PepsiCo has reported soaring third-quarter profits that breezed past almost all expectations. The company boosted its full-year profit outlook given its performance to date and shares jumped more than ...
US Secretary of State John Kerry has warned of grave consequences for America if the nation walks away from the Trans-Pacific Partnership. In a passionate 40-minute speech in Washington DC on Wednesday, Mr Kerry said not only would the US economy suffer and relationships with close allies like Australia, New Zealand and Japan be hurt, the sinking of the TPP would lessen America's influence on combatting North Korea's nuclear program and China's territorial claims in the South China Sea. Commanders "of every army and navy" in the region will notice in a way "that does not work for the United States of America".
South Australia's Whyalla steelworks has been crippled by the statewide blackout caused by severe storms and operators are now racing to restore power to save further costly damage and production losses. The vast steelworks owned by Arrium, which went into administration in April, is one of a number of businesses disrupted by the widespread power outage. Arrium administrator Mark Mentha said the Whyalla plant was maintaining some critical operations from an on-site generator, but the electricity needed to run steelmaking operations was not available, leaving production processes halted.
The Australian dollar has fallen back from the three week high it hit after commodity prices surged on a surprise agreement by the world's top oil producers to cut production. At 1700 AEST on Thursday, ...
Shares in Programmed Maintenance Services have slid more than 10 per cent after the labour hire and maintenance group slashed its earnings guidance for the current financial year. The company now expects earnings before interest, tax, depreciation and amortisation (EBITDA) in the year to March 31 to be about $100 million, down from its previous forecast of $120 million.
The share market has closed at its highest level in a month after major oil producers surprisingly agreed to cut production, giving energy and resource stocks a boost. An unexpected announcement from the Organisation of the Petroleum Exporting Countries (OPEC) that it will cut oil production for the first time in eight years gave global oil prices a major boost overnight. "Markets were not expecting a huge policy shift from OPEC and this means potential oil price upside," ThinkMarkets senior market analyst Matt Simpson said.
The blame game over South Australia's statewide blackout has reignited the debate about renewable energy, with Malcolm Turnbull condemning aggressive and unrealistic state targets. Before the last 75,000 homes had electricity back on, Mr Turnbull was blaming SA's heavy reliance on renewables for instability in the state's electricity grid. "The experts have made it clear what has taken the power out in South Australia is the weather, not a government policy," he told reporters in Canberra.
South Australia's blackout has severely disrupted operations across the state for mining giants including BHP Billiton and will come at a massive cost to many smaller businesses. The power failure was a result of ferocious storms that damaged a power station and at least 20 transmission towers. About 100,000 properties are still without power across South Australia as wild weather adds to the problems.
Foxtel chief executive Peter Tonagh has defended the pay-television company's prospects, saying it generated more earnings than the nation's three major commercial television networks combined. Mr Tonagh - who took over the reins at Foxtel in March - says there have been negative media and industry reports on the pay TV operator amid the rising popularity of streaming services Netflix, Stan and Presto. "If you look at the commentary about Foxtel, you could be forgiven for thinking that the business was terminating," Mr Tonagh told a business luncheon in Sydney this week.
Stocks to watch on the Australian stock exchange: AGL - AGL ENERGY - up 29 cents, or 1.6 per cent, at $18.99 AGL Energy says it does not expect to suffer any financial impact from severe storms that have ...
The number of job vacancies has risen to the highest level since May 2012. Vacancies rose by 7,700, or five per cent in seasonally adjusted terms, between May and August, according to quarterly survey data from the Australian Bureau of Statistics released on Thursday. It was still 13,800 below the recent high of 191,100 reached in late 2010 amid the economic stimulus measures following the global financial crisis that erupted in 2008.
The share market has hit its highest level in a month after energy and resource stocks soared on news of major oil producing countries agreeing to cut output to boost oil prices. At 1615 AEST, the benchmark ...
The federal energy minister has defended linking his concerns about the stability of renewable energy with South Australia's power outage, which was caused by strong winds and lightning damaging supply infrastructure. Josh Frydenberg acknowledges that wind knocked down more than 20 transmission towers in South Australia while a lightning stike damaged a power station which caused two interconnectors to shut down. "Because right now in this country we have a hodgepodge of renewable energy targets that are spread differently across the state, territory and federal governments and that's not ideal from an economic position," he told reporters in Melbourne.
Bendigo and Adelaide Bank will buy $1.35 billion of mortgage debt from the West Australian government as it looks to expand its business outside the eastern states. The bank said it has agreed to buy about 6,000 standard residential home loans from the state government's Keystart Housing Scheme Trust, designed to help people buy homes through low deposit loans and shared equity schemes. Bendigo and Adelaide Bank managing director Mike Hirst said the bank will not be acquiring any loans that are more than one month in arrears.
Avita Medical has struck a distribution deal in Iran for its 'spray on skin' products for the treatment of burns, wounds and skin defects, potentially paving they way for a new major market for the the group. The distribution deal with Iranian-based Teb Sanaat Lotus will also include a dedicated clinic for Avita's products in Iran, which emerged from international sanctions over its nuclear program earlier in 2016. Avita chief executive Adam Kelliher said using a dedicated clinic is a new approach for the company, and will help reach an important market.
Holden will keep more than 100 design jobs and add 18 new positions after manufacturing ends in Australia in 2017. The powertrain engineering and development team will stay in Australia after General Motors reversed a decision to send the jobs overseas. "More than 100 additional Holden engineering staff will continue to apply their skills and talents to local and global vehicle programs," managing director Mark Bernhard said on Saturday.
Toyota is investing $US50 million ($A71 million) with Stanford University and the Massachusetts Institute of Technology in the hope of gaining an edge in an accelerating race to phase out human drivers. The financial commitment announced on Friday by the Japanese carmaker will be made over the next five years at joint research centres located in Silicon Valley and another technology hub in Cambridge, Massachusetts. Toyota has hired robotics expert Gill Pratt to oversee research aimed at developing artificial intelligence and other innovations that will enable future car models to navigate the roads without people doing all the steering and stopping.