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Wall St drops after Fed spooks investors

NEW YORK CITY, RAW – The three main Wall Street indexes have all finished sharply lower after investors were spooked by hawkish interest rate comments by Federal Reserve official James Bullard. The blue-chip Dow and the benchmark S&P 500, which started the week at record closing levels, slumped after Bullard, president of the St. Louis…

ASX Companies Adopt ESG Global Reporting Tool

At the start of 2021, the first six ASX-listed companies began improving their Environmental, Social and Governance (ESG) credentials and reporting their progress against the World Economic Forum’s 21 universal ESG metrics, using “ESG on-ramp” technology platform Socialsuite. After committing to Socialsuite ESG on-ramp in January 2021, Vulcan Energy (ASX: VUL) secured $120M from ESG…

Palmer claims persecution in damages fight

PERTH, AAP – Clive Palmer has predicted he will win his High Court battle with the state of Western Australia, claiming he has been subjected to “layers of persecution” that threaten the rule of law. The full bench has reserved its decision and will reconvene on Tuesday, having concluded a four-day hearing in Canberra. It…

Govt offshores at cost of NSW jobs: study

SYDNEY, AAP – NSW forgoes “thousands of jobs” by offshoring major transport contracts for trains, trams, ferries and buses, a new report has found. The report, produced by The McKell Institute, analysed six NSW government transport contracts which resulted in offshore construction in places including South Korea, Spain, China, Indonesia and Germany. It found that…

Aust shares higher for fifth straight week

SYDNEY, AAP – Shares on the ASX have had their fifth consecutive week of gains – the best run this year – and ended the week at a record closing high. Information technology shares attracted most attention with gains of 3.53 per cent on Friday and helped the market close higher by 0.13 per cent….

Vouchers bring back Friday CBD long lunch

SYDNEY, AAP – The NSW government will dole out $100 vouchers for Sydney CBD pubs and eateries in a bid to get more people into the city on Fridays. Treasurer Dominic Perrottet said the $50 million scheme, to be included in next week’s budget, will enable 500,000 people to apply for the vouchers. The vouchers…

Asian shares up but set for weekly loss

SHANGHAI, RAW – Asian shares have inched higher on Friday but were set for a weekly loss, while the US dollar hovered near two-month highs as investors continued to digest comments from the US Federal Reserve projecting interest rate hikes in 2023. While the Fed messaging indicated no clear end to supportive policy measures such…

CommSec Daily Report Friday

Latest News The Aussie market is rebounding from Thursday’s declines with the ASX 200 lifting at lunch on Friday. The index is climbing 36 points or 0.5% to 7,394 around midday even as US markets were mixed overnight with investors still digesting the latest interest rate forecasts from the US Federal Reserve. The benchmark index…

Tech shares surge on rebounding ASX

SYDNEY, AAP – Information technology shares soared by more than three per cent as the ASX bounced back from Thursday’s rate hike worries. Buy now, pay later provider Zip rallied by 9.17 per cent to $8.09 and Afterpay climbed 6.30 per cent to $114.24 after investors earlier pushed the US Nasdaq higher. ASX telecommunications and…

Super law reform backlash ‘scare tactics’

CANBERRA, AAP – Treasurer Josh Frydenberg has denied newly passed superannuation laws will trap millions of Australians in dud products, branding backlash as “scare tactics”. Australian workers currently often unknowingly open many small accounts and get signed up to default insurance, attracting multiple fees. Under new rules passed in parliament on Thursday, workers will be…