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Aluminium rallying on sanction worries

Aluminium prices have extended their rally to a sixth straight session, hitting an 11-week peak, amid persistent worries about shortages after the United States imposed sanctions on Russia’s Rusal. Several metals went into the red after US President Donald Trump warned Russia of imminent military action in Syria over a suspected poison gas attack, declaring…

Aust shares lower over Syria worries

The Australian share market has closed lower as increasing tensions between the US and Russia over Syria unnerve investors. The benchmark S&P/ASX200 index closed down 13.2 points, or 0.23 per cent, at 5,815.5 points while the broader All Ordinaries was down 14.4 points, or 0.24 per cent, at 5,911.4 points. On Wall Street overnight, stocks…

Victoria to stand firm on energy agreement

Victoria will stick to its guns and refuse to sign on to any national agreement which undermines the state’s climate change policies, Environment and Energy Minister Lily D’Ambrosio says. Federal Energy Minister Josh Frydenberg expects the states and territories to sign off on the National Energy Guarantee by August, so legislation can be put in…

US banks freeze Sulzer accounts after Russia sanctions

Swiss engineering company Sulzer said Wednesday that its bank accounts in the United States had been partially frozen after one of its top shareholders was targeted by US sanctions.Spokesman Rainer Weihofen told AFP that banks, not the US authorities, had ordered the partial freeze.‘The bank accounts have not been frozen by the authorities but by…

EU says ‘thanks Mr Zuckerberg’ for highlighting new data rules

The European Union on Wednesday thanked Facebook chief Mark Zuckerberg for highlighting the bloc’s tough new data protection rules after he said the social media giant planned to follow them during grilling by US lawmakers.The EU’s justice and consumer commissioner Vera Jourova said it was ‘only good news’ that Zuckerberg had acknowledged Facebook planned to…

Bankers ‘gamed the system’ to rig Euribor rate: prosecutors

Five traders accused of rigging the Euribor lending rate ‘gamed the system’ to get bigger bonuses, prosecutors said on Wednesday at a trial into a scandal that has led to hefty fines for banks.The five defendants include one former trader at Deutsche Bank and four from Barclays, a British bank. One of the Barclays traders,…

Airbag-maker Takata brand disappears as CEO quits

Japan’s Takata said Thursday its chief had formally resigned after the completion of a takeover by a US firm, bringing the curtain down on the crisis-hit brand tainted by a deadly airbag scandal.The takeover resulted in the extinction of the 85-year-old Takata brand, with CEO’s Shigehisa Takada grandfather starting the company in 1933 as a…

Jittery stock markets fall as Trump threatens Syria strikes

Stock markets retreated on Wednesday as US President Donald Trump’s vow to strike Syria over its alleged use of chemical weapons made investors jittery.‘A touch of risk aversion crept into financial markets on Wednesday, as the sense of relief over easing US-China trade tensions was overshadowed by the rising geopolitical risk surrounding Syria,’ FXTM analyst…

Key points from Facebook-Zuckerberg hearings

Facebook chief Mark Zuckerberg testified for nearly 10 hours over two days on Facebook’s privacy and data protection issues before committees of the Senate and House on Tuesday and Wednesday. Here are key points:Protecting the platform‘It’s clear now we didn’t do enough,’ Zuckerberg said on the protection of private user data and to prevent the…

Bank of America takes a stance on assault weapons

Bank of America will stop providing services to semi-automatic weapon manufacturers, a move that follows similar steps by other companies in recent weeks.‘We want to contribute in any way we can to reduce these mass shootings,’ the bank’s vice chair Anne Finucane told Bloomberg Television on Tuesday, referring to the perennial scourge that is a…