Financial News from AAP

  • Santos sales revenue jumps 28% AAP - 32 minutes ago

    Santos has increased first quarter sales revenue from a year ago by 28 per cent despite a flat production performance. Australia's second-largest sole producer of oil and gas collected $913 million in sales revenue in the three months to the end of March, on the back of higher third-party crude oil sales. Santos' realised average oil price was up 13 per cent from the preceding three months to $128 per barrel. A major contributor to that fall was weaker quarterly crude oil production of 2.5 million barrels, down 15 per cent, due to lower production out its Fletcher Finucane and Cooper Basin projects.

  • Woodside revenue up, production down AAP - 45 minutes ago

    Energy giant Woodside Petroleum has lifted its first quarter revenue despite a small slide in production. But, production was up five per cent compared to the same time a year ago due to the restarting of its floating production facility at its Vincent oil field, also off the WA coast. However, the first quarter revenue was up 15.9 per cent on the same period in 2013, at $US1.675 billion ($A1.79 billion), thanks to the higher oil volumes and better LNG prices.

  • Aust shares open higher AAP - 52 minutes ago
    Aust shares open higher

    The Australian share market has opened higher. At 1010 AEST on Thursday, the benchmark S&P/ASX200 index was up 23.9 points, or 0.44 per cent, at 5,444.2, while the broader All Ordinaries index was up 23.8 ...

  • Aust bonds weaker after good US data AAP - 1 hour 58 minutes ago

    The Australian bond market is slightly weaker, as some good US economic data improved appetite for riskier assets. US industrial production grew by a modest 0.7 per cent in March, stronger than the 0.5 ...

  • Dick Smith sales up 1% AAP - 2 hours 1 minute ago

    Electronics retailer Dick Smith has recorded a slight lift in group third quarter sales, as growth in its Australian operations offset a decline in its New Zealand business. Dick Smith recorded group like-for-like sales of $280 million for the three months to March 30, up one per cent from a year ago, although sales were down 2.7 per cent for the year to date. The retailer's Australian operations recorded like-for-like sales growth of 2.4 per cent to $238.4 million for the quarter. But sales were down 5.6 per cent for the New Zealand business at $41.7 million, a result that benefited from the rise in the NZ dollar.

  • Stimulus needed for job market: US Fed AAP - 3 hours ago
    Stimulus needed for job market: US Fed

    Federal Reserve Chair Janet Yellen says the US job market still needs help from the Fed and the central bank must remain intent on adjusting its policy to respond to unforeseen challenges. In her first major speech on Fed policy, Yellen sought to explain the Fed's shifting guidance on its interest-rate policy, which at times has confused or jarred investors. She said the Fed's policies "must respond to significant unexpected twist and turns the economy may make". She said the Fed's forecast for moderate growth has changed little since last fall despite the severe winter.

  • Stocks to watch on Thursday AAP - 3 hours ago

    Stocks to watch on the Australian stock exchange on Thursday, April 17: ALZ - AUSTRALAND PROPERTY GROUP - steady at $4.25 Property developer Australand is preparing for a possible takeover from fellow ...

  • Commodities markets summary AAP - 3 hours ago

    Oil prices sank along with the euro after the European Central Bank forecast that the eurozone would continue to contract next year and only return to growth in 2014.

  • $A higher, supported by Chinese data AAP - 3 hours ago

    The Australian dollar is slightly higher, helped by some Chinese economic growth figures that didn't disappoint the market. Economic data out on Wednesday showed that China's gross domestic product (GDP) grew by 7.4 per cent in the year to March, higher than the market forecast of 7.3 per cent. BK Asset Management managing director Kathy Lien said the figures were a positive for investors. Also overnight, US Federal Reserve chair Janet Yellen said in a speech in New York that the US job market still needs help and the Fed must remain intent on adjusting its policy to respond to unforeseen challenges.

  • International markets roundup AAP - 3 hours ago

    A roundup of trading on major world markets: NEW YORK - US stocks rallied for a third straight day, lifted by positive economic and corporate earnings news. The Dow Jones Industrial Average added 162.29 ...

