Financial News from AAP

  • $1b on 'non-invasive' cosmetic treatments AAP - 23 minutes ago

    Australians have pumped more than $1 billion into non-invasive cosmetic treatments over a year for the very first time, according to estimates from the Cosmetic Physicians College of Australasia. The figures, ...

  • Mobile tech makes virtual AGM app-ealing AAP - 1 hour 20 minutes ago

    The annual general meeting has entered the 21st century, with a technology start-up holding what it claims was Australia's and possibly the world's first virtual AGM. Omni Market Tide (OMT), backed by poker machines billionaire Bruce Mathieson, has developed a digital platform that allows shareholders to vote in real time remotely. OMT used its recently developed OmniLoop app to host its own AGM on Monday, with the majority of the publicly listed company's 1,000 shareholders taking part virtually.

  • Aussie incomes not growing: Clearview MD AAP - 1 hour 24 minutes ago

    Clearview Wealth is shifting away from the lower end of the life insurance business because it believes Australians in that market simply aren't getting any richer. Clearview said on Monday it expects to lift full-year underlying net profit by 30-35 per cent, and that its ambition is to target the middle of the life insurance market. "Real per capita incomes are not increasing," chief executive Simon Swanson said.

  • UK wine industry booms with new producers AAP - 4 hours ago
    UK wine industry booms with new producers

    A new study shows the UK's wine industry is booming with scores of new producers and vineyards opening in the last year. The study by accountancy group UHY Hacker Young found there have been 37 newcomers to the industry, taking the total of new UK wine producers to 200 in the last five years. The expansion has been driven by high quality English wines, particularly sparkling wines, which are increasingly winning recognition internationally, said the report.

  • CFMEU fined for Perth airport protest AAP - 5 hours ago

    The Construction, Forestry, Mining and Energy Union and six of its officials have been fined more than $21,200 for illegally blockading a Perth airport expansion site in late 2013. The union organised a protest at the site of the $80 million project on October 22, 2013 over what it said was more than $150,000 in unpaid wages involving 46 workers. About 100 protesters and CFMEU officials blocked 150 other employees from accessing the site for three and a half hours, and threatened the airport and head contractors, Leighton Holdings-owned Broad Construction, with returning to disrupt the site the next day until the workers were paid.

  • $A down after US Fed flags more hikes AAP - 7 hours ago

    The Australian dollar is again on the back foot while the greenback gets a boost from hawkish US Federal Reserve remarks. Westpac chief currency strategist Robert Rennie said the key driver of Aussie weakness in the Asian session was Fed Chair Janet Yellen's comments on Friday. The head of the US central bank flagged that an increase in the interest rate is quite possible in coming months.

  • Stocks to watch AAP - 7 hours ago

    Stocks to watch on the Australian stock exchange: LYC - LYNAS - down 0.2 cents, or 2.86 per cent, at 6.8 cents Struggling rare earths miner Lynas has earned a reprieve with its lenders agreeing to postpone ...

  • Indian tycoon seeks $2.5b in ANZ case AAP - 7 hours ago

    Indian glamour couple Pankaj and Radhika Oswal want up to $2.5 billion in compensation from the ANZ and receivers over the sale of their stake in an Australian fertiliser business. More than five years after leaving Australia, the Dubai-based Oswals have returned to mount the biggest compensation trial in Victorian history as they seek at least $1.5 billion in damages from the bank and the receivers it appointed to the Burrup business. The Oswals argue their 65 per cent stake in Burrup Holdings was sold for less than half its true value in 2012 as the bank sought to recoup debts.

  • Aust stocks largely flat AAP - 7 hours ago

    The Australian share market has closed slightly higher following a lacklustre performance from the heavyweight banks and mining stocks. IG market analyst Angus Nicholson said the US dollar was responsible for a lot of the weakness in mining stocks. The greenback had rallied in a positive reaction to US Federal Chair Janet Yellen's comment that it would be appropriate for a US rate hike in coming months, Mr Nicolson said, and that was weighing on commodity prices.

  • Bonds sag as US rate hike odds firm AAP - 7 hours ago

    The Australian bond market has continued to sell off after the head of the US Reserve Bank flagged more interest rate rises. "It mostly reflects the upward trend we saw late on Friday in the US after ...

  • Petrol prices at four-month high: research AAP - 8 hours ago

    Petrol prices are at a four-month high and drivers will need to get used to paying a little more at the pump, new figures show. The average price of petrol across Australia was 119.1 cents per litre in the week ending May 29, following a rise in oil prices and a slip in the Aussie dollar, CommSec chief economist Craig James says. Drivers in Sydney have been feeling the worst of the price hike, with Mr James citing research by the Australian Institute of Petroleum that shows it was the most expensive capital city with an average price of 124.8 cents a litre.

