Home and vehicle insurer QBE has had a bump in full-year earnings on the back of higher premiums and fewer natural disaster payouts.

The listed entity, which also has a business insurance arm and operations in Australia and overseas, reported a 21 per cent rise in first-half net profit to $US2.2 billion ($A3.1 billion).

QBE Insurance said it had a “favourable catastrophe experience” across its operations with claims totalling $US751 million ($A1.1 billion), or about four per cent of net insurance revenue, for calendar 2025.

That represented an almost six per cent improvement from the previous year, and was significantly below its 2025 year budget of $US1.2 billion ($A1.7 billion).

“QBE delivered a strong performance in 2025, exceeding our financial plan for the year,” group CEO Andrew Horton said, adding that the year ahead looked constructive for further growth.

Full year gross written premiums totalled $US24 billion ($A34 billion), up seven per cent, compared to its forecast for a rise in the “mid-single digits”.

“Underwriting profitability tracked ahead of our plan for the year, following a similar outcome in 2024,” it said on  Friday in a statement.

“The combined operating ratio improved to 91.9 per cent, from 93.1 per cent in the prior year, supported by favourable catastrophe outcomes.”

Looking ahead, QBE is again forecasting full-year gross written premium growth in the mid-single digits in constant currency terms.

The Sydney-based insurer will pay a final dividend of 78 cents, taking the total for 2025 to $1.09, up from 87 cents in 2024.

Members of Sydney’s Muslim community say Pauline Hanson should put her offensive views aside and meet them to share a meal.

Up to a million visitors are expected to show up at a popular night market in Lakemba in south-western Sydney for the month of Ramadan, where dozens of stalls serve everything from camel burgers to sugarcane juice.

But the first day of the holy month has been tinged with sadness and frustration after a threatening letter was sent to Lakemba Mosque – the third it has received in a month.

It echoed Senator Hanson’s widely-condemned comments days earlier that there were “no good Muslims” and that she felt “unsafe” and not welcomed in the area.

Born and bred in Lakemba, construction worker Mohammed – who asked that his full name not be used – extended an invite to the controversial politician.

“We want Pauline Hanson to come down here, break our fast and eat with us and see how we are,” he told AAP on the steps of the mosque with his young son in tow.

“It’s a multicultural place … come in and we’ll show you around.”

The 35-year-old noted the threats would not deter him from going to pray and seeking spiritual solace in the next few weeks, when Muslims globally fast from sunrise to sunset. 

“Those who made a threat, we can help them and guide them. It’s not going to (stop us coming) to the mosque anymore or scare us.”

Sharing in a communal breaking of the fast at the mosque after a long hot day, Mahadi Hasan said he felt at home in the suburb observing his first Ramadan away from his family in Bangladesh.

“I came to Australia because it’s one of the most peaceful countries in the world and we Muslims also love peace,” he said.

The 24-year-old student said he was “very concerned” with the rising rhetoric targeting Muslims in Australia, including the latest threat to the Lakemba Mosque.

Featuring a cartoon pig, the letter made calls to kill or deport Muslims and referenced an Australian convicted terrorist who killed 51 Muslims in Christchurch in 2019.

The unsigned letter delivered to the mosque also contained a direct death threat levelled against Josh Lees, the prominent organiser of the Palestine Action Group, with the words “Praise Israel” atop.

He said politicians had fanned the flames of Islamophobia by denigrating supporters of the Palestinian cause, against a backdrop of more than 70,000 people being killed in Gaza over the last two years.

“There is a clear link between media and politicians’ consistent attacks on the Palestinian movement and the vicious rise in disgusting Islamophobia,” he told reporters.

Indian Prime Minister Narendra Modi has pitched his country as a central player in the global artificial intelligence ecosystem, saying it aims to build technology at home while deploying it worldwide. 

“Design and develop in India. Deliver to the world. Deliver to humanity,” Modi told a gathering of some world leaders, technology executives and policymakers at the India AI Impact Summit in New Delhi on Thursday.

Modi’s remarks came as India — one of the fastest-growing digital markets — seeks to leverage its experience in building large-scale digital public infrastructure and to present itself as a cost-effective hub for AI innovation.

The summit was also addressed by French President Emmanuel Macron, Microsoft president Brad Smith, Google CEO Sundar Pichai and UN Secretary-General António Guterres, who called for a $3 billion fund to help poorer countries build basic AI capacity, including skills, data access and affordable computing power.

