Money
Who will get the $25 million refund from Telstra?
Australia’s largest telco Telstra will refund a huge $25 million dollars to its customers
Regulators have ordered Telstra to refund almost 50-thousand customers over failed internet speeds.
An ACMA investigation found between September 2018 and October 2020 the telco failed to suitably notify customers of issues. These issues included under-performing internet speeds and plan options.
Under ACMA rules, telecommunication companies must verify maximum internet speeds. They also must notify customers when speeds cannot meet those advertised in their plan.
In those circumstances, customers are entitled to move to a lower speed tier plan at a cheaper price or exit the contract without cost.
“The ACMA is very concerned with this conduct as these customers have been paying for a level of service they were not receiving,”
ACMA chair Nerida O’Loughlin said in a statement
The ACMA expects Telstra to dish out around $25 million in refunds. However, that figure includes other cases not included in the watchdog investigation.
“Telstra denied these customers the opportunity to downgrade their plan or exit their contract.”
Telstra must also implement a range of processes and reporting to assure future compliance with ACMA rules. The Aussie telco faces additional penalties of up to $10 million if it doesn’t comply with the direction.
Money
Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.
The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.
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Money
Gold hits record highs as investors flee risk
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.
The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.
Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.
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Money
Markets edge higher as 10-year yields hit new highs
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
All major stock indices are starting the week slightly higher, giving investors cautious optimism. Analysts are keeping an eye on movements in small caps and mega-cap tech stocks amid these early gains.
The yield on the 10-year Treasury note has climbed to 4.23%, the highest since last September. This follows Kevin Warsh emerging as the frontrunner for the next Federal Reserve Chair, sparking speculation on future monetary policy.
Rising yields could trigger a pullback in small-cap stocks, while investors may pivot toward mega-cap tech, expected to deliver strong earnings growth. Overall, the market is likely to see a neutral to slightly bearish trend next week due to overbought conditions.
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