2008-07-10 Business and Finance News (vsx.com.au)

Total chief says too risky to invest in Iran
LONDON AFP - The head of French energy giant Total said in an interview published Thursday that it is too politically risky to invest in Iran- dealing a serious blow to the Islamic republics key energy sector. ...
Thu 10th July 2008 - 11:51pm

Sinosoft Technology Offers Solutions Using Fujitsu PalmSecure Biometric Authentication System
Nanjing- July 10- 2008 - ACN Newswire - Fujitsu Limited today announced that its PalmSecure palm vein biometric authentication system has been selected for use in IT solutions offered by Jiangsu Province-based systems integration company Sinosoft Technology Plc. ...
Thu 10th July 2008 - 11:39pm

Banking group Wachovia says loss may hit $2.8 bln
WASHINGTON AFP - Wachovia- a major US banking group- has warned investors it could post a second quarter loss as large as 2.8 billion dollars as loan and property-related losses continue to roil its finances. ...
Thu 10th July 2008 - 11:16pm

NowPublic news site buys Truemors rumor website
SAN FRANCISCO AFP - Virtual news-gathering website NowPublic said Thursday it has bought rumor-backing Truemors to go beyond eye witness accounts to exposing developments -amp quotbubbling under the hood. -amp quot ...
Thu 10th July 2008 - 10:51pm

Bank of England holds rates as economy falters
LONDON AFP - The Bank of England held its key short-term interest rate at 5 percent on Thursday in the face of high inflation- sliding economic growth and a housing market downturn. ...
Thu 10th July 2008 - 10:49pm

Toyota Announces Changes in North American Production Prius to Be Built at Mississippi Plant
Tokyo- July 10- 2008 - JCN Newswire - Toyota Motor Corporation TMC- with a long-term aim toward enhancing its ability to flexibly respond to rapid fluctuations in North American market demand and toward facilitating a stable supply of North American-made vehicles - announces the following changes to its North American production structure. ...
Thu 10th July 2008 - 10:25pm

Sovereign funds say progress made on principles
SINGAPORE AFP - Representatives of the worlds sovereign wealth funds wrapped up two days of meetings in Singapore on Thursday- saying they are halfway toward drafting voluntary guidelines. ...
Thu 10th July 2008 - 10:14pm

European shares slide after Wall Street slump
LONDON AFP - Europes main stock markets slumped on Thursday after US stocks had tumbled overnight on worries about the weak US housing market and its affects on the wider economy- analysts said. ...
Thu 10th July 2008 - 09:18pm

No change expected in Bank of England rate decision
LONDON AFP - The Bank of England is widely expected to hold its key short-term interest rate steady at 5 percent when it makes an announcement later on Thursday. ...
Thu 10th July 2008 - 08:55pm

IEA sees easier oil market conditions in 2009
PARIS AFP - Tension on oil markets is set to ease early next year amid a US slowdown- the IEA forecast on Thursday- noting strong output by OPEC this year. ...
Thu 10th July 2008 - 08:51pm

Business- tourism backs Hobart waterfront plans process
Tasmanias business community has backed the State Governments handling of plans to redevelop a prime piece of land on Hobarts waterfront. ...
Thu 10th July 2008 - 08:37pm

Electrical workers suspend industrial action
Members of a major union involved in a dispute with Tasmanias electricity supplier have decided to temporarily suspend their industrial action. ...
Thu 10th July 2008 - 08:33pm

Opposition warns against unemployment figure complacency
The Federal Opposition says it remains concerned about future job losses in Australia- despite official figures showing unemployment dropped in June. ...
Thu 10th July 2008 - 08:13pm

EADS manager held for second day in French custody
PARIS AFP - The head of a German EADS subsidiary- former top Airbus executive Andreas Sperl- was held in French custody for a second day Thursday for questioning over alleged insider trading at the aerospace group- judicial sources said. ...
Thu 10th July 2008 - 07:56pm

Housing boost on Barossas edge
A big new housing development has been announced on the western boundary of the Barossa Valley- on Adelaides north-eastern outskirts. ...
Thu 10th July 2008 - 07:36pm

MHI Cumulative Gas Turbine Orders from Middle East Reach 80 Units Receives Orders of 8 Units for Large-scale Power Generation and Desalination Plant
Tokyo- July 10- 2008 - ACN Newswire - Mitsubishi Heavy Industries- Ltd. MHI has boosted its cumulative orders for gas turbines from the Middle East to 80 units with the receipt of two new orders- ...
Thu 10th July 2008 - 07:29pm

Flights return to normal at Melbourne Airport
Melbourne Airport says domestic flights have returned to normal after a power cut this morning. ...
Thu 10th July 2008 - 07:22pm

Chevron- Australia gas find boosts LNG prospects
PERTH- July 10 - U.S. energy major Chevron Corp CVX.N said it has made a significant gas discovery at its Iago field off western Australia- which could help expand its nearby Wheatstone liquefied natural gas LNG project. ...
Thu 10th July 2008 - 06:54pm

Housing boost on Barossas edge
A big new housing development has been announced on the western boundary of the Barossa Valley- on Adelaides north-eastern outskirts. ...
Thu 10th July 2008 - 06:13pm

Gas shortage to cut Alumina A $31 mln in Q3 earnings
SYDNEY- July 10 - A gas shortage in west Australia will reduce Alumina Ltds AWC third quarter after tax underlying earnings by about A $31 million $29 million- the company said on Thursday. ...
Thu 10th July 2008 - 05:51pm

Novartis eyes buy-out of biopharma firm Speedel
ZURICH AFP - Swiss pharmaceutical giant Novartis said Thursday it had boosted its stake in biopharmaceutical firm Speedel by 51.7 percent and aimed to buy it out completely for 907 million Swiss francs 560 millions euros- 882 million dollars. ...
Thu 10th July 2008 - 05:49pm

German railway boss insists share listing does not threaten service
FRANKFURT AFP - A stock market listing of Deutsche Bahn shares does not mean unprofitable regional rail service will be cut- railway boss Hartmut Mehdorn said in an interview Thursday. ...
Thu 10th July 2008 - 05:48pm

Oil higher on Iran tensions
SINGAPORE AFP - Oil prices rose in Asian trade on Thursday- gaining support from Irans test of a missile that could hit Israel- dealers said. ...
Thu 10th July 2008 - 05:42pm

