Insights

Chief executives in the retail sector might be punting on better days once the federal election is over, but a recent set of statistics suggests tepid consumer spending in retail is less about the election and more about them.

The sharemarket lost ground on Thursday, hit by falls in resources and banking stocks.

Investors are betting on the Reserve Bank taking its foot off the interest rate easing pedal, with the Australian dollar rising more than US2¢ this week.

Chief executives in the retail sector might be punting on better days once the federal election is over, but a recent set of statistics suggests tepid consumer spending in retail is less about the election and more about them.

Maurice Newman's report into whether Newcrest selectively briefed analysts before its announcement of multi-billion dollar write-downs on June 7 doesn't clear the company. The Australian Securities and Investments Commission is investigating what happened, and will be judge.

The Tax Office is conducting a full-scale audit of investment bank Macquarie Group over its use of a controversial tax deduction related to offshore subsidiaries, a court has heard.

Newcrest Mining has been largely cleared of breaching market disclosure rules by an in-house review that has been described as restricted and lacking scope.

Cathay Pacific has launched a blistering attack against Jetstar Hong Kong's bid for the right to launch services from the Asian city, claiming Hong Kong risks "losing out".

Moody's Investors Service has downgraded its credit ratings for subordinated debt issued by Australia's big banks, as regulators toughen their stance on any future bailouts.

FKP Property Group has exchanged an unconditional contract to sell 399 Lonsdale Street in Melbourne for $31.5 million, a 2 per cent premium to book value. Settlement is expected in early October 2013. Chief executive Geoff Grady said the sale was in line with FKP's move to become a pure retirement group.

Irish airline Ryanair, the budget carrier Europeans love to hate for its poor customer service and often extortionate "extra" costs, has issued a shock profit warning, sparking a share price plunge across Europe's airlines sector. Ryanair's shares fell 15 per cent after it said it could miss profit forecasts, blaming intense competition and falling airfares.

The health of Australia's investment industry has been put in the spotlight by Dr Maurice Newman's review of Newcrest Mining, with the former ASX boss describing the analyst community as short-staffed, inexperienced and slow to comprehend significant changes in the market.

Dutch ado about mills on wheels

The sharemarket lost ground on Thursday, hit by falls in resources and banking stocks.

Investors are betting on the Reserve Bank taking its foot off the interest rate easing pedal, with the Australian dollar rising more than US2¢ this week.

TRUenergy's former chief financial officer agreed to resign after claims he had sexually harassed co-workers were partly proved, a court has heard.