ANZ’s $50m Royal Commission bill
THE Australian share market is expected to open slightly higher after a mixed performance by US stocks overnight. At 0700 AEST on Tuesday, the Australian share price futures index was up six points, or 0.1 per cent, at 5,874.
Meanwhile, the Australian dollar hit its lowest level in over four months, dragged down by lower US stocks, higher US bond yields, and a higher US dollar.
At 0700 AEST on Tuesday, the local currency was worth 76.05 US cents, down from 76.71 US cents on Monday. Earlier in the morning, the Australian dollar fell as low as 76.00 US cents, its lowest level since December 13.
WORLD FINANCE UPDATE:
SHANGHAI - A bank in Shanghai has opened an automated branch equipped with face- scanning software, a virtual reality room and talking robots.
WASHINGTON - US President Donald Trump is due to welcome France's Emmanuel Macron to the White House for the start of a three-day state visit expected to be dominated by US-European differences on the Iran nuclear deal and souring trade relations.
SEOUL - South Korea has halted the propaganda broadcasts it blares across the border with North Korea, aiming to set a positive tone ahead of the first summit in a decade between their leaders as the US president cautioned the nuclear crisis was far from resolved.
ANZ - ANZ's dealings with the banking royal commission will cost it about $50 million this year, the bank has revealed.
NEWCREST - Newcrest will use its Cadia Hill open pit as a tailings storage dam, sacrificing remaining gold and copper reserves to help it return to full production after a dam collapse halted operations at its NSW underground mine complex.
BANKS LAWYER - A global law firm is investigating a possible class action against financial services giant AMP, which has admitted to cheating customers and lying to the corporate regulator.
HOUSING PRICES - Property prices around Australia's capital cities have remained flat over the past month and are now showing a drop of more than one per cent on average so far in 2018 due to continuing weakness in the key Sydney market.
ISELECT - Shares in iSelect have plunged more than 50 per cent to a record low after the online comparison site slashed its 2018 earnings guidance and chief executive Scott Wilson immediately quit.
BHP SAMARCO - A court in Brazil has granted an additional 66 days for BHP Billiton, Vale and their joint venture partner Samarco to negotiate a settlement of multi-billion dollar public civil claims over the 2015 mine dam collapse in Brazil.
MMJ PHYTOTECH - ASX-listed pot stock MMJ Phytotech has acquired a small 1.6 per cent stake in Canadian cannabis retailer Fire & Flower Inc for $CAD1 million ($A1.02 million).
KOGAN - Online retailer Kogan.com's revenue has jumped by 46.1 per cent for the third quarter as customer numbers and the value of transactions continued to grow.
BRAMBLES - Slater and Gordon and litigation fund IMF Bentham have announced a proposed class action against Brambles, alleging the logistics firm 'cannibalised' profit growth and misled investors over future higher profits.
MACQUARIE ATLAS - Macquarie Atlas Roads has chosen global infrastructure executive Graeme Bevans to be the chief executive of the toll roads operator once it separates its management from the Macquarie Group.