Why markets are discounting the risk of an oil supply disruption
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Perth Now
19 minutes ago
- Perth Now
AMP profit slips as litigation costs continue to weigh
Wealth manager AMP has suffered another decline in bottom-line profit as it continues to navigate legal issues while focusing on expanding its new online banking business. Interim net profit fell by almost five per cent to $98 million, mainly due to "business simplification and litigation costs". But the decline was far less compared to the previous corresponding half-year, when profit dropped 61 per cent. AMP is still dealing with class actions from the fallout of the banking royal commission, concluded in 2019, which found it had charged clients fees for no service. But the firm's underlying earnings jumped by 9.2 per cent to $131 million, which CEO Alexis George linked to strong cashflow in AMP's wealth business. "We are managing controllable costs in line with guidance, with momentum into the second half of the year," she said on Thursday. Ms George also highlighted AMP's digital banking offering AMP Bank Go, which launched in February. "With our digital challenger bank, we remain focused on growth and those smaller segments that offer margin opportunity," she said. As of June 30, AMP Bank Go had about 7500 customers and $123 million in transactional balances. AMP will pay a dividend of two cents per share for the half-year ended June 30, in line with guidance. AMP provides banking, super and retirement solutions in Australia and New Zealand. It has more than one million customers and employs more than 2,300 people.
AU Financial Review
5 hours ago
- AU Financial Review
Before the Bell: ASX to fall, Apple leaps, oil slides
Australian shares are set to rise. Wall Street advanced helped by a near 6 per cent surge in Apple on reports its eased tensions with the Trump administration. The White House said the iPhone maker will commit to investing an additional $US100 billion into its US business. In addition, there were reports iPhones will avert new tariffs on imports from India. Apple was 5.8 per cent higher near 2.55pm, lifting its market cap back above the $US3 trillion mark. President Donald Trump said he's going to increase tariffs on India to 50 per cent, from 25 per cent because India refuses to stop buying oil from Russia. India says it needs the oil for its national security. Market highlights ASX 200 futures are pointing down 32 points or 0.4 per cent to 8774. All US prices near 2.55pm New York time. Today's agenda AMP and Light & Wonder are set to report results on Thursday. The June trade balance is scheduled for 11.30am. Across the Tasman, the RBNZ's third-quarter Survey of Expectations will be most closely followed for its inflation expectations components. Overseas, the Bank of England is widely expected to cut its key rate by 25 basis points. China is set to release its July trade balance. Top stories ASX under fire after 'ridiculous' $400m TPG mix-up | A major investor has slammed the 'continuing saga' within the exchange operator after it confused the telco with a private equity firm. | A spokesperson for India's Ministry of External Affairs called the US president's announcement 'unfair, unjustified and unreasonable'. | Mining unions leapt on the proposal as a reason workers should organise, but Rio Tinto says long sick leave puts pressure on those who stay on the job.
News.com.au
21 hours ago
- News.com.au
‘Cruel irony': End of double rebates spell trouble for power bills in Brisbane
Brisbane households are set to cop massive spikes in power bills as the state and federal rebates wind down, analysis of true power prices shows. Australian Bureau of Statistics data shows Brisbane prices have risen 21 per cent in the past year. 'Brisbane's $374 annual increase represents a complete reversal of fortune,' founder Dave Green said. 'A year ago, Brisbane families enjoyed some of Australia's cheapest electricity. Now, they're paying the highest rates despite having access to abundant renewable energy,' he said. Mr Green's company installs solar panels and batteries on homes and commercial buildings, and he has analysed Australian Bureau of Statistics data on electricity inflation. Brisbane households are paying 14 per cent more than the national average for electricity, the analysis found. Nationally, electricity prices have fallen 6.2 per cent to $1876 on annual terms in the past year. The ABS data shows this is explicitly because of the $300 rebate handed out by the federal government, a $60 rebate from the Tasmanian government and a $1000 rebate from the deposed former Queensland government. While prices spiked in Brisbane, Perth recorded a 2.5 per cent increase. Melbourne prices have dropped 17 per cent, Hobart homes are paying 19 per cent less, bills in the South Australian capital are down 9 per cent and in Sydney, bills have fallen 7 per cent. Brisbane households had a 'cruel' surprise waiting when the rebates ended, Mr Green said. 'The cruel irony is that while families saw lower bills thanks to rebate credits, the underlying electricity rates were skyrocketing behind the scenes,' he said. 'Now that the rebate money has run out, Brisbane households face a sudden bill shock as the true cost of their electricity is finally revealed. 'Many families may be completely unprepared for this huge jump in their quarterly bills.' The massive rebates in Queensland had softened competition in the electricity market, Mr Green said. 'When the government is essentially subsidising every household's electricity bill with $1300, there's no pressure on energy companies to keep their rates competitive,' he said. 'Why would they cut prices when customers aren't feeling the pain? 'The rebates effectively insulated providers from normal market forces, allowing them to implement steep price rises without immediate consumer backlash.' In May 2024, Queensland's previous Labor government announced every household would be getting $1000 wiped from their power bills. The rebate was paid for by massive coal royalties. Following their election win later in the year, the new LNP government confirmed the payment would not be renewed.
