Latest news with #LuisEnriqueAscui
Perth Now
10 hours ago
- Business
- Perth Now
ASX extends run as it approaches highest
Australia's stock market soared to within one per cent of a record high as investors factored in interest rate cuts and the Commonwealth Bank became the first Australian company to surpass the $300bn market cap. The benchmark ASX 200 index gained 75.10 points or 0.89 per cent to 8,541.80 points while the broader all ordinaries also finished higher up 79.30 or 0.91 per cent to 8,770.20. The Australian dollar slid 0.09 per cent and is now buying 64.56 US cents. Wednesday's trading was dominated by CBA, which saw Australia's largest bank pass $181 a share for the first time. The Commonwealth Bank became the first Australian company to pass the $300bn market cap. NewsWire / Luis Enrique Ascui Credit: News Corp Australia VanEck senior portfolio manager Cameron McCormack said CBA's 'remarkable' rally continued as the major bank passed a $300bn market cap, thanks to weaker resources stock. 'Particularly offshore investors looking at the Australian market are more likely to prefer the local banks as they tend to outperform when resources underperform,' he said. 'We are not looking at a reverse of that trend.' But CBA was not alone, with Westpac shares also rallying 1.47 per cent to $33.10 even though ASIC made the decision to start legal proceedings against subsidiary RAMS for alleged systemic misconduct. NAB also jumped 1.07 per cent to $38.60 and ANZ rose 0.95 per cent to $29.64. On an overall positive day, nine of the 11 sectors finished in the green led by energy, consumer discretionary and financial stocks. Woodside Energy rose 2.89 per cent to $22.80, Santos gained 0.92 per cent to $6.59 and Yancoal Australia added 1.93 per cent to $5.29. Wesfarmers shares gained 0.59 per cent to $84.60, JB Hi Fi rallied 2.05 per cent to $112.24 and Harvey Norman jumped 2.98 per cent to $5.53. On an overall positive day, nine of the 11 sectors closed in the green. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia Australia's share market followed a late rally on Wall Street overnight on better than expected US job openings which showed businesses were looking for 7.4 million staff members in April. A strong lead in from Wall Street and worse than expected ABS data which showed Australia is back in a GDP per capita recession helped boost the local market. Mr McCormack said the market reacted positively to a GDP print showing economic growth of just 0.2 per cent for the quarter or 1.3 per cent for the year. 'The market is starting to price in more rate cuts on the back of some of the softer data coming through, including the weaker export data,' he said. In company news Virgin Australia announced plans to return to the ASX via a $685m initial public offering. The IPO priced at $2.90 per share and if the shares are fully subscribed will re-list at a market value of around $2.3bn. Japanese entertainment giant MIXI has upped its bid to buy Australian gambling company Pointsbet and is now offering $402m to take over the company. Shares in Pointsbet rallied 10.60 per cent to $1.20. Fashion-forward jewellery and accessories brands Lovisa announced a change in leadership with Mark McInnes moving into the role of executive deputy chairman. Shared surged 9.10 per cent to $32 on the announcement. DroneShield shares marched higher up 12.50 per cent to $1.58 on news the UK government is planning on spending GBP 2bn or $AU4.2bn to boost its drone technology in an effort to boost its military capabilities.
Courier-Mail
6 days ago
- Business
- Courier-Mail
Interest rates, inflation: CBA slashes fixed rate as banks race to cut interest on mortgages
Don't miss out on the headlines from Interest Rates. Followed categories will be added to My News. The Commonwealth Bank of Australia has announced on Thursday it will slash fixed rate home loans by up to 0.40 percentage points across all fixed terms, but experts say it will not be enough to get Aussies to lock in. The change will be in place from Friday, to coincide with a 0.25 cut in CBA's variable rate following the RBA cash rate cut earlier this month. CBA's new lowest fixed rate will be 5.49 per cent for three years. CBA to cut rates, experts say it's not enough. Picture: NewsWire / Luis Enrique Ascui However, ANZ will retain the lowest one and two-year fixed rates among the big four banks. National Australia Bank will also keep their crown of having the lowest three, four, and five-year fixed rates. data insights director Sally Tindall said while CBA's rate cuts bring it closer to its competitors, they're unlikely to send customers rushing to move their business. 'Fixed rates have been falling fairly consistently this year and we expect this activity will continue as banks price in the increasing likelihood of further cash rate cuts,' Ms Tindall said. 'CBA's fixed rate cuts aren't groundbreaking, but rather a bid to inch closer to its key competitors.' The move comes as all five major banks cut fixed rates after the RBA's decision earlier this month. Picture: NewsWire / Gaye Gerard Ms Tindall said the announced rate cuts also may not be enough to incentivise Aussies to lock into fixed rate home loans straight away. 'With just a 0.10 percentage point difference (between variable and fixed interest rates), and the possibility of further RBA cuts ramping up, it's hard to see many people jumping at the chance to lock up their mortgage for the next three years,' she said. 