ASB Securities Morning Brief for Wednesday, 17 August 2016
Wednesday, 17 August 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares fell from a record led by Fletcher Building and Spark New Zealand ahead of their results over the next two days. Summerset Group rose to an all-time high. The S&P/NZX 50 index dropped 77.68 points, or 1.1 percent, to 7,310.67, snapping three days of gains. Within the index, 34 stocks declined, 12 gained, and five were unchanged. Turnover was $172 million... Read more

The New Zealand dollar gained along with other commodity-linked currencies as prices of raw materials rose and traders speculated the dairy auction tonight will deliver another strong gain for whole milk powder. The kiwi dollar rose to 72.26USc at 5pm in Wellington from 71.75c late yesterday. The trade-weighted index climbed to 76.36 from 76.07... Read more

NZX's review of market participant rules would trim overlap with other rules and regulations while allowing the market operator to beef up its surveillance tools, according to a consultation paper that reflects feedback from stakeholders such as brokerages... Read more

The official government statistician has hit back at Labour over accusations of political interference in unemployment statistics. The controversy surrounding the household labour force survey - due to be released tomorrow - was sparked by Labour's finance spokesman Grant Robertson... Read more

Defence signals $1.7 billion infrastructure programme. “The 15 year regeneration of the defence estate announced today provides an example of effective investment management that other public agencies should replicate,” says Stephen Selwood CEO of the New Zealand Council for Infrastructure Development... Read more

Ceasefire between Uber and the Government on the cards over costly vetting process. Uber and the Government could be on the brink of a truce following a promise from Transport Minister Simon Bridges to make the vetting process for commercial drivers cheaper and faster. Just a week ago Bridges warned Uber drivers could be taken off the road completely if they didn't start following the law - since April the company's drivers have failed to go through the required vetting process... Read more

Almost a third of Auckland homes are now valued at more than $1 million, as new estimates show the proportion of "affordable" homes in the super-city has tumbled dramatically in seven years. The new CoreLogic valuation estimates as at July 1 show there are now more Auckland homes worth at least $1 million (135,000) than the 91,000 homes below the "affordable" cap for KiwiSaver HomeStart loans, which was raised this month to $600,000 for existing homes... Read more

Growing numbers of people around the country think that now is a bad time to buy a house, a new ASB survey shows. The bank’s latest Housing Confidence Survey has been released and it reveals a sharp drop in house-buying sentiment nationwide in the three months to July. A net 20% of survey respondents thought it is a bad time to buy, as compared to 3% in the last quarter.... Read more

New twist in Hamilton's housing dilemma. Hamilton will need to build a 1000 new houses every year for the next decade to cater for its burgeoning population. Latest population data show the city's population will swell from 158,360 residents to 180,280 by 2026. The growth surge is expected to add further demands on an already under-pressure building sector. Currently, Hamilton has 58,645 dwellings but will need 68,219 homes by 2025... Read more

Land-bankers fail to build affordable housing. Affordability requirements in up to half of Auckland's special housing areas look set to lapse because developers have not even applied for consents ahead of the areas disappearing next month. The revelations have sparked claims of land-banking, and at least one developer is seeking legal advice on whether the affordable housing rules will still stick after that date... Read more

Little to gain by imposing more regulations on rental properties, landlords say. Palmerston North landlords say the goals of the Healthy Homes Guarantee Bill have already been covered by changes in tenancy law and further regulations aren't necessary. Their comments come in the wake of the New Zealand Union of Students Associations' submission on the bill, detailing horror stories of mould, dampness and unfinished rooms, including the experience of a Palmerston North student's flat... Read more

Aspiring homeowners could get into the market much faster if they were willing to pool their resources, says the man behind a new property investment match-making service. CoBuyHomes is a website that takes details of people who would like to invest in property and matches them with others who are looking in the same areas, for similar properties and in the right price bracket.... Read more

Forsyth Barr drops performance fees. It will no longer charge performance fees for its New Zealand equities and Australian equities funds if they beat the annual 10% return hurdle. Those were its only funds that had performance fees... Read more

AMP launches QROPS product. Migrants looking for someone to help transfer their pensions to New Zealand are not necessarily in the market for a big-name provider or the cheapest fees, it has been argued... Read more

The latest NZX futures market pricing continues to point to a strong lift in whole milk powder prices at tomorrow morning's GlobalDairyTrade (GDT) auction. Whole milkpowder has the biggest bearing on Fonterra's farmgate milk price and is the bulk of what is sold on the auction platform... Read more

