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Topic:Stock Market
Star Entertainment says it's been unable to reach a deal with Hong Kong investors on the sale of its Brisbane Queen's Wharf stake, as it remains in need of a funding lifeline.
Australian shares fall sharply at the open, after tariff fatigue hit US markets, sending the Nasdaq into a correction, down 10pc from its peak.
We'll bring you the latest on what's happening on the markets throughout the day in our live blog, plus insights from our specialist business reporters.
Disclaimer: this blog is not intended as investment advice.
By Nassim Khadem
ASX 200: -1.4% to 7982.5 points
Price current around 12:15pm AEDT
Live updates on the major ASX indices:
By Nassim Khadem
Household spending rose 0.4 per cent in January, driven by Aussies spending more on areas including doctors visits and travel.
This follows a 0.2 per cent rise in December and a 0.8 per cent rise in November, according to seasonally adjusted figures released today by the Australian Bureau of Statistics (ABS).
ABS head of business statistics Robert Ewing said that while spending on goods pushed up overall spending in late 2024, a 1.5 per cent rise for services drove the January growth.
In this category, health had the largest rise (+2.5 per cent), as households spent more on doctor and hospital visits.
Transport spending rose 1.1 per cent, driven by air and sea transport, as households booked in their travel plans for the year ahead.
Spending on the operation of vehicles, including petrol and motor vehicle repairs, also contributed to the rise.
But lower spending on new vehicle purchases reduced overall growth in household spending.
Also partly offsetting these rises were 1.5 per cent falls for furnishings and household equipment and clothing and footwear.
Overall goods spending fell 0.6 per cent in January, after rising for three months in a row.
Mr Ewing said the fall comes after households took advantage of promotional activity like Black Friday sales, which drove strong goods spending at the end of 2024.
By Nassim Khadem
The Albanese government recently introduced changes to ensure that telecommunication providers who are caught breaching industry codes will no longer be warned before being slapped with new multi-million dollar fines.
The changes allow the Australian Communication and Media Authority (ACMA) to take direct and immediate enforcement against telcos that have breached their obligations to customers.
Currently, ACMA must respond to breaches of co-developed industry codes with a direction to comply before taking enforcement action with fines capped at $250,000.
The Albanese government's proposed change would allow ACMA to take enforcement action immediately and seek fines of up to $10 million for industry code breaches.
But a group of 22 consumer advocates known as the Fair Call Coalition has written to ACMA urging the regulator to refuse to register the Telecommunications Consumer Protections (TCP) Code and instead support direct regulation of Australia's telco industry.
Consumer Action Law Centre CEO Stephanie Tonkin said the telco industry's self-regulating code "has manifestly failed to protect consumers, especially those who are in vulnerable situations".
"It is out of step with community expectations and other essential services sectors like energy," Ms Tonkin said.
Ms Tonkin acknowledged that Communications Minister Michelle Rowland had taken some welcome steps in strengthening the ACMA's enforcement powers but said "the time has come to turn the page on the Code".
"We continue to hear from callers to our frontlines of egregious examples of telco mis-selling and harm due to poor sales practices and credit assessment requirements," she said.
"The low standard of consumer protections in many areas of the Code has not changed and its time this Code was thrown in the bin and direct regulation implemented."
Peter Gartlan, co-CEO of Financial Counselling Australia, added that everyone needs access to telecommunications services and said consumers aren't getting adequate protection.
"A self-regulating code just doesn't cut it," Mr Gartland said.
You can read more about some of the issues consumers have faced with telcos here:
By Gareth Hutchens
Tony Sycamore from IG has circulated a note that highlights how dire the price action has been on the stock market in recent weeks.
Here's what he's written:
"The horrific price action in the ASX200 has continued today, slipping below 8,000 for the first time in almost six months.
"This week's fall has seen the correction in the ASX200 from its 8615 high deepen to approximately 7.25%, a move that has unfolded in just four weeks.
And he continues:
The falls this week have been driven by several factors, including US trade policy uncertainty at a time when fears of a looming US recession are rising. Locally, the falls have been exacerbated by more weakness in the big banks and worsened after BHP, RIO, South32, and energy giant Woodside all traded ex-dividend.
If the break below the psychologically important 8000 level is confirmed at the close of business today, it would open the way for the sell-off to extend towards 7600. A pullback to 7600 would be an 11% correction from the February 8615 high.
As for a potential catalyst for a turnaround in the ASX200, there isn't a clear one currently. US trade and tariff policy appears likely to remain volatile, and the upcoming Federal Election adds to the uncertainty, with the possibility of a hung parliament.
Mr Sycamore circulated that note 20 minutes ago. When he wrote it, the ASX200 index was trading at 7,996 points having lost 98 points (-1.22%).
