NSW train shutdown may have cost $50m
SYDNEY, AAP – NSW Treasury’s chief economist says the last-minute decision to shut down trains last week could have cost the state up to $50 million – more than the $33 million his modelling suggested – because commuters did not have ample notice to make other arrangements. Stephen Walters was asked by the Crown Solicitor’s…
Consumers spend despite Omicron disruption
CANBERRA, AAP – Australian consumers showed some caution in their spending habits during the Omicron COVID-19 outbreak, but retail sales still posted the second-highest level on record at $32.5 billion in January. Retail spending grew by a stronger-than-expected 1.8 per cent in January, partially recovering from 4.4 per cent drop in December. Most categories rose…
Zip Co to snap up BNPL rival Sezzle
SYDNEY, AAP – Buy now pay later operator Zip Co has agreed to acquire smaller US-focused rival Sezzle in an all-stock deal valuing the target company at $491 million. Zip says it will raise $199 million through a share placement to investors and a share purchase plan for existing shareholders to part fund the deal….
Euro, US futures slide; Ukraine risks rise
TOKYO, RAW – US equity futures have sunk with the euro while the safe-haven US dollar and yen were in demand after Western nations imposed fresh sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system. US 10-year Treasury futures rose a full point, while the Russian…
Forrest stoking the renewables sector
SYDNEY, AAP – Businessman Andrew Forrest has made a major play in the renewable energy sector with a $3 billion investment promising power for more than 650,000 homes. The wind, solar and battery farm in central Queensland is touted as the largest of its kind in the southern hemisphere. The move will see Dr Forrest’s…
BP quits Russia, takes $A35 billion hit
LONDON, RAW – British multinational oil and gas company BP is abandoning its 19.75 per cent stake in Russian oil giant Rosneft after Russia’s invasion of Ukraine in an abrupt and costly end to three often fraught decades of operating in the oil-rich country. Rosneft accounts for around half of BP’s oil and gas reserves…
Dow posts biggest gain since November 2020
NEW YORK, RAW – The Dow on Friday registered its biggest daily percentage gain since November 2020 with the market rebounding for a second day from the sharp selloff leading up to Russia’s invasion of Ukraine. Oil prices fell below $US100 ($A138) a barrel, easing some concerns about higher energy costs, and all 11 of…
With Crisis Comes Opportunity
Would investors in a “perfect world” ignore the impulse to take advantage of those suffering from a crisis to profit from their collective misery? The GFC drove untold numbers of businesses into the wilderness, with many disappearing entirely. People lost their life savings. Wars are often seen as crises of the highest order. Yet investors…
Australian shares edge higher at noon
SYDNEY, AAP – Australian shares edged higher by noon, with investors staying in cautious mode over the fallout of the Ukraine conflict after Western nations imposed fresh sanctions on Russia. By 1200 AEDT on Monday, the benchmark S&P/ASX200 index was up 19.7 points, or 0.28 per cent, to 7017.5 points. The All Ordinaries index rose…
Ukraine crisis fuels record petrol prices
SYDNEY, AAP – An overnight surge in the cost of oil sparked by the crisis in Ukraine has contributed to record fuel prices for Australian drivers. And Aussies have been warned the Russian invasion of its neighbour means further sudden price spikes and volatility are here to stay, Peter Khoury from the NRMA said on…
