Watchdog blitz rattles Aussie share market
SYDNEY, AAP – A financial crime watchdog’s investigations into four companies have rattled investors on the Australian share market. AUSTRAC has widened its investigation of Crown Resorts, and is examining whether NAB and casino operators SkyCity and Star Entertainment met anti-money laundering obligations. The stocks of the four companies traded lower, as did the ASX…
Russia govt wealth fund to ditch US dollar
MOSCOW, AP – Russia says it will completely remove the US dollar from its rainy day fund, a move intended to counter US pressure two weeks before a summit of the two countries’ leaders. Finance Minister Anton Siluanov told an economic forum in St Petersburg that the National Wealth Fund will turn its US-dollar-denominated assets…
Retail spending, exports rebound in April
CANBERRA, AAP – New figures show the economy got off to a solid start to the June quarter with exports and retail spending growing in April, after Australia reported a solid expansion in the first three months of 2021. Construction data also showed the industry remains in expansion territory. Australian exports recovered by three per…
CommSec Daily Report Tuesday
Latest news Aussie shares are slipping for a second day, with the ASX 200 down by ~0.5 per cent to 7,127.7 as most sectors head backwards. While this isn’t the ideal start to a new month, the index hit a fresh record high on Monday, has improved for eight consecutive months for the first time…
Labor debates but backs NT gas development
CANBERRA, AAP – Federal Labor MPs have spoken at odds over plans to develop the Beetaloo Basin gas field in the Northern Territory. The basin is one of five gas fields the Commonwealth plans to open up to support exports and manufacturing. It sits over the Cambrian Limestone Aquifer which has some of the best…
CommSec Daily Report Monday
Latest news The Australian sharemarket has had a mixed start to the final trading day of May, with the ASX 200 briefly hitting a fresh record high on the open before falling back at midday. For the first time in14 years, our market is still set to extend its winning streak to an eighth straight…
Westpac wants to help with vaccine rollout
CANBERRA, AAP – Westpac chief executive Peter King wants the corporate sector to be allowed to step in and help Australia’s flagging vaccine rollout. The bank boss said vaccinations were critical to getting lives back to normal and warned closing international borders and relying on lockdowns in response to outbreaks was unsustainable. “I understand there…
Asia stocks extend global rally to 7th day
TOKYO, RAW – Asian stocks have put global equities on course for a seventh day of gains on Friday as investors bet the US will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration. Tokyo led the advance, with the Nikkei jumping…
China’s dual-circulation model is a plan for a hostile world
Domestic production gets priority in a strategy that seeks to boost China’s ‘soft power’. Sir Arthur Lewis (1915-1991) was an economist from Saint Lucia in the Caribbean who was awarded the Nobel Prize in Economics in 1979 for his theories on development. His ‘dual sector model’ suggested that economies can modernise without triggering inflation because…
CBA invests in e-tailer, power provider
SYDNEY, AAP – The Commonwealth Bank has bought stakes in an online shopping group and power retailer as it tries to keep pace with innovative online rivals. The nation’s biggest bank has invested $30 million in shopping site Little Birdie and $20 million in power provider Amber, gaining stakes of 23 per cent and 25…
