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Virgin Australia's IPO executive David Marr resigns
  + stars: | 2023-10-17 | by ( ) www.reuters.com   time to read: 1 min
Aircraft from Australia's second largest airline, Virgin Australia, sit on the tarmac at the domestic terminal of Sydney Airport in Australia, August 19, 2018. Picture taken August 19, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsOct 17 (Reuters) - Bain Capital-owned Virgin Australia (IPO-VIR.AX) on Tuesday said its Chief Development Officer David Marr, who was assigned to lead the airline's plans for an eventual initial public offering (IPO), has stepped down from his role. "A significant amount of this work is now complete and while we are committed to an IPO as soon as practicable, the timing of an actual listing is dependent on capital markets conditions," the airline said in an emailed response to Reuters. Reporting by Poonam Behura in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, David Marr, Poonam, Janane Organizations: Virgin, Sydney Airport, REUTERS, Bain Capital, Virgin Australia, Reuters, Thomson Locations: Australia's, Virgin Australia, Australia, Bengaluru
A sign for Fletcher Building Ltd adorns a crane at a construction site in the New Zealand city of Auckland, June 25, 2017. ASX-listed shares slumped nearly 10% and were the top losers in the ASX 200 benchmark index (.AXJO). Shares of Fletcher were on a trading halt in both exchanges since last Thursday to allow the company to respond to the claims. The construction materials maker said in August nearly 1,500 of 15,000 houses constructed using its pro-fit polybutylene plumbing pipes had experienced leaks between mid-2017 and mid-2022. The stock was last down 12.1% and set for its worst day since Oct. 12, 2011, if losses hold.
Persons: David Gray, Fletcher, staving, JP Morgan, Himanshi, Sherry Jacob, Phillips Organizations: Fletcher, REUTERS, Buckeridge, of Companies, JP, Thomson Locations: New Zealand, Auckland, Australia, Perth, Bengaluru
A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Oct 16 (Reuters) - Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency. Australia's government on Monday separately outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence. The RBA has been studying whether to issue a central bank digital currency (CBDC) of its own and if it would help facilitate atomic settlement in tokenised asset markets. A wholesale CBDC could also act as a complement to new forms of privately issued digital money, including tokenised bank deposits and asset-backed stablecoins.
Persons: David Gray, Brad Jones, Jones, tokenisation, " Jones, Wayne Cole, Jamie Freed Organizations: Reserve Bank of Australia, REUTERS, Rights, Australian Financial, Treasury, Thomson Locations: Sydney, Australia
How to watch the ‘ring of fire’ eclipse
  + stars: | 2023-10-13 | by ( Ashley Strickland | ) edition.cnn.com   time to read: +7 min
CNN —On Saturday, a celestial spectacle will occur over North, Central and South America as an annular solar eclipse creates a “ring of fire” in the sky. The annular solar eclipse will begin in the United States at 9:13 a.m. PT (12:13 p.m. To view the annular eclipse safely, wear certified ISO 12312-2 compliant solar eclipse glasses or use a handheld solar viewer. Eclipse glasses allow for the safe viewing of all phases of an annular or partial solar eclipse. The small holes will reflect the sun’s crescent during a partial eclipse or a ring during the annular eclipse.
Persons: CNN —, , Mitzi Adams, Alberto Buzzola, you’ll, Kelly Korreck, David Gray, Bill Ingalls Organizations: CNN, NASA, Science, Marshall Space, American Eclipse, American Astronomical Society Locations: North, Central, South America, United States, Oregon, Gulf Coast, Texas, Nevada , Utah, New Mexico, California , Idaho , Colorado, Arizona, Mexico, Belize, Honduras, Panama, Colombia, Natal, Brazil, Taiwan, Alaska, Albuquerque , New Mexico, Kerrville , Texas, White Sands , New Mexico
A stacker unloads iron ore onto a pile at a mine located in the Pilbara region of Western Australia December 2, 2013. China iron ore imports vs SGX priceIMPORTS SLIPThere are also signs that China's iron ore imports may soften in October, although that is most likely related to the week-long holidays at the start of the month. The last official reading on iron ore imports was August's customs figure of 106.42 million metric tons, which was the highest monthly total since October 2020. A further possible concern for iron ore imports is what policy China will adopt regarding steel production for the coming winter period. One possible bullish factor for iron ore is the continuing retreat of China's port inventories, which suggests scope to import more to boost stockpiles.
