Australian agriculture groups join forces
Two of Australia’s top agriculture bodies are banding together in the hope they will be a force to be reckoned with in Canberra. The National Farmers’ Federation, which represents the nation’s 84,000 farmers, and Agribusiness Australia, which speaks for parties across the food production chain, have signed a memorandum of understanding agreeing to work together…
Banks royal commission sticks to deadline
Banking royal commissioner Kenneth Hayne QC appears unlikely to request an extension of the one-year inquiry. The commission will shift its focus from past misconduct in the banking, superannuation and financial services industry to policy issues from late September, when it stops taking public submissions and hands over its interim report. Mr Hayne will submit…
European stocks sink at open
European stock markets moved lower in opening deals Wednesday on renewed trade war concerns after the United States announced another list of Chinese exports subject to tariffs.Frankfurt’s DAX 30 lost 0.8 percent to open at 12,506.99 points, while the Paris CAC equities market also edged down 0.8 percent to 5,393.41 points.The British capital’s benchmark FTSE…
The Week Ahead
The End of Financial Year (EOFY) may be approaching, but tier-1 economic data in Australia is scarce this week. The latest update on Aussie household finances will be keenly observed given the laser-like focus of the Reserve Bank and economists on the biggest driver of economic growth – household consumption.In the US, economic growth and…
Australia keeps rates on hold ahead of growth data
Australia’s central bank kept interest rates at a record low Tuesday for a 20th consecutive meeting as it waits for signs of wage and price inflation as well as a drop in unemployment.The widely expected decision was made ahead of growth data Wednesday, with economists tipping the economy to have expanded a solid 0.9 percent…
Flu season helps CSL lift profit guidance
CSL has lifted its full-year profit guidance thanks to strong sales of products, including its Seqirus flu vaccine in the northern hemisphere. The vaccines and blood products supplier says sales of drugs to treat haemophilia and angiodema – a hereditary condition that can cause swelling of the face, abdomen and limbs – were stronger than…
US hopes to narrow wide gap in China trade talks
US Commerce Secretary Wilbur Ross said Thursday he hopes to reduce large differences with China in trade talks where hundreds of billions of dollars in commerce are at stake.‘The gap is wide,’ Ross said in congressional testimony, a week after he led a delegation to Beijing to try to resolve the thorny dispute.A high-level Chinese…
German minister offers hope of detente on Trump tariffs
A compromise could be reached as soon as this week between the European Union and United States over the tariffs President Donald Trump imposed on steel and aluminum, a German official said Monday.Talks with US officials could make it ‘possible to find a solution that can still avoid a decline into a heavy trade conflict,’…
Surprise trade deficit in November
Trade deficits return; Import growth at 7-year highsInternational tradeTrade deficits return: A trade deficit of $628 million was posted in November, rising from a revised $302 million deficit in October (previously reported as a $105 million surplus). The deficits followed five consecutive surpluses to September and it is the first time since October 2016 that…
Newcrest Mining inks Greatland Gold deal
Australia’s top gold miner Newcrest Mining Ltd says it has signed an exploration agreement for a joint venture with London-listed Greatland Gold Plc. The joint venture comes a day after Newcrest announced it will buy a 70 per cent interest in the Red Chris copper and gold mine in Canada from Imperial Metals Corp for…
