Asian shares ‘mixed’ but Aus & NZ markets higher
Continued unrest in Iraq has meant a slow start to the week’s trading. Oil prices are the main concern after they hit a nine-month high on Friday and, although it slipped back a little on Monday, analysts predict $116 US per barrel by the end of the year. Tokyo was down slightly, Hong Kong flat and Shanghai gained. Australian and New Zealand markets were both slightly up. The yen was up against the US dollar and the euro, while the pound hit a 5 year high against the US dollar. Gold as a ‘safe asset’ was also up. Read the full story.
Uncertainty over David Jones
If you were expecting Woolworths Holdings of South Africa to be the new owners of David Jones, don’t place your bet on just yet. In a surprise move on Monday, an investor picked out a £120 million stake in the 176-year-old department store and it’s believed to be Solomon Lew. Woolworths (not to be confused with the supermarket chain) has been seeking control of the store since April and shareholders meet later today to vote. But this eleventh hour share purchase – which may be as high as 10 per cent – has got analysts perplexed. David Jones shareholders meet at the end of the month to vote on the Woolworths deal but as little as 15 per cent rejecting the offer could stop the takeover. Read the full story.
Liberals want renewable energy target revised
A group of liberal MPs are planning to write to the Environment and Industry ministers to push for changes to the Renewable Energy Target. They want certain industries to be exempt from the scheme – those that are energy-intensive, such as aluminium. Big business is also in favour of changes claiming that the targets will cost jobs. Read the full story.
Winter of discontent for super group
Super Retail is the latest retailer to announce lower then hoped sales, due to the budget and a slow start to Winter. With the weather still warmer than it should be, and consumer confidence hit by the budget, Super Retail say that having to downgrade sales figures for the financial year is ‘extremely disappointing’. The group’s shares however closed slightly up yesterday. Read the full story.
Europe gas supplies set for disruption
Russia’s Gazprom energy firm has caused concerns of a European gas supply shortage. The Ukrainian government has been trying to complete a deal with the Russians but has so far failed, promoting Gazprom to switch the country to a pre-payment plan. As Ukraine has not made any pre-payments the Moscow energy giant says it will stop delivery. Fifteen per cent of Europe’s gas comes from Russia via Ukraine. Read the full story.
Advertising industry set to break half a trillion during World Cup
The global advertising industry is set to reach $524 billion during the World Cup, currently taking place in Brazil. Latin America will benefit the most from the soccer tournament, as an extra $500 million will be spent on advertising, while the Asian-Pacific region will reap only half that amount. Digital ad spend is set to expand its growth according to ZenithOptimedia, who says video advertising will continue to dominate. Read the full story.
Asian shares mixed but Australia and New Zealand rise slightly... uncertainty over the future ownership of David Jones as the potential South African bidders vote on takeover... more retail pain as warmer than usual weather hits revenue... and MPs aim to take the wind out of the RET’s sails...