Daigou hub streams live shopping to China
Australia’s first purpose-built retail hub for China’s growing army of “daigou” shoppers has opened, with facilities to stream live to millions of consumers waiting to place an order from overseas. The daigou hub in Sydney’s Chinatown has been created by ASX-listed AuMake to serve up products from AuMake’s 500 Australian partner brands to daigou, or…
Myer shares soar after first-half profit
Myer shares are soaring after the department store chain cut its debt by a third and posted a $38.4 million first-half profit. The department store still has $95.4 million in debt but, barring an unforeseen disaster, it appears Myer is no longer in danger of breaching its covenants with lenders. Myer trimmed its net debt…
Germany firm on Saudi arms ban despite British warning
Germany said Wednesday it would hold firm on its decision to halt weapons exports to Saudi Arabia, shrugging off British warnings that the embargo could hurt European credibility and efforts to bring peace in Yemen.‘The stance of the government is that we won’t deliver weapons to Saudi Arabia at the moment,’ Foreign Minister Heiko Maas…
Trust trumps money for Facebook with earnings due
Winning back trust is seen as the key priority for Facebook as the world’s biggest social network readies its update on the final months of 2018 on Wednesday.Facebook is looking to rebound from a horrific year marked by a series of scandals over data protection and privacy and concerns that it had been manipulated by…
ECB eyes response as slowdown fears grow
The European Central Bank will hold off sudden moves Thursday after removing a pillar of support to the eurozone economy, analysts expect, though it could already be eyeing ways to respond to slower growth.Frankfurt policymakers are caught at an intermediate stage of withdrawing crisis-era stimulus, having wound up purchases of government and corporate bonds –…
Australian wine exports slow as Chinese economy struggles
In a sure sign that the US-China trade war is beginning to bite elsewhere, the Australian wine sector grew at its slowest pace since 2014, according to data released last week. Worries that China is now seeing the effects of embarking on retaliatory protectionist rhetoric with the US and that its economy will suffer as…
Pound gains amid Brexit morass as bank earnings boost Wall Street
The British pound advanced Wednesday as Prime Minister Theresa May survived a no-confidence vote, while worries about the US government shutdown limited stock market gains after strong bank earnings.The pound gained ground against the euro and dollar after May narrowly beat back a challenge to her government by a 325-306 margin a day after a…
One Nation to block WA govt lobster grab
One Nation will block a controversial West Australian government plan to take a bite from the nation’s most valuable fishery. The state government will snare 17.5 per cent of WA’s annual rock lobster catch as part of a proposal to lower the local price of the delicacy and net the state millions in revenue. Fisheries…
Positive open tipped for Aust share market
A positive open is tipped for the Australian share market on the back of stronger than expected jobs figures in the US. The futures market predicts that the benchmark S&P/ASX 200 will climb 69 points, or 1.2 per cent, when trade resumes on Monday. This is partially due to Wall Street closing the week at…
Australian renewable energy fund gets backing from green bank
Positive developments are arising out of Australia in regard to green finance, as a new renewable energy fund is getting the go-ahead. The Clean Energy Finance Corporation (CEFC), an Australian government-owned green bank, has been looking to invest in key strategic plans that can influence development and action on climate change. It is now backing…