But as I write, the ASX200 index is lower again, at 7,977 points (-1.45%).
By Stephanie Chalmers
Embattled casino operator Star Entertainment says it has been unable to reach a deal with Hong Kong investors to buy its stake in Brisbane's Queen's Wharf development.
Yesterday, there were media reports that Star was "on the brink" of inking a deal with its joint venture partners Chow Tai Fook and Far East Consortium, to buy its 50 per cent interest in the development.
This morning Star confirmed it has been in discussions, as it flagged in mid-February, but said it has been "unable to reach an agreement" to date.
By Samuel Yang
The European Central Bank has cut interest rates as expected on Thursday and kept the door ajar to more, even as a looming trade war with the US and plans to boost military spending drive Europe's biggest economic policy upheaval in decades.
ECB President Christine Lagarde told reporters in Frankfurt “we have huge uncertainty. Some people have used the adjective phenomenal uncertainty and we debated as to whether it was high, high and rising.”
Easing for the sixth time since June, the ECB lowered its deposit rate to 2.5% in a nod to slowing inflation and faltering growth, and said that rates were still restricting growth, even if less so than in the past.
That wording suggests that more rate cuts may be coming as the bank has long declared that restriction is no longer necessary while inflation, at 2.4% last month, is safely heading back to its 2% target this year.
The ECB lowered its 2025 economic growth forecast for the fourth straight time on Thursday, putting expansion in 2025 at just 0.9, only slightly above the 0.7% pace recorded last year.
Inflation was meanwhile seen at 2.3% this year, above the 2.1% seen three months ago.
By Samuel Yang
The Australian share market is off to a gloomy start on Friday.
The ASX 200 index lost 81 points or 1 per cent to 8,014, by 10:15am AEDT.
Ten out of the 11 sectors are in the red, with basic materials (+0.1pc) the only sector that's bucking the trend.
Real estate (-1.8pc), financials (-1.7pc) and tech (-1.5pc) led the losses in the first 15 minutes of trade.
Shares of wealth manager Insignia rose 12% to $4.76, as Bain Capital and CC Capital raised their respective takeover bids to $3.34 billion, marking a pivotal moment in an escalating bidding war.
Shares of Star Entertainment were still suspended.
Here are the top and bottom movers at the open.
By Samuel Yang
Insignia Financial has granted two key suiters access to its books after both Bain Capital and CC Capital raised their respective takeover bids to $3.34 billion, marking a pivotal moment in an escalating bidding war.
Insignia said on Friday the two firms now vying for control of one of Australia's largest wealth management firms had increased their per-share offers to $5 each — an 8.7% premium over their previous $4.60 bids.
Bain, best known in Australia for acquiring Virgin Australia out of administration, and CC Capital, a Wall Street-based private equity firm, now appear to have the upper hand after investment giant Brookfield entered the contest last month with a matching bid.
Insignia, formerly known as IOOF, oversees approximately $327 billion in client assets, making it the third-largest player in Australia's superannuation sector.
Australia's publicly traded wealth management firms are drawing interest from investors attracted to the country's thriving pension system.
By Samuel Yang
The embattled casino operator Star Entertainment seems to have lost a major shareholder.
The company posted a statement on the stock exchange last night, saying it's become aware that State Street Corporation and its subsidiaries ceased to be a substantial shareholder on 4 March 2025.
"The Company’s Constitution, as well as certain agreements entered into with Liquor and Gaming New South Wales and the Queensland Office of Liquor and Gaming Regulation, contain restrictions prohibiting an individual from having a voting power of more than 10% in the Company," Star said in an ASX announcement.
"The Company may refuse to register any transfer of shares which would contravene these shareholding restrictions or require divestiture of the shares that cause an individual to exceed the shareholding restrictions."
Shares in Star Entertainment have been suspended since Monday because it failed to report half-yearly profit results to the ASX by last Friday's deadline.
The company previously said that it couldn't finalise the results unless it received a substantial cash injection to stave off financial collapse.
The Australian Financial Review reported yesterday that Hong Kong investors have offered $50 million in exchange for the Brisbane casino and the rest of its Queensland operation.
So how did Star get here? Watch this short explainer video.
By Samuel Yang
Price current around 10:15am AEDT
Live updates on the major ASX indices:
By Stephanie Chalmers
When the Reserve Bank cut the official cash rate by 25 basis points last month, lenders reacted quickly, letting customers know home loan rates were dropping.
However, they have been slower to explain how the changes will affect savings rates.
Unlike the relief felt by home loan borrowers, a lower savings rate means customers will earn less interest on their money in the bank.
