Australia to sign up to China Bank

Australia will join the club of more than 30 countries negotiating the set-up of a $100 billion China-led development bank. After holding out for months, Prime Minister Tony Abbott announced on Sunday that Australia intends to sign up to the Asian Infrastructure Investment Bank. China is promoting the bank as a vehicle to help combat an estimated $8 trillion infrastructure gap in the region over…

  • Hockey warns on continued Senate blockage AAP - 1 hour 10 minutes ago
    Hockey warns on continued Senate blockage

    Joe Hockey has warned that if the Senate keeps blocking the government's spending cuts it will result in massively increased taxes in the future. Mr Hockey will release his much-awaited tax paper on Monday to kick-start a national discussion on reform of Australia's taxation system. As it stands, Mr Hockey can't guarantee that spending will be cut in his second budget on May 12.

  • No change from Chevron exit, says Caltex AAP - 1 hour 38 minutes ago
    No change from Chevron exit, says Caltex

    Caltex Australia says it will be "business as usual" after US energy giant Chevron sold its 50 per cent shareholding in the local fuel refiner and distributor. Chevron announced on Friday it was selling its stake in Caltex Australia in a $4.6 billion block trade, the biggest in Australian history. The move was widely expected after Chevron signalled its intentions to revise its portfolio. Caltex managing director and CEO Julian Segal said on Sunday the move would make no operational difference to Caltex.

  • Hockey can't guarantee spending cuts AAP - 2 hours 29 minutes ago
    Hockey can't guarantee spending cuts

    Treasurer Joe Hockey can't guarantee that government spending will be cut in his second budget on May 12.

  • Bank tax is Bowen's idea: Hockey AAP - 4 hours ago
    Bank tax is Bowen's idea: Hockey

    Treasurer Joe Hockey has been quick to blame Labor for a potential bank tax, saying it was the shadow treasurer Chris Bowen's idea. Mr Hockey said when Labor was in government, the then treasurer Mr Bowen proposed a bank tax on deposits on the recommendation of all regulators. The planned five basis point fee on deposits is meant to pay for a potential bank failure and to pay for a government guarantee. "There are many things I don't like that I have to implement at the moment that have been a legacy from six years of bad Labor government," Mr Hockey told Network Ten on Sunday.

  • Joining China bank right: Hockey AAP - 4 hours ago

    Treasurer Joe Hockey says it is right for Australia to be joining a regional, multi-country bank to boost much-needed infrastructure in Asia. Prime Minister Tony Abbott announced on Sunday that Australia intends to sign-up to the Asian Infrastructure Investment Bank, the so-called China Bank. Mr Abbott said while there are some issues outstanding, good progress has been made on the bank's design, governance and transparency over the past few months. Mr Hockey said with more than 30 countries as its members acting in Australia's neighbourhood, it should be part of it.

  • Xi calls for development bank support AAP - 21 hours ago
    Xi calls for development bank support

    Chinese President Xi Jinping has called on the world's nations to support Beijing's ideas for a new development bank and "economic belt" to serve Asia. The bank initiative was a focal point of the annual Boao Forum for Asia on the southern island of Hainan. "Facing the fast-changing regional and international landscapes, we must see the whole picture, follow the trends of our times and build a new regional order that is more favourable to Asia and the world," Xi told the delegates on Saturday. China will promote "coordinated development between the Asian Infrastructure Investment Bank (AIIB) and multilateral financial institutions like the Asian Development Bank and World Bank," he said.

  • Brazil's economy barely avoids recession AAP - 23 hours ago
    Brazil's economy barely avoids recession

    Brazil's economy grew just 0.1 per cent last year, barely keeping the country out of a recession, the government's statistics bureau says. It was the worst result since 2009 and bad news for President Dilma Rousseff, whose popularity has plummeted along with Brazil's economic performance. To blame for last year's poor performance was a drop in investments, which fell 4.4 per cent from 2013. Still, most economists were expecting figures from the IBGE statistics bureau to show the country actually entered a recession last year.

