Australasia

Australia's AMP scraps short-term bonuses to avert possible board spill

04h31 Australia's AMP Ltd on Wednesday said it will not pay short-term bonuses to most executives, a move that could help it avoid possible board removal should investors vote against its remuneration practices for the second. . .  Full story

Australia bank regulator expects climate to be included in risk management

02h48 Australia's banking regulator said on Wednesday it expects lenders and insurers to include climate as one of the material risks they manage to ensure they meet obligations to depositors and policy holders.. . .  Full story

Australia's Nufarm posts H1 loss as drought persists

02h08 Australian crop protection company Nufarm Ltd posted a half-year loss and cut its fiscal 2019 outlook on Wednesday as dry weather sapped demand for herbicides and fertilisers, sending its shares down more than 10 percent.. . .  Full story

Australia's falling home prices not yet a threat to banks-RBA

02h00 Australia's falling home prices and high levels of household debt are not yet a threat to financial stability, a top central banker said on Wednesday, though there were risks to developers from a glut. . .  Full story

Australia shares set to open marginally higher, NZ falls

19/03 Australian shares were expected open slightly higher on Wednesday supported by mining and energy stocks on the back of firm commodity prices, though fresh concerns about global trade woes were likely to keep the. . .  Full story

Taking a rain check: Australian farmers shun fertiliser purchases as drought lingers

19/03 Australian farmers are postponing buying fertiliser and other products they typically use to protect their crops as a drought across the country's east coast darkens the outlook for the rural sector in one of the. . .  Full story

Australia shares weaker on financials, healthcare weakness; NZ down

19/03 Australian shares edged lower on Tuesday, led down by financial and healthcare stocks although trading was limited as global investors remained cautious ahead of the Federal Reserve's policy meeting.. . .  Full story

Australia puts chance of El Niño in 2019 at 70 pct

19/03 A recent warming of the Pacific Ocean has led to a 70 percent chance of an El Niño weather event developing this year, Australia's Bureau of Meteorology said on Tuesday.. . .  Full story

Australia shares steady ahead of Fed meeting; NZ down

19/03 Australian shares were little changed in thin trade on Tuesday, ahead of the U.S. Federal Reserve policy meeting later in the day, with healthcare stocks offsetting gains in the mining sector which was buoyed. . .  Full story

Australia shares poised to open higher; New Zealand flat

18/03 Australian shares are expected to open higher on Tuesday, tracking a Wall Street rally ahead of a Federal Reserve policy meeting this week. The U.S. central bank is likely to. . .  Full story

Australian shares rise on mining surge, NZ closes at record high

18/03 Australian shares rose on Monday, as mining stocks tracked gains in iron ore prices after Brazil's Vale SA said it would cut output, although broader gains were capped by a lacklustre performance in the. . .  Full story

NZ 2018 GDP likely to bolster case for loose monetary policy

18/03 New Zealand's economy likely gathered steam last quarter although annual growth is expected to have slowed further, a Reuters poll of 11 economists showed, reinforcing the case for monetary policy to remain accommodative.. . .  Full story

Australian shares bolstered by miners; NZ inches up to record high

18/03 Australian shares rose on Monday as stronger commodity prices lifted iron ore miners and gains on Wall Street boosted investor confidence.. . .  Full story

Australian shares likely to strengthen; NZ flat

17/03 Australian shares are likely to track strength in global equities on Monday, as positive cues from the U.S.-China trade front prompted some riskier buying. The local share price index futures. . .  Full story

Australia's ANZ to give longer interest-only loans to revive property investor business

15/03 Australia and New Zealand Banking Group will offer interest-only loans for up to 10 years to property investors, as it tries to fuel business amid softening economic conditions.. . .  Full story

Australian stocks fall as trade worries weigh on miners , NZ unchanged

15/03 Australian shares dipped into the red on thin volumes on Friday, as fresh concerns about global trade and the Chinese economy weighed on mining stocks while the financial sector continued its recent decline.. . .  Full story

Australian shares seen higher on strength in miners, NZ flat

14/03 Australian shares were expected to gain on Friday, as the resource-heavy bourse which houses global mining heavyweights such as BHP Group and Rio Tinto. . .  Full story

