Finance news - NewsLocker

In rural Cuba, economy stuck in time after Castro

02-12-2016 17:45

A convoy is carrying Fidel Castro's ashes across a Cuban countryside stuck in the bleak economy he left behind: Farmers plowing with oxen, people traveling in horse carts and stores lacking basic goods.Crowds have been chanting "viva Fidel!" along the island's roads as a military jeep takes the urn to its final resting place in eastern Cuba on Sunday."Everybody talks about Fidel's legacy, but to defend this legacy, the economy must improve," said Angel Mora, a 27-year-old electronics engineer in

New bird flu outbreak hits French foie gras exporters

02-12-2016 17:14

A new outbreak of bird flu hit France's foie gras producers just as a ban on exports outside Europe was about to be lifted in time for the crucial holiday period.The agriculture ministry said the outbreak of the "highly pathogenic" H5N8 strain of the virus was detected Thursday on a duck farm in the southwestern Tarn region, the heart of the lucrative, though controversial, foie gras industry.Exports outside the European Union had been suspended after an outbreak a year ago, and producers were w

US payrolls up, jobless rate at 9-year low

02-12-2016 14:44

US employers boosted hiring in November and the unemployment rate dropped to a more than nine-year low of 4.6 per cent, making it almost certain that the Federal Reserve will raise interest rates later this month.The solid gains in employment likely reflect rising confidence in the economy.Data for September and October was, however, revised to show 2,000 fewer jobs created than previously reported.

Twelve saves of Christmas

02-12-2016 14:30 via news.com.au

THINKING outside the box — of chocolates — is a great way to save money this Christmas.

US moves to block Chinese purchase of German tech firm Aixtron

02-12-2016 14:00

US President Barack Obama on Friday moved to block a Chinese company's purchase of German semiconductor equipment maker Aixtron by blocking the inclusion of Aixtron's US business in the deal.The US Treasury said a review by the Committee on Foreign Investment in the United States (CFIUS) chaired by Obama found the risks posed by the deal, which could place sensitive technology with potential military applications in Chinese hands, were too great."CFIUS and the president assess that the transacti

EU banks at risk from bad loans, low profit: regulator

02-12-2016 13:48

The greatest risks facing European Union banks are high levels of bad loans and lower profitability, the bloc's financial regulator said in a report Friday. The European Banking Authority said that while ...

European stocks slide as political fears top agenda

02-12-2016 12:56

European stocks fell Friday in nervy trading before Italy's crunch referendum and Austria's elections, amid fears both could send shockwaves reverberating across markets. Four weeks since US President-elect ...

Dow edges down from record after solid US jobs report

02-12-2016 12:41

Wall Street stocks finished little changed Friday, with the Dow retreating slightly from a record, after US unemployment hit a nine-year low. The jobless rate fell three-tenths to 4.6 percent in November, ...

Apple founder street name shakes Paris suburb to the core

02-12-2016 12:29

Now, five years after he died, Apple founder Steve Jobs may be remembered in another way -- on a Paris street."Rue Steve Jobs" is among names shortlisted for one of the new roads in the French capital's southeastern 13th arrondissement that will lead to a new incubator for hi-tech start-ups.The tech titan's name was put forward by the district's socialist mayor who credited Jobs -- whose company altered the face of computing, revolutionised music with the iPod and launched the iPhone and iPad --

US blacklists NKorea companies, officials after nuke test

02-12-2016 12:19

The United States blacklisted 23 North Korean companies and officials Friday, notably flag carrier Air Koryo, in response to the country's September 9 nuclear test.It follows the UN Security Council's newest and toughest sanctions resolution against Pyongyang yet, aimed at increasingly isolating the Asian country politically and economically after its nuclear bomb test two months ago.The US Treasury Department laid sanctions, which aim to lock companies and individuals out of the global financia

Ford recalls 650,000 vehicles in N. America over seat belts

02-12-2016 12:12

Ford on Friday announced the recall of nearly 650,000 cars in North America over defective seat belts that can fail in a crash.The automaker said two accidents and two injuries have been blamed on the defect, which involves overheating of the cables in the pre-tensioning system of the seat belts, which can prevent them from functioning correctly in an accident.The recall covers the 2013-2016 Ford Fusion and the 2013-2015 Lincoln MKZ, produced at plants in Flat Rock, Michigan and Hermosillo, Mexi