Persons: David Gray, doesn't, SteelHome, Sonali Paul Organizations: REUTERS, Rights, China, HK, Garden, JPMorgan, Reuters, Thomson Locations: Pilbara, Western Australia, Rights LAUNCESTON, Australia, Beijing, Singapore, China's, China
Aircraft from Australia's second largest airline, Virgin Australia, sit on the tarmac at the domestic terminal of Sydney Airport in Australia, August 19, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsOct 10 (Reuters) - Bain Capital-owned Virgin Australia said on Tuesday that the airline returned to a profit for the first time in 11 years for fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic. The carrier reported a statutory net profit after tax of A$129 million ($82.93 million) for the full year ended June 30, 2023, compared with a loss of A$565.5 million in 2022. Virgin Australia now has a considerably stronger balance sheet with continued significant improvement in its cost base, CFO Race Strauss said in a statement on Tuesday. Virgin was upbeat on its capital position, reporting total debt including leases of A$2.3 billion and over A$1 billion of cash on the balance sheet.
Persons: David Gray, Bain, Race Strauss, Strauss, Roushni Nair, Nausheen, Rashmi Organizations: Virgin, Sydney Airport, REUTERS, Bain Capital, Virgin Australia, Australian Securities Exchange, Reuters, GQG Partners, Airlines, Thomson Locations: Australia's, Virgin Australia, Australia, Bengaluru
Harvesting machinery can be seen behind a wheat crop in a paddock located on the outskirts of the South Australian town of Jamestown, in Australia, December 1, 2017. Global warming is leading to hotter and more extreme weather in Australia, one of the world's largest exporters of agricultural products. "The latest analysis out of Treasury tells us that disasters and a warming climate have big, economy wide effects," Chalmers told an agricultural conference in Queensland dedicated to drought. "If further action isn't taken, Australian crop yields could be 4 per cent lower by 2063 – costing us about A$1.8 billion in GDP in today's dollars." ($1 = 1.5569 Australian dollars)Reporting by Peter Hobson; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Jim Chalmers, Chalmers, Peter Hobson, Michael Perry Organizations: REUTERS, Thomson Locations: Jamestown, Australia, Queensland, decarbonisation
New Zealand economy expands faster than expected
  + stars: | 2023-09-20 | by ( Lucy Craymer | ) www.reuters.com   time to read: +3 min
Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. Annual growth increased to 1.8%, Statistics New Zealand data showed, above expectations of 1.2%. "It's a victory for the New Zealand economy and for the people who work hard every single day to deliver high quality jobs," Finance Minister Grant Robertson told reporters. The handling of the economy has been a central theme in this year's election with the opposition criticising the government's role in record high inflation and the slowing economy. The Reserve Bank of New Zealand (RBNZ) has been forecasting the economy would slip into recession in the second half of 2023.
Persons: David Gray, Gabrielle, Grant Robertson, Lucy Craymer, Sonali Paul Organizations: REUTERS, Statistics, New Zealand, U.S . Federal, Labour, New, Finance, ASB, Reserve Bank of New Zealand, Thomson Locations: Wellington , New Zealand, WELLINGTON, Statistics New Zealand, Zealand, New Zealand
REUTERS/David Gray/File Photo Acquire Licensing RightsLONDON, Sept 14 (Reuters) - Global investment of $2.7 trillion a year is needed to achieve net zero emissions by 2050 and avoid temperatures from rising above 1.5 degrees Celsius this century, a report by consultancy Wood Mackenzie said on Thursday. Many governments have pledged to reduce emissions to net zero by mid-century to help achieve this. However, most countries are not on track to even meet emissions targets by 2030, let alone 2050, the report said. Net zero refers to cutting emissions to as close to zero as possible with any remaining emissions re-absorbed from the atmosphere, by oceans and forests, for example. There will be a natural depletion as low and zero carbon options develop but supply still needs to be replenished as we move towards net zero," said Prakash Sharma, vice president at Wood Mackenzie, and lead author of the report.
