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Qantas, Australia’s national airline, said on Monday that it had reached a deal with the country’s consumer watchdog to pay the equivalent of $79 million for selling thousands of tickets to flights that it had already canceled. The airline said in a statement that the payments, totaling 120 million Australian dollars, would resolve a lawsuit that the Australian Competition and Consumer Commission filed against Qantas over the issue last year. The commission accused the airline of advertising and selling tickets for more than 8,000 canceled flights from May 2021 through July 2022. The commission said Qantas had known that the flights would never take off, and that tickets remained available for an average of over two weeks after the flights were canceled — in some cases, for as long as 47 days. Qantas said it expected to pay 20 million Australian dollars in compensation to more than 86,000 of its customers, as well as a fine of 100 million dollars, subject to court approval.
Organizations: Qantas, Australia’s, Australian Competition, Consumer Commission
The police in Perth, Australia, fatally shot a 16-year-old boy who had stabbed a man in a parking lot and who officials said had been on their radar for suspicion of having extremist tendencies. Members of the public had also alerted the police that the teenager was wielding a knife, and officers were dispatched to the scene. A mass stabbing in a shopping mall in Sydney killed six people and injured at least a dozen on April 13. On Saturday in Perth, the two officers who arrived to confront the teenager drew their tasers and a firearm, Commissioner Blanch said. They tried to convince him to drop his knife, but he did not comply and rushed at one of the officers.
Persons: Col Blanch, Blanch Organizations: Police Locations: Perth, Australia, Western Australia, Sydney
Read previewGeorge, a full-time Uber driver in Cleveland, was once quite satisfied with his ride-hailing gig. The 40-year-old, who has been driving for Uber since 2017, is considering quitting and becoming a truck driver, he previously told Business Insider via email. This story is available exclusively to Business Insider subscribers. George is one of several Uber and Lyft drivers who have told Business Insider their gigs are less profitable than they were a few years ago. AdvertisementMany ride-hailing drivers are actively tracking their income and expenses to make sure driving is worth their time.
Persons: , George, Uber, he's, He's, Patrick's, aren't, they've, hasn't, Roger Kaiser Organizations: Service, Uber, Business, BI Locations: Cleveland
Eun Sung injured her right thumb in a fall in March and needed surgery to fix a torn ligament. But scheduling one has been difficult even though she lives in one of the most developed nations in the world, South Korea. For more than two months, South Korea’s health care system has been in disarray because thousands of doctors walked off the job after the government proposed to drastically increase medical school admissions. But one thing has changed: Public opinion has turned against the government of President Yoon Suk Yeol. A majority of respondents in a recent poll said that the government should negotiate with the doctors to reach an agreement quickly or withdraw its proposal.
Persons: Eun Sung, , Sung, Yoon Suk Locations: South Korea, Seoul
After graduating from Wellesley College, majoring in Chinese studies and economics, I worked at a couple of finance jobs before being poached by Goldman Sachs in Hong Kong. At Goldman Sachs, I made over $376,000 annually. I quit Goldman Sachs in 1999 and moved back home to the Bay Area, where I became lonely and incredibly sad. After about three months of traveling back and forth, I quit Goldman Sachs. Was it worth it to leave Goldman Sachs?
Persons: , Cassindy Chao, It's, Goldman Sachs, I'd, Fred, Jackie Chan, we've, We'd, Chao, Cecilia, Chao I'm, I've Organizations: Service, Wellesley College, Business, Goldman, Ivy League Locations: Oakland , California, Hong Kong, Thailand, Japan, Vietnam, Bay, California
Hong Kong CNN —Like hundreds of millions of workers in China, Hao Zeyu, an algorithm engineer at an electric vehicle maker, is getting five days off this week for the Labor Day holiday. So, why has a decades-old policy caused so much upset in a country whose Communist Party leadership pays annual homage to International Workers’ Day? Trending topicIn recent weeks, complaints about this year’s Labor Day leave arrangements have exploded on Chinese social media. Tourists visit the Qiansimen Jialing River Bridge during the May Day holiday on May 1, 2023 in Chongqing, China. Labor Day isn’t the only holiday to get the adjusted rest policy.
