While you were sleeping: Wall Street slips

Wall Street moved lower ahead of Friday's speech by Federal Reserve Chair Janet Yellen who might offer clues on the timing for an interest rate hike by the central bank-which some Fed officials have recently suggested could be as early as next month. "The rhetoric we've gotten from the Fed over the past week from numerous Fed officials ... has reminded the market that the Fed can raise rates at a…

  • Arrium admins may seek fresh pay vote AAP - 2 hours 17 minutes ago

    The administrators of troubled steelmaker Arrium may seek a fresh vote on a proposed pay cut for workers at the company's Whyalla operations. A slim majority of Whyalla steelworkers on Wednesday voted down a new enterprise bargaining agreement which included a 10 per cent pay cut and changes to superannuation. Mining workers at Whyalla separately voted in favour of taking the same pay cut but administrators KordaMentha have ruled out implementing one pay deal without the other.

  • World's largest aircraft crashes in UK AAP - 7 hours ago
    World's largest aircraft crashes in UK

    Airlander 10, a 92-metre part plane, part helicopter and part airship, was damaged after reportedly hitting a telegraph pole at its base at Cardington Airfield, Bedfordshire on Wednesday morning. Hybrid Air Vehicles, which is developing Airlander 10, issued a statement on Facebook: "We're debriefing following the second test flight this morning. First developed for the US government as a long-endurance surveillance aircraft, the British firm launched a campaign to return the craft to the sky after it fell foul of defence cutbacks.

  • Aldi muscles in on The Reject Shop AAP - 8 hours ago
    Aldi muscles in on The Reject Shop

    The arrival of German supermarket Aldi in South Australia and Western Australia is hurting discount retailer The Reject Shop. Managing director Ross Sudano said it was a difficult retail environment in the second half of the 2015/16 financial year, due to the lengthy federal election campaign and Aldi's expansion into two more states. Revenue in the 53 weeks to July 3 rose 5.7 per cent from the previous year, which had 52 weeks, to $800 million, but comparable store sales growth in the second half of the year was just 1.3 per cent, down from 4.4 per cent in the first six months, Mr Sudano said.

  • Vodafone claims 'best month ever' AAP - 8 hours ago
    Vodafone claims 'best month ever'

    Australia's third-biggest mobile company, Vodafone, says it has had its best month ever and expects to continue adding customers off the back of a marketing campaign to promote the reliability of its network. Vodafone Hutchison Australia chief executive Inaki Berroeta said on Wednesday that the company "continued to see solid growth trends" since the end of the first-half of 2016. "Actually, July was our best commercial month ever," Mr Berroeta said during the group's mid-year briefing.

  • Glencore trims loss in first half AAP - 9 hours ago
    Glencore trims loss in first half

    Swiss commodities producer Glencore has narrowed its net loss in the first half of 2016, after paring down billions of dollars' worth of assets to slash debt amid a difficult market for raw materials. CEO Ivan Glasenberg says Glencore has "largely achieved'' targeted asset disposals of up to $US5 billion ($A6.6 billion) after launching a debt-reduction plan in September. Glencore has about 150 mining and metallurgical sites and markets over 90 commodities including copper, zinc and nickel to industrial customers.

  • Scotland's deficit hits $25.7b AAP - 10 hours ago

    Scotland's deficit was PS14.8 billion ($A25.7 billion) for 2015/16 amid plummeting oil and gas revenues, new figures show. The Government Expenditure and Revenue Scotland (GERS) statistics show a deficit ...

  • Arrium sale blow as workers reject pay cut AAP - 10 hours ago

    The future of troubled steelmaker Arrium has been plunged into further uncertainty after workers at the company's Whyalla operations rejected a proposed pay deal. A slim majority of Whyalla steelworkers on Wednesday voted down a new enterprise bargaining agreement which included a 10 per cent pay cut and changes to superannuation. Mining workers at Whyalla separately voted in favour of taking the same pay cut but administrators KordaMentha have ruled out implementing one pay deal without the other.

  • Masters to close as Woolies exits hardware AAP - 11 hours ago
    Masters to close as Woolies exits hardware

    Woolworths' failed home improvement chain Masters will close in December with some of the large warehouse stores to be converted into shopping centres by their new owners. Woolworths has also sold its Home Timber & Hardware chain to Metcash - owner of the Mitre 10 chain - for $165 million as the supermarket giant finalises its exit from the hardware business. At the same time, a group called Home Consortium has agreed to buy the 61 Masters stores and 21 development sites to transform them into large-format retail centres.

  • Woolies' Masters to close by December AAP - 11 hours ago

    Woolworths will close all stores of its failed hardware chain Masters in early December. The supermarket giant made the announcement late on Wednesday afternoon after confirming earlier that it will sell its Home Timber & Hardware business to Metcash for $165 million. Masters stores will close before December 11 with the sell-down of all stock to begin in coming months.

  • Boral's modest earnings growth disappoints AAP - 12 hours ago

    Shares in Boral have fallen more than four per cent after the building materials maker posted a steady annual profit and forecast a slight improvement in earnings in the year ahead. Boral made a net profit of $256 million in the year to June 30, almost the same as in the previous year. The company expects a slight improvement in earnings in the 2016/17 year on the back of a strong housing sector and rising demand for its construction materials from infrastructure projects in Australia.

  • Formula boom helps A2 Milk double revenue AAP - 12 hours ago
    Formula boom helps A2 Milk double revenue

    A2 Milk shares have dropped sharply after the company flagged the possible short-term impact of changing regulation in China. A2, which is listed on the Australian and New Zealand share markets, said growth domestically and in China lifted annual revenue to $NZ353 million from $NZ155 million, but managing director Geoffrey Babidge sounded a note of caution amid a generally positive outlook. "The company expects continued growth in the 2017 financial year, in particular from infant formula and milk powders in Australia and China and improved momentum in the US business," he said in a statement.

