Kia cars recalled over fire fears
ADELAIDE, AAP – More than 57,000 Kia owners in Australia have been warned not to park their cars in an enclosed area such as a garage amid fears they could catch fire even when switched off. Product Safety Australia has issued a recall for two Kia models over problems with the Hydraulic Electronic Control Units….
Qantas extends international flight pause
CANBERRA, AAP – Qantas has delayed its planned resumption of international flights until late December after the federal budget revised forecasts for overseas travel. The airline was due to restart services at the end of October but on Wednesday pushed back the date. Treasury expects international travel to remain low through to mid-2022 before a…
BHP, Rio set records as iron ore booms
BHP and Rio Tinto shares hit record prices and helped the Australian market climb to be 30 points from its record high. BHP, Rio Tinto and Fortescue Metals were thriving on the soaring price of iron ore, which continued to climb higher than $US200 per tonne. BHP shares fetched a record $51.82, then eased to…
Super changes to benefit older Australians
CANBERRA, AAP – More older Australians will be able to use some of the profit from the sale of the family home to top up their superannuation, under changes to be announced in the federal budget. Currently, people older than 65 years who sell the asset can make a one-off contribution to their retirement savings…
China cuts economic contact with Australia
CANBERRA, AAP – China has indefinitely suspended all strategic economic talks with Australia, blaming the Morrison government’s attitude towards the relationship. The move cuts off all diplomatic contact with Beijing under the China-Australia Strategic Economic Dialogue, freezing discussions between key officials below a ministerial level. But the deeper diplomatic freeze is largely symbolic, given Beijing…
NAB nearly doubles H1 cash profit
SYDNEY, AAP – National Australia Bank has reported a 94 per cent jump in first-half earnings to $3.3 billion after improving economic conditions allowed the winding back of some provisions.Statutory net profit for the six months to March 31 more than doubled to $3.2 billion, while operating revenue dipped 1.5 per cent to $8.26 billion….
Dual gas-green hydrogen plant for NSW
SYDNEY, AAP – A dual green hydrogen-gas power plant will be built in the Illawarra region, helping replace the Liddell coal-powered station when it shuts in 2023. The NSW government will tip $78 million into the Tallawarra B project, while the federal government will spend $5 million to make it hydrogen-ready. From 2025, EnergyAustralia will…
Telstra cops record consumer rights fine
CANBERRA, AAP – Telstra has paid a $1.5 million penalty after the communications watchdog found it failed to provide consumers with the opportunity to keep their existing local phone number when changing telcos. The infringement notice, related to what is known as “local number porting”, is the biggest ever issued by the Australian Communications and…
Beach shares dive as oil fields dry up
SYDNEY, AAP – Shares in energy provider Beach have plunged by more than 20 per cent after the company scrapped its five-year outlook, having revealed it expects to produce less oil from sites in South Australia.Beach on Friday lowered its estimate of its oil and gas reserves at the Western Flank of the Cooper Basin…
Fortescue raises FY cost estimates
SYDNEY, AAP – Iron ore miner Fortescue has warned full-year capital costs will increase due to the rising Australian dollar and major projects. Fortescue on Thursday issued its third-quarter production report, which showed 53.6 metric tonnes was mined – a big increase on the 41.9 metric tonnes in the same quarter last year. Boss Elizabeth…
