Economists strain to see rebalancing

Economists continued their efforts this week to identify signs that the economy was weaning itself off the mining investment boom. "The domestic economy is gradually making the transition away from being mainly driven by resources investment," Commonwealth Bank economists Michael Workman and Diana Mousina said in a report, echoing the RBA's sentiment. Through 2013 the economy's output of goods and…

  • Flight Centre appeals $11m fine AAP - 8 hours ago
    Flight Centre appeals $11m fine

    Travel agency Flight Centre has appealed an $11 million fine for anti-competitive behaviour. Federal Court judge John Logan imposed the fine in March after the court ruled in December that Flight Centre had threatened to stop selling flights on several airlines in order to offer the lowest fares. In a case brought by the Australian Competition and Consumer Commission, Flight Centre was found to have induced Singapore Airlines, Malaysia Airlines and Emirates to stop offering international airfares that were lower than fares offered by the travel agency. The court found Flight Centre had broken the law on five occasions between 2005 and 2009.

  • IBM posts lower 1Q earnings, revenue AAP - 8 hours ago
    IBM posts lower 1Q earnings, revenue

    IBM says its first-quarter earnings have fallen because of a large charge related to reorganising its work force. Revenue has fallen amid an ongoing decline in its hardware business. IBM Corp on Wednesday ...

  • $A loses momentum ahead of Easter break AAP - 8 hours ago

    The Australian dollar has drifted lower as a boost from speculation of stimulus measures in China wore off, while activity was low ahead of the Easter holiday. The Australian dollar started the day higher following media reports from China about measures to support growth there, Westpac senior currency strategist Sean Callow said. "That seemed to be the reason we rallied to 93.91 US cents," Mr Callow said. Mr Callow said it would be a quiet week ahead for the Australian dollar until Wednesday when consumer price index figures are released by the Australian Bureau of Statistics.

  • Packer, Murdoch stump up $40m for One.Tel AAP - 8 hours ago

    James Packer and Lachlan Murdoch have paid $40 million to settle a long running dispute with creditors of the failed telco One.Tel. One.Tel liquidator Stephen Parbery said entities associated with Mr Murdoch and Mr Packer had resolved all litigation arising from the collapse of the dot-com company in May 2001. As part of the settlement agreement, Consolidated Press Holdings will pay $14.93 million, Crown Resorts will pay $11.77 million and News Ltd will pay $13.3 million to One.Tel. "Resolution was successfully reached following a confidential and informal process," Mr Parbery said in a statement.

  • Third straight day of gains on market AAP - 8 hours ago

    The share market heads into the Easter break with three consecutive days of gains and one per cent off a post-GFC high. After a heavy fall to start the week, the market rebounded as positive earnings reports from US companies and strong US industrial production numbers boosted global sentiment. CMC Markets chief market strategist Michael McCarthy said the "circuit breaker" was a strong profit performance and outlook from IT company Intel earlier in the week, which had slowed the sell-off of tech stocks. Rival Wesfarmers was only up in line with the overall market, by 25 cents, or 0.6 per cent, to $42.98.

  • Santos LNG projects nearly complete AAP - 8 hours ago

    Australia's biggest domestic gas producer Santos is likely to be exporting more than it supplies for local use by 2015. The company's two massive liquefied natural gas projects in Queensland and Papua New Guinea, built to produce higher priced exports, are on track to be operating within the next year. The good news about its growth projects and prospects overshadowed a flat first quarter production and sales performance that missed estimates. Chief executive David Knox said on Thursday the Santos-operated $US18.5 billion Gorgon coal seam gas project (GNLG) was 80 per cent complete - up from 75 per cent in February - and on track for first LNG in 2015.

  • Aust bonds rise ahead of Easter weekend AAP - 9 hours ago

    Australian bond futures prices are higher as investors square their positions ahead of the Easter long weekend. It was a strong day for the Australian bond market, despite a rise in equity markets, UBS interest rate strategist Matthew Johnson said. "The stock market had a good open and a firm day and normally, if you have a good day for equities, you expect bond prices to go down but we haven't seen that," Mr Johnson said. At 1630 AEST on Thursday, the June 2014 10-year bond futures contract was trading at 96.040 (implying a yield of 3.960 per cent), up from 96.015 (3.985 per cent) on Wednesday.

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

    Stocks to watch on the Australian stock exchange at the close on Thursday: API - AUSTRALIAN PHARMACEUTICAL INDUSTRIES - steady at 56.5 cents Australian Pharmaceutical Industries is writing down the value ...

  • Solid beginnings for Genesis Energy Newstalk ZB - 9 hours ago

    Shares in Genesis Energy have closed at $1.81 after the power company was listed on the NZX today.

  • Govt appoints banks for Medibank sale AAP - 10 hours ago
    Govt appoints banks for Medibank sale

    The federal government has appointed three banks to manage the sale of health insurer Medibank Private. After receiving 11 bids through a tender process, the government says the joint lead managers will be Deutsche Bank, Goldman Sachs and Macquarie Capital. Finance Minister Mathias Cormann said on Thursday that each bank brings a substantial mix of experience in Australian and global capital markets, privatisations, equity offers and the ability to project manage large capital market transactions. The precise timing and structure of the Medibank Private sale has yet to be determined, although it will be in the 2014/15 financial year.

  • MARKET CLOSE NZ shares rise as Genesis debut sparks … BusinessDesk - 10 hours ago

    New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains.