  • Finance News Update, what you need to know AAP - 3 hours ago
    Finance News Update, what you need to know

    WORLD FINANCE UPDATE: The Australian dollar is slightly higher, continuing to get some support from Chinese economic growth figures that were slightly better than expected. At 0630 AEST on Thursday, the ...

  • Australian market set to open higher AAP - 4 hours ago

    The Australian market looks set to open higher after Wall Street rose for its third session on positive economic news. At 0645 AEST on Thursday the June share price index futures contract was up 17 points at 5,424. March US home construction and industrial production bolstered sentiment while the Federal Reserve's Beige Book on US economic conditions confirmed the central bank's view that recent weakness was largely due to bad winter weather. Locally, in economic news on Thursday, the National Australia Bank's business survey for the March quarter is due to be released, as is the Australian Bureau of Statistics (ABS) new motor vehicle sales data for the same month and the ABS International merchandise imports, also for March.

  • $A a bit higher, help by Chinese GDP AAP - 4 hours ago

    The Australian dollar is slightly higher, continuing to get some support from Chinese economic growth figures that were slightly better than expected. At 0630 AEST on Thursday, the local unit was trading ...

  • Growth picks up across most of US AAP - 6 hours ago

    A Federal Reserve survey shows economic growth picking up across most of the US over the past two months as bitter winter weather subsided. Ten of the Fed's 12 regions reported an increase in economic activity, according to the Beige Book survey released on Wednesday. In most places, the Fed described the improvement as "modest or moderate". Confident that the economy is improving, the Fed has been scaling back bond purchases meant to push long-term interest rates down, encourage consumer and business spending and spur economic growth.

  • $A lower despite Chinese data boost AAP - 17 hours ago

    The Australian dollar is lower despite receiving a boost from expectations of a possible Chinese stimulus package. At 1700 AEST on Wednesday, the local currency was trading at 93.64 US cents, down from 93.87 cents on Tuesday. China's economic growth slowed to a 24-year low of 7.4 per cent in the first quarter of 2014, the latest figures showed. The Australian dollar initially bounced on the data because it was stronger than the 7.3 per cent growth the market had been expecting, but then dipped as investors digested the details.

  • Commodiity slump may not hurt so badly AAP - 17 hours ago

    It's a common complaint that Australia's mining industry is mostly foreign owned, but that could soften the blow from falling commodity prices. The fall in prices began in mid-2011, and at last measure by the Reserve Bank of Australia, prices in foreign currency terms were down by 28 per cent from that peak. It's fashionable in official circles, most notably at the RBA, to measure that effect by comparing two measures of national income. The other is gross domestic income (GDI), which tots up the value of the goods and services that can be bought with the proceeds of selling GDP.

  • US gains and mining updates boost shares AAP - 17 hours ago

    The share market closed higher as investors were encouraged by good corporate earnings reports from the United States and shrugged off economic growth figures out of China. US investors had rediscovered enthusiasm for some stocks that had previously been considered overvalued, following a better than expected earnings report from Intel, the world's largest maker of microprocessors, CMC chief market strategist Michael McCarthy said. "That's been reflected in the action here today," Mr McCarthy said. Some reasonably solid production reports from miners BHP Billiton and Fortescue Metals had helped to boost the resources sector, he said.

  • Aust bonds weakened by Chinese data AAP - 18 hours ago

    Australian bond futures prices are higher, despite being weighed down by stronger than expected Chinese gross domestic product figures. Australian bond futures rallied overnight after the Empire State Manufacturing survey released in the US was significantly weaker than expected. At 1630 AEST on Wednesday, the June 2014 10-year bond futures contract was trading at 96.015 (implying a yield of 3.985 per cent), up from 96.005 (3.995 per cent) on Tuesday. The June 2014 three-year bond futures contract was at 97.010 (2.990 per cent), up from 97.000 (3.000 per cent).

