2010-03-10 Business and Finance News (vsx.com.au)

Euro dogged by downbeat German exports data
LONDON AFP - The euro pulled lower against the dollar on Wednesday in the wake of disappointing data in Germany- while traders tracked Europes public debt woes- analysts said. ...
Wed 10th March 2010 - 11:54pm

Chile quake to cost insurers up to $7 bln
ZURICH AFP - Reinsurance giant Swiss Re on Wednesday estimated that insurers will have to pay up to 7.0 billion dollars 5.16 billion euros for damages arising from the deadly earthquake in Chile. ...
Wed 10th March 2010 - 11:50pm

European stocks edge ahead as investors await data
LONDON AFP - Europes leading stock markets nudged higher on Wednesday as traders awaited key US economic data and assessed the latest batch of company results. ...
Wed 10th March 2010 - 11:39pm

PM fires gun on British election with budget date
LONDON AFP - The British government will unveil a pre-election budget on March 24- Prime Minister Gordon Brown said Wednesday- fuelling expectations of a general election in May. ...
Wed 10th March 2010 - 11:34pm

Greece set to be crippled by Thursdays strike
ATHENS AFP - A sweeping strike is set to cripple Greece on Thursday in the second such protest in a fortnight against debt-driven austerity measures. ...
Wed 10th March 2010 - 10:53pm

German exports post unexpected drop in January
FRANKFURT AFP - German exports dropped by an unexpectedly sharp 6. ...
Wed 10th March 2010 - 09:45pm

China auto sales reach 1.2 million in February
BEIJING AFP - Chinas auto sales reached 1. ...
Wed 10th March 2010 - 09:22pm

Atlas eyes second takeover after Aurox
Cashed-up miner Atlas Iron is considering another acquisition in addition to its proposed $143 million takeover of junior iron ore explorer Aurox Resources. ...
Wed 10th March 2010 - 07:53pm

Fuji Electric Group Formulates New Medium-term Management Plan
Tokyo- Mar 10- 2010 - JCN Newswire - The Fuji Electric Group announced today that it has formulated its new three-year medium-term management plan for the period from fiscal 2009 to fiscal 2011. This plan outlines our approach to become a company that contributes to society through its businesses in the field of -amp quotenergy and the environment. -amp quot ...
Wed 10th March 2010 - 07:25pm

Five banks to manage QR National IPO
The Queensland government has appointed five investment banks to manage its $3 billion-plus float of the QR National coal- freight and infrastructure business. ...
Wed 10th March 2010 - 06:56pm

Orica says court loss might cost $192m
Orica says it might suffer a $192 million profit hit unless it appeals a Federal Court decision that will make it pay more tax over a 1998 pharmaceutical sale. ...
Wed 10th March 2010 - 06:47pm

Confidence as jobless rate sinks
Increasing job security due to the surprisingly rapid drop in the jobless rate in recent months has helped consumers bear the pain of rising interest rates. ...
Wed 10th March 2010 - 06:43pm

Banks keep gains from card customers
Movements on credit card interest rates over two years show banks have kept 85 per cent of the net benefit gained from the Reserve Bank interest rate cuts. ...
Wed 10th March 2010 - 05:58pm

Greens slam new renewable energy body
The Australian Greens have slammed a new body designed to develop renewable energy in Australia. ...
Wed 10th March 2010 - 05:57pm

Housing slump drags on shares
A slump in housing finance figures offset gains resulting from positive consumer confidence data on the Australian share market today. ...
Wed 10th March 2010 - 05:48pm

Stockland's St Kilda Rd site reaps $27m
Stockland says it has sold its St Kilda Road apartments development site in Melbourne for $27.5 million. ...
Wed 10th March 2010 - 05:32pm

Greens slam new renewable energy body
The Australian Greens have slammed a new body designed to develop renewable energy in Australia. ...
Wed 10th March 2010 - 05:30pm

Three Aristocrat directors to step down
Aristocrat Leisure has lost three long standing directors including chairman David Simpson as the troubled gaming machine maker tries to -amp quotrefresh the board -amp quot. ...
Wed 10th March 2010 - 05:26pm

Australia dlr firm as China trade underscores strength
SYDNEY- March 10 - The Australian dollar hit highs against a range of currencies on Wednesday- including record peaks on the euro- burnished by a sturdy domestic economy that is benefitting from solid Chinese demand. ...
Wed 10th March 2010 - 05:10pm

China's February exports up 45.7
China said February exports soared for a third straight month and at the fastest pace in three years- underlining its position as the world's leading exporter. ...
Wed 10th March 2010 - 04:56pm

Centennial Celebration of Women in the Art World Held in Shanghai
Shanghai- Mar 10- 2010 - ACN Newswire - The opening ceremony of the Centennial Celebration of Women in the Art World exhibition was held at the Shanghai Art Museum on March 8. ...
Wed 10th March 2010 - 04:56pm

