Financial News from AAP

  • Africa Down Under to start in Perth AAP - 2 hours 42 minutes ago

    The three-day Africa Down Under conference will start in Perth, attracting hundreds of leaders from the business, mining and political worlds. West Australian Premier Colin Barnett and federal opposition ...

  • GDP to mar govt's 'jobs and growth' slogan AAP - 2 hours 42 minutes ago

    The Australian economy looks to have have slowed in the three months to the end of June, partly as a result of exports being hit by bad weather in April. Economists expect Wednesday's national accounts to show the economy grew by around 0.5 per cent in the June quarter compared with 0.9 per cent growth in the previous three months - one of the fastest quarterly expansions in the world during that period.

  • Economic growth to soften AAP - 2 hours 43 minutes ago

    The Australian economy looks to have slowed in the second quarter of 2015 as export volumes and prices fell. Economists expect Wednesday's national accounts to show the economy grew by around 0.5 per cent in the three months to June, down from 0.9 per cent growth in the preceding three months. Westpac senior economist Andrew Hanlan said exports will be the key, as volumes have fallen since the early months of 2015.

  • Air China to fly Beijing-Auckland daily AAP - 4 hours ago

    A new strategic alliance between Air New Zealand and Air China will boost airline capacity between Auckland and mainland China by more than 25 per cent, Air NZ says. Air NZ will continue to operate daily flights between Auckland and Shanghai, and Air China will operate a new daily direct service between Auckland and Beijing from December 10. The two national carriers will codeshare on each others' services between New Zealand and China, under the alliance signed off by Transport Minister Simon Bridges.

  • Qantas lifts passenger numbers in July AAP - 8 hours ago
    Qantas lifts passenger numbers in July

    Passenger numbers are on the rise at Qantas, with a solid increase in overseas travellers. The flying kangaroo lifted total passenger numbers by 2.1 per cent during July. Driving the result was a 5.3 per ...

  • Yahoo chief Mayer pregnant with twins AAP - 8 hours ago
    Yahoo chief Mayer pregnant with twins

    Yahoo chief executive Marissa Mayer says she's pregnant with identical twins. Mayer says on a posting on her blog that she and her husband are expecting the twin girls in December. "I have some exciting news to share - I'm pregnant!" she said on her Tumblr posting on Monday night.

  • Labor to reconsider bank tax: Bowen AAP - 9 hours ago
    Labor to reconsider bank tax: Bowen

    Labor will consider resurrecting the bank tax if it wins government. Shadow treasurer Chris Bowen said the tax, proposed by the former Labor government and dumped on Tuesday by the coalition before it was ever implemented, was a recommendation of Reserve Bank governor and the council of financial regulators. Mr Bowen said its removal put a $1.5 billion hole in the federal budget.

  • Least wealthy will depend on age pension AAP - 10 hours ago

    Younger people will be marginally better off when they reach retirement because of the compulsory superannuation guarantee. The Actuaries Institute is releasing a "retirement income white paper" which attempts to balance the fiscal pressures on the federal government and the financial stress facing many Australians as they save for or enter into retirement. The report will be presented by David Murray, the chairman of the government's financial system inquiry, on Wednesday.

  • $A falls after weak Chinese data AAP - 12 hours ago

    The Australian dollar has been dragged lower by weak Chinese economic data and signs of no change in the Reserve Bank's cash rate any time soon. The currency fell after the Reserve Bank kept the cash rate unchanged at its September board meeting, and gave no indication it will cut again any time soon, despite recent falls on global share markets. FxPro chief economist Simon Smith said the weakest Chinese manufacturing activity in three years, indicating the sector had contracted, was also a blow to market confidence.

  • Myer stakes fashion rep on Topshop AAP - 12 hours ago
    Myer stakes fashion rep on Topshop

    Myer is buying a slice of Topshop's Australian arm and bringing the cult fast-fashion brand into its department stores as it attempts to regain its retail mojo. From November, Myer will roll out Topshop Topman concessions in more than 20 of its department stores as a key part of a plan to turn around its struggling business. Myer is also buying a 25 per cent stake in the Austradia Pty Ltd, the Australian franchisee of the famous UK high street brand.

  • India progresses Google antitrust probe AAP - 12 hours ago
    India progresses Google antitrust probe

    An investigation into whether Google has been abusing its dominance of internet search to stifle competition in India is moving into its next phase. The preliminary findings of the three-year-old probe have been submitted to the Competition Commission of India and to Google. The inquiry revolved around complaints filed by several websites contending that Google has been unfairly highlighting its own services in its influential search results at the expense of its rivals.

