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Banks drive ASX’s best day in 2017

Banks drive ASX’s best day in 2017

Banks drive ASX’s best day in 2017 Shares had a blistering session on Tuesday, gaining $28 billion in value as banks and consumer discretionary plays led the market to its best day of the year. Investors scooped up financial stocks after a few weeks of savage selling, helped along by news the South Australian Liberals will block the state’s bank […]

Tesla Model 3 production to begin

Tesla Model 3 production to begin

Electric car manufacturer Tesla has announced the launch this week of its eagerly awaited Model 3, which the firm hopes will make electric cars accessible to all motorists. Tesla founder Elon Musk announced on Twitter that the Model 3 has ‘passed all regulatory requirements for production two weeks ahead of schedule,’ which means the first […]

Businesses brace for crippling energy bill increases

Businesses brace for crippling energy bill increases

Businesses brace for crippling energy bill increases BUSINESSES will be forced to cut staff or shut down altogether as crippling energy price hikes begin sweeping across the nation this month. The small business lobby group says urgent action is needed to resolve the decade-long national deadlock on energy policy in the face of what’s being […]

Surprise retail sales figures light fire under consumer stocks

Surprise retail sales figures light fire under consumer stocks

Surprise retail sales figures light fire under consumer stocks A surprise jump in retail sales statistics lit a fire under Australia’s beleaguered discretionary retail stocks on Tuesday, making them some of the best performing companies on the ASX’s best day of the year so far. Gain were enjoyed across the sector as JB Hi-Fi shares […]

Murdoch, Gordon signal move on Ten

Murdoch, Gordon signal move on Ten

Murdoch, Gordon signal move on Ten Ten Network’s billionaire shareholders Lachlan Murdoch and Bruce Gordon have signalled their intention to take over the besieged network, seeking a review of a joint bid from the competition regulator. Mr Murdoch and Mr Gordon, through their respective investment vehicles Illyria and Birketu, have sought an informal review of […]

ASX faces end-of-financial-year tumble as global markets slump

ASX faces end-of-financial-year tumble as global markets slump

Stand by for a rough day on the local market with the ASX poised to drop more than 1 per cent on opening, as global markets suddenly lost their appetite for risk overnight. Markets at 7:15am (AEST): ASX SPI 200 futures -1.16pc to 5,710 AUD: 76.81 US cents, 59.05 British pence, 86.15 Japanese yen, 67.12 […]

Finance meets politics: Australian banks in a bilateral sandwich

Finance meets politics: Australian banks in a bilateral sandwich

The government’s levy on Australia’s five biggest banks has passed through federal Parliament. Expected to raise $6.2 billion, it will come into effect on July 1 for ANZ, Westpac, NAB, CBA and Macquarie. But just when it seemed another battle had been fought, if perhaps not completely won, in the ongoing power struggle between banks and government, […]

Australian banks told to reform sales targets by Wells Fargo whistleblower

Australian banks risk being embroiled in misconduct such as the fake bank account scandal that hit Wells Fargo unless sales targets for frontline staff are reformed, says a whistleblower from the US bank. Kilian Colin, a former Wells Fargo banker, played a key role in exposing the scandal in which millions of fake accounts were opened by staff who […]

Westpac shock as Apple bans its messaging payments app after three months

Westpac shock as Apple bans its messaging payments app after three months

Tensions between Australia’s big banks and the world’s biggest technology company Apple have ratcheted up after the iPhone maker surprisingly ordered Westpac to remove a key feature of its recently revamped mobile banking application, which let customers make payments in popular chat applications. In a letter to customers, seen by The Australian Financial Review, Westpac reveals […]