Persons: Hao Zeyu, Hao, , ” Hao, , Yao, Max Teng, it’s, Yaer Tuerdi, Pang Dong Lai, Yu Donglai, Yu, Teng Organizations: Hong Kong CNN, Labor, CNN, Communist Party, International Workers, Workers, Weibo, Tourists, China News Service, University of Wellington, “ Workers Locations: China, Hong Kong, Chongqing, United States, United Kingdom, Kentucky, Henan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets might have to reprice the prospect of no rate cuts this year, says BMO's Yung-Yu MaYung-Yu Ma, BMO Wealth Management chief investment officer, joins 'Fast Money' to talk this week's economic data and the possibility of one or no rate cuts this year.
Persons: BMO's Yung, Yu Ma Yung, Yu Ma Organizations: BMO Wealth Management
The staff serenaded me when I arrived at the resort, which is when I realized I was the only guest there. Kaila YuOne of the best parts of my stay was the staff's warmth and attention to detail. Then, I jumped on the resort's private plane to fly to Wakaya Island, which took just over 30 minutes. I booked the resort for its seclusion, but I thought there'd be guests in the few other cottages on the island. When I arrived, I realized I was wrong — it was just me and the staff for my entire stay.
Persons: Kaila Yu, there'd Organizations: Nadi International Airport Locations: Nadi
Hong Kong CNN —A “life and death race” has begun to unfold in the world’s largest market for electric vehicles (EV). More than a dozen passenger carmakers disappeared from the market last year, according to statistics from the China Passenger Car Association. Too many playersOvercrowding is another major issue plaguing China’s EV industry. Last month, Xiaomi, a Chinese smartphone brand, launched its electric car, the SU7 sedan. “China’s EV industry has entered a stage of cyclical adjustment after two decades of growth,” he said at a forum in Beijing.
Persons: , Tesla, Mark Rainford, Richard Yu, Li Auto, “ They’re, Huawei’s Aito, Lei Jun, BYD, Rainford, Gan Jiayue, Wang Chuanfu, Yin Tongyue Organizations: Hong Kong CNN, Auto China, YouTube, China, , National Development, Reform Commission, China Passenger Car Association, WM, Mitsubishi Motors, Honda, Hyundai, Ford, Huawei, EV, China Association of Auto Manufacturers, China’s EV, Li, Tesla, Porsche, Geely Auto, Meizu, Chery Auto, International Energy Agency Locations: China, Hong Kong, Beijing, Shanghai, oversupply, Meizu
Specifically, the servers contained some of Nvidia's most advanced chips, according to the previously unreported tenders fulfilled between Nov. 20 and Feb. 28. While the U.S. bars Nvidia and its partners from selling advanced chips to China, including via third parties, the sale and purchase of the chips are not illegal in China. Contacted by Reuters, Nvidia said the tenders specify products that were exported and widely available before the restrictions. Daniel Gerkin, a Washington-based partner at law firm Kirkland & Ellis, said Nvidia chips could have been diverted to China without a manufacturer's knowledge, given a lack of visibility into downstream supply chains. It did not respond to subsequent questions about tenders that identified its products as a source of banned Nvidia chips.
Persons: Wong Yu Liang, Daniel Gerkin, Kirkland, Ellis, Clare Locke, Gigabyte Organizations: Nvidia, Getty, Super Micro Computer Inc, Dell Technologies Inc, Gigabyte Technology, Reuters, Chinese Academy of Sciences, Shandong Artificial Intelligence, Hubei Earthquake Administration, U.S, U.S . Commerce Department, Industry, Security, Super Micro, Dell Locations: China, U.S, Shandong, Hubei, Southwest, Heilongjiang, Washington
BEIJING — Chinese video streaming platform iQiyi is turning its attention to the country's aging population, while using artificial intelligence tools to bolster content production. One of iQiyi's near-term goals is to improve the product offering for older users, CEO and founder Gong Yu said Tuesday at the company's annual conference. Gong also pointed to estimates that predict about one-fourth of China's population will be considered elderly in 2033, rising to one-third in 2053. Fewer children, Gong said, means each child becomes more important. He said iQiyi would improve the quality of its content for children.
