Tech leads ASX higher before RBA decision
SYDNEY, AAP – An imminent Reserve Bank rates decision has not deterred investors from pushing the ASX higher as they enjoyed momentum from a good lead from US markets. The Australian market was higher by 0.72 per cent at noon on Tuesday, only hours before the Reserve Bank gives its first forecast on whether a…
Confidence perks up as Omicron cases ease
CANBERRA, AAP – The mood among Australians improved further in the past week as falling Omicron cases appeared to outweigh rising inflation pressures, which have sparked speculation of an official rate hike this year. The ANZ-Roy Morgan consumer confidence index rose 1.7 per cent to 101.8 in the past week, continuing its recovery from a…
PM to announce boost to research sector
CANBERRA, AAP – Prime Minister Scott Morrison will announce a billion-dollar boost to the country’s research sector during an address at the National Press Club on Tuesday. The $1.6 billion program, called Australia’s Economic Accelerator, will seek to turn early-stage research ideas into commercial successes. It will form part of a $2.2 billion plan to…
Wall Street edges up after volatile month
NEW YORK CITY, RAW – The tech-heavy Nasdaq has risen but is still on track for its worst start to the year as investors shied away from stocks with lofty valuations amid aggressive rate hike bets and geopolitical tensions. Valuations of growth and technology stocks have come under increasing scrutiny, with the Nasdaq declining 10.5…
Labor supports Kurri Kurri gas plant
CANBERRA, AAP – Labor will support the Kurri Kurri gas plant in the NSW Hunter region if it wins government, with an important caveat. The party wants Snowy Hydro Limited to run the plant on 30 per cent green hydrogen, increasing to 100 per cent by 2030. Labor leader Anthony Albanese and climate spokesman Chris…
Aussies stashed cash as Omicron took hold
SYDNEY, AAP – Australians stashed more money in the bank at the beginning of the Omicron outbreak and Federal Treasurer Josh Frydenberg hopes it will be used to revitalise the nation’s economy. A sharp rise in household deposits of 1.7 per cent ($20.7 billion) occurred in December, APRA figures published Monday show, as the number…
ASX ends little lower, dollar eases
SYDNEY, AAP – Australia’s share market has wavered in the second half of trade and closed a little lower while the dollar struggled to trade for more than 70 US cents. The heavyweight financials category was the worst performer on the ASX and lost 1.83 per cent on Monday. Financials were not helped by a…
Asia shares in cautious mood, oil rising
SYDNEY, RAW – Asian share markets made a cautious start to a week that is likely to see a rise in UK interest rates and mixed reports on US jobs and manufacturing, while surging oil prices added to worries over inflation. Data out on Sunday showed China’s factory activity slowed in January as a resurgence…
WeChat parent Tencent reaches out to PM
CANBERRA, AAP – The prime minister’s office has confirmed WeChat’s parent company Tencent has reached out after months of snubbing. The office had repeatedly tried to contact the company since July 2021 – including the CEO – after Scott Morrison lost control of his account. A Tencent executive reached out to the office on January…
Melbourne Airport runway plan takes off
MELBOURNE, AAP – Melbourne Airport’s long-held plans for a third runway will be released to the public. The plans for the 3000m north-south runway will be released Monday and made available for consultation until May 16. The $1.9 billion project is expected to increase the airport’s capacity by 136,500 take-offs and landings each year. Planning…