Countdown is moving to avoid a potential shortage of supply when caged egg farming is phased out in 2022. The supermarket chain has invited all free-range and barn egg producers to join a programme which will offer them a guaranteed market in return for moving to cage-free egg production... Read more

Fisher & Paykel Healthcare, the medical devices maker, has filed a patent infringement lawsuit in the US against ResMed, claiming its rival used its technology in its breathing masks and air flow products. Auckland-based F&P Healthcare said it is "seeking all available remedies, including damages and injunctive relief" in its proceedings in the US District Court for the Central District of California. F&P Healthcare shares fell 0.5 percent to $10.70 in early trading this morning on the NZX and have gained 20 percent this year. The stock is rated a 'buy' based on the consensus of seven analysts surveyed by Reuters with a median price target of $10.75. ResMed shares last traded at US$70.60 and have gained 32 percent this year.... Read more

Opus International Consultants, the listed engineering firm, sank into the red in the first half after writing down the value of its Australian and Canadian businesses, which have struggled with falling oil and gas prices. The Wellington-based company posted a net loss of $23.1 million, or 16c per share, in the six months ended June 30, from a profit of $15.9 million, or 11c, a year earlier, it said in a statement. That included a $22.6 million impairment charge on goodwill and a $1.4 million charge on the value of its Athabaskan Resource Co joint venture. The shares rose 2.6% to $1.19, having declined 6.6% so far this year.... Read more

Opus International Consultants welcomes Sam Knowles as a director of the company from 17 August 2016 following the resignation of Fraser Whineray. Having held senior positions with major banks (BNZ, NAB and Kiwibank) in both Australia and New Zealand, Mr. Knowles has extensive experience in strategy, organisational capability building, private and public sector governance and innovation and venture capital... Read more

Heartland Bank boosted annual profit 12% and will pay a bigger dividend, widening margins as low interest rates mean cheaper funding. Net profit rose to $54.2 million, or 11c per share in the year to June, from $48.2 million, or 10c, a year earlier. That met the bank's guidance for profit of between $51-55 million... Read more

Christchurch-based gas analysis equipment maker Syft Technologies says demand for its high-tech instruments is starting to outstrip production capacity as the firm's recovery from bankruptcy in 2012 gathers pace. Listed on the ShareMart platform and trading most recently at 4.5 cents a share, Syft directors gained approval at a heavily attended annual meeting for a plan to institute a minimum holding of 40,000 shares, followed by a plan to consolidate the current issued shares on a 20-to-1 ratio, with plans to upgrade the listing, probably to the Unlisted platform... Read more

Paymark, the EFTPOS terminal provider owned by the four major banks, increased its dividend by 178 percent to a total of $16.7 million in the year to the end of March 2016... Read more

Martin Aircraft, the personal jetpack developer, is to enter a technology-sharing agreement with cornerstone shareholder KuangChi Science which will see chief executive Peter Coker step down to take a new role in KuangChi's "Global Community of Innovation" (GCI) and chief financial officer James West promoted as his replacement. Martin Aircraft shares last traded at 46Ac cents, below their 60Ac listing price but ahead of the 40Ac they were sold at in the initial public offering. The stock has fallen 37% this year.... Read more

Snowball Effect narrowed its loss in the 2016 financial year as it reaped bigger fees from its equity crowdfunding platform, but said it may have to crowdfund itself if expected growth doesn't materialise. The Auckland-based private company posted a net loss of $76,428 in the year ended March 31, 2016, from a loss of $214,720 a year earlier, on a 42% rise in revenue to $415,253, its financial statements show. The company also received about $30,000 in finance, referral and other income, up from $11,587 in 2015... Read more

A refit of TVNZ's headquarters needed after land was sold for the convention centre-for-pokies deal has blown out by more than $23 million. The state-owned broadcaster swapped carpet tiles for wooden floors to try to rein in costs but the upgrade of its Auckland office still cost $60.3 million - 64 per cent more than originally budgeted... Read more

Allowing Sky Network Television to merge with the New Zealand operations of Vodafone will entrench Vodafone's control of premium content, particularly major sports events, and stifle competition in the internet and streaming TV markets, say a chorus of objectors to the proposed tie-up. Submissions published on the Commerce Commission website this morning show virtual unanimity among major players in the telecommunications and broadcasting sectors, who say Sky would do better if it offered its sports and entertainment packages to the whole telecommunications market rather than to one player... Read more

