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Krispy Kreme prepares for IPO in US

NEW YORK CITY, RAW – Krispy Kreme Inc is targeting a valuation of nearly $US4 billion ($A5.3 billion) in a US initial public offering, according to a regulatory filing, as the donut chain aims a return to the stock market to capitalise on the record capital markets activity. Known for its iconic glazed donuts, the…

Fossil fuels a no-go for renewables agency

CANBERRA, AAP – A plan to allow Australia’s renewable energy agency to invest in non-renewable technologies has been shot down in the Senate. The Morrison government wanted to expand the remit of an agency known as ARENA to allow it to invest in low-emissions projects such as carbon capture and storage, green steel and hydrogen….

CBA adds voice to early rate rise talk

CANBERRA, AAP – Australia’s largest bank has joined a growing swell of economists predicting the Reserve Bank of Australia will eventually ditch its long-held view that a cash rate rise won’t happen until 2024 and hike sooner. Commonwealth Bank of Australia head of Australian economics Gareth Aird says his bank’s views on the outlook for…

Changes to ‘super size’ retirement savings

CANBERRA, AAP – For the average Australian worker, legislated rises in superannuation will mean an extra $85,000 in their super account at retirement. The Association of Superannuation Funds of Australia on Wednesday released a report on how the increases set to kick in from July 1 will “super-size” retirement balances. Super balances are also set…

Wall Street gains as tech stocks roar back

NEW YORK CITY, RAW – The Nasdaq has ended at a record high, lifted by Amazon, Microsoft and other top-shelf tech companies as investors shifted their focus to growth stocks. Microsoft rose 1.1 per cent and its stock market value briefly breached $US2 trillion ($A2.6 trillion) for the first timewhile Apple, Facebook and Amazon also…

Aust shares have biggest rise since March

SYDNEY, AAP – Investors had their best day since March and regained most of Monday’s losses on the Australian market. The benchmark S&P/ASX200 index closed up 1.48 per cent after the heavyweight categories of financials and materials rose by about two per cent. Investors returned to the market after Monday’s loss of 1.81 per cent….

NSW COVID bill hits $4b, more to come

SYDNEY, AAP – The bill for NSW’s COVID-19 management has reached $4 billion, with another $1.1 billion set aside in the 2021/22 budget to continue the state’s virus suppression and vaccine rollout efforts. NSW Health received a total of $30.2 billion in Tuesday’s budget, made up of $27.1 billion in recurrent expenditure and $3.1 billion…

Nuclear waste facility still up for grabs

CANBERRA, AAP – Federal resources minister Keith Pitt has folded on a bill that would have locked in South Australia’s Kimba community for a nuclear waste dump. The legislation passed on Tuesday with Labor’s support after a specific site for a new facility was removed. The minister can now issue an “intention to declare” a…

Nationals in bid for climate policy payout

CANBERRA, AAP – The Nationals are open to discussing the prime minister’s preference for net zero carbon emissions by 2050, but they want to square the ledger for the regions. “We get it all right but we are not going to trade ourselves away until we can see the detail and see what we can…

CommSec Daily Report Tuesday

Latest news Aussie shares are bouncing back strongly from Monday’s slump, with the ASX 200 lifting by 1.4 per cent at midday thanks to gains across almost all sectors and a lift from the US bourse overnight. This follows Monday’s 1.8 per cent tumble, which was the Aussie market’s largest decline in a month and…