Top Stories

  • Nyrstar smelter hit by blackout AAP - 15 minutes ago

    Smelting company Nyrstar has joined the growing list of major companies to suffer losses from South Australia's statewide blackout. The company says it expects its Port Pirie blast furnace to be out of action for up to 14 days at a cost of more than $5 million. "We are obviously very disappointed that the power supply in South Australia has failed and the impact that this has caused to the Port Pirie plant," chief executive Bill Scotting said.

  • Higher pay rates could replace penalties AAP - 51 minutes ago

    Small business is buoyed the industrial umpire boss has flagged merit in replacing penalty rates for retail and fast food chain workers with higher hourly pay rates. The Fair Work Commission president Iain Ross has acknowledged a need for greater flexibility for small business. This is about simplicity," Council of Small Business of Australia chief executive Peter Strong told ABC radio on Friday.

  • $A falls on Deutsche Bank concerns AAP - 1 hour 51 minutes ago

    The Australian dollar has fallen against its US counterpart after global risk appetite took a hit on news hedge funds have concerns about Deutsche Bank. At 0710 AEST on Friday, the local unit was trading ...

  • Stocks to watch AAP - 2 hours 9 minutes ago

    Stocks to watch on the Australian stock exchange: BHP - BHP BILLITON FMG - FORTESCUE METALS GROUP RIO - RIO TINTO The price of iron ore has crept back above the $US56 mark. OSH - OIL SEARCH STO - SANTOS ...

  • International markets roundup AAP - 2 hours 18 minutes ago

    NEW YORK: Wall Street has dropped, weighed down by Apple as well as selling in Wells Fargo, Citigroup and other major banks as investors worried about the health of Deutsche Bank. The S&P 500 financial ...

  • Australian market set to open AAP - 2 hours 48 minutes ago

    The Australian market looks set to open lower after Wall Street fell weighed down by Apple as well as selling in Wells Fargo, Citigroup and other major banks as investors worried about the health of Deutsche Bank.. At 0645 AEST on Friday, the share price index was down 36 points at 5,427. "This Deutsche Bank story is really casting a very long shadow over equity markets," said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York.

  • $A slips against the greenback AAP - 3 hours ago

    The Australian dollar has fallen against the US dollar. At 0635 AEST on Friday, the local unit was trading at 76.39 US cents, down from 76.64 cents on Thursday. CURRENCY SNAPSHOT AT 0635 AEST ON FRIDAY ...

  • Deutsche Bank shares sink 7% as hedge funds pull money out AFP - 11 hours ago
    Deutsche Bank shares sink 7% as hedge funds pull money out

    Deutsche Bank shares sank seven percent Thursday after news that a number of hedge funds had pulled money out of the German giant amid worries over its financial strength. The move to sell off the German giant's stock, which affected shares traded in Frankfurt, New York and elsewhere, also helped drag down the US markets overall. Bloomberg News reported Thursday that about 10 hedge funds that clear trades with Deutsche Bank withdrew some excess cash and derivatives holdings and moved the assets to other firms this week, according to an internal bank document it saw.

  • Australia chooses US defence giant for submarine combat systems AFP - 11 hours ago
    Australia chooses US defence giant for submarine combat systems

    Canberra has chosen US defence contractor Lockheed Martin as the combat system integrator for its new fleet of 12 French-designed submarines. "By partnering with an Australian-based company with strong links to the US, we will ensure that we get the best Australian and US technology, while ensuring that our sensitive technology is protected," Defence Minister Marise Payne and Defence Industry Minister Christopher Pyne said in a statement Thursday. The defence ministry did not provide any costings for the combat system contract.

  • Commerzbank to slash 9600 jobs AAP - 11 hours ago

    Commerzbank, Germany's second largest bank, partly owned by the German government, says restructuring will cut 9600 full-time jobs. At the same time it said it aimed to create 2300 new workplaces in business growth areas, according to statement outlining Commerzbank's draft strategic and financial objectives until 2020. By the end of 2020, Commerzbank should have increased its profitability sustainably, then concentrate on its core businesses and digitise 80 per cent of its relevant processes, the statement said.