Spark New Zealand formally opposes Sky TV / Vodafone merger... Read more

Spark New Zealand announced today the appointment of Ed Hyde as the new CEO for Spark Ventures and a member of the Spark Leadership Team. Hyde will be replacing Rod Snodgrass who, as announced in April, is leaving Spark later in the year to concentrate on driving corporate innovation and growth across a select range of New Zealand businesses... Read more

More Auckland Council spending waste. Auckland Council spent $90,000 on a poll to reveal its citizens do not trust it to make the right decisions. Of 3000 people questioned in the Citizens Insights Monitor, only a tiny 15% indicated they were happy with the council’s performance... Read more

KiwiRail chief executive Peter Reidy says Auckland’s transport network is at “crunch point” as the city's population grows, with demand from freight and passengers increasingly at odds. Speaking at a Trans-Tasman Business Circle lunch in Auckland, Reidy said KiwiRail was working with council-owned Auckland Transport, which contracts train operators to run Auckland’s commuter train services, and the New Zealand Transport Agency, responsible for an integrated transport system nationwide, to build more network resilience... Read more

A trustee of the Wellington Tenths Trust has told Wellington's High Court that she wasn't told about negotiations with land developers undertaken by trust chairman Ngatata Love's son about land the trust owned, and she would have expected full disclosure about such a significant deal. Love is charged with obtaining a secret commission and obtaining significant sums by deception... Read more

IRD drops bankruptcy case against former Abel Tasman beach owner... Read more

Auckland law firm Aurora Law ordered to pay reimbursement and compensation... Read more

Opinion - Liam Dann: Economic centre ground shifts left. This economic cycle of low inflation and low wage growth is creating asset bubbles, exacerbating inequality and driving political instability. The lack of inflation is killing wage growth. Businesses are making gains on costs but reluctant to expand as sales margins fall... Read more

Australian Headlines

Australian Market Report: The Australian sharemarket finished a narrow trading session in the red as global markets searched for buying catalysts amid high valuations and a flat earnings outlook. After opening 0.2 per cent higher, the S&P/ASX 200 index dropped into the red and closed down 8 points, or 0.14 per cent, at 5532 as resource stocks offset broad losses.... Read more

Consumer confidence bounced last week... Read more

Economy scores badly on jobs, wages. We're about to learn just how badly the economy is doing in the critical areas of generating jobs and lifting wages. On Wednesday, the Australian Bureau of Statistics will take a break from Census-related damage control and release its quarterly estimate of wage rates.... Read more

Glenn Stevens was appointed Reserve Bank governor in the closing stages of what he now looks back on as a “golden period” for both central banking and the global economy. The bank he is bequeathing his successor, Philip Lowe, is conjuring with a much more vexed world In September 2006, as he took up the post, the world of central banking looked easy. “It seemed as though just gentle tweaks on overnight interest rates were enough to keep everything on an even keel.”... Read more

Glenn Stevens of RBA: Rethink needed on property. APRA’s attempts to tame the housing market have been more successful than Glenn Stevens expected, but he is still not convinced “macroprudential” tools can be effective in the long term... Read more

Glenn Stevens: Parents may have to help kids into home ownership. Intergenerational issues in the housing area are bigger than whether there is a property bubble or not, Glenn Stevens says.... Read more

Household debt is a record 125 per cent of GDP — more than almost any other advanced country — but Reserve Bank governor Glenn Stevens is confident Australia’s banks would survive a large fall in house prices.... Read more

Government backbenchers urge PM Malcolm Turnbull to consider banking tribunal. Two Federal Government MPs who have endorsed a banking royal commission are now proposing a special banking tribunal as a way for victims to seek justice. New South Wales Nationals senator John 'Wacka' Williams and North Queensland MP Warren Entsch have both argued in favour of a royal commission... Read more

Porter warns Labor over GST. Former WA treasurer and senior Turnbull Government minister Christian Porter has called on WA Labor MPs to support the principle of a GST floor unequivocally, saying they campaigned on the issue and must support efforts to change the system... Read more

Eric Abetz proposes alternative to Prime Minister's GST floor proposal... Read more

Be wary on foreign funds, says RBA’s Glenn Stevens. Glenn Stevens has weighed into the foreign investment debate, saying Australia should do more to attract the flow of funds that builds new businesses but be more ­cautious about foreigners simply purchasing existing Australian ­assets.... Read more

