Dearer petrol tipped to dent retail sales

Retail sales growth is expected to slow as petrol prices rise from recent lows. Cheaper petrol during summer and an interest rate cut in February had buoyed consumer sentiment, but this effect is being ...

  • Company fined after mine workers crushed AAP - 4 hours ago

    Agnew Gold Mining Company has been fined $75,000 for failing to provide a safe working environment after an incident that seriously injured three workers at a West Australian mine. The workers were injured when 74 sheets of steel mesh that were leaning against a wall in the Gold Fields-owned company's Waroonga underground mine fell onto them in January 2012. Two of the workers were crushed, suffering multiple pelvic fractures, while one also suffered rib fractures and a lacerated liver. A third worker was struck by the steel mesh when it fell, sustaining a compound fracture to his right leg.

  • BP says profit slides 26% in first quarter AAP - 6 hours ago
    BP says profit slides 26% in first quarter

    BP says first-quarter profit fell 26 per cent after the sharp drop in oil prices. The company said on Tuesday that net income for the quarter was $US2.6 billion ($A3.31 billion), compared with $US3.5 billion in the same period last year.

  • Rio firm to be sentenced over worker death AAP - 6 hours ago

    A Rio Tinto subsidiary has admitted failing to provide a safe working environment after the death of an employee at a West Australian mine. Brent Glew died in August 2011 while working in the mobile equipment ...

  • $A reaches five-week high on RBA speech AAP - 6 hours ago

    The Reserve Bank chief's concerns about retirees appear to have pushed the Australian dollar to a one-month high. The Australian dollar rose from its daily lows in the morning soon after Reserve Bank governor Glenn Stevens told a Sydney banking summit that low interest rates meant retirees needed to take risks with their savings to fund their lifestyle. While he declined to answer questions about another possible interest rate cut, his comments convinced traders the central bank may have finished monetary policy easing, which boosted the Australian dollar, Easy Forex currency dealer Andreas Tjahja said. "The market interpreted it as possibly the RBA's not looking further to cut interest rates in May because of that specific concern he brought up," he said.

  • Share market slips despite iron ore rise AAP - 7 hours ago

    The share market has fallen further away from the key 6,000 point level as a recovery in commodity prices failed to boost the big miners. Iron ore prices in China edged closer to the $US60 a tonne mark ...

  • $A gets a boost from RBA chief's speech AAP - 7 hours ago

    The Reserve Bank chief's concerns about retirees appear to have boosted the Australian dollar to a one-month high. The local currency was worth 78.73 US cents at 1700 AEST on Tuesday, up from 78.06 US ...

  • Voters not overly worried about surplus AAP - 7 hours ago

    Less than a third of voters regard the return to a budget surplus as very important, despite the agony politicians put themselves through trying to achieve one. The latest weekly Essential Research online poll found 40 per cent of respondents believe a surplus is "somewhat" important, while 14 per cent thought it is not very important. As Treasurer Joe Hockey prepares his May 12 budget, the survey found just over half (52 per cent) of respondents are either "not very" or "at all" confident that he has an effective plan to eliminate the deficit, while 36 per cent are "very" or "somewhat" confident that he has. The poll of 1021 respondents also found few people are expecting a surplus any time soon.

  • Bonds weaken as May cut hope subside AAP - 7 hours ago

    The Australian bond market is weaker as the chances of a May interest rate cut by the Reserve Bank decrease.

  • Murray warns of ratings risk AAP - 7 hours ago
    Murray warns of ratings risk

    Australia's prized AAA credit rating is increasingly at risk, setting the scene for some nasty knock-on effects across the entire economy, the head of the government's financial systems inquiry has warned. David Murray says ratings agencies would be increasingly uneasy about Australia's budget position. Mr Murray said continued budget deficits would bring Australia's debt levels closer to a point agencies like Standard and Poor's believed unacceptable for a AAA rated economy. "The change in the terms of trade and the difficulty of quickly bringing that debt to a more stable position ... means it will be increasingly apparent that we will get close to those benchmarks with the ratings agencies," he told AAP.

  • Blackmores forecasting record profit AAP - 8 hours ago

    Vitamin and herbal supplements maker Blackmores is forecasting a record full year profit, with demand for complementary medicine immune from an economic slowdown. Chief executive Christine Holgate says the business is weathering waning consumer sentiment in Australia. Blackmores made a net profit of $12 million during the March quarter, up 125 per cent from the same period in 2014. It made a profit of $31 million during the financial year so far, with sales growth in Australia up by more than a third.

  • Stocks to watch at close on Tuesday AAP - 8 hours ago

    Stocks to watch on the Australian stock exchange at close on Tuesday: AZJ - AURIZON - down 12.0 cents, or 2.4 per cent, at $4.88 Australia's largest rail freight operator Aurizon has struck an 11-year ...

  • Aust shares close lower AAP - 8 hours ago

    The Australian share market has closed lower, breaking a three-session winning streak. At the close on Tuesday, the benchmark S&P/ASX200 index was 34.2 points, or 0.57 per cent, lower at 5,948.5, while ...