“The future of AI cannot be decided by a handful of countries, or left to the whims of a few billionaires,” Guterres said, stressing that AI must “belong to everyone.”

India is using the summit to position itself as a bridge between advanced economies and the Global South. Indian officials cite the country’s digital ID and online payments systems as a model for deploying AI at low cost, particularly in developing countries.

“We must democratise AI. It must become a tool for inclusion and empowerment, particularly for the Global South,” Modi said.

He later separately met tech leaders, many of whom laid out their investing plans in India.

OpenAI CEO Sam Altman said the company will collaborate with India’s Tata Group on AI initiatives, including the development of data centre infrastructure in the country.

“We believe the democratisation of AI is the only fair and safe path forward,” Altman said at the meeting.

With nearly 1 billion internet users, India has become a key market for global technology companies expanding their AI businesses. 

Google, Microsoft and Amazon have all pledged huge-multi-billion dollar investments into India.

The country, however, lags in developing its own large-scale AI model like US-based OpenAI or China’s DeepSeek, highlighting challenges such as limited access to advanced semiconductor chips, data centres and hundreds of local languages to learn from.

The summit opened on Monday with organisational glitches, as attendees and exhibitors reported long lines and delays, and some complained on social media that personal belongings and display items had been stolen. Organisers later said the items were recovered.

Problems resurfaced Wednesday when a private Indian university was expelled after a staff member showcased a commercially available Chinese-made robotic dog while claiming it as the institution’s own innovation.

The setbacks continued Thursday when Microsoft co-founder Bill Gates withdrew from a scheduled keynote address. No reason was given, though the Gates Foundation said the move was intended “to ensure the focus remains on the AI Summit’s key priorities.” 

Gates is facing questions over his ties to late sex offender Jeffrey Epstein.

Rio Tinto has reported ‌flat annual earnings that missed expectations as weaker iron ore prices weighed on its core business, ‌while stronger copper prices and higher output helped limit the impact.

The world’s largest iron ore producer, which recently walked away from merger talks with Glencore, posted underlying earnings of $US10.87 billion ($A15.43 billion) for the year ended on December 31, 2025, unchanged from a year earlier and ‌below the Visible Alpha ‌consensus of $US11.03 ⁠billion.

The miner also declared a final dividend of 254 ​cents per share, implying a payout ratio of 60 per cent of underlying earnings, up from 225 cents in 2024.

The results highlight miners’ increasing focus on copper as demand accelerates, driven by the growth of power-hungry AI data centres and the shift towards cleaner energy.

Annual unit ⁠costs for Pilbara iron ore were ‌around $US0.5 ​per tonne higher than in 2024 due to inflationary pressures and weather-related disruptions. 

Pilbara unit ​costs are ‌forecast to rise further to between $US23.5 and $US25.0 per wet metric ton in 2026.

Rio’s copper ​business delivered stronger results, with average realised prices rising 17 per cent in 2025 and output up 11 per cent, supported by a ramp-up at the Oyu Tolgoi mine ​in ​Mongolia. 

The metal also overtook iron ​ore in rival BHP’s earnings for the first ‌time, the world’s largest listed miner said this week.

That strategic pivot has fuelled a wave of deal-making across the sector as companies race to secure long-life copper resources.

Rio’s own talks with Glencore collapsed in February after the companies failed to agree on valuation ​and ownership terms, ending discussions that would have created the world’s largest listed mining ​company and significantly boosted ⁠copper exposure.

Rio Tinto’s shares on the ASX closed 2.0 per cent higher at $168.55 on Thursday, before the results were released.

A decision to close three regional Qantas bases has devastated workers and their families, showing nothing’s changed since the airline was fined a record $90 million for illegally sacking staff, an inquiry has found.

QantasLink, the airline’s regional arm, has announced its bases in Canberra, Hobart and Mildura will shut from April, with 71 flight and cabin crew affected.

The company said the closures would improve reliability by making more staff available at major ports to respond to flight disruptions.

But an ongoing Senate inquiry examining the aviation sector has found the closures were poorly managed, devastating staff and creating uncertainty in regional communities.

The closures had to be viewed in the context of the airline’s history, including a record $90 million Federal Court fine for illegally outsourcing ground staff during COVID-19, the committee’s report said.