'We expect banks big and small will continue cutting fixed rates over the next few months. 'The majors might have to offer a fixed rate in the '4's' if they're serious about getting people to lock in their rate. Borrowers may need more incentive to Picture: NCA NewsWire / Luis Enrique Ascui 'If you're deciding between a fixed or variable rate, understand what might suit your finances and to some extent, your personality. When you make a decision, take the time to look for a competitive rate.' Five major lenders, excluding CBA, have cut fixed rates since the RBA's decision, while 20 lenders have already cut one fixed rate this month, rate tracking shows. A total of four lenders – BOQ, Community First Bank, Police Bank and Queensland Country Bank – are now offering at least one rate under 5 per cent at 4.99 per cent. Originally published as Major Aussie banks to slash home loan rates
Perth Now
7 days ago
- Business
- Perth Now
Major bank reveals huge rate cut
The Commonwealth Bank of Australia has announced on Thursday it will slash fixed rate home loans by up to 0.40 percentage points across all fixed terms, but experts say it will not be enough to get Aussies to lock in. The change will be in place from Friday, to coincide with a 0.25 cut in CBA's variable rate following the RBA cash rate cut earlier this month. CBA's new lowest fixed rate will be 5.49 per cent for three years. CBA to cut rates, experts say it's not enough. NewsWire / Luis Enrique Ascui Credit: News Corp Australia However, ANZ will retain the lowest one and two-year fixed rates among the big four banks. National Australia Bank will also keep their crown of having the lowest three, four, and five-year fixed rates. data insights director Sally Tindall said while CBA's rate cuts bring it closer to its competitors, they're unlikely to send customers rushing to move their business. 'Fixed rates have been falling fairly consistently this year and we expect this activity will continue as banks price in the increasing likelihood of further cash rate cuts,' Ms Tindall said. 'CBA's fixed rate cuts aren't groundbreaking, but rather a bid to inch closer to its key competitors.' The move comes as all five major banks cut fixed rates after the RBA's decision earlier this month. NewsWire / Gaye Gerard Credit: News Corp Australia Ms Tindall said the announced rate cuts also may not be enough to incentivise Aussies to lock into fixed rate home loans straight away. 'With just a 0.10 percentage point difference (between variable and fixed interest rates), and the possibility of further RBA cuts ramping up, it's hard to see many people jumping at the chance to lock up their mortgage for the next three years,' she said. 'We expect banks big and small will continue cutting fixed rates over the next few months. 'The majors might have to offer a fixed rate in the '4's' if they're serious about getting people to lock in their rate. Borrowers may need more incentive to NCA NewsWire / Luis Enrique Ascui Credit: News Corp Australia 'If you're deciding between a fixed or variable rate, understand what might suit your finances and to some extent, your personality. When you make a decision, take the time to look for a competitive rate.' Five major lenders, excluding CBA, have cut fixed rates since the RBA's decision, while 20 lenders have already cut one fixed rate this month, rate tracking shows. A total of four lenders – BOQ, Community First Bank, Police Bank and Queensland Country Bank – are now offering at least one rate under 5 per cent at 4.99 per cent.
Perth Now
28-05-2025
- Business
- Perth Now
Most sustainable Aussie cities revealed
Some Aussie cities are steps ahead of others in sustainability, with one state leading the charge. Four of the top 10 most sustainable cities in Australia are located in NSW, with three of the four located in far north NSW, according to data from comparison website iSelect. iSelect analysed seven key factors for Australia's 50 largest cities to uncover which urban areas are leading the charge – and which are falling behind – in the race toward a greener future. Based of the key factors, including carbon emissions, renewable energy usage, clean energy investment, solar panel uptake and tree canopy coverage, Australia's capital is tracking the best. Canberra and Queanbeyan take the crown as Australia's most sustainable city, thanks to having the lowest carbon emissions. Canberra took the number one spot for sustainability. NewsWire / David Beach Credit: NewsWire A total of 100 per cent of the ACT has its energy coming from renewables compared to only 35 per cent of NSW, the areas combined top the index with a score of 97.94/100. The ACT is one of the only cities in the world which runs exclusively on renewable energy, marking a huge step forward in terms of Australian sustainability. NSW cities Port Macquarie, Ballina and Coffs Harbour also rank in the top 10 cities, each earning an index score above 80 Port Macquarie ranks seventh, with a carbon emissions rate of 8.88 tCO₂e per capita, solar installation density of 51.4 per cent, and 2.61kW of solar capacity per dwelling. Ballina in NSW also follows closely in 9th place, with slightly lower emissions per capita at 8.56 tCO₂e and a higher solar density at 57.6 per cent. Port Macquarie is another NSW city which ranked in the top 10. Visit NSW Credit: Supplied Coffs