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admin — Wed, 22 Feb 2012 07:30:12 +0000

Kevin Rudd resigns as foreign minister
Kevin Rudd has resigned as foreign minister following ongoing leadership speculation.
Wages growth is restrained, economists
Economists say wage growth is restrained and should not put any significant pressure on inflation.
Economic outlook remains weak – survey
The Westpac/Melbourne Institute Index shows the economy improved towards the end of 2011, but remains weak.
China ‘manufacturing activity weakens’
HSBC said China’s manufacturing activity continued to contract in February as export orders weakened.
Wotif records $29m first half profit
Wotif.com Holdings has posted a record first half profit as it successfully expands into flight bookings.
SEEK posts record first half profit
SEEK has posted record first half profit of $60.6m due to growth in its Australian and Chinese businesses.
Ten tips steep drop in 1H12 earnings
Ten Network Holdings has flagged a steep drop in earnings and revenue in the first half of its fiscal 2012.
Auto training centre ‘boosts industry’
A new automotive training centre may help Australia’s car industry keep up with cutting edge technology.
Suncorp ups estimated cost of Chch quake
Australia-based insurer Suncorp Group has had to charge a further $A38m against its first-half results.

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admin — Mon, 20 Feb 2012 07:40:01 +0000

Iran cuts oil exports to UK and France
Iran has halted all oil sales to France and the UK in an apparent retaliation to an EU ban on Iranian oil.
Japan’s deficit rises to record high
Japan’s trade deficit has ballooned to a record high in January, the biggest in the three decades.
Murdoch to launch new UK Sunday tabloid
The successor to Rupert Murdoch’s News of the World newspaper will begin publication in a week’s time.
Greek PM heads for meeting on bailout
Greece’s PM is in Brussels as EU finance MPs decide whether his country will get a 130bn-euro bailout.
TPG makes fresh offer to Billabong
Billabong receives a takeover offer from TPG Capital following the retailer’s major restructure announcement
Hong Kong shares open 0.96% higher
Hong Kong stocks have opened 0.96 points higher sustained by hopes of a resolution on the Greek debt crisis.
Specialty Fashion to close 120 stores
Women’s retailer Specialty Fashion Group will close up to 120 of its stores over the next three years.
Tokyo stocks open up 1.40 per cent
Tokyo shares have risen 1.40 per cent on opening, helped by a weaker yen.
Challenger’s H1 net profit falls 83%
Challenger’s annuity sales growth target rose despite reporting an 83 point dip in first half net profit.

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admin — Fri, 17 Feb 2012 07:34:24 +0000

Pac Brands says conditions difficult
Pacific Brands CEO Sue Morphet says retail conditions are the toughest in years.
Strip some union powers- business lobby
Australia’s economic restructure will be painful unless some powers are stripped from unions, says ACCI.
Bligh flags legal action on Qantas jobs
The Qld premier says her govt will take legal action against Qantas if it moves jobs out of the state.
ANZ CEO hits back at politicians
ANZ CEO Mike Smith says political point scoring through bank bashing is not helping anyone.
Outlook incredibly promising- Parkinson
Treasury boss Martin Parkinson has told a Senate estimates hearing that the economy’s outlook is ‘promising’
Air Australia passengers stranded
The 4,000 people stranded by the collapse of Air Australia may take days to get home.
Billabong leaves door open for takeover
Billabong International is open to takeover offers after shedding 400 jobs and offloading Nixon Inc stakes.
Santos’ Crown gas could feed LNG projects
Santos Ltd says its Crown gas prospect in WA’s Browse Basin could be large and be fed into LNG projects.
North America business weighs on Sims
Scrap metal recycler Sims Metal Management has recorded a $556.5 million first-half loss.

