Santos surges after takeover bid
TROUBLED energy giant Santos has rejected a $7.1b takeover bid from overseas fund manager Scepter Partners as too cheap.
Breaking News
Priceline sales soar, more stores to come
THE owner of Priceline plans to add at least another 20 stores in the next year, as it enjoys strong sales growth.
Dark clouds as Sky falls to six-year low
SKY Television was the worst performer on the S&P/NZX 50 Index, plummeting to a six-year low on the back of its bleak earnings outlook.
Chinese equity gain helps kiwi rise
A MARGINAL rise in the Shanghai Composite Index soothed fears about the state of the world’s most populous economy ahead of a crucial ECB meeting.
Greencross pet sales continues to grow
PET business Greencross says sales growth continued in recent months, and it is on track to meet its new store target.
More gay CEOs need to come out: Zahra
FORMER David Jones boss Paul Zahra says he knows of many people in his CEO circle who are gay but who choose not to come out.
Vodafone slams regional telephony services
TELCO company Vodafone says Australians are paying a high price for poor services in regional areas and has slammed spending on fixed line telephony.
David Jones was unprepared: Zahra
FORMER David Jones chief executive Paul Zahra says the department store giant was not ready for a wave of changes in consumer spending post-GFC.
Hills remains in the red
TECHNOLOGY company Hills says it will be a little longer before its restructure delivers profits.
Freedom Foods swallows Popina for $35m
FREEDOM Foods is buying Victorian-based cereals and snacks maker Popina in a $35m deal and tapping investors for $65m in a capital raising.
Medibank customers feel premium pain
STEEP hikes in health insurance premiums are forcing Medibank Private customers to downgrade their cover.
NAB’s $17m in advice compo set to rise
NAB has begun contacting customers who may have fallen victim to poor financial advice, after already paying out nearly $17m in compensation.
Godfreys shares sucked lower
SHARES in vacuum cleaner retailer Godfreys have hit a new low after the company said profit growth is not expected this financial year.
Shareholders didn’t force China move
IAG’S shares surged when it announced it was shelving plans to expand in China, but its chairman says shareholder opinion was not the major factor.
Weakening kiwi aids share rise
A DECLINE in the kiwi dollar has boosted sentiment for export-based stocks, with Sky TV the big loser on the back of an expected fall in profit.
NZ dollar sinks to 5-day low
DAIRY prices were down for the first time in five auctions on the GlobalDairyTrade platform, leading to a fall in the kiwi dollar.
Cattle stations to manage stock from space
AN Australian developed technology that easily weighs cattle and marks pasture growth is slated to be revolutionary for the country’s beef producers.
Jobs – optimism should be cautious
THE Australian labour market has performed surprisingly well lately, but there are signs that its momentum could soon be interrupted.
Crown good for its host cities: Packer
BILLIONAIRE James Packer says casinos operator Crown Resorts is a role model Australian company.
Amazon sues to stop phony reviews
ONLINE commerce giant Amazon is taking court action, accusing more than 1,000 people of posting bogus product reviews.
Aust better under climate action: Origin
ORIGIN Energy says Australia will be a better place to live after it endorsed a range of climate commitments aimed at delivering a low carbon economy.
ACCC takes supermarkets to task over code
ACCC chairman Rod Sims has again taken the supermarkets to task about their dealings with suppliers.
Newcrest shares down after output fall
NEWCREST Mining has suffered a fall in quarterly production after two onsite deaths, lower grades and maintenance issues.
Aldi plays with trendier store decor
ALDI is tampering with its well-known budget store look as it prepares to expand into South Australia and West Australia.
Aurizon’s haulage volumes fall
AUSTRALIA’S largest rail freight operator says key coal volumes were lower in the September quarter as the sector continues to suffer from lower prices.
Customers to pay for FSI recommendations
AUSTRALIAN Bankers’ Association chief executive Steven Munchenberg says there will be more costs for mortgage holders from the FSI recommendations.
Positive start to year for Beacon Lighting
BEACON says general market conditions are supportive of the company.