  • Deposit levy would break no-tax vow: ALP AAP - Sat, Mar 28, 2015 6:53 PM NZDT
    Deposit levy would break no-tax vow: ALP

    Prime Minister Tony Abbott says the upcoming budget will contain some tough measures with one tipped to be a tax on bank deposits which will raise about $500 million a year. The Australian Financial Review reported on Saturday the government would go ahead with the bank deposits insurance levy, initially proposed by Labor in 2013, to raise revenue and as an alternative to requiring banks to hold extra capital as insurance against collapse. Under Labor, this was set at 0.05 per cent on deposits up to $250,000, starting in 2016. He said when Labor proposed such a measure, then shadow treasurer Joe Hockey described it as a "smash and grab" on the savings of Australians households.

  • US rate rise may come this year: Yellen AAP - Sat, Mar 28, 2015 1:12 PM NZDT
    US rate rise may come this year: Yellen

    Federal Reserve Chair Janet Yellen says continued improvement in the US economy means an increase in the Fed's key interest rate could come later this year. The Fed has kept its benchmark rate at a record low near zero for more than six years. She says that when the Fed does start raising rates, policymakers expect the increases to be "rather gradual" over the next few years.

  • Lab beef a reality in 10 years: scientist AAP - Fri, Mar 27, 2015 10:03 PM NZDT
    Lab beef a reality in 10 years: scientist

    Laboratory beef could surpass the real thing within 10 years to solve environmental and animal welfare problems, while remaining just as tasty, a Dutch scientist says. Mark Post, Professor of Physiology at Maastricht University in the Netherlands, 18 months ago oversaw the creation of the first "cultured beef" burger made of stem cells from cow muscle tissue. "They recognise the same problems, probably better than anybody else, and they see there could be alternatives," Professor Post told reporters in Darwin on Friday, where he was a guest speaker at the Northern Territory Cattlemen's Association annual conference. Initially, it will be considered a luxury product, with an appeal to those with environmental and animal welfare concerns.

  • Chevron selling $5b stake in Caltex AAP - Fri, Mar 27, 2015 8:41 PM NZDT
    Chevron selling $5b stake in Caltex

    US energy giant Chevron is looking to sell its $5 billion stake in Caltex Australia but says the decision won't affect its Gorgon and Wheatstone gas interests. Chevron expects shares in oil refiner and distributor Caltex will be sold to a range of Australian and global institutional investors. Executive vice president of downstream and chemicals Michael Wirth said Chevron's sale comes as part of a regular review of its portfolio and commitment to generate cash to support its long term priorities. The massive sale, reportedly at a slight discount to its market value, does not alter Chevron's focus on moving Western Australia's $US54 billion Gorgon project and the $30 billion Wheatstone liquefied natural gas (LNG) projects towards start-up, president of international products, downstream and chemicals Mark Nelson said.

  • Chevron selling 50% stake in Caltex AAP - Fri, Mar 27, 2015 8:23 PM NZDT
    Chevron selling 50% stake in Caltex

    US energy giant Chevron is looking to sell its 50 per cent stake in Caltex Australia. Chevron expects shares in the oil refiner and distributor will be sold to a range of Australian and global equity market ...

  • $A falls as market gets nervous AAP - Fri, Mar 27, 2015 7:44 PM NZDT

    The Australian dollar briefly fell below 78 US cents for the first time since the beginning of the week on falling iron prices and rising global political tensions. Easy Forex currency dealer Andreas Tjahja said traders were moving into safe haven currencies like the US dollar, which is putting downward pressure on the Australian dollar. At 1700 AEDT, the Australian dollar was at 92.97 Japanese yen, up from Thursday's close of 92.96 yen, and at 71.68 euro cents, up from 71.21 euro cents.

  • Aust bonds weaken after flat few days AAP - Fri, Mar 27, 2015 7:13 PM NZDT

    The Australian bond market is weaker, as demand for the safe haven assets disappears following a flat performance in recent days. Commonwealth Bank head of debt research Adam Donaldson said the Australian ...

  • Bargain hunters drive share market rebound AAP - Fri, Mar 27, 2015 7:06 PM NZDT

    The share market has clawed back some of the ground lost in Thursday's heavy fall as bargain hunters moved in. The market's final session of the week delivered a gain of almost 0.7 per cent, a surprising ...