Jobless falls- rate rise still possible
An unexpected drop in the jobless rate to 4.2 per cent suggests that another interest rate rise cannot be ruled out just yet- economists say. ...
Thu 10th July 2008 - 04:56pm

Aussie stocks fall banks lead on economy worry
SYDNEY- July 10 - Australian shares fell 1.5 percent on Thursday- with financials such as Westpac Banking Corp WBC leading losses on growing concerns about credit markets and slowing economic growth. ...
Thu 10th July 2008 - 04:35pm

Prosecutors seek seven-year term for former Samsung boss
SEOUL AFP - A prosecutor on Thursday demanded a seven-year jail term for the former head of South Koreas biggest business group Samsung- who is on trial for tax evasion and breach of trust. ...
Thu 10th July 2008 - 04:30pm

Strongest growth year ever- United Group
United Group expects its strongest year yet of organic growth in fiscal 2009 as it acknowledged the credit crunch made it tough to execute acquisitions. ...
Thu 10th July 2008 - 04:25pm

CSR shares plunge 14 per cent
Shares in CSR have plummeted after the company's annual earnings guidance missed expectations and the group warned that housing conditions remain uncertain. ...
Thu 10th July 2008 - 04:20pm

Mirabela in nickel pact with Brazils Votorantim
SYDNEY- July 10 - Votorantim Metais Niquel S.A. will buy half the nickel concentrate output for five years from a mine being developed in Brazil by Mirabela Nickel Ltd MNB.TO MBN ...
Thu 10th July 2008 - 04:19pm

Inflation expectations stay at new peak
Concerns about a slowing economy are failing to ease record-high consumer expectations for inflation - and petrol prices are getting the blame. ...
Thu 10th July 2008 - 04:18pm

Australias CSR outlook below forecasts- shares slide
MELBOURNE- July 10 - Australian conglomerate CSR Ltd CSR said its profits would grow less than analysts expected this year due to a weakening economic outlook and falling aluminium earnings- knocking its shares down 17 percent. ...
Thu 10th July 2008 - 04:16pm

Aussie stocks fall 1.5 pct financials weak
SYDNEY- July 10 - Australian shares fell 1.5 percent on Thursday- led down by financials such as Westpac Banking Corp WBC on concerns about credit markets and slowing economic growth. ...
Thu 10th July 2008 - 04:15pm

Deputy US Treasury chief named to head Wachovia bank
WASHINGTON AFP - Wachovia Corp named US Treasury Department Under Secretary Robert Steel as its new chief executive Wednesday after the commercial banking giant ousted its previous CEO over hefty mortgage-related losses. ...
Thu 10th July 2008 - 03:58pm

Optus offers best iPhone value- Citi
Optus offers the best value and most flexible deals for Apple's 3G iPhone- which will go on sale on Friday- analysts at a major bank say. ...
Thu 10th July 2008 - 03:38pm

Rising costs putting builders under pressure
The ACTs building industry has signalled it is feeling the pressure as consumers shy away from putting money into housing. ...
Thu 10th July 2008 - 03:36pm

Chinas trade surplus falls nearly 12 percent in first half- govt
BEIJING AFP - Chinas trade surplus fell nearly 12 percent to 99. ...
Thu 10th July 2008 - 03:15pm

NZ dollar hands back gains on recession concerns
WELLINGTON- July 10 - The New Zealand dollar NZD retreated from one-week highs on Thursday as weak manufacturing data added to the case that the economy was in a recession and interest rates will soon start falling. ...
Thu 10th July 2008 - 03:12pm

CSR says housing market has softened
Building products maker and sugar refiner CSR Ltd says the Australian housing market has softened in the past three months. ...
Thu 10th July 2008 - 02:53pm

Marion Energy Limited ASX-MAE Commences Gas Production Commissioning Operations At Alpine School District- Clear Creek Field- Utah
Melbourne- Australia- July 10- 2008 - ABN Newswire - Marion Energy Limited ASX-MAE is pleased to announce that the gas and water pipeline systems connecting the Alpine School District -amp quotASD -amp quot wells to the main compression and processing facilities at Clear Creek- Utah has been laid and commissioning of the upgraded facilities has commenced. ...
Thu 10th July 2008 - 02:51pm

Families using credit to make ends meet
Struggling families are turning to credit cards to make ends meet- a recent survey reveals. ...
Thu 10th July 2008 - 02:48pm

Macarthur Coal shares jump 7
Macarthur Coal shares have surged more than 7 after the company increased its annual profit guidance by as much as $23 million after a rise in expected sales. ...
Thu 10th July 2008 - 02:43pm

CSR says housing market has softened
Building products maker and sugar refiner CSR Ltd says the Australian housing market has softened in the past three months. ...
Thu 10th July 2008 - 02:23pm

Indonesian watchdog seeks missing 22 bln dlrs
JAKARTA AFP - Indonesias corruption watchdog has opened an investigation into suspicions that about 22 billion dollars worth of state oil and gas revenues have been lost- an official said on Thursday. ...
Thu 10th July 2008 - 02:13pm

Oil prices rise in Asia
Oil prices have risen in Asian trade- gaining support from Iran's test of a missile that could hit Israel- dealers say. ...
Thu 10th July 2008 - 02:11pm

Commissioner to investigate out of use bowser claims
Australias Petrol Commissioner Pat Walker says he is keen to examine claims petrol stations are misleading people when marking bowsers out of use. ...
Thu 10th July 2008 - 02:10pm

Bennelong launches new investment fund
Boutique investor Bennelong Funds Management is launching a new fund based on Aussie shares to be run by staff it poached from ING's Australian equities team. ...
Thu 10th July 2008 - 01:55pm

Unemployment falls
There has been an unexpected improvement in Australias unemployment rate. ...
Thu 10th July 2008 - 01:49pm

APAC Coal opens at a discount
Explorer APAC Coal has listed at a discount on the Australian stock exchange after raising $7 million through an initial public offer. ...
Thu 10th July 2008 - 01:45pm

M2 upgrade set to go ahead
The New South Wales Government has begun talks on plans to upgrade the M2 motorway in Sydneys north. ...
Thu 10th July 2008 - 01:45pm

M2 upgrade set to go ahead
The New South Wales Government has begun talks on plans to upgrade the M2 motorway in Sydneys north. ...
Thu 10th July 2008 - 01:44pm

