Crown shares plunge after James Packer sells half casino stake

Shares in the casino company Crown Resorts have dived after billionaire James Packer sold half his stake to a Macau-based competitor for $1.76 billion. 

In the absence of a bidding war, Crown investors have been offloading their shares given that the $13 on offer looks like the best price they might get. A

ABC's Peter Ryan says there are some big questions remain about how gaming regulators might view the deal given ownership restrictions on Crown's Barangaroo casino project in Sydney.

James Packer surrenders control of Crown for $1.76 billion

After weeks of negotiations, the billionaire James Packer has sold almost half his stake in the Crown gaming empire for $1.8 billion. 

The sale to Hong Kong casino mogul Lawrence Ho means Mr Packer will lose his control of Crown for the first time. 

ABC's Peter Ryan says the deal comes as James Packer steps back from the corporate world citing mental health issues.

China rattles trade war sabre, puts rare earths squeeze on bargaining table

In what could a major escalation in global trade tensions, China is preparing to use its rich resources of rare earths minerals to strike back at tariffs from the United States. 

Rare earths are a critical factor in everything from high-tech consumer electronics to military equipment and already the prospect that they might become a new bargaining chip in the trade war has seen the value of companies trading in the resource rocket. 

ABC's Peter Ryan speaks about the potential escalation in trade tensions with London analyst Russ Mould of AJ Bell.

Renewables on track to power 50pc of energy by 2030: report

Energy analysts Reputex says Australia will hit a 50 percent renewables target by 2030 as coal-fired power becomes uncompetitive. 

Reputex says the growing dominance of renewables will come despite the lack of a federal energy policy. 

Ernst & Young power and utilities leader Matt Rennie also sees a tipping point and consumers switch to cheaper renewable sources. 

Here's my report from The World Today

Five global banks face class action over exchange rate collusion

Five global investment banks are facing a potential class action after being accused of rigging foreign exchange rates to boost their own profits. 

According to a statement of claim filed this morning, the cartel activity involved the alleged use of secret chatrooms where traders colluded to manipulate rates at the expense of businesses and consumers. 

I speak with Maurice Blackburn principal lawyer Kimi Nishimura

From Maurice Blackburn statement of claim

Landmark week in monetary policy communication as RBA explicitly signals rate cut

ABC's Peter Ryan with Saturday AM presenter Thomas Oriti

Rates to fall to 0.75pc by years end as jobless rate rises, Westpac predicts

Westpac chief economist Bill Evans is predicting that the Reserve Bank's cash rate will fall to 0.75 percent by the end of the year. 

Mr Evans sees two following cuts in August and November with the RBA now almost certain to cut in June. 

ABC's Peter Ryan says economic headwinds are a major challenge for Scott Morrison who campaigned on a platform of prudent economic management.