Australasia

Australia's NAB cuts 300 staff over wrongdoing

19/10 About 300 staff of National Australia Bank have been fired or left the company as a result of internal investigations into wrongdoing, Chief Executive Andrew Thorburn said on Friday, following public revelations of misconduct across. . .  Full story

Australian, NZ shares hit by souring global sentiment, growth woes

19/10 Australian shares edged down on Friday as global equities resumed a slide as geopolitical concerns added to anxiety over Italy's budget, rising U.S. interest rates and a heated Sino-U.S. trade dispute.. . .  Full story

Australian shares to open lower on sour global leads, NZ falls

18/10 Australian shares are poised to fall on Friday, mirroring global stocks that were knocked by everything from the possibility of strained international relations to looming interest rate hikes. The European Commission. . .  Full story

Australia jobless rate dives to 6-1/2-yr low in statistical quirk

18/10 Australia's jobless rate unexpectedly dived to its lowest since 2012 last month, but the decline smacked more of statistical noise than a true signal of incipient inflationary pressures and rising interest rates.. . .  Full story

Australian shares slip as Fed minutes weigh, NZ climbs

18/10 Australian shares dipped on Thursday, led lower by commodities stocks and tracking global losses after minutes from the U.S. Federal Reserve's last meeting reinforced expectations the central bank will tighten policy further.. . .  Full story

Australia shares to start downbeat tracking Wall St, NZ inches higher

17/10 Australian shares were expected to edge lower in the morning session on Thursday, as the U.S. Fed's broad agreement on the need to raise borrowing costs further threatened to reignite the fears that sparked. . .  Full story

Australian shares track Wall Streets gains, but miners falter; NZ up

17/10 Australian shares climbed on Wednesday, adding to gains from the previous session, as upbeat Wall Street earnings buoyed investor sentiment, with financial stocks the biggest drivers.. . .  Full story

Australia's finance regulator says bosses personally accountable for bank behaviour

17/10 Australia's financial regulator said on Wednesday top banking executives will be held to a higher standard of personal accountability under new rules introduced, as the scandal-hit sector comes under intense scrutiny.. . .  Full story

Aussie shares rally the most in 3 months on Wall St cheer; NZ rises

17/10 Australian shares rose the most in over three months, spurred by a Wall Street rally thanks to upbeat U.S. corporate earnings led by Netflix Inc in after-hours trade and robust economic data.. . .  Full story

Australian shares to rise tracking Wall Street; NZ rises over 1 pct

16/10 Australian shares are expected to extend gains on Wednesday, following a strong lead from Wall Street, with investors likely to keep a keen eye on quarterly production numbers of the world's biggest miner BHP. . .  Full story

Australian share market steadies after selloff; NZ falls

16/10 Miners and bank stocks lifted the Australian equity market on Tuesday, enjoying some respite after a steep sell-off last week when world markets were routed on concerns over global growth, rising U.S. borrowing costs. . .  Full story

Australia's Whitehaven Coal says Q1 coal sales dip on output hiccups at mine

16/10 Australia's Whitehaven Coal Ltd on Thursday said equity coal sales fell 14 percent in the September quarter, as certain mechanical issues choked output from its Narrabri mine.. . .  Full story

National Australia Bank to incur $224 mln in customer remediation charges

15/10 National Australia Bank said on Tuesday it would incur after-tax costs of A$314 million ($223.91 million) in connection with its customer remediation programme.. . .  Full story

Australian shares set to open flat, NZ climbs

15/10 Australian shares are set to start unchanged on Tuesday, with gains in energy stocks potentially offsetting remnant jitters about the prospect of higher U.S. interest rates and global trade fears. Rising. . .  Full story

Australian shares close at 6-month low as bank earnings loom; NZ down

15/10 Australian shares fell to a six-month low on Monday, led by the financials on growing concerns about the hit to earnings from an inquiry into misconduct in the sector and as sentiment in global. . .  Full story

Australia shares extend slide after worst week in over 2-1/2 yrs; NZ up

15/10 Australian shares retreated on Monday on lingering cautiousness after the benchmark took a battering last week when concerns over rising U.S. Treasury yields and U.S.-China trade tensions had sparked a global equity rout.. . .  Full story

