Australasia

AMP's wealth arms hold firm as market conditions improve

21/10 AMP Ltd said on Thursday assets under management across its wealth management businesses rose in the third quarter as coronavirus-induced market turmoil eased, while its company-wide asset review was progressing.. . .  Full story

Australia's Westpac selling stake in buy-now-pay-later firm Zip

21/10 Westpac Banking Corp said on Wednesday it would sell its 10.7% stake in buy-now-pay-later firm Zip Co Ltd in a deal valued at about A$368 million ($260 million), as it aims to trim its. . .  Full story

Australia shares rise on lift from financial, energy stocks

21/10 Australian shares closed higher on Wednesday, supported by gains in financial and energy stocks, on hopes that the United States was nearing a deal on a stimulus package.. . .  Full story

Australia orders regulatory review of payments network

21/10 Australia ordered the first regulatory review of its payments systems in over two decades on Wednesday, as it tries to ensure its regime supports innovation amid rapid changes in technology.. . .  Full story

Australian retail sales fall again in Sept, but outlook firm

21/10 Australian retail sales fell 1.5% in September from the month before, initial estimates showed, although a solid rise in quarterly sales on a year ago still augered well for an economy facing its worst. . .  Full story

Australian shares gain on renewed U.S. stimulus hopes

21/10 Australian shares rose on Wednesday with banking and mining stocks leading the charge, as hopes that U.S. lawmakers could clinch a much-sought-after fiscal stimulus package by the end of the week supported global equity. . .  Full story

Australia shares set to open higher on U.S. stimulus hopes; NZ up

20/10 Australian shares are poised to open higher on Wednesday, tracking growing optimism on Wall Street over the progress U.S. lawmakers are making on a sought-after stimulus package. The local share price. . .  Full story

Australia shares slip on fears of lockdowns in Europe

20/10 Australian shares closed lower on Tuesday, weighed by miners and bank stocks, as surging coronavirus cases in Europe raised the possibility of further restrictions and stoked fears of an onerous global economic recovery.. . .  Full story

Australia c.bank discussed case for further easing in Oct - minutes

20/10 Australia's central bank discussed the possibility of further monetary easing at its October board meeting, including cutting the cash rate towards zero and buying longer-dated government bonds, minutes of its most recent meeting showed on. . .  Full story

Australia shares track global markets lower; tech stocks shine

20/10 Australian shares followed global markets lower on Tuesday as record daily coronavirus infections in Europe fuelled fears of more severe lockdowns, with mining, financials and energy stock leading the retreat.. . .  Full story

Afterpay, Westpac link up for Australia savings accounts

20/10 Australian buy-now-pay-later firm Afterpay Ltd will team up with Westpac Banking Corp to offer savings accounts, the two companies said on Tuesday, signalling a shift by the alternative credit firm into mainstream banking.. . .  Full story

S&P affirms Australia's rating; flags fiscal and economic risks

20/10 Credit rating agency S&P Global Ratings on Tuesday affirmed Australia's sovereign credit ratings at 'AAA/A-1+' with a negative outlook, flagging economic and fiscal risks.. . .  Full story

Oil Search Q3 revenue nearly halves on coronavirus hit to LNG prices

20/10 Australia-listed Oil Search Ltd posted on Tuesday a 47.7% slump in third-quarter revenue, missing analysts' estimates, as the coronavirus outbreak kept crude prices subdued and hurt prices of its key liquefied natural gas (LNG) product.. . .  Full story

Australia shares end at over 7-mth high as restrictions ease in Victoria

19/10 Australian shares ended at their highest in more than seven months on Monday after the state of Victoria, the country's coronavirus outbreak epicentre, eased months-long movement restrictions.. . .  Full story

Australia c.bank seen cutting rates, expanding bond buying in Nov

19/10 Australia's central bank is expected to cut key rates to a historic low of 0.1% at its monthly policy meeting next month, a majority of economists polled by Reuters showed, as it looks to. . .  Full story

Australia financial crime watchdog investigates casino giant Crown, shares tumble

19/10 Australia's financial crime agency began investigating casino giant Crown Resorts Ltd on suspicion of failure to comply with anti money-laundering protocols, putting a planned resort opening under pressure and sending its shares tumbling.. . .  Full story

Australian shares rise as coronavirus curbs ease in Victoria; NZ flat

19/10 Australian shares gained on Monday after Victoria state eased its months-long coronavirus lockdown and as U.S. officials said a new stimulus package could be passed before presidential elections.. . .  Full story

Australia shares set to rise on easing lockdowns, NZ firms

18/10 Australian shares are expected to rise on Monday as Victoria state easing its lockdown on declining coronavirus cases is likely to lift the mood, helped by U.S. officials saying a new stimulus package could. . .  Full story

