in water in the fridge to keep them zesty and lettuce is a no-no. “I need something that will hold up in the fridge for a few days.” Food waste upsets her. “Overall it’s about not buying too much and having long-lasting staples plus a few bits and pieces to make it a bit fancier or creative,” she says.

Kitchen has a pro tip. “One thing we do that feels cheffy is to saute mushrooms in miso and butter and serve them on a chunky piece of sourdough toast finished with a big squeeze of lemon,” she says.

Taylor Cullen head chef at Chiswick showing the contents of his fridge in his Bondi apartment.  26th July 2022 Photo Louise Kennerley SMH

Taylor Cullen uses a ‘first in, first out rule’ in his home kitchen. Photo: Louise Kennerley

taylor cullen

head chef
Chiswick Woollahra

“I’ve been cooking at home more recently because I’ve been focusing on being healthy,” says Taylor Cullen. “That means a lot of healthy vegetarian bowls with sweet potato, eggs, spinach, kimchi, hummus.” At lunchtime, he often slices zucchini and cucumber straight into a bowl and eats them raw with prickly pear, hummus and kimchi. “It takes two minutes, it’s healthy and you’ve got a meal.”

If he wants something warm, it’s often a brother. “I usually have stock, noodles and miso on hand,” says Cullen. “I make a nice miso broth, add udon noodles to cook in there, maybe broccolini and herbs from the window sill.” Curry is another option, with Thai green curry paste and Indian curry paste both on hand. “At work I would make all that stuff but there are so many good store-bought ones for home. You get heaps of flavor without spending too much time.”

Cullen fasts from 7pm to noon but he often starts the day with japanese green tea and then goes for a surf. “I get up at six, stretch, have a matcha using a proper bamboo whisk and bowl, at the correct temperature, and consumed in three mouthfuls. It’s a really nice routine. I love tradition – why would you change it?” He has a selection of single origin Zen Wonders matcha tins (zenwondersmatcha.com.au), stored in the fridge so they last longer. “They’re expensive – up to $70 for 20 grams – but once you have beautiful matcha, it’s hard to go back,” he says.

Cullen’s fridge reveals a few cheffy tricks. “If I’m making chicken soup, I roast the whole chicken, then take the skin off, put it on a piece of paper and back into the oven until it’s really dry and crisp. Then I’ll chop it up, put it in a jar with oil, soy sauce and chilli flakes. super umami crispy chilli oil and it lasts for a couple of months.” What about the chicken meat? “I make a turmeric, ginger and lemongrass chicken stock with the bones I’ve roasted then I put the meat through at the end,” he says.

Ginger, prepared two ways, offers another barrage of flavor bombs. “I cook whole ginger on the barbecue until it’s black, then slice it and store it with mirin and rice wine vinegar to make pickled ginger,” says Cullen. “The offcuts I cook down with sugar until they are burnt and crystallized. They are amazing in orange polenta cake: you get the char and the floral ginger flavour.”

Kitchen protocols have been carried over from restaurants. “I have a first in, first out rule,” he says. “You don’t want a moldy whatever in the back of your fridge. A neat and tidy fridge makes it easier to cook. I couldn’t stand it messy. I wouldn’t open it.”

charlie carrington

owner/chef
Atlas Dining

Everyone’s fridge tells stories. Charlie Carrington’s says he’s a highly organized dog lover with a penchant for noodles. “I cook at home Sunday, Monday and Tuesday,” he says. “I love Thai curries, steaks and Chinese stir-fries.“Carrington has the advantage of running a mealbox business, AtlasWeekly, so he often grabs a crate for himself, topped up with extra vegetables. “I eat raw carrot and broccoli,” he says. “It might seem very strange but I love them.”

Carrington’s dogs keep a close eye on the Ilume fancy dog ​​food on the top shelf. The company cooks human-quality canine meals such as turkey and spinach medallions, chicken rainbow slaw and bone broth. “I actually work with them,” says Carrington. “I had a very sick dog and good food has changed its life.” The lactose-free yogurt is also for the dogs.