  • Housing, food drive manufacturing growth AAP - 12 hours ago

    A pick up in housing construction and strong demand for food and beverages continue to benefit the manufacturing sector, with activity expanding for a second month. The Australian Industry Group's Australian Performance of Manufacturing Index rose 1.3 points to 51.7 in August, with the result above the 50 level implying activity in the sector had grown. Ai Group chief executive Innes Willox said the expansion was driven by greater production, employment and new orders.

  • Gunns liquidators give assurances AAP - 12 hours ago

    The administrators of Tasmania's failed Gunns forestry company have promised to go easy on local businesses as they work to collect more than $2 billion owed to creditors. There are fears that contractors will be pursued to recoup funds and Tasmanian Resources Minister Paul Harriss said liquidators PPB Advisory have explained there are obligations to ASIC and the courts to ensure creditors are treated fairly. "They will have regard to the financial circumstances of Tasmanian businesses including contractors and the need to avoid further insolvencies," he said.

  • Tas govt backed support group goes broke AAP - 12 hours ago

    A Tasmanian government funded community group set up to support disadvantaged young people has gone into voluntary administration. Tool was established to help people aged 15 to 25 from Hobart's eastern ...

  • Aust bonds rally as equites fall AAP - 12 hours ago

    The Australian bond market is stronger, following steep falls on Asian and local sharemarkets. The Australian stock market fell two per cent on Tuesday. There were similar sized falls on Asian markets ...

  • More China worries send shares tumbling AAP - 13 hours ago

    An estimated $32 billion has been wiped from the Australian share market due to indications of further weakness in the Chinese economy. After posting its worst month since the global financial crisis in August, September is off to a rocky start with a fall of more than two per cent. "All sectors of the market are significantly lower," OptionsXpress market analyst Ben Le Brun said.

  • Rates steady ahead of expected limp GDP AAP - 13 hours ago
    Rates steady ahead of expected limp GDP

    The Reserve Bank has left its key interest rate at a record low before what is expected to be a limp set of economic growth figures. "In such circumstances, monetary policy needs to be accommodative," RBA government Glenn Stevens said in a statement after Tuesday's monthly board meeting. Economists expect Wednesday's national accounts will show the economy grew at about 0.5 per cent in the June quarter, half the pace recorded in the previous three months.

  • Govt finally ditches bank levy idea AAP - 13 hours ago
    Govt finally ditches bank levy idea

    The Abbott government has finally decided to dump the idea of a bank levy, two years after it was first proposed by the former Labor government. "Labor's bank deposit is dead," Prime Minister Tony Abbott told reporters in Canberra on Tuesday. Treasurer Joe Hockey said it would have been a tax on savings that would have affected everyone with a bank account.

  • Aussie tipped to dip below 60 US cents AAP - 13 hours ago

    Deutsche Bank's Australian chief economist Adam Boyton says continued soft demand for resources and slower growth in China are among the factors that could force the Australian dollar below 60 US cents to its lowest value against the greenback since at least early 2003. The Aussie dollar has already tumbled about 20 per cent in the past year and is now hovering just above 70 US cents. Mr Boyton said Deutsche predicted 18 months ago that the dollar would hit about 65 US cents by the middle of 2016, a statement he said is "looking less stupid by the day".

  • Atlas' Brinsden move to non-exec role AAP - 13 hours ago
    Atlas' Brinsden move to non-exec role

    Atlas Iron shares have lifted after the company moved its former boss Ken Brinsden to a non-executive role as it cuts costs. Ken Brinsden has moved from an executive director to a non-executive director, three months after stepping aside from the top job to make way for Atlas founder and chairman David Flanagan. "They will also ensure that the company retains Mr Brinsden's extensive operational skills and knowledge," Atlas said in a statement.

  • Rates set to stay on hold AAP - 13 hours ago
    Rates set to stay on hold

    The Reserve Bank appears unmoved by the recent routs on global share markets and is likely to keep the cash rate unchanged for some time. Governor Glenn Stevens noted recent market volatility, but also said the US economy is strengthening, and the US Federal Open Market Committee (FOMC) would soon raise its interest rate for the first time in over nine years. Westpac chief economist Bill Evans expects the RBA to keep rates on hold well into 2016.

  • Stocks to watch on Tuesday AAP - 13 hours ago

    Stocks to watch on the Australian stock exchange on Tuesday, Sept 1: A2M - A2 MILK - down one cent, or 1.57 per cent, at 62.5 cents FNP - FREEDOM FOODS - up three cents, or 1.01 per cent, at $3.00 A2 Milk ...

  • Aust shares close lower AAP - 13 hours ago

    The Australian share market has two per cent closed lower, with a slowdown in Chinese manufacturing activity sparking a selloff. At the close on Tuesday, the benchmark S&P/ASX200 index was 110.6 points, ...

