Australasia

Australian regulator moves to prescribe stricter terms for exec pay

09h22 Australia's prudential regulator said it intends to prescribe stricter terms on executive pay policies of the country's large banks, retirement funds and insurers as it seeks to enhance accountability in the financial sector.. . .  Full story

Australian shares climb on likelihood of ECB, Fed rate cuts; NZ up

08h34 Australian shares rose on Tuesday as markets anticipate apex central banks in the European Union and the United States will lower interest rates, while rising oil prices propped up energy firms.. . .  Full story

Australian pension funds sign merger deal to form country's second-largest

07h54 First State Super and VicSuper said on Tuesday they have signed a binding deal to merge, creating Australia's second-largest pension fund as regulatory pressure drives consolidation.. . .  Full story

Australian shares rise on global rate cut prospects; NZ up

04h04 Australian shares climbed on Tuesday as investors anticipated major central banks will ease monetary policy, and higher oil prices buoyed energy stocks.. . .  Full story

Australian lithium miner Altura raises $15.8 mln as big shareholder raises stake

02h32 Altura Mining Ltd said on Tuesday key shareholder Ningbo Shanshan Co Ltd would increase its stake and invest A$22.4 million ($15.8 million) in the company.. . .  Full story

PREVIEW-Australia's Macquarie bank faces shareholder backlash over pay

01h25 Australia's biggest retail shareholder group has asked investors to reject the executive pay plans of investment bank Macquarie Group, accusing it of withholding pertinent information and setting overly achievable performance targets.. . .  Full story

Australia shares set to tick up; New Zealand higher

00h13 Australian shares are expected to edge higher on Tuesday, tracking gains overnight on Wall Street amid hopes of a U.S. interest rate cut along with investors awaiting quarterly earnings from technology majors this week.. . .  Full story

Australia's Macquarie bank faces shareholder backlash over pay

22/07 Australia's biggest retail shareholder group has asked investors to reject the executive pay plans of investment bank Macquarie Group, accusing it of withholding pertinent information and setting overly achievable performance targets.. . .  Full story

Australia c.bank seen pausing after back-to-back rate cuts

22/07 Economists overwhelmingly expect Australia's central bank to keep its cash rate at a record low 1% next month but predict at least one more cut later this year with overall growth and inflation tipped. . .  Full story

Australia shares slip on faded hopes for big Fed rate cut; NZ rises

22/07 Australian shares declined marginally on Monday, pulled down by financial and healthcare stocks, as investors anticipated a smaller-than-expected interest rate cut by the U.S. Federal Reserve.. . .  Full story

Australia shares set to open lower; New Zealand up

22/07 Australian shares are expected to open lower on Monday, following Wall Street's decline on Friday after a newspaper report trimmed hopes of an aggressive interest rate cut by the Federal Reserve at the end. . .  Full story

Australian home auction clearance rates rise, raising hope of market turnaround

21/07 Tumbling Australian home prices may have found solid ground amid the worst property downturn in a generation as the real estate industry experiences a revival in auction demand, data showed.. . .  Full story

Japan's Kawasaki set to trial Australian hydrogen exports in 2020

19/07 Japan's Kawasaki Heavy Industries on Friday began building facilities in Australia to liquefy and ship hydrogen, aiming to start exporting the fuel in a trial in the second half of 2020.. . .  Full story

Australian shares jump as Fed official boosts rate cut bets; NZ at record

19/07 Australian shares had their best day in over four weeks on Friday as remarks from a top Federal Reserve official virtually confirmed there will be a U.S. rate cut later this month.. . .  Full story

Australia's CBA joins peers in easing mortgage lending rules

19/07 Commonwealth Bank of Australia said on Friday it would ease mortgage lending rules for its customers starting July 22, joining some of its Big Four peers who have taken similar measures in a bid. . .  Full story

Australian shares jump on rising chance of Fed cuts; NZ touches record

19/07 Australian shares surged on Friday with gains across the board after comments from a top Federal Reserve official virtually confirmed there will be a U.S. rate cut late this month.. . .  Full story

Energy, miners pull Australian shares lower, NZ up

18/07 Energy and commodity-related firms led losses on the Australian benchmark share index on Thursday, while renewed concerns over U.S.-China trade relations kept investor risk appetite in check.. . .  Full story

