Phoenix hotline to catch dodgy operators
Shonky businesses that go bust then immediately start again under a new name can be reported on a new hotline. The Phoenix Hotline aims to protect workers and investors from companies that collapse under debts only to rise “like a phoenix from the ashes” under a new name. “Phoenixing hurts hard-working Australians, including the company’s…
Socially responsible investing
Few groups are as eager to align their investments with their values as philanthropists and not-for-profits (NFPs). These groups have been a key driver of ‘Socially Responsible Investing’ (SRI) which has emerged as a pragmatic and profitable investment framework.We’ve seen increased private-sector focus on the United Nations Sustainability Development Goals (SDG), as well as burgeoning…
Wesfarmers closes Homebase sale in UK
Wesfarmers’ short-lived and disastrous foray into the UK home improvement sector is over after the Perth-based conglomerate completed the sale of Homebase. The sale to UK-based turnaround specialist Hilco Capital, which was announced in May, will result in a loss of between GBP200 million and 230 million (between $352 million and $404 million) in Wesfarmers’…
CommSec Daily Report Wednesday
Latest newsThe Australian sharemarket has kicked off the day in negative territory, with the ASX 200 down 0.4 per cent, is back below 6000pts and near four-week lows partly on a political crisis in Italy. Almost every sector is losing ground and seven in 10 companies on the ASX are down.US markets tumbled by 1.5…
Bonus payments lift wages
Bonus payments lift wages; Consumers are OKConsumer sentiment; Wage Price IndexConsumer confidence: The Westpac/Melbourne Institute survey of consumer sentiment index fell by 0.6 per cent to 101.8 points in May. The index remain above its long-term average of 101.5 points. A reading above 100 points denotes optimism.Wages: The wage price index rose by 0.5 per…
Myer appoints UK retailer John King as CEO
Embattled retailer Myer has recruited former UK department stores boss John King to be its next chief executive following a three-month international search. Myer executive chairman Garry Hounsell says Mr King led the turnaround of UK department store chain House of Fraser while CEO in the eight years to 2015. Mr King playing a central…
CommSec Daily Report Thursday
Latest NewsLocal shares have been boosted by a strong showing from US sharemarkets overnight. US traders digested the release of US inflation data which came in higher than forecast in January, higher inflationary pressures have been one of the causes of the recent market volatility. However a slowdown in retail sales tempered views about the…
Base metals rise on US-China trade hopes
Copper prices rose, and other base metals prices were higher at the end of last week, as officials from Washington and Beijing prepared for more talks to resolve their trade issues. US officials expect China’s top trade negotiator to visit Washington this month, signalling that higher-level discussions are likely to follow this week’s talks with…
Many conservatives fret over Trump’s war on tech giants
President Donald Trump’s simmering war against Silicon Valley is raising concerns, notably among conservatives, about a politically motivated crackdown on tech firms that could damage free speech protections. The attacks from the White House coincide with a Justice Department announcement that it would convene talks on whether social media firms are ‘stifling’ speech or harming…
Eurozone backs Spain’s De Guindos for ECB top job
Eurozone finance ministers backed their Spanish peer Luis De Guindos for the vice-presidency of the European Central Bank on Monday after his only rival pulled out. The choice by the single currency bloc’s finance ministers was widely expected and came despite the reticence of European lawmakers to see a politician take over as number two…
