Xi calls for development bank support

Xi calls for development bank support

Chinese President Xi Jinping has called on the world's nations to support Beijing's ideas for a new development bank and "economic belt" to serve Asia. The bank initiative was a focal point of the annual Boao Forum for Asia on the southern island of Hainan. "Facing the fast-changing regional and international landscapes, we must see the whole picture, follow the trends of our times and build a n…

  • Brazil's economy barely avoids recession AAP - 8 hours ago
    Brazil's economy barely avoids recession

    Brazil's economy grew just 0.1 per cent last year, barely keeping the country out of a recession, the government's statistics bureau says. It was the worst result since 2009 and bad news for President Dilma Rousseff, whose popularity has plummeted along with Brazil's economic performance. To blame for last year's poor performance was a drop in investments, which fell 4.4 per cent from 2013. Still, most economists were expecting figures from the IBGE statistics bureau to show the country actually entered a recession last year.

  • Deposit levy would break no-tax vow: ALP AAP - 8 hours ago
    Deposit levy would break no-tax vow: ALP

    Prime Minister Tony Abbott says the upcoming budget will contain some tough measures with one tipped to be a tax on bank deposits which will raise about $500 million a year. The Australian Financial Review reported on Saturday the government would go ahead with the bank deposits insurance levy, initially proposed by Labor in 2013, to raise revenue and as an alternative to requiring banks to hold extra capital as insurance against collapse. Under Labor, this was set at 0.05 per cent on deposits up to $250,000, starting in 2016. He said when Labor proposed such a measure, then shadow treasurer Joe Hockey described it as a "smash and grab" on the savings of Australians households.

  • US rate rise may come this year: Yellen AAP - 14 hours ago
    US rate rise may come this year: Yellen

    Federal Reserve Chair Janet Yellen says continued improvement in the US economy means an increase in the Fed's key interest rate could come later this year. The Fed has kept its benchmark rate at a record low near zero for more than six years. She says that when the Fed does start raising rates, policymakers expect the increases to be "rather gradual" over the next few years.

  • Lab beef a reality in 10 years: scientist AAP - Fri, Mar 27, 2015 10:03 PM NZDT
    Lab beef a reality in 10 years: scientist

    Laboratory beef could surpass the real thing within 10 years to solve environmental and animal welfare problems, while remaining just as tasty, a Dutch scientist says. Mark Post, Professor of Physiology at Maastricht University in the Netherlands, 18 months ago oversaw the creation of the first "cultured beef" burger made of stem cells from cow muscle tissue. "They recognise the same problems, probably better than anybody else, and they see there could be alternatives," Professor Post told reporters in Darwin on Friday, where he was a guest speaker at the Northern Territory Cattlemen's Association annual conference. Initially, it will be considered a luxury product, with an appeal to those with environmental and animal welfare concerns.

  • Chevron selling $5b stake in Caltex AAP - Fri, Mar 27, 2015 8:41 PM NZDT
    Chevron selling $5b stake in Caltex

    US energy giant Chevron is looking to sell its $5 billion stake in Caltex Australia but says the decision won't affect its Gorgon and Wheatstone gas interests. Chevron expects shares in oil refiner and distributor Caltex will be sold to a range of Australian and global institutional investors. Executive vice president of downstream and chemicals Michael Wirth said Chevron's sale comes as part of a regular review of its portfolio and commitment to generate cash to support its long term priorities. The massive sale, reportedly at a slight discount to its market value, does not alter Chevron's focus on moving Western Australia's $US54 billion Gorgon project and the $30 billion Wheatstone liquefied natural gas (LNG) projects towards start-up, president of international products, downstream and chemicals Mark Nelson said.

  • Chevron selling 50% stake in Caltex AAP - Fri, Mar 27, 2015 8:23 PM NZDT
    Chevron selling 50% stake in Caltex

    US energy giant Chevron is looking to sell its 50 per cent stake in Caltex Australia. Chevron expects shares in the oil refiner and distributor will be sold to a range of Australian and global equity market ...

