News

Toys R Us founder dies as iconic retail chain folds

The founder of the embattled Toys R Us chain of children’s stores died on Thursday, a week after the company announced the end of its operations in the United States. ‘There have been many sad moments for Toys R Us in recent weeks, and none more heartbreaking than today’s news about the passing of our…

Investor Signposts: Week Beginning 15 February 2016

Craig James – Chief Economist – CommSec Job market in the spotlight ·       Only a spattering of economic statistics in Australia in the coming week. But dominating proceedings are minutes of the last Reserve Bank Board meeting and employment data. In the US, similarly minutes of the Federal Reserve meeting will be…

SpaceX Dragon capsule successfully docks with ISS

The demonstration mission of SpaceX’s new Crew Dragon capsule successfully docked Sunday on the International Space Station, passing a key test before it can begin taking US astronauts into space.The docking of the capsule, which has only a dummy on board, was concluded at 1051 GMT, nearly 250 miles (400 kilometers) over the surface of…

ASIC appeals Westpac test case over advice

The corporate regulator is appealing a test case it lost against Westpac over the advice given to customers during a campaign encouraging them to roll over their superannuation accounts. The Australian Securities and Investments Commission has filed an appeal over a case that has wider implications for the wealth management industry because it centres on…

Zinc hits 3-month high on shortage fears

Zinc prices hit their highest in three months on Friday on worries that weak refined output in China could send the global market into deficit. Lead also hit a three-month peak after inventories dwindled, while the wider industrial metals market was boosted by a sliding US dollar. ‘The big question in zinc is smelter utilisation…

Renault to chart course for post-Ghosn era with new bosses

Renault is expected Thursday to appoint a new leadership duo to drive the French carmaker into an era without lynchpin Carlos Ghosn, who remains in a Japanese jail on financial misconduct charges. The firm is poised to select interim chief executive Thierry Bollore as CEO and the head of tyre manufacturer Michelin, Jean-Dominique Senard, as chairman….

Oil surges 3pct on OPEC glut-cut plan

Oil prices have jumped about 3 per cent, rising after OPEC detailed specifics on its production-cut activity to ease global oversupply, and on signs of progress in ending the US-China trade war. Brent crude was up $US1.52 to settle at $US62.70 a barrel, or 2.48 per cent. US West Texas Intermediate crude futures added $US1.73…

Vanguard founder John Bogle dies at 89

John Bogle – also known as Jack – founder of investment management firm Vanguard, has died in Pennsylvania, the company said Wednesday. He was 89.‘Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures,’ said Vanguard…

EU probes Nike tax deals in the Netherlands

The EU on Thursday launched an in-depth probe into Nike’s tax affairs in the Netherlands, following revelations in the ‘Paradise Papers’ scandal that exposed low tax deals for multinationals.The investigation of one of the world’s most iconic brands, with its ‘Just Do It’ moniker, follows a series of other tax probes targeting the Netherlands, including…

Sales of new cars drop in Australia

In a worrying sign that a global credit crunch may well be on the way, the news that new car sales are slumping in the US is similar to a scenario unraveling in Australia. Part of this is due to reduced disposable income, and lower average household spending is often one of the key indicators…