A Commonwealth Bank branch in Sydney. Picture: Peter Parks/AFP
A Commonwealth Bank branch in Sydney. Picture: Peter Parks/AFP

CBA less popular than tax man

THE Australian share market is expected to open slightly lower, following falls in US stocks and base metals prices. At 0700 AEST on Friday, the Australian share price futures index was down 10 points, or 0.17 per cent, at 5,844.

Meanwhile, the Australian dollar is lower after the release of disappointing local jobs figures on Thursday, and after the falls on Wall Street. At 0700 AEST, the local currency was worth 77.30 US cents, from 78.01 US cents on Thursday.


GENEVA - Russia is demanding compensation from the United States for its decision to impose worldwide tariffs on steel and aluminium, a Russian statement published by the World Trade Organisation shows.

BEIJING - China is well prepared to handle any negative effects from its trade dispute with the US, the commerce ministry says, adding that Beijing's tariff hikes on US imports will not have a big impact overall on its domestic industries.

NEW YORK - Procter & Gamble has reported flat fiscal third-quarter profit as it faces increased competition for consumer products such as shaving cream and household goods.

PHILADELPHIA - US airline regulators have ordered inspections on engine fan blades like the one that snapped off a Southwest Airlines plane, leading to the death of a woman who was partially blown out a window.

LONDON - More than half of wealthy investors around the world expect to live to the age of 100, with almost two in three planning to work longer in life to afford a comfortable retirement, according to a survey.


API - Pharmacies operator and health and beauty products retailer Australian Pharmaceutical Industries is looking for acquisitions to boost its retail operations, and says it will continue to open more stores despite challenging consumer sentiment.

LABOUR FORCE - Jobs growth has slowed in 2018, leaving the unemployment rate steady at 5.5 per cent for a third straight month.

CBA REPUTATION - Commonwealth Bank's reputation has been so trashed by a series of scandals that the public now like the lender even less than they do the taxman.

SANTOS - Santos has lowered its full-year production and sales guidance due to the shutdown caused by February's magnitude 7.5 earthquake in Papua New Guinea.

BHP - Mining giant BHP Billiton has trimmed its full-year iron ore production guidance after being forced into unexpected dumper car maintenance.

HARVEY NORMAN - Harvey Norman has sold its 7.2 per cent stake in apparel supplier Gazal for $10.4 million.

EVOLUTION - Gold miner Evolution Mining has narrowed its full year production guidance range after increasing output in the March quarter.

SUNCORP - Suncorp chairman Ziggy Switkowski will retire from the board of financial services giant in September and be replaced in the role by Christine McLoughlin.

DIRECTORS - Fewer Australian business leaders want investment in coal projects and more are throwing their support behind the NBN and regional infrastructure.

BABY BOUNCE - Failed infant goods retailer Baby Bounce has closed two stores and owes money to more than 100 creditors.

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