Financial News from AAP

  • Lower commodity prices weigh on market AAP - 8 minutes ago

    The Australian share market has closed lower amid weak prices for commodities, such as oil, and weak manufacturing data from China. CMC Markets chief market analyst Ric Spooner said the key factor behind the market's fall was weaker commodities prices. Mr Spooner said another deterioration in manufacturing activity in China suggested soft demand for commodities.

  • Argo annual profit lifts 16.5 per cent AAP - 13 minutes ago

    Investment firm Argo Investments expects the recent fall in the Australian dollar will help the local economy in the 2015/16 financial year. Argo also expects the housing market to stay strong. Managing ...

  • Childcare takeover battle heats up AAP - 14 minutes ago
    Childcare takeover battle heats up

    Childcare operator G8 Education has increased its takeover offer for rival Affinity Education to include almost $150 million in cash. The rapidly expanding G8 launched its bid for Affinity on July 3, which if successful will add 161 childcare and early learning centres to G8's portfolio, taking it past 620 centres, with places for more than 47,000 children. G8 originally offered one of its shares for every 4.61 Affinity shares, and that has now been improved to one G8 share for every 4.25 Affinity shares.

  • CSL shares inching towards $100 AAP - 15 minutes ago

    The share price of blood products and vaccines supplier CSL continues to nudge the $100 mark. Morningstar analyst Chris Kallos says several factors have been driving CSL's share price, rise from around $65 a year ago. "That, I think, could be transformational for the company," Mr Kallos said.

  • Stocks to watch at close on Monday AAP - 17 minutes ago

    Stocks to watch on the Australian stock exchange at the close on Monday: AFJ - AFFINITY EDUCATION - up 8.5 cents, or 11.5 per cent, at 82.5 cents GEM - G8 EDUCATION - up 10 cents, or 2.9 per cent, at $3.50 ...

  • Aust shares close lower AAP - 19 minutes ago

    The Australian share market has closed lower ahead of a Reserve Bank rates decision and key employment data. At the close on Monday, the benchmark S&P/ASX200 index was 19.9 points, or 0.35 per cent, lower ...

  • Cuba emerges as paradise for gay tourism AAP - 38 minutes ago

    As tourism flourishes in Cuba the island is emerging as a destination for gay and lesbian travellers. Pioneering this tourism in Cuba are the owners of Mi Cayito Cuba, a Web-based intermediary between "gay-friendly Cuban private initiative and clients around the world". "The island has great potential as a space for coexistence," company director Alain Castillo told EFE.

  • New home sales rebound in June AAP - 39 minutes ago
    New home sales rebound in June

    New home sales have bounced back, posting a fifth rise in the first six months of 2015. New home sales rose 0.5 per cent in June, seasonally adjusted, the Housing Industry Association's new home sales report shows. It comes after new home sales recorded their first monthly fall for the year in May, slipping 2.3 per cent.

  • Newmont scotches Kalgoorlie drilling talk AAP - 50 minutes ago

    Newmont Mining is pushing ahead with new exploration sites to extend the life of its Kalgoorlie operations, but says it will not encroach on the historic gold rush town. Australia's largest gold producer poured cold water on speculation it is planning to explore for gold beneath Kalgoorlie's historic Hannan Street, saying the company's focus was to the east of town. Newmont Asia Pacific regional senior vice president Tom Palmer declined to comment on the efforts of a syndicate drilling around Kalgoorlie and said Newmont, which operates the Kalgoorlie Consolidated Gold Mines Superpit, was focused on spending its exploration dollars on the open pit and the Hidden Secret prospect.

  • Budget slow to lift business outlook AAP - 51 minutes ago

    The May federal budget was billed as pro-business but nearly three months on, few firms are punching the air and most still view the economic outlook in a negative light. A new survey covering the three months to June found business owner predictions for the next 12 months cooling for the fifth consecutive quarter. Prime Minister Tony Abbott, however, remains one of the economic optimists.

  • SA premier to put projects to PM AAP - 53 minutes ago
    SA premier to put projects to PM

    Premier Jay Weatherill says the strength of the federal government's commitment to creating jobs in South Australia will become clear over the next few days. Mr Weatherill and Prime Minister Tony Abbott will hold talks on job creation and investment on Monday and Mr Weatherill says he has a long list of projects to put in front of the PM. Mr Abbott is in Adelaide before a federal cabinet meeting on Tuesday, and the government is expected to make a range of announcements, including the construction of Navy frigates.

  • Abbott, Weatherill in economic talks AAP - 1 hour 4 minutes ago
    Abbott, Weatherill in economic talks

    Prime Minister Tony Abbott will hold talks on job creation and investment with South Australian Premier Jay Weatherill on Monday. Mr Abbott is in Adelaide ahead of a federal cabinet meeting on Tuesday. ...