  • Home construction expected to slow AAP - 14 hours ago
    Home construction expected to slow

    Housing construction is expected to gradually ease from its recent highs in the months ahead as home price growth softens. During the 12 months to July, building approvals rose 13.4 per cent, the Australian Bureau of Statistics said on Tuesday. JP Morgan economist Tom Kennedy said housing construction growth remained strong but would gradually slow for the remainder of the year.

  • RBA leaves rates unchanged AAP - 14 hours ago
    RBA leaves rates unchanged

    The Reserve Bank has left the cash rate at a record low of two per cent for a fourth straight month. In a statement accompanying the decision, RBA governor Glenn Stevens noted recent volatility in global financial markets, sparked by worries about slowing Chinese economic growth, but also said the US economy is strengthening. Low interest rates continue to help the local economy and the current cash rate of two per cent "remains appropriate", he said.

  • Air NZ and Air China alliance signed off AAP - 14 hours ago

    Travellers are the likely winners as a new strategic alliance between Air New Zealand and Air China gets the official sign-off. The two airlines signalled their intentions to enter into an alliance when China's President Xi Jinping visited New Zealand late last year. NZ Transport Minister Simon Bridges has now signed the authorisation, after it was approved by cabinet.

  • NSW and Vic economies charge ahead AAP - 15 hours ago

    Economic growth has dipped across most of Australia, with NSW and Victoria the only states powering ahead. ANZ economists say growth in Queensland, Western Australia, Tasmania, South Australia, the ACT and Northern Territory was below average during the 2014/15 financial year. NSW was the strongest performer followed by Victoria, with economic activity in those two states growing faster than their long-run average rates.

  • RBA leaves cash rate on hold AAP - 15 hours ago
    RBA leaves cash rate on hold

    The Reserve Bank has left the cash rate unchanged at a record low of two per cent. MORE TO COME

  • Cabinet not rushing competition law change AAP - 15 hours ago
    Cabinet not rushing competition law change

    The federal government isn't rushing to support changes to competition law that would enhance protections for small business against larger rivals. Small Business Minister Bruce Billson wants to introduce a so-called "effects test" to lower the threshold for proof in an instance of perceived anti-competition. Prime Minister Tony Abbott said while recommendations from the Harper competition review would be presented at Tuesday's cabinet meeting, the government would respond "in due course".

  • Should you sell if bonds tumble? AAP - 16 hours ago

    If bonds start to tumble, should I sell my bond mutual fund? It's a question investors are asking amid expectations of a more volatile bond market. It would likely have less effect on fund investors willing to hold on through the volatility than those who sell amid a storm.

  • Online retail sales sink in July AAP - 16 hours ago

    NAB chief economist Alan Oster said Treasurer Joe Hockey's $20,000 instant asset write-offs for small businesses, announced in the May budget, could have contributed to the June surge. Despite the month's slowdown, online sales rose 6.2 per cent to $17.4 billion in the year to July. Online sales now make up around seven per cent of traditional retail spending.

  • Current account blows out in June quarter AAP - 16 hours ago

    Australia's current account deficit was $19.0 billion in the June quarter, seasonally adjusted, from $13.5 billion in the previous quarter, official figures show. The surplus on goods and services fell ...

  • Labor's bank levy 'dead': Abbott AAP - 16 hours ago
    Labor's bank levy 'dead': Abbott

    The Abbott government has dumped a Labor initiative to impose a bank deposit levy. "Labor's bank deposit is dead," Prime Minister Tony Abbott told reporters in Canberra on Tuesday. Mr Abbott said it was very important Australia's banks were safe and secure and the best way to ensure that was through a good prudential regulatory system.

  • Wine boss' annual pay hits $4.5m AAP - 17 hours ago

    The head of Penfolds maker Treasury Wine Estates earned almost $4.5 million in his first full year in the job. Michael Clarke's base salary of $1.7 million was topped up with a $1.5 million cash bonus, and he could earn another $1 million in shares as part of long-term bonuses. Mr Clarke was appointed CEO in March 2014 and has been cutting costs, streamlining the company's operations and brands and increasing its focus on Asia.

  • Myer asks for $221m after profit slumps AAP - 17 hours ago
    Myer asks for $221m after profit slumps

    Myer is looking to a Topshop-led overhaul to end years of weak sales growth in its department stores, and is asking investors for the cash to pay for it. Richard Umbers, who became chief executive when Bernie Brookes stepped down in March, said the company anticipated a return of 11-15 per cent on its outlay and aimed to grow sales by three per cent a year to 2020. "They're trying to encourage customers to take up the offer, because if you look at the history of Myer, they've never really delivered on what they have promised and it's not the first time they have delivered a strategic review," Morningstar analyst Farina Parsons said.