Persons: Gong Yu, Gong Organizations: Netflix, CNBC Locations: China, U.S, BEIJING, iQiyi's
The firm is overweight on Tencent shares, with a price target of 400 Hong Kong dollars ($51). Also helping analysts' optimism on the stock are Tencent's share buybacks. HSBC has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. Pan said that low liquidity in Hong Kong has also affected share prices in that market, but he hopes that can improve with a new CEO. The Hong Kong exchange's co-COO Bonnie Chan is set to become head of the business in late May.
Persons: Morgan Stanley, Gary Yu, Morgan Stanley's Yu, Tencent, Prosus, Charlene Liu, HSBC's, Grant Pan, Noah Holdings, Pan, Hong Kong exchange's, Bonnie Chan, — CNBC's Michael Bloom Organizations: Hong, Jefferies, Naspers, Internet, Gaming Research, HSBC Locations: Hong, Hong Kong, Asia, Japan, Netherlands, Tencent, 1Q24, Asia Pacific, HKD500m, China
The United States is Taiwan's most important international supporter and arms supplier despite the absence of formal diplomatic ties. Democratically governed Taiwan has faced increased military pressure from China, which views the island as its own territory. Taiwan has previously reported Chinese military aircraft getting close to but not entering the contiguous zone. On Saturday, Taiwan's defence ministry said China had again carried out "joint combat readiness patrols" with Chinese warships and warplanes around Taiwan. China's defence ministry did not answer calls seeking comment outside of office hours on Sunday.
Persons: Ceng Shou Yi, Wang Ting Organizations: Getty, Taipei, U.S . House, Democratic Progressive Party Locations: China, Pingtung county, Taiwan, Taipei, Japan, Canada, India, Beijing, United States, Ukraine, Israel, U.S, Russian, Taiwan Strait, Taiwan's
Two police officers were killed in a shootout on Sunday evening as they investigated a stolen vehicle in an upstate New York town near Syracuse, the authorities said. The two officers were investigating a parked vehicle in Salina, N.Y., when a suspect shot at them, Syracuse Police Chief Joseph L. Cecile told reporters early Monday morning. Several people were shot in the ensuing shootout, including an officer from the Syracuse Police Department, a sheriff’s deputy from Onondaga County and one male suspect, the police said. Those three were later pronounced dead at a nearby hospital. Earlier in the evening, around 7 p.m.., two Syracuse officers tried to stop what they had determined to be a suspicious vehicle, but the driver drove off, the police said.
Persons: Joseph L, Cecile Organizations: Syracuse Police, Syracuse Police Department, Syracuse Locations: New York, Syracuse, Salina , N.Y, Onondaga County
The weapons Iran used on Saturday can travel much farther, and some of them can travel much faster. Still, Israel said that nearly all of the missiles and drones that Iran fired were intercepted, many with help from U.S. forces. In Saturday’s attack, 185 drones, 36 cruise missiles and 110 surface-to-surface missiles were fired toward Israel, according to Israeli military officials. It has a range of more than 1,200 miles — plenty to reach Israel from Iran. In recent decades, Iran has largely been focused on deterrence, long-range missiles, drones and air defenses.
Persons: Israel, Fabian Hinz, Jeffrey Lewis Organizations: Hamas, Islamic, Fajr, International Institute for Strategic Studies, Islamic Revolutionary Guards Corps, Iraqi Popular Mobilization Forces, International Security, U.S . State Department Locations: Iran, Israel, U.S, Iraq, Yemen, Berlin, United States, Vietnam
Jack Ma is praising Alibaba. Wall Street is more cautious
  + stars: | 2024-04-14 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
Alibaba shares got a boost last week from news founder Jack Ma is pleased with the company's turnaround so far. They cut their price target to $100 a share, down from $105 previously, while maintaining an overweight rating. Eddie Wu became CEO of Alibaba in September, and is also acting head of the cloud business. They cut their price target by $1 to $105 a share and maintained their buy rating. They have a price target of $85, and, in contrast to the many buy ratings, rate the stock equal weight.
