Financial News from AAP

  • Investment firm AMCIL posts $7.7m profit AAP - 41 minutes ago

    Listed investment company AMCIL Limited has posted a 10 per cent rise in full year profit pushed by its investments in small and medium company stocks. AMCIL recorded a $7.7 million net profit for the year to June 30, 2016, on operating income to $10.4 million, up from $8.9 million a year earlier due to strong contributions from investments including Mayne Pharma and TPG Telecom. AMCIL announced a dividend of 3.5 cents per share and said it was well-placed to pursue new opportunities but ongoing volatility in the Australian market would require a "prudent approach".

  • ACCC demands better broadband speed info AAP - 46 minutes ago

    The retail broadband market dominated by Telstra, Optus and TPG has been urged by the consumer watchdog to provide their complaining customers with better information on connection speeds. The Australian Competition and Consumer Commission says there's a lack of clear information on broadband performance in advertising and other material. "Consumers are entitled to expect clear and accurate information about broadband services," ACCC chairman Rod Sims said on Tuesday.

  • Heathrow 'struggling' with passport queues AAP - 50 minutes ago

    Staff are struggling to cope with queues to check passports at Heathrow Airport, the BBC reports. An unnamed member of south-east Border Force staff told the BBC: "We are being crucified. An aim for Border Force to process 95 per cent of those from outside the European Economic Area within 45 minutes was not met in the four terminals in June.

  • Aust shares fall ahead of key data AAP - 1 hour 44 minutes ago

    The Australian share market is trading in negative territory, hurt by healthcare and energy companies, plus retail giant Woolworths, as investors await closely-watched inflation data. The benchmark S&P/ASX ...

  • US fines Chile-based airline LATAM $US22m AAP - 2 hours 12 minutes ago

    Latin America's largest airline has agreed to some $US22 million ($A29.46 million) in civil and criminal fines in connection with a scheme to pay bribes to end a labour strike in Argentina a decade ago, US authorities say. Chile-based carrier LATAM will pay $US12.75 million to the US Justice Department and $US9.4 million including interest to the US Securities and Exchange Commission. The penalties stem from an investigation into payments made in 2006-2007 by LAN airlines, which merged with Brazil's TAM in 2012 to create LATAM.

  • Australians get over election nerves AAP - 2 hours 27 minutes ago
    Australians get over election nerves

    Australians appear to have put their concerns over a protracted federal election behind them, instead taking heart from more stable financial markets. "The strong performance in the equity market and, more broadly, the improvement in financial market volatility are likely to have been key factors in the rebound," ANZ head of Australian economics Felicity Emmett says. Confidence had been dented by the initial fall-out from Britain's surprise decision to leave the European Union last month, which was closely followed by a July 2 federal election result that took a week to sort out after a two-month campaign.

  • Stocks to watch AAP - 2 hours 29 minutes ago

    Stocks making news on the Australian stock exchange: MTS - METCASH - down 0.50 cents, or 0.23 per cent, at $2.135 Supermarkets aren't what they used to be. NTS - NORTHERN STAR - steady, at $4.73 Gold miner ...

  • Market opens lower after slow US trade AAP - 2 hours 45 minutes ago

    The Australian share market has opened lower, taking its cue from Wall St which fell as oil prices weighed on energy stocks. The benchmark S&P/ASX200 index was down 0.35 per cent at 1015 AEST, slipping ...

  • Turkish Airlines axes 211 employees AAP - 3 hours ago

    Turkish Airlines has terminated the contracts of 211 employees, joining a government purge of people suspected of links to a US-based cleric whom authorities accuse of orchestrating Turkey's failed coup. ...

  • ACCC targets broadband speed AAP - 3 hours ago

    Australia's competition regulator is calling for suggestions on how to improve broadband speed information for consumers, in a bid to improve competition and consumer satisfaction. The Australian Competition & Consumer Commission is concerned about the current lack of clear information about broadband performance in advertising and other material available to consumers.

  • WA and Qld tumble down economic rankings AAP - 3 hours ago

    The NSW economy remains the nation's strongest and the mining downturn has sent Queensland and Western Australia tumbling down the rankings. NSW extended its lead on Victoria in the latest Commsec State ...

  • Tas positive but last in economic rankings AAP - 3 hours ago

    Tasmania might be at the bottom of the pile when it comes to the latest Commsec State of the States report but the island's Liberal government is focused on the positives. Monday's snapshot cited fair progress on indicators including unemployment and construction, but noted that the southern state continues to struggle with economic growth. "Tasmania has the third-strongest growth in retail in the country over the past year, up 3.5 per cent, and in monthly retail trade we are up by 5.2 per cent, and second only to the ACT," Treasurer Peter Gutwein said in response to the quarterly report.