First coal, now LNG jolted by climate change measures in Australia: Russell

14/03 The concept that producers of fossil fuel will have to pay for the carbon emissions created by their use is something the industry will no doubt fight tooth and nail, but two recent developments. . .  Full story

Australian shares snap 4 days of losses as miners gain; NZ up

14/03 Mining and energy stocks pushed Australian shares higher on Thursday, while financials capped gains as regulatory uncertainty around mortgage broking businesses sent shivers across the sector.. . .  Full story

Australia's CBA halts demerger amid mortgage broker uncertainty

14/03 Commonwealth Bank of Australia said on Thursday it had halted preparations for the planned demerger of its wealth management and mortgage broking businesses, amid regulatory uncertainty and unfinished work to compensate wronged clients.. . .  Full story

Aussie shares subdued as weak banks offset strong miners, NZ up

14/03 Australian equities slipped on Thursday, as weakness in lenders offset resources stocks, which were bolstered by higher commodity prices.. . .  Full story

Hot weather to linger across Australia in blow to rural sector

14/03 Hot weather will linger in Australia for at least another three months, the country's meteorology bureau said on Thursday, piling pressure on the rural sector in one of the world's top exporters of commodities such. . .  Full story

Australia's CBA suspends wealth management and mortgage broking demerger

13/03 Commonwealth Bank of Australia said on Thursday it had suspended preparations for the demerger of its wealth management and mortgage broking businesses in order to focus on implementing the recommendations of the Royal Commission inquiry.. . .  Full story

Australian shares poised to rise, NZ up

13/03 Australian shares were set to gain on Thursday, mirroring global peers on U.S. data that showed low inflation which further cemented the Federal Reserve's patient outlook for interest rate hikes.. . .  Full story

Souring consumer mood in Australia may prompt RBA rate cut soon

13/03 Australian consumers have turned gloomy in a one-two punch to the economy already battling a steep property downturn and anaemic wages growth, raising the risk of an interest rate cut as soon as next. . .  Full story

Australia to publish pension fund ratings, pressure underperformers

13/03 Australia will begin publishing "heat maps" of the performance of pension funds next year and will pressure those with poor records to exit the industry, the Australian Prudential Regulation Authority (APRA) said on Wednesday.. . .  Full story

Australia shares extend slide after strong run; NZ dips

13/03 Australian shares ended lower on Wednesday, with financial and healthcare stocks leading the decline as investors locked in gains following a strong run since January.. . .  Full story

Aussie shares could fall on weakness in bank stocks, NZ flat

12/03 Australian shares were set to decline on Wednesday as an extended fall in financial stocks could weigh on sentiment. Financial stocks staged. . .  Full story

Australia's Dexus buying remaining stake in Sydney skyscraper for $565 mln

12/03 Australian real estate developer Dexus said on Tuesday that together with an associate property fund it will buy for A$800 million ($565.28 million) the remaining half of Sydney's MLC Centre that it does not already. . .  Full story

Australia's New Hope clears environmental hurdle at coal project

12/03 New Hope Corp Ltd said on Tuesday its New Acland coal mine project has cleared an environmental hurdle in the Australian state of Queensland and can now seek further permits to begin operations.. . .  Full story

Australia drought seen hurting GDP in 2019 - central bank

12/03 An unrelenting drought in parts of eastern Australia is expected to weigh on economic growth this year even if average rainfall returns soon, a senior central banker said on Tuesday.. . .  Full story

Australian shares inch lower as financial stocks drag; NZ flat

12/03 Australian shares reversed course and edged lower on Tuesday, as gains in mining and energy stocks were offset by losses in financials at the fag end of the session after the sector came under. . .  Full story

India, Malaysia stocks lead price valuations in Asia; S.Korea, China lag

12/03 Shares in India and Malaysia were the most expensive in the Asia-Pacific region in terms of forward price-to-earnings (P/E) ratio, Refinitiv data showed.. . .  Full story

The Small Short: Investors bet against 2nd-tier Australian banks after inquiry spares majors