  • Deutsche Bank worries hit US stocks AFP - 11 hours ago
    Deutsche Bank worries hit US stocks

    US stocks tumbled Thursday after a report on withdrawals from Deutsche Bank revived worries about the health of one of the world's largest banks. News of the withdrawals sent a shudder through Wall Street, ...

  • PepsiCo posts Q3 profit boost AAP - 11 hours ago
    PepsiCo posts Q3 profit boost

    PepsiCo has reported soaring third-quarter profits that breezed past almost all expectations. The company boosted its full-year profit outlook given its performance to date and shares jumped more than ...

  • Deutsche Bank shares sink 7% after report on withdrawals AFP - 11 hours ago
    Deutsche Bank shares sink 7% after report on withdrawals

    Deutsche Bank shares sank seven percent Thursday after a report said a handful of hedge funds had pulled money out amid worries over its financial strength. The move to sell off the German giant's stock, which affected shares traded in Frankfurt, New York and elsewhere, also helped drag down the US markets overall. Bloomberg News reported Thursday that about 10 hedge funds that clear trades with Deutsche Bank withdrew some excess cash and derivatives holdings and moved the assets to other firms this week, according to an internal bank document it saw.

  • Och-Ziff hedge fund to pay $413 mn over Africa bribery AFP - 12 hours ago
    Och-Ziff hedge fund to pay $413 mn over Africa bribery

    Hedge fund Och-Ziff Capital Management Group will pay $413 million to settle charges it bribed officials in the Democratic Republic of the Congo, Libya and other African countries, officials said Thursday. Och-Ziff, which has more than $39 billion under management, paid bribes to officials to secure mining rights and to win investment in the company from a Libyan sovereign wealth fund, according to officials from the US Justice Department and Securities and Exchange Commission.

  • Renault-Nissan boss says needs UK Brexit guarantees AFP - 13 hours ago
    Renault-Nissan boss says needs UK Brexit guarantees

    Renault-Nissan will need guarantees from the British government over the impact of Brexit on its business before committing to further investment in Nissan's plant in the northeastern English city of Sunderland, the automaker's boss said Thursday. "If I need to make an investment in the next few months, I cannot wait until the end of the Brexit," Carlos Ghosn said at the Paris car show. "I'm going to have to make a deal with the UK government," he said, adding that he would be looking for compensation if his company's tax regime became less favourable or cross-border duties had to be paid once Britain left the European Union.

  • Mexico's central bank raises key rate as peso falls AFP - 13 hours ago
    Mexico's central bank raises key rate as peso falls

    Mexico's central bank raised its key interest rate on Thursday, citing inflationary pressure, the peso's record drop and the risk of financial volatility linked to the US presidential election. The Banco de Mexico hiked the overnight interbanking rate by half a percentage point to 4.75 percent. "With this action, we seek to counter inflationary pressure and maintain expectations on inflation well-anchored," the bank said in a statement.

  • TPP rebuff would hurt US: Kerry AAP - 13 hours ago
    TPP rebuff would hurt US: Kerry

    US Secretary of State John Kerry has warned of grave consequences for America if the nation walks away from the Trans-Pacific Partnership. In a passionate 40-minute speech in Washington DC on Wednesday, Mr Kerry said not only would the US economy suffer and relationships with close allies like Australia, New Zealand and Japan be hurt, the sinking of the TPP would lessen America's influence on combatting North Korea's nuclear program and China's territorial claims in the South China Sea. Commanders "of every army and navy" in the region will notice in a way "that does not work for the United States of America".

  • Telefonica cancels Telxius listing due to weak investor interest AFP - 14 hours ago
    Telefonica cancels Telxius listing due to weak investor interest

    Debt-burdened Spanish telecoms giant Telefonica said Thursday it had cancelled a listing of its infrastructure subsidiary Telxius due to weak investor demand. The subsidiary manages Telefonica's infrastructure assets, including over 31,000 kilometres (19,000 miles) of sea-floor fibre-optic cables and 15,000 telecom masts in Spain. Telefonica had set an asking price of 12 euros to 15 euros a share, thus valuing Telxius at 3.0-3.75 billion euros.

