Business, Economics and Finance

Tesla's board has proposed a $US1 trillion ($1.52 trillion) compensation plan for CEO Elon Musk in what would be the largest corporate pay package in history.

The share market has continued to claw back some of the heavy losses it suffered earlier this week on expectations the world's largest economy will cut interest rates later this month.

The Australian share market rose sharply, though it only clawed back a fraction of yesterday's $57 billion sell-off. The ASX 200 followed Wall Street higher after some worse-than-expected job numbers led to increased speculation the US Federal Reserve will cut interest rates this month, as finance presenter David Chau explains.

The global bond market rout reversed on Thursday after weaker US jobs data set the stage for an interest rate cut from the US Federal Reserve in September. But Martin Whetton, head of financial markets strategy at Westpac, says jitters among bond investors remain.

Thousands of investors, who were exposed to heavy losses by investing their retirement savings in the First Guardian and Shield managed investment schemes, have been told they may be able to get "remediation" from the superannuation trustees that ran platforms that housed their investments.

British economist, YouTuber and author, Gary Stevenson, says one of the biggest challenges facing the global economy is what he's calls a once-in-a-generation wealth transfer from governments and middle classes to the rich.

The ASX rallies on views that a weaker global economy will see further interest rate cuts, which is positive for shares. And the full Federal Court dismisses Latitude and Harvey Norman’s appeals in an ASIC case.

The new GDP figures surprised analysts and productivity headed up as well.

Software company Xero was the biggest loser on the ASX on Wednesday, as the company announced it was expanding its Jax AI agent within its software. Chief executive Sukhinder Singh Cassidy joins The Business to discuss how artificial intelligence is impacting the company and their clients.

NEXTDC chief executive, Craig Scroggie, says finding a way to power the huge energy needs of data centres is key to ramping up artificial intelligence.

Stronger than expected GDP figures see interest rate cut bets dialed back, with economists forecast the Reserve Bank will leave rates on hold in September.

Treasury and mining companies got a boost with the price of iron ore staying around one hundred and two US dollars per ton.

Senior FX strategist at NAB, Rodrigo Catril, says the Australian dollar could reach 68 US cents by the end of 2025.

The usual deluge of results from corporate Australia during reporting season came with large swings for stock prices, in both directions, on the local share market.

BCA Research chief strategist, Marko Papic, says the recent Shanghai Cooperation Summit is important because it sends a signal to the United States that the world doesn't owe it anything, and countries do have other alternatives.

Australian property prices have pushed higher again in August, as lower interest rates, rising real wages and buyer optimism collided with a shortage of homes for sale.

Canstar director of data insights, Sally Tindall, says other major banks will follow Westpac in offering a fixed rate home loan under five per cent.

NSW has announced it will become the first state in the country to use artificial intelligence to fast-track building approvals, which currently take eight and a half months on average. The NSW Minister for Planning and Public Spaces, Paul Scully, says he believes the associated risks can be managed to maximise the productivity gains and the ultimate decision maker will still be a human.
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The ASX closed lower as banks, miners and tech stocks struggled.

Donald Trump's declaration that, "I have the right to do anything I want", didn't get the attention it deserved.