  • Aurizon ready to fund Palmer cash pursuit AAP - 8 hours ago

    Rail freight operator Aurizon is ready to fund legal action pursuing Clive Palmer and his companies for up to $88 million in foregone revenue following the collapse of Queensland Nickel. Aurizon has already made provision for $18 million in bad debt owed by QNI for outstanding rail haulage fees and estimates an additional $70 million in foregone revenue over the life of the contract. The rail company's position on the appointment of special purpose liquidators is outlined in the minutes of a meeting held earlier this month by Queensland Nickel liquidators FTI Consulting.

  • Aurizon ready to fund pursuit of Palmer AAP - 8 hours ago

    Rail freight operator Aurizon is ready to fund legal action to pursue Clive Palmer and his companies for up to $88 million in foregone revenue following the collapse of Queensland Nickel. Aurizon has already made provision for $18 million in bad debt owed by QNI for outstanding rail haulage fees and estimates an additional $70 million in foregone revenue over the life of the contract. "Through the process of liquidation, Aurizon is seeking to protect its commercial interests and recover outstanding monies," an Aurizon spokesman said.

  • Retail spending slows in April: MasterCard AAP - 9 hours ago

    Retail sales continue to slow as consumers spend within their means. MasterCard's latest Spending Pulse report shows retail sales fell 0.1 per cent in April but grew by 2.8 per cent year-on-year, seasonally adjusted. MasterCard Advisors senior vice president Sarah Quinlan said the figures show Australian consumers are still spending.

  • ALS books FY loss of $241m AAP - 10 hours ago

    Testing and analytical services provider ALS Ltd is reviewing its oil and gas operations after ongoing volatility in the sector helped widen the group's annual loss to $240.7 million. ALS says it is evaluating its energy operations to ensure that the business matches the current environment. "A major element of the review is to rebase the operating model to reduce the cost base to sustainable levels," ALS managing director Greg Kilmister said on Monday.

  • We've helped make Australia strong:Cormann AAP - 10 hours ago

    Economists doubt the latest economic growth figures will match last year's upbeat tone, putting them at odds with the Turnbull government's election campaign mantra of jobs and growth. Economists expect Wednesday's national accounts will show an annual growth rate of between 2.6 and 2.8 per cent at the end of the March quarter. While not predicting an outcome, Senator Cormann insists that Australian growth is stronger than any of the G7 economies.

  • Housing prices rise 1.6 pct in May AAP - 10 hours ago

    Neither the impending election nor speculation about tax changes could stop the housing market from rising further in May. The average capital city home value rose 1.6 per cent in May, according to preliminary estimates on Monday from CoreLogic RP Data based on prices over the first 27 days of the month. "It looks as if the upcoming election and debate around taxation policy hasn't been enough to dampen the renewed bounce in home values," CoreLogic head of research Tim Lawless said.

  • Clearview launches $50m rights issue AAP - 10 hours ago

    Life insurance and financial management firm Clearview Wealth is seeking to raise $50 million via a rights issue. The company says it will pay off $45.5 million of debt and use the rest to fund growth ...

  • Business indicators a mixed bag for GDP AAP - 10 hours ago

    A mixed business indicators report won't shake the boat for Wednesday's first quarter economic growth figures. Company profits began 2016 on a soft note and wages stayed low, while sales surged in the ...

  • Drought dampens Qld farming confidence AAP - 10 hours ago

    Queensland's drought continues to plague worried farmers, with confidence levels dropping to levels not seen in almost two years. Only a quarter are confident about the outlook of the agricultural economy despite recent heavy rainfalls in some parts of the drought-stricken state. Rabobank state manager Brad James said although there had been recent heavy rainfall in Queensland's northwest, the Maranoa and parts of central Queensland had been patchy.

  • Alumina, Alcoa spar over joint venture AAP - 10 hours ago

    Miner and metals producer Alumina has fended off allegations it is trying to obstruct the global demerger of US aluminium giant Alcoa and says it will defend its rights in US court proceedings. Alumina's statement comes after its larger partner in the Alcoa World Alumina and Chemicals (AWAC) joint venture filed a complaint in a Delaware state court in the US on Friday. Alcoa has claimed its Australian partner has threatened "to create a cloud over the demerger" unless Alcoa grants it highly valuable concessions with respect to AWAC's ownership and operation.

  • Storm Financial case before Qld court AAP - 11 hours ago

    Storm Financial's investment scheme wasn't necessarily problematic until it was broadly applied to a wide range of clients, the federal court has heard. The Australian Securities and Investments Commission began civil proceedings against Emmanuel and Julie Cassimatis in 2010, alleging that as the executive directors of Storm Financial Ltd they breached their fiduciary duties under Australian corporate law. The Townsville-based company's strategy backfired badly on thousands of customers during the global financial crisis with many losing their entire life savings and homes.

  • Housing prices up about 1.6 pct in May AAP - 11 hours ago

    Capital city home values rose 1.6 per cent in May, according to preliminary estimates from CoreLogic RP Data. The figures, covering the first 27 days of the month, suggest the election and associated debate over tax policy has not held the market back after a 1.7 per cent rise in April, CoreLogic head of research Tim Lawless said. "The strong month to date reading is being driven by a substantial rise in Sydney home values where the CoreLogic index is up 3.4 per cent over the month to date," he said.