New Zealand reports one new case of COVID-19 in community

18/10 New Zealand reported one new case of coronavirus in the community on Sunday, as the virus re-emerged in the country after many days of no transmission within its borders.. . .  Full story

China's Jilin gets 5 mln T coal import quota amid tight supplies

16/10 China has issued its northeastern province Jilin thermal coal import quotas for 5 million tonnes, according to a trader and an official document reviewed by Reuters, as supplies tighten this winter with imports curbed from. . .  Full story

Rio Tinto vows reform as Australian lawmaker accuses industry of cultural genocide

16/10 Outgoing Rio Tinto Chief Executive Jean-S├ębastien Jacques said on Friday the miner was committed to reform after a lawmaker accused the industry of incremental cultural genocide at an Australian inquiry into the destruction of an. . .  Full story

Australia shares finish lower as mining, energy stocks fall

16/10 Australian shares edged lower on Friday, dragged down by mining stocks after Rio Tinto raised concerns about steel production outside China, with sentiment taking a hit from a resurgence in coronavirus cases in Europe.. . .  Full story

China tells cotton mills to stop buying Australian supplies -sources

16/10 China has ordered cotton mills to stop buying Australian supplies, an Australian government source and two China-based cotton traders briefed on the matter said on Friday, the latest sign of worsening trade ties.. . .  Full story

Miners drag Australian shares lower; NZ falls before election results

16/10 Australian shares slipped on Friday as weak iron ore prices pressured heavyweight mining stocks, with waning hopes for additional U.S. fiscal stimulus before the presidential election weighing on market sentiment globally.. . .  Full story

Australia's New Hope to lay off up to 75% of HQ staff amid sour market

16/10 Australian coal miner New Hope Corp Ltd said on Friday it will lay off up to 75% of its workforce from its corporate headquarters due to uncertainty around approvals for its environmentally contentious New. . .  Full story

Nickel Mines to buy stake in Tsingshan Indonesian unit to boost output

16/10 Nickel Mines Ltd said on Friday it will buy 70% of Indonesia's PT Angel Nickel Industry (ANI) for $490 million in a deal that it says will double its nickel production within two years.. . .  Full story

France's Engie maps $2.2 bln plan for first Australian city to go carbon-neutral

15/10 A city in Australia's tropical north aims to be the first in the country to go carbon-neutral within 20 years, with the help of a plan worth A$3.1 billion ($2.2 billion) designed by French. . .  Full story

Japan aims to set up commercial hydrogen fuel supply chain by 2030

15/10 Japan will seek to create a commercial hydrogen fuel supply chain by around 2030 to support reducing carbon emissions, Industry Minister Hiroshi Kajiyama said during a virtual hydrogen conference late on Wednesday.. . .  Full story

Australia shares end firmer as cenbank hints at further stimulus

15/10 Australian shares closed higher on Thursday, lifted by energy and mining stocks, as investors bet on a steady recovery after the reserve bank hinted at additional monetary easing to support the pandemic-ravaged economy.. . .  Full story

Virgin Australia picks new CEO with budget ties as Bain pushes 'hybrid' strategy

15/10 Virgin Australia Holdings Ltd CEO Paul Scurrah will be replaced within weeks by Jayne Hrdlicka, the former head of Qantas' budget offshoot Jetstar, as new owner Bain looks to draw in more travellers with. . .  Full story

Australia c.bank gov opens door for further easing, QE

15/10 Australia's top central banker said on Thursday monetary easing would become more effective as the economy loosens its coronavirus restrictions, an indication another cut to the official cash rate was likely.. . .  Full story

Australia's unemployment rate edges up to 6.9% in Sept

15/10 Australia's jobless rate ticked up in September and employment declined, official data showed on Thursday, in a sign the coronavirus-ravaged economy was still struggling despite massive fiscal and monetary policy stimulus.. . .  Full story

Australia shares gain as RBA hints at easing cash rate

15/10 Australian shares rose on Thursday after the central bank signalled it was considering an interest rate cut, while New Zealand stocks looked set to snap their 11-session winning streak.. . .  Full story

Analysts lift Asian companies' forward 12-month earnings higher than its global peers

14/10 Analysts are upgrading Asian companies' forward 12-month earnings estimates at a higher pace than for the U.S- and European firms, Refinitiv data showed, on expectations that Asia's faster recovery from the COVID-19 crisis would bolster. . .  Full story

Australia's watchdog says banks' impaired assets likely understated

14/10 Australia's banking regulator said on Wednesday impaired assets at banks were likely underestimated given lingering uncertainty about a recovery out of the economy's historic novel coronavirus slump.. . .  Full story

Australia's Westpac to exit China, other Asia markets as focus swings to home

14/10 Australia's Westpac Banking Corp is exiting banking operations in China and some other Asian markets to focus on its core domestic and New Zealand businesses, as it grapples with capital constraints amid the COVID-19 pandemic.. . .  Full story