  • Component companies to share in govt cash AAP - 2 hours 21 minutes ago

    Nine auto component producers will share $5.7 million in federal funds to help them diversify their operations before the end of car manufacturing in Australia. Industry Minister Ian Macfarlane says the cash will allow the companies to shift their focus and plan for the future, while ensuring skills and jobs in Australian manufacturing are retained. "This is central to our commitment in ensuring a strong and sustainable manufacturing industry in Australia," the minister said in a statement.

  • Aust miners should plan for growth AAP - 2 hours 23 minutes ago

    Australian mining companies should plan for growth over the next decade as China's economy expands and demand for minerals in India increases, a former Whitehouse economic adviser says. Gene Sperling, who worked as an economic adviser for presidents Barack Obama and Bill Clinton, says despite the commodities downturn and worries about China, Australian mining companies should plan for long-term growth in China, amid predictions the economy will grow around seven per cent for another 10 to 15 years.

  • Teenagers learn to be entrepreneurs AAP - 2 hours 35 minutes ago

    Teenagers at an entrepreneurship summer camp in Silicon Valley have been developing prototypes that have attracted the interest of local investors. At Young Outliers, around 300 children and teenagers are encouraged to start their own company in an intensive three-week course. Camp co-founder and entrepreneur Steve Hsia a personal reason drove him to the venture.

  • Childcare takeover battle steps up AAP - 2 hours 38 minutes ago
    Childcare takeover battle steps up

    Childcare operator G8 Education has stepped up its efforts to take control of rival Affinity Education, offering almost $150 million in cash. G8 had previously offered one of its shares for every 4.6 Affinity shares, which the takeover target described as opportunistic. G8 is now offering 80 cents cash for each Affinity share it does not own, which is about 80 per cent of Affinity's shares, in an offer that values Affinity at about $185 million.

  • Melb port sale inquiry terms released AAP - 2 hours 45 minutes ago

    The length of time Melbourne's port will be leased out for, and any limitations on a second port, will be examined in a Victorian Parliamentary inquiry. Opposition leader Matthew Guy has announced the terms of reference for the inquiry into the port sale, which the government is relying on to pay for level crossing removals.

  • Climate change: Obama orders steeper cuts AAP - 3 hours ago

    Aiming to jolt the rest of the world to action, President Barack Obama has moved ahead with even tougher greenhouse gas cuts on American power plants, setting up a certain confrontation in the courts with energy producers and Republican-led states. In finalising the unprecedented pollution controls, Obama was installing the core of his ambitious and controversial plan to drastically reduce overall US emissions, as he works to secure a legacy on fighting global warming. The Obama administration estimates the emissions limits will cost $US8.4 billion ($A11.49 billion) annually by 2030.

  • Job ads fall in July: ANZ data AAP - 3 hours ago
    Job ads fall in July: ANZ data

    A slowing trend in job advertisements warns of dwindling jobs growth, according to an ANZ economist. The number of jobs advertised on the internet and in newspapers has fallen, the ANZ's monthly data shows. The number of job ads fell 0.4 per cent in seasonally adjusted terms between June and July.

  • Sockeye salmon dying due to warm waters AAP - 3 hours ago

    More than a quarter million sockeye salmon returning from the ocean to spawn are either dead or dying in the Columbia River and its tributaries due to warming water temperatures. US fisheries biologists say the warm water is lethal for the cold-water species and is wiping out at least half of this year's return of 500,000 fish. "We had a really big migration of sockeye," said Ritchie Graves of the National Oceanic and Atmospheric Administration.

  • Aust miners should plan for China growth AAP - 3 hours ago

    The Chinese economy could grow at around seven per cent for another 10 to 15 years, former White House economic adviser Gene Sperling says. Mr Sperling, who worked for presidents Barack Obama and Bill Clinton, says despite the commodities downturn and worries about China, Australian mining companies should plan for long-term growth in China and India. "You're having a slowdown, you've got current problems on the property side, but I am not one who buys into the hard landing in China and I think infrastructure will be part of their economic future," Mr Sperling told the Diggers and Diggers mining forum on Monday.

  • Aust shares lower at noon AAP - 4 hours ago

    The share market is lower, weighed down by the resources and financials sectors. After opening flat, selling in the financials pulled the market back, with Commonwealth Bank and NAB both in the red, and ...

  • Business confidence fragile despite budget AAP - 4 hours ago

    Business confidence remains fragile with support from the May budget yet to filter through and buoy confidence in the economic outlook. The Australian Chamber of Commerce and Industry's business expectations survey for the three months to June found predictions for the economic outlook over the next 12 months easing for the fifth consecutive quarter. ACCI chief Kate Carnell said the budget was a good one for businesses, especially small firms, but it is taking a while for that to filter through.