Australian shares to start lower after worst week in over 2-1/2 yrs; NZ rises

14/10 Australian shares are poised to open lower on Monday, after domestic equities marked their worst week in over 2-1/2 years as mounting U.S. Treasury yields and trade tensions undermined global sentiment.. . .  Full story

Australian shares inch up amid subdued investor interest; NZ rises

12/10 Australian shares closed slightly firmer on Friday, but finished lower for a second consecutive week after heavy losses resulting from a global sell-off in the previous session.. . .  Full story

Australia's ANZ fired senior execs due to bad banking behaviour - CEO

12/10 Australia and New Zealand Banking Group fired over 200 staff for wrongdoing, including senior executives, due in part to issues raised at a public inquiry into financial sector misconduct, ANZ Chief Executive Shayne Elliott said. . .  Full story

Australia shares shaky after global sell-off; NZ rises

12/10 The Australian share market was edgy on Friday a day after its worst drubbing in over eight months, with investors remaining cautious following another rough Wall Street session amid lingering anxiety over the Sino-U.S.. . .  Full story

Aussie shares set for another round of drubbing; NZ falls 1 pct

11/10 Australian shares are likely to extend sharp losses on Friday, after suffering their worst drubbing in over eight months as risk appetite was battered by the Sino-U.S. trade war and the prospect of aggressive. . .  Full story

Australia economy to keep growing, but much depends on China

11/10 Australia's economy is forecast to grow solidly over the next couple of years on booming infrastructure spending and strong resource exports, though trade tensions and falling house prices are a clear hurdle ahead.. . .  Full story

COLUMN-Indonesia wants to export more coal, buyers ignore the call: Russell

11/10 Indonesia wants to export more coal in order to earn U.S. dollars to shore up its faltering currency, but the problem is buyers don't seem to be hearing the message.. . .  Full story

Australian, NZ shares join the global rout; gold stocks glitter

11/10 Australian shares joined the global sell-off, closing at a near six-month low on Thursday, as the Wall Street rout overnight battered equity markets elsewhere.. . .  Full story

Australian bank CEOs say inquiry was needed to expose abuses

11/10 The CEOs of Australia's two biggest banks said on Thursday they were wrong to oppose an inquiry that has unearthed widespread financial services misconduct, underscoring the scope of the publicity nightmare engulfing the industry.. . .  Full story

ANZ loan to controversial Cambodian sugar firm criticised by Australia

11/10 A loan by the Australia and New Zealand Banking Group Ltd to a Cambodian sugar company involved in a land dispute was hard to reconcile with the bank's own human rights standards, an Australian government. . .  Full story

Australia's banking regulator accepts criticism from inquiry as "reasonable"

11/10 Australia's banking watchdog accepted criticism levelled against it by a powerful financial sector inquiry as "reasonable", and said it may need to take a fresh look at its approach to prosecuting and punishing poor conduct.. . .  Full story

Australia, NZ shares hammered in across-the-board selling after Wall St rout

11/10 A Wall Street rout rippled through Asian markets and pummelled Australian shares on Thursday, with investors selling across the board as rising U.S. interest rates, a bitter Sino-U.S. trade war and worries over global growth. . .  Full story

Australian government accelerates tax cuts to sweeten souring polls

11/10 Australian Prime Minister Scott Morrison said on Thursday his government will bring forward proposed tax cuts for small businesses by five years, as his coalition seeks to regain voter support ahead of an election next. . .  Full story

Australian interest rates need to be expansionary -RBA

11/10 Australian interest rates need to be set at expansionary levels to help the economy absorb spare capacity in the labour market, a process that can take several years, a top central banker said on. . .  Full story

Australia shares to open lower following slide in global stocks; NZ falls

10/10 Australian shares are set to open lower on Thursday, tracking a sharp fall on Wall Street, with rising U.S. bond yields prompting investors to reassess values of equities. Stocks on. . .  Full story

Australian banking heads face parliamentary grilling over misconduct

10/10 Australia's two top bankers will be questioned by a parliamentary committee on Thursday over revelations from a public inquiry that found banks repeatedly pursued profits ahead of their customers' interests.. . .  Full story

