Financial News from AAP

  • Nine ditches WIN for Southern Cross AAP - 3 hours ago

    The Nine Network has severed ties with its long-standing regional partner WIN and is switching to rival broadcaster Southern Cross Austereo from July. In a major blow to WIN, owned by billionaire Bruce Gordon, Nine has signed a five year deal that will see its content shown in regional Queensland, Southern NSW and regional Victoria on channels owned by Southern Cross. The relationship between Nine and WIN, who have been affiliates since the late 1980s, has soured in recent months, culminating in this week's failed legal bid by WIN to block Nine from streaming its content via the internet into regional areas.

  • Colgate fined for dirty detergent deal AAP - 4 hours ago

    Colgate-Palmolive has been fined $18 million over an illegal deal to control the price and supply of laundry detergents. In a deal with competitor Unilever Australia, Colgate stopped selling laundry concentrate in 2009 and started selling ultra concentrate, the company has admitted after a legal battle with the consumer watchdog. At the time, Colgate produced the Cold Power, Omo and Radiant products.

  • MG 'comfortable' despite legal threat AAP - 5 hours ago
    MG 'comfortable' despite legal threat

    Murray Goulburn is comfortable with its actions despite the prospect of a possible shareholder class action over a big profit downgrade by Australia's biggest dairy producer. Law firm Slater and Gordon says it and litigation funder IMF Bentham are weighing legal action after Murray Goulburn this week downgraded its full-year profit guidance for the current financial year to between $39 million and $42 million. Slater and Gordon and IMF are investigating whether Murray Goulburn misled investors but Murray Goulburn says it has met its obligations.

  • Local bidder still keen for Kidman AAP - 5 hours ago
    Local bidder still keen for Kidman

    An Australian bidder says it still wants to buy the country's largest private land holding after the sale to a Chinese buyer was blocked by the treasurer on national interest grounds. Treasurer Scott Morrison rejected a $371 million bid by Dakang Australia Holdings for the vast S Kidman and Co cattle stations portfolio on Friday, saying the purchase may not be in Australia's interest. "My preliminary view of the proposal that has been put to me is contrary to the national interest," Mr Morrison said.

  • Reliance soars in plum ASX debut AAP - 5 hours ago

    Plumbing supplies business Reliance Worldwide has capped the largest market listing of 2016 with a roaring ASX debut as investors bought into the company's growth plans in North America and Europe. Morgans Brisbane client adviser Bill Chatterton, whose firm acted as co-lead managers on the float, said the result was "fabulous" for Reliance and its directors. More than 28 million shares were traded in the first five minutes of the company's market debut, and 117 million shares had swapped hands by the close of trade.

  • LG Electronics' 1Q profit soars 96 fold AAP - 5 hours ago
    LG Electronics' 1Q profit soars 96 fold

    LG Electronics Inc has reported a stunning jump in its first-quarter earnings. Operating profit jumped 66 per cent to 505 billion won even as sales declined 5 per cent to 13.4 trillion won. The big jump ...

  • Budget day rate cut too close to call AAP - 5 hours ago
    Budget day rate cut too close to call

    Not really, but economists expect the decision to slash rates to a record low of 1.75 per cent will be extremely close at the RBA's May board meeting on Tuesday. Ten of the 15 economists surveyed by AAP forecast rates to be held at 2.0 per cent for a thirteenth consecutive month. The RBA has consistently said continuing low inflation would allow a rate cut "should that be appropriate to lend support to demand".

  • Budget will be economic plan: Morrison AAP - 6 hours ago
    Budget will be economic plan: Morrison

    Treasurer Scott Morrison says the budget will be an economic plan that backs Australians who want to drive jobs and growth. Mr Morrison will deliver his first budget on Tuesday, days before Prime Minister Malcolm Turnbull seeks a double-dissolution election on July 2, the treasurer says. "But they're out making it happen every day, and the budget I will hand down next week on behalf of the Turnbull government will be all about backing them in," Mr Morrison told reporters in Canberra on Friday.

  • Nine switches regional TV partners AAP - 6 hours ago
    Nine switches regional TV partners

    The Nine Network has signed a new affiliation deal with Southern Cross Austereo in what shapes as a major shakeup of regional TV media. Nine is currently alligned with WIN in a deal that ends on June 30, ...

  • Broadspectrum shares up as it backs bid AAP - 6 hours ago
    Broadspectrum shares up as it backs bid

    Broadspectrum shares have surged more than 30 per cent after the detention centre operator recommended the $769 million takeover bid it had previously rejected. The Broadspectrum board had urged shareholders to reject a bid by Spanish infrastructure giant Ferrovial, but had an abrupt change of heart following the Papua New Guinea government's announcement that it will shut the Manus Island unit run by the Australian firm. Broadspectrum shares closed 36.0 cents, or 32.14 per cent, higher to $1.48 on Friday, following a trading halt imposed on Thursday.