12/03 Investors are shorting second-tier Australian banks while the majors enjoy their biggest rally in three years, as the market weighs up the long-term impact of a public inquiry that exposed widespread misconduct in the financial. . .  Full story

Australian, NZ shares higher on China stimulus prospects

12/03 Australian stocks pulled ahead on Tuesday, tracking a global rally and as hopes China would implement policies to shore up its economy supported the commodity sector.. . .  Full story

Australia business conditions slip in February

12/03 A closely-watched measure of Australian business conditions eased in February, dragged by falls in profitability and sales and pointing to cooling growth ahead, although the employment index was surprisingly resilient.. . .  Full story

Australian shares poised for strong start, NZ up

11/03 Australian shares were expected to advance on Tuesday, following global counterparts that cheered China's stimulus to shore up its slowing economy. Energy stocks could gain on stronger oil prices. . .  Full story

Australia home price boom fuelled by low rates-RBA study

11/03 The boom in Australian home prices and building over the past decade or so was primarily driven by lower real interest rates, while strong migration tended to lift rents, according to a study paper. . .  Full story

Australia shares falter on weak U.S., China data; NZ down

11/03 Australian shares ended lower on Monday, led by financial and energy stocks, after downbeat data from the United States and China stoked concerns about a global economic slowdown.. . .  Full story

Aussie stocks open lower as global growth concerns weigh, NZ down

11/03 Australian shares fell on weaker mining and financial stocks on Monday after economic data from the United States and China signalled a further cooling in the global economy.. . .  Full story

Australian shares set for weak start, NZ down

10/03 Australian shares were poised to fall on Monday, tracking weaker global equities after a soft U.S. payrolls report resurrected concerns of a cooling world economy. Mining stocks stand to lose. . .  Full story

Australia watchdog suspends two cryptocurrency exchanges for drug offences

08/03 Australia's anti-money laundering watchdog said on Friday it had suspended licences of two cryptocurrency exchanges after a police investigation found the businesses were being exploited for drug trafficking.. . .  Full story

Australian shares fall on dismal China trade data; NZ inches up

08/03 Australian shares stumbled 1 percent on Friday after weak Chinese trade data stoked further fears of global economic slowdown, while financials led declines as heads of the country's top banks faced parliamentary questioning.. . .  Full story

Australian bank CEOs tell of struggle to rebuild trust as complaints pour in

08/03 Commonwealth Bank of Australia , the country's biggest lender, said on Friday it will stop automatically charging customers ongoing service fees in 10 days, admitting it had not yet been able to comply with. . .  Full story

Australian shares hit by ECB's surprise reversal; NZ at record high

08/03 Australian shares pulled back on Friday as financials and miners lost ground after a surprising dovish turn by the European Central Bank inflamed concerns about the state of the global economy.. . .  Full story

Australia's largest lender says 'significant work still to do' in wake of damaging inquiry

08/03 Commonwealth Bank of Australia on Friday flagged the progress of its remedial plan to address the issues raised by a damning financial sector inquiry, but admitted that there was still a lot of work. . .  Full story

Australian shares to drop; NZ edges down

07/03 Australian shares are set to fall on Friday tracking an overnight drop in U.S. equities, while mining stocks are expected to soften on weaker base metal prices. The local. . .  Full story

Rate cut hopes buoy Australian shares but miners cap gains; NZ up

07/03 Australian shares advanced on Thursday as hopes for a central bank rate cut boosted consumer and financial stocks, but gains were capped by a weak mining sector after index majors began trading ex-dividend.. . .  Full story

Australian shoppers stay at home in January, A$ falls

07/03 Australian retailers suffered another bleak month in January, pointing to a tepid start for the new year after economic momentum slowed last quarter.. . .  Full story

Australia's Westpac cuts teller bonuses to protect customers

07/03 Australia's Westpac Banking Corp said on Thursday it would scrap bonuses for thousands of branch tellers, a move to regain customer trust following accusations at a misconduct inquiry that incentives had led to wrongdoing.. . .  Full story

BHP, Rio Tinto weigh on Australian shares; NZ slightly up

07/03 Australian shares rose on Thursday, led by financials, but gains were pared by losses in mining stocks after a number of index heavyweights traded ex-dividend.. . .  Full story