Macmahon extends offer for Ausdrill
Macmahon Holdings Ltd says Ausdrill Ltd's share price is being propped up by on-market purchases from its managing director Ron Sayers. ...
Thu 10th July 2008 - 01:41pm

Chinas trade surplus falls 11.8 percent in first half- Xinhua
BEIJING AFP - Chinas trade surplus reached 99 billion dollars in the first half of 2008- down 11. ...
Thu 10th July 2008 - 01:37pm

Commissioner to investigate out of use bowser claims
Australian Petrol Commissioner Pat Walker says he is keen to examine claims petrol stations are misleading people when marking bowsers out of use. ...
Thu 10th July 2008 - 01:13pm

Primary asset sale price likely to drop
Primary Health Care Ltd is likely to receive less for its Symbion pharmacy services business after Metcash Ltd withdrew its bid- according to analysts. ...
Thu 10th July 2008 - 01:11pm

Recent Australian economic statistics
SYDNEY- July 10 - Table of the latest Australian economic data. ...
Thu 10th July 2008 - 12:59pm

Australia inflation expectations hold at 15yr high
SYDNEY- July 10 - Australian consumer inflation expectations stayed at 15-year highs in July- a survey showed on Thursday- underlining the danger that such lofty expectations could in turn fuel price and wage pressures. ...
Thu 10th July 2008 - 12:54pm

Empire Oil -amp Gas ASX-EGO STAR FINCH-1- EP 460- Petroleum Drilling Progress Report No 3
Perth- Australia- July 10- 2008 - ABN Newswire - Empire Oil -amp amp Gas ASX-EGOPINK-EOLGF Announce the current operations at the Star Finch-1 well at 0900 hours on 10 July 2008 is preparing to run the 244mm 9 5-8 -amp quot casing and cement and install blow out prevention equipment.Drilled the 12 1-4 -amp quot hole to 118 metres being the 9 5-8 -amp quot casing point as of 2400 hours 9 July- 2008. ...
Thu 10th July 2008 - 12:41pm

ABC Learning in court over centre ownership
Lawyers for childcare business ABC Learning have appeared in court over allegations the company failed to sell some of its childcare centres when it bought a rival company. ...
Thu 10th July 2008 - 12:40pm

Australia jobs rebound- unemployment dips anew
SYDNEY- July 10 - Australian employment staged a surprisingly strong revival in June while the jobless rate ticked down toward three-decade lows- keeping alive the risk that a drum-tight labour market could fuel inflationary pressures. ...
Thu 10th July 2008 - 12:39pm

Unemployment falls
There has been an unexpected improvement in Australias unemployment rate. ...
Thu 10th July 2008 - 12:39pm

Flights delayed by Melbourne airport power outage
Domestic flights have been affected by a power cut at Melbourne Airport this morning. ...
Thu 10th July 2008 - 12:36pm

Inflation demon still lurking- IMF warns Australia
A report by the International Monetary Fund IMF has warned inflation remains a major challenge for Australia and the Reserve Bank should be prepared to act quickly if the outlook worsens. ...
Thu 10th July 2008 - 12:34pm

Unemployment rate 4.2 in June
Australia's unemployment rate was a seasonally adjusted 4.2 per cent in June- compared to an unrevised 4.3 per cent in May- figures from the ABS show. ...
Thu 10th July 2008 - 12:33pm

eServGlobal LON-ESGASX-ESV and Bull Announce their Partnership to Deliver Communication 2.0 Services
Sydney- Australia- July 10- 2008 - ABN Newswire - eServGlobal Limited LON-ESGASX-ESV- a provider of end-to-end solutions- enabling smart communication and payment services for service providers on any generation network- and Bull- a leading systems and integration company with a presence in Europe- Africa- the Caribbean and Latin America- today announced their partnership to offer value added communication solutions- ...
Thu 10th July 2008 - 12:31pm

Aussie stocks lower Incitec Pivot advances
SYDNEY- July 10 - Australian shares fell 1.7 percent to a near two-year low on Thursday- led down by financials such as National Australia Bank Ltd NAB on concerns about credit markets and slowing economic growth. ...
Thu 10th July 2008 - 12:28pm

Oromin Explorations Ltd. CVE-OLE Announces Prospective Oil Resources at its Santa Rosa Prospect in Argentina
Sydney- Australia- July 10- 2008 - ABN Newswire - Oromin Explorations Ltd. CVE-OLEPINK-OLEPF is pleased to announce the receipt of an independent report the -amp quotSanta Rosa Evaluation -amp quot from Aeon Exploration Inc. ...
Thu 10th July 2008 - 12:21pm

Otto Energy ASX- OEL Announce Independant Evaluation Points To 100M Barrels Plus Potential For Santa Rosa- Argentina
Perth- Australia- July 10- 2008 - ABN Newswire - Otto Energy ASX-OELPINK-OTTEF advises that an -amp quotEvaluation of Prospective Resources -amp quot report on the Santa Rosa Exploration Permit located in the Cuyana Basin in the Province of Mendoza- Argentina- has been released by Oromin Explorations Ltd Oromin. Oromin commissioned the evaluation report which was conducted by Aeon Exploration Inc. ...
Thu 10th July 2008 - 12:20pm

Wizard waves wand at small business
Wizard Home Loans is hoping to spread its magic into business lending with a new product aimed at small and medium-sized enterprises SMEs. ...
Thu 10th July 2008 - 12:19pm

Mill closes today
Workers at Gunns Scottsdale sawmill in- Tasmanias north east- have been told who has received the 70 redundancies on offer. ...
Thu 10th July 2008 - 12:18pm

All Ords suffers morning slump
Credit crisis fears have hit the Australian share market- dragging the All Ordinaries index below 5-000 points for the first time in nearly two years. ...
Thu 10th July 2008 - 12:17pm

HIA optimistic on interest rates
Tasmanias Housing Industry Association HIA believes there is compelling evidence that another official interest rate increase in the medium term in not necessary. ...
Thu 10th July 2008 - 12:11pm

Energy and water users told to cut consumption
Victorias biggest water and energy users will be required to come up with a plan to cut their consumption. ...
Thu 10th July 2008 - 11:59am