“The process undertaken by Qantas leading up to its announcement … suggests it has not learned the right lesson from this experience,” said the report, tabled in parliament on Wednesday afternoon.

QantasLink announced a review of base operations on September 10, 2025, before the shutdowns were confirmed on October 1.

The inquiry found the airline had likely been considering the closures as early as May, with widespread suspicion among staff that a decision had already been made at the time of the review.

The airline’s Spirit of Australia motto would be better borne out by strengthening and diversifying its national network, the committee said.

The report also revealed evidence from affected pilots given during closed hearings.

One pilot described how he moved to one of the regional bases under a 2024 Qantas staff re-location program designed to boost morale.

The pilot bought and renovated a house after being guaranteed there was no intention to shut the bases, only to be told of the closures in 2025.

“The committee acknowledges the devastating impact of this decision on affected individuals and their families,” the report said.

“The decision also impacts the communities of Canberra, Hobart and Mildura, permanently removing highly skilled aviation jobs and, over time, is likely to mean these workers and their families leave the area forever.

“Qantas’ decision to centralise its operations into Sydney, Melbourne and Brisbane undermines the strength of regional aviation and reduces opportunities in these cities.”

A Qantas statement said it would review the report and continue to work with the inquiry.

“We know the decision to consolidate our crew bases has been difficult for our people, which is why we have put in place a comprehensive support package to enable team members to continue to maintain their family and life in their home city and commute for work,” it said.

Crew from the affected bases were being financially supported to commute or relocate, while three cabin staff decided to quit.

The inquiry will continue looking at the broader sector in the wake of Rex falling into voluntary administration and budget airline Bonza collapsing. 

Australians continue to switch up their private health insurance cover as rising living costs bite ahead of one of the biggest government-approved premium increases in almost 10 years.

At the same time, the nation’s healthcare system remains under strain and is in some areas failing, according to the head of the nation’s biggest listed health insurer.

Medibank Private on Thursday reported an 11 per cent fall in bottom-line net profit to $302.9 million for the first half of 2025/26.

The underlying result was slightly down, at $297.8 million, after some non-health-related costs and impacts that offset growth in its core business.

Medibank’s main bright spot was a 38,300 increase in resident policyholders, almost double the rise in the prior first half, towards a total of about two million.

“We are very conscious that many customers are doing it tough, including with the recent interest rate increase and recently announced increases to premiums,” chief executive David Koczkar told analysts in an earnings call.

“However, despite that challenging environment, the resident health insurance market remains buoyant, including continued strong growth in younger customers choosing to go private.

“We expect resident growth rates to remain well above pre-pandemic levels.”

Medibank recently announced its health premiums would rise by an average of 5.1 per cent from April.

It came after the federal government green-lit a 4.41 per cent industry-wide average rise in premiums for the current year.

The increase is the largest single-year rise in premiums since 2017.

Medibank said its premium change equated to an extra $2.14 a week for a single policy or $4.46 a week for families.

Uptake of non-residential policies – mainly held by international students – rose 0.4 per cent year-on-year to a total of almost 350,000 in the first half, although that number was down slightly from the end of the last financial year.

“While we are seeing slightly lower policyholder growth rates in our non-resident business from a few years ago, our performance remains better than market,” Mr Koczkar said.

The non-resident market has adjusted to recent federal government migration reforms, with overseas student numbers stabilising and foreign worker numbers increasing.

“But we expect the market to continue to grow and we are also seeing more students and workers become residents,” Mr Koczkar added.

“We remain insurer of choice for the student market.”

People remain drawn to private insurance in the face of high public hospital waiting lists, especially for elective surgery, Mr Koczkar said.

Consumers were also switching brands and products in search of better value, and choosing lower levels of cover as living costs soared.

More broadly, all was not well with the Australian hospital and health system, despite high government funding, Mr Koczkar added.

“Australia has never spent more on healthcare and yet, in some parts, the system is failing,” he said.

“Pocket costs are rising, patients are waiting longer for care, clinicians are under pressure and avoidable hospitalisations are around 30 per cent above the OECD average.”

Despite the issues, the pace of hospital reform remained far too slow, he said.

Medibank will pay an interim dividend of 8.3 cents per share, up 6.4 per cent.

Its shares fell 5.8 per cent to $4.51 in morning trading.

