Finance

CBA, NAB pass on full RBA cut; ANZ doesn't

CBA, NAB pass on full RBA cut; ANZ doesn't The big four banks all cut within a few hours following the decision for the RBA to cut rates to 1.25%, the lowest in history and the first time they've moved since August 2016. "The board has not yet made a decision, but it is not unreasonable to expect a lower cash rate", he said. Shadow treasurer Jim Chalmers argues the rate cut must be passed on to fulfill the central banks' goal of shor... [Full Article...]

FCA Abruptly Withdraws Massive Merger Proposal With Renault

FCA Abruptly Withdraws Massive Merger Proposal With Renault A compromise over French influence could clear the way for Renault's board to approve a framework deal and begin the long process of a full merger. According to Automotive News Europe , citing a report by Reuters , the French government was looking for "firmer job guarantees and improved terms for Renault shareholders in return for blessing the US$35 billion tie-up". [Full Article...]

Oil falls to lowest since January on economic slowdown

Oil falls to lowest since January on economic slowdown Crude inventories rose 6.8 million barrels, compared with analyst expectations for a 849,000-barrel drawdown, to their highest since July 2017 and about 6% above the five year average for this time of year. Rising US inventories have also weighed on prices, while the likelihood that the Organization of Petroleum Exporting Countries and allied producers will extend their output curbs doesn't seem t... [Full Article...]

Manufacturing sector PMI rises amid revival in new order growth

Manufacturing sector PMI rises amid revival in new order growth Owen said. IHS Markit Ltd has a twelve month low of $44.52 and a twelve month high of $59.14. The report also mentioned that a resilient manufacturing industry acted to offset the service sector weakness, as faster production growth meant that the upturn in private sector output steadied. [Full Article...]

Hope Grows for Deal to Ward off Trump's Tariffs on Mexican Imports

Hope Grows for Deal to Ward off Trump's Tariffs on Mexican Imports Trump will be in Europe to commemorate the anniversary of D-Day. The long and short of it is that a 5% tariff on all imports from Mexico will drive up costs to American consumers and businesses by nearly the entire amount, meaning using them to solve a very different border security issue will be very painful. [Full Article...]

Amazon opens first 'Clicks and Mortar' store in Manchester

Amazon opens first 'Clicks and Mortar' store in Manchester Amazon says it will follow up the Manchester store with Clicks and Mortar pop-up shops in Wales, Scotland, the Midlands, Yorkshire and across the South East. Others have called for a flat tax on major retailers to fund reductions in business rates, which are considered to be one of the major contributing factors to the demise of some struggling High Street shops. [Full Article...]

Amazon delivering over 10mn items in a day in US

Amazon delivering over 10mn items in a day in US One-day delivery items include everything from Echo devices to household items and cleaning supplies. Amazon has initiated the next phase of the company's war against brick-and-stone retailers, the one-day delivery for Amazon Prime subscribers. [Full Article...]

Wary Smartphone Buyers Help Trump Turn the Screws on Huawei

Wary Smartphone Buyers Help Trump Turn the Screws on Huawei The U.S. move requires American suppliers of Huawei, a crown jewel of Chinese manufacturing, to seek U.S. government permission to do business with the company. Media reports have pointed out that Huawei's smartphone production has been cut down. In the period since Trump issued an executive order on 15 May effectively banning Huawei from the USA market for purportedly posing a national secur... [Full Article...]

FTC to Lead Possible Facebook Antitrust Probe

FTC to Lead Possible Facebook Antitrust Probe For investors, tougher regulation most likely means a negative impact on profits, making it harder to justify the rich valuations of some of the world's highest-flying stocks. Antitrust regulators in the United States have divided oversight of Amazon and Google, putting the e-commerce giant under the watch of the Federal Trade Commission and the search giant under the justice department, Washing... [Full Article...]

Canalys forecasts 3.1 pc smartphone shipment decline in 2019

Canalys forecasts 3.1 pc smartphone shipment decline in 2019 In late May, Huawei's founder and CEO Ren Zhengfei expressed confidence in an interview with Chinese media that the United States crackdown on the tech giant would fail to prod other countries to follow suit. The Chinese government's move to announce its own blacklist is causing concerns among global ICT companies as majority have ties with Chinese companies in terms of technology development, p... [Full Article...]