New Zealand Markets

Company Finances

  • Lab beef a reality in 10 years: scientist AAP - Fri, Mar 27, 2015 10:03 PM NZDT
    Lab beef a reality in 10 years: scientist

    Laboratory beef could surpass the real thing within 10 years to solve environmental and animal welfare problems, while remaining just as tasty, a Dutch scientist says. Mark Post, Professor of Physiology at Maastricht University in the Netherlands, 18 months ago oversaw the creation of the first "cultured beef" burger made of stem cells from cow muscle tissue. "They recognise the same problems, probably better than anybody else, and they see there could be alternatives," Professor Post told reporters in Darwin on Friday, where he was a guest speaker at the Northern Territory Cattlemen's Association annual conference. Initially, it will be considered a luxury product, with an appeal to those with environmental and animal welfare concerns.

  • Diet sodas fall in US; Pepsi takes back No. 2 spot Associated Press - Fri, Mar 27, 2015 11:05 AM NZDT
    Diet sodas fall in US; Pepsi takes back No. 2 spot

    Americans bought less soda for the 10th straight year in 2014, with diet sodas shrinking more than their sugary counterparts, according to a report released Thursday. An annual report by the industry tracker ...

  • New Samsung, HTC phones coming April 10 in US Associated Press - Fri, Mar 27, 2015 9:25 AM NZDT
    New Samsung, HTC phones coming April 10 in US

    New phones from Samsung and HTC will be available in U.S. stores starting April 10. Advance orders for the new HTC One begin Friday, and those customers might receive their phones before April 10. Orders ...

  • Bleisure: Korean barbecue, karaoke for biz travelers to NYC Associated Press - Fri, Mar 27, 2015 3:09 AM NZDT
    Bleisure: Korean barbecue, karaoke for biz travelers to NYC

    New York City is a 24/7 kind of place. That makes it easy for business travelers to squeeze a little sightseeing in after a day of meetings. Take in a Broadway show and late dinner, or a nighttime view ...

  • Early movers: LULU, SNDK, CAG, WGO, MCD & more CNBC - Fri, Mar 27, 2015 12:59 AM NZDT
    Early movers: LULU, SNDK, CAG, WGO, MCD & more

    These are the stocks posting the largest moves before the bell.

  • Heinz-Kraft deal: The stories behind the brands Associated Press - Thu, Mar 26, 2015 11:30 AM NZDT
    Heinz-Kraft deal: The stories behind the brands

    The combination of H.J. Heinz Co. and Kraft Foods Group Inc. will bring many of America's oldest and best-known brands under the same corporate roof. Here's a look at the history behind some of those products: ...

  • HJ Heinz buys Kraft to build $28 billion food giant Associated Press - Thu, Mar 26, 2015 11:23 AM NZDT
    HJ Heinz buys Kraft to build $28 billion food giant

    Some of the most familiar names in ketchup, pickles, cheese and hot dogs are set to come under the same roof after H.J. Heinz Co. announced plans Wednesday to buy Kraft and create one of the world's largest ...

  • Disruption Yet Again: 3 New Technologies That Will Transform Marketing Entrepreneur - Thu, Mar 26, 2015 9:00 AM NZDT
    Disruption Yet Again: 3 New Technologies That Will Transform Marketing

    Smart devices give access to new sources of data that can be used to enrich relationships with customers.

  • What the Kraft-Heinz deal means for food mergers CNBC - Thu, Mar 26, 2015 5:01 AM NZDT
    What the Kraft-Heinz deal means for food mergers

    The merger of Kraft and Heinz could pave the way for future food mergers, but dealmaking will likely dip in the near term, analysts tell CNBC.

  • Pickle butts and dog food: Chef Dan Barber shows off waste Associated Press - Thu, Mar 26, 2015 4:16 AM NZDT
    Pickle butts and dog food: Chef Dan Barber shows off waste

    What's for dinner? How about leftover cartilage of skate with herring-head tartar sauce, cured tuna blood line aioli or a meat loaf of offal and slightly past-its-prime cow usually reserved for dogs? Those ...