  • WA second last on economic rankings AAP - 3 hours ago

    West Australian Treasurer Mike Nahan has dismissed a report showing the state has tumbled from first to seventh among the nation's economies in just two years. Dr Nahan says the state's economy is still strong and it would have been impossible for it not to decline after the biggest mining boom in the nation's history over the past decade. Queensland and Western Australia have each fallen one place on the latest Commsec State of the States report list to sixth and seventh respectively but there is now little separating the three bottom-ranked economies including Tasmania.

  • Super change key to budget repair:Morrison AAP - 4 hours ago
    Super change key to budget repair:Morrison

    Treasurer Scott Morrison is adamant planned savings from changes to superannuation need to be legislated, otherwise cuts will have to be made elsewhere which he says isn't fair. "If those savings aren't found in that way they would have to be found in other ways, which I think would be more unfair to other people," Mr Morrison told Sydney's 2GB radio on Tuesday.

  • Ryanair to shift growth focus from UK AAP - 4 hours ago
    Ryanair to shift growth focus from UK

    Ryanair, Europe's biggest short-haul airline, plans to reduce winter services at its main London hub and pursue growth at other bases because of weakened British economic prospects following the country's vote to leave the EU. CEO Michael O'Leary made the announcement on Monday as part of Ryanair's first-quarter earnings, which underscored the company's unrelenting growth and profit increases. Ryanair reported a 4 per cent rise in net profit to 256 million euros ($A376.5 million) as it carried 31.2 million passengers in the April-June period, 11 per cent more than a year ago.

  • Aust shares open lower AAP - 4 hours ago

    The Australian share market has opened lower. At 1010 AEST on Tuesday, the benchmark S&P/ASX200 index was down 15.4 points, or 0.28 per cent, at 5,518.2, while the broader All Ordinaries index was down ...

  • Verizon to buy Yahoo's core business AAP - 4 hours ago
    Verizon to buy Yahoo's core business

    Verizon Communications Inc says it will buy Yahoo Inc's core internet properties for $US4.83 billion ($A6.47 billion) in cash to expand its digital advertising and media business, ending a protracted sale process for the fading Web pioneer. The purchase will boost Verizon's AOL internet business, which it bought last year for $US4.4 billion ($A5.9 billion), as it gains access to Yahoo's ad technology tools, BrightRoll and Flurry, and search, email and messenger assets. Verizon, the No. 1 US wireless operator, has in recent years looked to mobile video and advertising for new sources of revenue in an oversaturated wireless market.

  • AKP-era foreign investments jarred AAP - 4 hours ago

    Turkey's botched coup and an apparent lurch towards authoritarianism is ratting investors and threatens to throw into reverse the hundreds of billions of dollars that have flowed to this once-booming emerging market. In the years after its 2001-2002 financial crisis, Turkey rode a wave of bullishness towards emerging markets, and while estimates vary, the Institute of International Finance reckons overseas investors poured more than $US150 billion ($A201.03 billion) into Turkish stock and bond markets since end-2003. Much of that success was down to game-changing reforms by President Tayyip Erdogan's Islamist-rooted AK Party from 2003.

  • Seeking wider digital audience, Verizon bu AAP - 4 hours ago

    Seeking a wider digital audience, Verizon is buying Yahoo for $US4.83 billion ($A6.47 billion) in a deal that marks the end of an era for a company that defined much of the early internet but struggled to stay relevant in an online world dominated by Google and Facebook. It's the second time in as many years that Verizon has snapped up the remnants of a fallen internet star. "We have enormous respect for what Yahoo has accomplished: This transaction is about unleashing Yahoo's full potential," AOL CEO Tim Armstrong said in a statement.

  • Consumer confidence rebounds AAP - 4 hours ago

    Consumers are starting to feel a tad more upbeat about the economic outlook after fretting about the future for the past four weeks. The ANZ-Roy Morgan consumer confidence index rose 0.5 per cent in the week ending July 24, after falling over the previous four weeks. "The strong performance in the equity market and, more broadly, the improvement in financial market volatility are likely to have been key factors in the rebound," ANZ head of Australian economics, Felicity Emmett, said on Tuesday.

  • Myanmar businesses bemoan economic policy AAP - 5 hours ago

    Aung San Suu Kyi's ruling party will offer a glimpse of its plans for Myanmar's economy this week, in a long-awaited announcement that seeks to reassure businesses and investors who have grown increasingly worried by a lack of firm policy detail. A burgeoning private sector had hoped the National League for Democracy's (NLD) emphatic triumph in a historic election last year would spur a quickening of reforms, but eight months on the NLD's economic strategy remains largely a mystery. "We have not heard their broad economic policy and direction yet.

  • Northern Star FY profit jumps 65 pct AAP - 5 hours ago

    Gold miner Northern Star Resources has posted a 65 per cent jump in full-year profit on the back of higher gold prices and a reduction in costs. The Western Australia-based company on Tuesday reported ...

  • Minister talks up other trade prospects AAP - 6 hours ago

    As the controversial Trans-Pacific Partnership makes a slow burn to oblivion, Trade Minister Steve Ciobo has turned his attention to securing other trade pacts. Both US presidential candidates Donald Trump ...