Persons: Jack Ma, Joe Tsai, Ma, Alex Yao, Tsai, Nicolai Tangen, We've, Eddie Wu, Trudy Dai, Daniel Zhang, Kenneth Fong, Douyin, Nomura, Doubao, Ernie, Qianwen, monetization, Morgan Stanley, Gary Yu, — CNBC's Michael Bloom, Arjun Kharpal Organizations: CNBC, Wall Street, JPMorgan, Norges Bank Investment, Alibaba, Commerce, UBS, PDD Holdings, Norges Bank Investment Management Locations: China, U.S, Taobao, BABA
A Palestinian man inspecting damage on Saturday after Israeli settlers attacked the village of Al Mughayir, in the Israeli-occupied West Bank. The Israeli military announced on Saturday that it would bolster its forces in the West Bank with additional companies and police. Israeli settlers, some of them armed, entered the villages, the official added, and there were reports that they had opened fire. At one point, “rocks were hurled” at Israeli soldiers, leading them to open fire in response, the Israeli military said. Last February, an attack by Israeli settlers devastated the Palestinian town of Huwara in the northern West Bank.
Persons: Al Mughayir, Binyamin Achimair, Yesh Din, Abu Aliya —, Amin Abu Aliya, Binyamin’s, Naser Dawabsheh, , , Na’asan Na’asan, Shaul Golan, Golan, Biden, Binyamin, Abu Aliya, Benjamin Netanyahu, Israel, Yair Lapid, ” Mr, Na’asan Organizations: West Bank ., West Bank, United Nations, Duma Locations: Al, Palestinian, Ramallah, torching, East Jerusalem, Gaza, Al Mughayir, , Israel, Huwara, West Bank
The U.S. has passed a series of export controls starting in October 2022 aimed at restricting China's access to advanced chip technology, particularly those used in AI applications. According to data from tech consultancy Omdia, China consumes nearly 50% of the world's semiconductors as it is the biggest market for assembling consumer devices. But, soon after, it was reported that Nvidia was working on a new chip made for China. The company did not respond to a request for comment on their plans for the China market. An analysis of Huawei's Mate 60 Pro smartphone by TechInsights revealed an advanced chip made by China's top chip maker, SMIC.
Persons: Wong Yu Liang, Chris Miller, William B, Bailey, Donald Trump, TechInsights Organizations: AMD MU, P Global, Intel, Broadcom, Qualcomm, Marvell Technology, U.S, The, CNBC, Nasdaq, Intelligence, Micron Technology, AMD, Nvidia, Huawei, Semiconductor Industry Association, America's Micron, country's Cyberspace Administration, Micron Locations: China, The U.S, U.S, Washington, Xi'an, Netherlands, Beijing
Stock Chart Icon Stock chart icon Bitcoin (BTC), entering its fourth halving period next week. After the 2012, 2016 and 2020 halvings, the bitcoin price ran up about 93x, 30x and 8x, respectively, from its halving day price to its cycle top. The halving occurs when incentives for bitcoin miners are cut by half, as mandated by the code of the Bitcoin blockchain. Zoom In Icon Arrows pointing outwardsThat $30 million assumes a bitcoin price of about $70,000. Diminishing returns from halving to halving Bitcoin has always shot to the moon in the months following its halving – that's what makes it such a celebrated day among enthusiasts.
Persons: Yu Chun Christopher Wong, bitcoin, Antoni Trenchev, it's, Steven Lubka, Swan Bitcoin, Trenchev, Swan's Lubka, Lubka Organizations: S3studio, Wall, Swan, Miners
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket rally can resume if inflation levels off: BMO's Yung-Yu Ma​​Yung Yu-Ma, BMO Wealth Management CIO, joins 'Money Movers' to discuss what he sees ahead for the stock market, what is currently priced into equity markets, and more.
Persons: BMO's Yung, Yu Ma, Yung Yu Organizations: Email, BMO Wealth Management
Investors are hoping the upcoming earnings season will help bring back this year’s banner rally. The first-quarter earnings season could get the stock rally chugging along again, some investors say. Earnings season kicks off next week with quarterly updates from Delta Air Lines, Citigroup, BlackRock, JPMorgan Chase and Wells Fargo. For the millions of recent Latino immigrants in the US, construction jobs have low barriers to entry and the openings are plentiful. The crackdown comes as its rival Netflix has attributed a jump in signups from its recent crackdown on password sharing.
