Australian share market to open lower
Declines across the US and Europe will provide a negative lead in for the Australian share market on Monday. Australian markets are also expected to be affected by Monday’s public holiday in Victoria, South Australia, Tasmania and the ACT. CommSec chief economist Craig James says its no surprise that after the losses in the US,…
Kraft Heinz facing the painful downside of austerity approach
The American food giant known for its iconic ketchup and hotdog brands is facing the downside of austerity as a strategy for boosting profits.Kraft Heinz, born of the $49 billion merger of Kraft Foods and Heinz in 2015, had a disastrous fourth quarter, posting a net loss of $12.6 billion on Thursday, leading to a…
Freedom Foods says Coomboona deal done
Australian Fresh Milk Holdings has completed the purchase of the Coomboona dairy farm, ending Harvey Norman’s disastrous association with the dairy sector. ASX-listed Freedom Foods says Australian Fresh Milk Holdings, in which it owns a 10 per cent stake, has bought the operation in Northern Victoria. Freedom Foods contributed $4.6 million to the purchase in…
Australia leads world talks on data sharing
Australia looks set to kick off a series of talks that could welcome in a new era of data sharing between developed and developing nations, with clear acknowledgement that multinational companies and those working across borders are struggling to deal with data and workflow gaps. As part of the talks, held at the World Trade…
Residential aged care wait time increases
Older Australians have been waiting longer to enter residential aged care facilities after being approved for the service by health professionals. The median waiting time for 2017/18 was 121 days, up from 105 days in 2016/17 and 84 days in 2015/16, the Productivity Commission said in a report on government services released on Tuesday. The…
AGL halts coal ash sales on metal concerns
Energy company AGL has suspended sales of coal ash and ash by-products from its Bayswater and Liddell power stations in NSW due to elevated signs of heavy metals in the product. In a release on Thursday, the company said testing showed some of the coal ash from the Bayswater and Liddell power stations in the…
Light rail critic launches political party
An outspoken critic of the Sydney light rail project has launched her own political party which will run candidates in several inner-city seats at the upcoming state election. City of Sydney councillor Angela Vithoulkas – who once owned Vivo Cafe on George Street – has established the Small Business Party and will head the upper…
CommSec Daily Report Tuesday
Latest NewsAfter a slow start, the Aussie sharemarket has bounced back into positive territory at towards lunch. The ASX 200 dipped into negative territory early and was down 17 points at its lows. The index is now 24 points or 0.4% higher at 5707.3 and follows another positive session on Wall St on optimism over…
Big insurers will not cover Adani coal mine
In a sign that environmental pressure is escalating, many of the world’s biggest insurers have now said that they will not cover the proposed Adani coal mine in Carmichael. The coal-powered plant needed to be self-funded, as major investors were concerned over the long-term viability of the resource. Many companies are under pressure to move…
New payout for victims of Madoff Ponzi scheme
Victims of Bernie Madoff’s multi-billion-dollar fraud, who lost their savings when the Ponzi scheme collapsed in 2008, are receiving additional compensation, bringing the total payout so far to nearly $2 billion, US officials announced Thursday.The Madoff Victim Fund paid out another $695.4 million to over 27,000 victims of the investment scam, the Justice Department said…