Sour taste: Australian celebrity chef underpaid employees $5.62 mln

18/07 An Australian celebrity chef said on Thursday he had underpaid hundreds of his restaurant employees by nearly A$8 million ($5.62 million) over six years.. . .  Full story

Australia jobless rate stuck at 5.2%, signals more work for RBA

18/07 Australian full-time employment surged in June but the jobless rate stayed stuck at 5.2% for a third straight month as more people looked for work, a sign of spare capacity that argues for more. . .  Full story

Australia's South32 posts 69% rise in annual coking coal production

18/07 Australia's South32 Ltd on Thursday reported a 69% jump in full-year coking coal production, beating analyst estimates, as the diversified miner ramped up production at its Illawarra project.. . .  Full story

Australia shares poised to open lower, New Zealand up

18/07 Australian shares are expected to fall at open on Thursday in line with overnight losses on Wall Street as weak results from railroad operator CSX Corp. . .  Full story

Fitch cuts outlook for Australia banks Westpac, ANZ on capital burden

17/07 Fitch Ratings lowered its outlook for Westpac Banking Corp and Australia and New Zealand Banking Group Ltd (ANZ) to "negative" from "stable", citing greater capital requirements imposed on Australia's No.2 and No.3 lenders.. . .  Full story

Two Chinese ports halt customs clearances for coal imports - sources

17/07 Chinese customs is no longer permitting coal cargoes to enter the country at the ports of Jingtang and Caofeidian, said three coal traders, who were told by customs officials of the halt on Tuesday.. . .  Full story

Australia bank watchdog pledges tougher stance, seeks more funds

17/07 The Australian banking watchdog on Wednesday promised more "naming and shaming" of companies it was acting against and that it would restructure itself by the end of the year after an independent report accused. . .  Full story

Australia shares poised to open lower; New Zealand up

17/07 Australian shares are set to open lower on Wednesday, tracking losses on Wall Street over renewed worries about the U.S.-China trade war. U.S. President Donald Trump said on Tuesday the. . .  Full story

Out of the shadows: Australia's finance regulator told to be more "forceful"

16/07 Australia's prudential regulator should become less "discreet" and be given more power, including the ability to veto corporate boardroom hires, a government report said, in a sign oversight bodies are being dragged into a banking. . .  Full story

Japan shows coal's dilemma: More needed now, less in future: Russell

16/07 The dilemma facing thermal coal miners is neatly encapsulated by the current dynamics of Japan, where robust short-term demand contrasts with a diminishing long-term outlook.. . .  Full story

Australian banks begin lowering mortgage stress test rates

16/07 Westpac Banking Corp and Australia and New Zealand Banking Group are starting to lower the interest rate they use to stress test customers' loan applications, a move expected to help stabilise house prices.. . .  Full story

Financials, energy shares drag Australian benchmark lower, NZ down

16/07 Australia shares closed slightly lower on Tuesday, with advances in defensive stocks offset by losses in the financial and energy sectors, after investors shrugged off the central bank's July meeting minutes suggesting further policy easing.. . .  Full story

Australia's central bank ready to cut rates again "if needed"

16/07 Australia's central bank would cut interest rates again "if needed" to support employment, wages growth and inflation, having already eased twice since June to a record low of 1%.. . .  Full story

Australia shares set to open flat; New Zealand up

16/07 Australian shares are expected to open little changed on Tuesday as energy sector declines are likely to offset gains in resources stocks. Oil prices fell about 1% on Monday, while. . .  Full story

Australia shares hit by financials, but miners help trim losses; NZ weaker

15/07 Australian shares ended down on Monday, though gains by miners on the back of some heartening Chinese economic data helped to trim broad market losses that were driven by the financial sector.. . .  Full story

Australia shares cut losses after weak China GDP, NZ lower

15/07 Australian shares trimmed losses on Monday after China reported its economy grew at its weakest pace in nearly three decades, reinforcing expectations its government will roll out more stimulus measures.. . .  Full story

Australian economy stuck in sub-par growth, but to dodge recession

15/07 Australia may be destined for another two years of sub-par economic growth as debt-laden households keep their wallets shut tight, though analysts are hopeful lower interest rates and tax handouts would help it dodge a. . .  Full story

