$A higher in a volatile market

The Australian dollar has bounced back from a morning low as uncertainty over the timing of US central bank interest rate hikes drives "puzzling" market moves. At 1200 AEDT on Friday, the local ...

  • Market bounces back AAP - 23 minutes ago

    The Australian share market has rebounded after suffering its biggest fall in three months on Thursday. Quay Equities managing director David Reynolds said the recovery showed Thursday's sell-off had been over-done and conditions were still supporting investing in equities. "These QEs, free-flowing cash, low interest rates are really putting a rocket under this market ... who knows where it all ends and people are trying to ride it as long as they can," Mr Reynolds told AAP. The big banks were all higher after a mixed start to trading, with National Australia Bank adding 23 cents to $38.88, Westpac finding 42 cents to $39.37, Commonwealth Bank recovering to be up 86 cents at $94.70 and ANZ 36 cents better at $36.76.

  • The week in numbers to March 27 AAP - 24 minutes ago

    The big and small numbers that grabbed attention - or should have - in the business world over the past week. Monday: nine cents - Solomon Lew's retail outfit Premier Investments will pay shareholders ...

  • Stocks to watch at noon on Friday AAP - 43 minutes ago

    Stocks to watch on the Australian stock exchange at noon on Friday: CBA - COMMONWEALTH BANK OF AUSTRALIA - up 71 cents, or 0.76 per cent, at $94.55 A second Commonwealth Bank IT executive has been charged ...

  • Skydive the Beach float goes sky high AAP - 1 hour 25 minutes ago

    Skydive the Beach has reached for the sky with a spectacular share market debut. The tour company had offered 100 million shares at 25 cents each as part of its float on the Australian Securities Exchange. Chief executive Anthony Boucaut founded the company in 1999 offering tandem skydives on North Wollongong beach. It now also offers skydives in Sydney, Byron Bay, the NSW Hunter Valley, Victoria's Great Ocean Road, St Kilda in Melbourne, Airlie Beach in Queensland and Perth city.

  • US stance against AIIB 'embarrassing' AAP - 1 hour 39 minutes ago

    Washington's opposition to a new China-led development bank is "embarrassing" and "idiotic", a former top Goldman Sachs executive says, as an increasing number of US allies embrace the institution. Jim O'Neill, former chief economist at the US investment bank and chairman of Goldman Sachs Asset Management, made the comments about the Asian Infrastructure Investment Bank (AIIB) during a visit to Beijing.

  • US caught off guard by AIIB take-off AAP - 1 hour 46 minutes ago

    The success of the new China-led development bank has caught the United States off guard, after it fought the project and now finds itself increasingly isolated. Britain, Germany, France... the United States has watched, helpless and dumbfounded, as its European allies flock to join the Asian Infrastructure Investment Bank, seen as a potential rival to the World Bank and the Asian Development Bank, both institutions under powerful US influence. Other US allies, like Australia and South Korea, are considering joining the AIIB, which already has about 30 member nations and the blessing of International Monetary Fund chief Christine Lagarde. "The US has been caught flat-footed by the rush of countries, including its close economic and political allies, that are lining up to join the China-led AIIB," Eswar Prasad, a former head of the IMF's China division, told AFP, pointing to the "declining power of the US in driving the global economic policy agenda".

  • Govt moves ahead with food label changes AAP - 1 hour 56 minutes ago

    Country of origin labels for processed foods will be mandatory under a plan to be put to federal cabinet. Industry Minister Ian Macfarlane has overcome resistance in cabinet to bring in the labels, which consumer groups say are essential. "While it will be a difficult and complicated process and there will be costs all around, consumers do have the right to know where their goods are processed and where the makeup of those goods come from," Mr Macfarlane told ABC radio on Friday.

  • Oil stocks lead share market gains AAP - 1 hour 57 minutes ago

    The Australian share market is marginally firmer as a Saudi-led bombing campaign in Yemen boosts oil stocks. Energy stocks were the best performers on Friday morning as the Saudi-led coalition bombed Houthi Shi'ite rebels in support of Yemen's embattled president, Phillip Capital senior client adviser Michael Heffernan said. "I don't think there's any doubt that it's been beneficial for oil stocks," he said. The big banks were mixed with National Australia Bank adding six cents to $38.71 and Westpac finding 13 cents at $39.08.

  • Inflation target at 2% risks overheated economy, says … BusinessDesk - 2 hours 19 minutes ago

    "We wonder if the target band should be lowered from its current one to three percent or, in the least, that its lower reaches be tolerated as the 'new normal' for the foreseeable future," writes senior economist Craig Ebert. The annual inflation rate has been below 2 percent since September 2011, and clocked in at 0.8 percent in calendar 2014. Although that partly reflected the unexp-ected plunge in global oil prices, it prompted questions about the RBNZ's requirement to hit 2 percent average annual inflation over the medium term. The RBNZ also signalled in its March 12 monetary policy statement that it was reassessing whether inflation expectations had shifted downwards, potentially justifying a lower inflation target.

  • Aust shares open higher AAP - 2 hours 26 minutes ago
    Aust shares open higher

    The Australian share market has opened higher. At 1021 AEDT on Friday, the benchmark S&P/ASX200 index was up 17.6 points, or 0.30 per cent, at 5,896.7, while the broader All Ordinaries index was up 17.5 ...

  • NZ milk powder futures drop as Fonterra lifts GDT volumes, … BusinessDesk - 2 hours 37 minutes ago

    New Zealand whole milk powder futures dropped after Fonterra Cooperative Group said it will increase the volume of product it puts up for sale on the GlobalDairyTrade platform, suggesting prices may extend their decline in next week's auction. Auckland-based Fonterra, the world's largest dairy exporter, has increased the amount of whole milk powder it will offer at the upcoming April 1 auction in Contract 2, which covers product with a June shipping date, by 14 percent to 4,965 metric tonnes. Whole milk powder futures for June delivery dropped US$230 a tonne to US$2,400 a tonne today. At last week's GDT auction, whole milk powder fell 9.6 percent to US$2,928 a tonne.

