New reef funding ‘backs in’ scientists: PM
CANBERRA, AAP – New funding to protect the Great Barrier Reef will “back in” scientists to help preserve the natural wonder, according to the prime minister. It comes after the federal government will spend $1 billion over the next nine years to help manage the reef, after the Commonwealth successfully lobbied UNESCO to delay a…
China, Australia curbs dent Maccas sales
NEW YORK CITY, AP – McDonald’s ended 2021 on a high note with US customers spending more and fewer restaurant closures in Europe from coronavirus restrictions. But higher costs for food and labour weighed on profits and the company said it expects that pressure to continue this year. Global same-store sales – or sales at…
Wall St gains on boost from tech stocks
NEW YORK CITY, RAW – US stock indexes have opened higher on a boost from tech-focused megacap firms a day after hawkish comments from the Federal Reserve weighed on markets. Leading gains on the benchmark S&P 500 was a 18.4 per cent surge in hard-disk maker Seagate Technology’s shares followed by a 13.5 per cent…
Losing streak extends on ASX
SYDNEY, AAP – A fourth consecutive loss has the ASX set to record its worst week in almost two years. The market dropped 1.77 per cent on Thursday after the US Federal Reserve confirmed rates may rise as early as March. The heaviest falls on the Australian market were in technology stocks, which slumped by…
Woodside exits Myanmar citing human rights
CANBERRA, AAP – Australia’s Woodside has announced its withdrawal from Myanmar as human rights abuses worsen under the military rulers. The latest joint venture would have been the first ultra-deep-water development in the Bay of Bengal offshore Myanmar. “Given the ongoing situation in Myanmar we can no longer contemplate Woodside’s participation in the development of…
Upbeat ASX on track to stop losing streak
SYDNEY, AAP – An upbeat ASX could give investors a first day of gains this week as the market finally rebounded from days of rate rise gloom. The market was higher by about one per cent on Friday despite the main Wall Street indices closing lower overnight. All ASX share categories were higher. This is…
Europe weighs up Australia travel freedoms
CANBERRA, AAP – Europe’s ambassador to Australia Michael Pulch says there is an opportunity for free travel between the two regions to restart once COVID-19 transmission rates begin to fall. Australia was removed from the European Council’s “white list”, which recommends non-essential travel be barred after soaring Omicron infections in the country. Australia was on…
ASX listing for virus-killing nasal spray
MELBOURNE, AAP – An Australian pharmaceutical firm that’s developing a world first virus-killing nasal spray is set to list on the ASX. Firebrick Pharma co-founder Dr Peter Molloy told AAP he’s been working on the spray, called Nasodine, for almost a decade, as a treatment for the common cold. “It appeared to me that if…
Westpac cuts growth forecast amid Omicron
CANBERRA, AAP – Economists at a major Australian bank have slashed their economic growth forecast for the March quarter to zero due to the impact of the Omicron variant on activity. Westpac has raised its growth forecast for the December quarter 2021 to 2.6 per cent from 2.2 per cent, partly reflecting the 12 per…
Australia could fill Europe gas supply gap
CANBERRA, AAP – Europe is looking towards gas suppliers other than Russia, including Australia, as tensions over Ukraine continue to escalate. Program director of energy at Grattan Institute Tony Wood says the US is trying to coordinate the diversification, with Australian gas already used to supplement supplies. “I’m sure the conversations are being had (but)…