China's taste for Australian goods feeds biz. In 2013, student Na Wang began shipping fish oil capsules to China from Sydney to help pay the rent. Now, she's in business, part of a growing army of Chinese shopping agents sending Australian food and diet pills home to feed rampant demand. Wang, 33, is one of up to 40,000 Chinese 'daigou' in Australia, retail consultants say, using social media and mobile payment apps to buy goods to order for mainland China customers.... Read more

BHP Billiton has suffered a record full year loss of $US6.39 billion ($A8.29 billion) after plummeting oil and iron ore prices and the Samarco mine disaster wreaked havoc with the global miner's bottom line. The resources giant has also forecast commodity prices to remain volatile in the near term but chief executive Andrew Mackenzie has pledged to continue to cut costs and reduce debt to emerge stronger from the downturn... Read more

Rio Tinto has begun preparations for building its new Silvergrass mine in the Pilbara in earnest, handing RCR Tomlinson a $120 million engineering, procurement and construction contract for the mine’s crusher and conveyor system today. RCR shares were up 1¢ to $2.47 at 1130AWST.... Read more

Sovereign Gold Company Ltd has a focus on two of the most in-demand commodities at the moment, lithium and gold. Starting on gold, at Mount Adrah in the highly-prospective Lachlan Fold Belt of New South Wales, valuable geophysical and geochemical databases are being processed with advanced modern software technology... Read more

Caravel Minerals Ltd is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare... Read more

PepinNini Minerals has commenced the collaborative airborne electromagnetic survey over the Musgrave Province.... Read more

Sayona Mining Ltd completes retail component of raising... Read more

Vital Metals has raised $1,026,700 to progress gold exploration activities in West Africa and Australia... Read more

Stonewall Resources Ltd has been granted a trading halt by the ASX, pending details of a capital raising... Read more

Australian Zirconia has signed an exclusive worldwide marketing, sales and distribution agreement with Minchem for all zirconium materials produced by Dubbo zirconia project... Read more

Adelaide Resources Ltd is well positioned to advance its Eyre Peninsula projects following the award of two PACE discovery drilling grants of up to $290,000 by the South Australian Government. Significantly, changes made to the PACE scheme for 2016 increases both the maximum grant value and broaden the base of claimable items to include elements such as assays... Read more

Domino delivers the dough and doubles down. Domino's is eyeing troubled rival Eagle Boys as it plans to almost double its Australia and New Zealand store network in the wake of another record profit. The fast food retailer outlined the aggressive nine-year expansion plan after new store openings and strong same store growth in six of its seven territories lifted full-year net profit 28.7 per cent to $82.4 million. Domino's shares finished $2.87, or 3.73 per cent, lower at $74.11.... Read more

The chief executive of real estate developer Mirvac, Susan Lloyd-Hurwitz, was paid $4.5 million in fiscal 2016, after leading the group to a 69 per cent lift in annual profit. Mirvac's annual report shows that Ms Llyod-Hurwitz received actual remuneration of $4.5 million for the year, up from $3.89 million in 2015. Ms Lloyd-Hurwitz's fixed salary of $1.5 million was unchanged... Read more

A $10 million tax benefit has pushed surveying and infrastructure group OTOC to a $19.7 million annual net profit. The result represents a big turnaround from the previous year’s loss of $8.8 million. The company will pay a maiden dividend... Read more

Adherium Ltd will provide its Smartinhaler devices to AstraZeneca Australia for a commercial pilot program in patients with asthma and chronic obstructive pulmonary disease. Smartinhaler is a touch-enabled device that provides alerts to improve medication adherence and health outcomes for patients... Read more

Murray Goulburn's milk price slide... Read more

Booming home sales have helped Mirvac deliver a 69 per cent jump in annual profit, with the property group saying rising demand for capital city houses and apartments will drive earnings further this year. Strong residential demand and office asset sales helped Mirvac book an annual net profit of $1.03 billion on Tuesday, while operating profit lifted by six per cent to $482 million. Mirvac securities were seven cents, or 3.3 per cent, higher at $2.22 at 1454 AEST.... Read more

Online recruiter Search Party Group Ltd has doubled in size across key metrics since the beginning of 2016 with more than $1 million in total recruitment fees billed in FY2016. Search Party’s shares are expected to be soon relisted on the ASX following the completion of a reverse takeover deal with Applabs Technologies... Read more