Australia shares end slightly up amid investor caution; NZ lower

10/10 Australian shares staged a mild recovery on Wednesday, ending higher after two sessions of losses, though investors remained cautious amid worries about global economic growth.. . .  Full story

Australia's CBA hit with lawsuit over pension investments

10/10 Law firm Slater & Gordon Ltd has filed a class-action suit against Commonwealth Bank of Australia seeking damages of more than A$100 million ($71 million) after the bank allegedly invested the retirement savings of thousands. . .  Full story

CBA says results of plan to fix governance to affect executive pay

10/10 Commonwealth Bank of Australia said on Wednesday senior executives would have 20 to 30 percent of their "performance metrics" this financial year tied to the execution of a plan to fix problems for customers. . .  Full story

Australia shares flat as banks weigh; NZ falls

10/10 Australian shares were relatively flat on Wednesday as gains in healthcare offset losses in financials a day before a parliamentary committee begins grilling bank executives over their business practices.. . .  Full story

Australian state slows AGL LNG import project with environment review

10/10 Plans by Australia's AGL Energy to start importing liquefied natural gas from 2021 will be delayed after the state of Victoria called for the company and its pipeline partner to submit a full environmental assessment. . .  Full story

Australia consumer sentiment bounces modestly in Oct-survey

10/10 A measure of Australian consumer confidence bounced only modestly in October following two months of steep losses with falling home prices one likely drag, a survey showed on Wednesday.. . .  Full story

Australia shares to open unchanged; NZ flat

09/10 Australian shares are expected to open flat on Wednesday, following two sessions of heavy losses, with materials sector stocks likely to dominate gains on higher commodities prices. Chinese iron ore. . .  Full story

Australian, NZ shares falter as China worries hurt sentiment

09/10 Australian shares extended sharp declines on Tuesday and hovered near-four month lows, as concerns over growth outlook for the country's largest trading partner China dented sentiment.. . .  Full story

Australia shares slide as China growth concerns weigh; NZ drops

09/10 Australian shares fell to a near four-month low on Tuesday as fears of slowing economic growth in the country's largest trading partner China dented investor sentiment.. . .  Full story

Australia businesses keen to hire amid robust activity-survey

09/10 An index of Australian business conditions out on Tuesday stayed strong in September, with firms looking to hire more workers to meet demand in an upbeat reading on the economic outlook.. . .  Full story

Australia's CBA to refund fees to dead client accounts in inquiry fallout

09/10 Commonwealth Bank of Australia said on Tuesday it will refund fees taken out of dead client accounts and unwind a controversial system of charging customers commissions on financial products.. . .  Full story

Australian shares to tick down on China growth fears; NZ flat

08/10 Australian shares were likely to edge lower on Tuesday, weighed down by fears about slowing economic growth in the country's largest trading partner China. Equity markets around the globe. . .  Full story

Australian shares slide to near 4-month low as ANZ falls; NZ down

08/10 Australian shares ended near a four-month low on Monday, with ANZ sliding as the bank counted the costs of poor banking practices on its earnings, and material and energy stocks also dragged on the. . .  Full story

Australia shares fall, led by financials and materials; NZ unchanged

08/10 Australian shares saw their worst day in more than four weeks on Monday, with banks and materials leading the falls strong U.S. job numbers pushed U.S. Treasury yields higher and knocked world equities.. . .  Full story

Australian shares gain, but in red for week despite modest relief for financials; NZ down

05/10 Australian shares edged higher on Friday, supported by gains from the scandal-hit financial sector which managed to advance for a second session, but not enough to stop the benchmark from a weekly loss.. . .  Full story

Australia shares up, financials attempt to steady after selloff; NZ down

05/10 Australian shares advanced on Friday as the scandal-hit financial sector attempted a tentative recovery, with some investors picking them for their juicy dividends at relatively cheaper levels following a searing sell-off in recent weeks.. . .  Full story

Australian wage forecasts need more work - central bank

05/10 Australia's central bank is uncertain about how much spare capacity exists in the labour market and how that will affect wages and inflation over time, one reason it has been cautious on changing policy. . .  Full story

