Today's News & Views

 

Glencore 4th-Qtr copper output falls 6pc

Billionaire CEO Ivan Glasenberg has scrapped Glencore's dividend payments and sold new shares to rein in debt.

Agnieszka de Sousa 3:02 AM   Glencore's copper production fell last year after it suspended output from mines in Africa following a plunge in prices.

Morrison's tax change: From the poor to the rich

Treasurer Scott Morrison modelled tax changes that would see the rich benefit at the expense of the poor.

Peter Martin 2:42 AM   The most shocking thing in the treasury analysis delivered to Scott Morrison on January 25 isn't the finding that a cut in income tax funded by a lift in the goods and services tax would boost the economy not at all.

Sweden's Riksbank further lowers negative rate

Swedish policy makers have unleashed unprecedented stimulus over the past year to save the economy from deflation and ...

Johan Carlstrom 2:40 AM   Sweden's central bank lowered its key interest rate even further below zero as it battles to revive inflation and keep the krona from appreciating.

ALP-affiliated union to call for inner-city development to fund western suburbs transport

Rail, Tram and Bus Union boss Bob Nanva says businesses and property owners near new train stations should be charged a ...

Anna Patty 1:12 AM   A Labor Party-affiliated union is expected to raise controversy within the ALP at the weekend when it calls for the development of high-rise apartments in the inner city to fund public transport in the Western suburbs.

Coal project could scare off Indian investment: Minister

Adani Enterprises plans to build Australia's largest coal project in Galilee Basin have been beset by controversy and ...

Matt Wade 12:26 AM   Indian investment in Australia could be deterred if obstacles to the giant Adani Enterprises coal project in the Galilee basin are not overcome.

DJ's plan to revolutionise Australian shopping

Man with a plan: Woolworths Holdings group chief Ian Moir.

Catie Low 12:15 AM   Woolworths Holdings group chief Ian Moir said David Jones' revamped food operation would revolutionise grocery shopping in Australia

Rio Tinto down, but not out

Malcolm Maiden

Malcolm Maiden 12:15 AM   Rio Tinto's underlying earnings halved and its annual dividend is to be scrapped, but even that understates how far the big miners have fallen.

Jobs market expanding, but not as the ABS sees it

Growth in healthcare jobs is helping to drive down unemployment rate.

Mark Mulligan 11:13 PM   Australia's labour market is not expanding as quickly as official figures suggest, according to HSBC, but jobs growth in service industries is more than compensating for the the mining downturn.

Education firm Intueri freezes dividends on fraud, regulator probes

Intueri had previously steered clear of the serious difficulties other listed companies have been caught up in.

Simon Evans 9:49 PM   Intueri Education Group has suspended dividend payments as it battles a raft of problems including an investigation by the Serious Fraud Office in New Zealand.

Virgin weather a bit of turbulence

Elizabeth Knight.

Elizabeth Knight 9:46 PM   Two words that Virgin Australia boss John Borghetti doesn't want to hear: Bali and hedging.

Cochlear investors hear message on sales growth

Cochlear CEO Chris Smith (left) with company CFO, Neville Mitchell.

Tim Binsted 9:43 PM   Cochlear boss Chris Smith painted a bullish picture of long-term growth after the hearing aid group upgraded its full-year profit guidance coupled with robust revenue growth.

Vodafone to review Australian stake

Vodafone Group global CEO Vittorio Colao says the company is currently focused on turning around its Australian operations.

David Ramli 9:08 PM   Vodafone Group chief executive Vittorio Colao says the company will review its 50 per cent stake in Vodafone Hutchison Australia once the company hits key cash flow targets.

Cost reductions put solar on fast-track

Australia's wealth of sunshine sets it up to become a leading player in large-scale solar.

Angela Macdonald-Smith 9:01 PM   Rapid cost reductions have put solar power is on a fast-track to capturing at least some of the 2020 Renewable Energy Target market.

Rio dumps dividend policy

Rio Tinto chief executive Sam Walsh is considering squeezing the dividend

Peter Ker 7:55 PM   Rio Tinto has dumped its dividend policy and says returns will match performance in future years

Nine and WIN can't reach streaming deal

WIN Corporation owner Bruce Gordon. He also has major stakes in Nine and Ten.

Max Mason 7:53 PM   Nine Entertainment claims that it discussed an arrangement with its regional affiliate WIN Corporation that would have seen WIN stream Nine's content to country areas, but that the two parties failed to come to an agreement.

