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Holden invests in dealer makeover

Former Australian car maker Holden is investing $150 million to upgrade its dealer network across Australia, and its Lang Lang proving ground in Victoria, in what the company says is a sign of its bright future in the local market. The company has already started rolling out its new look dealerships with those in Warnambool,…

Extension of cuts expected at OPEC meeting

With oil prices nudging steadily higher, market expectations are for crude-pumping countries to prolong their deal to curb output at a meeting at OPEC headquarters in Vienna on Thursday.Markets could be disappointed, however, with Russia reportedly not yet fully on board about signing up to extending the agreement, due to expire on March 31, until…

Top carbon-fibre maker Toray admits unit falsified product data

A subsidiary of world’s top carbon-fibre supplier Toray Industries falsified product data, the company said Tuesday, making it the latest major Japanese firm to become embroiled in quality control problems.Toray Hybrid Cord had discovered 149 cases of falsifying data between 2008 and 2016, the parent said, but added it had so far found no safety…

US new home sales rise to 10-year high

US sales of new single-family homes quickened for the second straight month in October, rising to the highest level since the housing bubble, according to data released Monday.The increase points to a recovery in sales after what had been a sluggish year amid tightening supply and rising prices.But the monthly gain was boosted by the…

US stocks end little changed amid weakness in oil shares

Wall Street stocks finished little changed Monday as the positive buzz about the holiday shopping season was offset by weakness in petroleum-linked shares due to lower oil prices.Retailers posting gains included Amazon, Gap and Macy’s, as analysts welcomed signs American consumers were buying with greater gusto than in the last few years. ‘The retail position is…

IG Research – The long and the short of it

We are staring at a fairly flat start for Australian and Japanese equities indices on open this morning, although China is the market to watch and another day of reasonably heavy selling may impact sentiment across the region.The CSI 300 is the index showing all the moves at the moment closing -1.3% yesterday, and breadth,…

Global stocks mostly fall as oil-linked shares retreat

World stocks mostly fell Monday on weakness in petroleum-linked equities and as a strong euro weighed on European bourses.Equity markets in London, Paris, Frankfurt and Tokyo all fell, while the S&P 500 and Nasdaq retreated from records in the US.Eurozone stocks fell, as the  euro, though pulling back a bit from Friday’s level against the…

Bezos a $100 bn man as Amazon rises on cyber shopping

Amazon founder Jeff Bezos was a $100-billion man on Monday as the online retail colossus raked in cash from the holiday weekend’s cyber shopping spree.Forbes magazine’s real-time ranking of the richest people had Bezos on top, with a personal net worth of $100.3 billion.Microsoft co-founder Bill Gates saw his net worth climb to a dizzying…

Tumblr founder leaving Yahoo-owned blogging platform

Tumblr founder and chief David Karp on Monday announced he is leaving the nearly 11-year-old blogging platform – with his departure coming in the wake of Verizon buying parent-company Yahoo.Karp said that he will leave by the end of this year and chief operating officer Jeff D’Onofrio will take his place at the helm of…

Federal Reserve nominee Powell defends bank regulation, sees higher interest rates

President Donald Trump’s pick to lead the US central bank on Monday defended regulations that have made the financial system more crisis-proof, and said interest rates are likely to rise a bit more.But Federal Reserve Governor Jerome Powell, a former investment banker, said the Fed will continue to look for ways to ease the regulatory…