  • New home sales slide in April AAP - 11 hours ago

    New homes sales fell 4.7 per cent in April, following an 8.9 per cent rise in March, according to the Housing Industry Association. HIA economist Diwa Hopkins said the fall in the highly volatile month-to-month home sales figures was expected and wasn't that bad.

  • Oswals want up to $2.5b in ANZ case AAP - 11 hours ago

    Indian couple Pankaj and Radhika Oswal want up to $2.5 billion in compensation from the ANZ bank and receivers over the sale of their West Australian fertiliser business. The ANZ brought in receivers to the Burrup group of companies in 2010 and the Oswals argue their 65 per cent stake in Burrup Holdings was undersold in 2012. The value of the compensation rises to $2.5 billion if the sale agreement is set aside and the shares are ordered to be divested, taking into account their current value, the Victorian Supreme Court heard on Monday.

  • Markets prepared for rate hike: Bullard AAP - 11 hours ago

    St Louis Federal Reserve President James Bullard says global markets appear to be "well-prepared" for an interest rate rise from the Fed in coming months, although he hasn't specified a date for any the policy move. "My sense is that markets are well-prepared for a possible rate increase globally, and that this is not too surprising given our liftoff from December and the policy of the committee which has been to try to normalise rates slowly and gradually over time," Bullard told a news conference after speaking at an academic conference in Seoul. Bullard added a rebound in US gross domestic product growth seems to be materialising in the second quarter, but reserved his opinion on whether the Fed should hike in June or July for the next policy meeting at the US central bank.

  • We won't work for business, says Shorten AAP - 12 hours ago

    Bill Shorten says he will work with, but not for, business should Labor win the July 2 election as he continued his attack on the Turnbull government's planned corporate tax cuts. Keith De Lacy said the opposition's stance on corporate tax cuts was the "most anti-business policy I've ever seen federal Labor put to an election". A Labor government would operate in the interests of all Australians and won't be dictated to by business if it meant jeopardising Medicare and bulk billing.

  • Farmer confidence falls: Rabobank AAP - 12 hours ago

    Confidence among farmers has fallen after the dry start to autumn and the cut to the price that dairy farmers receive for their milk. Releasing its latest quarterly survey of rural confidence, food and agribusiness bank Rabobank says farmer confidence was high at the start of 2016 but has since declined. Farmers across many parts of Australia were worried about the lack of rain at the start of autumn, but recent falls in southeast Australia have provided some relief.

  • $A sold off amid rate speculation AAP - 12 hours ago

    The Australian dollar is sinking on the back of both domestic and US interest rate speculation. At 1200 AEST on Monday, the currency was trading at 71.58 US cents, down from 72.21 cents on Friday. OFX ...

  • Australian share market trading flat AAP - 12 hours ago

    The Australian share market is flat as weakness among the big banks and major miners offset modest gains from retail, health and insurance stocks. The benchmark S&P/ASX 200 was essentially unchanged at ...

  • Tech stock launches first virtual AGM AAP - 12 hours ago

    Technology start-up Omni Market Tide, backed by poker machines billionaire Bruce Mathieson, has held Australia's and possibly the world's first virtual annual general meeting. OMT managing director Megan Boston says this was a first for Australia and the world to allow shareholders from anywhere around the globe to not only live stream the meeting but to also vote and ask questions in real time. Ms Boston said virtual AGMs are the way of the future and allow more shareholders to take part in company matters.

  • Storm Financial in Brisbane court AAP - 12 hours ago

    Storm Financial's investment strategy wasn't necessarily a problem until it was applied to all clients, a court has heard. The Australian Securities and Investment Commission initiated legal action against ...

  • Farmer confidence lower: Rabobank AAP - 12 hours ago

    Confidence among farmers is lower after the dry start to autumn and the cut to the price that dairy farmers receive for their milk. Releasing its latest quarterly survey of rural confidence, food and agribusiness bank Rabobank says farmer confidence was high at the start of 2016 but has since declined. "At the time of the survey, sentiment in dairy was already low due to the global market downturn and dry seasonal conditions in many dairying areas, but since (then) these concerns have been eclipsed by the recent cut in milk prices," Rabobank's manager of country banking in Australia, Todd Charteris, said on Monday.

  • Company gross profits fell 4.7 % in Q1 AAP - 13 hours ago

    Company gross operating profits fell 4.7 per cent in the March quarter, missing market expectations. They were down 8.4 per cent in the 12 months to March. The estimate of income from sales by manufacturers ...

  • Oswal's v ANZ $1.5bln civil trial begins AAP - 13 hours ago

    Indian businessman Pankaj Oswal and his wife Radhika are seeking at least $1.5 billion from the ANZ bank and receivers over the sale of his West Australian fertiliser business. The Oswals are seeking judgment against ANZ and the receivers of at least $1.5 billion, arguing their 65 per cent stake in Burrup Holdings was undersold in 2012, the Victorian Supreme Court heard on Monday. The complex civil case, understood to be the biggest trial in Victorian Supreme Court history, is expected to last for at least three months and possibly six months.