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Australian Business News

AXA Asia Pacific shares tumbles as ACCC rejects NAB bid

The competition regulator said today it remained opposed to National Australia Bank’s proposed $13.3 billion bid for wealth manager AXA Asia Pacific. The decision deals a heavy blow to the bank’s plans to become the country’s largest wealth manager. The latest development in the co... Read More

Australian sharemarket closes in the red, big four banks fall

The sharemarket closed in negative territory today after the major banks and big miners all posted losses. The benchmark S&P/ASX 200 index closed down 36 points, or 0.79 per cent, at 4537.2 points, while the broader All Ordinaries index fell 34.7 points, or 0.75 per cent, to 4578.3 points. Burr... Read More

Big banks eye political environment to gauge risks of independent rate rises, says analyst

The big Australian banks are forecast to independently lift key mortgage rates, to take advantage of the current political environment. An analysis by Credit Suisse has found the major banks could raise their rates by up to 20 basis points, outside of the official cycle with the Reserve Bank of Aust... Read More

Call for fresh start on tax reform by new Gillard government

Business leaders have urged the new government to commit to sweeping tax reform to boost investment and productivity. And they want the new Gillard government to use the promised tax summit to repair the damage to Australia’s reputation with international investors caused by the resource super... Read More

Housing loans rise after RBA keeps interest rates steady for four straight months

A recent downturn in lending for housing is bottoming out as a lengthening pause in interest rate hikes puts a cushion under the sector. The number of housing finance approvals rose a seasonally adjusted 1.7 per cent in July from June, the Australian Bureau of Statistics said today. Economists expec... Read More

Australian stockmarket flat, Gillard win fuels rebound off lows

The sharemarket finished flat today after rebounding from intraday lows following news that the Labor Party would remain in government. The benchmark S&P/ASX 200 index closed lower by 2.3 points, or 0.05 per cent, at 4573.2 points, while the broader All Ordinaries index fell 2.7 points (0.06 pe... Read More

Reserve Bank signals interest rates may rise by the end of this year

The RBA indicated today it could still move interest rates higher this year, after it kept rates on hold for the fourth straight month. The Reserve Bank of Australia governor Glenn Stevens inserted the words “for the time being” in his accompanying statement when saying that the current ... Read More

UBS reduces exposure to local banks

UBS has added to growing sentiment from investors against Australian banks, reducing its position in the sector. In an update since the lacklustre reporting season, strategist David Cassidy told clients today the Swiss bank has also exited Computershare, APN News & Media and Ten Network Holding... Read More

Intrepid eyes adventure of IPO

Darrell Wade and Geoff Manchester hoped to start a little business that gave them an excuse to keep travelling. But the little enterprise they called Intrepid Travel is now a multimillion dollar company aiming for an initial public offering in a couple of years. “We are setting up our company... Read More

Australian stockmarket builds on momentum, dollar lifts

The sharemarket closed stronger today as the All Ordinaries broke past the 4600-point psychological barrier and the dollar edged higher. The benchmark S&P/ASX 200 index rose 34.3 points, or 0.76 per cent, to 4575.5 points at close of trade, while the broader All Ordinaries gained 38.1 points (0... Read More

Willmott Forests falls, Commonwealth and St George terminate waivers

One of the last of the listed managed investment schemes has fallen over, with receivers and managers appointed to Willmott Forests. The board of the troubled Willmott today said that its syndicate of banks – including Commonwealth Bank and St George Bank – had appointed Mark Mentha and ... Read More

RBA interest rates on hold despite inflation risks

Inflationary concerns are rising in Australia, two surveys showed today, but the RBA is not expected to raise interest rates tomorrow. Global economic uncertainty and a rising Australian dollar should keep the Reserve Bank of Australia from acting quickly, economists said. The ANZ’s job advertisem... Read More

Lynas set to become world’s No 2 producer of rare earths

Lynas shares jumped sharply after it lifted resource estimates today and said it could become the world’s No 2 producer of rare earths. A 19.4 per cent lift in the resource estimate for its Mount Weld project in Western Australia was announced today, and Lynas said it now expected to deliver 1... Read More

Australian stockmarket rises, dollar flat in Asia

The sharemarket ended the week with a third straight gain today despite a weak banking sector. The Australian dollar was flat ahead of a US jobs report overnight. The benchmark S&P/ASX 200 index was up 8.5 points, or 0.19 per cent, at 4541.2 points, while the broader All Ordinaries index rose 1... Read More

Strong week for share market

The Australian share market on Friday ended the week with a third successive gain. THE Australian share market on Friday ended the week with a third successive gain. At 4:15pm (AEST), the benchmark S&P/ASX200 index was up 8.5 points, or 0.19 per cent, at 4,541.2 points, while the broader All Or... Read More

Andean board backs Goldcorp bid, Eldorado offer trumped

Andean Resources has recommended a $C3.6 billion bid from US giant Goldcorp that trumped Canada’s Eldorado Gold. As the gold sector undergoes further consolidation, the board at Andean – Australia’s second-largest gold miner – today recommended Goldcorp’s cash and scrip off... Read More