Australian shares to tread water; NZ rises

06/03 Australian shares are set for a flat open on Thursday as investors seek fresh cues for upward momentum after the index scaled a six-month high. The local share price. . .  Full story

COLUMN-When insanity makes sense. Australia's best option is LNG imports: Russell

06/03 Australia has painted itself into a corner with its natural gas industry and faces the stark reality that there are no easy choices to alleviate the dual problem of a looming supply crunch and. . .  Full story

National Australia Bank names interim CEO Philip Chronican as chairman

06/03 National Australia Bank (NAB) on Wednesday named interim Chief Executive Philip Chronican as its new chairman after strong criticism from a financial sector inquiry into widespread misconduct prompted his predecessor to resign.. . .  Full story

Australian shares rise on China stimulus, RBA cut hopes; NZ up

06/03 Australian shares closed at a six-month high on Wednesday, as China's planned fiscal stimulus supported mining stocks and increasing expectations of domestic interest rate cuts lifted broader sentiment.. . .  Full story

-Australia's Myer back in black, shares jump

06/03 Embattled Australian department store operator Myer Holdings Ltd returned to profitability in the first half as a turnaround strategy focused on cutting floorspace and shedding low-margin brands gained traction, lifting its shares sharply.. . .  Full story

Australian, NZ shares rise in thin trade on China optimism

06/03 Australian shares rose on Wednesday, as mining stocks climbed on the prospect of increased Chinese stimulus although investors remained cautious with trading volumes thin as the benchmark approached a decade high.. . .  Full story

Australia central bank: Housing market will stabilise as buyers return

06/03 Australia's top central banker said on Wednesday home buyers were returning to the country's cooling housing market which was in-turn expected to stabilise prices eventually.. . .  Full story

Australia shares to inch up; NZ higher

05/03 Australian shares are expected to edge higher on Wednesday as investors await cues from data on the country's fourth-quarter GDP due later in the day. The local share price. . .  Full story

Perth Mint's February gold sales dip to lowest in eight months

05/03 The Perth Mint's February sales of gold products fell to the lowest level since June last year, declining more than 37 percent from the previous month, it said on Tuesday.. . .  Full story

Cathay Pacific in talks to buy stake in HNA's HK Express Airways

05/03 Hong Kong flagship carrier Cathay Pacific Airways Ltd said on Tuesday it is in "active discussions" about an acquisition involving budget airline Hong Kong Express Airways Ltd, although an agreement has yet to be reached.. . .  Full story

Morocco's OCP plans African chemical plants, fertiliser blenders

05/03 Morocco's OCP Group, expects to reach a deal this year to build a Nigerian ammonia plant and to start production at a $3.7 billion chemical plant in Ethiopia by 2023/2024, the. . .  Full story

Australia mortgage defaults trigger repayment limits for Suncorp bond

05/03 High defaults in residential mortgages backing securitised bonds sold by Australia's Suncorp Group have triggered a clause that limits principal repayments for some investors, the. . .  Full story

Australia shares trim losses after RBA stands pat; NZ down

05/03 Australian shares ended weaker on Tuesday, but trimmed earlier losses, after the country's central bank signalled a steady policy outlook and China said it would introduce further measures to shore up its cooling economy.. . .  Full story

Australia c.bank on hold as economy slows to a crawl

05/03 Australia's central bank stuck to its upbeat view of the economy after it held rates at record lows in a widely expected move on Tuesday, just a day before GDP data is likely to. . .  Full story

Australia's corporate regulator to interview CBA executives -AFR

05/03 Australia's corporate regulator is interviewing top executives at the Commonwealth Bank of Australia as part of an investigation into alleged failure to prevent possible money laundering, the Australian Financial Review (AFR) reported on Tuesday.. . .  Full story

Australian, NZ shares retreat on profit taking, weak U.S. lead

05/03 Australian shares traded lower on Tuesday as investors locked in profits after a series of strong gains, while a weak lead-in from U.S. equities also dampened appetite.. . .  Full story

