business

Reforms put in place after the 2007 to 2009 crisis have strengthened the financial system without impeding economic growth, and any future changes should remain modest, Federal Reserve chair Janet Yellen says.Steps may be needed, she agreed, to improve liquidity in parts of the bond market, though that system remained 'robust'.

Former Volkswagen engineer James Liang has been sentenced to 40 months in prison for his role in the company's multiyear scheme to sell diesel cars that generated more pollution than US clean air rules allowed.It agreed to spend as much as $US25 billion in the US to resolve claims from owners and regulators and offered to buy back about 500,000 vehicles.

Shares in RCG Capital have jumped almost seven per cent after the shoe retailer unveiled an underlying profit of $39.However, the group's $29.

The federal government will inject $50 million into the Australian wine industry to boost exports and attract more international visitors to wine producing regions.The export and regional wine support package will provide money for marketing campaigns in the US and China in a bid to increase wine exports to $3.

Qantas has changed the heads of Jetstar and its international division in a major reshuffle of its senior executives.Jetstar CEO Jayne Hrdlicka will become CEO of Qantas's loyalty and digital ventures division, while current international and freight boss Gareth Evans will take over at Jetstar in changes effective from November.

Indian mining giant Adani has announced it will break ground on its Carmichael coal mine in Queensland in October.Company chairman Gautam Adani issued a statement overnight, confirming the start of works for the $16.

About 22 per cent of US Gulf of Mexico oil production is offline because of Tropical Storm Harvey, the US Department of the Interior's Bureau of Safety and Environmental Enforcement says.Output levels rose slightly from Saturday, when roughly 25 per cent of Gulf oil output was offline.

8 per cent controlling stake.It fell just short of the 90 per cent needed to trigger a compulsory acquisition.

9 per cent to $43.In August 2016, Amaysim also acquired Australian Broadband Services (AusBBS), adding to its broadband capabilities.

The auction clearance rate nationally reached 71.1 per cent in the week to Sunday, August 27, preliminary figures from property data group Corelogic show.

Coffee, bakery and pizza franchise player Retail Food Group's expansion overseas and its newly acquired food distribution business have boosted its annual profit.The owner of Gloria Jean's, Donut King and Crust made a net profit of $61.

The company reported net profit of $48 million for the year to June 30, up from a $159 million net loss last year, while revenue for the year rose 11 per cent to $871 million.Net operating cash flow grew by $123 million as a result of higher sales pricing, an increased proportion of higher-margin iron ore lump product in the sales mix, and operational efficiencies, the company said.

Fewer new apartments were sold in Australia in July, contributing to a slide in all new home sales in the month.A 15.

The consumer watchdog says it proposes allowing the use of Woolworths fuel discounts at BP petrol stations if the energy company is successful in buying the supermarket giant's service sites.The Australian Competition and Consumer Commission on Tuesday said it had issued a draft decision allowing BP service stations to participate in Woolworths' Rewards Loyalty Program and accept shopper dockets, as it will likely result in 'some public benefits'.

NSW electricity distributor Ausgrid is seeking help from the Fair Work Commission to transfer 20 IT jobs to India.Unions are furious at Ausgrid's plan to move the jobs from its Geographic Information System section, which maps the electricity network, to India and has banned members from training the Indian workers.

Housing affordability is likely to be an issue for at least 40 years, with the demand for new homes needing bold policy, a major new report says.The report by the Committee for Economic Development of Australia, to be released on Tuesday, says policy needs to understand the great Australian dream of owning your own home is over for many people.

Telstra's plan to pay down debt and create new shareholder returns by monetising the receipts from the national broadband network has been shunned by the rollout company nbnco which says it will not support the scheme.The giant telco announced at its full-year results on August 17 that it wanted to create an investable product based on the future income stream it gets from NBN compensation and access payments.
stats