Australia shares likely to start week lower; New Zealand down

15/07 Australian shares are expected to slip on Monday weighed down by mining stocks hit by the weakness in copper and iron ore prices. Three-month LME copper. . .  Full story

Chinese buyer enquiries for Australian homes rise - Juwai.com

13/07 Chinese buyer enquiries for Australian homes rose for a second quarter in a row in March, latest data from Juwai.com showed, signalling a possible revival of demand for the Pacific nation's beleaguered property market from. . .  Full story

China's June coal imports fall as local miners boost output

12/07 China's June coal imports fell 1.4% from May to 27.1 million tonnes, official data showed on Friday, as local miners boosted output to ensure adequate supply ahead of summer.. . .  Full story

Australian shares end lower on renewed trade war worries; NZ ticks up

12/07 Australian shares ended lower on Friday, with China-reliant mining stocks leading the fall on renewed worries that tensions between the United States and China could deepen.. . .  Full story

Australian shares slip on miners as trade tensions rise; NZ drops

12/07 Australian shares gave up ground on Friday, with China-sensitive mining stocks leading the losses after trade tensions between the world's two largest economies escalated overnight.. . .  Full story

Australia's Charter Hall buys Telstra HQ building for $579 mln

12/07 Australian landlord Charter Hall Group said on Friday it has formed a partnership to buy Telstra Corp's global headquarters in Melbourne for A$830 million ($578.84 million).. . .  Full story

Australia shares to slip at open; NZ down

12/07 Australian shares are likely to open lower on Friday, as risk sentiment dampened over concerns of slowing global growth ahead of trade data from China, while lower oil and iron ore prices are seen. . .  Full story

Australia banks, shops getting back online after service outage

11/07 Australian banks and retailers were getting back online on Thursday after a nationwide telecoms outage knocked out electronic payment systems and cash machines for several hours.. . .  Full story

Australia's rate cuts, tax rebate helping economy, says c.bank gov

11/07 Australia's top central banker gave a positive assessment of the country's economy on Thursday, saying two policy rate cuts, tax rebates by the government and higher levels of infrastructure investment were supporting activity.. . .  Full story

Australian shares edge up on Fed rate signal; NZ hits new peak

11/07 Australian shares climbed on Thursday buoyed by broad-based gains after Federal Reserve Chairman Jerome Powell cemented the chance of an ease in U.S. monetary policy later this month.. . .  Full story

Australia's mortgage mountain a deadweight on spending - c.bank research

11/07 Australia's mountain of mortgage debt is an even greater deadweight on consumer spending than previously thought, a central bank paper argued on Thursday, suggesting recent rate cuts might not be enough on their own. . .  Full story

Australia backs Genex Power hydro project with $425 mln cheap loan

11/07 The Australian government said on Thursday it would provide up to A$610 million ($425 million) in cheap financing for Genex Power Ltd to build a pumped hydro project to help stabilise the country's electricity grid.. . .  Full story

Australian shares higher after Powell boosts rate cut bets; NZ up

11/07 Australian shares ticked up on Thursday as investors took heart from higher odds for a U.S. rate cut this month, but gains were limited by weak banks facing tougher capital requirements and a crackdown. . .  Full story

Australia wheat crop faces hot, dry weather for next three months

11/07 Hot, dry weather will persist across Australia's east coast until at least October, the country's weather bureau said on Thursday, signalling no relief for drought-hit farmers in one of the world's largest agricultural producers.. . .  Full story

Australia shares to open higher; NZ up

11/07 Australian shares are set to open slightly higher on Thursday, tracking Wall Street gains, after the Federal Reserve indicated a strong likelihood of a U.S. interest rate cut by the end of July.. . .  Full story

Australia shares supported by c.bank rate cut hopes; NZ hits record high

10/07 Aussie shares ended higher on Wednesday on growing expectations the central bank will cut interest rates again to shore up weak demand, while financials firmed after S&P upgraded its outlook for the "Big Four". . .  Full story

Darkening Australian consumer mood spells more trouble for economy

10/07 Australian consumers turned decidedly gloomier this month, shrugging off two cuts in interest rates and a modicum of stability in falling house prices in a sign of further strain on an already struggling economy.. . .  Full story

