Finance News Today

The banking regulator has removed the cap it placed on booming lending to property investors three years ago

(AAP 27 April 2018) THE Australian share market is expected to open higher after US stocks rallied on the back of more positive company earnings reports. At 0700 AEST on Friday, the Australian share price futures index was up 44 points, or 0.75 per cent, at 5,938.

Meanwhile, the Australian dollar is lower after the US dollar rallied following the European Central Bank meeting and the release of better than expected weekly US jobless claims data. The local currency was worth 75.54 US cents, from 75.72 US cents on Thursday.


DETROIT — General Motors’ first-quarter net income fell 60 per cent from a year ago, but the company handily beat Wall Street estimates as US sales rose.
ATLANTA — More deliveries and higher revenue per package have boosted first- quarter profit at UPS, but the company was hampered by rising costs as it upgrades its network to keep up with online shopping.
FORT WORTH — Rising fuel costs are eating into profits at the airlines, dampening expectations for the rest of 2018, and could lead to higher fares.
LONDON — Facebook will introduce new measures to boost transparency around adverts in Britain by June and require political ads to be clearly labelled, the firm’s chief technology officer has told a British parliamentary committee.
BEIJING — China has appealed to Washington to avoid damaging business confidence following a report that US authorities are investigating whether Chinese tech giant Huawei violated sanctions on Iran amid spiralling technology tensions.
WASHINGTON — Orders for long-lasting US manufactured goods rose 2.6 per cent in March, but a key category that tracks business investment spending fell for the third month out of the past four.


WESTPAC — Westpac shares have plunged to a two-year low after investment bank UBS cut the stock to a “sell” rating on concerns over the quality of the lender’s mortgage book.
APRA — The banking regulator has removed the cap it placed on booming lending to property investors three years ago, and now expects banks to introduce their own lending restrictions, as concerns about risky practices persist.
WESFARMERS -Wesfarmers chief executive Rob Scott has taken a more positive stance on his company’s struggling Bunnings venture in the UK despite another dramatic fall in sales.
COMPANY TAX — Treasurer Scott Morrison has continued to press for extending corporate tax cuts to all businesses, arguing that Australia’s 10 top companies have paid more than a quarter of all corporate tax.
AGL ENERGY — AGL Energy has committed to building a new gas-fired electricity plant in NSW that is expected to be completed prior to the closure of its Liddell power station.
HYDROPONICS — Shares in The Hydroponics Company (THC) have soared after the pot stock acquired one of the largest pharmaceutical plant extraction and refinement facilities in the southern hemisphere.
CLEANAWAY — Rubbish and recycling giant Cleanaway’s $671 million takeover of rival Tox Free Solutions has been given the all clear by the competition watchdog.
NEWCREST — Newcrest Mining has cut its full year gold output forecast, mainly on the back of a dam collapse which halted operations at its biggest and lowest-cost mine.

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