Financial News from AAP

  • UK can't pick and choose Brexit terms AAP - 57 minutes ago

    European Union leaders have countered British optimism about a smooth and mutually beneficial divorce between Britain and the EU. Many have declared that despite what British Prime Minister Theresa May thinks, Britain will not dictate the terms it leaves the bloc by. EU President Donald Tusk warned Britain that it will not be able to "pick-and-choose" the choicest bits of trade and immigration as both sides wade into the negotiations this spring.

  • Corbyn attacks May for 'demeaning' the UK AAP - 4 hours ago

    Jeremy Corbyn has accused Theresa May of "demeaning" her office and her country by threatening to make the UK an offshore tax haven if she cannot get the Brexit deal she wants from the EU. The Prime Minister denied the Brexit plan she unveiled on Tuesday was based on threats, insisting she had set out a vision for "a stronger, fairer, more united, more outward-looking, prosperous, tolerant and independent, truly global Britain". The exchange at Prime Minister's Questions in the House of Commons came after Brexit Secretary David Davis said Britain may not have fully freed itself from European Union rules until 2021.

  • Power plant worker sickies in Vic to stop AAP - 8 hours ago
    Power plant worker sickies in Vic to stop

    Workers who have been chucking sickies at one of Victoria's biggest power plants, forcing it to function at half capacity, have been ordered to stop unprotected industrial action. Loy Yang power plant owners AGL says they were forced to go to the Fair Work Commission on Wednesday because "increased absenteeism and staff not being available for overtime" over an industrial pay dispute. "AGL Loy Yang was forced to start the day running at 50 per cent capacity with only two of the four units available," AGL said in a statement on Wednesday.

  • Vic power plant worker sickies to stop AAP - 9 hours ago

    Workers not turning up for work at a Victorian power plant, leaving the plant at half capacity, have been ordered to stop unprotected industrial action. Loy Yang power plant owners AGL says they were forced to go to the Fair Work Commission on Wednesday because "increased absenteeism" over an industrial pay dispute has resulted in the power plant not being able to run at full capacity over the past six days. The Fair Work Commission ruled in AGL's favour, and ordered members of the Construction, Forestry, Mining and Energy Union to cease unprotected action.

  • Late-night operators say Qld laws damaging AAP - 10 hours ago
    Late-night operators say Qld laws damaging

    Late-night operators in one of Queensland's busiest party districts say business has fallen by up to 50 per cent since new legislation designed to curb alcohol-fuelled violence was brought in six months ago. Fortitude Valley dive bar manager Otis Noble said on Wednesday earnings at his venue were down 15 to 20 per cent, while others had dropped by almost half. Mr Noble, who is also a member of the Keep Queensland Open group, said the state government had not consulted with the industry before the first tranche of measures were introduced on July 1, 2016.

  • Choppers save in-demand NZ cherries AAP - 10 hours ago

    New Zealand cherry producers are flying helicopters low over their orchards to dry off raindrops and protect thousands of tonnes of their product headed to Asia to feed rapidly growing demand from Chinese New Year revellers. China has grown to become the second largest destination for New Zealand cherries after Taiwan in the past seven years. Last week New Zealand exported 900 tonnes of cherries, the largest amount recorded in a one week period.

  • Johnson promises UK won't weaken EU AAP - 11 hours ago
    Johnson promises UK won't weaken EU

    Boris Johnson insists the UK does not want to "weaken or undermine" Europe after the prime minister was perceived as warning Brussels not to punish Britain over Brexit. The foreign secretary said the UK relied on a strong Europe after Theresa May said it would be "an act of calamitous self-harm" if the European Union tried to make an example of Britain to deter other countries leaving the bloc.

  • Big banks drag share market lower AAP - 11 hours ago

    Falls by the big four banks have pulled the share market lower, as uncertainty about the policies of US president-elect Donald Trump influences trade. The market mirrored Wall Street's overnight session, ...

  • EU approval for maker of medicinal pet pot AAP - 12 hours ago
    EU approval for maker of medicinal pet pot

    An Australian pharmaceutical developer has received the European Union's first ever health registration to commercialise medical cannabis for pets. ASX-listed Creso Pharma is now registered with the EU and is in the process of applying for a global import and export license as it aims to sell two cannabidiol-based pet products by April. The products, which are essentially food additives for horses and dogs, are designed to help target behavioural disorders including anxiety and noise phobias as well as chronic pain, arthritis and diabetes.

  • Stocks to watch AAP - 12 hours ago

    Stocks to watch on the Australian stock exchange: ANZ- ANZ BANK - down 29 cents, or 0.95 per cent, at $30.11 CBA - COMMONWEALTH BANK - down 69 cents, or 0.8 per cent, at $82.66 NAB - NATIONAL AUSTRALIA ...

