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Restart for India rescue flights confirmed

CANBERRA, AAP – Australians in India who fail a pre-flight coronavirus test will be barred from boarding when rescue planes restart from May 15. Prime Minister Scott Morrison on Friday announced the India travel ban would end on its planned expiry date, following a fierce backlash against the harsh measures. “All of this is about…

Iron ore record helps ASX higher for week

SYDNEY, AAP – Iron ore miners have helped Australian shares to their first week of gains in three as the steel-making commodity fetched a record price. Fortescue Metals and Rio Tinto gained about one per cent after iron ore prices topped $US200 per tonne in futures trading due to Chinese steelmakers’ demand. The benchmark S&P/ASX200…

China trade surge as global demand returns

BEIJING, AP – China’s trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing. Global exports rose 32.3 per cent over a year ago to $US263.9 billion, in line with March but down from the explosive 60.6 per…

CommSec Daily Report Friday

Latest News The Aussie market is rebounding from Thursday’s losses. After a sluggish start to Friday’s session, the Aussie market is trading firmer around lunch with the ASX 200 lifting 30 points or 0.4% to 7,092. The benchmark index opened flat and even dipped into negative territory briefly this morning but was buoyed on news…

Macquarie FY profit up 10 per cent

SYDNEY, AAP – Macquarie Group has reported a 10 per cent rise in full-year profit, helped by its markets trading. The group on Friday revealed net profit after tax of $3.01 billion for the 12 months to March 31. Macquarie’s markets activities had a 39 per cent rise in profit to $2.78 billion. Shareholders will…

No surprise as RBA details speedy recovery

CANBERRA, AAP – The Reserve Bank has surprised no one with more upbeat expectations for Australia’s economic recovery. But significant monetary support will continue, supporting the creation of wealth by home buyers who can bank on low interest rates for some years. The latest statement on monetary policy released on Friday said monetary policy will…

Miners lift ASX on record iron ore price

SYDNEY, AAP – Record prices for iron ore were helping miners and Australian shares, as the market edged closer to its highest level. The benchmark S&P/ASX200 index was higher by 31.5 points, or 0.44 per cent, to 7093.2 at 1200 AEST. The index is nearing its record, 7197.2, set in February last year days before…

Global stocks rally into US jobs report

TOKYO, RAW – Global stocks are headed for their first weekly gain in three amid a surge in commodity prices, while traders have braced for a key US jobs report that could provide clues on when the Federal Reserve will ease back on monetary stimulus. MSCI’s benchmark for global equity markets, which tracks stocks in…

‘Gas-fired recovery’ gets $58.6m in budget

CANBERRA, AAP – Gas pipelines, port terminals and new fields will get $58.6 million from taxpayers in next week’s budget to help fuel economic recovery. Energy Minister Angus Taylor also flagged on Friday more funding to fill the baseload power “gap” left by the impending closure of AGL’s coal-fired Liddell power plant. The funding includes…

AGL ready for ‘bittersweet’ Liddell ending

CANBERRA, AAP – There’s no turning back for AGL as the Liddell power plant prepares for a post-coal future. Diversified engineering firm Delta Group has been awarded the contract for the first stage of closure, decommissioning and demolition planning for Liddell, AGL said on Friday. For 50 years, the Liddell power station has produced around…