Australian Stock Market Report - Afternoon 1/25/2012
The Australian sharemarket ended higher today for the first time this week, with the All Ordinaries index (XAO) rising by 1 pct or 42.7 pts to 4329.1. The consumer discretionary and utility sectors lost a little ground but all other industries ended the day higher. As long as Australian shares do not lose ground on Friday, the XAO will likely have improved for the fourth consecutive week.
ACCC Seeks Injunction Against Air Asia Over Misleading Ticket Prices
The Australian Competition and Consumer Commission (ACCC) said on Tuesday that it will seek an injunction from the Federal Court to stop Air Asia from publishing misleading advertisements.
ASIC Criticises Poor Quality of Advice Given by Australian Financial Planners
The Australian Securities & Investments Commission (ASIC) has criticised the poor quality of advice that Australian financial planners have given to clients.
Australian Stock Market Report - Midday 1/25/2012
The Australian sharemarket is gaining for the first time this week, with the All Ordinaries index up 0.7 pct or 28.9 pts to 4315.3. The question remains if we can hold onto these gains for the whole session.
Former Treasurer Costello Hits 4 Years of Bad Budgets Under Labor Government
Former Australian Treasurer Peter Costello warned on Tuesday that because of four years of bad budget under a Labor government Australia is at the risk of taking the same road as Europe which has led to a sovereign debt crisis.
IMF Follows World Bank, Cuts Global Growth Forecast
A week after the World Bank cut its global growth forecast for 2012 and 2013 due to the worsening eurozone sovereign debt crisis, the International Monetary Fund (IMF) followed and made its own downgrade.
Australian Stock Market Report - Afternoon 1/24/2012
Despite the market trading in positive territory for much of the session, shares pulled back in late trade to end largely flat. The All Ordinaries index (XAO) only fell by 1.2 pts to 4286.4. The energy sector rose by around 0.5 pct while the financials edged higher by 0.2 pct.
Australian Meat Industry Forecasts 2.197 Million Tonnes Beef, Veal Production for 2012
Despite the problems with Indonesian beef importation, the meat industry of Australia is expected to enjoy a good year. For 2012, Meat and Livestock Australia (MLA) forecasts that beef and veal production would reach 2.197 million tonnes (carcass weight).
FWA Endorsement Guarantees Qantas 3 Years of Industrial Peace With Aircraft Engineers
Fair Work Australia (FWA) endorsed on Tuesday the proposed workplace determination between Qantas and the Australian Licenced Aircraft Engineers Association (ALAEA). The two parties presented the proposal to FWA in late December,
Analysts Forecast Higher Chances of RBA Cash Rate Cut Based on PPI Result
Analysts said on Tuesday that chance are higher that the Reserve Bank of Australia (RBA) will cut the overnight cash rate based on result of the Producer Price Index (PPI), not so much on the European sovereign debt crisis.
Australian Stock Market Report - Midday 1/24/2012
Despite a disappointing start to the week yesterday, the All Ordinaries index (XAO) is up 0.4 pct to 18.3 pts to 4305.9 with most sectors trading higher. The traditionally defensive healthcare sector is one of the worst performing areas of the market with the S&P/ASX 200 Healthcare index down 0.44 pct or 34.6 pts to 7857.1.
BHP Secures Conditional Approval from EPA of $40-Billion Port Hedland Expansion
The Environmental Protection Agency (EPA) of West Australia has granted mining giant BHP Billiton (ASX: BHP) conditional approval of its $40-billion Port Hedland expansion project.
Australian Stock Market Report - Afternoon 1/23/2012
After three straight weeks of gains, the Australian sharemarket has kicked off the new trading week in the red. The All Ordinaries index (XAO) fell by 0.4 pct or 15.4 pts to 4287.6. The industrial and utility sectors managed to rise slightly but all other regions of the market ended the day in the red.
3 Major Japanese Banks Eye Australia Home Loan Market
Three large Japanese banks are reportedly eyeing a share of the Australian home loan market by offering lower interest rates while Aussie lenders refuse to pass to borrowers made by the Reserve Bank of Australia (RBA).
WA is Australia’s Strongest State
An analysis by CommSec of Australia's states and territories' performance for the fourth quarter of 2011 showed that Western Australia is the strongest state in terms of economic performance.