The billionaire who built a retail empire that included Victoria’s Secret and Abercrombie & Fitch has told members of the US Congress he was “duped by a world-class con man”, close financial adviser Jeffrey Epstein.

Les Wexner also denied knowing about the late sex offender’s crimes or participating in Epstein’s abuse of girls and young women.

“I was naive, foolish, and gullible to put any trust in Jeffrey Epstein. He was a con man. And while I was conned, I have done nothing wrong and have nothing to hide,” the 88-year-old retired founder of L Brands said in a statement to Congress’s House Oversight and Reform Committee released before his interview.

The panel’s Democrats had subpoenaed him after the latest Justice Department release of Epstein-related documents revealed new details about Wexner’s relationship with the well-connected financier.

Representative Robert Garcia, a California Democrat who sat in on Wednesday’s interview, expressed scepticism in comments to reporters gathered near the six-hour proceeding.

“There is no single person that was more involved in providing Jeffrey Epstein with the financial support to commit his crimes than Les Wexner,” he said.

In response to allegations by the prominent late Epstein victim Virginia Giuffre, who claimed in court documents that Wexner was among men Epstein trafficked her to, Wexner testified to utter devotion to his wife of 33 years, Abigail.

He said he’d never once been unfaithful “in any way, shape, or form”.

“Never. Any suggestion to the contrary is absolutely and entirely false,” he said.

Wexner’s name appears more than 1000 times in the Epstein files, which does not imply guilt, and Wexner has never been charged with any crimes.

Epstein met Wexner through a business associate about 1986 but it was several years before the businessman turned over management of his vast fortune to the “master manipulator” after he connived to gain his trust.

Epstein had “excellent judgment and unusually high standards”, Wexner told Vanity Fair in a 2003 interview, and he was “always a most loyal friend”.

On Wednesday, the billionaire said he didn’t circulate in Epstein’s social circle, but often heard accounts of his encounters with other wealthy people.

Epstein “carefully used his acquaintance with important individuals to curate an aura of legitimacy”, Wexner said.

He visited Epstein’s infamous island only once, stopping for a few hours one morning with his wife and young children while they were cruising on their boat.

“It is interesting that Mr Wexner has already begun to clarify in his mind that somehow he and Mr Epstein weren’t even friends,” Garcia told reporters.

“We should be very clear that the two were very close, per reporting. They spent a lot of time together.”

In one of the newly released documents, Epstein sent rough notes to himself about Wexner saying, “never ever, did anything without informing les” and “I would never give him up”.

Another document, an apparent draft letter to Wexner, said the two “had ‘gang stuff’ for over 15 years” and were mutually indebted to each other – as Wexner helped make Epstein rich and Epstein helped make Wexner richer.

Wexner’s spokesperson said Wexner never received the letter, characterising it as fitting “a pattern of untrue, outlandish, and delusional statements made by Epstein in desperate attempts to perpetuate his lies and justify his misconduct”.

Wexner told the congressional representatives that Epstein “lived a double life”, presenting himself to his wealthy clients as a financial guru with steady girlfriends while “most carefully and fully” hiding his misdeeds with underage girls.

“He knew that I never would have tolerated his horrible behaviour. Not any of it,” he said.

The US Justice Department’s newly released records contradict Wexner’s claim he severed his relationship with Epstein in 2007.

Wexner emailed Epstein in mid-2008, after he was sentenced to jail time in Florida for soliciting prostitution from a minor.

“Abigail told me the result … all I can say is I feel sorry. You violated your own number 1 rule … always be careful,” Wexner wrote. Epstein replied, “no excuse”.

Online seller eBay wants a bigger share of the Gen Z market.

The online seller has agreed to purchase second-hand fashion marketplace Depop from Etsy for about $US1.2 billion ($A1.7 billion) in cash, the companies said.

The deal comes at a time when used clothing has become increasingly popular, sought out by shoppers searching for unique items that cost less than new ones and keep the old stuff from heading to the landfill.

In a statement, eBay’s chief executive Jamie Iannone said the acquisition is an opportunity to capture a younger demographic.

“We are confident that as part of eBay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities,” Iannone said on Wednesday, US time.

As of December 31, 2025, Depop’s marketplace had seven million active buyers, nearly 90 per cent of which are under the age of 34, and more than three million active sellers, the joint release said.