  • Cameron linked to Bellamy's board ructions AAP - 13 hours ago

    Kathmandu co-founder Jan Cameron is behind an attempt to shake up Bellamy's board, the infant formula maker says. Black Prince Private Foundation is Bellamy's largest shareholder with a 14.5 per cent stake in the Tasmanian company. In a response to a request for information from the baby food maker, Black Prince said it is expected to act in accordance with the wishes of a private charity of which Ms Cameron is a director and shareholder.

  • EU market looms for medicinal pet cannabis AAP - 15 hours ago

    Medicinal cannabis company Creso Pharma has been granted the European Union's first ever health registration to commercialise medical cannabis for pets. The ASX-listed company aims to have two cannabidiol-based ...

  • Unemployment tipped be flat at 5.7% in Dec AAP - 15 hours ago

    The unemployment rate is tipped to have held steady at 5.7 per cent in December, but that's mainly due to people giving up the search for work. The number of Australians with a job is expected to have risen by about 12,000 in the final month of 2016, after jumping by 39,100 in November, according to the median forecasts of 14 economists surveyed by AAP. Most economists expect December's participation to be steady at November's subdued level of 64.6 per cent.

  • S&P; lifts iron ore price forecasts AAP - 15 hours ago

    Ratings agency Standard & Poors has raised its price forecasts for several of Australia's key export commodities. Prices for iron ore, Australia's top export, are now expected to average $US55 a tonne in 2017, up from the agency's previous estimate of $45 a tonne. The modest increase reflects the impact of stimulus measures in China in 2016, and the likely continuation of positive momentum in steel demand in the first half of 2017, S&P said.

  • Major banks pull share market lower AAP - 16 hours ago

    The share market is weaker due to falls by the big four banks, as investors wind back some of the gains made since Donald Trump's US presidential election victory. The benchmark S&P/ASX200 index was down ...

  • Rolls Royce to pay $1.1b on bribery claims AAP - 16 hours ago
    Rolls Royce to pay $1.1b on bribery claims

    Jet engine maker Rolls Royce has agreed to pay STG671 million ($A1.1 billion) to settle bribery and corruption charges brought by authorities in Britain, the US and Brazil. UK High Court judge Brian Leveson approved a deferred prosecution agreement during a public hearing on Tuesday. Britain's Serious Fraud Office said the matter covers 12 counts of conspiracy to corrupt, false accounting and failure to prevent bribery in conduct spanning three decades.

  • GDP fall weighing on consumers: Westpac AAP - 17 hours ago

    Consumers are optimistic about their future finances, but they're still worried about the contraction of the economy reported last month, Westpac says. Westpac senior economist Elliot Clarke said the result suggested a reported 0.5 per cent fall in September quarter GDP, reported last month, was still lingering on the minds of consumers.

  • Financial stocks push Aust shares lower AAP - 18 hours ago

    Falls across the heavyweight financial sector have pushed the Australian share market into negative territory following losses in the US and Europe. The benchmark S&P/ASX200 was down 0.68 per cent at 1030 ...

  • Confidence fails to rebound: Westpac AAP - 18 hours ago

    Consumer confidence has failed to rebound this year despite relatively positive economic news and stock market gains The Westpac-Melbourne Institute Index of Consumer Sentiment rose by just 0.1 per cent ...

  • Australian shares drop in early trade AAP - 18 hours ago

    The Australian share market has opened lower, dragged down by financial heavyweights including Commonwealth Bank, Macquarie Group and Westpac. At 1010 AEDT on Wednesday, the benchmark S&P/ASX200 index ...

  • Twitter guru launches Square in Oz AAP - 18 hours ago
    Twitter guru launches Square in Oz

    Australia is the first country outside of the US and Canada to get access to the e-commerce service from Square

  • Wesfarmers has brighter mining outlook AAP - 19 hours ago

    Wesfarmers' coal mining business is doing better than originally expected thanks to higher coal prices and improved output. The Perth conglomerate, which owns a string of retailers including core business Coles supermarkets, lifted its first-half earnings forecast for its coal mining business on Wednesday. The company expects the business to bring in $135 million to $140 million in earnings in the first half of 2017, compared to its "broadly breakeven" earnings forecast in October.

  • Aurizon volumes steady in December quarter AAP - 19 hours ago

    Rail freight operator Aurizon's coal haulage volumes have improved marginally, while iron ore volumes have fallen slightly. Aurizon hauled 52.3 million tonnes of coal during the three months to December ...

  • Qantas grounds 10 planes, cancels flights AAP - 19 hours ago
    Qantas grounds 10 planes, cancels flights

    Qantas has briefly grounded 10 Bombardier Q400 planes after missing a routine inspection, which led to flight cancellations. The airline's regional unit, QantasLink, cancelled a number of flights on Tuesday to resolve a "maintenance administration issue" with 10 of its 31 Q400s, a Qantas spokesman said on Wednesday. "This is an administrative issue that relates to technical compliance and not a safety issue with the aircraft," he said.

