Court finds Austal and former CEO breached laws
The Federal Court has ordered Austal Limited (ASX:ASB) (Austal) to pay a penalty of $650,000 after finding the ship building company contravened continuous disclosure laws. The Court also found Austal’s former CEO, David Singleton, was knowingly involved in the disclosure failures. Mr Singleton has been ordered to pay a penalty of $50,000. Austal and Mr…
CommSec morning report Friday
In US economic data, initial jobless claims fell by 12,000 to 214,000 in the past week (survey: 233,000). Existing home sales dipped 1.5% in September to a 4.71 million annualised rate (survey: 4.7m). The Conference Board leading index fell by 0.4% in September (survey: -0.3%). The Philadelphia Federal Reserve manufacturing index rose from -9.9 to…
Evening markets report Thursday
The local sharemarket was weighed by an uninspiring trading session in the US overnight, and erased most of the gains it made over the past two sessions, after the ASX 200 fell 69 points or 1 per cent to 6730.7. Nine sectors and 84 per cent of stocks in the ASX 200 lost ground. Major…
China’s loan prime rates remain unchanged
China’s one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.65 percent Thursday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.3 percent, according to the National Interbank Funding Center. The country had lowered the…
10 Months That Shook The World
The great unwind in monetary stimulus has led and will continue to lead equity market weakness, especially in the highest multiple parts of the market. The September quarter saw continuation of this trend, and we expect it to continue as short rates continue to rise and earnings falter through the rest of the year. The…
New ‘one-stop-shop’ to support hospitality industry
The NSW Government has launched a ‘one-stop-shop’ concierge service, with a dedicated team to help start or grow hospitality businesses across the State. Minister for Hospitality and Racing Kevin Anderson said Hospitality Concierge will streamline application processes, and assist businesses and local councils to navigate the liquor licensing, planning and regulatory changes introduced through the…
Advanced manufacturing to boost the future
The Albanese Labor Government is giving a boost to advanced manufacturing by supporting the expansion of the Factory of the Future in Adelaide. Minister for Industry and Science, Ed Husic, today announced that funding of $10.1 million will be in next week’s Budget to help Flinders University grow the facility, located at the Tonsley Innovation…
ASIC reviews root cause analysis at six largest audit firms
ASIC has today released a thematic report following its review of root cause analysis on negative audit quality findings conducted by the largest six audit firms. The report also includes better practice recommendations. The review was conducted in advance of the new audit quality management standard ASQM 1 Quality Management for Firms that Perform Audits or Reviews…
CommSec morning report Thursday
In US economic data, MBA mortgage applications fell by 4.5% in the past week. Housing starts dropped 8.1% in September to a 1.439 million annualised rate (survey: 1.46m). Building permits rose by 1.4% in September to a 1.564 million annualised rate (survey: 1.53m). The US Federal Reserve Beige Book, which surveys activity across the Fed’s…
Evening markets report Wednesday
Local buying sentiment, supported by a rally on Wall Street overnight, helped the Aussie market rise for a second straight day, after the ASX 200 added 0.3 per cent or 20.9 points to 6800.1. Nine (of 11) sectors and 58 per cent of stocks in the ASX 200 gained ground. Miners and Financial stocks rallied…
