Latest news with #ShivangiLahiri
Mint
5 days ago
- Business
- Mint
Miners, banks propel Australian shares to record high; RBA outlook in focus
Aug 6 (Reuters) - Australian shares rose to a record peak on Wednesday, supported by strong performances among miners and banks, while investors almost fully priced in the likelihood of an interest rate cut by the Reserve Bank of Australia next week. The S&P/ASX 200 index was up 0.6% at 8,820.80 points, as of 0051 GMT. The benchmark crossed the psychologically key level of 8,800 for the first time. Data from ANZ and employment website Indeed on Tuesday showed that job advertisements in Australia fell 1% in July, while separate government figures indicated a modest rise in household spending in June. The soft local data underscored market wagers for a rate cut, with swaps pricing in more than 99% odds of a quarter-point reduction by the central bank on August 12. Global risk appetite improved as odds of a U.S. rate cut in September now stand at about 92%, as per CME Fedwatch, up from 63% seen on July 28. On the local bourse, Australian miners propelled the benchmark index with a 1.1% rise, while gold stocks gained 3.5% on higher iron ore and bullion prices. Banks advanced 0.8%, with the "big four" banks rising between 0.3% and 1.1%. Among individual companies, REA Group was among the top gainers as its shares rose nearly 10%, their biggest intraday percentage gain in 2-1/2 years. The News Corp-controlled Australian property listings firm reported higher annual profit and raised its dividend payout. New Zealand's benchmark S&P/NZX 50 index edged 0.2% higher to 12,904.18 points. The country's jobless rate rose slightly in the second quarter as the labour market remained soft, matching the central bank's forecast. Markets have priced in an 85% chance of a quarter-point rate cut by the Reserve Bank of New Zealand on August 20, with a potential second cut expected by early next year. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips)
Mint
6 days ago
- Business
- Mint
Miners and banks drive Australian shares higher
Aug 5 (Reuters) - Australian shares climbed on Tuesday, driven by gains in miners and banks, while investors globally firmed their bets for a U.S. rate cut in September after last week's soft jobs data. The S&P/ASX 200 index rose 0.9% to 8,741.60 by 0037 GMT, trading near its record high of 8,776.40 hit on July 18. Data released on Friday showed that U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the previous two months was revised down, raising fears of slowing growth in the world's largest economy. The weaker numbers bolstered expectations for a Federal Reserve interest rate cut in September, with the CME Fedwatch tool showing a more than 94% probability. In Sydney, index heavyweight miners gained 1.4% after iron ore prices strengthened overnight, helped by firm near-term demand in top consumer China. Mining giants Rio Tinto and BHP gained 1.1% and 1%, respectively. Gold stocks jumped 2.2%, with Northern Star Resources rising 3.1%. Banks advanced 0.8%, with the "Big Four" banks gaining between 0.4% and 1.2%. The Reserve Bank of Australia is set to announce its next cash rate decision on August 12, and investors are pricing in a 51% chance of an interest rate cut, according to the RBA Watch tool. In July, the central bank left rates steady at 3.85%. Technology stocks tracked their U.S. peers higher and were last up 1.6%. WiseTech Global climbed 1.4%. Among individual stocks, TPG Telecom fell 2.5% as the company cut its annual pro-forma earnings forecast. Earlier in the day, it rallied as much as 4.2% to its highest since August 2022. In New Zealand, the benchmark S&P/NZX 50 index rose 0.6% to 12,764.82, ahead of the second-quarter jobs report due on Wednesday. The Reserve Bank of New Zealand policy decision is due on August 20 and investors have priced in an 80% chance of a 25-basis-point rate cut. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
Mint
30-06-2025
- Business
- Mint
Star Entertainments Queens Wharf stake exit deal collapses