UK builder Berkeley says demand down 20pc

02-12-2016 11:13

High-end London builder Berkeley says demand fell 20 per cent in the first half of their financial year due to a property tax hike and the Brexit vote, the latest sign that real estate in the capital has been hit by the referendum.House builders that operate across much of Britain are still reporting increased demand, but sales have been hit in London, particularly in the city centre, where a higher proportion of buyers are investors and many come from overseas.Berkeley, whose properties include

OPEC deal could lead to US shale surge

02-12-2016 10:43

With this week's deal to cut output, OPEC is creating incentives for American shale producers to boost output just as the incoming Trump administration vows measures to promote US oil development.Oil prices shot up on the announcement, which was more muscular than many analysts expected, boosting prices by nearly 10 percent Wednesday and lifting the US benchmark contract to above than $50 a barrel Thursday.OPEC's planned production cuts are nearly the same amount US producers trimmed in the wake

United Airlines to pay $2.4 mn in US bribery case

02-12-2016 10:25

The parent company of United Airlines will pay a $2.4 million fine after reviving a money-losing air route to please a now-disgraced New Jersey politician, US market regulators announced Friday.United's chief executive and two other senior officials stepped down in 2015 as the investigation unfolded revealing how the airline shareholders footed the bill to restore an unprofitable flight between Newark, New Jersey and Columbia, South Carolina, bowing to pressure from David Samson, the former chai

How to live large on average wage

02-12-2016 10:21 via news.com.au

MOST of us would love to take that five-star holiday or spend that little bit extra on a meal. Here’s how to do it without even trying.

Swiss firm acquires Mars One private project

02-12-2016 10:16

A British-Dutch project aiming to send an unmanned mission to Mars by 2018 announced Friday that the shareholders of a Swiss financial services company have agreed a takeover bid."The takeover provides a solid path to funding the next steps of Mars One's mission to establish a permanent human settlement on Mars," the statement added.Mars One consists of two entities: the Dutch not-for-profit Mars One Foundation and a British public limited company Mars One Ventures.

French oil operator Maurel & Prom recommends buyout

02-12-2016 10:16

Maurel & Prom, a French oil operator that pumps mostly in Africa, recommended Friday that shareholders accept a planned buyout offer from Indonesia's state oil company Pertamina."The board of directors of Maurel & Prom ... considered that the offer is in the interests of the company, its shareholders and its holders (of convertible bonds) and its employees" and recommended by a unanimous vote they tender their shares, a company statement said.At the end of August, Pertamina took a 24.5 p

Ending tax havens up to US and Europe: Panama Papers reporters

02-12-2016 09:51

Getting rid of tax havens depends on the United States and Europe, but is unlikely to happen anytime soon, journalists behind the publication of the Panama Papers said Friday."The biggest tax haven in the world today is probably in the United States," Jake Bernstein, a US investigative reporter with the International Consortium of Investigative Journalists (ICIJ), told a conference in Panama hosted by anti-corruption watchdog Transparency International.

S.Africa dodges junk credit rating despite low growth

02-12-2016 09:22

South Africa's economy evaded a potentially damaging blow Friday when the Standard & Poor's rating agency maintained the country's foreign currency debt status one notch above junk status.S&P however kept its negative outlook for South Africa, which has struggled with political friction under President Jacob Zuma, high unemployment and slow growth."Political events have distracted from growth-enhancing reforms, while low GDP growth continues to affect South Africa's economic and fiscal p

France to try 14 execs, JP Morgan Chase over tax fraud

02-12-2016 09:04

Fourteen former and current executives of the Wendel investment company will face trial for tax fraud while US bank JP Morgan Chase is to be pursued for complicity, legal sources told AFP on Friday.The former head of Wendel, Jean-Bernard Lafonta, and Ernest-Antoine Seilliere, ex-chief of the main French employer's association, are among those to be tried, legal sources said.An investigation was opened in 2012 following complaints by tax authorities over a scheme called Solfur that saw Wendel exe

