Oil prices reached six-month lows on Thursday amid concerns over sluggish energy demand in the United States and China, coupled with sustained high output levels from the U.S. Brent crude futures experienced a 25-cent decline, reaching $74.05 per barrel, while U.S. West Texas Intermediate crude futures saw a 4-cent drop, settling at $69.34. These figures represent the lowest prices for both benchmarks since late June. The start of the week witnessed front-month Brent prices trading at a[more...]
Australians are set to have more accessible basic personal financial advice through federal government reforms, with super funds, banks, and insurers expected to play a larger role. The overhaul of financial advice regulations aims to reduce the cost of straightforward financial guidance, especially benefiting the approximately five million Australians nearing retirement. The reforms will introduce a new category of advisers qualified to assist individuals with fundamental aspects, such as pension eligibility. These advisers are likely to be[more...]
Gold surpassed the $2,000 per ounce mark several times this week, maintaining that level as U.S. traders returned to the metals market following the Thanksgiving holiday. According to the latest Kitco News Weekly Gold Survey, retail investors are optimistic about the upcoming week, a sentiment shared by a majority of market analysts, though a notable minority remains neutral on the short-term outlook for the precious metal. Mark Leibovit, publisher of the VR Metals/Resource Letter, expressed bullishness for[more...]
Despite a varied session on Wall Street the previous night, the Australian share market has displayed an upward trend. National Australia Bank has seen a 7.6 percent increase in its annual statutory net profit, and Singapore Telecommunications (Singtel), the parent company of Optus, has reported an impressive 83 percent surge in half-yearly profit. For more in-depth financial news and insights, you can review the day's updates from our dedicated business reporters on our blog.
Australia's financial watchdog, ASIC, has imposed an eight-year ban on a former PwC partner who was at the center of a confidentiality scandal, which had severe repercussions for the firm, including a damaging reputation crisis and a costly sell-off. The individual in question, Peter John Collins of Sandringham in Victoria, faced allegations of sharing confidential government information concerning multinational tax avoidance with his colleagues. Eight years ago, Collins had been advising the Treasury on draft laws aimed[more...]