ASX edges higher with gains for 5th day
The local bourse has shrugged off its early losses to close at a fresh 13-week high despite a slumping CSL dragging down the market. The S&P/ASX200 benchmark index finished Friday up 6.9 points, or 0.1 2per cent, at 5,998.7 points, while the All Ordinaries index closed up 4.5 points, or 0.07 per cent, at 6,116.5….
Sony hit with fines over faulty videogames
Sony has been forced to pay $3.5 million in fines in Australia after it told customers they couldn’t get a refund for faulty videogames. Four PlayStation gamers were told they couldn’t get their money back after downloading the games. The Federal Court ordered Sony Europe to pay up on Friday after Australia’s consumer watchdog took…
Twitter disables Trump tribute to Floyd
Twitter has disabled US President Donald Trump’s campaign tribute video to George Floyd on its platform, citing a copyright complaint. The clip, which is a collation of photos and videos of protest marches and instances of violence in the aftermath of Floyd’s death, has Trump speaking in the background. Floyd’s death last week after a…
Kogan sales jump amid online shopping boom
Online shopping trader Kogan has reported a surge in sales during April and May even as coronavirus lockdowns restricted activity in the retail sector. Kogan said in a fourth quarter progress report gross sales were up more than 100 per cent from a year ago while gross profit improved more than 130 per cent for…
Muted start for Asian markets
Asian stocks are off to a muted start after a dip in US shares amid concern the recent rally had gone too far. Even after the European Central Bank (ECB) fired off a policy bazooka, stocks struggled for traction as S&P 500 suffered its first loss in five days though the Dow ended mostly flat….
Free childcare unlikely to be extended: PM
Scott Morrison has talked down the prospect of extending free childcare for another three months. The prime minister said the $1.6 billion scheme, which ends on June 28, was never meant to be permanent. “It was a measure designed for the times and, like all of our measures, we are constantly looking at them and…
Virus could add $620b to Australian debt
Australian government debt could blow out by $620 billion by the end of the decade thanks to the coronavirus. The Parliamentary Budget Office has crunched the medium-term impacts of the pandemic based on the Reserve Bank of Australia’s latest economic forecasts. Its analysis released on Friday showed government debt in 2029/30 could be between 11…
Oil recovers from session lows
Brent recovered from session lows and is anchored to $40 per barrel into the New York close, but traders are still waiting for clarification on OPEC free-rider dispute. The primary point of contention is centred on Iraq and Nigeria’s long-standing non-compliance to virtually all of OPEC + production deals as Russia and Saudi are right…
Shares to slip early after US rally ends
Shares on the Australian market are poised to slip in early trade after Wall Street ended its four-day run of gains. The SPI 200 futures contract was down 14 points, or 0.23 per cent, to 5,986.0 at 0800 AEST on Friday, indicating losses early. In the US overnight, a report showed that the number of…
