Australasia

Thirsty emus flock to Australian outback mining town as drought deepens

18/08 Australia's worst drought in a generation is driving flocks of emus into an outback mining town in a desperate hunt for food and water, an animal rescue unit in the town of Broken Hill. . .  Full story

Australian court quashes indigenous challenge to Adani mine

17/08 An Australian court quashed an indigenous group's bid to block Indian resource conglomerate Adani Enterprises Ltd from developing its controversial Carmichael coalmine on Friday, clearing one of the final legal hurdles to its development.. . .  Full story

Some Australian pension funds may be derelict in duty, inquiry hears

17/08 Some of the firms that manage funds within Australia's A$2.6 trillion ($1.9 billion) pension system may not be complying with their legal duty to put the interests of customers ahead of their own, a. . .  Full story

Australian shares rise on banks and strong earnings; NZ jumps

17/08 Australian shares ticked up on Friday, after a firmer finish on Wall Street, with banks leading the gains along with Link Administration Holdings and Goodman Group which rose on strong earnings.. . .  Full story

Aussie shares edge higher on banks and strong earnings; NZ rises

17/08 Australian shares ticked up on Friday, following a strong lead from Wall Street, with financials driving gains along with Link Administration Holdings and Goodman Group which rose on strong earnings.. . .  Full story

Australia c.bank gov signals lower for longer rates

17/08 Australia's top central banker made an explicit case on Friday for rates to remain at record lows for some time yet as inflation stays lukewarm while there is still some spare capacity in the. . .  Full story

Australian shares set for sluggish open, NZ edges higher

17/08 Australian shares are set to open unchanged on Friday, though signs of a recovery in base metal prices overnight may spur investors to buy into the materials space. Industrial metals. . .  Full story

Australia's AMP back in inquiry hot seat as pension transfers challenged

16/08 Australia's No.1 retirement and wealth management company AMP Ltd paid hundreds of millions of dollars from customers' retirement accounts to its subsidiaries without proper documentation, an inquiry heard on Thursday.. . .  Full story

Silver lining: Cloud computing at Australia's Telstra cushions profit plunge

16/08 Australia's largest telecom firm Telstra Corp Ltd posted its weakest annual profit in six years as it lost high-margin landline and wholesale business, but signs of growth in cloud computing salved long-suffering investors.. . .  Full story

Australia shares dip on materials and energy stocks; NZ edges higher

16/08 Australian shares dipped on Thursday, as a 4 percent drop in Chinese iron ore futures led to a sell-off in materials, while energy stocks fell on lower oil prices.. . .  Full story

Australia's Origin Energy doubles annual profit as price pressures mount

16/08 Australia's top electricity and gas retailer, Origin Energy, posted a doubling of annual net profit on Thursday and said it expects further earnings growth in the current year despite intense competition and price pressure.. . .  Full story

Australian shares to open lower as investors seek safety; NZ lower

16/08 Australian shares are set to drop at the open on Thursday as escalating global trade tensions and tumbling commodity and oil prices turn investors risk-averse. The local share price index. . .  Full story

Australia's CBA tells inquiry of more fees charged to the dead, weak controls

15/08 Commonwealth Bank of Australia charged some estates of dead people for superannuation advice and had inadequate compliance controls in its management of retirement funds, the country's inquiry into financial sector misconduct heard.. . .  Full story

Australian shares end at over 10-1/2 yr high on strong earnings; NZ up

15/08 Australian shares closed at a more than 10-1/2 year high on Wednesday, led by gains in biotherapeutics firm CSL and conglomerate Wesfarmers after both groups posted strong earnings.. . .  Full story

New Zealand passes ban on foreign homebuyers into law

15/08 New Zealand's parliament passed a law on Wednesday to ban many non-resident foreigners from buying existing homes, completing the Labour-led government's election campaign pledge.. . .  Full story

Australia's long wage drought a deadweight on economy

15/08 Australian wage growth crawled near record lows last quarter while a gauge of consumer sentiment deteriorated in August, auguring poorly for economy-wide spending and efforts to move inflation up into the central bank's target range.. . .  Full story

