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China Evergrande shares hit 11-year low

HONG KONG, RAW – Shares of Evergrande have plunged to over 11-year lows, extending losses as executives try to salvage its business prospects and as default fears grow over a looming deadline for payment obligations this week. Evergrande has been scrambling to raise funds to pay its many lenders, suppliers and investors, with regulators warning…

Wall Street slumps amid broad sell-off

NEW YORK, RAW – Wall Street has plunged as fear of contagion from a potential collapse of China’s Evergrande prompted a broad sell-off and sent investors fleeing equities for safety. The Nasdaq fell to its lowest level in about a month and Microsoft Corp, Alphabet Inc, Amazon.com Inc, Apple Inc, Facebook Inc and Tesla Inc…

Buildings make their own energy with solar

MELBOURNE, AAP – When Rebecca Yang began looking into solar building materials about 10 years ago, she was worried people would laugh at her. “I thought it would be great but I was working by myself,” she told AAP. Professor Yang was captivated by the idea construction products could be designed to actually produce energy…

UK says Aust subs deal ‘not about France’

LONDON, PAA – A British Foreign Office minister says an agreement for the UK and the US to develop a fleet of nuclear-powered submarines for Australia “is not about France” after a submarine-building contract between France and Australia was cancelled. James Cleverly told Sky News on Monday that the agreement – known as Aukus –…

ASX has biggest loss since February

SYDNEY, AAP – Australia’s share market had its biggest fall since February as a falling iron ore price continued to damage mining stocks. The market closed lower by 2.1 per cent on Monday and almost every share category was down. The iron ore giants were particularly affected. BHP lost more than four per cent. Fortescue…

Brisbane & Melbourne petrol prices hit record highs.

Brisbane & Melbourne petrol prices hit record highs Aussie energy shares outperform Oil market update; Used car prices • What happened? Last week, the Brent crude price lifted by US$2.42 a barrel or 3.3 per cent to US$75.34 a barrel. And the US Nymex price added US$2.25 a barrel or 3.2 per cent to US$71.97…

Transurban pays $11b for Sydney toll road

SYDNEY, AAP – A Transurban joint venture is paying more than $11 billion for the NSW government’s 49 per cent stake in Sydney toll road WestConnex. The infrastructure group on Monday revealed its Sydney Transport Partners joint venture will take full ownership of the 70km network of roads, tunnels and bridges. Motorists are already paying…

Construction workers protest at CFMEU

MELBOURNE, AAP – Hundreds of construction workers have stormed their union’s headquarters in Melbourne, protesting against new mandatory vaccination rules for the building industry. Protesters gathered outside the Construction, Forestry, Maritime, Mining and Energy Union head office on Elizabeth street on Monday morning against having show proof of their vaccination to be allowed back on…

Hydrogen energy hubs receive $150m boost

CANBERRA, AAP – Two hydrogen energy hubs will receive $150 million in federal funding as the government throws more weight behind the industry. The announcement comes on top of the $1.2 billion set aside for hydrogen, which has emerged as a future renewable energy source. Hydrogen is expected to play a key role as part…

CommSec Daily Report Monday

Latest News The Aussie market is well lower to start the new week with local shares following losses on Wall Street on Friday’s session. The ASX 200 is weaker for a second session in a row and is down 113 points or 1.5% at 7,291 at midday. Declines on the local market have been broad…