ASX losses limited by BHP gains
SYDNEY, AAP – A hefty BHP first-half profit has helped limit losses on an Australian share market weighed down by worry over the prospect of conflict in Europe. Market giant BHP reported improved profit to $13.2 billion and raised its interim payout after an excellent performance at its Western Australian iron ore arm. The miner’s…
Asia stocks wary on Ukraine warnings
SYDNEY, RAW – Asian shares have slipped as warnings Russia could invade Ukraine at any time sent oil prices to seven-year peaks, boosted bonds and belted the euro. The United States on Sunday said Russia might create a surprise pretext for an attack, as it reaffirmed a pledge to defend “every inch” of NATO territory….
Treasurer mum on any budget tax cuts
CANBERRA, AAP – Treasurer Josh Frydenberg is keeping mum on media speculation that he will extend tax breaks for low income earners and slash the tax on beer. The treasurer will hand down the federal budget on March 29, earlier than its traditional release in May due to the upcoming federal election. The low and…
Crown seals takeover deal with Blackstone
SYDNEY, AAP – Casinos and gaming giant Crown Resorts has sealed terms for its takeover by global private equity group Blackstone. Under the deal, Blackstone will buy all of the listed shares in Crown for $13.10 cash each, valuing the Melbourne based group at $8.9 billion. This compares to a closing price of $12.39 on…
Budget needs investments, not cuts: ACOSS
CANBERRA, AAP – The federal government’s upcoming budget should focus on investing in critical services rather than tax cuts for the wealthy, says Australia’s peak welfare advocate group. In its budget submission to the federal treasury, ACOSS asks the government to take advantage of a “historic opportunity” to address longstanding inequality. Instead of tax cuts…
Wall St ends down on fears of Ukraine war
NEW YORK, RAW – Wall Street stocks have ended sharply lower for the second straight session, as investors fret about deepening tensions between Russia and Ukraine. Nine of the 11 major S&P 500 sector indexes declined on Friday, led by technology, down 3.0 per cent, and consumer discretionary, down 2.8 per cent. The energy sector…
Regional towns stretched by growing pains
ORANGE, AAP – At the peak of the drought, flashing signs were a daily reminder to residents in Orange that their water supply was dwindling. The signs, on main streets and in supermarket car parks around the city in central west NSW, lit up with ever-declining water storage levels. At its lowest point in…
Earnings and Guidance that Surprises
Regular followers of market news know that one of the unanticipated outcomes of the COVID 19 Pandemic was a stunning increase in the number of people investing in share markets in much of the world, particularly among the young. Professional financial services providers noted the need for educating the newcomers with companies like CBA’s (Commonwealth…
Top economists expect RBA to hold rates
Australia’s leading forecasters expect the Reserve Bank to resist pressure to lift interest rates all year, despite rising interest rates overseas, much higher inflation, plunging unemployment, and financial market traders pricing in two hikes in the next six months. The 24-person forecasting panel assembled by The Conversation also predicts: weaker economic growth much lower housing…
The climate challenge for investors
A number of developments at the COP26 climate change summit in Glasgow gave grounds for optimism. These include deeper cooperation between China and the US and a pledge by the financial services sector to harness its resources to help with the global transition to net zero emissions. In the wake of Fidelity’s Sustainable World Summit,…
