Breaking news

Finance sector moves to rebuild trust

Tarred by the banking royal commission, the Australian financial sector is looking for a renewal of trust. Financial Services Institute of Australasia chief executive Chris Whitehead launched a number of reforms in Canberra on Thursday. “The royal commission early this year has revealed the urgent need to raise professionalism and standards across the Australian banking…

CBA delayed refund until after HoR hearing

Australia’s largest bank delayed refunds for customers charged double interest on business overdrafts to avoid the issue becoming public during a parliamentary hearing. One Commonwealth Bank customer who tearfully queried the interest draining her business account was abruptly told “a bank is a business and that is the price you pay for borrowing money”. Senior…

Aussie plumbing giant makes $1.2bn UK buy

Plumbing supplies giant Reliance Worldwide has bought UK plastic fittings manufacturer John Guest for $1.22 billion, to become the second Australian firm in the sector to make an overseas acquisition this month. Reliance says it has entered into an unconditional agreement to buy UK-based group John Guest as part of its plan to significantly increase…

Myer appoints another UK retail veteran

Myer says its new chief merchandise officer Allan Winstanley will make a formidable team with incoming CEO John King, given they worked together in turning around UK department store House of Fraser. Mr Winstanley was the former executive director of womenswear at the UK retailer, where he worked alongside Mr King from 2006 to 2014….

Lowy ‘at peace’ with Westfield takeover

Westfield founder and chairman Frank Lowy says he is “totally at peace” with the $33 billion takeover of his shopping empire that heralds his retirement. Mr Lowy’s teary farewell of his almost 60 year-old company was on Thursday met with a standing ovation from current and former executives along with shareholders at his final annual…

Digital growth lifts Aristocrat HY profit

Poker machine supplier Aristocrat Leisure’s first-half profit has risen 2.8 per cent, buoyed by a huge jump in digital revenue and continued growth in the Americas business. The company made a net profit of $256.5 million in the six months to March 31, with revenue rising to $1.6 billion from $1.2 billion a year ago….

Stocks to watch

Stocks to watch on the Australian stock exchange: ALL – ARISTOCRAT LEISURE – up $1.97, or 7.1 per cent, at $29.78 the poker machine supplier’s first-half profit rose 2.8 per cent, buoyed by a huge jump in digital revenue and continued growth in the Americas business. AWC – ALUMINA – up one cent, or 0.38…

Gold rises after Fed meeting minutes

Gold prices rose on Wednesday as the US dollar backed off its highs against a basket of currencies while investors interpreted minutes from the US Federal Reserve’s latest policy meeting as dovish. Most Federal Reserve policymakers thought it likely another interest rate increase would be warranted ‘soon’ if the US economic outlook remains intact, minutes…

Shares inch higher despite falls by banks

The Australian share market edged higher as weakness among the banks, miners and energy companies was offset by gains by retailers and industrial stocks. The benchmark S&P/ASX200 was up 4.6 points, or 0.08 per cent, at 6,037.1 points, while the broader All Ordinaries index was up 3.8 points, or 0.06 per cent, at 6,144.1 points….

China’s debt a risk to Australia, says RBA

A rapid increase in debt within China’s financial system is among the largest risks the Australian economy is facing, the head of the Reserve Bank says. RBA Governor Philip Lowe says the central bank is keeping a very close eye on China and its economy, with more of its staff looking at Australia’s largest trading…