Persons: David Gray, Wood Mackenzie, , Simon Flowers, Wood, Prakash Sharma, Nina Chestney, Deepa Babington Organizations: REUTERS, United Nations, Renewables, Thomson Locations: Port Botany, Sydney, Australia, 1.5C, Wood Mackenzie
REUTERS/FILE/David Gray Acquire Licensing RightsSept 13 (Reuters) - Australia's Macquarie (MQG.AX) and Malaysian hospital chain Columbia Asia are among the bidders for the acquisition of a healthcare joint venture between Ramsay Health Care and Sime Darby, according to sources familiar with the matter. Ramsay Health Care (RHC.AX) and Malaysian conglomerate Sime Darby (SIME.KL) in June announced their plan to sell Ramsay Sime Darby Health Care (RSD) in a deal that could value the Asia-focused joint venture at 6 billion ringgit ($1.28 billion). Macquarie has been investing in the healthcare sector since 2005 and has been operating in Malaysia for over 24 years, while Columbia Asia has been running medical facilities across Southeast Asia with significant presence in Malaysia. Bloomberg had earlier reported that a unit of Kuala Lumpur- listed Sunway Bhd was also among the shortlisted bidders along with Columbia Asia and Macquarie. Columbia Asia, Macquarie, Sunway, Ramsay and Sime Darby did not immediately respond to a request for comment.
Persons: David Gray, Macquarie, Sime Darby, Ramsay, Ramsay Sime Darby, Rishav Chatterjee, Saumyadeb Organizations: Macquarie Group Ltd, Ramsay Health Care, Sime, Ramsay Sime, Ramsay Sime Darby Health, IHH Healthcare, KKR, Co Inc, Columbia, Bloomberg, Thomson Locations: Sydney, Australia, Columbia Asia, Malaysian, Asia, Malaysia, Southeast Asia, Kuala Lumpur, Macquarie . Columbia Asia, Macquarie, Sunway, Bengaluru, Yantoultra, Singapore
The lower-ranking Federal Court in 2021 found Qantas broke the law by outsourcing the ground handling jobs, but the airline appealed the ruling in the High Court which upheld the decision on Thursday. The matter now returns to the Federal Court which will decide penalties and compensation for affected employees. "These workers have been put through hell," said Michael Kaine, secretary of the Transport Workers Union (TWU) which brought the lawsuit. Qantas said in a statement that it accepted the High Court decision and noted the Federal Court had already ruled out forcing the company to reinstate the workers. It said it had already made an unspecified provision in its accounts for penalties and compensation for affected employees after the Federal Court decision.
Persons: David Gray, Michael Kaine, Kaine, Byron Kaye, Roushni Nair, Subhranshu Sahu, Jamie Freed Organizations: Qantas Airways Airbus, Sydney Airport, REUTERS, Rights, Qantas Airways, Australia, Qantas, Qatar Airways, Federal, Transport Workers Union, Thomson Locations: Australia, Sydney, Bengaluru
REUTERS/David Gray/File Photo Acquire Licensing RightsWELLINGTON, Sept 12 (Reuters) - New Zealand’s government on Tuesday predicted a larger budget deficit but better-than-expected economic conditions in the year ahead, as it updated forecasts heading into the October election. The government forecast a budget deficit of NZ$11.4 billion ($6.7 billion) for the year ending June 30, 2024, much larger than a deficit of NZ$7.6 billion estimated in May. The global economy has deteriorated since May, which is having a direct impact on New Zealand's economy while tax revenue is also falling, Finance Minister Grant Robertson said in a statement. "Treasury’s latest forecasts show the economy isn’t working for Kiwis," said National Party leader Christopher Luxon. ($1 = 1.6926 New Zealand dollars)Reporting by Lucy Craymer; Editing by Sam Holmes and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Grant Robertson, Robertson, ", Christopher Luxon, Lucy Craymer, Sam Holmes, Edwina Gibbs Organizations: REUTERS, Rights, Finance, Zealanders, Treasury, Kiwis, National Party, Reserve Bank of New, Zealand, Thomson Locations: Wellington , New Zealand, Reserve Bank of New Zealand
Leon Neal/AFP/Getty Images2008: iPhone 3G, meet the App StoreWith the second version of the iPhone, Apple introduces the App Store and 3G connectivity. Stephen Lam/Reuters2016: iPhone SE, a budget optionTaking a step back, the iPhone SE is a cheaper, smaller device than the 6S, giving customers a chance to enjoy Apple’s phones at a much lower cost. People handle the new Apple iPhone XS and iPhone XS Max during a media tour at an Apple office in Shanghai, China, on September 21, 2018. Brendon Thorne/Bloomberg/Getty Images2020: iPhone 12 Mini, small but mightyThe iPhone 12 mini is smaller than the usual iPhone but packs a powerful punch. Mike Segar/Reuters2021: iPhone 13 Series, same price for more spaceThe iPhone 13 stays at the same price as the iPhone 12 with double the storage space, as well as featuring a much smaller top notch.
