QBE reports $US1.5 billion loss
SYDNEY, AAP – Insurer QBE has elected not to declare a final dividend, recording a statutory net loss after tax of $US1.5 billion ($A1.93 billion) following last year’s $US550 million profit. The company put the somewhat expected result down to Australia’s Black Summer bushfires, significant hail and storm claims, US wildfires and a record number…
BHP profit falls after NSW coal value cut
SYDNEY, AAP – BHP’s first-half profit fell by 20 per cent after the resources group cut the value of its NSW coal assets, as it continues to pivot toward a carbon-neutral future. Bottom line net profit for the six months ended December was $US3.9 billion ($A5.0 billion), down from $US4.9 billion. The result reflected a…
Bendigo Bank H1 earnings helped by lending
SYDNEY, AAP – Bendigo Bank executives are confident an improving housing market and jobless rate will further help lending and deposits after a 1.9 per cent rise in first-half cash earnings. Australia’s fifth-largest retail bank on Monday reported cash earnings after tax of $219.7 million, higher than the previous first half. The interim dividend was…
Super funds warned of higher scrutiny
SYDNEY, AAP – Financial regulator APRA has flagged higher scrutiny of superannuation funds, telling those running below-par funds: “Get better or get out”. Australian Prudential Regulation Authority deputy chair Helen Rowell on Friday said there would be increased supervision, and APRA would collect more funds data and publish it to improve transparency. Mr Rowell said…
Telstra profit down as mobile sales slip
SYDNEY, AAP – Telstra’s first-half profit has slipped 2.2 per cent to $1.1 billion, after phone sales and global roaming declined during the pandemic, as well as other revenue. The carrier on Thursday said net profit after tax was down after COVID-19 and the continued costs of customers migrating to the National Broadband Network reduced…
Used vehicle prices soar; Darwin cheapest for fuel
Used vehicle prices soar; Darwin cheapest for fuel Petrol Prices; Used vehicle market Fuel prices: Last week the national average price of unleaded petrol fell by 2.6 cents a litre to 132.0 cents per litre (c/l) according to the Australian Institute of Petroleum. Used car prices: According to the Datium Insights – Moody’s Analytics Used…
Firms may get help for electric car fleets
CANBERRA, AAP – Businesses could receive federal government support to upgrade their company cars to electric vehicles and hybrids. The measure is included in the federal government’s future fuels strategy discussion paper, released on Friday. The paper identifies five priority areas including adequate electric vehicle charging and hydrogen refuelling stations. Another is helping commercial fleets…
S&P 500 ends higher as Alphabet jumps
NEW YORK CITY, RAW – The S&P 500 has ended higher, registering a third straight session of gains with Alphabet Inc’s shares jumping following strong quarterly results. Alphabet rose a day after its results, as it benefited from lockdowns that drove retail and other advertisers online. S&P 500 companies are on track to post earnings…
Trade minister to attempt talks with India
CANBERRA, AAP – Australia’s new trade minister has flagged support for India to help its agriculture sector in a bid to pave the way towards an aspirational trade deal with the Asian nation. But farmers in India have been engaged in months-long protests against agricultural reforms, with recent rallies turning violent. Trade Minister Dan Tehan…
Amazon founder Bezos to step down as CEO
NEW YORK, PAA – Jeff Bezos, who founded and turned Amazon into an online shopping behemoth, is stepping down as the company’s CEO, a role he’s had for nearly 30 years. He’ll be replaced by Andy Jassy, who runs Amazon’s cloud-computing business. Bezos, 57, will then become the company’s executive chair. In a blog post…
