ASX at highest level since mid-September
SYDNEY, AAP – Shares on the ASX have closed at their highest level since mid-September after energy stocks soared on higher oil prices. Energy shares on Monday gained more than two per cent after oil supply remained tight despite solid demand from recovering economies. Beach gained more than five per cent. There were rises of…
Inflation a risk to housing affordability
CANBERRA, AAP – An inflation shock in Australia would make it even harder for people to enter the housing market if it resulted in higher interest rates, a global credit rating agency has warned. As it is, Moody’s Investors Service believes affordability will continue to deteriorate over the next few months as property prices rise…
Origin Energy pays $5m fine for exit fees
MELBOURNE, AAP – Origin Energy has been hit with $5 million in penalties for charging prohibited exit fees to more than 20,000 gas and electricity small business customers. Victoria’s Essential Services Commission issued 250 penalty notices to Origin Energy after it found more than 77,000 gas and electricity small business contracts wrongly included exit fees…
Future Fund closing in on $200 billion
CANBERRA, AAP – The Future Fund continued to grow in the early stages of the 2021/20 financial year to stand just shy of the $200 billion mark. In a portfolio update, the Future Fund – set up to cover future superannuation liabilities of public servants – stood at $199 billion at the end of the…
Government-run super fund a ‘dud’: report
CANBERRA, AAP – Industry Super Australia has pre-empted any attempt to create a federal government-run superannuation default fund, saying it would dud workers out of thousands of dollars. Its modelling shows a 30-year-old worker in such a government-run fund would pay exorbitant fees, earn lower investment returns and end up $126,000 worse off at retirement…
ASX in bright start to key data week
SYDNEY, AAP – Investors have started the week strongly on the ASX and were showing no nervousness about inflation figures due this week. Telstra’s purchase of Digicel was among the talking points and the market was up about three quarters of one per cent on Monday. All major share categories were higher. Energy, materials, consumer…
Govt, Telstra to buy Pacific telecoms firm
SYDNEY, AAP – The federal government is playing up its partnership with Telstra to buy a South Pacific mobile and broadband company as a sign of its commitment to the region. The government, through Export Finance Australia, will pay most of the $US1.6 billion ($A2.1 billion) purchase price of Digicel Pacific. Telstra is putting in…
Vic Crown Casino report to be released
MELBOURNE, AAP – The final royal commission report into whether gambling giant Crown should keep its Victorian licence is set to be tabled in state parliament. The Victorian government has confirmed the final report of the inquiry into Crown, headed by former Federal Court judge Ray Finkelstein QC, will be released on Tuesday. Mr Finkelstein…
Comms stocks drag down Nasdaq, S&P
NEW YORK CITY, RAW – The S&P 500 and Nasdaq have closed lower as disappointing quarterly reports from Snap Inc and Intel Corp put pressure on the communications and technology sectors and investors turned skittish as Federal Reserve chair Jerome Powell discussed stimulus tapering. The Dow managed to end Friday with a record closing high…
FedEx workers on 24-hour strike
SYDNEY, AAP – FedEx workers across the country have walked off the job after talks over a workplace agreement broke down. It’s the latest 24-hour strike in the past few months for the parcel delivery industry, which has seen companies and workers at loggerheads over work conditions and outsourcing. Last week FedEx workers paused strikes…
