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Business

Breaking news business

China's yuan joins IMF reserve currencies

10:07am China's renminbi has become the fifth currency to be added to the group of the world's reserve currencies.

Fitness First gyms in new hands

Peter Trute The Fitness First gym chain has been bought by private equity owners keen to build a national presence in the health and fitness industry.

Gerry Harvey lifts stake in his company

Lilly Vitorovich Billionaire businessman Gerry Harvey has increased his stake in Harvey Norman to nearly 30 per cent, and its value currently sits at $1.7 billion.

Japan household spending down 4.6 per cent

Slumping consumption remains a problem for Japan, with new figures showing household spending has dropped almost five per cent from the same period in 2015.

Qantas secures new Australia Post deal

Australia's biggest airline, Qantas, has secured a new five-year contract to handle Australia Post's international mail air business.

Woolies considers selling petrol stations

Petrina Berry Supermarket giant Woolworths is considering the future of its petrol business and has confirmed it is in talks with potential buyers.

Southern Cross falls on Nine stake sale

Petrina Berry Shares in Southern Cross Media fell 13 per cent after Nine Entertainment sold its stake in the radio and regional television broadcaster.

Stocks to watch

Stocks of interest on the Australian share market

International markets roundup

News from the world's major stock markets

Banks and miners pull market lower

Lilly Vitorovich The share market has fallen as drops by financial and resource companies offset continued support for energy companies.

$A lower over Deutsche Bank fears

Concerns about Europe's biggest investment bank Deutsche Bank have sparked uncertainty among traders, leading to a fall in the Australian dollar.

Commerzbank to slash 9600 jobs

Germany's second largest bank Commerzbank plans to slash its workforce as part of a $A1.6 billion makeover.

Foxtel boss defends pay TV future

Lilly Vitorovich The boss of pay-television company Foxtel believes it has strong prospects, despite rising competition from streaming services.

'Spray on skin' maker sets sights on Iran

Lilly Vitorovich Avita Medical's 'spray on skin' products for the treatment of burns, wounds and skin defects will be available in Iran thanks to a new distribution deal.

Former Deutsche Bank FX trader banned

Lisa Robinson A former Deutsche Bank foreign exchange trader significantly inflated the company's revenue by making many false trades over two years.

Bendigo buys $1.35b in WA home loan debt

Bendigo and Adelaide Bank is expanding its loan book in West Australia after striking a deal to buy $1.35 billion of mortgage debt.

Job vacancies highest since early 2012

Garry Shilson-Josling, Economist The number of job vacancies has risen to a four year high, according to the latest quarterly survey by the ABS.

SA blackout paralyses Whyalla steelworks

Lisa Robinson and Prashant Mehra South Australia's statewide blackout has caused severe disruptions for big miners, steelmakers and many smaller businesses.

Shares hit one month high as oil spikes

Petrina Berry The share market has surged thanks to strong gains among oil, gas and mining stocks following OPEC's decision to cut production.

Programmed shares slide after guidance cut

Labour hire and maintenance group Programmed has cut its earnings guidance by 20 per cent due to a further decline in its marine business revenues.

Stocks to watch

Stocks of interest on the Australian share market

International markets roundup

News from the world's major stock markets

$A falls back from oil fuelled surge

Lilly Vitorovich The Australian dollar has slipped back from a three week high above 77 US cents.

Key facts of the SABMiller takeover deal

Budweiser maker Anheuser-Busch InBev's "megabrew" deal to take over SABMiller will create a global beer giant.

Shareholders back $A134b SABMiller merger

SABMiller shareholders have backed a $A134 billion takeover by Budweiser brewer Anheuser-Busch InBev.

NBN cuts HFC use for new fibre tech

Lilly Vitorovich The company rolling out the national broadband network has introduced new technology for 700,000 premises.

Sydney housing market 4th on bubble index

Lilly Vitorovich Sydney has the fourth riskiest housing market in the world due largely to strong foreign demand, particularly from Chinese investors, according to UBS.

Millennials 'too busy, lazy to refinance'

Lisa Robinson Millennials can't be bothered or can't find the time to switch financial products, according to a new survey.

David Jones unpacks new gourmet lunch

Petrina Berry David Jones has launched its gourmet sandwich bar - with a Neil Perry-designed menu - at its Market Street food hall in Sydney.

