Top Stories

  • Tesla tops 11,000 vehicles delivered AAP - 4 hours ago
    Tesla tops 11,000 vehicles delivered

    Tesla's second-quarter deliveries have surged 52 per cent to set a company record exceeding 11,000 vehicles. The Palo Alto, California, electric car maker surpassed 10,000 vehicles for the first time in the first three months of 2015 and on Thursday said it had broken that record, delivering 11,507 vehicles. Tesla makes only one car, the Model S sedan, but chief executive Elon Musk in June said he expects to begin deliveries of an SUV, the Model X, in three or four months.

  • Fannie, Freddie CEOs get big pay rises AAP - 6 hours ago

    The chief executives of US government-backed mortgage giants Fannie Mae and Freddie Mac are getting large raises, to about $US4 million ($A5.23 million) a year, as the government relaxes rules that were imposed on the companies after they suffered big losses and were bailed out. In forms filed with the Securities and Exchange Commission, the companies disclosed that Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton will get annual base salaries of $US750,000 each, $US2.1 million in fixed deferred compensation and $US1.2 million in at-risk deferred salary. The Federal Housing Finance Agency, which oversees the companies, said the new plans take CEO performance into account and defer compensation so the executives stay with the companies.

  • Early blow for TFS action against analyst AAP - 9 hours ago

    Sandalwood producer TFS Corporation has stumbled at an early hurdle in its legal action against an equities analyst and his employer, Taylor Collison. TFS Corporation launched the action after Adam Paul Dellaverde authored a 57-page PowerPoint presentation about the company in September last year, that it believed was damaging. According to a document submitted to the West Australian Supreme Court, TFS Corporation said the presentation was "saturated with false and misleading statements" and omitted key information about its financial affairs and business operations.

  • Gold miners could extract gold in new way AAP - 9 hours ago

    Australia's gold miners may soon have access to a technique to extract gold without the environmental risks associated with cyanide. Highly toxic cyanide is used in mining to dissolve gold and ores, but the process is often banned in sensitive environments due to contamination concerns. CSIRO scientists and US gold mining giant Barrick Gold recently collaborated to produce a gold bar without using cyanide for extraction.

  • Retail data sends $A to two month low AAP - 9 hours ago

    The Australian dollar hit a two and a half month low after sluggish local retail spending figures disappointed the market. RBC foreign exchange strategist Keng Goh said the Aussie dollar's fall after the release of the retail figures was the day's big move. At 1700 AEST, the Australian dollar was at 93.35 Japanese yen, down from Thursday's close of 94.21 yen, and at 68.35 euro cents, down from 68.94 euro cents.

  • Economists sift through patchy data AAP - 9 hours ago

    Economic figures this week were patchy, leaving economists to weigh up the pluses and minuses facing the Australian economy. The headline of their analysis - "Housing boom bigger, but capex cliff steeper" - highlighted the Reserve Bank of Australia's dilemma. The number of visitor arrivals is growing more rapidly than resident departures from Australia, in part because of increasing numbers of visitors from China.

  • More rate cuts this year unlikely - survey AAP - 10 hours ago
    More rate cuts this year unlikely - survey

    The Reserve Bank is unlikely to cut rates again this year. All 14 economists surveyed by AAP expect the RBA to keep the cash rate unchanged at its July meeting on Tuesday, and only two expect another cut before the end of the year. HSBC Australia chief economist Paul Bloxham said the RBA is in a "wait and see" mode, assessing the impact of rate cuts before making further moves.

  • Aust bonds firmer ahead of Greek vote AAP - 10 hours ago

    The Australian bond market is stronger as traders play it safe, uncertain about the outcome of Greece's Sunday referendum on financial reforms needed to secure more bailout funds. Earlier in the week, ...

  • Top Greece court rules referendum can go ahead AFP - 10 hours ago
    Top Greece court rules referendum can go ahead

    Greece's top administrative court ruled Friday that a weekend referendum asking voters whether or not they support bailout conditions can go ahead, rejecting a challenge by two individuals. The petitioners -- one of them a former judge on the Council of State that decided the case -- had argued the plebiscite violated the constitution by asking citizens to decide a "public finances" question. Prime Minister Alexis Tsipras is urging Greeks to vote 'No' in the referendum and thereby reject austerity measures demanded by international creditors.

  • Childcare operators in $162m takeover bid AAP - 10 hours ago

    Australia's largest commercial childcare operator G8 Education is making a $162 million bid for rival Affinity Education as it continues a rapid expansion. G8 Education chair Jenny Hutson described the offer as "compelling value" for Affinity shareholders.

  • Aust shares down on Greek vote uncertainty AAP - 10 hours ago

    The Australian share market has slipped one per cent ahead of Greece's referendum on bailout conditions. IG market strategist Stan Shamu said investors were not interested in buying stocks heading into an uncertain weekend in Europe.

  • Greek PM urges Greece to vote 'No' as support slips away AFP - 10 hours ago
    Greek PM urges Greece to vote 'No' as support slips away

    Greek Prime Minister Alexis Tsipras on Friday urged voters to ignore European scaremongering and vote 'No' in this weekend?s referendum as polls showed support swinging behind the 'Yes' campaign. Huge rival rallies are expected in central Athens late Friday to galvanise support for each side in Sunday's plebiscite. The European Financial Stability Facility (EFSF), which provided funds to eurozone countries in difficulty, said however it won't demand immediate repayment of its Greek loans worth 145 billion euros ($160 billion).