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admin — Wed, 15 Feb 2012 07:30:54 +0000

No mass job cuts as costs rise – CBA
Commonwealth Bank has flagged a drop in staff numbers, but says it can avoid slashing jobs like its rivals.
Dexus first-half profits cut in half
Dexus has reported a drop in profits, but says it is well positioned against any slump in the economy.
FMG expects iron price to remain stable
Fortescue says it expects iron ore prices will remain around $US140 per tonne in the short-to-medium term.
Pressure to find mine builds on Oz
Oz Minerals says it is facing pressure to acquire another mine before its flagship asset runs out of copper.
Sydney airport plans fail to fly
The federal and state governments have failed to back a proposal for a second airport in Sydney’s west.
Carsales reports 20 pct lift in profit
Carsales.com’s first half profit has risen 20 per cent, with more growth to come from mobile advertising.
BHP coalminers begin strike in Qld
Workers from seven BHP Billiton Mitsubishi Alliance mines in Queensland have begun a week-long strike.
NSW ‘mugs’ not to explore uranium – govt
NSW Premier Barry O’Farrell says his government would be mugs not to allow uranium exploration in the state.
Domino’s delivers 23pc rise in profits
Domino’s Pizza has posted a $12.6m net profit, up 23 per cent on the corresponding period last year.

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admin — Mon, 13 Feb 2012 07:40:39 +0000

Greece approves austerity amid riots
Greek MPs have approved a new round of drastic austerity measures amid violent street protests in Athens.
Bendigo and Adelaide bank raises rate
Bendigo and Adelaide Bank has lifted its home loan interest rates by 15 basis points to 7.45 per cent.
CBA lifts standard variable home loans
Commonwealth Bank has raised its standard variable interest rate on home loans by 10 basis points.
Banks got help, so should Alcoa – union
The Australian Workers’ Union has appealed to the govt to help support Alcoa’s struggling Geelong smelter.
Strike action possible after ANZ cuts
Bank workers could walk off the job in protest at ANZ Banking Group’s plans to axe 1,000 positions in 2012.
Leighton CEO shocked by Iraq payments
The boss of Leighton says he is shocked by an alleged case of improper payments in an Iraqi oil project.
Airbus warns of trade war over tax row
Airbus warns a split in the global aviation industry over a European carbon tax may trigger a trade war.
Hockey making excuses for banks – Arbib
Assistant Treasurer Mark Arbib has taken aim at Joe Hockey’s stance over bank lending rates.
Don’t raise rates, retailers tell banks
The Australian Retailers Association has called on Commonwealth Bank and NAB not to raise interest rates.

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admin — Fri, 10 Feb 2012 07:30:38 +0000

NAB struck by computer glitch
NAB customers were prevented from withdrawing money when a computer glitch crippled its network.
Brazil oil giant appoints new head
Brazilian state-run oil giant Petrobras has appointed Maria das Graas Foster as its first woman president.
Freeze continues in Visy case
A Vic judge has extended a freezing order on the assets of a Visy Board bookkeeper accused of stealing.
Newcrest CEO tips gold price rise
Newcrest Mining expects gold to rise to as high as $US2,500 per ounce but the price will remain volatile.
China’s exports fall, surplus widens
China’s exports fell 0.5 per cent in January from a year earlier, state media has reported.
AFL files notice of appeal in Optus case
The AFL has filed a Federal Court appeal to the decision allowing Optus to broadcast games on mobiles.
ANZ raises variable interest rates
ANZ has raised its variable interest rates for retail mortgages and small business loans by 0.06 per cent.
RBA cuts inflation and growth forecasts
The RBA has lowered inflation and growth forecasts for the first half of 2012, due to Europe’s debt crisis.
Transfield confirms full-year guidance
Transfield says its net profit for the 2012 financial year will be towards the lower end of its forecasts.

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admin — Wed, 08 Feb 2012 07:30:23 +0000

Geelong faces devastation if Alcoa goes
Alcoa launches a review of its aluminium smelter in Geelong, sparking fears that 600 jobs could be axed.
Thiess wins $325m coal seam gas contract
Leighton Holdings subsidiary Thiess has won a $325 million contract to build a CSG processing plant in Qld.
CBA on notice after Qld govt pay glitch
The CBA’s payroll contract with the Qld government will be reviewed if there’s another system glitch.
Suncorp to send 65 more jobs offshore
Suncorp Group has announced redundancies and will send 65 accounting positions to India.
Ansell irst-half profit up by 1.1%
Ansell increased its first-half profit by 1.1% and expects to recover lost ground in the second half.
Gunns deal with billionaire raises $280m
Woodchipper Gunns will make up to $280m with the issue of new shares to NZ billionaire Richard Chandler.
Australand suffers 15% drop in FY profit
Property developer Australand has suffered a 15 per cent drop in full-year net profit.
US firm wins NBN satellite contract
US firm Space Systems/Loral has won the $620m contract to provide broadband to areas in remote Australia.
Alcoa reviews future of Geelong smelter
More Victorian jobs are at risk, with Alcoa is reviewing the viability of its Geelong smelter operations.