  • $A lower as central bank meeting looms AAP - 12 hours ago

    The Australian dollar has fallen back below 76 US cents as investors tread carefully ahead of a highly anticipated speech by US Federal Reserve chair Janet Yellen. At 1700 AEST on Wednesday, the local ...

  • Blackmores shares plunge as sales slow AAP - 12 hours ago
    Blackmores shares plunge as sales slow

    Blackmores shares have taken their biggest ever one day fall after the vitamin and health product supplier gave the first hint that its astronomical growth of the past two years is slowing. Annual profit more than doubled to $100 million and Blackmores boosted its final dividend to $2.10, but the company said the first quarter of the 2016/17 year will be weaker than the prior corresponding period. "The Australian wholesale market is volatile and has softened in recent weeks impacted by retailers de-stocking and some exporters changing the channels through which they acquire products," chief executive Christine Holgate said.

  • Qantas ends seven year dividend drought AAP - 12 hours ago
    Qantas ends seven year dividend drought

    Qantas will pay a dividend to its long-suffering shareholders for the first time in seven years after the airline's full-year profit rose by 85 per cent to $1.03 billion, underpinned by a major operational overhaul and low oil prices. Chief executive Alan Joyce said the airline was now "a more agile business" and had a platform to invest for the future as a result of the transformation program that has cut thousands of jobs, revised the airline's fleet and unlocked $1.66 billion in cost and revenue benefits since early 2014. "Our transformation program is paying dividends for our shareholders, our customers and our employees," Mr Joyce said on Wednesday.

  • Shipbuilder ASC to axe 175 jobs AAP - 12 hours ago

    Shipbuilder ASC has announced another round of job cuts, with 175 staff at its Port Adelaide shipyard to lose their jobs by the end of October. ASC says it will offer some voluntary redundancies but there will also be forced job losses, with 100 contract workers and 75 permanent employees slated to depart. The jobs will be lost from structural, electrical, piping, mechanical and operator trade groups on the Air Warfare Destroyer project, which is winding down.

New Zealand Markets

Company Finances

  • Subway: Review finds 'serious' complaint about Jared Fogle Associated Press - Sun, Sep 13, 2015 1:30 AM NZST
    Subway: Review finds 'serious' complaint about Jared Fogle

    The Subway restaurant chain said it received a "serious" complaint about Jared Fogle when he was the company's spokesman but that the complaint did not imply any criminal sexual activity. The ...

  • Holden keeps 100 design jobs in Australia AAP - Sun, Sep 13, 2015 1:06 AM NZST
    Holden keeps 100 design jobs in Australia

    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.

  • Fiat Chrysler recalls 1.7M trucks for air bag, weld troubles Associated Press - Fri, Sep 11, 2015 6:18 AM NZST
    Fiat Chrysler recalls 1.7M trucks for air bag, weld troubles

    Fiat Chrysler is recalling more than 1.7 million trucks to fix problems with air bags and welds in the steering system. The biggest of three recalls announced Thursday covers 1.35 million Ram 1500, 2500 ...

  • McDonald's to switch to cage-free eggs over next decade Associated Press - Thu, Sep 10, 2015 9:12 AM NZST
    McDonald's to switch to cage-free eggs over next decade

    McDonald's says it will switch to cage-free eggs in the U.S. and Canada over the next decade, marking the latest push under CEO Steve Easterbrook to try and reinvent the Big Mac maker as a "modern, ...

  • Survey shows big gaps in knowledge about auto safety tech Associated Press - Wed, Sep 9, 2015 9:24 AM NZST
    Survey shows big gaps in knowledge about auto safety tech

    Adaptive cruise control has been an option on some cars for almost a decade. But in a recent national survey, 65 percent of U.S. drivers didn't know what it was. The survey, by the University of Iowa Public ...

  • Toyota invests $71m in driverless cars AAP - Sat, Sep 5, 2015 8:10 PM NZST
    Toyota invests $71m in driverless cars

    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.

  • Harley riders rumble into Milwaukee for rally, bike show Associated Press - Sat, Sep 5, 2015 12:06 PM NZST
    Harley riders rumble into Milwaukee for rally, bike show

    Gearheads converged on the Harley-Davidson Museum on Friday to show off, talk shop and get started on a weekend motorcycle rally and custom bike show. Tents outside the museum featured T-shirts, trinkets ...

  • Toyota to invest $50M in car-tech research at Stanford, MIT Associated Press - Sat, Sep 5, 2015 7:36 AM NZST
    Toyota to invest $50M in car-tech research at Stanford, MIT

    Toyota is investing $50 million with Stanford University and the Massachusetts Institute of Technology in hopes of gaining an edge in an accelerating race to phase out human drivers. The financial commitment ...

  • From eggs to trees, USDA promotional programs controversial Associated Press - Sat, Sep 5, 2015 6:37 AM NZST
    From eggs to trees, USDA promotional programs controversial

    The slogans are familiar: "The Incredible Edible Egg," ''Pork: The Other White Meat," and "Got Milk?" They've all been part of promotional campaigns overseen by the Agriculture ...

  • Recalls this week: windshield deicer, bicycles Associated Press - Sat, Sep 5, 2015 5:00 AM NZST
    Recalls this week: windshield deicer, bicycles

    More than 4 million bottles of windshield deicer and frost reducer are being recalled because the trigger assembly can be removed by children, posing a risk of poisoning. Other recalled consumer products ...