51 banks have cut at least one of their savings rates since the February RBA decision, says Canstar, a financial comparison site. That's as of March 6.
Most have passed on the full 0.25 percentage point cut.
The highest ongoing savings rate is now 5.4 per cent — but there are monthly terms and conditions that need to be met to qualify for that rate.
Canstar's database shows eight banks offering at least one ongoing saving rate above 5 per cent, although each one comes with monthly conditions.
So, to know what you're signing up for and the rate you're likely to actually get on your savings, be sure to check the fine print.
Read more here from business reporter Emily Stewart:
By Samuel Yang
By Samuel Yang
Australia's largest coal-fired power station is unreliable and driving up electricity prices, according to a new report that argues against the viability of keeping coal plants open beyond their scheduled closure dates.
The report from clean energy consultancy group Nexa Advisory questions the wisdom of a New South Wales government deal to extend the life of the Origin Energy-owned Eraring.
Last year, the state's Labor government struck a deal with Origin to keep the 43-year-old coal plant open for an additional two years, until August 2027.
Under the agreement, the state government agreed to cover Origin's operational losses of up to $225 million a year from 2025.
Nexa Advisory's report argues against further taxpayer assistance for Eraring, given the plant's "unreliability" due to frequent outages.
Nexa analysed the performance data of Eraring and found each of its four units had experienced about 6,000 hours, equivalent to two months, of downtime annually over the last four years and that these outages had affected the plant's availability when it was needed most.
The report on Eraring comes as a federal election looms, with the viability of keeping the nation's aging coal-fired power stations going for longer under the Coalition's nuclear plan among the issues on the table.
As coal plants age, planned and unplanned outages have become more frequent.
When outages occur it pushes up wholesale electricity prices because more expensive forms of power, like gas, are then relied upon to meet demand when renewables cannot.
Those price increases are eventually passed onto households and businesses.
Watch this story by Business Reporter Rhiana Whitson.
By Samuel Yang
President Donald Trump on Thursday exempted goods from both Canada and Mexico under a North American trade pact for a month from the 25% tariffs that he had imposed earlier this week, the latest twist in fast-shifting trade policy that has whipsawed financial markets and business leaders.
The exemption, which will expire on April 2, covers both of the two largest US trading partners. Trump had earlier only mentioned an exemption for Mexico, but the amendment he signed to his order for 25% levies on imports from both – which went into effect on Tuesday – covers Canada as well.
For Canada, the amended order also excludes duties on potash, a critical fertilizer for US farmers, but does not fully cover energy products, on which Trump has imposed a separate 10% levy. A White House official said that is because not all energy products imported from Canada are covered under the US-Mexico-Canada Agreement on trade that Trump negotiated in his first term as president.
Trump imposed the tariffs after declaring a national emergency due to deaths from fentanyl overdoses, asserting that the deadly opioid and its precursor chemicals make their way from China to the US via Canada and Mexico. Trump has also imposed tariffs of 20% on all imports from China as a result.
The exemptions will expire on April 2, when Trump has threatened to impose a global regime of reciprocal tariffs on all US trading partners.
The development comes a day after Trump exempted automotive goods from the 25% tariffs he imposed on imports from Canada and Mexico as of Tuesday, levies that economists saw as threatening to stoke inflation and stall growth across all three economies.
US stock markets resumed their recent sell-off on Thursday, with investors citing the rapid-fire, back-and-forth developments on tariffs as a concern due to the uncertainty they are fanning. Economists have warned that the levies may rekindle inflation that has already proven difficult to bring fully to heel, and slow demand and growth in its wake.
All 11 sectors on the benchmark S&P 500 index were trading lower on the session, with the biggest losses in consumer discretionary, real estate and technology equities.
The Nasdaq was set to drop 10% from its December 16 closing level, marking a correction.
By Samuel Yang
Good morning and welcome Friday's markets live blog, where we'll bring you the latest price action and news on the ASX and beyond.
A tumble on Wall Street overnight sets the tone for local market action today.
The Dow Jones index dropped 1.1 per cent, the S&P 500 lost 1.8 per cent and the Nasdaq Composite down 2.5 per cent.
ASX futures were down 66 points or 0.8 per cent to 8,032 at 7:23am AEDT.
At the same time, the Australian dollar was flat at 63.34 US cents.
Brent crude oil rose 0.3 per cent, trading at $US69.53 a barrel.
Spot gold dropped 0.1 per cent to $US2,914.83.
Iron ore rose 0.7 per cent to $US100.45 a tonne.
Topic:Cyclones
Topic:Cyclones
Topic:Cyclones
Topic:Law, Crime and Justice
Topic:Federal Government
Topic:Unions
Topic:War
Topic:Cyclones
Topic:Cyclones
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