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PM gets back to business on economy

Scott Morrison will turn his attention to keeping Australia’s economy humming as the dust continues to settle on his election victory. The prime minister will meet with Treasurer Josh Frydenberg on Tuesday to canvas economic issues in the aftermath of Saturday’s poll. Legislating the extra tax relief promised in the federal budget is likely to…

Ford cuts thousands of white-collar jobs

Car giant Ford is cutting about 7,000 white-collar jobs, about 10 per cent of its global workforce. The company has said it was undertaking a major restructuring and on Monday, said it will have trimmed thousands of jobs by August. The company said the plan will save about $US600 million ($A868 million) a year by…

ASX expected to open lower

The Australian share market is expected to open lower following a post-election surge in stocks on Monday. The SPI200 futures contract was down 41 points, or 0.63 per cent, at 6,444.0 at 0800 AEST, suggesting a fall for the benchmark S&P/ASX200 on Tuesday. It was a negative session on Wall Street overnight, with the Dow…

US scales back restrictions on Huawei

The US Commerce Department has created a temporary general licence restoring Huawei’s ability to maintain existing networks and provide software updates to its handsets. The licence, which was posted for public inspection, scales back the restrictions imposed by the US government last week on Huawei Technologies buying US goods in order to help existing customers….

Australians want cheaper medicines quicker

Just last week, an 18-year-old woman with a rare cancer was staring down the barrel of paying $7000 a month for a medicine she needs to treat her condition. Rare Cancers Australia chair Richard Vines knows this because a clinician contacted his organisation in hopes of finding a way to alleviate the woman’s costly burden….

The Daily Fix

Politics and geo-politics dominate the market narrative in Asia, with a further escalating war of words and actions between the US and China, which has seen Google enter the fold, suspending some business activity with Huawei, with a number of US chipmakers cutting off supplies as well. The fact China have recalled two giant panda’s…

Petrol hits 6-month high

Post-election boost for shares Domestic travel slumps; Petrol hits 6-month high Petrol prices; Domestic air travel; Housing affordability Weekly Petrol Price: According to the Australian Institute of Petroleum, the national average price of unleaded petrol rose by 3.7 cents in the past week to a 6-month high of 152.8 cents a litre. Election aftermath: The…

Auction volume dwindles on poll day

Property auction numbers tapered off across the country over the weekend as many Australians kept their Saturday focus on voting and sausage sizzles. Data firm CoreLogic said there were 917 home auctions across all capital cities, down from an already low 1,218 in the prior week, and its early tally suggested about 57 per cent…

Incitec Pivot profit tumbles on Qld floods

Incitec Pivot has slashed its dividend after the chemicals and fertiliser manufacturer’s first-half profit tumbled by more than two thirds following the north Queensland floods. Profit for the six months to March 31 dropped 72 per cent to $42 million once prior corresponding period impairments were stripped out, as Incitec Pivot took a $60 million…

Banks surge as intervention threat recedes

Banks and health insurers have driven the Australian share market to a near 12-year high after the government’s re-election ended the threat of dividend imputation changes, increased regulatory scrutiny and capped premiums. Shares in the big four banks surged by between 5.7 and 7.6 per cent, and health insurer gains hit double digits, as investors…