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New CIMIC Group contracts worth billions

Construction giant CIMIC has announced three new major contracts for its companies, including design and construction for Victoria’s multi-billion dollar West Gate Tunnel project. In a 50:50 joint venture with John Holland, CIMIC’s CPB Contractors will share design and construction on the expanded $6.7 billion West Gate tunnel project. Victorian Premier Daniel Andrews on Tuesday…

Sydney pulls national house prices lower

Capital city house prices fell in the three months to September, driven by the sharpest fall in prices in Sydney in two years. Average home prices across all eight capitals fell 0.2 per cent in the September quarter, the first decline since the March quarter of 2016, according to the Australian Bureau of Statistics’ Residential…

Stocks to watch

Stocks to watch on the Australian stock exchange: ANZ – ANZ BANKING GROUP – up 32 cents, or 1.1 per cent, at $28.82 International insurance giant Zurich has announced an agreement to buy ANZ’s life and consumer credit insurance business OnePath Life for $2.85 billion. CIM – CIMIC – down 61 cents, or 1.2 per…

Aust shares look set to open in the green

The Australian share market looks set to open modestly higher after gains on virtually all major global indexes including Wall Street ahead of the Federal Reserve’s two-day policy meeting. At 0700 AEDT on Tuesday, the share price futures index was up 12 points, or 0.20 per cent, at 6,016. Wall Street indexes moved higher with…

$A continues to creep higher against $US

The Australian dollar is a little higher against its US counterpart which has remain unchanged. At 0635 AEDT on Tuesday, the Australian dollar was worth 75.32 US cents, up from 75.25 US cents on Monday. Westpac’s Imre Speizer says risk sentiment had remain positive during the US trading session with a bomb explosion in New…

ANZ sells life insurer business to Zurich

ANZ says its main focus will be retail and business banking after selling its life and consumer credit insurance business to international insurance giant Zurich for $2.85 billion. The bank’s sale of OnePath Life completes what it describes as the “simplification” of its wealth management division, after selling its pensions and investments business to IOOF…

Uber rival Taxify launches in Sydney

A new ride-sharing company launching in Sydney hopes to shake up the market currently dominated by Uber by offering half-priced fares for one month. Taxify, which claims to be Europe’s fastest-growing ride-sharing app, will begin servicing Sydneysiders from Tuesday morning. It already has more than 4000 drivers registered. The launch marks the first entry of…

Low rainfall mars Australian farm produce

Australia’s farm production is tipped to fall seven per cent from record levels after dry weather in grain-growing regions affected crops. After peaking at $63 billion in 2016-17 total production is likely to drop to $59 billion in 2017-18, according to the latest report by the federal government’s agriculture forecaster. ABARES executive director Steve Hatfield-Dodds…

World’s space agencies propose setting up climate observatory

The heads of several of the world’s space agencies have proposed the creation of a climate observatory to pool acquired data and share it with scientists around the globe, according to a declaration adopted Monday in Paris.On the eve of the One Planet Summit organised in the French capital, the space agencies’ chiefs met to…

Dow, S&P 500 end at records, Apple gains on Shazam buy

The Dow and S&P 500 edged to fresh records Monday led by technology shares, including Apple, which rose following its acquisition of song recognition app Shazam.US stocks were in positive territory for almost the entire session, brushing aside concerns over an explosion early in the day near Times Square that injured three and halted activity…