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Bright start to week on ASX, banks lead

SYDNEY, AAP – Shares started the week higher on the Australian market and investors were unconcerned by troubled property group Evergrande having missed a payment deadline. Banks were the driving force on Monday as the indices stayed higher throughout trade. The Commonwealth Bank closed higher by 2.84 per cent to $104.59. Evergrande missed a payment…

Plan for deep-water fish pens off Tasmania

HOBART, AAP – Plans to develop fish farms in deeper waters off Tasmania, and potentially pave the way for similar operations across Australia, have been labelled by critics as an industry “free pass”. The island’s salmon industry has been under increased scrutiny since the release of Richard Flanagan’s book Toxic, which paints a bleak picture…

Qantas announces Darwin to London flights

MELBOURNE, AAP – Qantas has announced it will temporarily cease flights to London from Perth, with plans to replace it with a service from Darwin. The Darwin-London service will run until at least April 2022, if the carrier can come to a deal with the Northern Territory government, the airline said on Monday. “At this…

Petrol price eases from three-year high

CANBERRA, AAP – Petrol prices have eased back fractionally from their recent near-three year highs, a modest reprieve after being driven higher by rising international oil prices. Demand for oil is rising as global economies reopen from lockdowns, but this has been hit by a number of supply shortages, caused by hurricanes in the northern…

Monday Minutes: Sharemarkets tested by news flow

Monday Minutes: Sharemarkets tested by news flow Evergrande; High oil prices; US Federal Reserve meeting; Geopolitics What are the current issues of note? • Last week had almost everything. Oil prices hit 3-year highs; US Federal Reserve members appeared open to winding back some of the stimulus put in place; Aussie wealth hit record highs;…

PM keen for coalition agreement on 2050

CANBERRA, AAP – Scott Morrison isn’t getting ahead of himself but is keen to bring the coalition together to tackle climate change with the aim of getting to net zero emissions by 2050. But Opposition Leader Anthony Albanese says the prime minister is having to deal with a Nationals “rabble” completely divided on the issue….

Share market rallies to start week

SYDNEY, AAP – Investors appeared to have put concerns about troubled property giant Evergrande behind them as they rose the ASX indices to start the week. The market climbed early and was near its peak of almost 0.9 per cent at 1200 AEST on Monday. The heavyweight banks and miners had strong gains. The Commonwealth…

Asia shares hesitant, oil hits 3-year high

SYDNEY, RAW – Asian shares got off to a cautious start as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks. Oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out…

Westpac calls for lower inflation target

CANBERRA, AAP – A review of how the Reserve Bank of Australia operates could see the inflation target lowered and bring forward the timing of an interest rate hike. Earlier this month in a report on Australia, the Organisation for Economic Cooperation and Development recommended a review of the RBA’s monetary policy framework. It noted…

Wall St ends mixed after a volatile week

NEW YORK, RAW – The S&P 500 has ended slightly higher after a volatile week as gains in growth names like Facebook offset a dive by Nike after the athletic wear company delivered a downbeat sales forecast. Nike’s shares were the biggest drag on the Dow and the S&P 500 after it also warned of…