Virgin Australia union suspends talks, seeking clarity over CEO's future

14/10 A major employee union said on Wednesday it had suspended bargaining talks with Virgin Australia Holdings Ltd, pending clarification from new owner Bain Capital about the status of Chief Executive Paul Scurrah.. . .  Full story

Negative rates 'not a game of bluff', says RBNZ official

14/10 Negative rates in New Zealand are a real possibility and there are no concerns yet that such rates would be problematic for banks, a senior central bank official said on Wednesday.. . .  Full story

Australia's Fenix Resources signs iron ore supply deal with Sinosteel, shares rise

14/10 Iron ore explorer Fenix Resources Ltd said on Wednesday it signed a deal with a unit of state-owned Sinosteel Group for half of the output and sales from its Iron Ridge project in Western. . .  Full story

Australia shares edge lower on vaccine trial halts; NZ gains for eleventh day

14/10 Australian shares inched down on Wednesday as halted vaccine trials and uncertainty around a U.S. fiscal stimulus package hit sentiment, though a jump in healthcare stocks led by CSL Ltd capped losses.. . .  Full story

Aboriginal group says Fortescue withholds royalties on mining leases

14/10 An Australian Aboriginal group said on Tuesday that Fortescue Metals is withholding nearly A$2 million ($1.4 million) in royalty payments until it signs off on mining leases that cover areas containing many sacred sites.. . .  Full story

Australia shares poised to open lower on U.S. stimulus, COVID-19 vaccine delay

13/10 Australian shares are expected to decline on Wednesday as the mood soured after a United States fiscal stimulus package faced another hurdle and a major drugmaker halted its COVID-19 vaccine trial.. . .  Full story

Aboriginal group says Fortescue withholds royalties on mining leases

13/10 An Australian Aboriginal group said on Tuesday that Fortescue Metals is withholding nearly A$2 million ($1.4 million) in royalty payments until it signs off on mining leases that cover areas containing many sacred sites.. . .  Full story

China and Australia commodities trade tensions

13/10 Australia's ties with top trade partner China soured in 2018 when it became the first country to publicly ban China's Huawei from its 5G network, and worsened after Canberra called for an enquiry into. . .  Full story

Australia investigating reports that China has halted coal imports

13/10 Australia is investigating media reports that China has stopped taking its coal shipments, Prime Minister Scott Morrison said on Tuesday, adding that such import quotas to support China's market were "not uncommon".. . .  Full story

Australia shares hit near 2-month high as banks shine

13/10 Australian shares hit a near two-month high on Tuesday, led by banking and technology stocks, as expectations that the United States would soon pass a coronavirus relief package lifted global equity markets.. . .  Full story

Aboriginal group say Fortescue has applied to mine near destroyed caves

12/10 An Australian Aboriginal group whose sacred rockshelters Rio Tinto destroyed in May said on Monday that iron ore miner Fortescue Metals Group applied last month for a mining licence on the surrounding area without notifying. . .  Full story

Australia shares rise in lacklustre trade as investors avoid big bets

12/10 Australian shares closed marginally higher on Monday, with the technology index at a record high, although investors refused to make big bets awaiting hints on additional U.S. stimulus.. . .  Full story

Australia shares likely to open flat; NZ rises

11/10 Australian shares are likely to open flat on Monday, having posted their best week in six months last week, as investors await developments on U.S. stimulus talks and local earnings and production results.. . .  Full story

Australia's Port Hedland iron ore exports to China dip in September

09/10 Iron ore shipments to China from Australia's Port Hedland fell 1% in September from a month earlier, data from the Pilbara Ports Authority showed on Friday.. . .  Full story

Australian shares post best week in six months, NZ hits record close

09/10 Australian shares posted their best week in six months on Friday, capping an eventful week that saw the government pledge billions to pull the economy out of recession and U.S President Donald Trump send. . .  Full story

Australian banks strong enough to withstand economic shock, support recovery - RBA

09/10 The rate of non-performing loans to Australian households was set to rise over coming months, the country's central bank said on Friday, though the financial system has the strength to withstand any shocks.. . .  Full story

Australia c.bank warns of business failures as property vacancies rise

09/10 Business failures in Australia are likely to rise with commercial property seen among the hardest hit sectors as a shift to work-from-home arrangements empties offices and major retail precincts, the central bank said on Friday.. . .  Full story

COLUMN-India's coal imports improve somewhat, but recovery is uneven: Russell

08/10 India's coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick - shipments rose for higher-grade coking and thermal grades, but slid for lower-rank fuel used. . .  Full story

Australia, NZ shares track Wall Street higher; NZ marks record close

08/10 New Zealand stocks posted a record closing high on Thursday and Australian shares extended gains into a fourth session, tracking Wall Street as U.S. President Donald Trump called for some COVID-19 relief measures after. . .  Full story

