Ten consecutive months of gains for ASX
SYDNEY, AAP – The ASX200 has had its tenth consecutive month of gains, equalling its record streak. A July gain of little more than one per cent helped the market’s run match the best, dating back to the index forming in 1992. Central banks have provided plenty of support to economies to help them through…
Mixed cabinet views about second recession
CANBERRA, AAP – Australia’s most senior government ministers have mixed views about whether the nation could fall into a second recession. Treasurer Josh Frydenberg has warned a return to recession could be coming if the lockdown in Sydney and surrounding regions failed to contain a worsening coronavirus outbreak. Defence Minister Peter Dutton, who is also…
Green bank offered another bite at fossils
CANBERRA, AAP – Australia’s green bank has been offered a second chance to invest in fossil fuels as the climate wars continue in Canberra. The federal government has redrafted rules to expand the remit of the Australian Renewable Energy Agency after its first attempt was quashed by Labor and the Greens. The regulations allow ARENA…
More than 38,000 Aussies stranded overseas
CANBERRA, AAP – More than 38,000 Australians stranded overseas have registered to come home as the coronavirus pandemic rages on. Senior foreign affairs official Tony Sheehan on Friday revealed 4569 on the list of 38,523 people are considered vulnerable. About 6000 people have indicated they do not wish to return to Australia until the final…
Asia shares down, set for bad month
SHANGHAI, RAW – Asian shares have slipped on Friday, with a gauge of regional equities set for its biggest monthly drop since the height of global pandemic lockdowns last March, while the dollar lagged near one-month lows on expectations of continued Fed stimulus. But the stock market losses were moderate compared with sharp falls earlier…
Qantas workers in outsourcing case victory
SYDNEY, AAP – Airline ground workers who were dismissed by Qantas after their jobs were outsourced have won a partial victory against the airline giant. The Federal Court on Friday found that Qantas had failed to prove its decision in November 2020 to outsource more than 2000 jobs was not partly made to prevent the…
NAB share buy back helps limit ASX losses
SYDNEY, AAP – National Australia Bank declared a $2.5 billion share buy back for investors but the ASX was being let down by technology and healthcare stocks. NAB on Friday revealed it will buy back shares to reduce additional capital and improve its balance sheet. The bank was the best performing of the big four…
AMP in another fee for no service scandal
SYDNEY, AAP – Wealth manager AMP is embroiled in another fees for no service controversy – this time with superannuation customers. The Australian Securities and Investments Commission (ASIC) alleges six AMP companies charged more than $600,000 in advice fees to 1500 customers despite being told they could no longer access the advice. The customers had…
US economy contracted 19.2% in pandemic
WASHINGTON, RAW – The US economy contracted at a record average annualised rate of 19.2 per cent from its peak in the fourth quarter of 2019 through the second quarter of 2020, government data shows, confirming the COVID-19 recession was the worst ever. The pace of recovery from the pandemic downturn, the deepest going back…
Nikola founder lied to investors: US
NEW YORK, RAW – Trevor Milton, the founder and former chief executive of Nikola Corp, has been criminally charged with defrauding investors by lying to them about the electric- and hydrogen-powered truck maker. In an indictment, prosecutors in New York charged Milton with two counts of securities fraud and one count of wire fraud over…