When it’s time to feed the humans, Carrington often grabs noodles or fresh Otway pasta. “My personal favorite is spaghetti with clams and white wine,” he says. olives are a favourite. “I absolutely love eating them, adding them to charcuterie plates and shopping for them at Prahran or South Melbourne markets.”

You can take the chef out of a restaurant but you can’t take the principles of a neat coolroom out of a chef. “I love seeing things organized so I always have everything in order,” says Carrington. “I need to be able to see what I have at a glance.” Pro kitchen lore extends to keeping things fresh. “I wrap my herbs in damp towels because it really helps with the shelf life,” he says. “Also I store my olive oil in the fridge. I treat it like butter, which keeps that pure, fresh flavor when I use it in a salad dressing.”

TAKE HOME TIPS

  1. Make a one pot winner that can be added to and adapted during the week.
  2. Keep your fridge clean and tidy so it’s a pleasure to open it.
  3. put miso in everything, especially in butter to fry an egg.
  4. Store food well to extend its life: wrap herbs and leaves in damp paper towels.

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Woolworths worker pays for a mother’s groceries leaving her ‘grateful and mortified’

Woolies worker’s selfless act leaves a young mother ‘grateful and also mortified’ – but was the staff member just being nice or were they up to something ‘DODGY’?

  • A Woolworths shopper claims she had a staff member pay for her groceries
  • The mother said that her baby ‘kicking off’ prompted the worker to offer to pay
  • She broke down the details of the strange transaction in a post to Reddit

A shopper has revealed how she felt ‘grateful’ and ‘mortified’ when a supermarket worker offered to paid for her groceries at the checkout.

The mother, who was carrying her newborn while she was shopping at a Melbourne Woolworths, and had to go to a service desk because of a technical issue she was having with the self-checkout.

Struggling with moving her crying baby and the trolley, a Woolies staff member offered to pay for her groceries in light of the inconvenience.

Social media users debated whether the worker was just being nice or if they were up to something ‘dodgy’.

A shopper has revealed how she felt 'grateful' and 'mortified' when a supermarket worker offered to paid for her groceries at the checkout

A shopper has revealed how she felt ‘grateful’ and ‘mortified’ when a supermarket worker offered to paid for her groceries at the checkout

chicken

Was the worker just being nice or were they up to something dodgy?

  • And it is 183 votes
  • Nope 95 votes

She explained the details of the strange transaction in a post to Reddit last Thursday and asked other shoppers if they felt it was a ‘dodgy’ thing to do?

‘I just got back from Woolworths where I tried to pay with my phone on self checkout,’ the mother wrote.

‘It wasn’t working so they printed me a barcode and took me to the service desk to pay, but my phone payment still didn’t work.

‘After trying a few times and my newborn kicking off, the staff member said, don’t worry it’s on me.’

The mother said she was ‘really taken back’ by the generous offer and asked the worker if she could transfer her the money.

She claimed the employee declined the offer and responded and insisted it was no problem.

The mother, who was carrying her newborn while she was shopping at a Melbourne Woolworths, and had to go to a service desk because a technical issue she was having with the self-checkout

The mother, who was carrying her newborn while she was shopping at a Melbourne Woolworths, and had to go to a service desk because a technical issue she was having with the self-checkout

‘I was so grateful and also mortified,’ the mother said.

She questioned whether Woolworths staff members can pay for customers groceries legally or if it was ‘dodgy’.

‘I want to go back and give her something to say thank you, but don’t want to get her in trouble if she’s done something she’s not supposed to have done,’ she added.

Respondents in the Reddit post largely agreed that the woman should be thankful for the kind gesture and not bring attention to it at the store in case the staff member gets into trouble.

‘Maybe accept the kindness shown and pay it forward to someone else in need. In that way, you don’t risk getting the staff member in trouble,’ one commenter said.