Australia's Ampol may shut oil refinery despite national security push

08/10 Ampol Ltd is considering closing its Lytton oil refinery, one of Australia's four refineries, as it has racked up big losses because of a coronavirus-driven slump in fuel demand and competition from huge Asian plants.. . .  Full story

Australia's Ampol considers closing Lytton refinery

07/10 Ampol Ltd said on Thursday it would begin a comprehensive review of its Lytton refinery and consider options including closure or transition to an import model.. . .  Full story

South32 COO "optimistic" about finalising South African thermal coal exit this year

07/10 South32 Chief Operating Officer Mike Fraser on Wednesday said he is still "positively optimistic" that the company will close the sale of its South Africa Energy Coal (SAEC) assets to unlisted Seriti Resources this year,. . .  Full story

South32 CEO "optimistic" about finalising South African thermal coal exit this year

07/10 South32 CEO Mike Fraser on Wednesday said he is still "positively optimistic" that the company will close the sale of its South Africa Energy Coal (SAEC) assets to unlisted Seriti Resources. . .  Full story

Australia's NAB admits to misleading clients in second 'fees for no service' case

07/10 National Australia Bank, the country's third largest lender, has admitted to misleading customers more than a thousand times in a lawsuit accusing its financial planners of charging fees for no service, according to court documents.. . .  Full story

Australian benchmark stock index closes above 6,000 level on budget boost

07/10 Australian shares rose over 1% on Wednesday, with the benchmark index settling above the 6,000 level for the first time since Sept. 3, after the government pledged to spend billions to help pull the. . .  Full story

Australia to issue $170 bln debt in 2020/21 as govt spending surges

07/10 The Australian government will issue bonds worth A$240 billion ($170.4 billion) in the current financial year, surprisingly unchanged from earlier projections despite a massive increase in spending to bolster the coronavirus-ravaged economy.. . .  Full story

Australia's Victoria state reaches lower infection milestone

07/10 Australia's city of Melbourne, capital of the coronavirus hotspot state of Victoria, on Wednesday reported the lowest two-week average of new cases after a second contagion wave that led to one of the world's toughest. . .  Full story

Australia shares rise as govt paves way for billions in stimulus

07/10 Australian shares edged higher on Wednesday, lifted mostly by tech and industrial stocks, a day after the government promised billions in the federal budget to help take the coronavirus-stricken economy out of recession.. . .  Full story

Australia to run record budget deficit as govt cuts tax, boosts job support

06/10 Australia pledged billions in tax cuts and measures to boost jobs on Tuesday to help pull the economy out of its historic COVID-19 slump in a budget that tips the country into its deepest. . .  Full story

Australia central bank holds rates, but easing expected soon

06/10 Australia's central bank held its cash rate at a record low on Tuesday but hinted at further monetary easing as it looks to create jobs in the coronavirus-ravaged economy, which is suffering its worst contraction. . .  Full story

Gold gleams anew in Australia as Northern Star, Saracen agree to create $11.5 bln miner

06/10 Australian gold miner Northern Star Resources on Tuesday offered to buy smaller peer Saracen Mineral Holdings in an agreed A$5.76 billion ($4.14 billion) deal that will create a global top-10 gold miner by market value.. . .  Full story

Northern Star-Saracen to enter top 10 global gold miners by market value

06/10 Australian gold miner Northern Star Resources on Tuesday has offered to buy smaller peer Saracen Mineral Holdings in an agreed A$5.76 billion ($4.14 billion) deal that will see the combined entity enter the world's top. . .  Full story

Australia's prudential regulator revamps supervisory regime to assess non-financial risks

06/10 Australia's prudential regulator introduced on Tuesday a new supervisory system to strengthen its focus on non-financial risks for banks, insurers and pension funds.. . .  Full story

Australian interest rate changes since 1990

06/10 The Reserve Bank of Australia held its cash rate at 0.25% on Tuesday following a monthly policy meeting. The following is a chronology of the Reserve Bank of Australia's interest. . .  Full story

Australia shares fall ahead of cenbank decision, federal budget

06/10 Australian shares traded lower on Tuesday, dragged down mostly by financial and healthcare stocks, as investors were reluctant to make big bets ahead of the federal budget and key central bank policy decision.. . .  Full story

Australian job advertisements rise 7.8% in Sept - ANZ

06/10 Australian job advertisements climbed for the fifth straight month in September in a positive sign for the economy which re-opened from coronavirus lockdowns earlier-than-expected, though ads were still down on a year earlier.. . .  Full story

Insurance Australia Group reaches $99 mln settlement over mis-sold insurance

06/10 Insurance Australia Group on Tuesday said it had agreed to a class action settlement involving a gross payment of A$138 million ($99 million) over add-on insurance products sold through motor vehicle and motorcycle dealers.. . .  Full story