Telstra head Andrew Penn to retire
SYDNEY, AAP – Telstra’s chief financial officer Vicki Brady will take over as chief executive following the retirement of the company’s long-serving head, Andrew Penn. The telco, regarded by analysts as a high-yielding and low volatile stock, has faced long-term structural headwinds after customers abruptly moved away from fixed-line phone services, the company’s former main…
Pressure mounting on Star amid inquiry
SYDNEY, AAP – Star Entertainment faces a class action by shareholders on top of a public inquiry into whether it should keep its Sydney casino licence. Law firm Slater and Gordon has filed a class action against Star, seeking compensation for shareholders on claims of “misleading or deceptive representations” about its compliance with regulatory obligations….
Crypto heist one of the largest on record
LONDON, RAW – Blockchain project Ronin says that hackers have stolen cryptocurrency now worth almost $A824 million from its systems, in what would be one of the largest cryptocurrency heists on record. The project said that unidentified hackers on March 23 stole some 173,600 ether tokens and 25.5 million USD Coin tokens. At current exchange…
Wall St rallies on Ukraine-Russia hopes
NEW YORK, RAW – US stocks have risen, with the Dow and S&P notching their fourth straight session of gains, on optimism some progress was being made toward a deal to resolve the conflict between Russia and Ukraine. Russia pledged to cut down on military operations around Kyiv and in northern Ukraine, while Ukraine proposed…
Sixth straight day of gains for ASX
SYDNEY, AAP – Shares have risen to their highest level since mid-January on the ASX and extended their winning streak to a sixth consecutive day. A tech-led rally in the US helped sentiment and the Australian market closed higher by 0.7 per cent, a few hours before the federal budget is due. ASX technology shares…
Asia stock up, oil eases on China lockdown
HONG KONG, RAW – Japanese shares have led gains in Asian stocks as the Bank of Japan defends its ultra-easy stance, while oil has slipped on fears of lower demand from China as Shanghai applied a ‘zero-COVID’ strategy by locking down despite a relatively modest caseload. Japan’s Nikkei gained 0.91 per cent in early trade,…
ASX boosted by budget, Ukraine peace talks
SYDNEY, AAP – Investors have pushed the Australian share market higher the day after the federal budget, while progress in resolving the conflict in Ukraine also helped sentiment. The ASX was higher for a seventh consecutive day after credit rating agencies endorsed a budget cutting fuel excise and giving $8.6 billion in cost-of-living measures for…
Ukraine adds to uncertainty of future gas
CANBERRA, AAP – Gas is expected to play a critical role for the generation of electricity as the grid weans itself off coal. But the Ukraine conflict is adding to short-term uncertainty on LNG supply and longer-term needs are becoming less clear, the Australian Energy Market Operator says in its annual gas update. The federal…
Markets are flooded with inconsistencies
The S&P rose for a 3rd day as a sharp climb in shares of Tesla (+8.03%) overshadowed weakness in energy and bank stocks, while Russia and Ukraine were poised to hold their first face-to-face peace talks in more than two weeks. The market may well remain supported into the month and quarter-end given bond/equity rotation,…
Budget promises fail to lift confidence
CANBERRA, AAP – Promises to assist households facing cost of living pressures in the federal budget have failed to lift the mood of Australians as they fret over the inflation outlook. Treasurer Josh Frydenberg will hand down his fourth budget on Tuesday night, days out from the start of an election campaign. The weekly ANZ-Roy…