-Australia's IAG shares plunge after modest annual profit, outlook

15/08 Insurance Australia Group Ltd (IAG) shares fell the most in a year on Wednesday after the insurer flagged a subdued earnings outlook and reported a modest rise in full-year profit, driven by lower investment. . .  Full story

Australian shares flat as financials offset gains in CSL and Wesfarmers; NZ unchanged

15/08 Australian shares were unchanged on Wednesday as sharp falls in Commonwealth Bank of Australia and Insurance Australia Group were offset by gains in biotherapeutics firm CSL and conglomerate Wesfarmers after they reported strong earnings.. . .  Full story

Australian consumer sentiment falls back in August-survey

15/08 A measure of Australian consumer sentiment fell back in August, undoing some of the previous month's surprise jump, as the mood on the economic outlook turned more cautious.. . .  Full story

Australian shares set to open lower on weak base metal prices; NZ inches lower

15/08 Australian shares are expected to edge lower on Wednesday, with mining and energy stocks likely to come under pressure from weaker oil and base metal prices. Copper fell on Tuesday. . .  Full story

Commonwealth Bank of Australia breached pension rules, inquiry hears

14/08 Commonwealth Bank of Australia (CBA) "breached a legislative provision" when it failed to transfer 15,000 pension customers to a low-cost product, an inquiry into financial sector conduct heard on Tuesday.. . .  Full story

Australia's NAB logs lower Q3 profit, warns of more provisions

14/08 National Australia Bank booked a fall in third-quarter profit on a jump in impairment charges and warned of higher costs to come, as it grapples with the fallout from a powerful inquiry into misconduct. . .  Full story

Australian shares end near three-week high; NZ high on a2 Milk

14/08 Australian shares closed near a three-week high on Tuesday, led by gains in banks, while resources stocks advanced on higher commodities prices.. . .  Full story

Australian shares rebound led by banks and materials; NZ up on a2 Milk

14/08 Australian shares rebounded sharply on Tuesday, led by a rally in banks and materials stocks, though underwhelming results from some blue chips capped the gains.. . .  Full story

Australia business conditions ease in July, jobs up-survey

14/08 An index of Australian business conditions eased modestly in July but remained at levels consistent with solid activity, while hiring intentions showed a welcome bounce, a survey showed on Tuesday.. . .  Full story

ANZ's impaired assets fall in third quarter

14/08 Australia and New Zealand Banking Group on Tuesday said impaired assets fell 36 percent in the third quarter due to stricter credit controls.. . .  Full story

Australia shares set for tepid start, NZ flat

14/08 Australian shares are set for a subdued open on Tuesday, as Turkey's currency crisis engulfed global markets, with base metal prices coming under pressure. The local share price index futures. . .  Full story

Australia bank inquiry hears NAB downplayed charging for advice not given to save face

13/08 National Australia Bank Ltd charged clients for services not rendered, and downplayed the issue to the corporate regulator to avoid adverse publicity, a powerful inquiry into financial sector misconduct heard on Monday.. . .  Full story

Australia's APA backs $9.5 bln bid from Hong Kong's CKI as regulatory jitters cap shares

13/08 The board of Australia's APA Group has recommended shareholders vote for a A$12.98 billion ($9.45 billion) takeover offer from a consortium led by Hong Kong's CK Infrastructure Holdings Ltd (CKI) at a meeting in late. . .  Full story

Australia's Santos says has started fourth gas rig at Cooper Basin

13/08 Australia's Santos Ltd on Monday said a fourth gas rig had started operations at the Cooper Basin site in South Australia, as it looks to ramp up output to supply markets in the east. . .  Full story

Australian shares set to edge higher, NZ down

13/08 Australian shares are expected to inch higher on Monday, with support from a rise in oil prices likely to see energy stocks gain, but lingering trade war concerns could weigh on sentiment.. . .  Full story

Australian shares weighed by materials and oil stocks; NZ up

10/08 Australian shares finished lower on Friday as oil price weakness dragged on energy stocks and as the outlook for earnings from James Hardie Industries, the world's top fibre cement producer, disappointed investors.. . .  Full story

Australian states delay approving new energy policy

10/08 Australia's states on Friday held off approving a plan to end more than a decade of climate and energy wars and spur investment in new power supply, disappointing industry seeking certainty on energy policy.. . .  Full story