Aussie shares set to slip as global risk appetite takes a hit; NZ falls

04/10 Australian shares are poised to slip on Friday, as risk appetite fell in light of a massive selloff of U.S. Treasuries and hawkish speeches by U.S. Federal Reserve officials, sparking inflation concerns.. . .  Full story

Australian shares up as financials staunch losses; NZ down

04/10 Australian shares ticked higher on Thursday, supported by strong gains for the material sector and as financials snapped three straight days of losses as investors tried to come to terms with revelations of widespread. . .  Full story

Australia shares set to tick up on energy stocks; NZ falls

03/10 Australian shares are set to edge higher on Thursday, likely fueled by energy stocks as Brent crude surged to a four-year high on upcoming U.S. sanctions on Iran. Brent crude. . .  Full story

South Africa's Exxaro eyes South32's coal assets, export quota - CEO

03/10 South African miner Exxaro is eyeing South32's local coal assets, which include an export quota, as it looks to increase its exports, Exxaro's chief executive told Reuters on Wednesday.. . .  Full story

Axiom says near supply agreement for Solomon Islands nickel mine

03/10 Australia's Axiom Mining on Wednesday said it was close to deciding on a partner to take nickel ore supplies from its mine in the Solomon Islands in exchange for finance.. . .  Full story

Top Myer shareholder seeks owner list, spurs M&A speculation

03/10 Myer Holdings Ltd's biggest shareholder has asked the Australian department store chain for a full list of its owners, stoking speculation that a takeover or board spill was in the offing and driving shares. . .  Full story

Perth Mint's Sept gold, silver sales soar

03/10 Sales of gold products by the Perth Mint surged in September to their highest since January 2017, while silver sales more than doubled from August to mark an over two-year peak, boosted by lower. . .  Full story

Australia shares set to edge up; New Zealand down

02/10 Australian shares are set to open higher on Wednesday, helped by mining stocks that are expected to inch up on the back of firmer metal prices. Gold hit its. . .  Full story

Australian shares close at 3-month low as financials extend losses; NZ flat

02/10 Australian shares closed at their lowest in more than three months on Tuesday as financial stocks extended losses following a scathing Royal Commission interim report on the scandal-hit sector.. . .  Full story

Australia c.bank holds rates; low inflation, tighter credit to prolong easy stance

02/10 Australia's central bank marked a 26th straight month of stable policy on Tuesday, reinforcing market bets that rates will remain low for an extended period amid tighter credit conditions and lukewarm inflation and wages growth.. . .  Full story

Australia's competition watchdog opens inquiry into forex services

02/10 The Australian Competition and Consumer Commission (ACCC) said on Tuesday it had opened an inquiry into price competition among suppliers of foreign currency conversion services and would investigate the ability of potential entrants to compete.. . .  Full story

Australian rate changes since 1990

02/10 The Reserve Bank of Australia kept its cash rate unchanged at 1.5 percent on Tuesday, following its monthly policy meeting. The following is a chronology of the Reserve Bank. . .  Full story

Financials drag Australian shares to near 3-week lows; NZ down

02/10 Australian shares slid more than half a percent on Tuesday as financials extended losses following a scathing interim Royal Commission report last week.. . .  Full story

Australia shares set for higher start; NZ inches up

01/10 Australian shares are expected to open higher on Tuesday in line with Wall Street, which edged higher helped by a reduction in trade war worries after a deal was struck to replace NAFTA.. . .  Full story

Asian shares pared losses in September on easing trade worries

01/10 Asian shares pared initial losses in September as trade worries eased somewhat to lift the regional assets in the second half of the month.. . .  Full story

Australian shares squeezed by Royal Commission findings; NZ down

01/10 Australian shares slipped to their lowest close in nearly 2 weeks in a lightly traded session on Monday as financial stocks wilted under the scathing interim findings of a high-profile inquiry into the sector.. . .  Full story

Financials pull Australian shares lower as inquiry findings weigh

01/10 Financial stocks dragged Australian shares lower on Monday, rocked by scathing findings in an interim report into the sector, despite initially brushing aside the document's impact.. . .  Full story