Spain pledges to meet EU deficit target in 2018

02-12-2016 08:39

Spain laid out its budget plans Friday, pledging to drop its deficit below a EU-stipulated three-percent limit after several failed attempts while also tackling unemployment.Finance Minister Cristobal Montoro outlined proposed tax rises to cut the deficit, including an increase in levies on alcohol and tobacco products, and a new sugar tax on soft drinks.Re-instated last month after a lengthy period of political limbo caused by two inconclusive elections, Spain's conservative government finds it

Venezuela fury at Mercosur suspension

02-12-2016 07:52

Venezuela on Friday angrily rejected its suspension from the South American economic bloc Mercosur, the harshest international punishment yet for President Nicolas Maduro's crisis-racked government.Argentina, Brazil, Paraguay and Uruguay have informed the leftist government in Caracas that it is being suspended for failing to meet democratic and trade standards, a Brazilian government source said Thursday."Venezuela does not recognize this null and void action sustained by the law of the jungle

France to try 14 execs and JP Morgan Chase over tax fraud

02-12-2016 07:33

Fourteen former executives of the Wendel investment company will face trial for tax fraud while US bank JP Morgan Chase is to be pursued for complicity, legal sources told AFP on Friday.The former head of Wendel, Jean-Bernard Lafonta, and Ernest-Antoine Seilliere, the former head of the main French employer's association, are among those to be tried, legal sources said.An investigation was opened in 2012 following complaints by tax authorities over a scheme called Solfur that saw Wendel executiv

Vic smelter restart unclear after blackout

02-12-2016 07:29

A struggling Victorian aluminium smelter will take "days, not hours" to get one of its potlines back up after it was damaged in a blackout.Alcoa's Portland smelter lost power for five-and-a-half hours on Thursday morning after an interconnector from Victoria to South Australia failed."It is too early to speculate on the full impact of the power outage or on how long it may take to restore normal operations," Alcoa said in a statement.

$A slips amid equity market falls

02-12-2016 07:10

The Australian dollar has edged lower as equity markets fall and traders hold fire ahead of key US jobs data. The local unit was trading at 74.06 US cents at 1700 AEDT on Friday, down from 74.17 US cents ...

Caution sends market lower

02-12-2016 06:53

The share market ended the week with a fall of one per cent, with investors cautious ahead of the release of US jobs data and Sunday's Italian constitutional referendum.The session was marked by a drop of more than 43 per cent in the value of organic infant formula supplier Bellamy's shares after the company warned of weaker-than-expected recent sales in China."Caution, I think, is the catchphrase for today's trading," CMC Markets chief market analyst Ric Spooner said.

North Qld zinc plant set to reopen

02-12-2016 06:51

A zinc mining project in north Queensland will be revived after its owners raised the $30 million required to fund a return to production.Development company Red River Resources announced on Friday that capital works and refurbishment would begin immediately on Thalanga zinc project, some 200km southwest of Townsville.Red River Resources bought the Thalanga assets in 2014 after previous owner Kagara went into voluntary administration two years prior.

Shares end week with one per cent fall

02-12-2016 06:23

The share market has closed one per cent lower as investors are cautious ahead of the release of US jobs data and an Italian constitutional referendum. At 1615 AEDT on Friday, the S&P ASX/200 index was ...

Economists divided on rates direction

02-12-2016 06:16

Economists this week came to different conclusions about the likely path of interest rates as they looked at building, business investment and retail spending data ahead of next week's economic growth figures.HSBC's Australia/New Zealand chief economist Paul Bloxham said Australian interest rates have reached a turning point and are unlikely to fall further before rising in 2018.National Australia Bank's Riki Polygenis and James Glenn are expecting Wednesday's national accounts to show the econo

Get your bond back every time

02-12-2016 06:15 via news.com.au

MORE than half of Australian renters are denied their bond when they move out. Here’s how to make sure you get it all back.

