Flats give new home sales a big boost

Flats give new home sales a big boost

Sales rose 1.1 per cent in February, seasonally adjusted, after a 1.8 per cent gain in January, the Housing Industry Association new home sales report shows. Although houses used to be the most common type of home in metropolitan regions, HIA chief economist Harley Dale said this had changed in the past four years with sales of flats, townhouses and semi-detached homes at all-time highs. "When i…

  • Treasury Wines to sell wineries, vineyards AAP - 8 hours ago
    Treasury Wines to sell wineries, vineyards

    The winemaker behind Penfolds is selling three Australian wineries and closing a packaging business as it embarks on the latest chapter in its massive cost-cutting drive. Treasury Wine Estates has hung out the for sale sign at its South Australian Ryecroft winery - which used to produce much of the group's famous Rosemount wines - along with the T'Gallant and Baileys wineries in Victoria. A Treasury spokesman said T'Gallant, which focuses on pinot varieties, and Baileys, known for its dry reds and dessert wines, did not have sufficient scale for TWE's needs. Treasury will also wrap up its wine packaging and warehousing business at Karadoc, near Mildura in Victoria, and sell its Asti winery in California.

  • MYOB launches $2.7b return to share market AAP - 8 hours ago

    Accounting software giant MYOB plans to raise more than $800 million in a return to the stock market after a six year absence. The company plans to use those funds to pay off debt when it returns to the Australian Securities Exchange in May. "It's largely restructuring of our balance sheet," chief executive Tim Reed told AAP. During its absence from the share market it transformed into a company that mainly provides cloud-based accounting and payroll software for small and medium businesses in Australia and New Zealand.

  • CSG action call after NSW poll AAP - 8 hours ago

    Conservation groups have rejected claims coal seam gas and mining were not critical issues in the NSW election, describing results in northern NSW as a "political earthquake". The Lock the Gate Alliance says the fall of Ballina and possibly Lismore - traditional Nationals strongholds - to the Greens had demonstrated the deep community disquiet about CSG. "The NSW government has an overwhelming mandate to change direction and act to protect water, farmland and people from the impacts of coal and gas mining," Lock the Gate national co-ordinator Phil Laird said on Tuesday. NSW Farmers president Fiona Simson said after Saturday's election that, while CSG was the critical issue in Ballina and Lismore, coal mining and CSG were not key factors in rural electorates elsewhere in the state.

  • $A falls to two week low on rate cut hopes AAP - 8 hours ago

    The Australian dollar has slipped to a near two week low due to falling iron ore prices and rising expectations of an April interest rate cut. The Australian dollar has been the worst performer among major currencies so far this week, FXCM chief currency strategist John Kicklighter said.

  • Aust and China youth tackle common issues AAP - 8 hours ago

    Plenty of Australian graduates want to become entrepreneurs - the problem is keeping them in the country, a top business school executive says. Manager of executive programs at the University of Technology Sydney Business School, Stephen Rutter, is sick of young Aussie talent moving overseas to set up their own business or join big corporations. "We're having 8,000 graduates a year leave the university sector Australia wide, but 6,000 are leaving straight away to work for companies overseas," he said. Mr Rutter is helping a group of 10 young Australian and Chinese thinkers to address this problem as part of the China Australia Millennial Project (CAMP).

  • Fairfax Media's real estate revenue soars AAP - 9 hours ago
    Fairfax Media's real estate revenue soars

    Revenue in Fairfax Media's real estate advertising business Domain continues to soar, confirming its status as the company's primary focus. Domain has been the target of massive spending by Fairfax as it competes with rival realestate.com.au, which is controlled by News Corporation.

  • Toy company's loss widens to $28m AAP - 9 hours ago

    The distributor of brands including Chupa Chups, Warheads and Cabbage Patch Kids said weaker than expected international sales and excess stock contributed to the loss, which was worse than the previous year's $25.9 million half year deficit. Lower margins in its Australian business due to a weaker currency, and the costs of rationalising its operations were also to blame, Funtastic said. The continued expansion of its Chill Factor range of slushy, ice cream and jelly makers, and cost saving initiatives, are expected to deliver benefits in the second half of the fiscal year.

  • Shares rebound on China stimulus talk AAP - 9 hours ago

    The Australian share market has rebounded on expectations of monetary easing in China, finishing the session strongly and posting an almost nine per cent gain for the year's first three months. China's central bank chief has said the country has room to act on both quantitative measures and interest rates, while low local interest rates and high dividends are luring investors. CMC Markets analyst Michael McCarthy said the local bourse had finished the quarter almost nine per cent higher after a weak day on Monday. "We're close to recouping all of yesterday's losses," Mr McCarthy said.

  • Strong start for market's new players AAP - 9 hours ago

    A software developer, diseases screener and mobile marketer have enjoyed strong share market debuts, while investors also welcomed a New Zealand diary giant to Australia. The a2 Milk Company and smaller companies Touchcorp, Genetic Signatures and OtherLevels joined the market on Tuesday, the last day of the March quarter. It was a good day to begin trading, with the market up as much as 1.5 per cent during the session, which explained a lot of the strong performances, IG market strategist Evan Lucas said. Biotech firm Genetic Signatures, a developer of technology that enables hospitals and pathology labs to rapidly screen for infectious diseases, gained 21.3 per cent in market value.