Australia's IOOF to review ownership structure, shares fall

10/08 Australia's second-largest wealth manager IOOF Holdings Ltd has told a powerful inquiry into misconduct that it is reviewing its ownership structure in light of a tougher regulatory environment, just months after buying ANZ's pension unit.. . .  Full story

Australia shares inch down amid pressure on oil prices; NZ up

10/08 Australian shares edged down on Friday as oil price weakness dragged on energy stocks and as the outlook for earnings from James Hardie Industries, the world's top fibre cement producer, disappointed investors.. . .  Full story

Australian shares set to inch up, NZ unchanged

10/08 Australian shares are expected to rise on Friday, although gains are likely to be capped ahead of a slew of corporate earnings in the coming week. Material stocks are. . .  Full story

Australian inquiry hears top pension fund defend ad spend, NAB apology

09/08 Australia's largest pension fund on Thursday defended using members' money to bankroll a marketing campaign that depicted the country's biggest banks as foxes aiming to take a larger share of the country's A$2.6 trillion savings. . .  Full story

Australian energy policy faces tough vote as industry, investors seek certainty

09/08 Australia's states are set to vote on Friday on a policy to end more than a decade of climate and energy wars and spur investment in new power supply, but the plan may be. . .  Full story

Australia shares end higher, earnings support; NZ up

09/08 Australian shares ticked higher on Thursday as investors picked up winners in the earnings season, while gains for financials and deal news around insurer Suncorp Group helped the broader market.. . .  Full story

Dai-ichi buys Suncorp's life unit, as Australian firms exit insurance sector

09/08 Australia's Suncorp Group is selling its life insurance division to Dai-ichi Life Holdings for $540 million, making the Japanese firm Australia's biggest in a sector that domestic companies are scrambling to quit.. . .  Full story

Growth worries see NZ central bank turn 'blatantly dovish', kiwi slides

09/08 New Zealand's central bank unexpectedly committed to keep interest rates at record lows through to 2020 and said it was worried about persistently disappointing growth, a dovish tilt that sent the local currency skidding to. . .  Full story

Australian shares rise as earnings season kicks in; NZ climbs

09/08 Australian shares rose on Thursday in the wake of decent results at some companies as earnings season gathers pace, but mining and energy stocks dragged as international trade worries cloud the demand outlook for everything. . .  Full story

NZ c.bank chief sensitive to growth risks, vows policy support

09/08 New Zealand's central bank will keep "blowing wind into the sails" of a slowing economy, and is ready to respond to any further weakness in growth as business sentiment sours, Governor Adrian Orr said. . .  Full story

Australia's Mirvac Group reports fall in annual profit, residential market slows

09/08 Australian property developer Mirvac Group on Thursday reported a 6 percent fall in full-year profit as a downturn in the country's residential property market eroded sales.. . .  Full story

Australian shares to edge lower, NZ rises amid record-low rates

09/08 Australian shares are expected to trickle lower on Thursday, following a weaker lead-in from international markets, while material stocks are expected to fall in line with easing commodity prices.. . .  Full story

Australia's Suncorp to sell life insurance unit to Dai-Ichi Life unit for $539 mln

09/08 Insurer Suncorp Group Ltd said on Thursday it had entered an agreement to sell its life insurance division to a unit of Dai-Ichi Life Holdings for A$725 million ($538.82 million), ending more than a. . .  Full story

RBNZ holds rates but surprises with more dovish outlook

08/08 The Reserve Bank of New Zealand (RBNZ) on Thursday kept the official cash rate (OCR) on hold at a record low of 1.75 percent and said rates would stay at that level into 2020,. . .  Full story

Australia's Westpac to lend A$100 mln to drought-hit farmers

08/08 Australia's Westpac Banking Corp said on Thursday it would disburse A$100 million ($74.2 million) in cheap loans to farmers as a record dry spell hits parts of the nation, while the country's lenders fight. . .  Full story

Australia shares rise on materials, financials; NZ barely moves

08/08 Australian shares rose on Wednesday, with Commonwealth Bank of Australia leading financials higher after reporting a smaller fall in profit than expected, while miners gained on strong import data from China.. . .  Full story