AGL hit with first strike on executive pay

Prashant Mehra AGL Energy has been hit with a so-called first strike on executive pay, despite the company's efforts to increase shareholder returns.

ASX wary of threat from hackers

Marty Silk ASX shareholders are far more interested in cyber security for the market operator's new system than the recent major market outage.

Stocks to watch

Stocks of interest on the Australian share market

International markets roundup

News from the world's major stock markets

Slight gain for stocks in quiet trading

Lisa Robinson The share market has closed only slightly higher despite strong early gains.

$A steady ahead of Yellen's testimony

Petrina Berry The Australian dollar is moving within a narrow range as traders wait for US interest rate cues from Federal Reserve chair Janet Yellen.

Woolworths and Lowe's sent to arbitration

The court battle between Woolworths and its joint venture partner in the failed Masters hardware business has been sent to arbitration.

Aust set for years of low rates: economist

Marty Silk CME Group senior economist Erik Norland says Australia's debt-laden companies and households would not be able to bear the shock of an interest rate rise.

Cover-More to buy US business for $138m

Prashant Mehra Travel insurer Cover-More is buying US-based Travelex Insurance Services for $138 million, and will fund the purchase through a $73.3 million equity raising.

Aussie cystic fibrosis drug set for Russia

A drug developed by an Australian pharmaceutical company to treat cystic fibrosis patients has received Russian government approval.

Australians to spend extra 22 days on net

Lilly Vitorovich Internet usage is on the rise around Australia as users juggle their work, shopping and entertainment needs.

Flight Centre buys Europe travel agency

Flight Centre has expanded its presence in Europe further after buying the corporate business of online travel agency eDreams ODIGEO.

$A may fall 10% if Trump wins presidency

Lilly Vitorovich The Australian dollar may drop as much as 10 per cent if controversial US Republican candidate Donald Trump is elected president in November.

Stocks to watch

Stocks of interest on the Australian share market

Rio Tinto to buy back up to $US3b debt

Mining giant Rio Tinto plans to buy back up to $US3 billion of its bonds as part of an ongoing capital management program.

Bapcor bids for NZ's Hellaby Holdings

Paul McBeth Australian autoparts firm Bapcor wants to take over New Zealand's Hellaby Holdings, which will give it access to the cross-Traman autoparts market.

International markets roundup

News from the world's major stock markets

ASX reacts to US presidential debate

Petrina Berry The Australian share market has closed lower after the first US presidential candidates' debate.

Clinton's debate gives $A a lift

A perceived win for Hillary Clinton in the US presidential debate has given a boost to the Aussie dollar.

Square taps tech-happy Aussie market

Lilly Vitorovich Mobile payments outfit Square - the company started by Twitter boss Jack Dorsey- has chosen Australia as the first ex-US market for its contactless card reader.

Property auction activity picks up

Peter Trute Auction clearance rates are rising as fewer properties hit the market compared to last spring.

Catastrophe declared after NSW flooding

The Insurance Council of Australia has declared a catastrophe after major flooding in central NSW, allowing insurers access to disaster response resources.

Aust women in management falls: report

Gender diversity has more impact on company performance at the management level, Credit Suisse says, and Australian companies are sliding in that respect.

Pizza Hut owners now eyeing Eagle Boys

Petrina Berry Pizza Hut's new owners say they are considering acquiring Eagle Boys to grow the Pizza Hut brand as a strong number two player.

Aust miner finds 172 carat diamond

Australian miner Lucapa has found a large, nearly pure diamond at its main operation in Angola, the fifth weighing more than 100 carats it has found this year.

Pacific Magazines names new CEO

Peter Trute Seven West Media's magazine publishing business has a new chief executive officer.

SAI Global accepts $1.1bn takeover offer

Prashant Mehra SAI Global's shares have soared after its board unanimously recommended Baring Private Equity's $4.75-a-share all-cash offer be accepted.

Stocks to watch

Stocks of interest on the Australian share market

International markets roundup

News from the world's major stock markets

ASX flat ahead of US presidential debate

Petrina Berry The Australian share market has ended Monday close to where it was at Friday's close.

$A slips as markets await US debate

The first presidential election debate between Hillary Clinton and Donald Trump is a focus for currency markets.

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