ASX down more than one per cent
SYDNEY, AAP – Australian shares fell in early trade after five days of gains and a poor lead from Wall Street. The market was down by more than one per cent at noon on Friday as commodity prices, which have soared and bolstered shares since Russia invaded Ukraine, finally slipped. The benchmark S&P/ASX200 index was…
AMP to sell infra debt unit for $428m
SYDNEY, AAP – Financial services giant AMP has agreed to sell AMP Capital’s infrastructure debt division to US-based asset manager Ares Management ahead of the demerger of the group’s business. The infrastructure debt unit will be sold for a total cash consideration of $428 million, with proceeds from the sale to be used for strengthening…
Woolworths has one of its worst half-years
SYDNEY, AAP – Retail giant Woolworths has endured one of its most challenging trading periods following the emergence of the highly contagious Delta variant of COVID-19. The supermarkets operator said its stock flows and operating rhythm were rocked by the scare in the first six months of fiscal 2022. “The first half of F22 has…
Back to the future with face-to-face bank
CANBERRA, AAP – Everything old is new again as bricks and mortar branches re-enter the “multi-channel experience” that used to be known as banking. Heritage Bank opened a branch at Tweed Heads on the NSW-Queensland border on Monday as larger rivals continue to close hundreds of smaller outlets. Chief executive Peter Lock said branches provide…
FMG CEO to leave post but remain on board
SYDNEY, AAP – Fortescue Metals Group CEO Elizabeth Gaines is leaving her post as the company transitions from an iron ore and metals explorer play to a green energy and resources group. But she will remain on the board as a non-executive director, FMG said in a statement to the Australian Securities Exchange on Friday….
‘Mining diplomacy’ vital for energy future
CANBERRA, AAP – Australia’s critical minerals will be in huge demand in the intended global transition to clean energy, according to a global report. Control of the extraction and export of five critical minerals – copper, lithium, aluminium, nickel and cobalt (CLANCs) – will shape the energy transition as big economies such as China compete…
Minister locks in east coast gas to 2040
CANBERRA, AAP – Australia’s gas supplies have been secured over the next 20 years under a new plan announced by the federal Energy Minister Angus Taylor. The National Gas Infrastructure Plan and a Future Gas Infrastructure Investment Framework released on Friday aim to lock in supply for households and manufacturers for east coast gas out…
Qld to review mining objection processes
BRISBANE, AAP – The Queensland government has launched a review of laws governing objections to mining projects as the sector faces global headwinds for climate action. Premier Annastacia Palaszczuk used a speech at the Queensland Resources Council annual lunch to announce the review by the state’s Law Reform Commission. “My government is committed to working…
Wall Street dips on rate hike uncertainty
NEW YORK CITY, RAW – Wall Street indexes have fallen as investors fretted over early rate hikes by the Federal Reserve after strong retail earnings while Visa weighed on the Dow after Amazon said it would stop accepting cards issued by the operator in the UK. Target Corp was the latest big-name retailer to report…
PM claims underdog status before election
CANBERRA, AAP – Scott Morrison is claiming underdog status ahead of a federal election following a new poll showing him losing ground as preferred prime minister. The latest Newspoll has the coalition regaining marginal ground against the opposition but still trailing Labor 47-53 per cent after preferences. “I think that is fairly clear, but I…