Shares in Perth IT company ASG Group closed at six-year high today after posting record financial results, with net profit growing 26 per cent. In its financial results released this morning, the company, which has big-name customers such as Qantas, QBE, Cimic and Broadspectrum, also revealed its customer numbers jumped to 189, up from 163... Read more

Fosters Stockbroking has placed a 14c per share target on 1stAvailable more than double its current share price. The stockbroker started coverage on the medical technology company today, expecting it to lift from its current price of 6c per share up to the 14c mark, and has tipped 1ST to book revenue of more than $7.6 million in the 2018 financial year... Read more

Commonwealth Bank chief executive Ian Narev took home $12.3 million in total pay in the last financial year, up more than 50 per cent due to performance-related share bonuses. Mr Narev's total remuneration for FY2016 compared to $7.97 million for the previous year, and was almost five times his fixed salary of $2.65 million... Read more

NBN Co passed the one million mark for active premises on the network, today boasting of more than doubling active users, connected premises and revenue for its full fiscal year. For FY2016, NBN Co's revenue reached $421 million compared to $164 million last year... Read more

NBN Co has begun talks to find up to $26.5 billion needed to complete the rollout of the National Broadband Network, as the number of customer connections to the high-speed network more than doubled in the past year... Read more

Big retailers accused of pushing customers into 'outrageously expensive' consumer leases. Customers are being unwittingly locked into "outrageously expensive" consumer leases by major retailers, a consumer rights group says. Major retailers including Fantastic Furniture and Harvey Norman are offering interest-free deals on their products but in some cases are selling the items as a consumer lease contract, the Consumer Action Law Centre (CALC) said. The crucial difference is that customers do not own the product at the end of the consumer lease contract and they can end up paying four times the regular retail value of the item... Read more

ATO reveals dodgiest deductions. Tempted to claim some extra sneaky deductions on your tax return? It’s probably not worth it. The Australian Taxation Office is cracking down extra hard this year on dodgy deductions, and has revealed the fates of five unlucky individuals who tried it on... Read more

Radhika Oswal takes stand in $2.5 billion lawsuit against ANZ bank... Read more

International Headlines

U.S Market Report: U.S. stocks declined the most in two weeks on Tuesday after New York Federal Reserve President William Dudley said an interest rate hike in September was possible... Read more

North/South Americas Market Report: North and South American markets are lower today with shares in Mexico off the most. The IPC is down 0.72% while U.S.'s S&P 500 is off 0.40% and Brazil's Bovespa is lower by 0.29%... Read more

European Market Report: European markets finished lower today with shares in France leading the region. The CAC 40 is down 0.83% while London's FTSE 100 is off 0.68% and Germany's DAX is lower by 0.58%... Read more

Asian Market Report: Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 1.62% while China's Shanghai Composite is off 0.49% and Hong Kong's Hang Seng is lower by 0.09%... Read more

The Federal Reserve could possibly raise U.S. interest rates as soon as September, an influential Fed policymaker said on Tuesday in comments that boosted the dollar ahead of next week's signature meeting of world central bankers. New York Fed President William Dudley said that as the U.S. labor market tightens and as evidence builds of wage gains, "we're edging closer towards the point in time where it will be appropriate I think to raise interest rates further."... Read more

U.S. housing starts unexpectedly rose in July as building activity increased across the board, supporting the view that investment in residential construction will rebound after slumping in the second quarter. Groundbreaking increased 2.1 percent to a seasonally adjusted annual pace of 1.2 million units, the highest level since February, the Commerce Department said on Tuesday. June's starts were largely unchanged at a 1.19 million-unit rate... Read more

Global central banks dump U.S. debt at record pace. Global central banks are unloading America's debt. In the first six months of this year, foreign central banks sold a net $192 billion of U.S. Treasury bonds, more than double the pace in the same period last year, when they sold $83 billion. China, Japan, France, Brazil and Colombia led the pack of countries dumping U.S. debt.... Read more

ValueAct stake in Morgan Stanley shows challenges in big bank activism. ValueAct Capital Management's newly acquired stake in Morgan Stanley underscores how tempting big bank stocks are for activist investors, but also how difficult it can be for them to move the needle in terms of performance. The hedge fund firm disclosed on Monday that it had bought $1.1 billion worth of Morgan Stanley shares during the second quarter, giving it a nearly 2 percent stake in the Wall Street bank... Read more

