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IMF sees weaker global economy this year

The International Monetary Fund is downgrading its outlook for the world economy because of simmering international trade tensions. But at the same time, the fund is boosting its forecast for US economy this year, citing expectations that the Federal Reserve will cut interest rates. The IMF said on Tuesday that it expects the global economy…

Coalminers back Qld infrastructure fund

Two coalmining firms will back a regional infrastructure fund the Queensland government will establish instead of raising royalties. Treasurer Jackie Trad told mining businesses ahead of the June state budget she would not raise coal royalties for three years if they voluntarily tipped money into the $70 million fund. She told a budget estimates hearing…

EU warns Johnson no change to Brexit terms

The European Union has congratulated incoming British Prime Minister Boris Johnson but warned of “challenging times ahead” and ruled out heeding his election pledge to renegotiate Brexit. The French president, the EU’s executive commission and other officials in the bloc’s hub Brussels all said they were keen to work with Johnson, the face of the…

CommSec aiming to appeal to new investors

Commonwealth Bank is trying to lower the barriers to budding share market investors in an effort to drum up new business for the bank. CommSec’s new Pocket app will let customers invest as little as $50 into baskets of themed shares, allowing inexperienced investors to pick areas they like rather than stocks. Most investors currently…

ASX expected to open higher on trade hopes

The Australian share market is expected to open higher following gains on Wall Street overnight. The SPI200 futures contract was up 33 points, or 0.50 per cent, at 6,691.0 at 0800 AEST, suggesting a bounce for the benchmark S&P/ASX200 on Wednesday. Wall Street was buoyed by positive quarterly results from Coca-Cola and United Technologies, with…

Wall St near highs on results, trade hopes

The S&P 500 and Nasdaq have approached record highs, lifted by upbeat quarterly reports from Coca-Cola and United Technologies and on optimism the US would resolve its trade conflict with China. Stocks extended gains late in the session on Tuesday after Bloomberg reported that US Trade Representative Robert Lighthizer would travel to Shanghai next week…

‘US, China to hold trade talks next week’

US Trade Representative Robert Lighthizer and senior US officials will travel to Shanghai on Monday for face-to-face trade meetings with Chinese officials, Bloomberg reports, citing unnamed sources. Lighthizer’s office did not immediately respond to a request for comment on the report. China and the United States have been locked in a trade battle since last…

ASX up across board, led by energy sector

The Australian share market has finished broadly higher with all sectors posting gains. The benchmark S&P/ASX200 index was up 33.4 points, or 0.5 per cent, to 6,724.6 points at 1615 AEST on Tuesday, while the broader All Ordinaries was up 31.3 points, or 0.46 per cent, to 6,812.5 points. The Aussie dollar is buying 70.21…

BHP external CEO candidate push: report

At least three institutional investors in Australia are pushing for global miner BHP to consider external candidates to replace Andrew Mackenzie as new CEO, sources with direct knowledge of the matter say. The move highlights nascent investor pressure on the world’s biggest miner to consider drastic changes in management to tackle challenges like cutting costs,…

Kogan flags strong 2nd-half profit growth

Kogan.com has flagged second-half profit growth of more than 12 per cent and plans to start selling its own branded goods in the US. The online retailer says unaudited second-half gross profit for the six months to June 30 was more than 12 per cent higher than a year ago, while gross transaction value across…

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