  • Bad news in China is good for BHP AAP - 18 hours ago
    Bad news in China is good for BHP

    BHP Billiton has lifted its full year guidance for iron ore output on a day bad Chinese economic news was good news for the mining giant. The release of weaker quarterly economic growth figures in China - including a five year low in industrial production growth - sparked predictions it would combat that with an infrastructure spending stimulus package. Shares in BHP fell after the morning release of its quarterly production update but then jumped - as did fellow iron ore miners Rio Tinto and Fortescue Metals - on the release of China's data.

  • Stocks to watch at close on Wednesday AAP - 18 hours ago

    Stocks to watch on the Australian stock exchange at the close on Wednesday: ALZ - AUSTRALAND PROPERTY GROUP - steady at $4.25 Property developer Australand is preparing for a possible takeover from fellow ...

  • Aussie shares close higher AAP - 18 hours ago

    The Australian share market closed higher on Thursday, with positive manufacturing data out of the US overnight and China during the day promoting positive investor sentiment.

  • Financial industry looks to grow in Asia AAP - 18 hours ago

    Australia's financial services industry is literally being given a passport to spread its wares more easily to new clients in the Asia-Pacific region. The federal government has backed an initiative that came out of the 2009 report that looked at Australia as a financial centre that would give financial service exporters greater access to overseas markets. Called the Asia Region Funds Passport, it would reduce the red tape faced by fund managers across the region, while providing Australian investors with a greater choice of investment portfolios. The idea was endorsed by APEC finance ministers' Bali meeting last September, and a statement of intent for the framework was signed by Australia, Korea, New Zealand and Singapore.

  • State budget will hurt WA households AAP - 19 hours ago

    Households will be slugged by the West Australian budget because the state government "maxed out" spending on big projects and increased public sector wages, the new treasurer warns. Mike Nahan, who replaced Troy Buswell as treasurer last month after the later allegedly hit several vehicles while driving home after a wedding, blamed the ailing budget position on falling revenue from sources such as payroll tax and iron ore mining. Mr Nahan said that as revenue fell, spending on hospitals and a new stadium had racked up large debt. Among the mistakes was the state government's "unrealistic deadline" for the Fiona Stanley Hospital and the botched Muja power station refurbishment, Mr Nahan said.

  • State budget will hurt WA househoulds AAP - 19 hours ago

    Households will be slugged by the West Australian budget because the state government "maxed out" spending on big projects and increased public sector wages, the new treasurer warns. Mike Nahan, who replaced Troy Buswell as treasurer last month after the later allegedly hit several vehicles while driving home after a wedding, blamed the ailing budget position on falling revenue from sources such as payroll tax and iron ore mining. Mr Nahan said that as revenue fell, spending on hospitals and a new stadium had racked up large debt. Among the mistakes was the state government's "unrealistic deadline" for the Fiona Stanley Hospital and the botched Muja power station refurbishment, Mr Nahan said.

  • Fortescue plans to boost production by 35% AAP - 19 hours ago

    Fortescue Metals plans to boost production by 35 per cent over the next three months, a target boss Nev Power says is "absolutely realistic". The Pilbara iron ore miner plans to ship 41.6 million tonnes in the June quarter after notching up 30.8 million tonnes of shipments in the previous quarter, despite weather interruptions. Chief executive Nev Power says milder weather will help the company achieve its ambitious June quarter target after reaching full production in March. "Absolutely it's realistic," Mr Power told reporters on Wednesday.

  • Study shows high risk levels on market AAP - 19 hours ago

    More than 60 per cent of companies listed on the Australian share market are exposed to an escalating level of risk, says research house and funds manager Lincoln Indicators. Lincoln says its latest analysis of about 2,000 listed companies shows only 26 per cent are in strong or satisfactory financial health. Lincoln used 12 accounting ratios to assess the financial health of the companies, based on their financial statements for the period ending December 31, 2013. Companies with a "strong" or "satisfactory" score were judged to have acceptable levels of investment risk, and companies with an "early warning", "marginal" or "distress" score had escalating degrees of risk.