Harbour only just makes the list with similar emissions at 8.64 tCO₂e and just below 50 per cent solar density. Port Macquarie and Coffs Harbour lead NSW in tree canopy cover at 66.3 per cent and 65.5 per cent respectively, whereas Ballina trails slightly behind at 43.5 per cent. Queensland's Sunshine Coast unsurprisingly leads the way in solar capacity per home, at an average of 3.16kW of solar capacity per dwelling. Sunshine Coast is leading in solar capacity per home. NCA NewsWire / Luis Enrique Ascui Credit: News Corp Australia South Australia has the best clean energy development potential, with 47.1 clean energy accredited installers and designers per 100,000. SA cities also took second, third, and fourth place in terms of sustainability. Hobart came in fifth, followed by the Sunshine Coast, Port Macquarie, Launceston, Ballina and Coffs Harbour. Statistics come amid a push for sustainable energy in Australia. NewsWire / Nicholas Eagar Credit: NewsWire iSelect utilities general manager Julia Paszka said the statistics showed Australia's progress in developing sustainable cities, but also revealed which states needed more work. 'Our findings highlight some impressive progress regarding sustainability in certain parts of Australia,' Ms Paszka said. 'Capital cities such as Canberra, Adelaide, and Hobart performed exceptionally well, driven by low carbon emissions and strong renewable energy generation. 'However, not all regions are keeping pace. Darwin was named the least sustainable city in our index, primarily due to low state-level investment in renewables and limited clean energy generation.'
Perth Now
28-05-2025
- General
- Perth Now
New Qantas rule after turbulence shock
Qantas has promised to step up its staff safety procedures following a shock turbulence event that injured three cabin crew. The incident happened on descent into Brisbane Airport during a Sydney to Brisbane flight in early May. About 36km out from the airport, the aircraft experienced unexpected and severe turbulence, with three cabin crew unrestrained as the plane started shaking. Two crew members received minor injuries, including a facial injury and concussion, while a third was seriously injured with a fractured ankle, an ATSB report into the event released this week has revealed. 'The ATSB found that the captain did not inform the cabin crew about the expected turbulence during descent, likely due to not being aware of its severity,' the safety agency said. The turbulence event was then followed by a communication breakdown between different parts of the cabin, with the pilot landing the plane despite three crew members and a passenger still unrestrained. 'Following the turbulence, the captain instructed all passengers and crew to return to their seats and fasten seatbelts. 'However, two cabin crew and two passengers remained unrestrained in the rear galley to assist the seriously injured crew member during landing,' the report states. The turbulence event hit during descent into Brisbane Airport on May 4. NewsWire / Luis Enrique Ascui Credit: News Corp Australia 'When the flight crew were informed of this, the captain repeated the instruction that everyone besides the injured crew member was to return to their seats for landing. 'Assuming the cabin would be secured after the repeated instruction, the flight crew proceeded with the landing, unaware that four crew and passengers remained unrestrained.' The aircraft, a narrow body twin-engine Boeing 737-800, was fitted with a weather radar system that detects and locates precipitation bearing clouds on the flight path, giving pilot a visual indication in colour of a cloud's intensity. 'The captain did not recall identifying areas of turbulence on the weather radar on descent or report that they were experiencing any difficulties operating the weather radar,' the report states. On descent, the captain observed 'an approaching cumulus cloud' along the flight path but determined it did not pose an immediate hazard based on a visual assessment and the lack of radar indications, the report found. 'As a result, the captain did not perform the 'turbulence' PA, which would have prompted the cabin crew to immediately secure themselves in the nearest seat or wedge themselves in the aisle to prepare for the turbulence encounter.' The pilot's weather radar showing the threat of turbulence on approach to Brisbane Airport. ATSB and Qantas Credit: Supplied After the event, a crew member who suffered an undiagnosed concussion then worked on subsequent flights. The ATSB said Qantas 'lacked a procedure to ensure cabin crew fitness was assessed after a significant injury'. 'This increased the risk that a crew member could continue to operate while being unfit for duty,' the report states. In response to the investigation, Qantas said it would overhaul its medical assessments processes, 'regardless of visible impact'. 'Following an internal investigation, we promptly expanded our Group-wide medical escalation and post-incident medical assessment processes, ensuring all crew on-board a flight are assessed following an incident, regardless of visible impact,' a Qantas spokeswoman told NewsWire. The investigation drew on information from the captain of the flight, the customer service manager, the R2 primary cabin crew member, Qantas, Qantas' safety manager, the Civil Aviation Safety Authority and the Bureau of Meteorology for its report.
