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First weekly loss in six for Aust shares

SYDNEY, AAP – Investors had their first week of losses in the past six on the ASX while keenly awaited US inflation data could prompt more erratic trading. Some optimistic trade at the end of the week did not prevent losses of 0.83 per cent for the five-day stretch. The benchmark S&P/ASX200 index on Friday…

Climate puts pressure on insurance, credit

CANBERRA, AAP – The resources sector says jobs and billions of dollars of revenue are at risk if service companies can’t secure finance and insurance. A new federal parliamentary inquiry is looking at the impact of changes in banking, insurance and superannuation practices on export companies such as Australia’s big miners. The Queensland Resources Council…

Barnaby Joyce faces first leadership test

CANBERRA, AAP – Barnaby Joyce faces a test of his leadership when Northern Territory Country Liberal Party members vote on a Senate candidate for the next election. NT senator Sam McMahon backed Mr Joyce in this week’s Nationals leadership ballot in which he defeated Michael McCormack. In turn, he is supporting her candidacy, but she…

Limited impact from COVID: life insurers

SYDNEY, AAP – The coronavirus pandemic has had limited impact on the life insurance industry and in many cases the outcome was much better than anticipated, two of Australia’s leading life insurers have said. The top bosses of market leader TAL and rival ClearView on Friday told a House of Representatives economics committee that while…

Asia shares up, tracking gains on Wall St

SHANGHAI, RAW – Asian shares rose on Friday, tracking gains on Wall Street overnight that lifted the Nasdaq and the S&P 500 indexes to record highs after US President Joe Biden embraced a bipartisan Senate infrastructure deal. Investors have been looking to an infrastructure agreement to extend the recovery in the world’s largest economy after…

CommSec Daily Report Friday

Latest news The Australian sharemarket is lifting for the first time in three days, with the ASX 200 up by 0.36 per cent to 7,301.2 at midday. This follows both the S&P 500 and tech heavy Nasdaq hitting record highs overnight and US President Joe Biden securing a trillion dollar infrastructure spending deal. Despite the…

Materials shares rise on US stimulus deal

SYDNEY, AAP – Shares on the ASX have followed Wall Street higher after the US government agreed on infrastructure spending which will help more stock gains. Materials shares were the best performers on the ASX, higher by 1.2 per cent, after US President Joe Biden embraced a bipartisan Senate deal. The US government will spend…

Flight Centre shares for workers who stay

SYDNEY, AAP – Flight Centre is trying to retain staff amid the pandemic by offering shares if workers stay until the end of next year. The global travel agency said a worker will receive the right to 250 shares if they remain to December 31, 2022. Company leaders expect about 7,500 workers will take up…

Australia rejects China’s trade complaint

CANBERRA, AAP – Australia is holding firm against China’s “petty” decision to lodge a complaint with the global trade umpire about anti-dumping measures on steel imports. Tariffs on imported railway wheels, stainless steel sinks and wind towers are the subject of World Trade Organisation action Beijing launched on Thursday night. Finance Minister Simon Birmingham is…

Vic quarantine facility gets green light

MELBOURNE, AAP – A purpose-built quarantine facility will be constructed in Melbourne’s north and will begin taking returned overseas travellers by the end of the year. Prime Minister Scott Morrison on Friday confirmed the 1000-bed facility will be constructed on the Commonwealth-owned land in Mickleham in Melbourne’s north, next to an existing quarantine facility for…