Persons: Steve Jobs, John Green, ” Jobs, Leon Neal, Justin Sullivan, Siri, FaceTime, , , Jobs, Michael Nagle, Apple, Seth K, Hughes, Akio Kon, David Gray, Tim Cook, Josh Edelson, Stephen Lam, David Paul Morris, Phil Schiller, Aly Song, Max, Jason Lee, Pro Max, Phil Barker, Brendon Thorne, Mike Segar, Gabby Jones, Andrew Kelly Organizations: New, New York CNN, Apple, Macworld, Bay Area, Getty, Lightning, Bloomberg, Apple Inc, Worldwide, Steve Jobs, Steve, Pro, Future Publishing Locations: New York, San Francisco, London, AFP, San Francisco , California, New York City, Cupertino , California, Ginza, Tokyo, Japan, Sydney, Shanghai, China, Beijing, Australia, Manhattan , New York
The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsMOSCOW, Sept 8 (Reuters) - A presiding judge at the Moscow Arbitration Court on Friday rejected a Goldman Sachs (GS.N) request to dismiss a $6.3 million lawsuit by Russia's Otkritie (OPENI.MM), which is owned by state bank VTB (VTBR.MM). A lawyer for Goldman had argued on Thursday that the Moscow court had no jurisdiction and the case should instead be heard in London. At Otkritie's request, Goldman's assets in Russia, including its 5% stake in Russia's largest toy retailer, Detsky Mir (DSKY.MM), were sequestered last month. Otkritie says in a filing with the court that Goldman cited sanctions introduced against Moscow by the United States and Britain over Ukraine in failing to settle the debt.
Persons: Goldman Sachs, David Gray, Russia's Otkritie, Goldman, Otkritie, Detsky Mir, Kevin Liffey, Alexander Smith Organizations: REUTERS, Rights, Moscow, Reuters, Thomson Locations: Sydney, Australia, Moscow, London, Russia, United States, Britain, Ukraine
A pedestrian is reflected in a window where an investor sits looking at a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia February 9, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsCompanies ASX Ltd FollowSYDNEY, Sept 6 (Reuters) - Australia passed a law on Wednesday to support competition in post-trade settlement and clearing for financial markets, challenging the near-monopoly status held by ASX Ltd (ASX.AX). After ASX cancelled a costly overhaul of its trading platform, the federal government said it was opening up the market to let other players in. Though Australian financial regulators have called for greater competition in clearing and settlement functions for years, a failed overhaul of ASX's all-in-one legacy software system renewed pressure from market participants to challenge its near-monopoly. In other major financial markets, clearing and settlement, or confirming the transfer of stock ownership and updating share registries, are managed by separate entities to the market operator.
Persons: David Gray, Jim Chalmers, Byron Kaye, Simon Cameron, Moore Organizations: Australian Securities Exchange, REUTERS, ASX Ltd, Senate, Reserve Bank of Australia, Australian Securities and Investments, Thomson Locations: Sydney, Australia
Scroll through the gallery to see more of the planet's most problematic invasive species. Sarefo / Wikimedia Commons In pictures: Invasive species around the world Prev Next‘Prevention, prevention, prevention’Along with invasive species, other key drivers of biodiversity loss include destruction of land and sea habitats, exploitation of organisms, climate change and pollution. As well as flammable invasive plants sparking and spreading wildfires, climate change is enabling invasive species to move north – even to remote areas such as high mountains, deserts and frozen tundra. Preventing the arrival of new species into new regions is the best way to manage threats from invasive species, according to the report. For invasive species that have already taken hold, eradication has been a useful tool, especially on islands, according to the report.