Another person wrote: ‘Yeah, don’t go back and thank her manager and unwittingly have her fired. It’s a good intention that may backfire. Instead, next time you see her, thank her yourself.’

A third added: ‘What’s more likely? They risk being sacked or even arrested for a total stranger, or pays a few bucks to help out someone obviously trying their best but struggling.’

Social media users debated whether the worker was just being nice or if they were up to something 'dodgy'

Social media users debated whether the worker was just being nice or if they were up to something ‘dodgy’

‘My partner works at a supermarket and has paid for people before. It feels good. Pay it forward.’

Others disagreed with the act and claimed the employee likely voided the transaction.

‘She wouldn’t have paid. Technically, it’s not the right thing to do but also Woolies wouldn’t risk the bad PR of firing an employee over helping someone with a screaming baby,’ said one.

‘Yeah that transaction 100% got voided. More than likely she just wanted that screaming baby out of the store ASAP because parents never try and quieten them, ‘she wrote her a second.

A handful of commenters revealed they had personally paid for other shopper’s groceries before usually because of a technical issue or the customer struggled to afford it.

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Reserve Bank to trial digital currency in ‘limited-scale pilot’ scheme

The Reserve Bank of Australia will trial its own digital currency as part of a research project to evaluate the future of Central Bank Digital Currencies (CBDC) in Australia.

Unlike well known cryptocurrencies such as Bitcoin and Ether, which were created by private entities or individuals, a CBDC is issued and controlled by the central bank just like cash and electronic stores of sovereign currency sitting in bank accounts.

The research project the RBA is undertaking in collaboration with the Digital Finance Cooperative Research Center (DFCRC) will focus on the uses for, and potential economic benefits of, a CBDC.

“The project, which is expected to take about a year to complete, will involve the development of a limited-scale CBDC pilot that will operate in a ring-fenced environment for a period of time and is intended to involve a pilot CBDC that is a real claim on the Reserve Bank,” the RBA noted in a media release.

“Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses.”

RBA deputy governor Michelle Bullock said this project is “an important step” on the path to a potential Australian CBDC.

“We are looking forward to engaging with a wide range of industry participants to better understand the potential benefits a CBDC could bring to Australia,” she said in a statement.

Dr Andreas Furche, the chief executive of the DFCRC which is undertaking the research project with the RBA, said the doubts around CBDCs are mainly focused on how useful they could actually be, and in what ways.

“CBDC is no longer a question of technological feasibility,” he argued.

“The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits.”

The Reserve Bank said Treasury is involved with the project, which will soon invite industry participants to pitch specific uses for a CBDC that might be selected for trials in the pilot.

The project will then help to understand some of the technological, legal and regulatory issues that arise from a CBDC.

A report on the results of the project is expected in about a year’s time.

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Freeze on start-up founder’s $10m Mosman mansion after business collapses

A Sydney entrepreneur’s house has been caught up in the collapse of his start-up after two separate freezes were placed on his $10.5 million Mosman mansion.

Marketing technology company Metigy abruptly collapsed in July, leaving its 75 staff stunned. Some employees had been recruited only a month before the collapse and the company was still advertising jobs when it went into administration at the behest of investors. Metigy, which was co-founded by entrepreneur David Fairfull, raised $20 million in 2020 and was reportedly trying to raise capital earlier this year at a valuation of $1 billion.

Metgy founder David Fairfull.

Metgy founder David Fairfull. Credit:

The Australian Financial Review was first to report on the company’s collapse into administration, which it said was triggered by investors eager to see a full audit of Metigy’s finances.

Last week, some investors went further. On Monday, entities associated with investment funds Five V Capital and Regal Funds Management engaged lawyers at Allens to lodge a caveat over Fairfull’s Mosman property. On Tuesday, Metigy’s administrators had their lawyers, Addisons, lodge a similar caveat.