  • Landmark Supreme Court decision protects ‘outstanding … BusinessDesk - 10 hours ago

    The Supreme Court has upheld resource consents for three salmon farms to be developed in the Marlborough Sounds by the King Salmon company, but in an important win for the protection of "outstanding landscapes", it has ruled against a fourth site. The decision gives a major victory to the Environmental Defence Society, which took its appeal against the resource consent granted for a salmon farm at Paparua, Port Gore, because it believed the decision had failed to uphold important principles in the Coastal Policy Statement, which has legal force under the Resource Management Act. "This is an incredibly important decision," said EDS coastal policy expert Raewyn Peart. "I've been working on the RMA since it came into force in 1991 and this is the first time this issue has gone to the Supreme Court.

  • NZ dollar heads for 0.8 percent fall in short week … BusinessDesk - 11 hours ago

    The New Zealand dollar is heading for a 0.8 percent fall in a shortened week ahead of the Reserve Bank's rate review next Thursday. The kiwi dropped to 86.16 US cents at 5pm in Wellington from 86.86 cents on Friday in New York, and from 86.27 cents at 8am and 85.87 cents yesterday. A BusinessDesk survey of 10 traders and strategists on Monday predicted the kiwi would trade between 85.30 US cents and 87.80 cents in the short week. Four predicted the kiwi would fall this week, while one expected it to gain and five saw it largely unchanged.

  • Save money by energy cuts AAP - 11 hours ago

    Saving energy saves money as well as the planet. Older models, particularly top-loading ones that are seven or more years old, use two to three times as much energy and water as newer, front-loading ones.

  • Dick Smith says turnaround is working AAP - 11 hours ago
    Dick Smith says turnaround is working

    The head of electronics retailer Dick Smith says the company is continuing its turnaround, with stronger sales and earnings on the horizon, even though shareholders are yet to see any benefit. The company's share price has traded around or below its $2.20 list price for most of its first four months on the market, but chief executive Nick Abboud says the company's turnaround strategy is working. "This result hopefully demonstrates the momentum we've got within the business," Mr Abboud said. "I can't control the share price, all I can do is deliver the result to the market.

New Zealand Markets

Company Finances

  • Farmers off to slow start planting corn crop Associated Press - Wed, Apr 16, 2014 9:17 AM NZST
    Farmers off to slow start planting corn crop

    Most years about this time, northern Illinois farmer Monty Whipple, like so many Midwest growers, would be riding high in his monstrous planter, kicking up dust while sowing corn in hundreds of acres. ...

  • Criterion Collection extends Hulu streaming deal Associated Press - Wed, Apr 16, 2014 1:02 AM NZST
    Criterion Collection extends Hulu streaming deal

    The Criterion Collection and Hulu have extended their deal to keep the video platform as the exclusive streaming home of Criterion's vast library of art house films. Terms of the deal, revealed exclusively ...

  • Early movers: KO, JNJ, YHOO, IBM, MS, IM & more CNBC - Wed, Apr 16, 2014 1:01 AM NZST
    Early movers: KO, JNJ, YHOO, IBM, MS, IM & more

    Check out which companies are making headlines before the bell:

  • Coca-Cola's profit dips but more drinks sold Associated Press - Wed, Apr 16, 2014 12:30 AM NZST
    Coca-Cola's profit dips but more drinks sold

    Coca-Cola's first-quarter profit fell nearly 8 percent as the world's biggest beverage maker faced a stronger dollar and sold less soda. But the company sold more of its noncarbonated drinks worldwide, ...

  • Pro sports becoming more open to paternity leave Associated Press - Tue, Apr 15, 2014 2:29 AM NZST
    Pro sports becoming more open to paternity leave

    Tony Perez was on the road with the Cincinnati Reds in 1966 when he got the call that his first child was on the way. There was no discussion about leaving the team to attend Victor's birth, no such thing ...

  • New Peugeot boss pledges return to profit by 2018 Associated Press - Mon, Apr 14, 2014 11:50 PM NZST
    New Peugeot boss pledges return to profit by 2018

    Loss-making French carmaker PSA Peugeot Citroen says it aims to return to profitability by 2018 by reducing the number of models and relying on its recent rescue by Chinese investors and the French state. ...

  • GM slow to act on recalls, House documents show Associated Press - Sat, Apr 12, 2014 12:09 PM NZST
    GM slow to act on recalls, House documents show

    Documents released by a House subcommittee show that managers and employees at General Motors were often slow to react to safety problems — and that one part of GM often didn't know what another was doing. ...

  • Subway: 'Yoga mat chemical' almost out of bread Associated Press - Sat, Apr 12, 2014 6:38 AM NZST
    Subway: 'Yoga mat chemical' almost out of bread

    Subway says an ingredient dubbed the "yoga mat chemical" will be entirely phased out of its bread by next week. The disclosure comes as Subway has suffered from an onslaught of bad publicity ...

  • Texas Rangers mark 20 years in home ballpark Associated Press - Fri, Apr 11, 2014 11:59 PM NZST
    Texas Rangers mark 20 years in home ballpark

    A perfect game, Major League Baseball's first regular-season interleague game and consecutive World Series for the Texas Rangers. Those are some of the highlights over the past two decades at the Texas ...

  • Dieters move past calories, food makers follow Associated Press - Fri, Apr 11, 2014 9:29 AM NZST
    Dieters move past calories, food makers follow

    Obsessing over calories alone has left dieters with an empty feeling. The calorie counting that defined dieting for so long is giving way to other considerations, like the promise of more fiber or natural ...