Australia shares tread water a year after market low
MELBOURNE- March 10 - Australian stocks ended dead flat on Wednesday- on the one-year anniversary of the bear markets nadir- after disappointing housing finance data wiped out early gains. ...
Wed 10th March 2010 - 04:51pm

Alesco shares plunge on profit downgrade
Shares in Alesco Corporation plunged more than 30 per cent during trading after the building and household products firm downgraded its profit forecast. ...
Wed 10th March 2010 - 04:32pm

Home loans tumble on rate rises
Rising interest rates and a smaller first home buyers grant contributed to an almost eight per cent fall in demand for new home loans in January. ...
Wed 10th March 2010 - 04:25pm

Australia shares end flat- data disappoints
MELBOURNE- March 10 - Australian stocks ended dead flat on Wednesday on the one-year anniversary of the bear markets nadir- after disappointing economic news wiped out early gains. ...
Wed 10th March 2010 - 04:25pm

ANZ OK for RBS' Taiwan- Singapore units
ANZ Banking Group says it has received regulatory approvals for its proposed acquisition of Royal Bank of Scotland's businesses in Singapore and Taiwan. ...
Wed 10th March 2010 - 04:19pm

EU targets traders in response to Greek crisis
The European Union is considering a ban on the use of the sort of complex financial instruments that may have contributed to the economic crisis in Greece. ...
Wed 10th March 2010 - 04:18pm

Consumer confidence holds steady- survey
Consumer confidence was not dented by this month's interest rate rise by the Reserve Bank- but might react negatively in the future- a report says. ...
Wed 10th March 2010 - 03:43pm

ABM Resources NL ASX-ABU Releases Details On Northern Tanami Targets Hyperion Gold Project
Perth- Australia- Mar 10- 2010 - ABN Newswire - ABM Resources NL ASX-ABU is pleased to present further results compiled and validated from its regional exploration portfolio and database for the Northern Tanami Project Area in the Northern Territory including- Hyperion Gold Project - a 2 kilometre by 500 metre gold anomaly with central drilled zone of 500m strike length and drill results including 60m - 2.57g-t gold at 0. ...
Wed 10th March 2010 - 03:30pm

Orica says court loss will cost it $92m
Orica Ltd says defeat of an appeal in the Federal Court against an amended tax assessment will cost it a further $92 million. ...
Wed 10th March 2010 - 03:16pm

Housing finance plummets
The combination of higher interest rates and the expiry of the boost to the first homeowners grant has driven a big fall in housing finance in January. ...
Wed 10th March 2010 - 03:14pm

Orica says court loss will cost $284m
Orica Ltd says a defeat of its appeal in the Federal Court in relation to a tax matter will cost it almost $300 million. ...
Wed 10th March 2010 - 02:44pm

US experts probe runaway Toyota Prius
US investigators have launched a probe into a runaway Toyota Prius in California in a case that threatens to undermine Toyota's efforts to repair its image. ...
Wed 10th March 2010 - 02:40pm

Asian Markets Overview of March 10- 2010
Sydney- Australia- Mar 10- 2010 - ABN Newswire - Asian shares could see a flat start on Wednesday while Wall Street closed slightly higher overnight. Steelmakers and resource stocks are expected to suffer declines around the region follow commodities prices dropped. Most Asian markets posted small gains yesterday. Shanghai and Hong Kong bourses rose after an upbeat forecast from China Life Insurance Co.HKG-2628 SHA- ...
Wed 10th March 2010 - 02:36pm

East Africa new frontier for oil
East Africa has become a promising new frontier for oil exploration and major multi-nationals are jostling for the rights to search for black gold. ...
Wed 10th March 2010 - 02:28pm

Under-supply challenges recovery- RBA
A greater share of the economy needs to be devoted to housing to deal with a population boom- or property prices and rents will rise- the Reserve Bank says. ...
Wed 10th March 2010 - 02:23pm

AMP appoints new infrastructure head
AMP Capital Investors has appointed Boe Pahari as head of infrastructure Asia Pacific- to lead its infrastructure investment team. ...
Wed 10th March 2010 - 02:21pm

Victory West Moly Limited ASX-VWM Engagement Of Convergence Capital
Perth- Australia- Mar 10- 2010 - ABN Newswire - The board of Victory West Moly Limited ASX-VWM is pleased to announce that it has retained Convergence Capital Limited -amp quotCCL -amp quot as the Companys Global Investor Relations partner. ...
Wed 10th March 2010 - 02:16pm

Housing finance fall may stop rate hikes
A larger than expected fall in housing finance commitments could stay the Reserve Bank's hand and spare borrowers another interest rate rise- economists say. ...
Wed 10th March 2010 - 02:15pm