  • $A falls as market gets nervous AAP - Fri, Mar 27, 2015 7:44 PM NZDT

    The Australian dollar briefly fell below 78 US cents for the first time since the beginning of the week on falling iron prices and rising global political tensions. Easy Forex currency dealer Andreas Tjahja said traders were moving into safe haven currencies like the US dollar, which is putting downward pressure on the Australian dollar. At 1700 AEDT, the Australian dollar was at 92.97 Japanese yen, up from Thursday's close of 92.96 yen, and at 71.68 euro cents, up from 71.21 euro cents.

  • Aust bonds weaken after flat few days AAP - Fri, Mar 27, 2015 7:13 PM NZDT

    The Australian bond market is weaker, as demand for the safe haven assets disappears following a flat performance in recent days. Commonwealth Bank head of debt research Adam Donaldson said the Australian ...

  • Bargain hunters drive share market rebound AAP - Fri, Mar 27, 2015 7:06 PM NZDT

    The share market has clawed back some of the ground lost in Thursday's heavy fall as bargain hunters moved in. The market's final session of the week delivered a gain of almost 0.7 per cent, a surprising ...

  • EnergyAustralia fined for sales tactics AAP - Fri, Mar 27, 2015 7:04 PM NZDT
    EnergyAustralia fined for sales tactics

    EnergyAustralia has been fined $1 million for the second time in a year over its aggressive salespeople. The Federal Court handed out a penalty of $1 million to the energy retailer for illegal false and misleading conduct carried out by phone salespeople. EnergyAustralia's telemarketers Bright Choice Australia illegally signed up consumers they phoned to contracts, after obtaining their details and offering to post information to them, the court found. EnergyAustralia was fined $1.2 million last April over the conduct of door-to-door salespeople.

  • Skydive company has sky high ASX debut AAP - Fri, Mar 27, 2015 6:44 PM NZDT

    Skydive the Beach's founder believes social media is making the young and the very old want to jump out of a plane. Chief executive Anthony Boucaut has seen his tandem skydiving company reach for the sky with a spectacular share market debut, which saw its value surge by $10 million within the first 10 minutes of listing on Friday. "Everybody wants their experience recorded on social media, shown to their friends," Mr Boucaut told AAP. Mr Boucaut was inspired to start up a skydiving company during a holiday with his future partner Tamahra Prowse in Mexico, in 1997.

  • Stocks to watch at close on Friday AAP - Fri, Mar 27, 2015 6:18 PM NZDT

    Stocks to watch on the Australian stock exchange at close on Friday: CBA - COMMONWEALTH BANK OF AUSTRALIA - up 50 cents, or 0.5 per cent, at $94.34 A second Commonwealth Bank IT executive has been charged ...

  • Aust shares close higher AAP - Fri, Mar 27, 2015 6:17 PM NZDT

    The Australian share market has closed higher, reflecting similar rebounds across Asian markets. At the close on Friday, the benchmark S&P/ASX200 index was 40.8 points, or 0.69 per cent, higher at 5,919.9, ...

  • MARKET CLOSE: NZ shares rise as Fonterra Fund rebounds … BusinessDesk - Fri, Mar 27, 2015 5:34 PM NZDT

    New Zealand shares rose, paced by Fonterra Shareholders' Fund as the stock rebounded from a record low. Outside the benchmark index, Hallenstein Glassons advanced after reporting a 40 percent jump in first-half profit. Within the benchmark index, 22 stocks rose, 19 fell and nine were unchanged. Units of FSF, which give holders access to Fonterra Cooperative Group's dividend stream, rose 1.1 percent to $5.56, rebounding from yesterday's record low close.

  • NZ dollar gains vs. Australian dollar on iron ore weakness; … BusinessDesk - Fri, Mar 27, 2015 5:30 PM NZDT

    The New Zealand dollar gained against its Australian counterpart on sliding prices for iron ore exported to China, that nation's biggest market, while traders await a speech by US Federal Reserve chair Janet Yellen on Friday in the US. Iron ore sank to a record low US$54.20 a tonne this week and has more than halved in the past 12 months amid a supply glut, according to Reuters, which reported today that capacity utilisation rates at small Chinese iron ore mines fell as low as 20 percent at the end of last year. Concern about weak iron ore prices weighed on the Australian dollar and also restrained the kiwi against the greenback, traders said. The drop in iron ore "is weighing on the Aussie, given that it's a key export," said Michael Johnston, senior trader at HiFX.

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