Rivers losses halve for Specialty Fashion http://ift.tt/1QuUX1h

Losses at Rivers have halved, fuelling hopes that parent company Specialty Fashion Group will return to an annual profit. Specialty Fashion expects Rivers will begin turning a profit in fiscal 2017 for the first time since it bought the discount retailer for $3.6 million in 2013. While the price was considered a bargain, the group, which also owns women's fashion chains Millers, Katies, City Chic, Crossroads and Autograph, inherited a huge amount of old stock.

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SA plan to triple copper production http://ift.tt/1QuUX1e

The South Australian government plans to triple copper production to export more than $8 million of the precious metal each year by 2030. Premier Jay Weatherill on Tuesday said his strategy could also ...

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BHP dumps dividend policy after loss http://ift.tt/1mUaEaL

BHP Billiton has slashed its shareholder dividend and abandoned its progressive payout policy after a collapse in commodity prices forced it into a $US5.67 billion ($A7.84 billion) half year loss. The move had been expected after the resources giant was forced to take a $US7.2 billion writedown against its US oil and gas assets in December and as rivals Rio Tinto, Glencore and Vale all slashed their own payouts in recent weeks. BHP cut interim dividend to 16 US cents per share, from 62 US cents a year ago, and like rival Rio Tinto, said it was dropping its long-standing policy of holding or increasing dividends at every result.

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Caltex posts record annual profit http://ift.tt/1mUaCQ3

Strong demand for premium fuel products at Caltex Australia's 800-plus service stations and a sharp drop in expenses has helped the fuel retailer produce a record annual profit. Motorists have been buying more premium fuel products, including Vortex diesel, following big slides in pump prices that have been driven by lower oil prices. "The increase penetration of premium Vortex products has been driven by our continued investment in growth, particularly in our retail service station network, which includes not only new sites to Caltex and new sites in the industry but the refurbishment of existing service stations and our increased marketing spend," he said.

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IVF provider Virtus lifts 1H profit 7pct http://ift.tt/1L7GA6X

Increased demand for assisted reproductive services has helped boost Virtus Health's profit, although its Singapore clinic still runs at a loss. "I think Singapore's our biggest headwind at the moment," Virtus chief executive Sue Channon said of the company's first clinic in the city state. Ms Channon said Singapore was a new market and the company needed to prove itself in terms of reputation and success rate.

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Melb to keep driving growth: Cedar Woods http://ift.tt/1mUaEaI

Home builder Cedar Woods expects property hot spot Melbourne will continue to deliver impressive sales rates, but warns prices may cool. The property developer is on track to deliver a record result for a sixth straight year after doubling first half profit, thanks to a stellar performance from projects in Australia's second-largest city. Managing director Paul Sadleir predicts market conditions will remain stable in Victoria, after price rises and strong sales volumes in the first half.

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Nufarm upgrades H1 earnings guidance http://ift.tt/1L7GzQB

Agricultural chemicals and seeds supplier Nufarm has lifted its first half underlying earnings guidance, although currency movements and writedowns will curtail profit. Nufarm, which also announced writedowns after dropping some less profitable products, now expects a rise of eight to 13 per cent in underlying earnings before interest and tax (EBIT) after a strong trading performance in January. In December, the company said it expected underlying first-half EBIT to be in line with, or ahead of, last year's first six months.

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$A pushes higher as commodities soar http://ift.tt/1mUaEaB

Rebounding risk appetite and a surging in commodity prices have given the Australian dollar a boost. At 1330 AEDT on Tuesday, the currency was trading at 72.33 US cents, up from 71.74 cents on Monday. ...

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Qantas shareholders pocket another $500m http://ift.tt/1mUaDUn

Qantas shareholders will pocket a second windfall in a year after the airline launched a $500 million buyback on the back of a record first half profit. The total Qantas has handed over since returning to profit in 2015 will soar past $1 billion with the buyback, which was unveiled on Tuesday alongside a $688 million half year net profit. Alan Joyce, who declared his intention to remain chief executive for the foreseeable future, said the board will consider further capital returns when it reports full year results in August.

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Turnbull clarifies capital gains tax talk http://ift.tt/1L7GzQq

The coalition will not be adopting Labor's plan to reduce the capital gains tax discount for individuals, Prime Minister Malcolm Turnbull has told parliament. Mr Turnbull a day earlier had emphatically ruled out increasing the tax, saying it was "no part of our thinking whatsoever". Labor has proposed reducing the capital gains tax discount from 50 per cent to 25 per cent.