Companies lose billions from poor safety
Companies lose about 10 per cent of their turnover as a result of poor safety- costing billions in lost production and flow-on effects- a leading academic says. ...
Wed 10th March 2010 - 01:58pm

RBA warns of housing- worker inflation risk
The Reserve Bank has said one of Australias greatest challenges in the years ahead will be to boost the supply of new houses and skilled workers- so the economy can grow without sparking inflation. ...
Wed 10th March 2010 - 01:54pm

Housing finance market plummets
The combination of higher interest rates and the expiry of the boost to the first homeowners grant has driven a big fall in housing finance in January. ...
Wed 10th March 2010 - 01:44pm

Business Chambers 10 big ideas to fix NSW
The New South Wales Business Chamber is recommending the creation of 10 super councils in Sydney as part of a series of ideas it has developed to fix the state. ...
Wed 10th March 2010 - 01:28pm

Ancient river courses found below Simpson Desert
Researchers have uncovered the courses of ancient river systems under the Simpson Desert in Central Australia. ...
Wed 10th March 2010 - 01:24pm

Metro under pressure over train cancellations
Melbournes train operator Metro has been forced to cancel numerous services for the second day in a row. ...
Wed 10th March 2010 - 01:18pm

Metro under pressure over train cancellations
Melbournes train operator Metro has been forced to cancel numerous services for the second day in a row. ...
Wed 10th March 2010 - 01:14pm

Australia dlr holds peaks on euro- sterling
Data showed mortgages for owner-occupied housing dropped a surprising 7.9 percent in January- far worse than forecasts for a 2 percent gain. ID-nSYU009503 ...
Wed 10th March 2010 - 12:59pm

RBA says labour market strong
The Australian labour market is -amp quotquite strong -amp quot- a senior Reserve Bank of Australia RBA official says. ...
Wed 10th March 2010 - 12:42pm

Universal Resources Limited ASX-URL Updates On Land Purchase And Outokumpu Copper Project
Perth- Australia- Mar 10- 2010 - ABN Newswire - The merger of Vulcan Resources Limited with Universal Resources Limited ASX-URL became effective on 19 February 2010. The new company has been focussed on development studies at the Outokumpu copper project. This release provides an update on this exciting project.The Outokumpu copper project is located in eastern Finland and comprises the Luikonlahti processing plant and some 15. ...
Wed 10th March 2010 - 12:42pm

Five banks to manage QR National IPO
The Queensland government has appointed five banks to manage its multi-billion dollar float of the QR National freight and infrastructure servicing business. ...
Wed 10th March 2010 - 12:40pm

Australia's youth bore brunt of downturn
Australia's youth bore the brunt of the financial downturn- while older workers experienced relative increases in salaries and job stability- a survey shows. ...
Wed 10th March 2010 - 12:37pm

Magnetic Resources Nl ASX-MAU Identifies 188km Of Iron Ore Targets
Perth- Australia- Mar 10- 2010 - ABN Newswire - Magnetic Resources Nl ASX-MAU has now completed 94 of a 3-480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of WA ASX release 17 February 2010. The aeromagnetic survey comprises about 16-280 line-km of flying on a 250m line spacing- in areas where much of the historic aeromagnetic data is based on a line spacing of 1-600m. ...
Wed 10th March 2010 - 12:31pm

Ancient river courses found below Simpson Desert
Researchers have uncovered the courses of ancient river systems under the Simpson Desert in Central Australia. ...
Wed 10th March 2010 - 12:12pm

Ancient river courses found below Simpson Desert
Researchers have uncovered the courses of ancient river systems under the Simpson Desert in Central Australia. ...
Wed 10th March 2010 - 12:10pm

ABN Newswire Stocks to Watch- March 10- 2010
Sydney- Australia- Mar 10- 2010 - ABN Newswire - Galaxy Resources Limited ASX-GXY PINK-GALXF said it has commenced exploration on its West Kundip manganese project tenements with the completion of a VTEM airborne electromagnetic survey. This survey has defined several anomalous zones potentially related to bedrock conductors which could represent targets for manganese mineralisation. The Board of Conquest Mining Limited ASX-CQT PINK- ...
Wed 10th March 2010 - 11:59am

Retail health hinges on budget medicine
Access Economics is warning retail spending in Canberra will bear the brunt of any tough decisions made in the federal budget. ...
Wed 10th March 2010 - 11:54am

WesTrac to expand at near-boom levels
The Kerry Stokes-owned heavy equipment firm that is also the proposed merger partner with Mr Stokes' Seven Network Holdings Ltd is set to expand amid a surge. ...
Wed 10th March 2010 - 11:47am