Australia shares set to advance at open; NZ up

10/07 Australian shares are poised to open higher on Wednesday, as energy and mining stocks are seen gaining from a rise in oil prices, due to Middle East tensions and supply cuts, and higher iron. . .  Full story

Australian banking regulator raises bank capital buffers by less than expected

09/07 Australia's main financial regulator on Tuesday said it had decided to lift the capital buffer for banks by less than originally proposed, a win for institutions that had argued the targets were too onerous.. . .  Full story

Australian lithium miner Altura Mining inks supply deal with China firm

09/07 Australia's Altura Mining said on Tuesday it has signed a five-year agreement to supply spodumene concentrate, the raw material for lithium, to a Chinese producer of the battery metal.. . .  Full story

New Zealand proposes discounts for cleaner cars, slaps new fee on gas guzzlers

09/07 New Zealand said on Tuesday that it plans to slash prices for electric, hybrid and fuel efficient vehicles and penalise gas guzzling cars with a new fee, as it looks to make greener cars. . .  Full story

Australia business confidence falls back in June - survey

09/07 A closely-watched measure of Australian business confidence retreated in June even as interest rates hit record lows, though Tuesday's survey did show sales and employment managed to bounce a little.. . .  Full story

Australia shares set to open flat; NZ slips

09/07 Australian shares are set to open little changed on Tuesday, as gains from the mining sector, stemming from expectations of strong iron ore demand, are likely to be capped as investors worry the U.S.. . .  Full story

Aussie shares end lower on dampened U.S. rate cut hopes; NZ flat

08/07 Australian shares fell the most in five weeks on Monday as better-than-expected U.S. employment data softened expectations for a Federal Reserve rate cut this month.. . .  Full story

Australia job ads rebound in June, trend still weak

08/07 Australian job advertisements in newspapers and on the internet rebounded in June after a sharp decline in May, though the overall trend in employment growth was still downwards.. . .  Full story

Australia shares set to open slightly lower; NZ slips

08/07 Australian shares are likely to open slightly lower on Monday, as unexpectedly strong U.S. jobs data sparked concerns of how dovish a stance the Federal Reserve may take at its next monetary policy meeting.. . .  Full story

Australian shares keep climbing; NZ at another record high

05/07 Australian shares closed at their highest since late 2007 on Friday, and produced a large weekly gain as monetary policy easing and stronger commodity prices pushed up stocks across the board.. . .  Full story

Australian shares set for strong week on easier monetary policy; NZ at record high

05/07 Australian shares edged up on Friday and were set for strong weekly gains as easier monetary policy and recent strength in commodity prices helped lift the largest sectors on the index.. . .  Full story

Australia loosens mortgage lending rules in boost to economy

05/07 The Australian prudential regulator on Friday scrapped a minimum 7% interest testing rate for bank customers' loan applications, adding to the stimulatory tools being deployed to revive the sluggish economy.. . .  Full story

New Zealand's Fonterra says performance needs to improve after shares tumble

05/07 New Zealand's Fonterra, the world's biggest dairy exporter, on Friday said there were no new operational developments that could have triggered a drop in its shares to record lows this week, but that its "performance. . .  Full story

Australian shares to open little changed; NZ flat

05/07 Australian shares are likely to see a tepid start on Friday, after closing at an 11-year peak in the previous session, as weakness in commodity prices may dent resource-based stocks, offsetting optimism over expected. . .  Full story

New Zealand's Fonterra says no new developments to account for share slump

04/07 The performance of Fonterra , the world's biggest dairy exporter, is not where it needs to be, but there are no new operational developments to have caused Thursday's share slump, Chief Financial Officer Marc Rivers. . .  Full story

Australia senate backs $110 bln tax cut plan to boost economy

04/07 Australia's upper house Senate passed on Thursday A$158 billion ($110 billion) worth of tax cuts over the next decade, the centrepiece of the conservative government's plan to boost an economy that is threatening to stall.. . .  Full story

Future tense: Fastest-growing market Asia rethinks coal's prospects

04/07 After riding China's demand train for nearly two decades, Asia's coal industry is looking to a future of smaller markets and slimmer pickings, as buying declines in the world's second-biggest economy and climate change concerns. . .  Full story

