Soft start for Australian market predicted
The Australian share market is expected to have a soft start to the week after a busy Friday night on US and European markets amounted to little. The ASX200 futures contract was down seven points at the close on Friday and is suggesting a start five or 10 points lower come Monday. ‘Basically we’ve seen…
ASIC reprimands Goldman Sachs over bookbuilding process
Goldman Sachs has been handed a reprimand from the Australian Securities and Investments Commission (ASIC) over its method of selling shares. The US-based investment banking powerhouse accepted a type of enforcement action known as an enforceable undertaking (EU) from ASIC over Goldman’s bookbuild messaging system. An EU is a type of settlement agreed between ASIC…
CommSec Daily Report Friday
Latest newsAustralian shares have bounced off intraday lows to trade just a couple of points firmer at lunch thanks to gains from most of the banks and miners. The ASX 200 is up by 0.03 per cent after being down as much as 0.25 per cent on the open following a mixed finish on Wall…
Retail Food Group appoints new CEO
The head of embattled cafe and pizza outlet owner Retail Food Group, Andre Nell, has been replaced by the man overseeing the company’s business-wide review. RFG, the owner of Gloria Jean’s, Donut King and Crust Pizza, says Richard Hinson, who was hired by the company in January to lead a strategic review triggered by problems…
Coles restricts access to baby formula
Baby formula will join razors and cigarettes behind the counter at some NSW supermarkets to ensure Australian parents have enough to feed their infants. The move follows reports some formula brands worth between $25 and $35 for a one-kilogram tin are being bought in bulk and on-sold in China for a profit of up to…
Kogan reports strong 3Q growth
Online retailer Kogan.com’s revenue has jumped by 46.1 per cent for the third quarter as customer numbers and the value of transactions continued to grow. Kogan, which sells products ranging from consumer electronics to insurance and pet accessories, says its gross transaction value rose nearly 50 per cent during the three months to March 31….
Labor to push Joyce over jobs for partner
Labor will continue to pursue Barnaby Joyce over what special treatment may have been afforded his now-pregnant partner – but insists it doesn’t want to cause any more distress to the deputy prime minister’s family. The government maintains there was nothing untoward about the jobs Vikki Campion held in National Party MPs’ offices after she…
The Jeff Bezos divorce: $136 billion and Amazon in the middle
The announcement by Amazon founder Jeff Bezos, the world’s wealthiest man, and his wife that they will divorce has captivated the imagination – how will they split his giant fortune, estimated at $136 billion? And what will happen to the Internet retail giant – will his soon-to-be ex get a significant stake, and how would…
Ten years later, risks lurk to global economy
The US financial system 10 years ago was brought down by toxic investments with mysterious acronyms. Today the risks to global economic stability have familiar names: China, emerging market contagion, Brexit and… Donald Trump. In the years since the 2008 crisis, which caused tens of millions of people to lose their homes, led to hundreds…
No regrets on the minister sex ban: PM
Australia’s prime minister Malcolm Turnbull has no regrets about the new sex ban prohibiting cabinet ministers from having sexual relations with their staffers. Mr Turnbull announced the ban on Thursday after it was revealed deputy prime minister Barnaby Joyce had an extramarital affair with his media adviser with the PM labelling it a ‘shocking error…