(Adds shares in paragraph 4, background in paragraphs 5-8, additional details in paragraph 10) June 30 (Reuters) - Australia's Star Entertainment said it had received a notice from Hong Kong's Far East Consortium International and Chow Tai Fook Enterprises to terminate the deal to sell its 50% stake in its Queen's Wharf project in Brisbane. The termination is set to take effect five business days from June 30, unless withdrawn earlier. The March 7 agreement outlined the casino operator's planned exit from its equity interest in Destination Brisbane Consortium (DBC), but the parties had not resolved outstanding key commercial issues of the deal as of this morning, Star said in a statement on Monday. Shares of Star were, however, up 1.7% at A$0.147, as of 0104 GMT. The casino and hotel complex was developed for A$3.6 billion ($2.35 billion), Star's website says. For years, Star and Blackstone-owned larger rival Crown Resorts have faced multiple inquiries into anti-money laundering rule violations and subsequent legal actions. Had the deal gone through, Far East Consortium and Chow Tai Fook Enterprises were set to become the sole owner of the Brisbane venture, which has luxury hotels and restaurants and other amenities. Star was, in turn, set to take on the investors' 66.67% stake in a Gold Coast project in Queensland. In a separate statement, property developer Far East Consortium said that Star must repay A$10 million within 30 days of termination, failing which it must transfer its 33.3% stake in Tower 1 (Dorsett) to the Hong Kong parties. "Despite the receipt of this notice, The Star remains willing to continue negotiations with the Joint Venture Partners to give effect to the DBC transaction," Star added. Star Entertainment did not immediately respond to a Reuters email seeking confirmation of the repayment details. ($1 = 1.5314 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Rashmi Aich)
Mint
25-06-2025
- Business
- Mint
Australian shares flat as banks offset mining drag; inflation data eyed
June 25 (Reuters) - Australian shares were largely unchanged on Wednesday as a rise in banks offset a drag in miners and energy stocks, while local investors awaited key inflation data, due later in the day. The S&P/ASX 200 index was flat at 8,553.0 points by 0052 GMT. The benchmark ended 1% higher on Tuesday. Markets stayed cautious before the release of monthly inflation data for May in order to gauge the interest rate trajectory from the country's central bank. The Reserve Bank of Australia is set to announce the next cash rate decision on July 8, with traders pricing in an 89% probability of a 25-basis-point decrease in rates, according to the RBA Watch tool. Energy stocks fell for a second consecutive session, declining 0.4% as oil prices weakened while investors assessed the stability of a ceasefire between Iran and Israel. Woodside lost 1.1% and smaller peer Santos was flat. Miners declined 1.3% on easing iron ore prices amid strengthening supply outlook from Australia. Mining giants BHP and Rio Tinto fell 0.8% and 0.3%, respectively. Gold stocks slumped 2.3% as well on weaker bullion prices as the ceasefire announcement dented safe-haven demand. Gold miner Northern Star Resources emerged as the top loser on the benchmark, falling 2.7%. Financials rose 0.6%, offsetting declines on the benchmark, with the "Big Four" banks rising between 0.5% and 1.3%. Among company news, shares of Xero went on a trading halt as it said it would buy U.S.-headquartered fintech firm Melio for an upfront consideration of $2.5 billion. Shares of the country's bourse operator ASX rose 0.9% after it announced changes to its board committee structure to sharpen the focus on risk management. Meanwhile, New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,484.46 points. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
Time of India
29-05-2025
- Business
- Time of India
Keppel Appoints Former DBS CEO Piyush Gupta as New Deputy Chairman, ETHRWorld
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App Singapore-based manager and asset operator Keppel said on Thursday it has appointed ex-DBS Group CEO Piyush Gupta as its deputy chairman , effective July left DBS, Southeast Asia's largest lender by assets, in March this year after serving as CEO for around 15 joining DBS, he was Citi's CEO for its Southeast Asia-Pacific will also be appointed as a non-executive independent director of the board along with the deputy chairman role, in addition to other committee his appointment, Keppel's board will comprise nine directors, of whom seven are independent directors, the firm added in its statement.(Reporting by Shivangi Lahiri in Bengaluru; Editing by Tasim Zahid)
