WORLD FINANCE UPDATE: The Australian dollar is softer against the greenback, which rallied despite weaker-than-expected US economic data. At 0630 AEST on Friday, the currency was trading at 72.92 US cents, ...
A roundup of trading on major world markets: NEW YORK - The Dow has been dragged lower by weak Procter & Gamble results, but the Nasdaq has gained as food giant Mondelez raises its forecast after better-than-expected ...
The Australian market looks set to open higher, despite a mixed lead from Wall Street where the Dow was dragged lower on a disappointing Procter & Gamble earnings report. In local economic news on Friday, Reserve Bank of Australia is due to release financial aggregates for June while the Housing Industry Association trades report for the March quarter is also due out. In equities news, Origin Energy and Paladin Energy June are expected to release quarterly production results while Resmed is slated to release full year results.
The Australian dollar is softer against the greenback, which rallied despite weaker-than-expected US economic data. At 0630 AEST on Friday, the currency was trading at 72.92 US cents, down from 73.01 cents ...
Sharp employers are helping people with disabilities, injuries or illnesses get back into work.
The Federal Court in Melbourne is scheduled to decide on Friday whether shareholders have the right to request the Commonwealth Bank to reveal its funding of carbon pollution. Environment group the Australasian Centre for Corporate Responsibility (ACCR), a minor shareholder in CBA, took the bank to court last year after it refused shareholders a vote on a resolution calling for it to reveal the level of its carbon pollution financing. If the test case is successful, it will give shareholders more power to pressure banks to disclose their lending and investments in fossil fuel projects.
Trade Minister Andrew Robb is in Hawaii for what's hoped to be the final round of Trans-Pacific Partnership negotiations. Mr Robb insists he won't sign a deal that doesn't offer some sweeteners to sugar farmers. The US allows sugar imports on a quota system, with Australian cane farmers now allowed to send about 100,000 tonnes there each year.
A Mortgage Choice survey shows that 54 per cent of potential investors would still go ahead with their plans despite lenders making sweeping changes to their lending policy and pricing. Many lenders, including most of the major banks, have hiked interest rates on investment property loans in the past week but Mortgage Choice chief executive John Flavell says the majority of investors still view property as a lucrative investment strategy. "When we asked potential investors whether or not now was a good time to invest, more than 70 per cent said yes, which goes some way to explaining why so many potential investors are not deterred by the spate of pricing and policy changes being made by many of Australia's lenders," he said on Thursday.
The former Australian head of Fiat Chrysler has thrown the automobile giant under the proverbial bus while responding to allegations he misused $30 million of company funds. Clyde Campbell says his previous employer engages in the illegal tax-avoidance practice of transfer pricing, which is when company profits are sent overseas to subsidiaries in countries with lower tax. Fiat Chrysler Automobiles' Australian net profit is calculated "after tax and transfer pricing adjustments", according to documents Mr Campbell filed with the Federal Court in Melbourne.
About 400 people have protested on a Hawaii beach, blowing conch shells, to demonstrate against a trade agreement being negotiated by ministers from 12 Pacific Rim nations. The demonstrators blew into their shells in unison on Wednesday on the sand in front of the Westin Maui Resort on Kaanapali Beach, where ministers were meeting this week to discuss the Trans-Pacific Partnership trade pact. Protest organisers say the trade agreement would benefit a few major corporations while sacrificing protections for public health, the environment, local jobs and indigenous rights.
Reserve Bank governor Glenn Stevens predicts capital flows in and out of China could reach $US400 billion a year. "(That) is the size of the proportion actually of global capital flows of the portfolio in Asia," he told the Boao Forum for Asia Financial Cooperation Conference on Thursday. The central banker said if such flows did happen, it's going to be very important that the depth and the quality of financial markets in China and Asia continue to develop.
Global asset manager Henderson has lifted its first half profit but says the industry's ability to attract new funds could be affected by lingering nervousness among investors. Global equity markets have been rocked in recent months amid concerns about the Greek financial crisis and hefty falls on China's mainland stock markets. Henderson chief executive Andrew Formica says that while the asset manager, which was spun off from financial services giant AMP in 2003, was upbeat about the outlook for investment markets, there were some concerns.
The Australian dollar is only slightly lower with traders preferring to focus on optimistic comment from the Reserve Bank governor rather than disappointing housing figures. Meanwhile, the Australian bond market was weaker.
Qantas long-haul pilots have backed plans for an 18-month pay freeze, putting the airline a step closer to expanding its fleet of hi-tech Dreamliner planes. The pay freeze was part of a new wages deal which was backed by 82 per cent of 1,165 pilots who voted in an electronic ballot that closed on Thursday. The deal includes annual three per cent pay increases once the pay freeze lifts.
Alinta Energy has brought forward the deadline for the closure of its power stations in South Australia. In June, the company announced the closure of the two Port Augusta stations and the Leigh Creek coal mine as early as March next year, but definitely by March 2018. The later deadline has now been brought forward to March 2017, the Port Augusta City Council says.
Car maker Fiat Chrysler will pay a record $US90 million ($A123.74 million) fine for lapses in recalls of its vehicles under a deal reached with US regulators. The Italian-American car maker will pay a $US70 million fine to the National Highway Traffic Safety Administration and spend a further $US20 million on consumer outreach activities, the company said in a statement issued on Monday.