Cormann keeping faith on company tax cuts
The Turnbull government is daring to dream its deeply unpopular corporate tax cuts could somehow scrape through federal parliament within the next two weeks. Finance Minister Mathias Cormann has so far been unable to muster Senate support for plans to slash the tax rate for companies with revenues above $50 million a year. On current…
Tariffs trump jobs for Aussie consumers
Tariffs trump jobs for Aussie consumersConsumer sentimentConsumer confidence: The weekly ANZ-Roy Morgan consumer confidence rating fell by 2.1 per cent to 118.9, but was still above the average of 114.0 since 2014 and average of 113.0 since 1990.Views on current economic conditions: Consumer views on current economic conditions (for the next year) fell by 3.8…
Truck drivers in safety protest convoys
More than 300 truck drivers will protest in convoys in five capital cities, demanding better safety conditions. Convoys will take to the streets in Adelaide, Perth, Sydney, Melbourne and Brisbane on Sunday morning. The Transport Workers Union is concerned the industry has become the deadliest in Australia, accounting for over 30 per cent of all…
Yancoal seeks dual listing in Hong Kong
Coal miner Yancoal has applied for a dual listing on the Hong Kong Stock Exchange to increase liquidity in its shares and diversify its investor base. The company – which says it remains committed to its listing on the ASX – also plans a capital raising, but did not give details. Yancoal chief executive Reinhold…
CommSec Daily Report Thursday
Latest newsFor the first time in a month, the Aussie sharemarket is lifting for a second day thanks to gains from resource and banking stocks. The ASX 200 index is up 0.7 per cent and remains on track to break a three-week losing streak.US shares jumped last night by ~1 per cent with the S&P500…
Comcast challenges Disney for control of 21st Century Fox assets
A full-fledged bidding war for key assets of Rupert Murdoch’s 21st Century Fox erupted Wednesday as media and cable giant Comcast announced it plans an all-cash bid that would top an existing offer from Walt Disney Co.Comcast said it is in ‘advanced stages of preparing’ the offer for the television and entertainment assets Fox agreed…
Trump administration faces crunch week on trade
President Donald Trump’s trade team faces a crunch week as they juggle talks on multiple sensitive issues representing hundreds of billions in trade amid pressing deadlines.High-stakes negotiations will take place with China, the European Union and Washington’s two North American Free Trade Agreement partners.And while the talks have been going on for weeks and months,…
Qualcomm says China regulators prompt delay of NXP merger
US mobile chipmaking giant Qualcomm on Thursday said it extended the deadline for its planned merger with Dutch rival NXP to work on getting clearance from regulators in China.At the request of the Ministry of Commerce in China, the companies have refiled a notice of acquisition, Qualcomm said in a news release.The refiling came with…
Inflation below RBA target
Inflation stubbornly below Reserve Bank targetConsumer price indexInflation: The Consumer Price Index – the main measure of inflation in Australia – rose by 0.6 per cent in the December quarter, below expectations for a lift of 0.7 per cent. In seasonally adjusted terms the CPI rose by 0.6 per cent. The annual rate of inflation…
US Federal Reserve raises lending rate; signals slower pace ahead
The US Federal Reserve raised the benchmark interest rate on Wednesday, a move sure to anger President Donald Trump, but it also sent a clear signal it expects to slow its rate increases next year. The Fed’s fourth rate increase of the year, which sent Wall Street tumbling in mid-afternoon, moved the central bank squarely…