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admin — Mon, 06 Feb 2012 07:31:39 +0000

Sale expectations best in eight years
Sales expectations among businesses for the June quarter are at their highest level in eight years.
Petrol relief in the next week – economist
According to an economist, motorists can expect to see petrol prices fall in the next fortnight.
Aust loosens the purse strings for love
New research shows Valentine’s Day spending is predicted to increase by almost five per cent.
Coalition pressured on car manufacturing
The govt is intensifying pressure on the coalition over its stance on funding for car manufacturing.
MPs set for year-long economic debate
The PM says the first parliamentary sitting of 2012 will mark the start of a year-long economic debate.
Telstra expected to report earnings lift
Telstra Corporation is expected to report a double-digit increase in first half profit.
Job ads hits two-year high – ANZ survey
A new ANZ survey shows job advertisements have posted their largest monthly rise since February 2010.
Ruralco says Q1 sales strong
Real estate firm Ruralco Holdings says sales in the first quarter of its fiscal year have been strong.
Nine appoints new COO
Nine Entertainment Co has appointed former senior Aristocrat Leisure executive Simon Kelly as its new COO.

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admin — Fri, 03 Feb 2012 07:30:24 +0000

PetroChina stake in Canada shale gas
PetroChina says it will buy 20 per cent of a Canadian shale gas project owned by Royal Dutch Shell.
Interest rate cut widely expected
A third consecutive interest rate cut by the RBA is expected as inflation eases and jobs growth slows.
Qantas lifts fares on all flights
Qantas says fuel costs and carbon pricing schemes in Australia and Europe are to blame for rising air fares.
Austar to delay vote on Foxtel take-over
Regional pay TV provider Austar will seek court approval to delay a vote on Foxtel’s proposed take-over.
Woolies wants voluntary pokies cards
Woolworths has lobbied the opposition to tackle problem gambling with voluntary pre-commitment measures.
Chinese invest $20m in Qld coal hopeful
Beijing Guoli Energy Investment is to take a $20 million stake in Cuesta Coal ahead of its 2012 listing.
Decmil gains ground on BMA coal mine win
Decmil Group have won a $90 million contract for work at BHP Mitsubishi Alliance’s Caval Ridge coal mine.
Emails reveal details of Rinehart feud
A series of emails have revealed details of the ongoing court feud involving Gina Rinehart and her family.
Warehouse cuts full year profit guidance
NZ’s biggest listed retailer, Warehouse Group, cut its guidance on adjusted profit for this financial year.

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admin — Wed, 01 Feb 2012 07:30:59 +0000

Macquarie tipped to be a Deutsche bidder
Macquarie Group is tipped to be on the bidders list for Deutsche Bank’s asset management divisions.
Wet weather leads to $154m loss for ERA
ERA has posted a $153.6 million loss for 2011 and says production is still being hampered by wet weather.
Pay descision a win for women- ASU
FWA’s decision on equal pay for community workers is a step forward for all Australian women, the ASU says.
10,000 more customers to sue banks
10,000 angry St George and Bank SA customers are trying to recoup bank fees through collective action.
Weak housing should boost rate cut case
Housing data lends fuel to the argument for further rate cuts by the central bank, say economists.
Pfizer 4Q net profit falls by half
Pfizer Inc’s fourth-quarter profit has fallen by half because it sold less Lipitor.
New home sales fall in December
A survey shows successive interest rate cuts failed to halt a decline in new home sales in December.
ACCC should examine Coles – Xenophon
Nick Xenophon says moves by Coles to cut its fresh produce prices should be examined by the ACCC.
Rinehart bids for more Fairfax shares
Mining billionaire Gina Rinehart has reportedly made $192m attempt to acquire 10 per cent of Fairfax Media.