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The Weak Ahead – May 24th

In the coming week in Australia, updates on business investment, building approvals and credit growth feature on the data docket. The figures on investment spending will help formulate views on economic growth for the March quarter. The Memorial Day public holiday is observed in the US on Monday. Financial markets are closed. But over the…

ASX closes lower as energy stocks drop

The Australian share market has finished lower after the price of oil plunged, sending energy stocks into a tailspin. The benchmark S&P/ASX200 index finished down 35.8 points, or 0.55 per cent, to 6,456 points at 1515 AEST on Friday, while the broader All Ordinaries was down 38.7 points, or 0.59 per cent, to 6,545.6. The…

Traditional owners in court over Adani

Some traditional owners of land on which Adani’s proposed coal mine sits are in court seeking to bolster their appeal against the mining giant. Their hearing comes as Queensland Premier Annastacia Palaszczuk set a mid-June deadline for the completion of two outstanding state approvals for the controversial mine in the Galilee Basin. An appeal by…

Gold-speckled fungi discovered in WA

Fungi that draws gold from its surroundings has been discovered in Western Australia, stunning scientists who say it could signal new deposits. Found near Boddington south of Perth, the strain of the fusarium oxysporum fungus attaches gold to its strands by dissolving and precipitating particles from the environment. There may be a biological advantage in…

RBA will cut to 0.75%: Westpac economist

The Reserve Bank will go further than previously thought by cutting the cash rate not two, but three times before 2019 is over, according to a leading economist. Westpac senior economist Bill Evans, who in February became the first top economist from Australia’s big four banks to predict two rate cuts this year, said on…

Healthscope buyout gets final approval

The Federal Court has given final approval to Brookfield Asset Management’s $4.4 billion buyout of private hospital operator Healthscope. The court’s orders are expected to be lodged with the Australian Securities and Investment Commission later on Friday, making it legally effective. Healthscope shares will also be suspended from trading from Friday, with its place in…

CommSec Daily Report Friday

Latest news The Australian market is falling for a second day, as concerns of a deepening US-China trade war is fuelling a flight to safety for local equities. The ASX 200 is down 0.7 per cent or 45pts to 6445 with energy and banking stocks the main weights. Both the US and China have been…

No trade guarantee from US to Aussie firms

The US cannot give Australian companies any guarantees they won’t be hit when a trade deal is finally reached with China. At the moment, Australian firms are benefiting from the trade tensions between the two great nations, with China seeking other sources for commodities like LNG and beef to avoid new US tariffs. Australian beef…

Labor will ‘consider’ whole tax plan: Albo

Likely new Labor leader Anthony Albanese says he “will consider” supporting the federal coalition’s entire tax plan, after previously flagging support for the initial stages. The opposition has indicated support for the first part of the plan geared toward low and middle-income earners, but not the government’s aim to flatten the tax structure in 2022…

Facebook removes 3 billion fake accounts

Facebook has removed more than three billion fake accounts from October to March, twice as many as in the previous six months. Nearly all of them were caught before they had a chance to become “active” users of the social network, the company says. In a new report, Facebook said it saw a steep increase…

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