The six-bedroom, five-bathroom trophy home with expansive harbor views was sold in September last year to Fairfull, and a woman who appears to be his wife, legal records show.

At the time, Metigy was riding high with tens of millions banked from investors who believed in its plans to use artificial intelligence to improve digital marketing and its partnerships with web giant Google and telecommunications network Optus.

On its website and in media stories, Metigy spruiked a “reseller partnership” in which the telecommunications giant would offer Metigy’s marketing products to its more than 400,000 small business clients.

The harbor view from the $10m home that is subject to a caveat relating to Metigy, a failed AI marketing start-up.

The harbor view from the $10m home that is subject to a caveat relating to Metigy, a failed AI marketing start-up.Credit:Domain

In response, an Optus spokesman issued a brief statement on Monday saying that it had facilitated networking opportunities for Australian start-ups and small businesses in 2018. “Metigy participated, but as of today there is no active contractual arrangements,” the spokesman said.

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ASX set to fall as US stocks have cautious session on fears of rate rise

The Australian share market is set to fall and US stocks have ended a mixed session, with chipmaker Nvidia warning of a fall in quarterly revenue.

US stocks retreated from their highs after official employment figures last week showed strong job creation, raising fears of more aggressive interest rate increases by the US Federal Reserve.

Investors are awaiting official US consumer inflation figures on Wednesday.

The Dow Jones Industrial Average rose 0.1 per cent to 32,833, the S&P 500 lost 0.12 per cent to 4,140, ​​and the Nasdaq Composite fell 0.1 per cent to 12,644.

Chipmaker Nvidia lost 6.3 per cent after saying that second-quarter revenue would decline 19 per cent from the previous quarter because of weakness in its gaming business.

Electric car maker Tesla rose after its signed contracts worth $US5 billion ($7.16b) to buy battery materials from nickel-processing companies in Indonesia.

Shares of US car makers jumped after the US Senate passed a $US430 million bill to fight climate change that created a $US4,000 tax credit for used electric vehicles and provides billions in funding for their production.

Insurer American International Group reported a 26 per cent fall in quarterly profit on lower investment income.

It blamed market volatility for a delay in the public float of its life and retirement unit.

The ASX SPI 200 index was down 0.2 per cent to 6,911 at 7:00am AEST, indicating a fall on the Australian share market today.

The Australian dollar jumped 1 per cent overnight to nearly 70 US cents.

At 7:10am AEST, it was buying about 69.78 US cents.

European stocks had a good session.

The FTSE 100 in London rose 0.6 per cent to 7,482, the CAC 40 in Paris rose 0.8 per cent to 6,524, while the DAX in Germany gained 0.8 per cent to 13,688.

Oil prices rose thanks to positive economic data from China and the US.

Brent crude gained 1.8 per cent to $US96.65 a barrel.

Spot gold also rose. It put on 0.8 per cent to $US1788.50 an ounce.

ABC/Reuters

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Interest rates a king hit for borrowers as fixed interest loans roll off

Over the years, I’ve cut my cloth (and, on occasion, my own hair) to suit my increased desire for more leisure.

But even armed with this somewhat extreme budgeting discipline, I am beginning to feel a little nervous about impending interest rate rises. Goodness knows how the rest of you are coping.

Borrowers who ‘fudged’ their declared expenses when applying for loans – will soon be feeling the pinch.

Fortunately, my home loan is fixed until the middle of next year at 1.84 per cent. The downside, however, is that when my fixed interest rate expires and I roll onto a variable interest rate, I – like many other mortgage holders – am in for a fairly significant cash-flow shock.

Switching to even the lowest variable rate available today would mean I’d need to find an extra $600 per month. By Christmas, that’s likely to have risen to $900 a month.

The size of my budget surplus last month? $843. That is, without changes to my spending patterns, I’ll be in the red soon.

This isn’t a sob story – I have plenty of fat to cut. I can ditch my extra contributions to more than about $800 a month (although I will miss those sweet, sweet tax savings). Next on the chopping block could be my premium gym membership of $380 a month. I can also rein in my “eating out” budget, which blew out to $490 last month.