Australias Crown denies Ameristar bid interest
SYDNEY- July 10 - Australian gaming group Crown Ltd CWN denied widespread speculation on Thursday that it wanted to buy U.S. casino group Ameristar Casinos Inc ASCA.O. Australian newspapers said earlier in the day that Crown- controlled by billionaire James Packer- could switch its sights to Ameristar after it pulled out of a $5 billion casino project in Las Vegas last month. ...
Thu 10th July 2008 - 11:55am

Seek takes bigger slice of Zhaopin
Online job search engine Seek has almost doubled its stake in Chinese employment website Zhaopin by about 70 per cent. ...
Thu 10th July 2008 - 11:52am

Energy and water users told to cut consumption
Victorias biggest water and energy users will be required to come up with a plan to cut their consumption. ...
Thu 10th July 2008 - 11:48am

Aussie stocks lower Macarthur gains on outlook
SYDNEY- July 10 - Australian shares fell 1.5 percent on Thursday- with financials such as National Australia Bank Ltd NAB leading losses on concerns about credit markets and slowing economic growth. ...
Thu 10th July 2008 - 11:47am

Macarthur mines profit guidance lift
Macarthur Coal Ltd- the supplier of more than a third of the world's pulverised coal- has increased its annual profit guidance after a rise in expected sales. ...
Thu 10th July 2008 - 11:32am

Bank of England to freeze interest rates amid economic turmoil
LONDON AFP - The Bank of England was widely expected to leave British interest rates unchanged at 5.0 percent on Thursday as it seeks to tackle both soaring inflation and slumping economic growth- analysts said. ...
Thu 10th July 2008 - 11:31am

Crown not interested in Ameristar
Gaming firm Crown Ltd has denied that it was interested in acquiring United States -amp quotlocal -amp quot casino operator Ameristar. ...
Thu 10th July 2008 - 11:28am

Japan current account surplus falls
Japan's current account surplus shrank for a third straight month in May- hit by high energy prices and lower returns on portfolio investment- the govt says. ...
Thu 10th July 2008 - 11:27am

Australian stocks resume falls banks lower
SYDNEY- July 10 - Australian shares fell 1.6 percent on Thursday- with financial firms such as National Australia Bank Ltd NAB leading losses on concerns about credit market losses and slowing economic growth. ...
Thu 10th July 2008 - 11:21am

Inflation expectations stay at new peak
Pricey petrol- food and rent has kept the inflationary expectations of consumers at a record high- a survey shows. ...
Thu 10th July 2008 - 11:13am

RBA must act quickly on rates- IMF
The IMF says inflation risks in Australia are -amp quotclearly on the upside -amp quot and the RBA should be quick to lift rates if economic growth does not slow as expected. ...
Thu 10th July 2008 - 11:12am

CSR outlook below forecasts- shares slide
MELBOURNE- July 10 - Australian conglomerate CSR Ltd CSR said on Thursday it expected group earnings to rise over 5 percent in its current fiscal year- well below analysts forecasts and knocking its shares down 15 percent. ...
Thu 10th July 2008 - 10:47am

Credit purchases of basics tipped to rise
A survey has shown that almost one in three families with children expect to be using a credit card to finance their household debt in the next three months. ...
Thu 10th July 2008 - 10:40am

Arctic fever- Russia races against time to stake claim
Russia is on the hunt for a lucrative slice of the Arctic. Moscow plans to use international law to ask that a huge section of the Arctic Continental Shelf be recognised as Russian territory. ...
Thu 10th July 2008 - 10:36am

IMF sees Australia inflation risk- urges vigilance
SYDNEY- July 10 - Australias economic growth could prove to be stronger than anticipated due to a boom in commodity exports- says the IMF- meaning policy makers should be ready to raise interest rates again to curb inflation. ...
Thu 10th July 2008 - 10:32am

CSR Ltd's earnings sweeten by 5
Sugar refiner CSR Ltd expects its group earnings to rise by more than five per cent this year- despite the challenges of a softer housing market. ...
Thu 10th July 2008 - 10:29am

ABM Resources NL ASX-ABU Announce Appointment Of Mr Simon Rigby And Joe Ariti As Non-Executive Directors
Perth- Australia- July 10- 2008 - ABN Newswire - The Board of Directors of ABM Resources NL ASX-ABU is pleased to announce the appointment of Mr Simon Rigby and Mr Joe Ariti as Non-Executive Directors of the Company- effective 31 July 2008. ...
Thu 10th July 2008 - 10:26am

Gas crisis to cost industry billions of dollars- CCI
A shortage of gas in Western Australia due to an explosion at Apache Energys off-shore processing plant is predicted to cost industry more than $6 billion. ...
Thu 10th July 2008 - 10:24am

Total chief says too risky to invest in Iran
LONDON AFP - It is too politically risky to invest in Iran at present- the chief executive of French energy giant Total said in comments published Thursday. ...
Thu 10th July 2008 - 10:22am

Airnorth to expand services with new plane
The Darwin-based airline Airnorth looks set to increase flights out of the Top End early next year. ...
Thu 10th July 2008 - 10:17am

Aussie stocks lower banks fall on credit worries
SYDNEY- July 10 - Australian shares fell 1.9 percent on Thursday- with financial firms such as National Australia Bank Ltd NAB leading losses on nagging concerns about credit market losses. ...
Thu 10th July 2008 - 10:15am

Beijing working towards unrestricted media- Gosper
International Olympic Committee IOC member Kevan Gosper says he is confident the media will be free to report any subject during next months Beijing Games. ...
Thu 10th July 2008 - 10:14am

Qld apprenticeships soar more than 35pc
New figures show about 63-000 Queenslanders started an apprenticeship or traineeship last year. ...
Thu 10th July 2008 - 10:13am

Retail Food sees profit up at least 116
Food brand manager and franchisor Retail Food Group Ltd RFG expects its full year profit to rise by at least 116 per cent. ...
Thu 10th July 2008 - 09:59am

Aussie dollar firm ahead of jobs data- bonds gain
SYDNEY- July 10 - The Australian dollar held firm on Thursday- after rallying from three-week lows against the U.S. dollar in offshore trade- as investors awaited a key domestic jobs report which may give further evidence of a cooling economy. ...
Thu 10th July 2008 - 09:52am

Cheap Tuesdays- petrol stations holding back
The Federal Government has asked the Petrol Commissioner- Pat Walker- to look into claims some petrol stations have been holding back fuel on cheap Tuesdays. ...
Thu 10th July 2008 - 09:51am