Glass half full for local economy: RBA
THE RBA appears content to watch and wait on rates, maintaining a solid tone about the domestic economy.
Takeover target Oil Search eyes growth
OIL and gas producer Oil Search says it can finance growth despite low oil prices, and repeated it remains open to outside offers that create value.
Shares rise on upbeat sentiment
POSITIVITY over the local economy and upbeat sentiment for New Zealand equities has seen local shares rise, with Diligent Corp the leader of the pack.
NZ dollar little changed in local trading
TRADERS are eagerly awaiting the outcome of Tuesday’s GlobalDairyTrade auction in the US, which is expected to show the rebound in dairy prices is over.
WIN owner Gordon boosts media clout
REGIONAL TV company WIN and its owner Bruce Gordon are taking a major stake in Nine, alongside its interest in Ten.
Cochlear calls for lift in R&D tax breaks
COCHLEAR chairman Rick Holliday-Smith wants the government to reverse its $100m cap on R&D tax incentive, imposed earlier this year.
RBA obsession about more than rates
THE national obsession with the RBA’s stance on monetary policy is about more than interest rates – it’s also about a need for reassurance amid uncertainty
Stocks to watch on Tuesday
STOCKS of interest on the Australian Securities Exchange on Tuesday
Financial advice standards to be improved
FINANCIAL advisers will be required to hold a degree, take an exam and continually review professional standards under new laws for the industry.
Draft crowd-funding legislation on the way
THE government has backed a recommendation by the Financial Services Inquiry to make crowd-sourced equity funding more accessible.
US regulators pull back Arctic oil drill
THE Obama administration is moving to keep oil drilling rigs out of US Arctic waters, cancelling petroleum lease sales scheduled for 2016 and 2017.
RBA happy on the sidelines
HOUSING market risks and inflation would not bar the way to a rate cut, but the RBA seems happy enough with the jobs market to keep rates steady.
Consumers to wear cost of fin reforms
COMPETITION should improve in the financial services sector as a result of government reforms, but consumers will have to help cover the cost.
Millions in deals sealed at coffee fair
ABOUT $US7.2 worth of deals have been sealed at the second ExpoEspeciales Cafe de Colombia, exceeding expectations.
China’s economic growth falls to 6yr low
GROWTH in China’s economy, the world’s second largest, has slowed to 6.9 per cent, a six-year low, the latest data shows.
Iran nuclear deal hits milestone
THE nuclear deal between Iran and Western states has formally taken effect, but the US says it doesn’t expect Iran to live up to its end for months.
Brambles raises $US500m in US bond market
LOGISTICS giant Brambles will use the proceeds of a US capital raising to repay existing bank debt.
Housing fears hurt consumer confidence
DETERIORATING sentiment about the housing market driven by Westpac’s decision to raise mortgage rates has softened consumer confidence.
Philippines, Chile tempt Aussie travellers
PASSENGER numbers are on the rise at Sydney Airport, aided by a lift in the number of Australians travelling to Chile and the Philippines.
Spending stagnates despite business lift
SPENDING by businesses rose sharply in September, but weakness in other parts of the economy kept overall growth subdued.
Oprah buys 10% of Weight Watchers
OPRAH Winfrey is buying about 6.4 million shares of Weight Watchers and will join its board in a deal worth almost $60 million.
CBA refunds $7.6m due to errors
CBA has failed to deliver interest rate and fees concessions promised by one of its products, and will refund affected customers a total of $7.6 million.
NZX 50 rises to 2-month high
A REBOUND in dairy prices, rising house prices and a low dollar has propelled the S&P/NZX 50 Index to its highest in more than two months
Arrium gains from output cuts, lower A$
THE struggling miner cut costs by $5 a tonne during the Sept quarter amid more stable iron ore prices.
Kogan returns to mobile with Vodafone
WEEKS after agreeing to supply a TPG-branded service, Vodafone Australia is now partnering with the returning Kogan Mobile brand.
Stocks to watch on Monday
STOCKS of interest on the Australian Securities Exchange on Monday
Medibank Private appoints new IT chief
MEDIBANK Private has created a new role as head of technology and operations, which will be filled by a former senior ANZ official.