  • Aust bonds firmer on rate cut hopes AAP - 9 hours ago

    The Australian bond market is stronger, helped by increasing expectations that the cash rate will be cut at the Reserve Bank's April board meeting. The futures market is now pricing in an over 70 per cent chance that the RBA will reduce the interest rate to two per cent next week, up from a 68 per cent chance on Monday and 60 per cent last week. Deutsche Bank fixed income strategist David Plank said there was a decent rally in bonds during the local day on the back of this news. At 1630 AEDT on Tuesday, the June 2015 10-year bond futures contract was trading at 97.680 (implying a yield of 2.320 per cent), up from 97.635 (2.365 per cent) on Monday.

  • Stocks to watch at close on Tuesday AAP - 9 hours ago

    Stocks to watch on the Australian stock exchange at close on Tuesday: AAD - ARDENT LEISURE - up four cents, or 1.8 per cent, at $2.24 Theme park owner Ardent Leisure has no plans to hold an extraordinary ...

  • Aust shares close higher AAP - 10 hours ago

    The Australian share market has closed higher on growing expectations of an interest rate cut in China. At the close on Tuesday, the benchmark S&P/ASX200 index was 45.4 points, or 0.78 per cent, higher ...

  • Tax the rich more, make multinationals pay AAP - 10 hours ago

    Increase the income tax rate for the rich and remove their superannuation tax concessions. More than half (55 per cent) of the 1017 people surveyed believed high earners should have their super tax concession removed while 65 per cent said income tax should be increased for the wealthy. An even greater number, 76 per cent, said multinational companies should be forced to pay a minimum tax rate on their Australian earnings.

  • MYOB poised for May market debut AAP - 10 hours ago

    Accounting software giant MYOB is preparing to raise more than $800 million ahead of its Australian stock market debut in May. Under the much-anticipated move, MYOB will sell 672.5 million shares priced ...

  • Packer sells Perisher to the US AAP - 10 hours ago
    Packer sells Perisher to the US

    James Packer has finally managed to offload his family's stake in Australia's biggest ski resort, with Perisher set to fall into American hands. Vail Resorts, America's largest mountain resort operator, has lodged a bid to buy Perisher from two private companies, James Packer's Murray Publishers and Transfield Corporate. It is the first international purchase for Vail, which operates ski resorts in Colorado, California, Nevada, Utah, Minnesota, Michigan and Wyoming. "Australia is one of the most important international markets for ski resorts across the northern hemisphere, generating an estimated over one million skier visits annually to resorts in North America, Japan and Europe," Vail chairman and chief executive Rob Katz said.

New Zealand Markets

Company Finances

  • Aussie Beer made in China AAP - Mon, Mar 30, 2015 6:51 PM NZDT
    Aussie Beer made in China

    A liquor wholesaler has been fined $10,200 for trying to pass off a beer brewed in China as Australian. Aussie Beer had green and gold labelling featuring the slogan `Australia's finest malt', plus the words `100% owned' within a map of Australia. The Independent Liquor Group, which includes the Little Bottler, Super Cellars and Pubmart chains of bottle shops, supplied Aussie Beer between March and August 2014. The Australian Competition and Consumer Commission said the packaging was misleading and breached consumer law.

  • Bird flu found in a top Minnesota turkey producing county Associated Press - Sun, Mar 29, 2015 12:27 PM NZDT
    Bird flu found in a top Minnesota turkey producing county

    An outbreak of a deadly bird flu strain spread to one of the top poultry producing counties of the nation's top turkey producing state of Minnesota, government officials confirmed on Saturday, raising ...

  • Dairy farms asked to consider breeding no-horn cows Associated Press - Sun, Mar 29, 2015 3:27 AM NZDT
    Dairy farms asked to consider breeding no-horn cows

    Food manufacturers and restaurants are taking the dairy industry by the horns on an animal welfare issue that's long bothered activists but is little known to consumers: the painful removal of budding ...

  • How This Franchisee Runs More Than 275 Restaurants Entrepreneur - Sun, Mar 29, 2015 12:00 AM NZDT
    How This Franchisee Runs More Than 275 Restaurants

    Aslam Khan is still actively involved in running his Church's Chicken, Long John silvers and Hardees locations across the U.S.

  • Analysts shrug off the Diet Coke downturn CNBC - Sat, Mar 28, 2015 9:13 AM NZDT
    Analysts shrug off the Diet Coke downturn

    Diet Coke sales are plummeting, but most analysts aren't too concerned. Here's why.

  • Old Bay seasoning works on crabs...and beer too! CNBC - Sat, Mar 28, 2015 6:06 AM NZDT
    Old Bay seasoning works on crabs...and beer too!

    Maryland's Flying Dog Brewery is bringing back its Dead Rise Old Bay Summer Ale after having trouble keeping it in stock during its debut.

  • 'Anti-Ball Crushing' Pants Are Putting Lululemon on the Menswear Map Entrepreneur - Sat, Mar 28, 2015 6:00 AM NZDT
    'Anti-Ball Crushing' Pants Are Putting Lululemon on the Menswear Map

    The wildly popular item 'gives you and the family jewels room to breathe,' Lululemon says.

  • Game show is lottery, Monopoly combo; Billy Gardell hosts Associated Press - Sat, Mar 28, 2015 4:39 AM NZDT
    Game show is lottery, Monopoly combo; Billy Gardell hosts

    It sounds like a Swiss Army knife version of a TV game show: a combination of a venerable board game, state lotteries, Las Vegas and seasoned comedian Billy Gardell as host. The result is "Monopoly ...

  • Why Denny's Sounds Like a Chill Teenager on Social Media Entrepreneur - Sat, Mar 28, 2015 1:00 AM NZDT
    Why Denny's Sounds Like a Chill Teenager on Social Media

    Find out how this restaurant chain was able to go viral with one of the most unique social-media strategy in the business.

  • 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.