Sawmillers learn their fate today
Sawmill workers in Tasmanias north-east are bracing for news of their future. ...
Thu 10th July 2008 - 09:48am

Bligh denies Chalco pressured over refinery site
Queensland Premier Anna Bligh denies there was any political pressure in the choice of Bowen as the preferred site for the proposed Chalco alumina refinery. ...
Thu 10th July 2008 - 09:36am

Macmahon extends offer for Ausdrill
Macmahon Holdings Ltd has extended its scrip takeover offer for Ausdrill Ltd by four weeks until August 15. ...
Thu 10th July 2008 - 09:31am

NZ manufacturing slows further in June - survey
WELLINGTON- July 10 - New Zealand manufacturing activity fell to its lowest level in two-and-a-half years in June as businesses struggled in the face of a slowing economy and soaring costs- a survey showed on Thursday. ...
Thu 10th July 2008 - 09:16am

STOCKS NEWS ASIA-Shares seen falling on credit concerns
SYDNEY- July 10 - Asian shares are set to fall on Thursday- with fresh worries about credit market losses likely to hit financials such as Mizuho Financial Group 8411.T. ...
Thu 10th July 2008 - 09:14am

Confidence- Housing Down
As expected consumer sentiment and home lending have taken another lurch downwards- matching the slump in business confidence and conditions was revealed on Tuesday.The Westpac-Melbourne Institute consumer sentiment index- released yeserday shows a 6.7 fall to 79 points- its lowest point since January 1992 and figures from the Australian Bureau of Statistics showed home lending at an eight year low.The National Australia Banks June survey showed a similar fall in confidence and conditions in the business sector- with the bank warning the slide had a way to go.The Westpac survey shows the pace of the fall in consumer sentiment has quickened- June saw a 5.6 drop- now its approaching 7.Westpac chief economist Bill Evans said the index was at its worst level since Australia began emerging from the recession of 1990-91.The survey of 1-200 people was taken last week- when crude oil prices hit a record $US145.85 a barrel and petrol prices in major capital cities hit or topped $1.70 a litre.Westpacs Bill Evans put the larger slump down to publicity about petrol and oil prices- so if the fall in oil prices of the past two days of 5- is sustained in coming weeks- and produces lower petrol prices- the August survey could show a slowing in the loss of confidence.The survey showed that consumers are now very negative about the longer outlook- there was a sharp 15.5 fall to 62.9 points in the reading about expectations for economic conditions over the next 12 months.Compared with July 2007- that reading has weakened by 51.1.And consumers are also just as gloomy about their financial position now- compared to a year ago- the slide was smaller - down 6.2 to a similar figure of 63.7 points.And theres also gloomy news from the home building industry. Last weeks figures from the Australian Bureau of Statistics showed a 6.5 fall in approvals for owner-occupied and other dwellings.Today- housing finance figures showed a similar fall for the same month of May- an 8-year low.The number of home loans- seasonally adjusted- dropped 7.9 in May- the lowest since June 2000. The May figure is down from 3 in April.The fall was much worse than the market had been expecting.The number of new mortgages hit a three-and-a-half year low and the purchases of newly built homes have been falling steadily for 11 months.Loans for new homes lead the fall- plunging a seasonally adjusted 13.5 in May- followed by loans for existing homes- which dropped 8. Loans for the construction of new homes dropped 5.The Consumer confidence survey showed a sharp fall in May- so in that respect its no wonder that it was a miserable month for the new and existing housing sectors. It points to further weakness in June and July housing activity.The ABS said that in seasonally adjusted terms- the total value of dwelling finance commitments excluding alterations and additions fell 6.1- with investment housing commitments down 6.8 and owner-occupied housing commitments off 5.7.According to the ABSs analysis the total value of owner-occupied housing commitments seasonally adjusted fell 5.7 or $766 million in May 2008- following a revised decrease of 4.8 in April 2008. -amp quotThe decrease this month was due to falls in the purchase of established dwellings excluding refinancing down $434 million or 5.6- refinancing of established dwellings down $218 million- 5.6- construction of dwellings down $60 million- 5.2 and the purchase of new dwellings down $55 million- 10.9. -amp quotThe total value of investment housing commitments seasonally adjusted decreased 6.8 down $403million in May 2008 compared with April 2008- following a revised increase of 0.7 in April 2008. -amp quotThe decrease this month was due to falls in the purchase of dwellings by individuals for rent or resale down $366 million or 7.9 and the purchase of dwellings by others for rent or resale down $111 million or 15.8 while construction of dwellings for rent or resale rose up $73 million or 12.0. -amp quot -amp 160 ...
Thu 10th July 2008 - 08:48am

Murdoch sees no deals at Allen retreat
News Corp Chairman Rupert Murdoch plans to forgo making deals at this year's Allen -amp Co media retreat. ...
Thu 10th July 2008 - 08:47am

