India calls for more Australian business investment
Indian President Ram Nath Kovind has said that Australia does not have enough of a presence in India. He is calling for investment so that Australian businesses can become more prominent and contribute more to the second-most-populous country. Offering ‘considerable returns’ for Australia putting capital into the Indian market, Kovind said that more needs done…
US Fed looks to Australia for consistent economic growth
Australia is a shining example of how to build an economy that can withstand volatility in the markets and avoid recessions, and the US Federal Reserve is looking to emulate its example. The US is contending with the idea that it may be able to fend off a recession and believes that the key to…
ANZ profit slips in tough Australian banking climate
Australia’s ANZ announced a slide in full-year profits Wednesday, weighed down by restructuring costs, payouts linked to misconduct charges and ‘strong headwinds’ in the retail banking sector.The Australia and New Zealand Banking Group said its cash profit on an ongoing basis was off 5 percent to Aus$6.49 billion (US$4.6 billion) in the full year to…
China VP pays highest-level visit to Israel since 2000
Chinese Vice President Wang Qishan on Monday became the most senior Beijing official to visit Israel in 18 years, as the two countries look to bolster their growing business ties.Wang headed to the Western Wall in Jerusalem, one of the most sacred sites in Judaism, after touching down at the start of his four-day trip,…
Samsung Electronics flags record Q3 operating profit
Samsung Electronics flagged Friday a third-quarter operating profit of 17.5 trillion won ($15.4 billion), a record for any-three month period, led by solid demand for its memory chips used in mobile devices.Sales for July to September are expected to reach 65 trillion won, the world’s largest maker of smartphones and memory chips said in a…
Porsche swears off diesel motors
Diesel-powered vehicles are out of the Porsche family for good, chief executive Oliver Blume has told the German daily Bild am Sonntag. Although the company does not currently produce diesel vehicles, Blume said he wants to be clear that they are also not on the horizon. Even without its own diesel vehicles, Porsche’s reputation has…
CommSec Daily Report Tuesday
Latest news Aussie stocks are softer for a fourth day, with the ASX 200 index down 0.3 per cent due largely to falls from the major banks. The big four are slumping by as much as 1.4 per cent ahead of this afternoon’s RBA Board meeting. Suncorp (SUN) confirmed the sale of its Life Insurance business…
The Week Ahead
A quiet week is in prospect in Australia. The CBA’s Business Sales Indicator is released on Monday. The Reserve Bank also dominates the calendar of events. Governor Philip Lowe will speak at a breakfast event on Tuesday to launch ASIC’s National Financial Capability Strategy in Canberra. And Deputy Governor Guy Debelle speaks in Brisbane on…
Australian agriculture groups join forces
Two of Australia’s top agriculture bodies are banding together in the hope they will be a force to be reckoned with in Canberra. The National Farmers’ Federation, which represents the nation’s 84,000 farmers, and Agribusiness Australia, which speaks for parties across the food production chain, have signed a memorandum of understanding agreeing to work together…
Banks royal commission sticks to deadline
Banking royal commissioner Kenneth Hayne QC appears unlikely to request an extension of the one-year inquiry. The commission will shift its focus from past misconduct in the banking, superannuation and financial services industry to policy issues from late September, when it stops taking public submissions and hands over its interim report. Mr Hayne will submit…
