Miners thrive on commodity prices, ASX up
SYDNEY, AAP – Investors have pushed the Australian share market from lower to higher and overlooked fears about economic sanctions on Russia which have plagued Wall Street. The ASX turned positive shortly before 1200 AEDT as the commodity-based share categories of materials and energy each rose by two per cent. Commodity prices have surged since…
ASX rises more than 1pc, IT shares surge
SYDNEY, AAP – Australian shares were having one of their best days in weeks as investors seized on prices lowered last week from the outbreak of fighting in Ukraine. Technology shares were up five per cent on Tuesday and the market was more than one per cent higher despite a mixed lead from the US…
Yondr Money raising capital to fund expansion
Neobank and rising fintech company Yondr Money, is set to raise $1.5M – $2M to fund its expansion as an alternative to mainstream banks. The Melbourne-based fintech promises to reduce costs and improve customer experiences whilst most importantly helping Australians improve financial literacy. Initial backers include Mike Smith, former CEO of ANZ Bank, who sits…
Victoria dumps $800 million property tax
MELBOURNE, AAP – Victoria’s government is backing down from it $800 million housing tax on property developments to fund social housing. The Andrews Labor government announced in late February its plans to impose a 1.75 per cent levy on new developments of more than three dwellings to pay for the construction of thousands of social…
House price growth slows, falls in Sydney
CANBERRA, AAP – The growth in Australian house prices continued to lose steam in February, with Sydney prices posting their first decline in 17 months. The CoreLogic national home value index rose just 0.6 per cent in February, the smallest monthly rise since October 2020, after a 1.1 per cent rise in January and a…
AUSTRAC eyes Crown over alleged breaches
MELBOURNE, AAP – Crown’s Melbourne and Perth casinos are being taken to court by Australia’s financial intelligence agency over alleged breaches of anti-money laundering and counter-terrorism financing laws. AUSTRAC on Tuesday served the two operations with a statement of claim and commenced civil penalty proceedings in the Federal Court, following an investigation that began in…
Aged care groups welcome dual jab plan
CANBERRA, AAP – Aged care peak bodies have welcomed the possibility of residents receiving a fourth dose of a COVID-19 vaccine at the same time as their flu jab. Ahead of a potential winter surge in COVID-19 cases, combined with flu season, the federal government is looking at whether to administer both vaccines to those…
Australian manufacturing growing again
CANBERRA, AAP – Australia’s manufacturing sector is growing again after the disruptions caused by the COVID-19 Omicron outbreak, and strong new orders suggest there is further expansion ahead. The Australian Industry Group performance of manufacturing index rose by 4.8 points in February to 53.2 after a sharp decline in the December 2021-January 2022 period when…
Wall St dips on sanctions against Russia
NEW YORK CITY, RAW – Wall Street’s main indexes have slipped in volatile trading, with bank stocks leading the drop as investors digested powerful sanctions against Russia by the US and its allies. Citigroup dropped 4.2 per cent, dragging down the S&P 500 banks index by 2.4 per cent as the US 10-year Treasury yield…
Aust shares up 0.7pct but mood tense
SYDNEY, AAP – Australian shares have ended firmly higher, with investors staying cautious over the economic fallout from the Ukraine conflict after Western nations imposed fresh sanctions on Russia. The benchmark S&P/ASX200 index closed 51.3 points, or 0.73 per cent higher, at 7049.1 points. The All Ordinaries index rose 49.6 points, or 0.68 per cent,…
