NSW coal seam gas changes not implemented
The NSW government has fully implemented only two of 16 recommendations from an independent review into coal seam gas that was released five years ago, according to a parliamentary inquiry. The upper house inquiry probed the implementation of 16 recommendations made by NSW’s then-chief scientist in 2014, with the state government saying all but two…
Flight Centre first-half profit dives 74%
Flight Centre’s first-half profit has plunged 74 per cent on the back of writedowns following the collapse of Thomas Cook, Cox & Kings and other smaller travel operators. The flight retailer reported a statutory profit after tax of $22.1 million, down from $85 million the year before. Revenue for the six months to December 31…
Wall St gains after virus-driven sell-off
Wall Street’s main indexes have risen about one per cent after suffering their worst four-day percentage fall in more than a year on fears about the economic damage from the global spread of the coronavirus. Investors were cautious as the US Centers for Disease Control and Prevention urged Americans to prepare for the virus to…
Gold rises as virus fears boost demand
Gold prices have gained following a steep fall in previous sessions as concerns over the coronavirus outbreak and its impact on the global economy raised hopes of interest rate cuts by major central banks. Spot gold was up 0.7 per cent at $US1,645.79 per ounce after falling more than 1.5 per cent in the last…
Australian stocks poised to fall again
The Australian share market is set to open lower on Thursday as investors watch for more news on the coronavirus that threatens to hurt global markets. The SPI200 futures contract was down 30 points, or 0.454 per cent, at 6,625 at 0700 AEDT on Wednesday. The futures market points to another fall when the local…
Oil down 3 per cent as virus spreads
Oil prices fell three per cent on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus would become a pandemic in the United States Brent crude was down $US1.77, or 3.2 per cent, to $US53.18 a barrel…
Senator takes aim at tax concession report
Nationals Queensland senator Susan McDonald has slammed a Productivity Commission report that’s called for an end to tax concessions in remote parts of Australia. The commission argues the context for remote area tax concessions has changed considerably since the first concession was introduced in 1945. In a report released on Wednesday, it says technological advances…
PolyNovo posts $2.4m loss; sales up 129%
Melbourne biotech company PolyNovo has posted a $2.4 million loss for the first half, up 26 per cent from a year ago, but executives says it is on a clear path to breaking even. Its revenue rose 80 per cent in the six months to December 31 to $10.2 million, with commercial sales up 129…
Construction eases, but still plenty of work
Construction eases, but still plenty of work Construction work done Construction activity: Construction work done fell by 3.0 per cent in the December quarter – the fifth fall in six quarters. The value of construction work done is down by 7.4 per cent on a year ago. Calendar year: In 2019, $204.6 billion of construction…
Virus boosting Bubs baby formula demand
Australian baby formula producer Bubs has reported more sales from some Chinese buyers even as it flagged fears the coronavirus outbreak will hamper supply. Baby formula from Australia is a valued commodity in China, where the virus – which has killed close to 2700 people – is making the transporting and delivery of goods difficult….