  • $A edges higher on quiet bank holiday AAP - 4 hours ago

    The Australian dollar has lifted slightly as traders pause ahead of the Reserve Bank of Australia's interest rate announcement on Tuesday. At 1200 AEST on Monday, the currency was trading at 73.07 US cents, ...

  • Stocks to watch at noon on Monday AAP - 4 hours ago

    Stocks to watch on the Australian stock exchange at noon on Monday: ARG - ARGO INVESTMENTS - up 1.00 cent, or 0.12 per cent, at $8.29 Investment firm Argo Investments expects the recent fall in the Australian ...

  • US ivory rules not fazing Californians AAP - 4 hours ago

    Ivory dealers in San Francisco's Chinatown stood in their shop doors next to windows full of carved ivory tusks and trinkets, unfazed by proposed federal rules the White House says go as far as possible to ban the US trade of ivory from the world's endangered elephants. "Woolly mammoth ivory," not elephant ivory, Michael Rasoyli said this week of the carved tusks for sale in the store he manages. San Francisco and Los Angeles make up two of the US' top three hubs for ivory sales, and most dealers in the state rely on intentional mislabelling to cover up the illegal sale of recently poached African elephants, wildlife groups and some ivory experts say.

  • Melbourne leads $6t Aust housing market AAP - 4 hours ago
    Melbourne leads $6t Aust housing market

    The Australian property market has hit the $6 trillion mark, but Melbourne has overtaken Sydney as the country's best performer. Home values across Australia's capital cities pushed another 2.8 per cent ...

  • Don't panic, $1m in super not essential AAP - 4 hours ago
    Don't panic, $1m in super not essential

    It would be nice to have $1 million in your superannuation account when you retire, but it's by no way essential. Australian Institute of Superannuation Trustees boss Tom Garcia believes claims that a $1 million or more balance was needed for a comfortable retirement is causing unnecessary fear and concern among older Australians. Most people approaching retirement will draw an income that is a combination of both super and the age pension," he says.

  • Budget lifts some of the business gloom AAP - 4 hours ago

    Business remains pessimistic about the economic outlook but are not as gloomy as they were earlier in the year, thanks to the May budget. The Australian Chamber of Commerce and Industry's business expectations survey says predictions for the economy over the next 12 months eased for the fifth consecutive quarter, although the 1.5 points index decline in the June quarter was not as abrupt as previous quarters. "The federal budget was a good one for businesses, particularly small businesses, but it is taking a while for that to filter through to business expectations," ACCI chief Kate Carnell said on Monday.

  • Aus shares open lower, Fed wait continues AAP - 5 hours ago

    At 1045 AEST, Woodside Petroleum was down 24.5 cents at $35.40, while Oil Search was 10 cents weaker at $7.37. Resources giant BHP Billiton was 21 cents lower at $26.24 while rival Rio Tinto fell 60 cents to $52.26. IG chief market strategist Chris Weston says investors are mostly waiting for a clearer picture on when the US Federal Reserve will raise rates.

  • Inflation stays below RBA's target AAP - 5 hours ago

    The annual rate of inflation is staying well below the Reserve Bank's two to three per cent target, weighed down by falls in utility prices. Consumer prices were up 0.2 per cent in July, following a 0.1 rise in June, according to the TD Securities/Melbourne Institute monthly inflation gauge. TD head of Asia Pacific research Annette Beacher said expects inflation to pick up a little pace in the coming months.

  • Spain could 'become Greece': Varoufakis AAP - 5 hours ago

    Spain could become like Greece if the same austerity policies are imposed on the country, former Greek finance minister Yanis Varoufakis says. "Spaniards need to look at their own economic and social situation and based on that evaluate what their country needs, independently of what happens in Greece or wherever," he told centre-left daily El Pais on Sunday. Varoufakis, an economist with unorthodox ideas about the euro and Greece's debt restructuring, resigned the day after Greeks voted against creditor bailout terms in a July 5 referendum.

  • Thousands of jobs on offer with NBN AAP - 5 hours ago
    Thousands of jobs on offer with NBN

    Thousands of jobs are being advertised as the federal government tries to double the workforce of its NBN rollout. Another 4500 workers are needed in order to connect eight million homes to high speed ...

  • Australian dwellings valued at $6 trillion AAP - 6 hours ago
    Australian dwellings valued at $6 trillion

    The total value of Australian dwellings has reached the $6 trillion mark, boosted by the hot property markets in Sydney and Melbourne. Home values across Australia's capital cities pushed another 2.8 per ...

  • Rio announces result of buyback scheme AAP - 6 hours ago
    Rio announces result of buyback scheme

    Rio Tinto has acquired 220,000 shares under the $US2 billion ($A2.74 billion) buyback scheme it launched in February. In a statement to the ASX on Monday, the miner said it purchased the ordinary shares ...