Australia shares set to open lower; New Zealand down

30/09 Australian shares were poised to open lower on Monday, with mining stocks likely to weigh on the index after iron ore prices weakened on Friday. Iron ore on the. . .  Full story

Australian PM calls on regulator to prosecute disgraced bankers

30/09 Australian Prime Minister Scott Morrison said on Sunday it was up to the country's financial regulator to prosecute bankers following the release of a scathing report which found some institutions had pursued profit at the. . .  Full story

Australian inquiry slams greedy banks and regulator for rampant misconduct

28/09 Australia's big banks and wealth managers pursued profit ahead of their customers' interests and saw regulatory compliance as a cost rather than a guide to proper conduct, a scathing interim report from a commission. . .  Full story

U.S. to counter Chinese internet bid in Papua New Guinea - diplomat

28/09 The United States is working on a counter-offer to stop Chinese telecom giant Huawei Technologies Co Ltd from building internet infrastructure in Papua New Guinea (PNG), its top diplomat to Australia said on Friday.. . .  Full story

Australia shares rise as banks brush aside scathing inquiry report; NZ also up

28/09 Australian shares jumped to a more than three-week high on Friday as banks shrugged off the interim report of a high-profile inquiry into the country's financial industry.. . .  Full story

Australia c.bank seen raising rates late next year

28/09 Australia's central bank is expected to stretch its record spell of steady rates well into next year, according to a Reuters poll of 53 economists, with a 25-basis-point hike not expected before end-2019.. . .  Full story

Australia shares brace for financial inquiry report; NZ up

28/09 Australia's benchmark share index rose to a more than three-week high on Friday, with materials leading broad-based gains, but financial stocks were on edge ahead of the release of a high-profile inquiry's interim report. . .  Full story

Australia private sector credit rises 0.5 pct in Aug

28/09 Australian private sector credit and changes in financial aggregates for August, released by the Reserve Bank of Australia on Friday. Figures are seasonally adjusted in percentage. . .  Full story

Australia's Westpac to sell funds management arm to Generation Development Group

28/09 Westpac Banking Corp said on Friday it had agreed to sell funds management business Ascalon Capital Managers to Generation Development Group.. . .  Full story

Australia shares to end week higher; New Zealand steady

28/09 Australian shares are expected to open higher on Friday, tracking Wall Street, although financial stocks may lose ahead of an interim report from a powerful inquiry into the sector due later in the day.. . .  Full story

Australia's Westpac flags $170 mln earnings hit from refunds, litigation

27/09 Westpac Banking Corp said on Thursday its annual cash earnings will fall by about A$235 million ($169.9 million) on account of provisions for customer refunds and litigation, amid damaging revelations from an inquiry into the. . .  Full story

Australian shares end weaker as banks, materials weigh

27/09 Australian shares ticked down on Thursday as materials firms lost ground on lower commodities prices, while banks slumped ahead of an interim report from a powerful inquiry into the financial services sector.. . .  Full story

Australian law firm sues NAB over worthless insurance claim

27/09 An Australian law firm filed a class-action lawsuit against National Australia Bank and its pension unit on Thursday on behalf of customers who were allegedly sold worthless insurance policies for their credit cards.. . .  Full story

Strawberries spook Australia into raising jail terms for food tampering

27/09 Australia on Thursday increased the jail term to 15 years for anyone convicted of contaminating foodstuffs as a scare over needles found in strawberries and other fruits gripped the country.. . .  Full story

Australian shares steady ahead of financial services report; NZ falls

27/09 Australian shares treaded water on Thursday as materials stocks fell on lower copper prices and banks drifted sideways ahead of an interim report due on Friday from a powerful inquiry into the financial services. . .  Full story

Australian job vacancies edge up 0.6 pct in Aug quarter

27/09 Job vacancies in Australia inched higher in the three months ended August to notch an all-time peak, suggesting that demand for labour would remain healthy for a while yet.. . .  Full story

Australia shares set to edge lower on material stocks; NZ falls

27/09 Australian shares are set to open lower on Thursday, tracking Wall Street which slipped on Wednesday after investors reduced their risk as they weighed how long the U.S. central bank would continue to raise. . .  Full story