I can easily make sacrifices to afford my loan. That’s largely because I didn’t borrow the maximum I was offered, and I was stress-tested at slightly higher interest rates than more recent borrowers.

Many others – particularly borrowers who ‘fudged’ their declared expenses when applying for loans – will soon be feeling the pinch.

It is something I hope our central bank policymakers are keeping front of mind as they adjust rates.

Aussie borrowers who shackle themselves to large mortgages also submit themselves – often unwittingly – to becoming part of the central bank’s “transmission mechanism of monetary policy”.

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Changes in interest rates (also known as “monetary policy”) work in several ways to cool the economy, including through their impact on asset prices and the currency. But the “cash flow” channel is one of the strongest and what many borrowers are about to find themselves at the pointy end of – if they haven’t already.

Compared with other countries, a higher proportion of Aussies home buyers tend to borrow via variable interest rates loans. This has always delivered our policymakers a unique advantage, because their manipulations of borrowing rates flow quickly through to household activity – either boosting or sapping spending power.

However, during the pandemic an unusually high proportion of Aussie borrowers took out loans on ultra-low fixed interest rate terms, which are set to expire over the coming one to four years.

For variable borrowers, rate rises are already packing a punch. But for many, the pain is being delayed and today’s rapid rate rises risk landing like a king hit to their budgets in years to come.

Many financially literate households are already trimming spending plans now, in advance of what has been dubbed a looming “fixed-rate cliff”.

Many less financially literate households, however, will only truly feel the shock when they actually roll off their fixed rate loans. There is a greater than usual risk of even sharper reductions in spending when they do.

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For policymakers, it’s an added risk to the current economic outlook which needs to be given more weight.

For borrowers, there is little that can be done, other than to seek ways to either increase your income or cut spending.

We must all be economists now.

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Rupert Murdoch’s News Corp (NWS) profits nearly double, revenue jumps

Panuccio said the company would continue to manage costs amid ongoing supply chain and inflationary pressures.

“We will take necessary action to address those pressures, including pricing adjustments, together with our ongoing focus on cost management,” Panuccio said. “Visibility on advertising remains limited across the businesses and we continue to expect foreign exchange headwinds, given the current spot rates for the Australian dollar and pound sterling compared to the prior year.”

News Corp CEO Robert Thomson revealed the company's latest results.

News Corp CEO Robert Thomson revealed the company’s latest results.Credit:Reuters

Subscription video revenues fell $US46 million ($65.9 million) – or 2 per cent – due to a $US61 million impact from foreign currency fluctuations. Streaming revenues – predominantly from Kayo and Binge, more than offset revenue decline from Foxtel’s traditional broadcast product. The streaming subscription revenue makes up about 20 per cent of total subscription revenues in the fiscal year.

Foxtel’s traditional broadcast product has 1.5 million residential subscribers, a decrease from 1.7 million in 2021, and 242,000 commercial subscribers, a slight increase on the previous year.

Kayo has 1.3 million paid subscribers – just 188,000 less than the number of residential subscribers – while Binge has 1.2 million. Total paid Foxtel subscribers was 4.4 million for the full year, compared to 3.9 million. The company’s news-focused streaming service, Flash, has 11,000 paid subscribers.

earnings [before interest, tax, depreciation and amortisation] for subscription services were flat for the year due to an $US8 million impact from foreign currency fluctuations. Expenses were flat as higher sports and entertainment programming costs were offset by the absence of the $US57 million negative impact seen in the first half of fiscal year 2021 caused by deferred programming costs.

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ASX-listed REA Group was one of the key drivers of growth for News Corp, with full-year revenue for its digital real estate services segment increasing by 25 per cent to $US1.741 billion. REA Group’s revenue increased by 37 per cent to $US1 billion, driven by growth in financial service revenues and higher residential depth revenues.

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