  • $A slips slightly against greenback AAP - 6 hours ago

    The Australian dollar has slipped slightly against its US counterpart in overnight trade, weighed down by continuing expectation of a lift in US interest rates. At 0700 AEST on Tuesday, the local unit ...

  • Election result may steady consumer nerves AAP - 6 hours ago
    Election result may steady consumer nerves

    A new survey will show whether Australians have finally got over their uneasiness after the protracted federal election. Consumer confidence has fallen for four straight weeks, upset by the initial fallout ...

  • International markets roundup AAP - 7 hours ago

    Shares fell almost across the board, with energy stocks leading declines across 10 S&P 500 sectors and the consumer discretionary sector the lone gainer, helped by a 1.84-per cent gain in Target. The negative start to the week, which includes earnings from 190 S&P 500 companies as well as a Federal Reserve policy meeting, put the brakes on a nine-per cent rally that started on June 27. The S&P energy index fell 1.99 per cent, its deepest percentage decline since late June.

  • One week left to buy Opal concession cards AAP - 8 hours ago

    NSW commuters have less than a week to purchase an Opal concession card as the last of the paper tickets are phased out. Discounted tickets for seniors and pensioners or students, apprentices and job seekers will no longer be sold from ticket machines, retailers or on board buses due to the "ongoing misuse" of such tickets, Transport for NSW says. "Concession paper ticket misuse is a major source of fare evasion, costing taxpayers $22 million a year, and we cannot let that continue when that money is needed for improving transport services for everyone," Transport for NSW spokesman Tony Braxton-Smith said on Tuesday.

  • Verizon buys Yahoo for $US4.83b AAP - 16 hours ago
    Verizon buys Yahoo for $US4.83b

    Verizon is buying Yahoo for $US4.83 billion ($A6.47 billion), marking the end of an era for a company that once defined the internet. The sale announced on Monday marks the second time in two years that Verizon has snapped up the remains of a fallen internet star as it broadens its digital reach. Verizon won the Yahoo bidding after a five-month auction.

  • Ex-minister Robb joins Ten board AAP - 20 hours ago
    Ex-minister Robb joins Ten board

    Former federal trade minister Andrew Robb has joined the board of Ten Network as representative of mining magnate and significant Ten shareholder Gina Rinehart. Mr Robb, who retired from parliament ahead of the July 2 federal election, was announced on Monday as the replacement director for John Klepec, the chief operating officer of Ms Hancock's Hancock Prospecting. Mr Klepec was an alternate director and director of Ten for almost three years as nominee of Hanrine Investments, through which Ms Rinehart holds an 8.2 per cent stake in Ten.

  • Woolies, rate hopes boost market AAP - 20 hours ago

    The Australian share market has hit an eleven-month high, boosted by expectations of an interest rate cut and a big lift in the shares of Woolworths after the ailing supermarket giant announced restructuring plans. "The market is continuing to respond to an expectation of lower interest rates in Australia," CMC Markets chief market analyst Ric Spooner said. Mr Spooner also said that very early economic data following the UK's decision to leave the European Union was not showing any major global impact from "Brexit", which was encouraging.

  • 2016 grape harvest 'sensational' AAP - 20 hours ago
    2016 grape harvest 'sensational'

    Australia's 2016 grape harvest has been a good one, with higher prices paid for wine grapes, and a bigger intake of fruit. The wine sector's peak body, Wine Australia, says many in the wine sector are describing the 2016 vintage as "sensational". The national crush is up six per cent to about 1.81 million tonnes, and the average price for wine grapes lifted 14 per cent to $526 per tonne - the highest average price since 2009.

  • Saving the world starts with leftovers AAP - 20 hours ago
    Saving the world starts with leftovers

    Food rescue charity OzHarvest says the easiest way to be sustainable is to think about reusing your food before throwing it away. In a world where it takes 1000 litres of water to make one carton of milk, the humble act of using leftovers for lunch or dinner is more helpful to the environment than an electric car or recycling.

  • A$ flat ahead of key inflation data AAP - 21 hours ago

    The Australian dollar is steady against the US dollar as investors bide their time ahead of the long awaited release of local second-quarter inflation data on Wednesday. At 1700 AEST on Monday, the local ...

  • Former minister Robb joins Ten board AAP - 21 hours ago

    Former federal trade minister Andrew Robb has joined the board of Ten Network where he will represent mining magnate Gina Rinehart, who is a major shareholder in the broadcaster. Mr Robb, who retired from ...

  • Rate cut expectation, Woolies lift market AAP - 21 hours ago

    The Australian share market has resumed its upward course, boosted by expectations of an interest rate cut, and a big lift in the shares of Woolworths after the ailing supermarket giant announced restructuring plans. "The market is continuing to respond to an expectation of lower interest rates in Australia," CMC Markets chief market analyst Ric Spooner said. Mr Spooner also said that very early economic data following the UK's decision to leave the European Union was not showing any major global impact from "Brexit", which was encouraging.