Asian Migrant Workers Often Victim of Racism in Finance, IT Jobs
A survey made by Balance Recruitment in December showed that 30 per cent of workers in Australia's IT and finance sectors experienced racism. The discrimination was particularly felt by migrant workers from India, Sri Lanka, Bangladesh, Pakistan and China.
Australian Stock Market Report - Midday 1/23/2012
The Australian sharemarket is losing ground for only the second time in five sessions, with the All Ordinaries index (XAO) down by a modest 0.2 pct or 8.8 pts to 4294.2. The mining and financial sectors are lower which is dragging the rest of the market into the red. Both sectors combined make up more than 60 pct of the XAO.
Deloitte Access Economics Ups 2012 GDP Forecast for Australia to 3.6% Growth
Deloitte Access Economics has upgraded its 2012 gross domestic product outlook for Australia on Monday. The research firm projected that the country would expand by 3.6 per cent this year, up from 2 per cent in 2011.
Australian Stock Market Report - Afternoon 1/19/2012
The Australian sharemarket was improving for almost the duration of the session and at one point was close to 1 pct higher. In the last two minutes of trade, shares pulled back by just a few points with the ASX 200 index down 0.1 pct or 3.1 pts to 4214.8.
Samsung Galaxy Tab 7.0 vs iPad
Apple is credited for introducing the tablet computers to the world, but Samsung gave the world a choice. By comparing the iPad with the Galaxy Tab 7.0, it is easy to narrow down the similarities and differences between the two remarkable devices.
Tougher Days Ahead for Australia’s Retail Sector
If 2011 was a bad year for Australian retailers, their losing streak would likely continue through 2012.
Shorten Criticises Bank Job Cuts; Westpac Reviews Need for 28 IT Staff
Acting Treasurer Bill Shorten criticised on Thursday the planned manpower cuts in Australia's banking industry estimated to result in the loss of 7,000 jobs. He accused the lenders of putting profits ahead of jobs.
Australian Stock Market Report - Midday 1/19/2012
The Australian sharemarket is gaining for the third time this week at lunch, with the All Ordinaries index (XAO) up 0.3 pct or 12.4 pts to 4293. Most sectors are improving however the defensive telcos are pulling back slightly. Australian shares were up by around 0.5 pct prior to the release of some worse than expected employment numbers this morning.
World Bank Warns of Chaos From New Financial Crisis Worse Than 2008
The World Bank warned nations on Wednesday to brace for chaos as a new global financial crisis worse than 2008 looms ahead. To indicate how bad the situation would be, the bank cut by half its previous 2012 growth forecast for high-income countries.
Australian Stock Market Report - Afternoon 1/18/2012
The Australian sharemarket gained a little ground for the second time this week, with the All Ordinaries index (XAO) managing to edge higher by a very modest 0.1 pct or 2.9 pts to 4280.6. The mining sector was the day's star performer while the financials held the market back most significantly.
Reasons Why Hong Kong is the Easiest Country to Do Business
American think tank Heritage Foundation released last week the 2012 Index of Economic Freedom with Hong Kong on top of the list. The report is a measure of economic freedom or the ease of doing business in 179 countries based on a 10-point criteria.
Aussie Mining Firms Report Higher Iron Ore, Gold Outputs
Australia's mining industry will continue to enjoy a boom in 2012 based on production reports that resource companies released this week. Output was particularly higher for iron ore and gold resources.
Plane Fares Drop With Entry of AirAsiaX to Sydney
Australian travelers are expected to benefit from the drop in plane fares as more competition heats in the aviation industry with the offer of AirAsiaX daily trips from Sydney beginning April 2.
Australian Stock Market Report - Midday 1/18/2012
The Australian sharemarket is losing ground for the second time this week, with the All Ordinaries index down 0.1 pct or 4.8 pts to 4272.9. This is despite gains from both European and U.S markets overnight.
ANZ Bank Frontline Staff to be Spared from Job Cuts
A day after UBS came out with a report that 7,000 jobs would be cut from Australia's banking industry in the next two years, ANZ Bank started the opening salvo by confirming on Wednesday that 130 positions would be declared redundant.