  • European stock markets slip awaiting Greek vote AFP - 10 hours ago
    European stock markets slip awaiting Greek vote

    A 'No' vote increases the chances of a Grexit as the ECB would pull the plug on the Greek banks," he said. Tokyo shrugged off early losses to finish the day slightly higher, with the Nikkei 225 index nudging ahead.

  • Drillsearch CEO departs immediately AAP - 10 hours ago

    Drillsearch Energy has explained chief executive Brad Lingo's sudden departure as necessary because the company needs fresh ideas to move forward. Mr Lingo will leave the oil and gas explorer and producer immediately, after more than six years in the job. Drillsearch chairman Jim McKerlie said the departure was by mutual agreement and that the board had decided new leadership was needed to take the business into its next phase of growth.

  • Murray Goulburn trust makes positive debut AAP - 10 hours ago

    A special purpose funding vehicle linked to Australia's largest dairy company, Murray Goulburn, has had a positive debut on the Australian share market. The MG Unit Trust is a special purpose funding vehicle that will allow external, non-farmer investors to invest in Murray Goulburn. Murray Goulburn has raised $500 million in new capital from non-farmer investors in the MG Unit Trust, and from an issue of more shares to supplier shareholders.

  • Brazil targets 15 banks in forex fixing probe AFP - 10 hours ago
    Brazil targets 15 banks in forex fixing probe

    Brazil's antitrust body announced a probe into alleged foreign exchange market rigging by 15 banks including Citigroup and HSBC. "There are strong indications of anticompetitive practices of price ...

  • Stocks to watch at close on Friday AAP - 10 hours ago

    Stocks to watch on the Australian stock exchange at the close on Friday: DLS - DRILLSEARCH - up one cent, or 0.9 per cent, at $1.075 Oil and gas producer Drillsearch Energy says chief executive Brad Lingo's ...

  • Aust shares close lower AAP - 10 hours ago

    The Australian share market has closed one per cent lower ahead of the weekend Greek bail-out referendum. At the close on Friday, the benchmark S&P/ASX200 index was 61.5 points, or 1.1 per cent, lower ...

  • European stocks finish lower AFP - 11 hours ago
    European stocks finish lower

    Europe's main markets closed lower Friday, with London's benchmark FTSE 100 index of top companies falling 0.67 percent to end the day at 6,585.78 points. In the eurozone, the CAC 40 in Paris shed 0.57 ...

  • Greek banks say have sufficient liquidity until Tuesday AFP - 11 hours ago
    Greek banks say have sufficient liquidity until Tuesday

    Greek banks have enough liquidity up to their reopening as expected early next week after the country's bailout referendum at the weekend, the bank association said Friday. The banks have "sufficient liquidity until the planned reopening of the banks on Tuesday", when capital controls imposed by the government following a breakdown in talks with its international creditors are due to be lifted, the association said. Greek Finance Minister Yanis Varoufakis played down concerns the deepening crisis following the European Central Bank's decision to cap emergency funding could force the banking sector to its knees.

  • China's regulator vows to act on market manipulation AFP - 11 hours ago
    China's regulator vows to act on market manipulation

    China's market regulator has pledged to crack down on market manipulation after rumours that foreign short-sellers were behind recent share price plunges. Chinese markets were among the world's best performers earlier this year, with Shanghai rising more than 150 percent over 12 months in a spectacular borrowing-fuelled bull run until it peaked on June 12. The China Securities Regulatory Commission (CSRC) will launch a special task force to investigate market manipulation, it said in a statement late Thursday.

  • PM urges Greece to vote 'No' as support slips away AFP - 12 hours ago
    PM urges Greece to vote 'No' as support slips away

    Greek Prime Minister Alexis Tsipras on Friday urged voters to ignore European scaremongering and vote 'No' in this weekend?s referendum as polls showed support swinging behind the 'Yes' campaign. Huge rival rallies are expected in central Athens late Friday to galvanise support for each side in Sunday's plebiscite. The European Financial Stability Facility (EFSF), which provided funds to eurozone countries in difficulty, said however it won't demand immediate repayment of its Greek loans worth 145 billion euros ($160 billion).

  • Budget, rate cut fails to boost spending AAP - 12 hours ago

    The May interest rate cut and federal budget measures to loosen small business pursestrings failed to provide a significant boost to retail spending in the month. Australian retail spending rose 0.3 per cent in May, official figures show, short of economists' expectations of a 0.5 per cent rise. Commonwealth Bank of Australia economist Diana Mousina said the retail figures have been disappointing over the past few months despite what should have been positive influences for consumers.

  • Uber suspends controversial UberPOP service in France AFP - 12 hours ago
    Uber suspends controversial UberPOP service in France

    After a spate of violent protests and the arrest of two bosses, Uber finally suspended its controversial low-cost UberPOP private driver service in France on Friday, six months after it was banned. "Uber has decided to immediately suspend UberPOP in France," the US company said in a statement, adding that it was waiting to see the outcome of a legal appeal against the ban, due by September. UberPOP puts customers in touch with private drivers at budget prices.

  • How to put the Greek economy on the path of recovery AFP - 12 hours ago
    How to put the Greek economy on the path of recovery

    No matter the solution found for Greece's debt crisis, fixing problems in Greek tax structures, foreign investment flows and export activity must take place for the economy to start growing again. Athens had been able to balance its finances with austerity policies imposed by creditors as part of its bailout programme, but economists say the Greek economy remains plagued with structural weaknesses and disparities.