That's a wrap.
Thanks for reading.
Have a lovely evening and we'll be back on the business blog bright and early tomorrow.
That's a wrap.
Thanks for reading.
Have a lovely evening and we'll be back on the business blog bright and early tomorrow.
The Australian share market gained on Thursday, closing 1.2% higher at 8,520.7 points, but missing its record high of last month.
However, it was the ASX 200's second highest close on record.
CBA hit a record high before closing at $162.24.
Here are the day's biggest gains and declines:
Ten of the 11 sectors closed higher. Energy was the only sector to fall.
Australian listed shares of News Corp rose 5.8% to top the benchmark index after the global media giant's second-quarter earnings beat analysts' estimates.
Banks led sectoral gains, ending 2% higher in their biggest daily rise in three weeks.
Consumer discretionary stocks also gained, adding 1.9%.
Wesfarmers closed 3.2% higher after UBS upgraded the conglomerate's stock to "neutral" from "sell" on expectations of strong performance at hardware chain Bunnings.
- with Reuters
News Corp is leading the gains on the ASX today, after the media company reported second-quarter results that beat analysts' estimates.
The Murdoch family-owned company's revenue stood at $US2.23 billion in the quarter ($3.6 billion), compared with analysts' average estimate of $US2.17 billion, according to data compiled by LSEG.
News Corp earnings jumped 20 per cent to $US478 million. The financial results don't include the $3.4 billion sale of Foxtel to British sports streaming company DAZN.
News Corp's growth was largely fuelled by its online real estate listings business REA, book publishing and The Wall Street Journal publisher Dow Jones.
Revenue from News Corp's news media unit fell 2% in the quarter. It posted a 2% decline in its advertising revenue, citing a traffic reduction at some mastheads due to "algorithm changes at certain platforms."
Revenue from its book publishing unit, which consists of HarperCollins, rose 8% on higher sales of its physical and digital books.
Dow Jones, which accounts for the largest share of revenue and houses publications such as The Wall Street Journal, Barron's and Market Watch, grew 3% to $U600 million. That was aided by growth in circulation and subscription revenues.
News Corp also published for the first time, the financial results of Sky News Australia, which posted $27 million in revenue in the final three months of last year.
News Corp shares were up 6.2% at around 3.40pm AEDT.
The chair of the Senate Economics References Committee, Liberal senator Andrew Bragg, has written to some of the nation's biggest super funds including Cbus and HESTA, as well as their industry lobby group Super Members Council (formerly know as Industry Super Australia), calling on them to do better in answering questions posed by the committee about how they spend their members money.
In response to several questions taken on notice at public hearings at the end of last year, and written questions on notice from the committee Cbus Super chair Wayne Swan, Senator Bragg said in a letter to Mr Swan that "the committee considers that a number of these questions on notice have not been adequately addressed".
"Responses variously redirect to a website or a previous non-substantive answer, rather than the answer being contained within the response itself," Senator Bragg wrote to Mr Swan.
"The committee asks that you address the questions put which have been listed in the attachment to this letter."
"Additionally, you declined to answer some questions, referring to the 'sensitive and confidential' nature of the information without further explanation as to the harm that may come from release of that information.
"Could you please provide further information to support your claims for confidentiality, in order to inform the committee's considerations."
"The committee also asks that the answers are provided by you (Wayne Swan), in your capacity as Chair of Cbus Super, rather than by Cbus Super at an organisational level."
Similar letters were sent to Misha Schubert who heads the Super Members Council, and Sam Riley who is the general manager, media relations and corporate affairs at HESTA.
Senator Bragg has given the funds and lobby group until Wednesday February 19 to answer.
Ms Schubert told ABC News: "We have deep respect for the Senate committee and its work, and accordingly Super Members Council has answered all the Senator's questions in full. We look forward to continuing to engage with the Committee in its work."
Have a story to tell about super? Email Nassim Khadem at khadem.nassim@abc.net.au or nassimkhadem@protonmail.com
The US has cracked down on a little-known tax loophole that allows millions of parcels into the country every week from cheap e-commerce retailers, including China's Shein and Temu.
A cost-of-living crisis turbocharged both companies' presence in the US, and Donald Trump's first presidency ironically helped them gain a strong foothold in the country.
But now, the double-whammy of new tariffs (an additional 10% on Chinese imports) and the suspension of a tax loophole will see everyday Americans pay an even higher price.
Since 2015, Americans have been able to buy items from overseas without getting hit with an import tax — so long as the value of the parcel is under $US800 ($1,275).
It operates the same as a duty-free allowance, but it has a more complex-sounding name: the de minimis exemption.
Data released by the US Customs and Border Protection Agency last November illustrated how big of a problem de minimis shipments had become in the country.
In 2024, the agency estimated it processed more than 4 million de minimis shipments into the US on a daily basis — more than double the volume it had processed in 2021 — with Shein and Temu accounting for more than 30 per cent of the total packages.
Business reporter Kate Ainsworth has this feature:
As we reported early, NAB's quarterly business survey shows conditions holding steady in the final quarter of 2024.
Confidence improved but remained negative.
Here's a chart showing how confidence and conditions have been tracking:
In terms of the issues affecting confidence, wage costs topped the list, followed by margin pressure:
The Insurance Council of Australia (ICA) has released an update about the claims coming in from severe weather across large parts of North Queensland.
The storms and floods were declared a "significant event" by the ICA on Sunday February 2.
The ICA says more than 3,950 claims have already been submitted over the past seven days, but it is expecting more to come in as some communities remain isolated with many still under threat of damage.
The peak body says representatives from the ICA, Suncorp, RACQ, IAG, Hollard, Allianz, QBE and Youi will be present daily at an insurance hub at Townsville Stadium.
The ICA is urging property owners to lodge claims as soon as possible, even if they don't yet know the full extent of the damage.
However, the ICA's CEO Andrew Hall says people should make sure it's safe to return home before attempting to assess any damage.
"Safety is always top priority so we encourage residents to only return home and begin the clean-up process when it's safe to do so," he said in a statement.
The ICA has also offered advice to home owners who have been able to return to assist their claim:
• Take photos before removing any water damaged or soaked items that may pose a health risk;
• Make a list of damaged items, including the brand, model and serial number if you can;
• Don't throw away items that could be repaired unless they pose a health risk;
• Speak to your insurer before you authorise any building work.
Shares in Beach Energy are down nearly 4 per cent at the moment.
It follows the oil and gas producer reporting its half-year results, with net profit coming in at $222 million, compared to a statutory loss for the same period last year.
Underlying net profit was up 37 per cent in line with forecasts from RBC Capital Markets, which described it as 'neutral' to its view on the stock.
The 3 cents per share interim dividend was above RBC's estimate but below the 4 cps that had been the consensus among analysts.
David Chau will speak with Beach CEO Brett Woods on The Business tonight.
Catch the show on ABC News at 8:45pm AEDT, after the late news on ABC TV, and anytime on ABC iview.
Prices current around 4.42pm AEDT
Australia's surplus on trade goods narrowed sharply in December as a surge in imports of capital equipment outweighed gains in iron ore exports, data showed.
The Australian Bureau of Statistics reported the surplus on goods narrowed to $5.1 billion in December, from a revised $6.8 billion in November, well under market forecasts of $7.0 billion.
Exports rose 1.1% on iron ore and rural goods, while imports jumped 5.9% with capital goods, petroleum and consumption goods all seeing sizeable increases.