China July coal imports highest in years as heatwave fuels demand

08/08 China increased its coal imports in July by 14 percent to their highest in 4-1/2 years, official data showed on Wednesday, as rising temperatures boosted demand for coal-fired power to run air conditioners in. . .  Full story

Australia's CBA sees lower credit growth after horror year hits profit

08/08 Commonwealth Bank of Australia (CBA) warned of slower mortgage growth as it reported its first fall in annual net profit in almost a decade on Wednesday, after a year of scandal and upheaval that. . .  Full story

Wages, activity pick up in Australia's iron ore heartland

08/08 New spending by some of the world's largest iron ore miners is tightening the market for jobs and support services in Australia's biggest mining region, bringing a sense of optimism after years in the doldrums.. . .  Full story

Australia c.bank upbeat on economy but in no hurry for rate hike

08/08 The "best course" of action for the Reserve Bank of Australia (RBA) is for the cash rate to stay at record lows for the time being, Governor Philip Lowe said on Wednesday, reiterating the. . .  Full story

Australia shares rise as scandal-hit CBA, AMP gain after results; NZ up

08/08 Australian shares rose on Wednesday morning, with Commonwealth Bank of Australia leading financials higher as its annual profit came slightly ahead of expectations, while the materials sector gained as base metal traders covered some short. . .  Full story

Australia's drought-hit farms like lambs to the slaughter

08/08 Danny Stork, a livestock farmer in Glen Oak, 180 km (110 miles)north of Sydney, has 20 bales of hay left for his 100 head of cattle. He is now feeding them light rations in. . .  Full story

Australian shares to trade flat; NZ inches up

08/08 Australian shares are expected to trade sideways on Wednesday, with gains in material stocks to be offset by lagging financials. The region's largest bank, the Commonwealth Bank of Australia. . .  Full story

Australia's population to hit 25 million, a decade earlier than forecast

07/08 Australia's population will hit a record 25 million on Tuesday, almost a decade earlier than projected, as it attracts hundreds of thousands of migrants each year, latest government data shows.. . .  Full story

Australia's central bank celebrates second anniversary of policy inactivity

07/08 Australia's central bank has marked two whole years with no move in interest rates, the longest policy pause in its modern history, as optimism on the economy is tempered by miserly wage growth and. . .  Full story

Australian rate changes since 1990

07/08 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

Australia's IOOF gains from no-strings-attached fee for advisers

07/08 Australia's second-largest wealth manager IOOF Holdings Ltd booked a record underlying annual profit on Tuesday, as its system of paying advisers regardless of whether they sell its own investment products led to a wave of. . .  Full story

Australia grants invasive new power to financial regulator

07/08 Australia on Tuesday granted the corporate watchdog invasive new power to position supervisors inside financial firms after a public inquiry exposed systemic wrongdoing at some of the country's top institutions.. . .  Full story

Australian shares slip, weighed by materials; NZ utilities gain

07/08 Australian shares slipped on Tuesday morning, as a decline in copper prices weighed on the wider materials sector, overshadowing gains in energy stocks, which tracked oil prices higher.. . .  Full story

Australian shares to rise ahead of rate decision, NZ edges lower

07/08 Australian shares are expected to rise on Tuesday, tracking overnight strength on Wall Street, while commodity stocks are expected to benefit from stronger prices. However, trading is expected to be. . .  Full story

NAB in crosshairs as inquiry turns sights on Australian pension funds

06/08 National Australia Bank will compensate thousands of pension fund customers who had paid for advice they did not receive, Australia's financial-sector inquiry heard on Monday as it turned its sights on the pension industry.. . .  Full story

Australian shares end higher on iron ore rally; NZ gains

06/08 Australian shares rose on Monday, as strong iron ore prices in China helped material stocks while investors were largely focused on earnings due later in the week.. . .  Full story

Farming impact of Australia's worst drought in living memory

06/08 The worst drought in living memory is sweeping parts of eastern Australia, leaving farmers struggling to cope and asking questions about their future.. . .  Full story

Australia shares start results-heavy week up, materials gain; NZ up

06/08 Australian shares were up in Monday morning trade, as strength in iron ore prices drove up material stocks while investors were largely focused on earnings results due later in the week.. . .  Full story