Australia bank shares fall ahead of inquiry report; NZ stocks flat

26/09 Australian shares rose fractionally on Wednesday as gains in materials and energy stocks on higher oil and commodity prices offset losses for banks as release of an inquiry's interim report on the sector nears.. . .  Full story

Misconduct inquiry asks if Australian insurance sector needs regulatory overhaul

26/09 A government-ordered inquiry into Australia's financial sector questioned on Wednesday whether the insurance industry's system of self-regulation should be overhauled amid evidence of widespread misconduct.. . .  Full story

Australia's Nufarm swings to loss as drought cuts herbicide sales

26/09 Australian crop protection company Nufarm Ltd reported an annual loss on Wednesday as a severe drought cut domestic sales, prompting it to slow down production, write down its business and launch a capital raising.. . .  Full story

Australia shares set to open little changed; NZ flat

26/09 Australian shares were poised to open near flat on Wednesday, as investors looked for further cues from the Federal Reserve ahead of a two-day meeting at which the U.S. central bank is expected to. . .  Full story

Tullow Oil abandons first Namibian well, keeps options open

25/09 Africa-focused Tullow Oil will abandon its first well in Namibia, but data gathered in the project indicated it might strike lucky in another attempt, it said on Monday.. . .  Full story

Australia shares end flat as trade tensions, banks weigh; NZ tepid

25/09 Australian shares closed almost unchanged on Tuesday as an escalation in Sino-U.S. trade tensions hit risk sentiment, while energy stocks jumped on a rally in oil prices.. . .  Full story

Australian watchdog slams banks for delays in reporting breaches

25/09 Australia's corporate regulator said on Tuesday that a review had found the way in which the country's four largest banks and largest listed wealth manager reported and remediated breaches of the law was "unacceptable".. . .  Full story

Australian shares fall as trade war knocks confidence; NZ falls

25/09 Australian shares slipped on Tuesday as an escalation in Sino-U.S. trade tensions hit risk sentiment, while energy stocks jumped on a rally in oil prices.. . .  Full story

Australia shares to open flat; New Zealand down

25/09 Australian shares were poised to open steady on Tuesday, as gains in the energy stocks on the back of firm oil prices are likely to offset weakness in the mining sector.. . .  Full story

Australian shares end lower as materials, financials falter; a2 Milk drags NZ

24/09 Australian shares edged down on Monday, as lower commodities prices hit materials stocks while financials slipped on fresh revelations of wrongdoing in a high-profile probe into the sector.. . .  Full story

Australia shares fall as probe hits financials; a2 Milk pushes NZ lower

24/09 Australian shares weakened on Monday as lower commodities prices weighed on materials stocks and banks and insurers slipped following findings by a high-profile probe into the financial sector.. . .  Full story

NZ central bank set to hold rates at record low, strike cautious tone

24/09 New Zealand's central bank is all but certain to hold rates steady and reinforce its dovish stance on policy on Thursday, remaining wary of stubbornly low inflation and the risks of an economic slowdown.. . .  Full story

Australia shares set to edge lower on iron ore prices; NZ slips

24/09 Australian shares are expected to open lower on Monday, with mining stocks likely to be weighed down by the weakness in iron ore prices. Iron ore on the Dalian Commodity. . .  Full story

Australian shares rise as materials rally; NZ at record

21/09 Australian shares gained on Friday, following a strong finish on Wall Street, with materials stocks leading the charge on the back of higher copper prices.. . .  Full story

Australian shares advance as materials rally; NZ dips

21/09 Australian shares jumped on Friday, following a strong lead from Wall Street overnight, with materials leading the gains on the back of higher commodity prices.. . .  Full story

Australia shares set to edge higher; NZ steady

21/09 Australian shares were expected to open higher on Friday, mirroring overnight gains on Wall Street, which rose as tensions over ongoing U.S.-China trade dispute eased. However, Aussie energy stocks were. . .  Full story

China steel scrap supply to tighten amid winter production curbs - official

20/09 China's steel scrap supply is expected to tighten during winter when production curbs are in place as part of Beijing's campaign to fight pollution, a senior official at the country's metal scrap organisation said on. . .  Full story