Mastercard to phase out magnetic strips
LONDON, PAA – Mastercard is phasing out the magnetic strip that has been the vital element of all credit and debit cards since the 1960s. The financial services giant says the strip is on the verge of becoming obsolete with merchants and consumers increasingly relying on chip technology to conduct transactions securely. Modern chip cards…
Oil and gas rebound lifts Woodside profit
SYDNEY, AAP – Woodside Petroleum has swung back to a half-year profit a day after agreeing to acquire BHP’s entire petroleum division in an all-stock deal. Australia’s biggest oil and gas producer on Wednesday posted a first half profit of $US317 million ($A437 million) on the back of a rebound in oil and gas prices….
Reserve Bank remains confident despite Delta
Reserve Bank remains confident despite Delta Reserve Bank Board meeting minutes; Overseas arrivals & departures What happened? The Reserve Bank of Australia (RBA) Board released the minutes of its August 3 meeting. The Board re-affirmed its decision to pare back bond purchases, noting that fiscal policy was more appropriate than monetary policy to provide temporary…
Consumer inflation expectations hit 26-month high 11:27 am
Consumer inflation expectations hit 26-month high Consumer confidence; CBA card spending data; CBA Household spending intentions What happened? The weekly ANZ-Roy Morgan consumer confidence rating rose by 2.5 per cent – the most in 18 weeks – to 101.1 (long-run average since 1990 is 112.5). Sentiment is now back above the neutral level of 100….
Mining giant strikes Qld native title deal
TOWNSVILLE, AAP – Traditional land owners in central Queensland have struck a native title project agreement with mining giant BHP in the hopes of securing longstanding intergenerational benefits to their people. The Barada Barna Aboriginal Corporation (BBAC) and BHP Mitsui Coal (BMC) entered into the agreement for South Walker Creek mine, southwest of Mackay. Stipulations…
Insurers climb, Rio Tinto plummets on ASX
SYDNEY, AAP – Insurers’ earnings attracted plenty of investors but the ASX was flat as others made strategic exits from market giants. QBE Insurance shares were up almost nine per cent on Thursday after the company returned to first-half profit. Shares in rival IAG shares rose by nearly five per cent after it reinstated a…
Kangaroo Island firm dumps timber business
ADELAIDE, AAP – A plantation timber company on Kangaroo Island will convert its 18,000 hectares of softwood to an agricultural estate after the South Australian government rejected its plan for a deep-water port on the island’s north coast. Kangaroo Island Plantation Timbers said it would remove the tree crop from its land beginning immediately in…
Lockdowns hit consumer confidence and home sales
Lockdowns hit consumer confidence and home sales Consumer confidence; Home sales What happened? The Westpac-Melbourne Institute Index of Consumer Sentiment fell by 4.4 per cent in August to an 11-month low 104.1. All five major components of the index fell. The biggest falls in sentiment were for para-professionals and tradies (-15.2 per cent), sales and…
Labor plans fresh tilt at green bank rules
CANBERRA, AAP – Labor is planning a fresh move in parliament to maintain the renewable energy focus of Australia’s green bank. The federal government has survived several attempts to strike out regulations allowing the Australian Renewable Energy Agency to invest in low emissions technologies including carbon capture and storage and hydrogen made with the use…
Suncorp payout, buyback delight investors
SYDNEY, AAP – Insurer Suncorp has improved full-year cash earnings by 42 per cent, and delighted shareholders with a special dividend and on-market buyback. The company behind brands including AAMI and GIO on Monday said gains at its insurance and banking operations helped earnings climb to $1.06 billion. Its insurance division recorded its best improvement…
