Aust shares slip, last day of bumper year
SYDNEY, AAP – The Australian share market has posted a loss on the last trading day of 2021 but still finished a bumper year with gains of 13 per cent over the last 12 months. The benchmark S&P/ASX200 index closed Friday’s shortened New Year’s Eve session 68.8 points, or 0.92 per cent, lower at 7444.6…
Wall St rises for fifth straight day
NEW YORK CITY, RAW – The S&P 500 is hovering around record highs as conviction in the US economy helps investors shrug off concerns over Omicron-driven travel disruptions and store closures, and has extended Wall Street’s four-day rally amid thin trading volumes. The Centers for Disease Control and Prevention (CDC) on Monday shortened the recommended…
AMP to sell infra debt unit for $428m
SYDNEY, AAP – Financial services giant AMP has agreed to sell AMP Capital’s infrastructure debt division to US-based asset manager Ares Management ahead of the demerger of the group’s business. The infrastructure debt unit will be sold for a total cash consideration of $428 million, with proceeds from the sale to be used for strengthening…
RBA sees professionals quit for higher pay
SYDNEY, AAP – More Australians are quitting their jobs for better-paid ones as they make the career moves they put on hold earlier in the pandemic. Reserve Bank of Australia board members noted workers were encouraged by the strong labour market conditions after coronavirus lockdowns ended, the minutes of the central bank’s December 7 policy…
Steering a steady course
Hopes that the pandemic had peaked were dashed in November with the emergence of the Omicron strain. With markets also wary of inflation, we will focus on managing capital volatility in the short term – while looking for opportunities to deploy cash. Following the very dramatic moves late in October, fixed income markets were more…
Gold weathers hawkish Fed
Gold looked on the ropes heading into this week’s major Fed decision. With the Federal Open Market Committee expected to double the pace of its quantitative-easing tapering and pencil in more rate hikes sooner, gold-futures speculators were on a hair-trigger. The FOMC indeed proved every bit as hawkish as feared, yet gold rallied! Successfully weathering…
Woolworths has one of its worst half-years
SYDNEY, AAP – Retail giant Woolworths has endured one of its most challenging trading periods following the emergence of the highly contagious Delta variant of COVID-19. The supermarkets operator said its stock flows and operating rhythm were rocked by the scare in the first six months of fiscal 2022. “The first half of F22 has…
Back to the future with face-to-face bank
CANBERRA, AAP – Everything old is new again as bricks and mortar branches re-enter the “multi-channel experience” that used to be known as banking. Heritage Bank opened a branch at Tweed Heads on the NSW-Queensland border on Monday as larger rivals continue to close hundreds of smaller outlets. Chief executive Peter Lock said branches provide…
FMG CEO to leave post but remain on board
SYDNEY, AAP – Fortescue Metals Group CEO Elizabeth Gaines is leaving her post as the company transitions from an iron ore and metals explorer play to a green energy and resources group. But she will remain on the board as a non-executive director, FMG said in a statement to the Australian Securities Exchange on Friday….
Treasurer moves to regulate cryptocurrency
CANBERRA, AAP – A plan for cryptocurrency regulation and an overhaul of digital payments has left some sceptical and others welcoming Treasurer Josh Frydenberg’s ambition. Bitcoin and other cryptocurrencies would emerge from the shadows under a financial licensing scheme for crypto exchanges, he announced on Wednesday. With more than 220 million participants, global cryptocurrency assets…