Australian shares end at over 11-yr peak on rate-cut hopes, NZ at record high

04/07 Australian shares ended at their highest level in over 11 years on Thursday as expectations of local and U.S. interest rate cuts drew investors to riskier assets.. . .  Full story

Wary Australian shoppers, job slowdown build case for third RBA rate cut

04/07 Australian retail sales disappointed yet again in May and job vacancies fell from record highs, adding to signs of an underpowered economy and raising the prospect of a third rate cut this year by. . .  Full story

Australian shares surge to highest since Nov 2007; NZ at another peak

04/07 Australian shares surged to their highest in more than 11-1/2 years on Thursday as further signs of weakness in the U.S. economy raised expectations the Federal Reserve will start cutting interest rates.. . .  Full story

Australia job vacancies fall 1.1% in May qtr

04/07 Job vacancies in Australia slipped 1.1% in the three months ended May, the first fall since early 2016, in yet another sign the country's economy is losing momentum.. . .  Full story

South Africa's Afrimat pulls takeover bid for Universal Coal

03/07 South African open pit mining firm Afrimat Limited has withdrawn its offer to buy Australian-listed Universal Coal plc, given the size and complexity of the transaction, it said on Wednesday.. . .  Full story

Australia's big banks get squeezed as cash rate drops to record low

03/07 Australian bank earnings are getting squeezed by the central bank's move to cut the cash rate to a record low 1%, analysts and investors say, as it gets harder to reduce deposit rates to. . .  Full story

Australia's export boom boosts government's fiscal firepower

03/07 Australia extended its record run of trade surpluses in May as stellar prices for the country's top export earner, iron ore, showered the government with more cash to revive a slowing economy even as. . .  Full story

Australian shares set to open lower on energy stocks; NZ flat

03/07 Australian shares are expected to fall on Wednesday, dragged by energy stocks taking a hit from a dive in oil prices, as fears of a slowdown in global economy and subsequent oil demand outweighed. . .  Full story

Australia's top lenders decline to pass on cbank rate cut in full to customers

02/07 Three of Australia's four biggest lenders on Tuesday resisted public pressure to pass on a central bank rate cut in full to customers, risking a rebuke from the government.. . .  Full story

Australia's central bank cuts rates again, says ready to ease more if needed

02/07 Australia's central bank on Tuesday cut interest rates for the second time in as many months as it strives to revive a sluggish economy and reduce unemployment, a tough task that may yet require. . .  Full story

Australia's central bank chief says ready to cut rates again if needed

02/07 The Reserve Bank of Australia (RBA)is prepared to ease monetary policy again if needed to help boost job growth and stoke inflation, governor Philip Lowe said on Tuesday hours after cutting the cash rate. . .  Full story

Australian bank shares pare index gains; NZ hits another record high

02/07 Australian shares edged up marginally on Tuesday, with gains across most sectors pared by large bank stocks, which fell on news they could face stricter lending conditions.. . .  Full story

Australian government poised to secure $110 bln tax cut plan

02/07 Australia's conservative government is close to securing enough votes to pass sweeping tax cuts after independent lawmakers said on Tuesday they were poised to strike an agreement with Prime Minister Scott Morrison.. . .  Full story

Perth Mint's monthly gold sales jump 80% in June

02/07 The Perth Mint's gold product sales in June rose 80.3% from the previous month, the refiner said on Tuesday. Sales of gold coins and minted bars in June climbed. . .  Full story

Australian interest rate changes since 1990

02/07 The Reserve Bank of Australia cut its cash rate a quarter point to 1.0% on Tuesday, following its monthly policy meeting. The following is a chronology of the Reserve. . .  Full story

Miners lift Australian shares before RBA decision; NZ at record high

02/07 Australian shares were up slightly on Tuesday led by gains for heavyweight miners, although trading was subdued as many investors held back ahead of an interest rate decision by the central bank.. . .  Full story

Australian shares poised to open higher on rate cut hopes; NZ up

02/07 Australian shares are expected to extend their rally on Tuesday, tracking Wall Street's gains, while a likely interest rate cut by the local central bank will bolster risk appetite. The Reserve. . .  Full story

