Latest news with #ChristianGilles
Perth Now
4 days ago
- Business
- Perth Now
ASX has best week since May
Australia's sharemarket hit its third record high in five days on Friday, on the back of a jump in the major iron ore miners and healthcare stocks. The ASX 200 continued its record breaking run, jumping 118.20 points or 1.37 per cent to 8,757.20 with the index having its best day since April 10. The broader All Ordinaries surged 116 points or 1.30 points to 9,006.80. On an overall strong day for investors, all 11 sectors finished in the green. Healthcare shares led the way up 2.47 per cent while the materials sector gained 2.06 per cent and information technology closed the week 1.50 per cent higher. Healthcare darling CSL rallied 3.62 per cent to $257.38, Sigma Healthcare gained 1.08 per cent to $2.81 and Telix Pharmaceuticals jumped 2.77 per cent to $25.26. The ASX 200 continued its record breaking run. NewsWire Christian Gilles Credit: News Corp Australia The major iron ore miners continued their run higher as the price of the commodity rose above $US100 a tonne for the first time in two months through the trading week, on the back of better than expected economic data out of China. BHP chief executive Mike Henry told the market the demand for iron ore remained resilient on the back of strong Chinese demand. 'That resilience largely reflects China's ongoing ability to grow its overall export base despite a significant decline in exports to the USA, and its ability to deliver robust domestic demand despite the dislocation in the property sector,' Mr Henry said. 'While slower economic growth and a fragmenting trading system remain potential headwinds, stimulus efforts by China and the USA would help to mitigate the near-term impact.' BHP jumped on this news, 3.02 per cent to $40.29, Fortescue rose 0.53 per cent to $17 and Rio Tinto finished in the green up 1.81 per cent to $113.11. All 11 sectors finished in the green. NewsWire / Jeremy Piper Credit: News Corp Australia The big four banks also had a strong day with CBA adding 0.92 per cent to $182.46, NAB gained 1.27 per cent to $39.19. Westpac jumped 1.81 per cent to $34.31 and ANZ finished 1.22 per cent higher to $30.82. Despite the strong run up from the major Australian shares, Morningstar says the top end could be overvalued with an 'earnings recession' likely to continue for the third straight year. Morningstar market strategist Lochlan Halloway said while the other indexes continued to rise, Australia's largest businesses – from an earnings point of view – were actually falling. 'Eventually, something's got to give – either earnings catch up to lofty prices, or valuations rebase to reflect the reality of slower growth,' Mr Halloway said. 'This disconnect between prices and profits goes a long way to explaining why valuations look so stretched at the top end of the market. In company news, shares in Mesoblast soared 34.7 per cent to $2.41 after the biotech company informed the market it had $20m in sales of its flagship stem cell therapy which was launched in March. Virgin Australia gained 1.9 per cent to $3.27 after the recently relisted airline gained a buy rating from UBS citing clearer strategy and strong fundamentals for the business.
Perth Now
15-07-2025
- Business
- Perth Now
Fresh push to ban sneaky fee for Aussies
Australian consumers could stop paying $1.2bn in sneaky surcharge fees, following a simple change proposed by the Reserve Bank of Australia. A fresh consultation paper released by the RBA proposes the removal of surcharge fees for tapping a card on eftpos, MasterCard, and Visa payments. While this is a step further than the government's initial ban on fees for debit transactions, the RBA says it would bring the Australian payment market in line with the rest of the world. The central bank is looking to finalise consultation with industry by the end of the year and have surcharges removed by July next year. RBA governor Michele Bullock said the payment landscape was always evolving, meaning it was critically important to keep pace and ensure Australia's remained safe, competitive, and efficient. RBA governor Michele Bullock said it was critically important for Australia's payment market remained competitive. Christian Gilles / NewsWire Credit: News Corp Australia 'We think the time has come to address some of these high costs and inefficiencies in the system,' Ms Bullock said. 'This could save consumers $1.2bn annually, simplify payments and boost competition.' The RBA has acknowledged any savings for customers would require businesses to absorb the costs. If businesses instead lifted prices, it could add about 0.1 per cent to inflation. 'Merchants that surcharge debit card payments would be faced with a choice of increasing their prices or absorbing their debit payment costs through reduced margins,' the RBA said. The RBA has proposed axing surcharge fees costing Aussies $1.2bn. Credit: NewsWire The central bank is proposing another two changes to Australia's card network, including lowering the cap on interchange fees in a move they say could save businesses $1.2bn a year. 'Around 90 per cent of Australian businesses are estimated to be better off under the proposed change,' the RBA says. 'The proposed reduction in interchange caps would benefit small businesses the most, as they tend to pay fees closer to the existing cap.' The RBA is also in consultation to require card networks and large acquirers to publish the fees they charge. 'Improving transparency and competition will help all players better under the fees they are charged and make it easier for businesses to shop around for a better deal,' the RBA consultation papers say.