  • Air India introduces women only seats AAP - 20 hours ago
    Air India introduces women only seats

    Air India will introduce women-only seats on its domestic flights to give female passengers more choice and comfort, said a senior official from the national carrier, rejecting claims the move was linked to reports of in-flight sex attacks. From Wednesday, Air India will allocate six seats in the third row of its economy class cabin for solo women travellers - making it the only airline in India, and possibly the world, to take this step, said the official. India already has policies which segregate women from men on public transport to avoid sexual harassment and molestation.

  • Wesfarmers lifts mining earnings forecast AAP - 20 hours ago

    Wesfarmers has lifted its first-half earnings forecast for its coal mining business on the back improved production and higher coal prices. The company says it now expects the business to bring in $135 million to $140 million in earnings in the first half of 2017, compared to its "broadly breakeven" earnings forecast in October 2016.

  • Aust stocks likely to start lower AAP - 21 hours ago

    The Australian share market is set to open lower following declines in U.S. and European stock markets overnight. At 0730 AEDT on Wednesday, the local SPI 200 futures contract was down 15 points at 5,636 ...

  • NBN rollout to hit halfway mark by June AAP - 21 hours ago
    NBN rollout to hit halfway mark by June

    The rollout of the national broadband network is expected to hit its half way point by the end of June, as it begins to spread into metropolitan areas. NBN Co says construction is accelerating, but warns that connecting homes in capital cities will cause disruption. The company expects to have reached 5.4 million homes and businesses by June 30, and nine million premises by June 2018, when the end of the rollout will be in sight.

  • Theresa May signals clean break with EU AAP - 21 hours ago
    Theresa May signals clean break with EU

    British Prime Minister Theresa May says the UK will make a clean break from the EU and leave its single market of around 500 million people. In her most detailed remarks since the June 23 Brexit vote, May said that Britain must regain control of its laws and borders, even as she called on the bloc to negotiate a free-trade agreement that will benefit both sides. "I know there are some voices calling for a punitive deal that punishes Britain and discourages other countries from taking the same path," she said.

  • Sturgeon again flags Scottish independence AAP - 22 hours ago
    Sturgeon again flags Scottish independence

    The British government's plan for leaving the European Union is "economically catastrophic" and Scotland must have the option of voting for independence if its views on Brexit are rejected according to Scottish First Minister Nicola Sturgeon. Sturgeon, who leads the pro-independence devolved government, was speaking after British Prime Minister Theresa May signalled Britain would quit the European Union single market and impose immigration limits whilst seeking fair trade deals across the globe. Sturgeon said Scots, who voted by a clear majority against leaving the EU in last June's referendum, were now more likely to want independence.

  • International markets roundup AAP - 22 hours ago

    U.S. stocks fell on Tuesday, weighed down by financial and healthcare stocks, as investors turned skittish following President-elect Donald Trump's remarks on the dollar and drug pricing. Biotech and pharma stocks declined after Trump told the Washington Post that he would target companies over drug pricing and that he was ready to unveil a plan to replace Obamacare. Investors may be concerned that Trump is "going after the Affordable Care Act and is burning a little political capital that might otherwise have been used for business friendly matters," said Art Hogan, chief market strategist of Wunderlich Equity Capital Markets in New York.

  • $A gains as greenback slumps AAP - 22 hours ago

    The Australian dollar is higher against the US greenback, which fell after comments from US President-elect Donald Trump. The local currency was trading at 75.59 US cents at 0640 AEDT on Wednesday, up ...

  • Taiwanese take coffee culture to new level AAP - 23 hours ago

    Taiwan has earned a global reputation for its electronic products, good food and motorcycles. In Taiwanese cities, there are coffee shops everywhere that people can step into at any time of day to escape the chaotic streets outside. The enterprises range from gourmet coffee shops where customers are required to swap shoes for slippers and can only drink black coffee, to convenience stores that serve coffee in paper cups 24 hours a day.

  • UK PM Theresa May outlines 'hard' Brexit AAP - Tue, Jan 17, 2017 11:33 PM AEDT
    UK PM Theresa May outlines 'hard' Brexit

    Britain will leave the European single market when it quits the European Union, Theresa May has said. Mrs May said that her plans for Brexit cannot allow continued membership of the single market, which would require free movement of people and accepting the jurisdiction of the European Court of Justice. Mrs May said that she wanted to remain part of a customs agreement with the remaining 27 EU states, but said she had an "open mind" over whether this would be through associate membership of the Customs Union or through some other arrangement.

  • Malaysia Airlines recovers from tragedies AAP - Tue, Jan 17, 2017 10:13 PM AEDT

    Nearly three years after twin disasters took Malaysia Airlines to the brink of financial collapse, its new chief executive says the company's recovery is going better than expected. The search for the airline's Flight 370 that went missing on March 8, 2014, with 239 people on board was suspended on Tuesday. Speaking before the search was called off, CEO Peter Bellew called the disaster an "awful tragedy".