Breaking news

Loss making AACo mothballs NT abattoir

Australia’s largest cattle and beef producer is mothballing its unprofitable abattoir in the Northern Territory, creating uncertainty for around 220 workers. Australian Agricultural Comany (AACo) said operations at the Livingstone Beef meatworks south of Darwin would cease by September 30 in order to put an end to its ongoing operational losses. An impairment of $74.9…

Optus to pay $1.5m after ACCC proceedings

Optus will pay $1.5 million in penalties for pressuring customers to move to the national broadband network sooner than required and misleading some of them about NBN service options. The Australian Competition and Consumer Commission says Optus had benefited by about $750,000 as a result of the conduct, and was on Wednesday ordered by the…

Stocks to watch

Stocks to watch on the Australian stock exchange: AAC – AUSTRALIAN AGRICULTURAL COMPANY – up 2 cents, or 1.8 per cent, at $1.15 The beef producer will halt production at its unprofitable Livingstone Beef facility in the Northern Territory after sinking to a $103 million full-year loss. CBA – COMMONWEALTH BANK – down 37 cents,…

Santos no deal weighs on share market

The Australian share market has closed slightly lower as energy shares tumbled after Santos rejected a $US10.9 billion takeover offer. The benchmark S&P/ASX200 dropped 0.16 per cent to 6,032.5 points, while the broader All Ordinaries index shed 0.16 per cent to 6,140.2 points. Santos shares dropped 54 cents, or 8.4 per cent, to $5.90 after…

AAP Markets Report

Stock Market Wrap 0730 – May 23 INDEX LAST MOVE PREVIOUS Dow Jones 24834.41 -178.88 25013.29 S&P500 2724.44 -8.57 2733.01 Nasdaq 7378.455 -15.581 7394.036 FTSE100 7877.45 18.28 7859.17 DAX 13169.92 92.2 13077.72 CAC 40 5640.1 2.59 5637.5 Shanghai 3214.5324 0.692 3213.8404 Hang Seng 31234.35 186.44 31047.91 NIKKEI225 22960.34 -42.03 23002.37 CURRENCY SNAPSHOT AT 0730 AEST:…

Lead hits record peak, copper also rises

Lead prices touched their highest in two-and-a-half months on Tuesday, supported by concern over potential shortages and as investors sold zinc and bought lead. Environmental inspections at secondary lead smelters in China have reduced supply in recent months, analysts said. ‘Lead’s a tight market, and it appears that traders are quite actively shorting the zinc/lead…

ANZ admits errors in giving franchise loan

A senior ANZ executive admits a $220,000 loan given to a couple for a gelato franchise was not done with the care and diligence expected of banks. Kate Gibson, previously in charge of small business but now head of home lending at the bank, was grilled over the 2014 loan at the banking royal commission…

Trump floats big fine for China’s ZTE

US President Donald Trump has floated a plan to fine ZTE Corp and shake up its management, as his administration considered rolling back more severe penalties that have crippled the Chinese telecommunications company. Trump’s proposal ran into immediate resistance in Congress, where Republicans and Democrats accused the president of bending to pressure from Beijing to…

Wall St slips on trade talk uncertainty

US stocks have ended lower, weighed down by lingering uncertainty over the outcome of trade talks between the United States and China and declines in energy and industrial shares. President Donald Trump on Tuesday said he was not pleased with recent trade talks between the US and China and earlier said there was no deal…

US Congress sends ‘right to try’ experimental drug bill to Trump

The House of Representatives voted Tuesday to expand terminally ill patients’ right to try experimental drugs not yet approved by US authorities, a controversial move that enjoys support from President Donald Trump.The federal Right to Try Act, which cleared the Senate last year, passed the House on a 250-169, band now heads to the White…