Australia government spending rose 1.8 pct in Q4

05/03 Australian government spending on operational items rose 1.8 percent in the December quarter from the previous quarter to an inflation-adjusted A$89.29 billion, the Australian Bureau of Statistics reported on Tuesday.. . .  Full story

Australia Q4 current account deficit A$7.2 bln

05/03 Australia's balance of payments data for the December quarter, released by the Australian Bureau of Statistics on Tuesday. (in A$ billion, current prices) Seasonally adjusted. . .  Full story

Australian shares to soften; NZ flat

04/03 Australian shares are set to track Wall Street lower on Tuesday, while most large sectors are expected to see some profit-taking after a series of strong gains. The. . .  Full story

Australian wheat output set to rebound - if rains arrive

04/03 Australia's wheat production is expected to jump 38 percent in 2019/20 from the just completed drought-hit season, but only if farmers receive desperately needed rain, the country's chief commodity forecaster said on Tuesday.. . .  Full story

Asian stocks' Jan-Feb rally biggest since 2012

04/03 Asian stocks made their best two-month start to a year in seven years in January-February, amid growing signs that the United States and China are close to striking a trade deal.. . .  Full story

Indonesia, Australia sign partnership in bid to boost trade, services

04/03 Indonesia and Australia on Monday signed an economic partnership agreement aimed at stepping up trade and investment between them in areas ranging from cattle to education and cars to wheat.. . .  Full story

Australia economy hits dry spell as incomes fail to flow

04/03 Australian businesses reported only meagre growth in profits and wages for the fourth quarter of last year, a dry spell for incomes that likely saw the whole economy struggle to expand.. . .  Full story

Australia shares rally, NZ at record-high on China-U.S. trade deal optimism

04/03 Australian shares rose to a more than five-month high on Monday, buoyed by reports that China and the United States were close to striking a deal to end their bitter year-long trade war that. . .  Full story

-Australia job advertisements post biggest annual drop in 5 years

04/03 Australian job advertisements in newspapers and on the internet slipped for a fourth straight month in February, posting its biggest annual decline in five years and pointing to challenges ahead for the labour market.. . .  Full story

Australian shares set for stronger open; NZ inches up

03/03 Australian shares on Monday are likely to start the week higher, with financials extending Friday's rise, although a retraction in energy and mining stocks is expected to cap overall gains.. . .  Full story

Australia shares hit 5-month peak, NZ edges up

01/03 Australian shares closed at a five-month peak on Friday as investors snapped up financials and defensive stocks, but gains were capped by losses in oil producers.. . .  Full story

New interim CEO of Australia's NAB expects "obsession" with customers

01/03 National Australia Bank Ltd's (NAB) top executives should be obsessed with working for customers, interim Chief Executive Officer Phil Chronican said as he promised change at the scandal-hit lender. Chronican started in his post on. . .  Full story

Australia shares climb to 5-month high, financials boost; NZ up

01/03 Australian shares rose to a five-month high on Friday as financial and defensive firms shone, though miners extended their retreat over the week following a robust performance over much of February.. . .  Full story

Australian home prices fall in February, slide slows a little

01/03 Australian home prices continued their long slide in February as credit conditions stayed painfully tight, though the pace of decline did slow a little as more auctions found buyers.. . .  Full story

Australian shares set to edge higher; NZ flat

28/02 Australian shares are set to edge higher on Friday, with mining stocks expected to gain on higher commodity prices, while uncertainty over a possible U.S.-China trade deal weighs on investor sentiment.. . .  Full story

Australian shares close higher, post best Feb in 4 yrs; NZ gains

28/02 Australian shares ended higher on Thursday and posted their best February performance since 2015, helped by gains in heavyweight financial and mining stocks.. . .  Full story

Australia's BGC halts construction business sale amid cooling housing market

28/02 BGC, one of Australia's biggest privately owned companies, said on Thursday it has pulled the sale of its large stable of construction businesses due to weakness in Australia's once-booming housing market.. . .  Full story

Australian Q4 business investment jumps, spending outlook robust

28/02 Australian business investment surged past expectations with the biggest jump in three years last quarter, and companies boosted spending plans for the coming year in a positive sign for the country's economy.. . .  Full story