  • Deal signed for giant UK nuclear project AFP - 14 hours ago
    Deal signed for giant UK nuclear project

    The contract for a French-Chinese consortium to build Britain's first nuclear plant in a generation was signed on Thursday at a low-key ceremony, after a string of controversies threatened to scupper the huge deal. The British government had delayed agreement over concerns about China's involvement, while there were also questions about how the French state-owned power giant EDF would fund the construction of Hinkley Point. The contracts marked "a significant step forward for a new era of nuclear power in the UK", Britain's business minister Greg Clark said in a statement after the signing, which was also attended by French and Chinese officials.

  • Och-Ziff hedge fund to pay $413 mn over Africa bribery charges AFP - 14 hours ago
    Och-Ziff hedge fund to pay $413 mn over Africa bribery charges

    Hedge fund Och-Ziff Capital Management Group will pay $413 million to settle charges it bribed officials in the Democratic Republic of the Congo and other African countries. Och-Ziff paid bribes to officials ...

  • US Fed orders Chinese bank to tighten laundering controls AFP - 15 hours ago
    US Fed orders Chinese bank to tighten laundering controls

    The US Federal Reserve said Thursday that it had ordered the Agricultural Bank of China, one of China's largest banks, to strengthen its internal controls against money laundering. The move came after a former staffer sued the bank last year, saying said she had been mistreated and forced her from her job after she had informed the Fed that the bank was possibly in violation of rules on policing money laundering. The staffer, Natasha Taft, settled her complaint with the bank in earlier this month without any public finding of guilt.

  • Deutsche Bank withdrawals report hits US markets AFP - 15 hours ago
    Deutsche Bank withdrawals report hits US markets

    A report that a handful of hedge funds have withdrawn money and cut their positions at Deutsche Bank on worries about its financial condition sent Wall Street stocks tumbling Thursday. About 10 hedge funds have cut their exposure to the German bank, moving some "excess" cash and derivatives holdings to other firms this week, according to an internal bank document seen by Bloomberg News. Bloomberg said the "vast majority" of the bank's clients have made no changes, but the report sent Deutsche Bank shares sinking and pulled down the overall market.

  • Yahoo hacked by 'professional' criminals: researchers AFP - 15 hours ago
    Yahoo hacked by 'professional' criminals: researchers

    The massive theft of Yahoo user data disclosed last week came from "professional" hackers seeking to profit from the breach, according to an analysis by security researchers. The analysis published Wednesday by the security firm InfoArmor, which claims to have seen some of the data, contrasts with Yahoo's claim that the attack was likely "state-sponsored," but did suggest that stolen data was sold to a state-sponsored group at one point. "Yahoo was compromised in 2014 by a group of professional blackhats (hackers) who were hired to compromise customer databases from a variety of different targeted organizations," the report said.

  • Asia powers 4-percent rise in world tourism in first half: UN AFP - 16 hours ago
    Asia powers 4-percent rise in world tourism in first half: UN

    International tourism grew 4.0 percent in the first half of this year, with Asia posting the strongest growth, the World Tourism Organisation said Thursday. At around 561 million, the number of international tourists surged 21 million between January and June compared to the same period a year earlier, the Madrid-based United Nations body said in a statement. "Tourism has proven to be one of the most resilient economic sectors worldwide," UN World Tourism Organisation (UNWTO) Secretary-General Taleb Rifai said in the statement.

  • SA blackout paralyses Whyalla steelworks AAP - 16 hours ago
    SA blackout paralyses Whyalla steelworks

    South Australia's Whyalla steelworks has been crippled by the statewide blackout caused by severe storms and operators are now racing to restore power to save further costly damage and production losses. The vast steelworks owned by Arrium, which went into administration in April, is one of a number of businesses disrupted by the widespread power outage. Arrium administrator Mark Mentha said the Whyalla plant was maintaining some critical operations from an on-site generator, but the electricity needed to run steelmaking operations was not available, leaving production processes halted.