  • Telco TPG fined for barring 000 access AAP - 19 hours ago
    Telco TPG fined for barring 000 access

    A day after his TPG phone account was suspended, retired NSW police officer Michael Merrin fell seriously ill. The September 2011 case was just one of 193 occasions in which TPG customers were blocked from reaching emergency services. Almost 6000 TPG customers with suspended or inactive accounts due to bills being unpaid or other reasons were denied access to emergency lines between March and September 2011. The telco was fined $400,000 in the Federal Court on Wednesday, with Justice Mordecai Bromberg criticising the company's lax approach to important regulations.

  • The truth about lying: do you cheat? AAP - 20 hours ago

    To behave in ways that are more moral, we should concentrate less on money and more on how we spend the passing hours, says Cassie Mogilner, an assistant professor of marketing at University of Pennsylvania's Wharton School. "When people are focused on money, they behave in self-interested but not self-reflective ways," Mogilner wrote in her paper.

  • TPG network plans a threat to NBN AAP - 20 hours ago
    TPG network plans a threat to NBN

    NBN Co boss Bill Morrow says competition from TPG Telecom will undermine its business model and may see Australians paying more for internet access. TPG plans to go head to head with the national broadband network by building its own high speed connections to 500,000 apartments across several capital cities. The plans, announced in March, will see TPG build a fibre-to-the-building network in high density areas around CBDs, taking advantage of the most profitable sites. In response, NBN Co is speeding up the rollout of its network to inner city areas, working to connect sites before TPG can get its network off the ground.

  • Trade show strategies help small-business AAP - 21 hours ago

    Frankel Staffing Partners' goal when participating in local business expos is to use creativity to open an invisible door to potential clients. "It's extraordinary" how many people say "What do you guys do?" said Rod Frankel, president of the 20-year-old company.

  • NBN Co behind on connecting homes AAP - 21 hours ago
    NBN Co behind on connecting homes

    The company constructing the national broadband network admits it needs to work harder on connecting homes and businesses. NBN Co on Wednesday said the network now passes 512,659 premises, after being rolled out past almost 96,000 during the three months to March 31. "The primary focus for management has been on building the network rather than connecting families and businesses," NBN Co chief executive Bill Morrow said.

  • Politics test Silicon Valley's Russian tie AAP - 22 hours ago

    Entrepreneurs and investors say Silicon Valley's fast-growing financial ties with Russia's tech sector are being slowed by current political tensions between the White House and the Kremlin. For decades, Russia's sophisticated scientists and engineers remained at arm's length from Silicon Valley's venture capitalists and marketing mavens. That changed in recent years with a flurry of investment, largely sparked in 2010 when then-Russian President Dmitry Medvedev visited the region and met with high-tech leaders. Russian investors, including billionaire Yuri Milner, who has large stakes in Facebook and Twitter, poured an estimated $US2 billion into US tech firms over the past three years, according to Johnson, who organised a technology symposium with venture capitalists and entrepreneurs in San Mateo, south of San Francisco, in March.

  • $A falls on weaker Chinese figures AAP - 22 hours ago

    The Australian dollar is lower following weaker data out of China. China's economic growth slowed to a 24-year low of 7.4 per cent in the 2014 first quarter, raising the risk of job losses and a potential impact on its trading partners. The Australian dollar initially popped higher on the headline gross domestic product (GDP) figure but fell as investors saw the details, National Australia Bank global co-head of FX strategy Ray Attrill said.

  • WA budget to hit household hip pockets AAP - 22 hours ago

    Western Australia's new treasurer has confirmed households will be hit in the budget, after the state government "maxed out" on spending on big projects. But Treasurer Mike Nahan, who took over from Troy Buswell who quit after a mental breakdown, said household budgets wouldn't be hit "that badly" in the May 8 budget. However, a pledge to keep electricity price increases in line with the inflation rate could be broken. Mr Nahan blamed the budgetary position on revenue, saying sources including payroll tax and iron ore royalties had fallen in the past few weeks, offset to some degree - "but not much" - by a greater share of GST revenues.

  • Shares higher up in muted trade AAP - 22 hours ago

    The share market is higher in cautious trading as investors wait for crucial Chinese quarterly growth numbers. The morning gains follow rises on Wall Street overnight and positive financial results from ...