Australia home loan growth weakest on record despite heavy discounting

28/02 Australian home loans rose at their slowest monthly pace in more than four years in January with the annual rate the weakest on record as credit tightening by banks and a sharp fall in. . .  Full story

Australia shares flat China trade deal caution caps gains; NZ up

28/02 Australian shares were mostly flat on Thursday as investor caution towards a resolution to the U.S.-Chinese trade war kept a cap on sentiment, however, the benchmark index looks set to post its best monthly. . .  Full story

Australian sales fall but profit up for retailer Harvey Norman

28/02 Australia's biggest electronics retailer Harvey Norman Holdings Ltd posted a rise in half-year profit on Thursday, as a fall in domestic sales was offset by increases offshore and property value gains.. . .  Full story

Australia's east coast faces sweltering 3 months in blow to wheat output

28/02 Australia's east coast will endure hot, dry weather over the next three months, the country's weather bureau said on Thursday, threatening wheat production in the world's fourth-largest exporter.. . .  Full story

Australia's Bingo gets regulatory nod for Dial-a-Dump, plans share buyback

28/02 Waste management firm Bingo Industries Ltd on Thursday received regulatory approval for its planned acquisition of smaller rival Dial-a-Dump, and said it will conduct a share buyback.. . .  Full story

Australia shares set to open flat; NZ flat

27/02 Australian shares are set to open little changed on Thursday, with expected gains in energy stocks from rising oil prices to be offset by risk-off sentiment after cautionary U.S. comments on trade talks with. . .  Full story

Dry conditions to curb Australia's wheat crop for 3rd yr -weather forecaster

27/02 Dry conditions for up to six months in parts of Australia's east coast are set to curb wheat crop yields for a third straight year in the world's No.4 exporter of the grain, a. . .  Full story

Australian construction work digs a hole for the economy in Q4

27/02 Construction spending in Australia took a surprise spill last quarter as infrastructure came off the boil and home building hit a one-year low, a disappointing result that adds to signs of a struggling economy.. . .  Full story

Australian shares rise on firmer mining lead, NZ drops

27/02 Australian shares rose on Wednesday as higher commodity prices pushed resources and energy stocks up, however, investors remained cautious as they await more details on U.S.-China trade talks.. . .  Full story

Australia's Estia Health trims guidance as inquiry costs hit

27/02 Australian aged-care company Estia Health Ltd adjusted its full-year guidance lower on Wednesday, hit by costs for responding to a high-profile inquiry into mistreatment of the elderly in the sector.. . .  Full story

Australia shares set to open higher; NZ flat

26/02 Australian shares are set to rise on Wednesday, with gains in energy stocks likely to boost the index as oil prices steady. Investors are also awaiting developments on a possible U.S.-China. . .  Full story

Aussie, NZ shares end lower as markets seek clarity on Sino-U.S. talks

26/02 Australian shares snapped a three-session winning streak on Tuesday, with financials and resources stocks leading broad-based losses as investors were racked by uncertainty over the progress of Sino-U.S. trade talks.. . .  Full story

Yancoal Australia profit soars on higher coal prices, expanded operations

26/02 Shares in Yancoal Australia Ltd jumped 28 percent on Tuesday after it reported a more than four-fold rise in 2018 underlying net profit, boosted by robust coal prices in its first full-year result since. . .  Full story

Australia shares fall as energy, miners drag; NZ steadies

26/02 Australian shares dropped on Tuesday with mining and energy stocks leading losses as falling prices and investor caution over details of a China-U.S. trade deal weighed on the index.. . .  Full story

Australia clears way for massive hydropower expansion

26/02 Australia's conservative government approved A$1.38 billion ($989.46 million) for a huge expansion of the state-owned power generator Snowy Hydro to back up wind and solar power, ahead of an election in which climate and. . .  Full story

Australia shares set to open lower, NZ edges upward

25/02 Australian shares are set to open lower on Tuesday with energy stocks expected to face pressure from a drop in oil prices, while losses will likely be tempered by optimism tied to a possible. . .  Full story