Persons: Stocks, FactSet, , Matthew Stith, Wells, Yung, Yu Ma, Francis Scott Key, Ramishah Maruf, Gloria Pazmino, We’re, It’s, Reinaldo Quintero, , ” Read, Samantha Murphy Kelly, Bob Iger, hasn’t, Read Organizations: CNN Business, Bell, New York CNN, Investors, Bartlett Wealth Management, Delta Air Lines, Citigroup, JPMorgan Chase, BMO Wealth Management, Bureau of Labor Statistics, CNN, Disney, CNBC, Netflix Locations: New York, BlackRock, Wells Fargo, Baltimore, America, signups
Six weeks after thousands of residents and interns at South Korean hospitals walked off the job, frustration is rising. Nurses have taken on duties usually performed by physicians, and military doctors have been deployed to public health centers. The young doctors who walked out in February to protest that plan say it wouldn’t solve the health care system’s problems. But many people are also exasperated with the doctors, despite the exalted position that physicians hold in South Korea’s hierarchical society. Critics accuse them of trying to protect their elite status, and their income, by keeping the number of doctors low.
Persons: Yoon Suk Yeol, Critics Organizations: South, Hospitals, Nurses
A person walks past an area of a damaged building that is cordoned off following the earthquake on April 04, 2024 in Hualien, Taiwan. A helicopter ferried to safety six miners trapped on a cliff in a dramatic rescue after the quake cut off the roads into Hualien's soaring mountains, in footage shown by the department. People in largely rural and sparsely populated Hualien county were readyingto go to work and school when the earthquake struck offshore on Wednesday. Dozens of residents queued outside one badly damaged 10-storey building, waiting to go in and retrieve belongings. She recalled the moment the quake struck, sending the building lurching and furniture sliding, while she rushed to save the four puppies she keeps as pets.
Persons: Yu, Tian Liang, I'm Organizations: Reuters Locations: Hualien, Taiwan, Taipei
“But people are safe, so that’s fortunate.”Workers demolish a damaged building following the earthquake, in Hualien, Taiwan April 4, 2024. A rescue worker stands near the cordoned off site in the aftermath of an earthquake in Hualien, eastern Taiwan on Wednesday, April 3, 2024. Wednesday’s quake is the strongest to hit Taiwan since 1999, according to the Central Weather Administration. That year, a 7.7 magnitude quake hit south of Taipei, killing 2,400 people and injuring 10,000 others. A magnitude 6.2 quake hit near the area in 2018, killing at least 17 people and injuring more than 300 others.
Persons: Hong Changyi, , Tyrone Siu, rockfall, Johnson Lai, “ They’ve, Taiwan —, Sam Yeh, Yu, Lin Chih, cheng Organizations: CNN — Rescue, Hong, CNN, Workers, National Fire Agency, SET, Central News Agency, Video, CNA, Reuters, Getty, Hualien Fire Bureau, Central Weather Administration, Taiwan’s Professional Civil Engineers Association Locations: Taiwan, Hualien County, Hualien, Taroko, AFP, , Zhonghe, Taipei, Hualien City, Lin, China
In January 2023, we moved from Oakland, California, to Valencia, Spain. Leong and her husband moved to Valencia, Spain, in 2023. Valencia, Spain, showed up as a low-cost place to live and within a year, we purchased two properties there — all cash. I believe in buying property to live here and contribute to the community instead of simply purchasing property as an ex-pat as an investment. AdvertisementWhen purchasing property in Spain, you must be carefulLeong taking tea into her terrace area.
Persons: , May Leong, It's, Leong, Spain —, he's, we'd, Leong Valencia, aren't, Valencia haven't Organizations: Service, Business, Oakland, Irish EU, pats, Facebook Locations: Oakland, Valencia, Spain, Limerick, Ireland, Europe, Oakland , California, Lisbon, California, States, Irish
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