Australia job advertisements rise 1.5 pct in July-ANZ

06/08 Australian job advertisements in newspapers and on the internet bounced in July, a survey showed on Monday, though the total number of ads had still plateaued in recent months.. . .  Full story

Australia's CBA set for first annual profit drop since 2009

06/08 Commonwealth Bank of Australia is set to report a lower annual profit for the first time in almost a decade, with the end of a housing boom and ballooning funding and regulatory costs chipping. . .  Full story

Australian shares to gain on miners, New Zealand flat

06/08 Australian shares are expected to tick up on Monday, with mining heavyweights BHP and Rio Tinto. . .  Full story

Australia announces extra $140 mln aid package for drought-hit farmers

05/08 Australia on Sunday announced a A$190 million ($140.56 million) aid package for drought-afflicted farmers as much of east coast suffers the worst dry spell in living memory.. . .  Full story

Lower prices drive Perth Mint's July gold, silver sales

03/08 Sales of gold products by the Perth Mint rose nearly two-fold in July from a month earlier, their highest since January, while silver sales more than doubled as lower bullion prices attracted buying, the. . .  Full story

Australia cash rates seen at record lows well into 2019

03/08 Australia's central bank is seen extending its record stretch of stable rates until September next year, according to a Reuters poll.. . .  Full story

Australia calls on bank outsiders to break up Big Four dominance

03/08 Australia's government called for more banks to challenge the industry's oligopoly on Friday, after the country's top economic adviser said the "Big Four" lenders' market dominance has been detrimental to customers.. . .  Full story

Australian shares turn lower as trade tensions weigh; NZ up

03/08 Australian shares gave up early gains and turned lower as sentiment was dented by the latest exchange of trade threats between the United States and China, a major market for Australia's crucial resources exports.. . .  Full story

Australian Q2 retail sales brighten prospects for GDP

03/08 Australian retailers enjoyed their best sales in a year last quarter as discounting drove goods off the shelves, suggesting consumer spending helped the economy maintain momentum.. . .  Full story

Australian shares edge up despite nagging US-China trade worries; NZ up

03/08 Australian shares picked up on Friday, as positive sentiment emanating from technology-led gains on Wall Street filtered through, despite worries over how a looming trade war between the United States and China could hurt. . .  Full story

Australian shares to inch higher at open; NZ flat

03/08 Australian shares are expected to rise on Friday, tracking gains on Wall Street, with energy stocks likely to rally on higher oil prices. Healthcare stocks, which earn a substantial. . .  Full story

Australia's growth-starved banks lower mortgage rates in competitive push

02/08 Australia's largest lenders have started lowering their mortgage rates in an attempt to attract borrowers amid plummeting credit growth, even as rising wholesale funding costs have forced smaller rivals to increase their rates.. . .  Full story

Australian trade surplus swells as China sucks up resources

02/08 Australia's trade surplus blew past expectations in June as exports to China boomed to their second highest on record, a sign the commodity-leveraged country was weathering the early stages of Sino-U.S. tariff hostilities. A report. . .  Full story

Australia yet to strike deal with China for foreign minister's visit - sources

02/08 A schedule for Australian Foreign Minister Julie Bishop to visit China has yet to be agreed, although dates were proposed more than two months ago, two sources said on Wednesday, an impasse in Canberra's. . .  Full story

Australia shares to slip at the open, NZ steady

02/08 Australian shares are set to open lower on Thursday, tracking global stocks which fell overnight amid tensions over a possible escalation of the trade conflict between the United States and China.. . .  Full story

ClearView Wealth says director arrested over claim by Melanesian Trustee Services

02/08 Australia's ClearView Wealth Ltd said on Thursday the arrest on Monday of independent non-executive director David Brown in Papua New Guinea was regarding a claim by the Melanesian Trustee Services Ltd.. . .  Full story

Asian shares in July post their first gain in three months

01/08 Asian stocks posted marginal gains in July after two straight months of declines as strong second-quarter earnings bolstered regional shares amid simmering trade tensions between China and the United States.. . .  Full story

