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XJO:CBA, Jun 06, 07:19 UTC

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Tuesday, June 02


News

Australia's Zip taps U.S. market with buyout of buy-now-pay-later peer

CBA

Australia's Zip taps U.S. market with buyout of buy-now-pay-later peer. (Reuters) - Zip Co Ltd said on Tuesday it will buy out buy-now-pay-later (BNPL) firm QuadPay in a stock deal valuing the New York-based company at $269 million, as the Australian firm looks to tap the fast-growing U.S.-market where its rivals are thriving. Zip will offer 119 million shares, or about 23% of the company, to shareholders of QuadPay for the remaining 86% of the U.S. firm it does not already own. Larger rivals like Afterpay Ltd and Sweden's Klarna have flourished in the United States, building on the BNPL sector's growing popularity, especially with millennials, as it allows consumers to buy products in interest-free installments.

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Friday, May 29


News

Commonwealth Bank Mildura branch move set for mid-June

CBA

THE relocation of Mildura's Commonwealth Bank branch from the Langtree Mall to Lime Avenue will happen in two weeks. Work on the new Lime Avenue branch, between Eighth and Ninth streets and opposite the Woolworths carpark, was continuing this week. A Commonwealth Bank spokeswoman said June 12, a Friday, would be the last day for the Langtree Mall branch, with the new premises to open on the following Monday, June 15. The bank earlier this month announced its Merbein branch would temporarily close so staff could be reassigned to help with call centre demand, which had surged during the coronavirus crisis.

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Friday, May 22


News

Australia shares fall on U.S.-China tensions; set for 4th straight weekly gain

CBA

Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. May 22 (Reuters) - Australian shares edged lower on Friday as escalating U.S.-China tensions outweighed hopes of a speedy recovery for the domestic economy from coronavirus-led lockdowns, although the benchmark was on track to post a fourth straight weekly gain. The S&P/ASX 200 index fell 0.3% to 5,532.1 by 0206 GMT, but the benchmark is set to record gains of over 2% for the week. Top miners BHP Group and Rio Tinto led gains on the mining sub-index as iron ore prices rallied on concerns over tightening supplies from virus-hit Brazil. However, coal miners Whitehaven Coal and Yancoal Australia extended losses on news that biggest coal importer China may tighten coal import rules in the second half of 2020.

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Thursday, May 21


News

Australian Housing Isn’t the One-Way Road to Riches It Once Was

CBA

By Emily Cadman. For the past two decades, Australia’s housing market has mostly been a one-way bet on rising prices. Now, with the effects of coronavirus shutdowns reverberating through the economy and the nation set for its worst recession in 90 years, the concept that owning property is a license to print money is under threat. While the Covid-19 pandemic has upended property markets from Canada to Singapore, Australia is more vulnerable than most to a housing slump. It has one of the world’s highest levels of household debt, the nation’s banks are heavily exposed to mortgage lending, and many mom and pop investors rely on income from rental properties, which are also under pressure. “The banks, and by extension the housing market, are fairly well firewalled at present, and it would take a lot to outweigh this,” said Tamar Hamlyn, co-founder of fixed-income investor Ardea Investment Management.

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News

Bank charges double late-payment penalty despite promising leniency

CBA

Hi Nicole,Do you know why a bank would add a $50 collection fee on top of a late payment fee on a credit card? I have previously been charged $25 late payment fees but there has never been a collection fee listed as well. Banks have announced a raft of measures to go easy on indebted customers during the COVID-19 pandemic. Some of these are especially for credit card customers — Commonwealth Bank refunded late fees (and interest) to customers who could not meet repayments in March (it’s now on a case-by-case basis), while NAB has waived them for the three months, starting in April. So what on earth is a "collection" fee? Bankwest says this particular charge occurs only on issue of a default notice after a customer has not been making regular payments. While Bankwest has made concessions for mortgage and small-business borrowers, it admits to lagging on leniency with such fees.

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Wednesday, May 20


News

CommSec: Mid-Session 20 May 20- The ASX 200 is a touch lower at lunch

CBA

CommSec: Mid-Session 20 May 20- The ASX 200 is a touch lower at lunch. Despite the decline, the Aussie market was down by as much as 1 per cent this morning, so has bounced off intraday lows. Smoke Column From Auto Wreckers Fire Towers Over Drive-In Cinema in South San Jose. Exclusive Sydney private school shuts after student tests positive for COVID-19.

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News

Australia shares drop as ties with China come under pressure

CBA

Australia shares drop as ties with China come under pressure. May 20 (Reuters) - Australian shares fell on Wednesday, weighed down by escalating tensions with its top trading partner China over a global probe into the origin of the novel coronavirus, while Wall Street's overnight losses also dented sentiment. Australia and China engaged in a war of words after Beijing imposed heavy tariffs on Australian barley imports - a move expected to effectively halt a trade worth billions of dollars. Australia, along with the European Union, has spearheaded the call for an inquiry into the origins of the new coronavirus, which first appeared in China.

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Monday, May 18


News

China hits Australia with barley tariff in new blow to ties

CBA

Australia is the biggest barley supplier to China, exporting about $980 million to $1.3 billion worth a year, which is more than half its exports. China added to tensions with Australia on Monday by announcing anti-dumping and anti-subsidy duties totalling 80.5 percent on Australian barley imports from May 19, which is expected to all but halt a billion-dollar trade between them. China's Ministry of Commerce said it had confirmed dumping by Australia and significant damage on its domestic industry as a result, following an inquiry which began in 2018. The tariffs on barley, which will remain in place for five years, are the latest agricultural commodity to be affected by a deteriorating relationship between Canberra and Beijing.

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Friday, May 15


News

Australia, NZ shares log third weekly gain as China factory data lifts

CBA

May 15 (Reuters) - Australian shares closed firmer on Friday, led by mining stocks, as factory output data from the country's biggest trading partner China signalled robust domestic demand and gradual recovery from the coronavirus-led lockdown. The S&P/ASX 200 index closed 1.43% firmer in broad-based gains at 5,404.8 points. Iron ore prices benefited from data that showed industrial output in China, the world's top steel producer, rose at a faster-than-expected pace last month. "While buying among miners is definitely the biggest driver today, there seems to be a real fracture of sentiment in the market as a lot of buying is happening among defensive utility and beaten-down financial stocks", CMC Markets' Chief Strategist Michael McCarthy said.

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Thursday, May 14


News

Australia shares slide after U.S. Fed warns of extended economic weakness

CBA

May 14 (Reuters) - Australian shares fell on Thursday as sentiment soured after the U.S. Federal Reserve warned of an extended period of economic weakness, while investors awaited domestic unemployment data due later in the day. The S&P/ASX 200 index fell 1.06% to 5,364.50 by 0043 GMT. Overnight, Wall Street's three major indexes closed lower following Fed Chair Jerome Powell's warning and his call for Congress to agree on additional fiscal support. Jefferies cut price target on Australia's largest lender Commonwealth Bank of Australia to A$45.00 from A$46.70 and slashed earnings estimates, citing the prospect of rising regulatory credit risks due to the COVID-19 crisis.

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