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Australia isolated on climate after summit

CANBERRA, AAP – Australia has become even more isolated on climate change after the heads of the world’s largest economies agreed to end government support for coal-fired power stations by the end of the year. A joint statement from leaders at the G7 summit said continued global investment in unabated coal power generation was incompatible…

Qld film industry set for $71m budget boon

BRISBANE, AAP – Queensland’s film industry will receive a $71 million budget boost to help lure more productions to the Sunshine State. Premier Annastacia Palaszczuk says $53 million will go towards attracting international and domestic production companies to Queensland. Another $18 million will be invested in local film, television and games production, a new north…

Wall St ekes out gains, ends languid week

NEW YORK CITY, RAW – US stocks closed modestly higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the US Federal Reserve to tighten its dovish policy sooner than expected. The Nasdaq gained the most among the three major…

Asian shares extend global stocks rally

SHANGHAI, RAW – US bond yields fell to three month lows and a broad gauge of Asian shares rose as investors saw enough one-off factors in US consumer price data to back the Federal Reserve’s conviction that rising inflation will be transitory. Some economists say the rise in CPI reflected short-term adjustments related to a…

Broad support for NSW stamp duty change

SYDNEY, AAP – Plans to overhaul NSW’s property tax system enjoy widespread support in the community, public consultations have revealed, as the state government seeks to phase out stamp duty over the long term. Treasurer Dominic Perrottet on Friday released a progress paper on his government’s property tax proposal, first broached late last year. The…

Materials, tech stocks lift ASX to record

SYDNEY, AAP – Materials and technology stocks have helped the ASX to a record close for a second consecutive day. Materials shares gained 1.33 per cent and technology improved by 1.29 per cent as investors remained calm after higher than expected US inflation data. The benchmark S&P/ASX200 index closed higher by 9.8 points, or 0.13…

Pandemic delivers cyber security challenge

CANBERRA, AAP – Officials responded to more than one cyber incident impacting government departments each day last year, as concerns remain about gaps in security. A new report by the Australian Signals Directorate shows its Australian Cyber Security Centre responded to 434 cyber security incidents affecting Commonwealth entities in 2020. Just under half were self-reported…

CommSec Daily Report Friday

Latest News The Aussie market is overcoming a slow start to trade higher at lunch on Friday. The ASX 200 started the day in the red with the index falling as much as 28pts or 0.36% in the opening 30 minutes or so. It has since recovered to lift 14 points or 0.2% to 7,316…

Premier raises FY retail earnings forecast

SYDNEY, AAP – Premier Investments has raised its full-year retail earnings forecast by about 90 per cent after booming sales this year. Solomon Lew’s company, which owns Just Jeans, Peter Alexander, Smiggle and more, has benefited from Australian and New Zealand stores trading for most of this year compared to the coronavirus lockdowns of early…

Tech stocks soar as inflation fears ease

SYDNEY, AAP – Technology shares jumped on the Australian market after investors seemed to think the latest US inflation data showed surging prices will not continue. Technology shares gained 1.9 per cent and some of the biggest technology players had huge increases. Artificial intelligence provider Appen surged 5.94 per cent to $13.90. Financial software vendor…