Persons: , Helen Roy, ” Roy, David Gray, Peter Stoett, Anibal Pauchard, Ian Hitchcock, Starling, MENAHEM KAHANA, Phil Mislinski, Jeff J Mitchell, SANJAY KANOJIA, MUNIR UZ ZAMAN, ” Stoett, Stoett, , ” Pauchard Organizations: CNN, United Nations, UN, Services, billabong, Nile Virus, Ontario Tech University, Chile’s Institute of Ecology, Pacific, World Wildlife Fund, US Department of Agriculture, USA, Studies, New Zealand Government, European, Starlings, AFP, Getty, North, Wikimedia Locations: Darwin, Australia, Africa, Caribbean, Guam, North America, Hawaii, Maui, Antarctica, Pacific, North, South America, Azov, China, Japan, Europe, Bermuda, New Zealand, New York, USA, Australasia, South Africa, United States, AFP, East Africa, Western Asia, Americas, Kenya, India, Puerto Rico, Kunming, Montreal
Warmer temperatures under climate change are expected to further drive the expansion of invasive species. Invasive species are plants or animals, often moved around by human activity, that take hold in an environment with deleterious effects. ERADICATING INVADERSAbout three-quarters of the negative impacts from invasive species occur on land, especially in forests, woodlands, and farmed areas. Getting rid of invasive species once they are established, however, is difficult. Last December, the world's governments committed in the Kunming-Montreal Global Biodiversity Framework to reducing the introduction and establishment of priority invasive species by at least 50 percent by 2030.
Persons: Graeme Sawyer, David Gray, Helen Roy, Anibal Pauchard, Roy, Gloria Dickie, Angus MacSwan Organizations: Northern Territory, billabong, REUTERS, United Nations Intergovernmental, Services, Chile's Institute of Ecology, Thomson Locations: Darwin, Hawaii, Africa, West Nile, New Zealand, Kunming, Montreal, London
The central business district (CBD) of Melbourne can be seen from the area located along the Yarra River called Southbank located in Melbourne, Australia, July 27, 2016. Spending of A$37.58 billion ($24.43 billion) was the highest since late 2015, while investment in equipment reached a record peak of A$17.53 billion. Firms also lifted spending plans for the fiscal year to June 2024 to A$157.8 billion, up 14.5% on the previous quarter. Figures for gross domestic product (GDP) for the June quarter are due next week and analysts are tipping growth of only around 0.3%. ($1 = 1.5370 Australian dollars)Reporting by Wayne Cole; Editing by Christopher Cushing and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Nomura, Andrew Ticehurst, Wayne Cole, Christopher Cushing, Stephen Coates Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Investors, Thomson Locations: Melbourne, Southbank, Australia
REUTERS/David Gray/File Photo Acquire Licensing RightsAug 29 (Reuters) - New Zealand said on Tuesday it would introduce legislation for a digital services tax on large multinational companies from 2025 after talks for a global rollout did not reach consensus at the Organization for Economic Cooperation and Development (OECD). But the proposal was pushed back last month after countries with digital services taxes, with the exception of Canada, agreed to hold off applying them for at least another year. The proposed digital services tax will target multinational businesses that earn income from New Zealand users of social media platforms, search engines, and online marketplaces. The tax would be payable by businesses that make over 750 million euros ($812 million) a year from global digital services and over NZ$3.5 million a year from digital services provided to New Zealand users. The tax would be applied at 3% on gross taxable New Zealand digital services revenue, a similar rate adopted by comparable countries like France and the United Kingdom.
Persons: David Gray, Grant Robertson, Renju Jose, Lincoln Organizations: REUTERS, Organization for Economic Cooperation, Development, Apple, Finance, Kiwis, NZ, Thomson Locations: Wellington, New Zealand, Canada, Zealand, France, United Kingdom, Sydney
A worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.
Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru
Telstra Chairman Mullen to retire after 15 years
  + stars: | 2023-08-27 | by ( ) www.reuters.com   time to read: +1 min
A pedestrian walks past a Telstra logo adorning a phone booth in the central business district (CBD) of Sydney in Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsAug 28 (Reuters) - Australia's Telstra (TLS.AX) said on Monday that its chairman John Mullen would retire at the conclusion of this year’s annual meeting on October 17. After serving on the telecom major's board for 15 years, the company said Mullen will be succeeded as chairman by current director Craig Dunn. Mullen served as chairman for the past seven years. The country's largest telecoms firm expects underlying EBITDA between A$8.2 billion and A$8.4 billion ($5.38 billion)for fiscal 2024, higher than A$7.86 billion in the previous year.
