AMP to slash dividend on 96% profit drop
AMP has flagged a 96 per cent drop in full-year profit and a drastically smaller final dividend after confirming it will set aside another $200 million to cover the cost of customer remediation related to issues heard at the banking royal commission. The wealth manager expects net profit attributable to shareholders for the 12 months…
Drone disrupts air traffic into Newark
A drone briefly disrupted air traffic Tuesday at Newark airport, one of New York’s three major hubs for air traffic, US officials said.There were no further drones sighted, and arrivals were allowed to resume after a short suspension, a Federal Aviation Administration spokesman told AFP.The FAA ordered a ground stop for other flights heading to…
ASX tipped for solid gain at the open
The Australian share market is set for a solid gain at the open after reports the US and China are prepared to make concessions in trade talks pushed global markets higher. The futures market predicts the benchmark S&P/ASX 200 will climb 43 points, or 0.7 per cent, when trade resumes on Monday. ‘We’ll share in…
Port workers to take industrial action
Almost 400 wharfies at two major ports in Sydney and Brisbane will begin industrial action this week as part of an ongoing dispute over a new workplace agreement. Workers employed by Hutchison Ports at Port Botany in Sydney and the Port of Brisbane voted to take action after negotiations broke down following five months of…
CommSec Daily Report Thursday
Latest newsThe Aussie market is fading from a better start due mainly to losses from BHP Billiton (BHP) and farming group Costa (CGC) at lunch. This is the first time this week local equities are not lifting and the ASX 200 is still close to two-month highs.What is encouraging is that the US-China trade negotiations…
Taiwan confirms wish to join Asia Pacific trade deal
As the ink dries on the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force on 30th December, there have already been calls from other countries who want to take part in the deal. One of these countries is Taiwan, and as more nations come together to work on…
Industrialist has big plans for Whyalla
British industrialist Sanjeev Gupta has unveiled an ambitious plan for a “grand scale steel plant” in Whyalla, capable of annual exports of 10 million tonnes. The billionaire on Monday revealed details of what he said could become one of the world’s largest steel production facilities, with the necessary infrastructure to double production over time. The…
The Week Ahead
A relatively quiet week beckons in Australia in terms of new economic data. Business investment, construction work done and private sector credit figures are of most interest. And Reserve Bank Governor Philip Lowe speaks.In the US the release of the minutes from the last Federal Reserve meeting will attract interest, while the second estimate of…
Italy to defy EU over big-spend budget
Italy’s populist government was set Tuesday to defy the European Commission, preferring to risk financial sanctions than revise its big-spending budget.The coalition had been given time to change its 2019 plans but insists an anti-austerity approach will help kickstart growth in the eurozone’s third largest economy, and consequently reduce the public debt and deficit.The far-right…
US charges 2 ex-Goldman Sachs bankers in Malaysia bribery scandal
US officials unveiled criminal charges Thursday against two former Goldman Sachs bankers over the scandal-plagued Malaysian sovereign wealth fund 1MDB, raising fresh questions about corporate culture at the prestigious investment bank.The Justice Department arrested former Goldman Sachs banker Ng Chong Hwa in Malaysia on Thursday, and unsealed charges against Tim Leissner, another ex-Goldman banker, who…
