Many unknowns as Greek crisis unfolds

Many unknowns as Greek crisis unfolds

It may not have been the bloodbath that some had feared, but the Greek tragedy haunting Australian financial markets still has a long way to run. This was less than last Monday's two per cent tumble in share prices in response to Greek Prime Minister Alexis Tsipras' snap decision to call the referendum just days out from defaulting on a 1.5 billion euros ($A2.20 billion) loan from the Internation…

  • Rinehart talks about her father, family AAP - 2 hours 51 minutes ago

    Australia's richest person Gina Rinehart says her father Lang Hancock devoted his life to owning an iron ore mine and laments that she believed her family would be happy once she finally achieved that aim. Amid continued bitter legal battles with her two eldest children, Mrs Rinehart has given a rare media interview to the ABC's Australian Story in which she says her father's contribution was not fully recognised. Mr Hancock discovered the massive Hamersley iron ore deposits in Western Australia's Pilbara and Mrs Rinehart said minority partner Kaiser Steel had said that without Lang Hancock there would be no Hamersley Iron.

  • Childcare operators in takeover battle AAP - 5 hours ago

    Childcare operator G8 Education has spat the dummy on friendly merger talks and launched a hostile takeover bid for smaller rival Affinity Education. G8 Education's $162 million offer for Affinity came on Friday, a day after the target's share price plunged 34 per cent to 54 cents due to an earnings guidance downgrade. Affinity revealed on Monday the offer comes after the breakdown of merger talks between each of the companies' chairmen and managing directors.

  • Greek crisis pushes $A to six year low AAP - 5 hours ago

    The Australian dollar hit a six year low as Greece's bailout rejection sent shockwaves through financial markets. The surprise referendum result sparked caution among traders, sending the Australian dollar to a low of 74.63 US cents early on Monday, its lowest level since May 2009. OANDA Australia and Asia Pacific senior trader FX Stephen Innes said last week's 10 per cent drop in iron ore price was also a factor, while Forex.com research analyst Chris Tedder said volatility on China's share market was another negative influence.

  • Aust stocks fall on Greek and China woes AAP - 6 hours ago

    The Australian share market has tumbled on concerns about China's equities and Greece's future after voters rejected Europe's bailout terms. The major indices were down 1.14 and 1.17 per cent at the close, an improvement on earlier falls, Bell Direct equities analyst Julia Lee said. The market suffered falls during morning trade of more than 1.8 per cent, but strong gains on the Shanghai Composite Index had helped offset the falls during early afternoon trade.

  • Investor property loans fall in June AAP - 6 hours ago

    The number of property investor loans processed by Australia's largest mortgage broker fell in June, with a big slide in investment loans in the booming Sydney market. AFG processed a record 11,056 mortgages worth $5.1 billion in June, but only 36.9 per cent were for property investment, down from 40.9 per cent in May. The sharpest fall in investor loans was in NSW, sliding to 41.6 per cent in June from 49.8 per cent in May, amid ongoing concerns of overheating in Sydney's house market.

  • Greeks, creditors must re-engage: Billson AAP - 6 hours ago
    Greeks, creditors must re-engage: Billson

    Acting Treasurer Bruce Billson says there are many unknowns facing financial markets flowing from the Greek debt crisis but Australia has only a modest direct exposure to the Mediterranean country. He ...

  • $20b wiped off Aussie stock market AAP - 6 hours ago
    $20b wiped off Aussie stock market

    More than $20 billion has been wiped off the Australian stock market after Greece shocked investors with an overwhelming rejection of austerity measures that could see the country headed for a messy exit from the euro zone. Greece's ruling Syriza party secured a stunning victory at a referendum on Sunday, where more than 60 per cent followed Prime Minister Alexis Tsipras's urging and voted against harsh bailout conditions. Australia was one of the first markets to react to the news and both the S&P/ASX 200 and All Ordinaries finished the day around one per cent lower.

  • Jobless rate tipped to rise in June AAP - 6 hours ago
    Jobless rate tipped to rise in June

    Unemployment is believed to have bumped higher in June thanks to a slowdown in the creation of new jobs. The forecast comes after record low interest rates and sluggish wages growth helped push unemployment to its lowest level in a year in May. St George senior economist Janu Chan said unemployment figures can be volatile month to month.

  • $600m gas writedowns 'disappointing': AGL AAP - 6 hours ago

    AGL Energy will make more than $600 million worth of writedowns on its gas production ventures and sell underperforming businesses as it battles uncertainty surrounding oil and gas prices. AGL has reduced the value of its gas business by $603 million, $275 million of which relates to the Gloucester project in the NSW Hunter region. The writedowns will result in a $435 million hit to AGL's 2014/15 net profit, but the company reaffirmed its forecast for an underlying full year profit in the top half of its $575 million to $635 million guidance range.

