Tesla CEO Elon Musk reveals “difficult and painful year”
Tesla CEO and tech magnate Elon Musk continued to occupy the spotlight by giving an in-depth interview with the New York Times on Thursday, discussing what he labeled the “most difficult and painful year in my career”. The markets are watching Tesla intently amid rumors of the publicly listed company going private. With Tesla’s ambitious…
IMF warns of global economic “storm” as growth undershoots
The International Monetary Fund on Sunday warned governments to gear up for a possible economic storm as growth undershoots expectations. ‘The bottom-line – we see an economy that is growing more slowly than we had anticipated,’ IMF Managing Director Christine Lagarde told the World Government Summit in Dubai.Last month, the IMF lowered its global economic…
Emma & Roe chain to shrink by 80%
Jewellery chain Michael Hill International will close 80 per cent of its struggling Emma & Roe stores at the cost of up to $7.9 million, with just six outlets surviving the cull. The Brisbane-based company on Tuesday said it expects to close 24 stores by June 30, with the remainder to be repositioned in previously…
Expectations versus Actual Performance for Top Tech Stock Picks for 2017
Next month investors will be treated to the annual extravaganza of “best stocks to buy for 2018” advisory articles. The predictions from stockmarket experts can be useful tools for developing watch lists of investment possibilities. However, sage investors temper exuberant expectations, recalling the famous adage accredited to Danish physicist Niels Bohr: • “It is very…
Britain draws ire by delaying tax shelter crackdown
The UK government drew the wrath of transparency groups on Monday by delaying proposed legislation aimed at ending secret company ownership in offshore territories such as Jersey.Britain has been gradually ramping up its fight against money laundering and various tax avoidance and evasion schemes.But it has less say in the rules governing the Isle of…
US-China talks to boost Aussie market
A positive open is tipped for the Australian share market on the back of encouraging trade talks between the US and China. The benchmark S&P/ASX 200 is expected to climb 53 points when trade resumes on Monday after finishing at 6,066.1 points on Friday, CommSec chief economist Craig James told AAP on Sunday. ‘There’s more…
What next for Brexit?
Despite the humiliating rejection of Prime Minister Theresa May’s Brexit deal, Britain is no closer to knowing the end result of its vote to leave the European Union.A raft of amendments to be voted on by MPs on Tuesday threaten to further muddy the waters as the clock ticks down to Britain’s scheduled departure from…
Banks and energy weigh down ASX at close
The Australian share market has clawed back some of its earlier losses to close lower with the financial and energy sectors weighing the heaviest. The benchmark S&P/ASX200 index was down 15.1 points, or 0.26 per cent, to 5,843.7 at 1630 AEDT on Wednesday, while the broader All Ordinaries was down 15.6 points, or 0.26 per…
Police bust Australia-China baby formula crime ring
Six people have been charged after Australian authorities uncovered a multi-million-dollar crime syndicate stealing baby formula and vitamins from major retailers across Sydney for shipment to China, police said Monday.Four members of one family and two other men have been arrested and charged over the ‘organised criminal group’ that New South Wales Police believe has…
CommSec Daily Report Thursday
Latest NewsLocal shares are climbing higher for a third straight day as better than expected earnings for US banks helped boost Wall Street in overnight trade. There was also no shock with Theresa May’s government surviving a no-confidence motion in British parliament following a heavy defeat for her Brexit deal. The ASX 200 index is…
