Australian shares fell back in afternoon trade to close lower on Friday despite the impetus of some strong company profit figures and overnight gains on Wall Street.
Uranium miner Paladin Energy made a positive return to the ASX today following a tumultuous period during which it announced a recapitalisation deal that left shareholders with 2 per cent of the company’s equity.
Cutting red tape for wineries, breweries and distilleries, and changes to procurement laws to favour local businesses were two measures to support economic recovery highlighted by Premier Mark McGowan at a Business News Success & Leadership breakfast this morning.
PODCAST: In this Business News podcast Mark Beyer and Mark Pownall discuss McGowan’s first year, Perth Modern School, Scarborough LNG, cryptocurrency and blockchain, Pilbara Minerals and junior mining.
The head of the Reserve Bank has warned any corporate tax cut in Australia cannot come at the expense of higher budget deficits, adding that recent cuts to business taxes in the US are problematic.
Oil prices have closed mixed with Brent paring losses and US crude turning positive as a weak US dollar and Saudi Arabia's comments that OPEC and other producers were committed to their pact on cutting supplies outweighed record US production and rising inventories.
Gold was on track for its fourth straight session of gains on Thursday as the US dollar slid to its lowest in two weeks on concerns about the impact of high U.S debt levels and tax cuts.
The share market has posted its best session in seven months due to positive half-year earnings results and strong gains for the miners and the energy producers.
Finders Resources’ major shareholder, Eastern Field Developments, has changed its hostile takeover bid for the copper miner to 'unconditional' status, with the Indonesian consortium continuing to raise concerns about the company’s Wetar project.
Western Australian senator Mathias Cormann will be Acting Prime Minister next week, with Malcolm Turnbull and Julie Bishop overseas and the embattled Barnaby Joyce to take leave.
Waste management company Tox Free Solutions has reported a 20 per cent increase in profit in the half year to December, to $7 million, as the company works through an acquisition by Cleanaway.
Western Australia's electoral system has become stuck in the past amid outdated legislation and a lack of funding, a parliamentary inquiry into the 2017 state election has found.
Gold producers Newcrest Mining and Evolution Mining reported lower profits for the first half of the financial year, with Newcrest also disclosing the Telfer mine had a negative cash flow of $9 million for the period.
Western Australia’s unemployment rate has steadied at 5.7 per cent in January, seasonally adjusted, despite a slight dip in the number of people employed.
Ride-hailing giant Uber's full-year net loss widened to $US4.5 billion in 2017 as the company endured a tumultuous year that included multiple scandals, a lawsuit alleging the theft of trade secrets, and the replacement of its CEO.
The Australian share market is sharply higher in early trade after gains of more than one per cent on US markets overnight and amid a plethora of ASX-listed company results.
Oil prices have rebounded after US crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than to end supply cuts too early.
Gold prices have climbed nearly two per cent, rebounding from early losses that followed stronger-than-expected US inflation data, as the dollar surrendered gains and equities swung higher.
Singaporean company Wee Hur Holdings is set to join Perth’s wave of student accommodation developments, following today’s announcement it has recruited Sydney-based Intergen Property Group as the fund’s onshore investment manager with a $700 million mandate to find new development opportunities across Australia.
Former Western Australian governor Ken Michael has been elected chairman of the board at Perth Modern School, but only after two more board members resigned yesterday ahead of a crucial meeting last night.