  • Bonds firm amid Greek uncertainty AAP - 6 hours ago

    The bond market is stronger as investors exercise caution due to uncertainty caused by Greece's rejection of bailout conditions. Over 60 per cent of Greeks voted to reject the austerity measures demanded ...

  • Job ads rebound in June AAP - 6 hours ago
    Job ads rebound in June

    A pickup in jobs growth is set to come to an end amid downward pressure on employment in mining and manufacturing. Job advertisements on the internet and in newspapers rebounded in June, rising 1.3 per ...

  • Netccentric makes strong ASX debut AAP - 6 hours ago

    Shares in digital media and technology firm Netccentric gained 15 per cent in value in their first day of trading on the Australian share market. In a broadly lower market, Netccentric opened at 23 cents, and climbed to a high of 27 cents before easing back. Singapore-based Netccentric raised $12.5 million in an offer of shares to the public - well over its initial minimum target of $7.5 million.

  • Stocks to watch at close on Monday AAP - 7 hours ago

    Stocks to watch on the Australian stock exchange at close on Monday: AFJ - AFFINITY EDUCATION - down two cents, or 2.9 per cent, at 68 cents GEM - G8 EDUCATION - down 13 cents, or 4.1 per cent, at $3.05 ...

  • Aust shares close lower AAP - 7 hours ago

    The Australian share market has closed lower, tumbling after Greece's anti-austerity vote, with a small pick-up later in the session. At the close on Monday, the benchmark S&P/ASX200 index was 63.3 points, ...

  • Qld LNP won't rule out asset sales AAP - 7 hours ago
    Qld LNP won't rule out asset sales

    Queensland's opposition is not ruling out selling state assets if voters change their minds on the issue. Liberal National Party leader Lawrence Springborg promised as part of his plans for the economy that he will reduce expenditure by outsourcing government services, provide payroll tax relief to small business and use budget savings to fund infrastructure. Mr Springborg said major projects could also be paid for under a public-private partnership scheme.

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    Jaguar XJ flagship is distinctive luxury style

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    Kraft shareholders approve sale of company to Heinz

    Kraft shareholders have approved the sale of the company to ketchup maker H.J. Heinz, creating one of the world's largest food companies with annual revenue of about $28 billion. Heinz' owners, Warren ...

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    Jeep sales drive Fiat Chrysler's 8 pct. June US sales jump

    Fiat Chrysler says its U.S. sales rose 8 percent last month for the company's best June in nine years. The results are a sign that the auto industry will post another strong month in June compared to a ...

  • Toyota, Nissan, Honda back hydrogen stations for fuel cells Associated Press - Wed, Jul 1, 2015 9:24 PM NZST
    Toyota, Nissan, Honda back hydrogen stations for fuel cells

    Toyota, Nissan and Honda are working together to get more fuel cell vehicles on roads in what they call Japan's big push toward "a hydrogen society." Fuel cell vehicles emit no pollution. They ...

  • FDA weighs new restrictions on liquid nicotine products Associated Press - Wed, Jul 1, 2015 7:58 AM NZST
    FDA weighs new restrictions on liquid nicotine products

    Federal health officials are considering whether to require new warnings and child-resistant packaging on liquid nicotine formulas used with e-cigarettes and other emerging tobacco products. The Food and ...

  • The Legal Lowdown on Starting a Brewery or Distillery Entrepreneur - Wed, Jul 1, 2015 3:30 AM NZST
    The Legal Lowdown on Starting a Brewery or Distillery

    Find out what legal hoops you'll need to jump through in your state before starting a craft alcoholic beverage business.

  • What's driving Detroit's manufacturing turnaround? CNBC - Tue, Jun 30, 2015 3:45 AM NZST
    What's driving Detroit's manufacturing turnaround?

    No longer in bankruptcy, Motor City is busy nurturing 1,400 next-gen advanced manufacturers to rekindle its legacy as a production hub.

  • Discovery secures European Olympic TV rights through 2024 Associated Press - Tue, Jun 30, 2015 2:14 AM NZST
    Discovery secures European Olympic TV rights through 2024

    U.S.-based media giant Discovery Communications Inc. secured the European broadcast rights for four Olympics through 2024 on Monday in a landmark deal worth 1.3 billion euros ($1.45 billion). The parent ...

  • Number of 'American-made' autos drops to new low CNBC - Mon, Jun 29, 2015 4:30 PM NZST
    Number of 'American-made' autos drops to new low

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  • Many options, no single solution to nation's traffic snarls Associated Press - Sun, Jun 28, 2015 3:52 AM NZST
    Many options, no single solution to nation's traffic snarls

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