  • Kirkcaldie turns to first-half loss on tax writeoff, … BusinessDesk - 8 hours ago

    Kirkcaldie & Stains turned to a first-half loss as sales fell and the Wellington department store operator wrote down a deferred tax asset. Total revenue fell to $17.5 million from $19.4 million as retail sales declined 0.6 percent to $16.9 million and rental income fell to $553,000 from $2.4 million.

  • Retirees 'much worse' off: RBA AAP - 8 hours ago
    Retirees 'much worse' off: RBA

    Soon-to-be retirees are being warned by the Reserve Bank governor that they face tough times ahead and will need to take risks with their lifesavings to fund their retirement. Central banks around the world have lowered their interest rates to record lows to stimulate their economies, causing yields on safe investments such as term deposits to fall. The RBA's Glenn Stevens says that as a result, retirees are have to take more risks with their investments than those in the past in order to generate an adequate future income. National Seniors chief executive Michael O'Neill said historically low interest rates had cut the income of some retirees in half in the past couple of years.

  • Bank bosses urge advisers to rebuild trust AAP - 8 hours ago
    Bank bosses urge advisers to rebuild trust

    Three of Australia's most senior banking figures are calling for a change of culture to fix the scandal-ridden financial planning industry. Australia's most senior banker, Reserve Bank governor Glenn Stevens says trustworthiness of planners appears to have eroded while incentives paid to them have grown. "Finance depended on trust, and where trust had been damaged, repair was needed," Mr Stevens told a banking summit in Sydney on Tuesday. Commonwealth Bank chief executive Ian Narev said banks should hire advisers who are more focused on the customer, rather than bonuses and commissions.

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  • Cigars can be as deadly as cigarettes: FDA CNBC - Fri, Apr 24, 2015 12:00 PM NZST
    Cigars can be as deadly as cigarettes: FDA

    Cigars have higher levels of some harmful chemicals, and some smokers may be inhaling more smoke than they think.

  • Strong dollar squeezes company earnings Associated Press - Fri, Apr 24, 2015 10:11 AM NZST
    Strong dollar squeezes company earnings

    Procter & Gamble and Facebook seem to have nothing in common. One deals in razors and toothpaste, the other in "likes," self-promotion and embarrassing family photos. But this week, they shared ...

  • Toyota to provide 1st hydrogen-fueled pace car Associated Press - Fri, Apr 24, 2015 8:57 AM NZST
    Toyota to provide 1st hydrogen-fueled pace car

    A hydrogen-fueled vehicle will lead the field at a NASCAR race for the first time when a 2016 Toyota Mirai serves as the official pace car Saturday night at Richmond. The midsize sedan uses no gasoline ...

  • The Many Factors to Consider When Deciding the Best Packaging for Your Food Product Entrepreneur - Fri, Apr 24, 2015 7:15 AM NZST
    The Many Factors to Consider When Deciding the Best Packaging for Your Food Product

    Package design is a powerful factor in consumer buying decisions but food safety and materials cost are big considerations.

  • Altria beats 1Q profit expectations Associated Press - Fri, Apr 24, 2015 3:42 AM NZST
    Altria beats 1Q profit expectations

    Marlboro maker Altria Group Inc. reported a lower first-quarter profit because of debt costs, but the adjusted results still topped Wall street expectations on a mix of rising cigarette prices and shipments. ...

  • Why Domino's Doesn't Need to Go Full-On Fast Casual Entrepreneur - Fri, Apr 24, 2015 3:36 AM NZST
    Why Domino's Doesn't Need to Go Full-On Fast Casual

    With a strong first quarter, the pizza chain believes it has found the balance to bring customers in the door.

  • Frito-Lay helps PepsiCo crunch Wall St. expectations Associated Press - Fri, Apr 24, 2015 1:16 AM NZST
    Frito-Lay helps PepsiCo crunch Wall St. expectations

    PepsiCo's profit in the first quarter topped Wall Street expectations, boosted by the popularity of its Frito-Lay snacks and lower costs. The global food-and-beverage maker said its snacks unit that includes ...

  • Wall Street jittery amid earnings rush; tech in focus CNBC - Fri, Apr 24, 2015 12:30 AM NZST
    Wall Street jittery amid earnings rush; tech in focus

    U.S. stock index futures pointed to a lower open Thursday, with Wall Street jittery ahead of day crammed with major corporate earnings.

  • Frito-Lay helps PepsiCo top Wall Street expectations Associated Press - Thu, Apr 23, 2015 11:33 PM NZST
    Frito-Lay helps PepsiCo top Wall Street expectations

    PepsiCo's profit in the first quarter topped Wall Street expectations, boosted by the popularity of its Frito-Lay snacks and lower costs. The global food-and-beverage maker said its snacks unit saw volume ...

  • McDonald's plots turnaround as sales continue to slide Associated Press - Thu, Apr 23, 2015 8:46 AM NZST
    McDonald's plots turnaround as sales continue to slide

    McDonald's plans to unwrap a plan next month that it says will help turn around sales declines around the world. CEO Steve Easterbrook, who stepped into the role just last month, said Wednesday the company ...