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Uber a threat to make NT taxis behave http://ift.tt/1mUaCzy

The Northern Territory government is holding ridesharing service Uber as "a sword of Damocles" over the head of taxi operators who don't lift their game, the territory's transport minister says. The government has announced a series of reforms for the commercial passenger vehicle industry (including taxis buses, minibuses, charters and private car hires) and says that for the time being Uber will remain banned. The NT's taxi industry in particular has been the subject of many complaints, such as an overall lack of taxis, drivers refusing fares for distances that are too short or too far, and excessive card surcharges.

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Canada's oil boomtown adjusts after bust http://ift.tt/1oytrte

Canada's northern oil hub Fort McMurray is learning the hard way that there is no such thing as simply going back to normal after a long boom that got cut short by the collapse in crude prices. With prices down 70 per cent over 18 months, producers have deferred costly new oil sands projects and laid off tens of thousands of mainly fly-in fly-out workers, who overwhelmed the city during the 15-year oil boom, but also bankrolled much of its prosperity. The stress was so great that city officials welcomed the onset of the market downturn with a sense of relief - an opportunity to return to a more balanced development.

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Cedar Woods eyes 6th year of record profit http://ift.tt/1Ujpk0L

Home builder Cedar Woods is on track to deliver a record result for a sixth straight year and has upgraded its earnings guidance after doubling first half profit. The company on Tuesday reported an $18.1 million profit for the six months to December 31, up from $9.1 million for the same period last year. "We are confident that if conditions continue as anticipated, we will deliver a full year net profit of approximately $43 million," managing director Paul Sadleir said on Tuesday.

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Labor accuses PM of misleading parliament http://ift.tt/1Ujpllm

Government MPs have stymied a Labor attempt to have Malcolm Turnbull front parliament and explain why he made misleading statements about the capital gains tax. Mr Turnbull on Monday emphatically ruled ...

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Market falls back from morning gains http://ift.tt/1oytrtd

The local share market has pared back some of its strong morning gains to be slightly higher at noon, with the banks pressuring the bourse. The big four lenders were treading water at midday, bringing ...

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Morrison approvals sale of Tasmanian Land http://ift.tt/1oyttl5

Treasurer Scott Morrison has approved the sale of Tasmanian Land Company to China's Moon Lake Investments. The sale, consistent with a recommendation from the Foreign Investment Review Board, includes ...

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Silverchef lifts full year guidance http://ift.tt/1Ujpll8

The Silverchef Group has raised its full year profit forecast after a 45 per cent lift in first half earnings. The group, which rents equipment to mainly hospitality businesses, made a net profit of $10.3 million in the six months to December 31, up from $7.1 million a year ago.

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Britain's bank workers buckle under stress http://ift.tt/1UjkjoY

Dwindling job security, heavier workloads, regulatory upheaval and the poor public image of the banking sector are taking a toll on the mental health of Britain's bank workers. Eight years after the global financial crisis, stress in the industry has pushed up demand for insurance to protect revenues against the cost of paying staff too sick to work, insurance data show. "The problem has gone into a new stratosphere since the financial crisis ... Those who still have a job are vilified," said Jagdev Kenth, director of risk and regulatory strategy in the financial institutions group at Willis Towers Watson.

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Business on watch over warranties: ACCC http://ift.tt/1UjkjoT

Big businesses using warranties to swindle consumers have been put on notice by the Australian competition watchdog. Australian Competition and Consumer Commission chairman Rod Sims says the watchdog will more likely take action against large businesses than small businesses in 2016. "Addressing poor behaviour at these levels is important to send clear messages to the market," he said in a speech laying out the ACCC's priorities for the year on Tuesday.

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CEO Joyce has 'no plans to leave' Qantas http://ift.tt/1UjkjoS

Alan Joyce has dismissed speculation his tenure as Qantas chief executive could soon be over, saying he wants to stick around "for some time". Mr Joyce attributed the turnaround in large part to the so-called transformation initiative he implemented two years ago, cutting jobs and costs while investing in new aircraft and customer facilities. Some media outlets have speculated that Mr Joyce might step down after eight years as CEO, but the Irishman says he still has work to do.

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