Persons: David Gray, John Mullen, Mullen, Craig Dunn, Dunn, Aishwarya Nair, Diane Craft Organizations: Telstra, REUTERS, Australia's Telstra, Risk, Thomson Locations: Sydney, Australia, Asia, Bengaluru
A customer looks at products marked with discounted prices on display at a chemist in a shopping mall in central Sydney, Australia, July 25, 2018. "Inflation, while slowing, has hurt Australians more during the past 18 months than it has for three decades," National Australia Bank (NAB) CEO Ross McEwan said in a speech at the Australia-Israel Chamber of Commerce. "There is a lot of discussion as to whether Australia will head into a recession as we do have many headwinds. NAB and the three other large lenders which dominate Australia's A$2 trillion ($1.3 trillion) mortgage market have recorded only modest increases in late repayments as unemployment remains near record lows. Immigration to Australia has returned to levels similar to before COVID-19 prompted global border closures, leading to a shortage of housing and underpinning prices.
Persons: David Gray, Ross McEwan, McEwan, Byron Kaye, Himani Sarkar Organizations: REUTERS, Rights, National Australia Bank, NAB, Israel Chamber of Commerce, Reserve Bank, Thomson Locations: Sydney, Australia, Israel, COVID, Lincoln
A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsCompanies South32 Ltd FollowAug 22 (Reuters) - Australian trade union Collieries' Staff and Officials Association (CSOA) on Tuesday said mining supervisors voted to extend their work stoppage at South32's (S32.AX) Appin mine for one more week. The strike, which was due to end on Aug. 25, has been extended till Sept. 1. A South32 spokesperson told Reuters that some parts of the mine, located in New South Wales, will remain non-operational during the strike. Reporting by Himanshi Akhand and Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons: South32, David Gray, Belinda Giblin, Himanshi Akhand, Sameer Manekar, Varun Organizations: REUTERS, Collieries ' Staff, Association, Reuters, Thomson Locations: Perth, Western Australia, New South Wales, Bengaluru
Shares of Sydney-based Westpac fell about 2.1% to trade at A$20.82 at 0040 GMT, hitting their lowest since July 12. Broadly, Australia's major banks have all flagged stiff competition in the mortgage space, along with higher expenses as inflationary pressures weigh. The higher interest rates have also contributed to increased living costs, which are pushing up debt arrears. Westpac did not publish a comparable quarterly net profit figure for the same period a year earlier. The figure reported on Monday was below the A$2 billion average profit for the first two quarters of fiscal 2023.
Persons: David Gray, Riya Sharma, Archishma Iyer, Sam Holmes, Christopher Cushing Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac Banking Corp, Sydney, Westpac, Citi, Commonwealth Bank of Australia, Australia Bank, Thomson Locations: Sydney, Australia
Westpac flags margin squeeze from rising home loan competition
  + stars: | 2023-08-20 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/David Gray Acquire Licensing RightsSummaryCompanies Reports quarterly cash profit A$1.8 billionLate loan repayments rises to 0.8% in AustraliaCET1 Ratio of 11.9%Aug 21 (Reuters) - Westpac Banking Corp (WBC.AX), Australia's third-largest lender, on Monday posted a quarterly cash profit of A$1.8 billion ($1.15 billion), as increased competition for home lending squeezed margins. Australia's major banks have all flagged stiff competition in the mortgage space, along with higher expenses as inflationary pressures weigh. Sydney-based Westpac said expenses for the second half to date were up 5% from the first half, fuelled by higher supplier costs and staff wages. In Australia, loan repayments past 90 days late rose to 0.80% in the three-months ended June, up 7 basis points from 0.73% in March, Westpac said. The lender reported a core net interest margin of 1.86% for the quarter, down 4 basis points from the first half of fiscal 2023.
Persons: David Gray, Riya Sharma, Archishma Iyer, Lisa Shumaker, Sam Holmes Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac Banking Corp, Westpac, Commonwealth Bank of Australia, Australia Bank, Thomson Locations: Sydney, Australia
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