Australian businesses post positive outlook for July
July resulted in positive news for Australian businesses, despite looming threats of an ongoing mortgage crisis in the wake of several national banks reeling from the Royal Commission inquiry into financial misconduct. With conditions easing slightly, levels of activity remained consistent, but the real boon came from businesses’ determination to recruit, suggesting that the money…
Oil posts biggest monthly loss since 2016
Oil prices have dropped, closing out the largest monthly decline in two years on supply worries after OPEC output reached a 2018 high in July, overshadowing reports that the US and China might reopen trade talks that could boost demand. October Brent crude futures fell $US1.34 to settle at $US74.21 a barrel on Tuesday. The…
Income tax continues to do heavy lifting
The federal budget will become more reliant on personal income tax revenue as other sources dwindle and no action is taken on reaping more from gas and mining firms, a new report says. The Parliamentary Budget Office on Wednesday released an analysis of the tax system since 2001 and some of the risks ahead. The…
German industrial orders bounce back in May
Industrial orders in Germany bounced back in May after a string of setbacks, official data showed Thursday, suggesting Europe’s largest economy may not face the sharp slowdown some observers feared.New contracts at industrial firms grew 2.6 percent month-on-month in May, federal statistics authority Destatis said in figures adjusted for price, seasonal and calendar effects.The performance…
Trump prepares China tariff target list as confrontation escalates
President Donald Trump on Friday was due to unveil a final list of Chinese imports that would face punishing tariffs but it remained uncertain whether he would hold fire as part of a negotiating strategy.Imposing the tariffs would escalate the trade confrontation with Beijing, and potentially set off a round of tit-for-tat retaliation, which economists…
Compumedics shares soar on joint venture
Shares in Compumedics have soared after the company said it plans to form a joint venture with a China-based health check organisation that will purchase one million of its sleep monitoring devices. The proposed joint venture with Meinian Onehealth Healthcare Holdings, known as Health 100, will commercialise Compumedics’ Somfit device – a wearable system for…
Australia restricts live sheep exports after shocking treatment
Horrific footage of dead and dying sheep on ships bound for the Middle East has prompted sweeping reforms to Australia’s live export trade, but Canberra stopped short of an outright ban Thursday.Video images taken last year showed heat-stricken sheep crammed together in small, stifling pens and covered in excrement, shocking the Australian public when it…
More pokies allegations aimed at Crown
Victoria’s gambling regulator and police are investigating additional allegations of poker machine tampering at Melbourne’s Crown Casino. It comes after independent MP Andrew Wilkie showed journalists “picks” he said were given to a former high-roller at the casino, allegedly used to let the woman play multiple machines at the same time. The former gambling addict,…
Caltex to end franchises in huge overhaul
Caltex Australia says its decision to buy out franchisees and have only company-owned stores has nothing to do with staff underpayment issues uncovered at a number of franchise outlets. The major overhaul of its business model comes after a two-year review sparked by media reports in 2016 that uncovered cases of staff underpayment and triggered…
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…
