Banks boost share on Hayne report release
The Australian share market has closed higher after investors’ worst fears over the banking royal commission’s interim report were unfounded. The benchmark S&P/ASX200 index was up 26.4 points, or 0.43 per cent, at 6207.6 points on Friday, while the broader All Ordinaries index was 26.2 points, or 0.42 per cent, higher at 6325.5 points. After…
Facebook’s Zuckerberg contrite ahead of grilling in Congress
Facebook chief Mark Zuckerberg placed the blame for privacy and security lapses at the world’s largest social network squarely on himself as he girded Monday for appearances this week on Capitol Hill before angry lawmakers. In prepared remarks released by a congressional panel, Zuckerberg admitted he was too idealistic and failed to grasp how the…
I predicted the last financial crisis – now soaring global debt levels pose risk of another
There are none so blind as those who will not see. This phrase may have religious roots, but there is no better way to describe the dominant sect in economics today than as wilfully blind. A decade after the 2007-08 crisis, most still repeat the mantra that it could not have been predicted. Nonsense. The…
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…