IAG Cuts- Market Unimpressed
Insurance Australia Group CEO Mike Wilkins unveiled his much-anticipated strategic review yesterday and it followed the predictable script.Big cuts- cost savings- job losses- exiting a business bought by the old CEO and a burst in initial enthusiasm from punters in the market- only for the surge to flag as second and more rational analysis set in.As is typical in these situations- the new CEO indirectly blamed his predecessor for the problems by cutting the value of IAGs struggling UK operations by $350 million and scaling back their future operations.The Wilkins changes were sweeping- four members of the senior management team are out- including long-serving finance director George Vernardos. All joining former CEO- Michael Hawker in the departure lounge.The new guard includes two former Promina colleagues of Wilkins- Duncan West who will run CGU and Leona Murphy who will run a slimmed down corporate office.Job losses were put at 600 here and in the UK. Wilkins claimed there would $130 million in annual costs savings and a $60 million restructuring charge on the way out.The bottom line is a loss for the year to June.The shares bounced to $3.75 in an early burst of applause- and sagged to a low of $3.57 before trading unchanged on the day at $3.66- down a cent. Thats hardly a ringing endorsement on a day when the market bravely rose in the face of some difficult news.Perhaps it was news of the years loss- or was it the more intelligent investor realising that for all the problems in the UK bad floods last year caused it havoc and in Australia bad weather caused havoc here as well- IAG is like all insurers the world over- the insurance cycle is trending lower and even the very smart folk at Warren Buffetts Berkshire Hathaway insurance and re-insurance companies have been caught by the down leg of the cycle.The credit crunch- plunging share values and volatile market conditions are causing all insurers grief as they struggle to make a turn on their floats.The revamp makes James Strongs position as chairman of IAG look tenuous- especially given hes been there for seven years. Seeing Strong has foreshadowed the retirement of two directors at this years November AGM- in Neil Hamilton and Macquarie executive Rowan Ross- will he join them After all they have been there from 1999 and 2000 respectively.The most interesting move the restructuring was predictable and well-leaked to the market and the media over the past five days was the appointment of former AMP finance chief- Phil Twyman. He went from the AMP to the global operations of big British insurer Aviva.IAG will report a loss of up to 15c a share for the June 30 year- the company told the ASX in its statement yesterday.Second-half dividend will drop to 9c a share- from 16c a year earlier. The full years payout will be 22.5c a share compared to 29.5c in 2007.Wilkins said that as he cuts- the company will continue to pursue growth opportunities in Asia- focusing on Thailand- Malaysia- India and China.But it will conduct a staged exit of the private motor and mass market distribution operations of Hastings-Advantage and Equity Insurance Brokers and an exit of its Alba and Diagonal investments businesses in the UK.The decision means the group will book a non-cash impairment charge of around $350 million in fiscal 2008. -amp quotIts clear from our recent financial performance we need to do better- -amp quot chief executive Michael Wilkins said.He said IAG aimed to have a more tightly-managed portfolio of high performing- customer-focused and diverse general insurance businesses.It would simplify its operating structure- creating end-to-end businesses with autonomy to manage their own brands- customer bases and markets. -amp quotWell also stay focused on the fundamentals of our business in Australia and New Zealand- while continuing to selectively pursue growth opportunities primarily in Asia- -amp quot Mr Wilkins said.The market had been expecting IAG- which earlier this year rejected a takeover approach from QBE Insurance- to announce write-downs from its UK operations and the cut in final dividend was also forecast. ...
Thu 10th July 2008 - 08:45am

Metcash Out Of Pharmacy Deal
-amp 160Metcash has withdrawn its offer for Symbion Pharmacy Services after the competition regulator indicated that it had some important concerns about the deal.The decision was announced after the Commission revealed its concerns at the involvement of Sigma Pharmaceuticals in a joint venture to run the Symbion business. That was to be set up after the Metcash acquisition.The Commission however said it had no concerns about Metcash.It said its -amp quotpreliminary view that the acquisition of Symbion Pharmacy of itself is unlikely to raise competition issues since Metcash currently has no involvement in the pharmaceutical industry -amp quot.But it cast doubt on whether Metcash can buy Symbion Pharmacy Services from Primary Health Care and then form a joint venture with Sigma Pharmaceuticals to run the business.In a statement to the ASX late yesterday Metcash CEO- Andrew Reitzer revealed the decision to withdraw- and cast doubt on the value of the Symbion assets- -amp quotThis decision by the ACCC as well as the results of our detailed due diligence on the Symbion pharmaceutical wholesaling business have caused us to conclude that the value of this business to Metcash is substantially less than the price which we believe would be acceptable to the vendors. -amp quotAs a consequence- Metcash is withdrawing from the sale process and will not be submitting a final bid. We will therefore also be unable to pursue the proposed logistics-buying joint venture with Sigma Pharmaceuticals. -amp quotWe recognise that- by withdrawing from the process- we will not presently be able to bring our buying- logistical and marketing expertise to the pharmaceutical wholesaling industry and assist the growth and development of independent pharmacists in the same way that we have strengthened and grown independent grocery retailing in Australia. -amp quotThe Metcash announcement is understood when the joint venture is analysed by the Commission in a Statement of Issues paper released with a statement yesterday.Its plain that the involvement of Sigma in the joint venture after the purchase was going to cause problems with the Commission.This made clear in the issues paper. The Commission sees significant problems with Sigmas involvement in the joint venture.We have already seen Terry White Chemists- a pharmacy banner supported by Symbion Pharmacy Services- reveal its opposition to Metcashs involvement.The ACCC said in its statement yesterday that it was calling for comment on the proposed acquisition by Metcash Trading Limited of Symbion Pharmacy Services Pty Limited and the proposed joint venture between Metcash Trading Limited and Sigma Pharmaceuticals Limited.The Statement of issues identifies a number of preliminary concerns the ACCC has in relation to the proposal and seeks further information on certain issues which have arisen from the ACCCs market inquiries to date.The ACCC said it was inviting further submissions from the market by July 23. -amp quotTo allow for submissions in response to the Statement of issues- the ACCCs final decision date will be deferred until 13 August 2008. -amp quotThat will no longer be needed.The Commissions list of concerns and the accompanying explanation makes it hard to see how anyone with an existing involvement in the industry distribution especially- could get ACCC approval to buy Symbion.Metcash was a relative cleanskin in that it had no involvement. Sigma had considerable involvement and yet the Symbion business does need a company with experience and knowledge of what pharmacies want- and how they want to be serviced daily- and sometimes- twice a day with small drops.The commission said that Metcash and Sigma had sought informal clearance for the following transactions- -amp quotMetcashs proposed acquisition of Symbion Pharmacy and on or as soon as practicable after- completion of the Metcashs acquisition of Symbion Pharmacy- Sigma and Metcash intend to establish a joint venture that will provide procurement- distribution and related services to each of them in respect of their pharmaceutical wholesaling businesses. The JV company will acquire from Sigma and Metcash relevant assets to enable it to provide the procurement- distribution and related services. -amp quotThe parties submit that Sigma and Metcash will each separately retain and continue to operate the sales and marketing functions through which they supply products to and support their pharmacy customers and will continue to compete in respect of those operations. -amp quotMetcash will be engaged by the JV company to oversee the procurement function. -amp quotThe ACCC said it had identified a number of areas of possible problems- the first being- -amp quotThe reduction in competition due to the upstream aggregation- supply of wholesale pharmacy products and services to pharmacies. -amp quot -amp quotAs indicated earlier- Sigma and Metcash submit that they will each separately retain their sales and marketing functions- and will continue to compete against each other for the supply of products and support services to pharmacies. -amp quotMarket inquiries generally revealed concerns that the proposal would have the effect of reducing the number of effective- independent full line wholesale competitors in the market from three to two and that this would result in pharmacies paying higher prices for all pharmacy products including pharmacy medicines and general products. -amp quotThe ACCC is concerned that the upstream joint venture arrangements will diminish the incentives for Sigma and Symbion owned by Metcash to compete downstream for pharmacy customers. -amp quotThis is because under the joint venture structure the benefits accruing to Sigma or Metcash from successfully winning customers from each other may not be as great as they would be in the absence of the proposed upstream aggregation because the ACCC understands that profits made by the joint venture entity owned 50-50 by Sigma and Metcash will be redistributed to Sigma and Metcash. -amp quotThe assets and capital required to set up and run the joint venture will be contributed in equal proportions by Sigma and Metcash. -amp quotThe ACCC also notes that both parties will typically be sourcing the same products from the JV company for very similar if not identical prices. Interested parties expressed concern that in such an environment- the scope for competition in the downstream market between the parties will be significantly diminished. -amp quotFurther- there is significant concern that each party will possess such intimate knowledge about the others cost structure that there will be an increased chance of coordination of pricing between the parties. -amp quotThe ACCCs market inquiries indicated that barriers to entry are likely to be high. Market inquiries also revealed a very limited ability by manufacturers or pharmacies to constrain wholesalers by credibly threatening to bypass the wholesale level of the market. -amp quot -amp quotThe proposed joint venture appears likely to result in significant cost savings and increased buying power discussed from paragraph 48 which is likely to give Sigma and Symbion a significant advantage over their competitors. Concerns were expressed that this advantage would weaken the competitive position of the joint ventures rivals- and increase barriers to entry. -amp quotMarket inquiries revealed a significant degree of concern in relation to the likely impact of the proposal on competition for the supply of products to pharmacies. Interested parties were generally concerned that any cost savings achieved by the joint venture would not be passed through to the downstream market- because of high barriers to entry- and a weakening of the competitive tension between Sigma- Symbion and API. -amp quotThe ACCC seeks more information in relation to this issue. In particular- the ACCC seeks further information as to the likelihood that new entry or existing competitors will be able to competitively constrain Sigma and Symbion under the joint venture arrangements. -amp quotA concern raised during market inquiries has been that the joint venture will result in a significant increase in buying power held by the joint venture parties. -amp quotThe ACCCs preliminary view is that- in relation to PBS products- the aggregation of Sigma and Symbions procurement functions is unlikely to have any effect on the prices received by manufacturers. -amp quotThe government will continue to set the price at which manufacturers sell to pharmacies and wholesalers will continue to apply their wholesale margin up to the limit of 7 per cent. Under the PBS system- there does not appear to be scope for wholesalers to use buying power to buy PBS products more cheaply since wholesalers only ever receive the wholesale margin of to 7 per cent. -amp quotFor non-PBS products - general products and pharmacy only medicines - the ACCCs preliminary view is that the increase in buying power may have an impact as the prices paid for these products are not regulated. -amp quotThe ACCC seeks further information in relation to this issue. Specifically- -amp quotThe extent to which manufacturers could resist pressure to decrease prices of products sold to the JV company by- for instance- using other wholesalers API and short line wholesalers and using direct supply to pharmacy models. -amp quotMarket inquiries have raised an issue as to whether competitors of Sigmas pharmaceuticals manufacturing business may be foreclosed as a result of the aggregation in procurement functions under the proposed joint venture. -amp quotFor example- Sigma manufactures some products in competition with other manufacturers. At the moment- market inquiries have suggested that Sigmas downstream wholesale and retail interests enjoy better commercial terms on these products than Sigmas competitors can obtain. -amp quotMarket inquiries revealed a concern that under the joint venture proposal- since the JV will be purchasing on behalf of both Sigma and Symbion- there will be an incentive in order to achieve volume efficiencies to purchase from Sigmas manufacturing operations instead of from other manufacturers. -amp quotThose concerns make it very hard for another company already involved in the pharmacy distribution business- to buy the Symbion assets. That means Primary -amp 160Health Care might have to go back to the drawing board. -amp 160it needs to sell the assets to reduce its own debts. -amp 160 ...
Thu 10th July 2008 - 08:42am