Herald Sun
09-07-2025
- Automotive
- Herald Sun
Lanes closed, huge delays after six-vehicle crash on Sydney Harbour Bridge
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. A four-vehicle crash on the Sydney Harbour Bridge has brought morning peak-hour traffic in the city to a standstill. One person was trapped inside their vehicle after the horror smash, with emergency crews on the scene shortly after 8am on Wednesday. 'Police were told two vehicles collided head-on before crashing into two other cars,' a police statement read. Two cars collided on the Sydney Harbour Bridge on Wednesday morning. Picture: Christian Gilles / NewsWire Traffic is heavy in both directions after the crash, after two of three southbound lanes and one northbound lane were closed on the deck of the bridge near Mandalong Road. All lanes have since reopened, LiveTraffic confirmed. 'Continue to allow plenty of extra travel time as traffic remains heavy on all approaches to the Bridge,' they said in a statement. One person became trapped inside the car. Picture: Supplied Emergency crews are on the scene. Picture: Christian Gilles / NewsWire 'Motorists are advised to allow plenty of extra travel time and exercise caution.' Traffic was at a standstill on and approaching the bridge, with cars and trucks stretching for kilometres as emergency crews worked to clear the area. Build-ups were also reported in all directions surrounding the Harbour Bridge, including Anzac Bridge, Military Road and Palmer Street. Three people have been treated for injuries. Picture: Christian Gilles / NewsWire Traffic crews, a tow truck and emergency services Remained on site late in the morning. 'Ongoing police investigations are expected to take some time,' LiveTraffic reported. Fire and Rescue NSW Superintendent Adam Dewberry told NewsWire emergency crews were on the scene to free a person who was 'still in (a) vehicle'. The person has since been removed from the vehicle and transported to St Vincent's Hospital in Darlinghurst with back injuries. Cars were seen stretching back for kilometres. Picture: Christian Gilles / NewsWire Ambulance NSW told NewsWire five ambulances were on the scene, including intensive care paramedics. Two other people have been treated and assessed for minor injuries by paramedics, a spokesman said. Traffic is at a standstill. Picture: LiveTraffic NSW A Transport NSW spokesman told NewsWire buses travelling over the Harbour Bridge may 'experience delays' of up to 40 minutes. Some city bound buses approaching the bridge are being diverted to North Sydney Station due to the crash. State Liberal Party acting leader Damien Tudehope suggested commuters should be given a toll-free day for sitting in traffic, saying the toll had recently increased. 'One of the things that really annoys me is when you have an incident like this, you sit there and think, 'I am paying for this',' he told 2GB's Mark Levy. More to come Originally published as Huge delays after four-vehicle crash on Sydney Harbour Bridge
Perth Now
13-06-2025
- Business
- Perth Now
Why Aussie shouldn't worry about oil prices
Australian motorists are being urged not to panic after the price of crude oil rose in recent days on the back of the geopolitical tensions in the Middle East. Motorists in Australia could be spared from the worst of the fallout from the Middle-East, even as the price of the commodity surges. Futures markets for Brent oil have spiked in recent days and are now buying $US75 a barrel, when it was just over $US65 this time last week. It comes as tensions out of the Middle East flare up, after Israel undertook pre‑emptive attacks on Iran. It said the strikes were aimed at eliminating Iran's nuclear program and ballistic missile capabilities, but the fears in the market are based on what Iran will do in response. The price of crude oil has spiked in recent days. Christian Gilles / NewsWire Credit: News Corp Australia If it hits neighbouring oilfields or blocks the Strait of Hormuz, through which 20 per cent of the world's oil supplies are shipped, the price of the commodity could skyrocket. But NRMA spokesman Peter Khoury said every time there were geopolitical tensions in the Middle East, there was an initial knee jerk reaction from the market before it stabilised. He said Australian motorists should remain calm. 'What we are seeing here is an initial reaction to what has happened in the last few hours in Iran, but this is not uncommon,' he told NewsWire. 'Until you see those increases rise and they start occurring in the Asian markets then Australian motorists shouldn't be panicking.' Mr Khoury said currently there were no issues that there will be supply issues. 'It is important that it is put into context – we get our oil from Asia, we get our refined fuel from Asia, so there's no need to panic,' he said. AMP chief economist Shane Oliver wrote in his latest note fuel prices could be on the rise, but it would need the price of oil to remain elevated. 