Wall St stocks up as health insurers gain
The Dow Jones index and the S&P 500 have risen to close at record highs as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices, while financial shares climbed with bond yields. A 5.5 per cent gain in UnitedHealth Group helped the Dow close above 27,000 points…
APRA tells banks to set aside extra $500m
APRA has told three of the country’s big four banks to set aside an extra $500 million each until they have strengthened risk management and finished refunding customers for various wrongdoing. The Australian Prudential Regulation Authority said on Thursday it had written to Westpac, NAB and ANZ to tell them of the additional capital requirements….
Former Adelaide Financial Adviser Sentenced To 10 Years Imprisonment
James Gibbs, former Adelaide financial adviser, has today been sentenced in the District Court of South Australia to 10 years imprisonment with a non-parole period of seven years. Mr Gibbs was convicted of theft and other dishonesty offences committed when he was director of James Gibbs Investments Pty Ltd (JGI) totalling approximately $4.88 million, following…
Wall St touches new highs on Fed comments
US stocks have closed higher and the S&P 500 index briefly crossed the 3000-point mark for the first time as remarks by Federal Reserve Chairman Jerome Powell reassured investors about the potential for an interest rate cut later this month. The Dow also hit an intraday record while the Nasdaq closed at an all-time high…
Minister rules out selling NBN to Telstra
Communications Minister Paul Fletcher has ruled out selling the national broadband network to Telstra when the rollout of the $51 billion project is finished. Telstra raised the prospect of acquiring the network or striking a deal with the government over the network last year. Mr Fletcher pointed to safeguards within existing laws preventing a retail…
Wall Street drops as Apple falls, Fed eyed
US stocks have fallen as Apple shares dropped following a broker downgrade, and investors continued to weigh chances of an aggressive interest rate cut by the Federal Reserve later this month. Apple fell 2.2 per cent and was the biggest drag on the S&P 500 and Nasdaq. Rosenblatt Securities downgraded the iPhone maker’s shares to…
Investor Signposts 8 July 19: Post-Election Results
CommSec Chief Economist Craig James previews the economic & financial market events scheduled for the week ahead including the NAB business survey, consumer confidence & China inflation. Australia: Post-election results • In the coming week there will be more insights into the post-election economic environment in terms of business conditions and consumer sentiment. • The…
2019 Losers Poised for a Comeback
Retail Investors who take pride in calling themselves “stock-pickers” are constantly on the lookout for picks. Twice a year they are treated to the annual delight of listings of best and worst ASX performers for the trading year, ending on or about 31 December, and for the fiscal year, ending on or about 30 June….
Work starts on $1.8b WA mine and rail line
Construction has officially begun on Fortescue’s Eliwana mine and rail project in the Pilbara, Western Australia, a $US1.275 billion ($A1.8 billion) venture that will allow Fortescue to deliver the majority of its products at a higher grade of iron ore. The project includes 143km of rail, a new dry ore processing facility that can process…
Building approvals edged up 0.7% in May
Building approvals rose by 0.7 per cent in May as apartment growth ended a two-month run of declines. Approvals for private sector houses fell a seasonally adjusted 0.3 per cent in the month, but the “other dwellings” category that includes apartment blocks and townhouses, rose 1.2 per cent to lift the overall figure. Over the…