GPT-DOW
The agony for GPTs big and small security holders continued yesterday as the stock hit more lows.GPT stapled securities closed at $1.73- the lowest close in just over 24 years. That was a fall of 14c on the day or 7.5. The shares are down 70c from the close last Friday- before Mondays trading update.The securities have fallen from $4.04 at the end of 2007- a loss of more than $4.31 billion in market capitalisation.The company cut its full year operating income outlook by 27 on Monday after it was forced to postpone the sale of assets because of the global credit crisis.GPT now says operating income for the year to December 31 will be $464 million- down from a previously forecast $633 million.The company also lowered its distribution guidance by 31 to 20c per security- from the 28.9c forecast in February.GPT was forced to issue another statement yesterday detailing that the finance costs tied to the changes in its credit ratings by ratings agencies have been accounted for in the assumptions underlying the guidance it gave on Monday.GPT has said credit ratings agency Standard -amp 38 Poors had lowered the companys credit rating to BBB with a negative outlook- after GPT reduced its earnings guidance for the 2008 financial year on Monday.The company said Moodys credit rating for the company - at BAA1 with a negative outlook - had not changed- but the agency had advised GPT that it was -amp quoton review for a possible downgrade -amp quot. -amp quotFinance costs associated with the changes referred to above have been factored into assumptions underlying the guidance provided on 7 July 2008- -amp quot GPT said in a statement on Wednesday.The company was forced to postpone the sale of assets because of the credit crisis- and the company cut its full year operating income estimate because sales of GPTs office developments- including half of a 40 stake in a wholesale office fund- have had to be put off because of falling demand since global credit rates surged last year as a result of the US sub-prime crisis. ...
Thu 10th July 2008 - 08:37am

Power supply under threat
A new report shows Victoria could experience electricity shortages under an Emissions Trading Scheme. ...
Thu 10th July 2008 - 08:36am

No clubs- pubs lock-out- says SA Govt
The South Australian Government will not legislate for a 3-00am lock-out for city hotels and clubs. ...
Thu 10th July 2008 - 08:33am