Australia's banks warn of business impact if NZ raises capital ratio

01/07 Australia's top lenders said they would have to reduce their businesses in New Zealand or look at selling them off entirely if the country pushes ahead with plans to increase the amount of capital. . .  Full story

Asian stocks climbed in June; posted best gain in five months

01/07 Asian stocks climbed in June after sharp falls the previous month, with investor sentiment buoyed by expectations of monetary easing by major central banks and hopes for a thaw in strained Sino-U.S. trade ties.. . .  Full story

Australian banks oppose regulator's credit checks reform plan

01/07 Australia's Big Four lenders are pushing back on the regulator's plan to require banks make detailed credit checks on borrowers to estimate loan affordability instead of relying on indices, with the No.2 lender saying such. . .  Full story

Tax cuts are first test for Australian govt after May election victory

01/07 Australia's government faces its first legislative test after being returned in May's election when parliament meets on Tuesday, as it seeks support from independent senators to pass tax cuts needed to stimulate a stumbling economy.. . .  Full story

Australia sees gold overtaking thermal coal as export earner

01/07 Australia expects gold to overtake thermal coal as its fourth-largest export earner in the coming financial year as coal prices fall on subdued demand from Asia, while global tensions prop up gold prices.. . .  Full story

Australian shares seen higher on U.S.-China trade talk breakthrough; NZ slips

01/07 Australian shares are expected to rise on Monday, buoyed by the agreement between U.S. and China to restart trade talks, while investors gear up for a possible rate cut announcement by the Aussie central. . .  Full story

Heavy fog causes flight delays, cancellations at Sydney Airport

29/06 Heavy fog caused delays and cancellations at Australia's busiest international flight hub, Sydney Airport, on Saturday morning.. . .  Full story

Mining, energy sectors drag Australian shares down; NZ higher

28/06 Australian shares on Friday fell on the quarter's last day, pulled down by mining and energy stocks, as investors awaited the Saturday meeting in Japan between the U.S. and China presidents.. . .  Full story

Mining, energy sectors drag Australian shares, NZ higher

28/06 Australian shares edged lower on Friday as investors booked profits on miners after stellar gains in the previous session, while caution prevailed ahead of a meeting between U.S. and China presidents at the G20. . .  Full story

Australia's CBA creates new executive role to help regain trust

28/06 Commonwealth Bank of Australia said on Friday it has created a new senior executive role to oversee marketing and corporate affairs, as it looks to regain customer trust and restore its reputation.. . .  Full story

Australian shares set to open lower, NZ rises

28/06 Australian shares are expected to open lower on Friday as investors await more clarity on the U.S.-China trade war front ahead of the high-stakes meeting between leaders of both countries this weekend in Japan.. . .  Full story

Commodity-linked shares push up Australia benchmark; NZ higher too

27/06 Australian shares ended higher on Thursday, lifted by commodity and energy-related stocks, though trading volumes were light as many investors kept to the sidelines before this weekend's Group of 20 meeting in Japan.. . .  Full story

Australia c.bank seen cutting rates to 0.75% this year

27/06 Australia's central bank is widely expected to cut its benchmark cash rate two more times this year to an unprecedented 0.75% in a bid to boost growth and inflation.. . .  Full story

Australia and NZ shares steady ahead of G20 meeting

27/06 Australian shares were muted on Thursday as more modest U.S. rate cut expectations took the sheen off defensive stocks, but many investors kept to the sidelines ahead of this weekend's Group of 20 meeting. . .  Full story

Australia's Commonwealth Bank to review customer data policies

27/06 Commonwealth Bank of Australia (CBA) said on Thursday it will review how it handles customer data as part of an agreement with Australia's information commissioner after the bank admitted to losing records in the past.. . .  Full story

South Africa's Investec to open bank branch in Australia

27/06 South African lender Investec will open a branch in Australia in a push to expand its international network, the bank said on Thursday.. . .  Full story

Australian shares poised to fall as investors eye U.S.-China trade talks; NZ lower

27/06 Australian shares are expected to slip on Thursday as investors focus on the U.S.-China trade talks to be held this weekend in Japan, although gains in the local resources sector on the back of. . .  Full story