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ASX losses continue amid Omicron caution

SYDNEY, AAP – The Omicron coronavirus variant has prompted a second consecutive day of selling on the ASX, although one expert disagreed with the reaction. The market on Monday shed about half a per cent after more nations closed their borders to arrivals from Africa, where the variant originated. Japan will suspend entry for all…

Record company profits and petrol prices

Record company profits and petrol prices Business Indicators; Energy market update The Australian Bureau of Statistics (ABS) said company operating profits rose by 4 per cent in the September quarter to be up 5.4 per cent on a year earlier. Profits hit a record high $463.1 billion over the year to September. Wages & salaries…

Omicron (virus) variant rattles global markets

There’s a lot of uncertainty in markets at the moment surrounding the Omicron variant. The next few days will be vital. One thing I watch closely is interest rates in the US, particularly the 10-year rates and they dropped significantly overnight. That means markets are taking this seriously. Travel bans are already being announced around…

Asian shares brace for Omicron uncertainty

SYDNEY, RAW – Asian markets have regained a little composure as investors settle in for a few weeks of uncertainty on whether the Omicron variant will derail economic recoveries and the tightening plans of some central banks. Oil prices also bounced $US3 a barrel to recoup some of Friday’s shellacking, while the safe-haven yen took…

Business calls for calm over Omicron

CANBERRA, AAP – A major business group is urging Australia’s governments not to panic over the emergence of a new coronavirus variant and stifle the economic recovery from the recent round of state lockdowns. The national cabinet will convene on Monday or Tuesday to discuss the latest variant, Omicron, which has already found its way…

South Australian nuclear waste site named

CANBERRA, AAP – The federal government plans to build a nuclear waste dump near the rural South Australian town of Kimba. The government has acquired 211 hectares at Napandee, 24km west of Kimba, for the facility subject to heritage, design and technical studies. “We have reached a major milestone in our work to deliver this…

Regional tenants not immune to rent spike

BRISBANE, AAP – Regional Australia is in danger of losing its reputation as a refuge for affordable housing as rents climb across the country, sparking calls for the Commonwealth to intervene. Rent inflation in the regions escalated to a “remarkable” 12.4 per cent in the year to August 2021, a new report from the University…

Wall St slides amid virus variant fears

NEW YORK, RAW – US stocks have closed lower, with the Dow and S&P 500 suffering their biggest one-day percentage drops in months and pandemic-hit sectors that had gained from a reopening falling sharply after a new coronavirus mutation was found. Authorities worldwide reacted with alarm on Friday to the coronavirus variant found in South…

ASX lower as Omicron caution remains

SYDNEY, AAP – Worries about the latest coronavirus variant have kept the ASX lower at the start of the week. The market was almost 0.3 per cent lower on Monday but had steadily improved since the opening of trade. The ASX lost 1.7 per cent on Friday following early reports of the emergence of the…

WA miner advances contentious uranium plan

PERTH, AAP – West Australian miner Vimy Resources is hailing a “major milestone” in plans to develop the state’s first uranium mine amid backlash from environmental groups. Dozens of protesters gathered outside a Perth hotel on Friday as the ASX-listed company held its annual general meeting. Vimy is pressing ahead with its proposed development of…