Grocery price war to intensify: report
THE grocery price war has been tipped to increase in the next five years as Aldi and Costco expand their store count and market share.
Costco the next threat to Coles & Woolies
US retailer Costco has gained a 1.2 per cent share of the local supermarket industry within a short space of time and only with seven stores.
Qantas goes back in time with Retro Roo II
A YEAR after painting one of its Boeing 737s with its classic 1970s logo, Qantas says a second plane will carry a so-called Retro Roo.
New cards cause headaches in US
VIDEO and music streaming services, dating websites and gyms are taking a hit when customers don’t update accounts after receiving a new card.
Australian shares tipped to go higher
STRONG finishes for US and European stocks will likely bolster local gains after a sluggish few months.
Roy makes innovation policy from lemons
THE government has welcomed the idea of changing Australia’s innovation culture through lemonade stands for schoolchildren.
Oil giants pledge support for climate deal
TEN of the world’s biggest oil companies have pledged their support for the Paris climate deal.
Coles sales growth tipped to slow
SOFTER sales growth at Coles and Bunnings is expected to be revealed in a first quarter report from parent company Wesfarmers.
Westpac exec says rate hike was fair
A SENIOR Westpac executive says its mortgage rate rise was fair, even though Treasurer Scott Morrison has said the hike was twice that needed.
Toro boss Vanessa Guthrie takes pay cut
THE boss of uranium miner Toro Energy Vanessa Guthrie has taken a pay cut, receiving $564,000 in the 2015 financial year,
Santos boosted by first GLNG shipment
SANTOS shares are more than three per cent higher after the oil and gas producer announced its first shipment of LNG.
Myer to have 3,000 more staff at Xmas
MYER boss Richard Umbers wants sales staff to sell products in and exciting and engaging way, using technology to add a new sparkle.
Aussies penalised for paying credit cards
A SENATE inquiry has heard banks have failed to pass along RBA rate cuts to credit card holders partly due to customers paying off their balances promptly.
Stocks to watch on Friday
STOCKS of interest on the Australian Securities Exchange at close on Friday
NZ dollar heads for 2.2% weekly gain
AS global risks subside, the local outlook improved with the kiwi gaining against the greenback, its 30-day gain since April 2011.
Rio Tinto boosts iron ore shipments
MINING giant Rio Tinto has lifted iron ore shipments, drawing on stockpiles and its expanded Pilbara infrastructure.
Women in tech must become the “norm”
SUCCESSFUL female tech entrepreneurs say the sexism and a lack of role models in the industry are turning younger women away.
RBA flags concerns about lending standards
ALTHOUGH the banking regulator’s speed limit on investor lending is working, the RBA warns there are still risks present in the housing market.
Govt banks on innovation policy hackathon
THE government will look to Wyatt Roy’s innovation hackathon this weekend for policy ideas to drive and grow Australia’s startups and tech economy.
Commercial property prices may fall
THE Reserve Bank says there is an oversupply of office space in some cities despite relatively subdued lending for commercial property.
NZ stocks advance on yield demand
THE prospect the US Federal Reserve will keep rates at zero boosted demand for equities and saw markets across Asia climb.
Economists focused on jobs trend
FACED an unexpected fall in the seasonally adjusted estimate of employment in September, economists focused instead on a slowing, but still positive trend,
Mirarr people reject ERA’s Ranger mine
URANIUM miner ERA says Kakadu’s traditional owners have formally rejected its plans to expand the Jabiluka uranium deposit.
AOFM sells $800m of Treasury bonds
THE AOFM has sold $800 million of November 21, 2020 Treasury bonds.
The week in numbers to Oct 16
A SUMMARY of the big, really big and not so big numbers of the past week.
Fortescue in no rush to sell assets
FORTESCUE Metals says the iron ore miner is in no hurry to sell assets as it finds breathing space with deep cost cuts and debt reductions.
Original URL: https://www.news.com.au/finance/business/breaking-news/page/199