Encouraging gains on Wall Street were propelling up stocks in Asia and Australia. Barring Hang Kong and Japan, all the major market benchmark indices in Asia and Australia, rose.
Australia
Australian Tech Firms Are Heading Toward Singapore Industry
Australian tech companies are heading to Singapore to support their businesses. Some tech companies are expecting Singapore to be one of the startups landing pads established by the Australian government to help companies access the global business network.
Shark Mitigation System to List on Australian Securities Exchange
Shark Mitigation System is going public and will list in the Australian Securities and Exchange with high hopes of becoming a 'global player' in the global shark and marine technologies.
Vale Ties Up With Fortescue Possibly To Develop Mixed Blend Iron Ore Plant In China
Brazilian iron ore miner Vale and Australian miner Fortescue, both have reduced their debt burdens significantly through disposing less prospective assets. Under such situations, news for tying up with each other seems to be unusual. But analysts observe the move as highly strategic to cope up with the market situation.
Australia adjusting from mining-led economy
Australian economy was picking up pace during the fourth quarter. The commodity-based economy witnessed an annualized growth rate of three percent, fastest in two years, as against the forecast of 2.5 percent.
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Joyce Phillips, head of Australia & New Zealand Banking Group's wealth management business, is stepping down from the bank after a restructure of wealth business. The restructuring move will reduce the bank's expenses.
Australian lifeguards will get a help from 'Little Ripper' to detect shark presence along New South Wales' coastlines with its aerial view using infrared cameras. The project costs $200,000 where Westpac sponsors the trial for the search and rescue operations.
Slater & Gordon announced a net loss after tax of $958.3 million for the first-six-month period of 2016. The company is attempting to boost growth in UK operations.
Telstra is backing up external venture capital funds to seek investments in Asia. The company is focusing more on technology investment in Asia as it experiences a drop in the viability of internet services and phone calls.
New South Wales Minister of Trade Stuart Ayres concerns on more needs of venture capital to raise start up business. He also said that venture capital is important, giving example on how US succeeded in using venture capital.
Fortescue Metals reported a 4% decline in its first six-month net profit owing mainly to the fall in commodity prices. The company has declared an interim dividend of A$0.03 (fully franked).
Van Diemen's Land Company has been acquired by the Chinese business man Lu Xianfeng and his company Moon Lake. The country's approval of the dairy farm's sale to a foreign firm was made possible with certain conditions that the Moon Lake needs to comply with, especially with the taxation policies.
Shares of BHP Billiton, a mining and petroleum firm in Melbourne, started chasing oil prices very closely as they entered into the horrible downturn period in the oil industry. Analysts expect the miner to rally by nearly 50% in the coming months.
The largest mining company's shares dropped as nickel and metal price plunge, following order reduction from China. Last week, nickel reached its lowest price in 13 years.