The deal comes five years after Etsy bought Depop for $US1.6 billion ($A2.3 billion). The app was founded in 2011.

EBay, based in San Jose, California, said it intends to pay cash. Etsy, based in Brooklyn, New York, plans to use the proceeds for general corporate purposes, continued share repurchases and investment in its core marketplace, according to the release.

The transaction, which has been unanimously approved by eBay’s and Etsy’s boards, is currently expected to close in the second quarter, the companies said.

Depop is expected to retain its name, brand, platform, and culture, the companies said.

EBay’s shares rose more than seven per cent, while Etsy’s share soared close to 15 per cent in after-hours trading when the news was announced.

Australian consumers continue to flock to Kmart and Bunnings, delivering their owner a boost in sales and earnings.

Wesfarmers, which also owns the popular Priceline pharmacy network and Officeworks, has reported a 9.3 per cent rise in first-half net profit to $1.6 billion.

The profit news, which was just above expectations, came after sales increased by 3.1 per cent to $24.5 billion in the six months ended December.

Wesfarmers CEO Rob Scott said the better performance was backed by earnings contributions from Bunnings, Kmart (which includes Target) and WesCEF, its fertilisers, chemicals and energy arm, despite challenging market conditions.

“Despite a modest improvement in consumer demand, higher costs continued to weigh on many households and businesses,” he said in a statement on Thursday.

“The divisions performed well, driving productivity to mitigate cost pressures and keep prices lower for consumers.”

The “everyday low prices” model led by Bunnings and Kmart continued to support sales and earnings, Mr Scott said.

Bunnings had higher sales across all of its products, while Kmart reaped the rewards of the popularity of its in-house Anko range.

“Sales across Kmart group’s brands saw (a) relatively stronger performance in Kmart, partially offset by Target, which was impacted by difficult trading conditions in apparel, particularly in seasonal categories,” Mr Scott said.

Wesfarmers said its retail divisions continued to trade well in the first six weeks of the second half of this financial year. 

However, it noted that the start of a new, higher interest rate cycle this month and the uncertain outlook for inflation is affecting consumer sentiment.

The Perth-based group declared an interim dividend of $1.02, up from 95 cents a year ago.

Australia has issued passports to a group of Islamic State-linked women and children who are trying to return home from a Syrian refugee camp, a senior government minister has confirmed.

Federal police insist they are prepared to keep the community safe if the 34 partners and children of Australian-born Islamic State fighters are allowed back into the country, warning anyone who has committed a crime will face the full force of the law.

The opposition wants the entire group of so-called “ISIS brides” – who have been stuck in Syria since the fall of the caliphate in 2019 – to be blocked from entering Australia, arguing they could pose a security risk.

Pressed on whether the government had issued passports to the group, Home Affairs Minister Tony Burke said all citizens had a legal right to receive official travel documents.

“If anyone applies for a passport as a citizen, they are issued with a passport, in the same way that if someone applies for a Medicare card, they get a Medicare card,” he told the ABC’s 7.30 program on Wednesday night.

Asked if that was “a long way of saying yes”, Mr Burke said he’d answered using the words he wanted to use.

Prime Minister Anthony Albanese said he had “nothing but contempt” for the parents who travelled to the Middle East and put their children at risk.

“We will do nothing to assist these people coming back to Australia,” he told ABC Radio on Thursday morning.

Some of the women have claimed they were coerced into leaving Australia.

The Australian Federal Police has revealed at least 10 people who had returned from Syria have been charged with crimes since arriving back in the nation, including nine men and one woman.

“Where Australians returning to Australia have allegedly breached Australian law, they will be, where appropriate, and on a case-by-case basis, subject to law enforcement action,” an AFP spokesperson said in a statement.

The government has blocked one of the women from returning home on security grounds, issuing them with a “temporary exclusion order” which allows it to block a person’s entry to Australia for up to two years.

Opposition home affairs spokesman Jonno Duniam said if one person had been barred from entry, the rest of the cohort should also be kept out of Australia to protect the community from harm.

But Greens senator Mehreen Faruqi said it was disgraceful the government wasn’t doing all it could to bring the women and children home.

“These are Australian citizens. They need to be brought back, and the (security) concerns should be dealt with in Australia,” she told ABC TV.

“These people have been left to languish in refugee camps for too long.”