Breaking news

Asia News Agenda Thursday

ASIA NEWS HIGHLIGHTS ON THURSDAYAUSTRALIA – Yachting. Latest news on the gruelling Sydney to Hobart race (YACHTING-AUS-SYDNEY-HOBART) – Cricket. Day three of the fourth Ashes Test between Australia and England in Melbourne.CHINA– Chinese defence ministry holds monthly press briefing.JAPAN– Japan releases factory output data for November.

US consumer confidence dampens in December

US consumer confidence dampened in December, retreating from a 17-year high in November as optimism about the short-term outlook fell sharply, according to a closely-watched monthly survey released Wednesday.While sentiment about current conditions were more positive than last month, consumers were more pessimistic about the situation for business and jobs six months out, the Conference…

Chinese tech icon ordered back to China over debt woes

Flamboyant Chinese tech icon Jia Yueting, who once boasted his company LeEco would take on Apple and Tesla, has been ordered back to China by financial regulators over his company’s debt woes.Jia, who is thought to be in the US attempting to build his Los Angeles-based electric car company, was added to a national blacklist…

Navitas outlines hit after US tax cut

Education provider Navitas expects a one-off charge of $7.5 million in its half-year accounts following the reduction in the US corporate tax rate. The US tax overhaul will result in the reduction in the carrying value of its US tax assets in accordance with the reduced tax rate, the company said. US president Donald Trump…

Shareholder Vicars makes Oroton move

Oroton’s administrator has accepted a purchase proposal from its largest shareholder that will keep the luxury handbag retailer trading and prevent a break-up of the embattled business. Oroton says Deloittes, which was appointed administrator in November, had entered into a binding implementation deed with a company controlled by fund manager Will Vicars, who owns 18.2…

Which state spends the most post Christmas

HOW THE STATES STACK UP * NSW: $766m * VIC: $745m * QLD: $402m * WA: $217m * SA: $128m *TAS: $52m * ACT: $49m * NT: $24m Source: Australian Retailers Association

Light trade keeps Australian shares flat

The Australian share market has closed flat after its first day of post-Christmas trade, despite strength in mining and energy stocks. The benchmark S&P/ASX200 stock index was unmoved at 6,069.9 points at 1630 AEDT on Wednesday, with what investor confidence there was centred around higher oil and commodity prices. CommSec market analyst Steven Daghlian expects…

Retail Food Group rebounds on debt deal

Shares in Retail Food Group have continued to recover from their recent abysmal run, rising nearly 10 per cent after the embattled franchisor extended the life of $150 million in debt facilities to 2020. The move eased uncertainty over the company’s finances after its shares dived nearly 50 per cent following a profit warning and…

WorleyParsons flags US tax rate cut hit

Engineering group WorleyParsons expects a one-time charge of between $45 million and $60 million against its first-half profit following the reduction in the US corporate tax rate. This charge relates to a reduction in the group’s US deferred tax assets due to the decrease in both the US corporate tax rate and the potential loss…

Stocks to watch

Stocks to watch on the Australian stock exchange: NVT – NAVITAS – down 8.0 cents, or 1.45 per cent, at $5.43 Education provider Navitas expects a one-off charge of $7.5 million in its half-year accounts following the reduction in the US corporate tax rate. RFG – RETAIL FOOD GROUP – up 21 cents, or 9.2…