  • Hallenstein lifts profit 40% as it claws back market … BusinessDesk - 2 hours 42 minutes ago

    Hallenstein Glasson, the fast-fashion clothing chain, lifted first-half profit 40 percent, beating its guidance, as it clawed back market share in a competitive retail environment. Hallenstein has been one of a number of retailers that struggled through 2014 in a tough trading environment as they faced intense competition from online rivals, thrifty Australian consumers and unfavourable weather conditions. "We are pleased with the progress we have made in regaining market share," said chief executive Graeme Popplewell. The summer boost to sales had flowed through to the first seven weeks of the new season, with sales up 14 percent on last year, Hallenstein said.

  • Metcash supermarkets CEO to leave AAP - 2 hours 50 minutes ago

    Metcash's supermarkets division's chief executive Fergus Collins has stepped down after 13 years at the company. The move comes after the company delivered a profit warning in December, saying full year ...

  • Rinehart steps up campaign against costs AAP - 3 hours ago
    Rinehart steps up campaign against costs

    Mining billionaire Gina Rinehart has stepped up her criticism of governments for imposing too many costs on the mining sector amid a commodity price downturn. A protracted slump in iron ore prices has put many miners under financial pressure, and Ms Rinehart says government costs need to be reviewed to keep Australian miners competitive. "If Australia doesn't supply iron ore, there's other countries who will, so we need to do what we can to cut Australia's high costs, and the even higher Pilbara ones in particular," Ms Rinehart said as she accepted a lifetime achievement award at the Mines and Money conference in Hong Kong. "That's where Australian governments come in, or should come in.

  • Upbeat US data weigh on Aust bond market AAP - 3 hours ago

    A batch of better-than-expected economic data out of the US have weighed on Australian bond futures prices. Data overnight showed US weekly jobless claims fell to 282,000 in the week to March 21, from ...

New Zealand Markets

Company Finances

  • 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 ...

  • Google Granted Patent for Airbags That Deploy on the Outside of Self-Driving Cars Entrepreneur - Thu, Mar 26, 2015 3:57 AM NZDT
    Google Granted Patent for Airbags That Deploy on the Outside of Self-Driving Cars

    The bumper-like feature would ostensibly protect pedestrians in the event of an accident.

  • 6 Lessons Businesses Can Learn from a Michelin-Rated Restaurant Entrepreneur - Thu, Mar 26, 2015 3:45 AM NZDT
    6 Lessons Businesses Can Learn from a Michelin-Rated Restaurant

    After doing a behind-the-scenes tour of restaurant Joël Robuchon, I learned many insights and lessons that can be applied to entrepreneurs, regardless of the industry their in.

  • Buffett bonanza? Heinz and Kraft to merge CNBC - Thu, Mar 26, 2015 2:53 AM NZDT
    Buffett bonanza? Heinz and Kraft to merge

    Kraft Foods Group and H.J. Heinz announce that they will merge to create The Kraft Heinz Co.

  • We have about $9.5B in the new Kraft-Heinz: Buffett CNBC - Thu, Mar 26, 2015 2:44 AM NZDT
    We have about $9.5B in the new Kraft-Heinz: Buffett

    Warren Buffett says Berkshire Hathaway will have $9.5 billion worth of common stock in the newly merged H.J. Heinz-Kraft Foods company.

  • HJ Heinz buying Kraft and building a $28 billion food giant Associated Press - Thu, Mar 26, 2015 1:57 AM NZDT
    HJ Heinz buying Kraft and building a $28 billion food giant

    H.J. Heinz Co. is buying Kraft Foods, creating one of the largest food and beverage companies in the world with annual revenue of about $28 billion. The Kraft Heinz Co. will own Kraft, Heinz, Oscar Mayer, ...

  • Kraft and Heinz to Form North America's No. 3 Food Company Entrepreneur - Thu, Mar 26, 2015 1:40 AM NZDT
    Kraft and Heinz to Form North America's No. 3 Food Company

    The maker of Velveeta cheese will merge with ketchup maker H.J. Heinz Co, owned by 3G Capital and Warren Buffett's Berkshire Hathaway Inc.

  • Fonterra beefing up Australian business AAP - Thu, Mar 26, 2015 12:14 AM NZDT
    Fonterra beefing up Australian business

    New Zealand dairy giant Fonterra is renewing efforts to fix under-performing businesses in Australia. Chief executive Theo Spierings says despite market price volatility, the company remains committed to its strategy to grow its cash payout to shareholder farmers through converting more milk into higher-returning products by 2025. It's also likely to benefit from Australia's free trade agreement with China, which will phase out tariffs on Australian dairy products and the 15 per cent duty on infant formula. Fonterra operates 10 manufacturing sites across Australia, processing 1.7 billion litres of milk sourced locally each year.

  • Why This Career Firefighter Opened a Firehouse Subs Restaurant Entrepreneur - Wed, Mar 25, 2015 11:30 PM NZDT
    Why This Career Firefighter Opened a Firehouse Subs Restaurant

    Jeffrey Urbas is a firefighter through and through, working as a fire sergeant with the City of Detroit Fire Department while also running a Firehouse Subs.

  • These High-Tech High Heels Change Color With the Click of an App Entrepreneur - Wed, Mar 25, 2015 6:26 AM NZDT
    These High-Tech High Heels Change Color With the Click of an App

    If the shoe fits, work it. Heck yeah, chameleonic electronic 'ink' tricked out stilettos look as cool as they sound.