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Energy shares jump in tempered trade

SYDNEY, AAP – Energy shares and the oil price had an end-of-week surge but the Omicron coronavirus threat sent the Australian market to its fourth consecutive week of decline. Energy shares surged 1.6 per cent on Friday, helped by oil traders’ uncertainty over the latest virus strain. OPEC+ leaders overnight stuck to plans to release…

Underinsurance compounds disaster scenario

CANBERRA, AAP – Insurers and governments face a “disaster scenario” of compounding catastrophes made more challenging by underinsurance, climate risk experts have warned. Former NSW fire and rescue commissioner Greg Mullins told a Climate Council forum on Friday that Australia faces more “compound events” as heat waves lead to flash droughts, which lead to massive…

Weakest November new car sales in 13 years

Weakest November new car sales in 13 years New vehicle sales; Construction & services activity gauges According to the Federal Chamber of Automotive Industries, new vehicle sales totalled 80,639 units in November – the lowest number of sales for the month of November since 2008. Sales are down 15.3 per cent on a year ago….

Musk sells Tesla shares worth $US1.01b

SAN FRANCISCO, RAW – Tesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $US1.01 billion ($A1.42 billion) to meet his tax obligations related to the exercise of options to buy 2.1 million shares. In early November, the world’s richest person tweeted that he would sell 10 per…

Phone used as a GPS in phone holder

Didi delisting revives US-China worries

TOKYO, RAW – Stocks fell on Friday after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about US-China tensions and tech regulation, while oil headed for a sixth consecutive weekly drop on Omicron and rate hike worries. S&P 500 futures fell about 0.5 per cent. Hong Kong’s Hang Seng dropped…

Vehicle sales dip amid supply issues

ADELAIDE, AAP – Australia’s new car market continues to battle supply issues, with sales falling by 15 per cent in November. But the sector remains on track to retail more than one million vehicles this year, a significant improvement on 2020. The Federal Chamber of Automotive Industries says 80,639 new cars and trucks were sold…

Labor settles on 43pc emission cut by 2030

CANBERRA, AAP – Federal Labor has settled on a climate target of a 43 per cent reduction in emissions by 2030. The caucus is meeting in Canberra on Friday ahead of an announcement of the details of the federal opposition’s climate policy. Labor took a 45 per cent emissions cut to the 2019 election. The…

Smarter buildings tackle health and energy

CANBERRA, AAP – Imagine a building that knows when to flush out deadly air. Building technology ‘evangelist’ Brian Turner says he wants to create comfortable spaces that people feel safe coming back to during a pandemic. “Think about any kind of space that’s going to house humans,” the chief executive at Buildings IOT told AAP…

Wall Street ends higher in robust rebound

NEW YORK, RAW – A broad rally sent Wall Street to a sharply higher close on Thursday, recovering ground lost over recent sessions as market participants snapped up bargains while digesting the implications of a shifting pandemic. All three US indexes advanced, with investors favouring value over growth, and economically sensitive smallcaps and transports outperforming…

Regions can take off with space program

CANBERRA, AAP – Ramping up Australia’s space capabilities will benefit all citizens, especially in rural and regional areas, a parliamentary inquiry has found. With the global space industry valued at about $471 billion and tipped to reach $1.5 trillion across the next 20 years, Australia is looking to tap into the market with a revenue…