  • Telstra's NBN presence concerns small ISPs AAP - 6 hours ago

    New data showing Telstra's large holding of wholesale services on the National Broadband Network have sparked competition and pricing concerns among smaller internet players. The NBN Wholesale Market Indicators report shows Telstra has the most NBN wholesale access services across a number of technologies, including fibre to the node. Telstra has more than 47 per cent of NBN market share when it comes to fibre to the premise, and more than 58 per cent of market share for fibre to the node, the ACCC's report shows.

  • Banks lead market higher AAP - 6 hours ago

    The share market ended the week with a modest gain as investors await next week's Reserve Bank rate decision and earnings reports from three of the big four banks. CMC Markets chief market analyst Ric Spooner said it was a lacklustre session. "A significant event now for the Australian market now will be next week's Reserve Bank meeting," Mr Spooner said.

  • $A marginally higher ahead of RBA decision AAP - 6 hours ago

    The Australian dollar is slightly higher as traders largely wait on the sidelines ahead of the Reserve Bank's interest rate decision. National Australia Bank global co-head of FX strategy Ray Attrill said trading volumes were weak on Friday as people wait for Tuesday's Reserve Bank interest rate decision.

  • Probe into Melb real estate branches AAP - 6 hours ago

    Six LJ Hooker branches run by the same Melbourne couple have been closed as the state's consumer affairs regulator investigates large financial losses affecting more than 100 customers. LJ Hooker Glen Waverley, Keysborough, Mount Waverley, Burwood, Doncaster and Box Hill have been closed since April 21. Consumer Affairs Victoria (CAV) said on Friday it had taken possession of the offices as it investigated allegations its directors Judy Nguyen, also known as Judy Thanh Truc, and husband Joseph Ngo spent customer funds that were meant to be held in trust.

  • Motorcycle dealer revs up on market debut AAP - 6 hours ago

    Shares in Australia's largest motorcycle dealership operator have surged nearly 30 per cent in a strong market debut. Motorcycle Holdings shares were expected to trade at a premium after the company's $46 million initial public offer attracted strong interest, resulting in investor allocations being scaled back.

  • Aust bonds flat ahead of RBA decision AAP - 7 hours ago

    The Australian bond market has hardly moved as investors nervously wait for the Reserve Bank's upcoming interest rate decision. The 10-year bond futures contract closed slightly lower, while the three-year ...

  • Media companies want level playing field AAP - 7 hours ago
    Media companies want level playing field

    Australia's media companies have one hand tied behind their back as they struggle to compete with international online giants like Netflix and Google, an inquiry has heard. Ten Network chief executive Paul Anderson says they are not asking for a handout but for a level playing field as they compete for viewers and advertisers against billion-dollar global internet companies. "We are simply asking you to level the playing field somewhat for Australian companies in our efforts to compete with overseas-based online giants," Mr Anderson told a Senate inquiry into media law reform.

  • Banks lead Aust market modestly higher AAP - 7 hours ago

    The Australian share market has closed modestly higher, led by the banks, as investors await next week's Reserve Bank of Australia decision on interest rates and financial reports from three of the big four banks. CMC Markets chief market analyst Ric Spooner said although the local market had finished higher on Friday, trading was lacklustre. "A significant event now for the Australian market now will be next week's Reserve Bank meeting," Mr Spooner said.

  • Stocks to watch AAP - 7 hours ago

    Stocks to watch on the Australian stock exchange: AGO - ATLAS IRON - up 0.1 cents, or 4.6 per cent, at 2.3 cents Atlas Iron has received court approval to proceed with a debt restructuring that could save ...

  • Banks lead Aust market higher AAP - 7 hours ago

    The Australian share market has closed modestly higher, led by the banks, as investors await next week's RBA decision on interest rates and financial reports from three of the big four banks. At 1615 AEST, ...

  • Ranger uranium mine to rehabilitate site AAP - 7 hours ago

    Kakadu's traditional owners have welcomed news a neighbouring uranium mine will be able to borrow $100 million, if needed, to rehabilitate it back into the park. Energy Resources of Australia (ERA) said on Friday it expects to have enough money to fully fund rehabilitation itself by 2026.

  • Crowdfund group still wants Kidman AAP - 7 hours ago

    A crowdfunding group says it has a good chance of buying Australia's largest private landholder S Kidman and Co after the government blocked the sale to a Chinese-led consortium. Property crowdfunding business DomaCom says it has received more than $72 million in pledges from 5000 investors who want to keep Kidman in Australian hands and run it as a commercial business. Chinese firm Dakang Australia Holdings Pty Ltd tried to take an 80 per cent share in Kidman, with the remaining 20 per cent to go to Australian Rural Capital, whose shares were 25 per cent lower at 56 cents at 1545 AEST.

  • Probe into six Melb real estate branches AAP - 7 hours ago

    More than 100 customers have been left out of pocket following the closure of six Melbourne real estate branches amid an investigation into the misuse of funds. LJ Hooker Glen Waverley, Keysborough, Mount ...

  • Economists zero in on CPI, RBA, Budget AAP - 8 hours ago

    The minds of Australian financial market economists were exercised this week by inflation, the budget and the Reserve Bank. The big news was on Wednesday - a surprise March quarter fall in consumer prices which supercharged speculation about a possible interest rate cut when the RBA board meets on Tuesday. "Today's CPI number is a game changer for the RBA," JP Morgan economists Sally Auld said.