Public servants top the superannuation pile

Commonwealth public servants and military personnel scored the best returns on their retirement savings in the past ...

Noel Towell 7:18 PM   Public sector super funds smash the opposition for returns.

Rio Tinto pulls its head out of the sand

Elizabeth Knight.

Elizabeth Knight 6:47 PM   ​Thursday's profit announcement from Rio Tinto will have to go down as one of corporate comic farce.

Lettuce salmonella cases reach 143

One of the Coles salads included in the recall.

Julia Medew 6:26 PM   The Victorian farming company at the centre of a large salmonella outbreak are still working with health authorities to find the source of the bacteria.

Vodafone Group's Vittorio Colao pours cold water on Telstra's start-ups push

Vodafone Group CEO Vittorio Colao says big corporate players like Telstra are unlikely to win big with start-ups and ...

David Ramli 6:13 PM   Vodafone Group chief executive Vittorio Colao has poured cold water on Telstra and other major companies that invest in start-ups and venture capital funds to grow profits.

Sales growth fails to lift David Jones earnings

David Jones' strong performance also reflects improved sales results across the entire department store sector.

Catie Low 6:04 PM   Woolworths Holdings faces a big challenge to maintain sales growth at David Jones at current levels when wage growth in Australia is standing still.

ASX chief says monopoly irrelevant with blockchain

ASX chief executive Elmer Funke Kupper is one of the most bullish CEOs on the ability of blockchain to transform ...

Shaun Drummond 5:57 PM   ASX chief Elmer Funke Kupper says an overdue decision on its clearing monopoly will be irrelevant if it replaces its systems with the blockchain.

Chris Jordan could not be happier

CBD

Colin Kruger, CBD 12:15 AM   Trust. It's important to Tax Commissioner, Chris 'Dirty Harry' Jordan. He thinks there's less of it.

SkyCity gambles on Adelaide growth

SkyCity chief executive Nigel Morrison has championed the upgrade of the Adelaide casino facilities.

Perry Williams 5:18 PM   Casino operator SkyCity Entertainment Group says a turnaround of its Adelaide casino remains a work in progress with a surge in VIP gambling offset by a revenue fall from locals betting on pokies and table games at the facility.

Suncorp profit hit by natural disaster claims

Suncorp Group chief executive Michael Cameron says the reported profit for the half of $530 million is well short of ...

Ruth Liew 5:11 PM   Michael Cameron says tackling high claims in Suncorp Group is his No. 1 priority as chief executive, after the $14 billion insurer cut dividends and posted a 16 per cent drop in profit to $530 million for the half year to December.

Palmer could face criminal charges, says ASIC

Clive Palmer is being investigated for possible criminal charges, the securities regulator has warned.

Sarah Danckert 5:11 PM   Clive Palmer could face criminal charges after the collapse of his company, Queensland Nickel, for the alleged use of aliases, ASIC warns.

ASX rebounds on local earnings

The S&P/ASX 200 lifted, 38 points, or 0.8 per cent, to 5043.6, while the All Ordinaries was up by a similar margin to ...

Stephen Cauchi 5:07 PM   Australian stocks ended a volatile session at the day's highs, led up by a rally in Cochlear as investors digested another big day of earnings reports.

Markets Live: Cochlear tops $100

The benchmark S&P/ASX 200 index has lost 18 per cent since its April high of almost 6000, placing it close to a bear market.

Patrick Commins and Jens Meyer 5:04 PM   Shares bounce around as investors digest another big day of earnings.

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Aussie above US71 cents as Fed slows down

'Not the full dove'. Janet Yellen acknowledged heightened global risks during her congressional testimony.

Mark Mulligan 5:02 PM   The Australian dollar was back around US71¢ on Thursday after the US Federal Reserve failed to reassure markets that it was on track to deliver as many as four interest rate rises this year.

Transurban eyes more roads in Sydney, Melbourne

Transurban has come knocking at the government's door with a ready-made plan.

Jenny Wiggins 4:53 PM   Transurban chief executive Scott Charlton has forecast further expansion for the tollroad group as it boosted its 2016 dividend guidance and swung to a first-half net profit of $62 million.

Central banks firing blanks in global currency wars

The yen has strengthened since Bank of Japan governor Haruhiko Kuroda's shock announcement of negative interest rates.

Patrick Commins 4:49 PM   Surprising strength in the yen and euro are raising new questions about the efficacy of recent rounds of extraordinary monetary easing.