Athletics: Adidas ends sponsorship of doping-tainted IAAF

02-12-2016 06:10

German sportswear giant Adidas on Friday ended its sponsorship of the IAAF in the wake of a doping scandal that has rocked the world of track and field.Adidas' 11-year sponsorship deal with the International Association of Athletics Federations (IAAF) was set to run until 2019.The IAAF said it "thanks adidas for its long standing support of athletics and close partnership with the IAAF".

Adidas ends sponsorship of doping-tainted IAAF

02-12-2016 06:02

German sportswear giant Adidas on Friday ended its sponsorship of the IAAF following a doping scandal that has rocked the world of track and field. Adidas's 11-year sponsorship deal with the International ...

Lew calls for urgent online GST changes

02-12-2016 05:44

Retail veteran Solomon Lew wants to bring forward the introduction of GST on all overseas goods bought online before more Australian businesses go bust.Mr Lew, the chairman of retail group Premier Investments, which owns brands including Portmans, Jay Jays and Just Jeans, welcomes the change but says it needs to be introduced sooner by the federal government."We'd like them to bring it forward if it's possible," he told reporters after Premier Investments' annual general meeting on Friday.

Jetstar to end pre-ticked booking extras

02-12-2016 05:30

Jetstar will stop automatically adding extras such as travel insurance to its customers' online bookings, as Australia's consumer watchdog looks to prevent travellers from paying unnecessary costs.It made the changes after talks with the Australia Competition and Consumer Commission, which raised concerns people were accidentally paying for things they didn't need.Jetstar will join Qantas as Australian airlines without any pre-ticked options.

Spain to drop below EU's 3% deficit limit in 2018: minister

02-12-2016 04:58

Spain's finance minister pledged Friday that the deficit would fall to 2.2 percent of GDP in 2018, which would finally see the country adhere to EU rules after years of failed attempts.Cristobal Montoro told reporters the government planned to "go below three percent (limit set by the EU) to 2.2 percent" in 2018.Already under EU scrutiny, Spain must reduce its deficit to 4.6 percent of its GDP this year, and 3.1 percent in 2017.

Bellamy's shares tank on Chinese woes

02-12-2016 04:48

Investors have dumped Bellamy's shares after the organic infant formula maker warned of a fall in revenue and tighter profitability due to worse-than-expected sales in China.Bellamy's said regulatory changes, which include restrictions on the number of baby products companies are allowed to sell in China, had triggered discounting by rivals that had temporarily eaten into its sales.Sales on November 11's Singles Day - China's biggest online shopping event - also failed to meet expectations, as h

GrainCorp's US suitor pulls the pin

02-12-2016 04:45

GrainCorp's biggest shareholder, Archer Daniels Midland, has sold its 19.9 per cent stake in the Australian grain merchant for about $387 million, three years after its failed $3.4 billion takeover bid.The takeover by the US firm was controversially blocked by then Treasurer Joe Hockey on national interest grounds, and ADM chairman and chief executive Juan Luciano said on Friday the company could better use its cash elsewhere.ADM agreed to sell its Graincorp stake, which equates to about 45.4 mi

Vic smelter still offline after blackout

02-12-2016 04:35

A struggling Victorian aluminium smelter can't say when it will get one of its potlines back up after a blackout damaged it.Alcoa's Portland smelter lost power for five and a half hours on Thursday morning after an interconnector from Victoria to South Australia failed."It is too early to speculate on the full impact of the power outage, or on how long it may take to restore normal operations," Alcoa said in a statement.

Silk Road feeds hope of 2017 recovery

02-12-2016 04:01

After five years of falling revenue, forecourts overcrowded with unsold machinery and idle factories, China's push to build a modern day Silk Road is fuelling a recovery for the country's heavy equipment ...

Retail spending encourages economists

02-12-2016 03:13

Economists have been cautiously encouraged by another robust rise in retail turnover.Retail spending rose 0.5 per cent in October, a third solid monthly rise that makes it the strongest three-monthly increase in retail turnover in just over two years.Westpac economist Matthew Hassan said the fine detail of the report suggests the expected dampening effect from price discounting did not materialise.