  • Business heads join plan for clean energy AAP - 8 hours ago

    Former Telstra boss David Thodey is among leading business figures who have joined a new body aiming to influence federal government policy on a nationwide shift to clean energy. AGL Energy chief executive Andrew Vesey, senior Credit Suisse investment banker Mark Burrows and Citibank Australia chair Sam Mostyn have joined Mr Thodey, now chair of the CSIRO, in the Leadership Forum on Energy Transition for Australia.

  • Budget tax cuts key for corporate Aust AAP - 9 hours ago

    Corporate Australia wants the government to follow its lead on cutting spending, and also hand out tax cuts to boost its competitiveness. Mining companies in particular, facing a prolonged slump in commodities prices, want the government to deliver a long-sought reduction in company taxes during next week's federal budget. Resources companies, Australia's largest export earners, have been forced to slash expenditure and take large asset writedowns over the last 18 months.

  • Credit slows ahead of RBA meeting AAP - 9 hours ago

    Credit growth slowed in March, as the upward trend in business credit flattened, giving some weight to expectations of an interest rate cut next week. The value of credit provided to the private sector by financial institutions in Australia rose 0.4 per cent in March, after a 0.6 per cent gain in February, figures from the Reserve Bank of Australia show. Annual growth in credit was 6.4 per cent, up from 6.2 per cent in the prior year, thanks to a gradual pickup in lending to businesses.

  • Baird welcomes Turnbull's cities plan AAP - 9 hours ago

    Malcolm Turnbull's "innovative" $50 million infrastructure plan to boost growth in cities across Australia has been welcomed by NSW Premier Mike Baird. Mr Baird says it's the first time the federal government has looked at Australian cities holistically, through its Smart Cities project announced by the prime minister on Friday. "There's clear intent from the federal government to come alongside the state government and deliver infrastructure," he told reporters in Gosford on the Central Coast.

  • Morrison faces triple threat on budget day AAP - 10 hours ago

    With a double dissolution election looming amid calls for a rate cut, treasurer Scott Morrison might be sweating on his first budget a bit more than his predecessor Joe Hockey did a year ago. Mr Morrison will deliver his first, and possibly last, budget on Tuesday, and his policies will set the scene for much of the upcoming election battle. Consumer prices have fallen for the first time since the global financial crisis, which many economists think will force the Reserve Bank's hand.

  • Economic depression has workers vulnerable AAP - 10 hours ago

    Once intended as a Soviet rival to the capitalist symbol of Detroit, Russia's car making hub of Togliatti is sliding into economic depression. Far from its 1960s roots as a socialist vision of the future, central Togliatti is lined with discount retailers, payday lenders and pawnshops as the recession craters the car market. "People are frightened to say even a single word," production worker and union activist Nataliya Yemshanova said at a union meeting in a member's apartment.

  • TV companies call for fairer media laws AAP - 10 hours ago
    TV companies call for fairer media laws

    Australia's archaic media laws mean local companies have one hand tied behind their back as they try to compete with the likes of Netflix and Google, Ten Network says. Ten CEO Paul Anderson says the local companies are not asking for a handout but for a level playing field as they compete for viewers and advertisers against billion-dollar global internet companies. "We are simply asking you to level the playing field somewhat for Australian companies in our efforts to compete with overseas-based online giants," Mr Anderson told a Senate inquiry into media law reform.

  • Kidman sale not in national interest AAP - 10 hours ago

    Treasurer Scott Morrison has told the Chinese company wanting to buy Australia's largest private landholder that its planned purchase is contrary to the national interest. While the review found the sale process followed a satisfactory commercial practice that offered opportunity to Australian parties to make an offer, it also found there was significant domestic interest in Kidman. Mr Morrison has given Dakang Australia Holdings Pty Ltd until next Tuesday to respond to his concerns.

  • Treasurer rejects Kidman sale AAP - 10 hours ago

    Treasurer Scott Morrison has kyboshed the sale of Australia's largest private landholder, S Kidman and Co, to a Chinese company. "I have today informed the investor that my preliminary view of the ...

  • Turnbull launches cities policy AAP - 11 hours ago
    Turnbull launches cities policy

    Prime Minister Malcolm Turnbull says cities must be better planned to boost investment and jobs, make housing more affordable and cut congestion. A team of experts within the government, known as the infrastructure financing unit, would work with state and local government and the private sector to find new ways to fund road and public transport projects. There will also be a series of "city deals" involving the three levels of government, communities and the private sector, which would spell out priority projects and reforms for every Australian city.

  • Apple's new SF office, a recruitment tool AAP - 11 hours ago

    From Apple's earliest days, executives insisted that employees work from its headquarters in sleepy suburban Cupertino. The thinking, championed by Steve Jobs, was that a centralised campus would put the CEO "within walking distance of everyone," said Steve Wozniak, who founded the company with Jobs. Apple's decision to plant a flag in San Francisco comes years after similar moves from rival tech firms such as Google and LinkedIn and marks a turning point in Apple's willingness to accommodate workers, according to recruiters and former employees.