Economists and market analysts have pinned the dollar’s recent weakness on diminishing expectations for a Federal Reserve interest-rate hike by the end of 2016. But some say there might be a more plausible explanation. Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said in a Tuesday note, that a rash of maturing Treasurys will leave foreign investors with billions in cash looking for a home... Read more

Ford Aims to Offer Fully Autonomous Ride-Sharing Car by 2021... Read more

Big businesses have finally learned to stop worrying and love buying tech companies again. Microsoft, Apple, Intel and Salesforce have joined the likes of Walmart and Unilever in ponying up hundreds of millions -- or even billions -- to buy technology companies in recent months in what can only be described as a feeding frenzy.... Read more

Why Warren Buffett is grabbing Apple stock while other big names run away. On Monday, the investor profile of Apple switched dramatically with news that Berkshire Hathaway Inc.’s Warren Buffett loaded up on the company’s stock while other investors like Scion Asset Management, the second hedge fund run by Michael Burry, sold off... Read more

Blackstone Group LP has offered a financing plan to help debt-laden U.S. supply chain management company JDA Software Group Inc, giving it an alternative option to selling itself to Honeywell International Inc, people familiar with the matter said. The move illustrates how Blackstone, the world's largest private equity firm, pursues innovative ways to secure deals when traditional leveraged buyouts are less attractive financially amid competition from companies such as Honeywell.... Read more

Billionaire Paul Tudor Jones dismissed about 15 percent of the workforce at his Tudor Investment Corp. after losses and investor withdrawals at the $11 billion hedge fund, according to three people with knowledge of the matter. Tudor earlier Tuesday informed the affected employees, which include positions ranging from money managers to support staff, said the people, who asked not to be identified because the firm is private... Read more

A former head of Goldman Sach's mortgage trading unit has been barred from the industry by US regulators. Edward Chin, former head of residential mortgage-backed securities, was accused by the US Securities and Exchange Commission (SEC)of misleading customers, causing them to pay more... Read more

For the second time in less than a week, U.S. securities regulators on Tuesday filed charges against a company for inserting language into its severance agreements that prevents outgoing employees from reaping the benefits of government whistleblower awards. The Securities and Exchange Commission said Health Net Inc will pay $340,000 to settle the charges without admitting or denying wrongdoing... Read more

Just two weeks old, the Bank of England's latest inflation forecasts are already at risk of looking a bit stale. ... Read more

Brexit vote has created instability for banking sector, says Santander. Economy has been hit too, adds bank as it lists risks to its business, including the possibility of negative interest rates... Read more

U.K. Energy Security Is About More Than Just China. The British government is debating whether to proceed with building an 18-billion pound ($24 billion) nuclear reactor at Hinkley Point in southwest England. A data visualization released by the U.K. Office for National Statistics this week shows just how dramatically the nation's energy-supply picture has changed in recent years -- and how crucial new sources of domestic power are... Read more

Rising fuel prices helped to push the UK's inflation rate higher last month, according to official figures. The annual inflation rate as measured by the Consumer Prices Index (CPI) rose to 0.6% in July from 0.5% in June, the Office for National Statistics said... Read more

The Bank of England has successfully bought £1.17bn worth of government bonds as part of its £60bn buy-back programme to stimulate the economy. Last week, the Bank failed to find enough sellers when it offered to buy the bonds, known as gilts. But it found no shortage of sellers on Tuesday. The "reverse auction" was oversubscribed by almost 2.7 times... Read more

The U.K. government approved construction of the world’s largest offshore wind farm, providing the developer Dong Energy A/S doesn’t disturb porpoises off the Yorkshire Coast. The leading builder of offshore wind farms, Dong won approval from Business and Energy Secretary Greg Clark to build the 1.8 gigawatt Hornsea Project Two, which will require investment of about 6 billion pounds ($7.8 billion)... Read more

Alibaba is an example of identifying great trades before they happen. Although it might not be immediately obvious, finding great trades and investments via the neoclassical technical analysis model is pretty much the opposite of avoiding potentially damaging losses using the same methodology. Let's consider that for a moment... Read more

Wage Experiment in India Shows True Price of Unequal Pay. A study of hundreds of Indian workers shows pay inequity affects output and attendance... Read more

Opinion - Larry Elliott: What cost Brexit? Soon we'll know. After weeks of conjecture, meaningful figures land this week. Is this another crash, or will life largely go on as before?... Read more

Analysis - Paul R. La Monica: Stocks are hot again. But are they too hot?... Read more

Latest reports

Latest reports