Stocks slide as European political fears top agenda

02-12-2016 03:12

World stocks fell Friday in nervy trade before Italy's crunch referendum and Austria's elections, amid fears that both could send shockwaves reverberating across markets. Four weeks since Donald Trump's ...

Canada may ban a widely used pesticide

02-12-2016 03:09

Canada may ban an insect-killing chemical used to protect crops because it harms aquatic bugs, including midges and mayflies, while the government continues to investigate whether imidacloprid poses a risk to bees.Imidacloprid, made by Bayer AG, should be phased out within five years, the Pest Management Regulatory Agency (PMRA) has said.Imidacloprid is part of a class of pesticides called neonicotinoids, also called neonics, that are applied as a seed treatment or sprayed on plants' leaves.

Polymer pioneer says UK protest 'stupid'

02-12-2016 03:05

The Australian pioneer of the polymer bank note says it's "stupid" that vegetarian and vegans are protesting in the UK about the five pound polymer note containing animal fat.Professor David Solomon says the polymer notes contain trivial amounts of tallow, an animal fat found in candles and soap, yet pressure is being placed on the Bank of England to find an alternative.More than 120,000 people have supported an online petition urging the Bank of England to cease using animal fat in the producti

Origin Energy revamps leadership team

02-12-2016 03:03

Origin Energy's newly installed chief executive Frank Calabria's overhaul of the group's leadership includes the removal of the position he previously held.Mr Calabria was head of Origin's energy markets division before taking over as CEO in September, and says his changes remove a leadership layer from that business, which oversees power generation and gas and electricity retail.

Venezuela rejects Mercosur suspension: foreign minister

02-12-2016 02:55

Venezuela on Friday angrily rejected its suspension from the South American economic bloc Mercosur, saying it did not recognize the action taken by the group's four other member states.Argentina, Brazil, Paraguay and Uruguay had informed the leftist government in Caracas that it was being suspended for failing to meet democratic and trade standards, a Brazilian government source said Thursday."Venezuela does not recognize this null and void action sustained by the Law of the Jungle of some offic

Erdogan urges Turks to convert foreign currency to lira

02-12-2016 02:43

President Recep Tayyip Erdogan urged Turks on Friday to convert their foreign currencies into gold and lira to stimulate the country's economy as the lira continued its slide against the dollar."For those who have foreign currencies under the pillow, come change this to gold, come change this to TL (Turkish lira).Let the lira win greater value.

New bird flu scare hits holiday hopes of French foie gras exporters

02-12-2016 02:40

A new outbreak of bird flu hit France's foie gras producers on Friday just as a ban on exports outside Europe was about to be lifted in time for the crucial holiday period.The agriculture ministry said the outbreak of the "highly pathogenic" H5N8 strain of the virus was detected Thursday on a duck farm in the southwestern Tarn region, the heart of the lucrative, though controversial, foie gras industry.Exports outside the European Union had been suspended after an outbreak a year ago, and produc

Venezuela rejects Mercosur suspension

02-12-2016 02:39

Venezuela on Friday angrily rejected its suspension from the South American economic bloc Mercosur, saying it did not recognize the action taken by the group's four other member states."Venezuela does not recognize this null and void action sustained by the Law of the Jungle of some officials who are destroying MERCOSUR," Venezuelan Foreign Minister Delcy Rodriguez said on her Twitter account.Although Venezuela joined Mercosur in 2012, the other members complain it has yet to ratify a number of

Review considers foreign workers list

02-12-2016 02:39

The federal government has asked an advisory group of business and unions to look at reducing the list of occupations covered by foreign worker visas.The review of the consolidated sponsored occupational list follows a meeting of an advisory council on skilled migration with Immigration Minister Peter on Friday.

Genex ties up funds for solar project

02-12-2016 02:37

Clean energy firm Genex Power has achieved financial closure for its 50 megawatts Kidston solar power project in far north Queensland.Genex said on Friday it has received financing approval from its debt syndicate for a $110 million debt facility for the construction of the project.Construction is expected to be complete towards the end of 2017, allowing first generation and revenue by the last quarter of the year, Genex said.