Trump set to talk business, Brexit and trade ahead of news conference

Trump set to talk business, Brexit and trade ahead of news conference U.S. President Donald Trump and Queen Elizabeth raise their glasses to make a toast at the State Banquet at Buckingham Palace in London. Trump said in his toast that the liberation of millions from tyranny in World War II "forever sealed" the bond between Britain and the United States. [Full Article...]

China issues general USA travel alert amid trade tensions

China issues general USA travel alert amid trade tensions China warned its companies operating in the United States on Tuesday they could face harassment from USA law enforcement agencies, as it also rebuffed US criticism of a trade white paper as "singing the same old tune". In a statement, the Trump administration also accused China of "backpedalling" on trade agreements. The travel warning was spurred by difficulties Chinese nationals are encounteri... [Full Article...]

Justice Department preparing a potential antitrust investigation of Google

Justice Department preparing a potential antitrust investigation of Google Now the Justice Department has undertaken an antitrust probe of the company's search and other businesses. The Justice Department inquiry would be run by Makan Delrahim, the head of the antitrust division. The Justice Department is set to have more jurisdiction over Google , The Washington Post reported on Friday, paving the way for a potential investigation of the search-and-advertising gi... [Full Article...]

China issues white paper on China-US trade talks stance

China issues white paper on China-US trade talks stance The remarks by Vice Minister of Commerce Wang Shouwen came two days after the ministry announced that China will put foreign companies that cut off supplies to Chinese companies on an 'unreliable entity list ,' saying more details would come out later. [Full Article...]

Tesla Opens Order Books For Model 3 In China, Priced At $47525

Tesla Opens Order Books For Model 3 In China, Priced At $47525 Customers can expect to receive the auto in 6-10 months, the company said in a press release. After many years of waiting, Australians can finally customise and order their own Tesla Model 3 on Tesla Australia's official page. "The price drop makes Tesla more accessible", the company said in a Chinese-language statement. Gigafactory 3 is expected to start production of the Model 3 as e... [Full Article...]

Google network issue starts to impact Australia - Cloud - Networking

Google network issue starts to impact Australia - Cloud - Networking Beginning around 12.20pm US West Coast time (1900 UTC), the ad giant started noticing systems, ranging from Gmail and YouTube to its G Suite and cloud hosting platform , were dropping offline for users due to "network congestion". "Our engineering teams have completed the first phase of their mitigation work and are now implementing the second phase, after which we expect to return to normal ... [Full Article...]

Trump to move forward with Mexico tariffs despite objections from top advisors

Trump to move forward with Mexico tariffs despite objections from top advisors Lopez Obrador said Mexico would not pursue trade wars with the U.S., but noted that his government had a "plan" in case Trump did apply the tariffs to ensure the country was not impoverished. Trump issued his threat a little over 24 hours later, sending shock waves through the political world and through securities markets, which took another tumble late last week. [Full Article...]

China to investigate FedEx: state media

China to investigate FedEx: state media The document will be released at 10am on Sunday and Vice Commerce Minister Wang Shouwen will take questions, according to an official statement. Washington and Beijing resumed their trade battle last month when talks in the United States ended without a deal, with U.S. [Full Article...]

Crude tumbles toward worst May in seven years on trade-war anxiety

Crude tumbles toward worst May in seven years on trade-war anxiety Trump ramped up trade tensions globally by vowing to slap tariffs on all goods from Mexico, firing up fears over economic growth and appetite for oil. Mexico accounted for about 9% of total USA oil imports a year ago, according to TPH. Without question, crude oil prices have been supported since the first of the year by the OPEC-led production cuts and the USA sanctions on Venezuela and Iran. [Full Article...]

$344.6 Million Powerball jackpot won in North Carolina

$344.6 Million Powerball jackpot won in North Carolina The victor has 180 days to claim their prize. A player wins the jackpot by matching all six winning numbers in a drawing. New Jersey lottery officials have not yet disclosed where the $1 million dollar was sold in the state. One of the $1 million tickets was bought in Georgia, the other in Texas. The winning numbers in the drawing were 6-15-34-45-52 and the Powerball was 8. [Full Article...]


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