'Oil prices were already rising this month on signs of increasing risks and have spiked further – with the rise so far this month threatening a flow of around 12 cents a litre for Australian petrol prices if sustained at these levels,' he said. Australian motorists could be spared the worst of the fallout. NewsWire / Flavio Brancaleone Credit: News Corp Australia Swissoquote Bank senior analyst Ipek Ozkardeskaya said the price of oil would either rise or fall depending on Iran's response. 'One scenario is de-escalation, which could bring oil back below $US70 per barrel, around the 200-day moving average, shifting the market's attention back to supply-demand dynamics, trade disruptions, and renewed pressure on Russian oil,' she wrote in an economic note. 'The other scenario is broader escalation, potentially pushing oil prices toward $US90 –$100 per barrel – hopefully only temporarily.' Dr Oliver said the flow on impacts from this could see inflation spike over the short term. 'While petrol prices could spike on the latest Israel/Iran conflict, the RBA is likely to look through any boost to inflation as temporary and focus more on any drag to growth.' Despite the rise in costs, Dr Oliver reminded motorists the price of crude oil had just gone back to levels it was this time last year. He also believes subdued consumer confidence, weak business conditions and easing inflation would all add to a case for a rate cut. 'Following the weak March quarter GDP data our base case is for 0.25 per cent rate cuts in July, August, November and February taking the cash rate to 2.85 per cent. The money market sees about an 88 per cent chance of a 0.25 per cent cut in July and just over three cuts by year end.
Perth Now
11-06-2025
- Business
- Perth Now
ASX extends record breaking run
Australia's sharemarket continued its record breaking run higher on Wednesday, amid trade hopes between the US and China. The benchmark ASX 200 index eked out a small gain of 4.90 points or 0.06 per cent to 8,592.10 to continue its record run higher. The broader All Ordinaries also finished in the green up 6.90 points or 0.08 per cent to 8,819.60. The Australian dollar slipped 0.23 per cent and is now buying 65.12 US cents. On Wednesday, shares jumped on the opening bell, surpassing the previous 8,614 mark set on February 14 hitting a high point of 8,639.1, before falling during the afternoon's session. The ASX 200 eked out a small gain on the back of trade talks between the US and China. NewsWire / Christian Gilles Credit: News Corp Australia Australia's market ran up off the back of US Commerce Secretary Howard Lutnick saying the second days of negotiations in London between China and the US had been 'productive'. This saw seven of the 11 sectors still finished higher, led by energy, the major miners and real estate. Australian iron ore miners were among the major winners on the back of this news, as prices of the commodity rose. BHP shares jumped 1.48 per cent to $39.05, Rio Tinto rose 0.24 per cent to $109.38, Fortescue leapt 3.45 per cent to $16.21 and Mineral Resources gained 3.17 per cent to $25.71. Woodside energy led oil stocks higher, up 1.9 per cent to $23.5 while Santos rose 0.60 per cent to $6.70. CBA mining and energy commodity research director Vivek Dhar said the spot iron ore price fell below $95 a tonne in the days leading up to the talk, before bouncing on news of a temporary pause. 'The agreement at least shows that both sides are keen to keep de‑escalating the trade war,' he wrote in an economic note. 'However, we think any bounce in iron ore prices linked to today's agreement will be less material than the bounce observed last month after the 90‑day pause on high tariffs.' The financial sector slid with Commonwealth Bank snapping its record run as it fell 0.3 per cent to $181.40. NAB shares also traded lower down 0.26 per cent to $39.07. Westpac shares are up 0.39 per cent to $33.63 while ANZ is also in the green up 0.37 per cent $29.94. Seven of the 11 sectors finished in the green. Picture. Newswire/ Gaye Gerard. Credit: News Corp Australia In corporate news shares in Qantas declined after announcing it was pulling the pin on its Jetstar Asia Singaporean-based airline. In an announcement to the ASX, the airline said it is expected to post a $35m underlying Earnings Before Interest and Taxes (EBIT) loss this financial year, prior to the closure decision. Buy now, pay later provider Zip shares were the best performing for the second day running after releasing its latest trading update. Zip said its business continued to see momentum in the month of May, with US total transactions volumes rising by more than 40 per cent year-on-year as well as no material changes to credit loss for the March quarter across its US and Australian business. Fertility group Monash IVF shares soared 13 per cent, following a 27 per cent drop on Tuesday as the shares began recovering from news of a second major bungle in three months, which led to the wrong embryo being implanted.