No clubs- pubs lock-out- says SA Govt
The South Australian Government will not legislate for a 3-00am lock-out for city hotels and clubs. ...
Thu 10th July 2008 - 08:17am

Safety investigation at Gunns sawmill
Tasmanias Workplace Standards has confirmed that its investigating an incident involving a former worker at Gunns north east sawmills. ...
Thu 10th July 2008 - 08:15am

No clubs- pubs lock-out- says SA Govt
The South Australian Government has decided against legislating for 3-00am lock-outs for city hotels and clubs. ...
Thu 10th July 2008 - 07:50am

Germans urge EU to reject BHP-Rio merger
German industry urged the European Commission to reject a tie-up of BHP Billiton and Rio Tinto and warned that steelmakers were curbing competition in Europe. ...
Thu 10th July 2008 - 07:24am

Climate study looks at tourism impact
The Barossa Valley is among five tourism destinations in Australia which are part of a national study into the impact of climate change on the economy. ...
Thu 10th July 2008 - 07:22am

Dollar falls on Iran missile test- economic worries
NEW YORK AFP - The dollar fell against the other main currencies Wednesday amid new geopolitical tension after Iran tested a missile it claimed was capable of hitting Israel. ...
Thu 10th July 2008 - 07:20am

Record investment boosts WA economy
Businesses have invested a record amount of money in Western Australia over the 12 months to March. ...
Thu 10th July 2008 - 07:19am

US refueling tanker contract to go up for new bid
WASHINGTON AFP - US Defense Secretary Robert Gates announced Wednesday the Pentagon would reopen a massive contract to supply the air force with a new generation of air refueling tankers. ...
Thu 10th July 2008 - 07:10am

ASX substantial shareholding notices - July 10
The following substantial shareholder notices were made to the Australian Stock Exchange ASX yesterday. ...
Thu 10th July 2008 - 06:15am

Oil prices calm as markets mull Iran missile test
NEW YORK AFP - Oil prices held steady Wednesday after two days of sharp declines- as news that Iran tested a long-range missile capable of hitting Israel pushed up prices temporarily. ...
Thu 10th July 2008 - 05:44am

Incat boss bureaucracy frustration
There is disagreement over whether Tasmania is a development powerhouse or falling behind the rest of the world. ...
Thu 10th July 2008 - 05:29am

Abu Dhabi fund snaps up NYs Chrysler Building
NEW YORK AFP - The cash-rich Abu Dhabi Investment Council has bought one of New Yorks best-known skyscrapers- the Chrysler Building- for a heady 800 million dollars- sources close to the deal said Wednesday. ...
Thu 10th July 2008 - 05:17am

US refueling tanker contract to go up for new bid
WASHINGTON AFP - US Defense Secretary Robert Gates said Wednesday the Pentagon will reopen a controversial 35-billion dollar contract to supply the air force with a new generation of air refueling aircraft. ...
Thu 10th July 2008 - 04:53am

Carrefour sales rise but French hypermarkets slip
PARIS AFP - French supermarket giant Carrefour on Wednesday said its three months to June sales rose 6.0 percent to 23.72 billion euros 37.2 billion dollars. ...
Thu 10th July 2008 - 04:50am

Northwest Airlines blames oil prices for 2-500 job cuts
WASHINGTON AFP - US carrier Northwest Airlines announced Wednesday that it was cutting 2-500 jobs in a move it blamed on rocketing crude oil prices. ...
Thu 10th July 2008 - 04:14am

China- India rise while US slips in Fortune company rankings
WASHINGTON AFP - The number of US firms among the Fortune 500 list of top global companies slipped to the lowest level in over a decade while Chinese- Indian and Mexican firms gained- the magazine reported Wednesday. ...
Thu 10th July 2008 - 03:55am

Spanish PM talks of crisis as recession fears grow
MADRID AFP - Fears mounted on Wednesday for the Spanish economy- until recently a driver of growth and job creation in the eurozone- after Prime Minister Jose Luis Rodriguez Zapatero referred to a -amp quotcrisis -amp quot for the first time. ...
Thu 10th July 2008 - 03:50am

US refueling tanker contract to go up for new bid
WASHINGTON AFP - US Defense Secretary Robert Gates said Wednesday the Pentagon will request revised bids for a controversial 35-billion dollar contract to supply aircraft for air refueling. ...
Thu 10th July 2008 - 03:48am

Boeing sees sales driven by demand for fuel-efficient aircraft
LONDON AFP - The global aircraft market will be boosted in the next two decades by demand for fuel-efficient jets as airlines replace old fleets to combat high oil prices- US plane maker Boeing forecast on Wednesday. ...
Thu 10th July 2008 - 02:59am

Top EADS manager held in French insider trading probe- sources
PARIS AFP - A former top Airbus executive and current head of a German EADS subsidiary- Andreas Sperl- was detained for questioning in France on Wednesday over alleged insider trading at EADS- sources close to the case said. ...
Thu 10th July 2008 - 02:28am

Macau casino tycoon delays Hong Kong listing
HONG KONG AFP - The casino firm owned by Macau billionaire Stanley Ho said Wednesday it would list next week following a delay as his sister lost a legal challenge to block the float. ...
Thu 10th July 2008 - 01:42am

UAE company snaps up Chrysler Building
NEW YORK AFP - The Abu Dhabi Investment Council has bought the landmark Chrysler Building in New York for 800 millon dollars- sources close to the deal said Wednesday. ...
Thu 10th July 2008 - 01:34am

G8 pledges action on food- oil
TOYAKO- Japan AFP - Leaders of the worlds top industrial powers ended a summit Wednesday with pledges to act on soaring oil and food prices- but failed to bridge deep differences with poor nations on fighting climate change. ...
Thu 10th July 2008 - 01:24am

Market research group GfK may bid for TNS
LONDON AFP - German market research group Gfk said Wednesday that it was mulling a takeover bid for British peer Taylor Nelson Sofres after the pair ended their plans to merge. ...
Thu 10th July 2008 - 01:22am

Figures expected to show employment rise
New figures to be released today are predicted to show the number of people in jobs rose last month after a steep fall the month before. ...
Thu 10th July 2008 - 12:42am

Bendigo Bank celebrates 150th birthday
Reserve Bank of Australia RBA governor Glenn Stevens says Bendigo Bank has proven there is a place for well-run regional banks in today's global economy. ...
Thu 10th July 2008 - 12:13am

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