Australia's drought-hit farmers to miss any benefit from U.S.-China trade war

01/08 Australian farmers, suffering from a second year of drought, are unlikely to benefit from a U.S.-China trade war because of lower production of key crops including wheat and sorghum, traders and industry officials said on. . .  Full story

Australia home prices fall most in 7 years in July-CoreLogic

01/08 Australian home prices suffered their sharpest monthly fall in July since late 2011 as declines gathered pace in Sydney and Melbourne sank into the red, data showed on Wednesday.. . .  Full story

Oil Search resumes operations at PNG Agogo production facility

01/08 Australia's Oil Search Ltd said on Wednesday it has resumed operations at the Agogo Production Facility which was knocked out by a major earthquake in Papua New Guinea in February.. . .  Full story

Australian factory growth slows in July - surveys

01/08 Australian manufacturers reported a slowdown in activity in July with new orders and output softening after a strong June outcome, surveys showed on Wednesday.. . .  Full story

Australian shares set to open higher; NZ tepid

01/08 Australian shares are set to open higher on Wednesday, following a firmer finish on Wall Street, with mining stocks expected to underpin the bullish sentiment on higher commodities prices.. . .  Full story

New Zealand's Heartland Bank plans ASX listing as part of restructure

01/08 New Zealand's Heartland Bank Ltd said on Wednesday it intended to list on the Australian Stock Exchange (ASX) as part of a planned restructuring, as it seeks to free itself from what it called. . .  Full story

New Zealand's Heartland Bank to seek ASX listing as part of restructuring

31/07 New Zealand's Heartland Bank Ltd said on Wednesday it intended to list on the Australian Stock Exchange as part of a planned restructuring.. . .  Full story

Australian home investors in full retreat as prices fall

31/07 Growth in Australian home loans for investment hit record lows in June as tighter lending standards and hikes in some mortgage rates sucked the life out of the buy-to-let sector, piling further pressure on. . .  Full story

INSIGHT-Payment due: Pacific islands in the red as debts to China mount

31/07 Just over a decade ago, deadly riots in the capital of Tonga, Nuku'alofa, destroyed much of the small Pacific nation's central business and government districts.. . .  Full story

Australian shares set for subdued open; NZ tepid

31/07 Australian shares are likely to see a tepid start on Tuesday, following a weak lead from Wall Street, with investors eying a slew of economic data and central bank decisions to gauge the direction. . .  Full story

Two Chinese firms bid for NZ honey maker Manuka Health - source

30/07 Two Chinese firms have bid for New Zealand honey maker Manuka Health, pricing the firm around $300 million, a source with direct knowledge of the sale said on Monday.. . .  Full story

Australia's AMP counts the cost of past misdeeds, shares dive

27/07 Australia's biggest wealth manager, AMP Ltd, on Friday flagged A$530 million ($391.4 million) of costs stemming from an inquiry into financial sector misconduct and warned first-half profit would decline, sending its shares to a 15-year. . .  Full story

COLUMN-India coal imports surge in July, despite advancing prices: Russell

26/07 India's coal imports appear to have surged in July and may even come close to a monthly record as it grapples with domestic transport woes and rising demand for electricity.. . .  Full story

Australian shares end flat, Fairfax jumps on M&A news; NZ flat

26/07 Australian shares were little changed at the close on Thursday as merger activity in the media industry and news of the appointment of a new chief executive at Macquarie Group did little to support. . .  Full story

Macquarie promotes funds chief Wikramanayake as first female CEO

26/07 Australian investment bank Macquarie Group appointed its first female CEO on Thursday, promoting the 10-year head of its funds unit Shemara Wikramanayake to the most senior investment banking position currently held by a woman globally.. . .  Full story

Australian shares edge lower as financials tug on resource gains; NZ up

26/07 Australian shares dipped in light trade on Thursday with Macquarie Group lower on succession concerns after the investment bank announced a new chief executive, although strong gains in gold stocks provided wider support for the. . .  Full story

Australia's ANZ to sell majority stake in pensions business for initial $596 mln

26/07 Australia and New Zealand Banking Group Ltd said on Thursday it entered a term sheet to transfer an 82 percent stake in its pensions unit (P&I) and ownership of its aligned dealer groups (ADG). . .  Full story