Strong GDP no bar to rate cut
Garry Shilson-Josling, AAP EconomistAAPThe way the foreign exchange market reacted, you'd be forgiven for thinking the latest economic growth figures make an interest rate cut less likely.But the market needs to look again.On Wednesday afternoon, the Aussie dollar was trading around 72.75 US cents, nearly a cent higher than it was before foreign trade data on Tuesday signalled a strong gross domestic product figure, subsequently confirmed by the Australian Bureau of Statistics on Wednesday.GDP r..>> view originalGuvera raising up to $100 million through ASX listing
Guvera co-founders Claes Loberg and Darren Herft are listing the company on the ASX. Wayne Taylor Gold Coast-based music streaming business Guvera is listing on the ASX to raise up to $100 million, valuing the company at up to $1.3 billion.The stratospheric valuation is huge for the business which made $1.2 million in revenue in the 2015 financial year, with a net loss of $81.1million, up from a $29 million loss the year before.Co-founder and c..>> view originalFuture Fund says finance lacks professionalism
"When you visit the dentist, he or she has every financial incentive to drill a hole and fill it. But we trust that they won't," Future Fund managing director David Neal said. Photo: Christopher Pearce The investment management industry lacks the fundamental trust of its customers, and cannot legitimately call itself a true profession, Future Fund managing director David Neal says.In a strongly-worded critique of the cultural problems in finance, Mr Neal on W..>> view originalOverseas visitors spending up big
Historical sites like Port Arthur in Tasmania experienced strong growth in visitor numbers in the March quarter. Picture: News Corp AustraliaRobyn IronsideNews Corp Australia NetworkEVERY international visitor who steps foot in Australia is worth $5000 to the country’s economy, and the figure is growing. Tourism Australia has come up with the “price tag” after the industry rang up an additional $1.4 billion in sales in the first three months of the year.Figures from Tourism Research Australia’s ..>> view originalLen Buckeridge family feud: Sydney teens in legal fight for $90m share of fortune
Two Sydney teenagers have launched legal action against their family to secure $90 million left to them by their billionaire grandfather Len Buckeridge. The West Australian construction baron died in 2014, aged 77, and there is a growing family feud over his $2.5 billion estate.Two grandchildren, 19-year-old Esperance Stephen and her 16-year-old sister Alba, have launched a bid in the Supreme Court of Western Australia to secure their $90 million slice of the fortune held in trusts. ..>> view originalWynyard Station in $1 billion redevelopment after government accepts unsolicited offer
An artist's impression of a redeveloped Wynyard Station opening onto George Street. Photo: Supplied One of the city's busiest train stations will undergo a billion-dollar redevelopment over the next four years, the government announced on Wednesday.A grand "transit hall" will be built at Wynyard Station, and a public concourse will open out onto a pedestrian-only George Street, following the completion of the station upgrade in 2020 and the adjacent light rai..>> view originalChallenges For China's Economy Continue, As Mixed Manufacturing PMI Data Shows Demand Still Weak
SHANGHAI — China’s latest manufacturing data suggests continuing challenges for the country’s slowing economy, analysts said, after surveys of industrial activity for May produced mixed results. Official figures suggested a slight expansion in China’s manufacturing sector – but another survey focusing more on private and small businesses showed continuing contraction.And with further signs of slowing export demand, it’s a reminder of pressure on China’s economy, which saw growth fall to 6.7 perc..>> view originalJames Packer's Macau bet notches up two-year losing streak
Wise move: James Packer's surprise decision to slash his stake in Melco has been vindicated. Billionaire James Packer's unexpected decision to slash his stake in Melco Crown Entertainment has been partly vindicated after figures showed a larger than expected fall in Macau gaming revenues in May as tighter regulations hobbled gambling activity.Mr Packer stepped down as the co-chair of Macau-focused Melco in early May after Crown Resorts - 53 per cent owned by..>> view originalANZ accused of racial bigotry towards Indian billionaires Pankaj and Radhika Oswal
Pankaj Oswal (left) and his wife Radhika (right) and daughter Vasundhara leave court in Melbourne on Tuesday Photo: AAP ANZ Bank and its senior executives, including former chief executive Mike Smith, have been accused of "racial bigotry" in their dealings with flamboyant billionaires Pankaj and Radhika Oswal.In explosive emails between ANZ senior executive Chris Page and former CEO Mike Smith, Mr Page used a slew of derogatory terms to describe the couple, t..>> view originalRichard Murray says JB Hi-Fi doesn't need The Good Guys to keep growing
Expansion: JB Hi-Fi chief Richard Murray is confident with his growth strategy. Photo: Wayne Taylor JB Hi-Fi chief executive Richard Murray is optimistic the consumer electronics retailer can grow its share of the home appliance market even if it misses out on acquiring The Good Guys."I'm very comfortable with our home appliance strategy," he said when asked how the company would ramp up growth in that segment if it missed out on The Good Guys. "It is a small..>> view original
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