Australia shares steady banks track Wall St gains
SYDNEY- March 10 - Australian stocks was flat on Wednesday as banks and telecom stocks tracked gains on Wall Street- offsetting losses in the miners. ...
Wed 10th March 2010 - 11:41am

Economic capacity need improvement- RBA
Australia's economic future will be challenged by an under-supply of capacity and housing- the Reserve Bank of Australia RBA says. ...
Wed 10th March 2010 - 11:39am

DAguilar Gold Limited ASX-DGR Updates On The Merger Of AusNiCo Limited And Lions Gate Metals Inc. CVE-LGM
Brisbane- Australia- Mar 10- 2010 - ABN Newswire - Further to DAguilar Gold Limiteds ASX-DGR previous announcements of 3 and 16 September- and 21 December 2009- the Board of Directors is pleased to announce that it is on track to merge its 80 subsidiary AusNiCo Ltd with Tier 1 TSX.V listed Lions Gate Metals Inc. CVE-LGM PINK-LGMFF. ...
Wed 10th March 2010 - 11:36am

Seek lifts stake in Malaysian business
Online jobs agency Seek Ltd has increased its presence in Asia after paying $23.5 million to more than double its stake in a Malaysia-based jobs website. ...
Wed 10th March 2010 - 11:26am

Atlas Iron Limited ASX-AGO And Aurox Resources Limited ASX-AXO Agree To Merge
Perth- Australia- Mar 10- 2010 - ABN Newswire - Atlas Iron Limited ASX-AGO and Aurox Resources Limited ASX-AXO PINK-AUOXF are pleased to announce that Atlas and Aurox have reached agreement for Atlas and Aurox to merge by way of scheme of arrangement. Atlas will issue Aurox shareholders with one Atlas share for every three Aurox shares they hold upon implementation. ...
Wed 10th March 2010 - 11:16am

Consumer confidence holds steady- survey
The Reserve Bank of Australia's RBA decision to raise interest rates in this month has failed to dent consumer confidence- a report says. ...
Wed 10th March 2010 - 10:54am

Consumer confidence flat as rates rise
A leading private survey has shown resilience among Australian consumers- despite the interest rate rise in March. ...
Wed 10th March 2010 - 10:48am

Australia shares firm- lifted by banks
SYDNEY- March 10 - Australian stocks nudged up 0.3 percent early on Wednesday- lifted by banks after financial stocks dominated U.S. market amid speculation that regulators could consider clamping down on short sales of specific issues. ...
Wed 10th March 2010 - 10:37am

Lawsuits could cost Toyota over $US3b
Toyota owners have filed lawsuits that could cost the Japanese auto giant $US3 billion $A3.3 billion or more- an Associated Press review of the cases shows. ...
Wed 10th March 2010 - 10:34am

Adamus Resources hopes to raise $30.5m
Adamus Resources Ltd plans to raise up to $30.5 million in a new share sale to accelerate exploration activities at a gold mine in Ghana. ...
Wed 10th March 2010 - 10:32am

Aurox and Atlas agree to merge
Aurox Resources Ltd and Atlas Iron Ltd have agreed to merge via a scheme of arrangement. ...
Wed 10th March 2010 - 10:29am

Get ready for next crisis- IMF chief
The world needs to prepare for the next economic crisis- even as it begins to recover from the worst recession since the Great Depression- the IMF head says. ...
Wed 10th March 2010 - 10:26am

Macmahon shares in trading halt
The shares of Macmahon Holdings Ltd have been placed in a trading halt as the engineering firm enters the final negotiations for a contract. ...
Wed 10th March 2010 - 10:16am

Aurox and Atlas agree to merge
Aurox Resources Ltd and Atlas Iron Ltd have agreed to merge via a scheme of arrangement. ...
Wed 10th March 2010 - 10:15am

Iron ore deposit find
A West Australian explorer has announced it has discovered what could be the Mid Wests single biggest iron ore deposit.Cashmere Iron yesterday reported results of exploration studies from its project ...
Wed 10th March 2010 - 09:30am

Consumers more likely to spend- Access
Strong jobs growth should provide a firm foundation for retail spending over this year and next- independent forecaster Access Economics says. ...
Wed 10th March 2010 - 09:21am

Aristocrat chairman to step down
Aristocrat Leisure Ltd chairman David Simpson is to leave the company amid three board changes at the gaming machine maker. ...
Wed 10th March 2010 - 09:15am

Lockhart crash victims dad attacks licence nod
The father of a woman killed in the Lockhart River air crash five years ago says he is appalled by the Civil Aviation Safety Authoritys CASA decision not to pursue legal action against the airline operators. ...
Wed 10th March 2010 - 09:14am

Eco 1- Strong Confidence- Conditions
The Australian economys recovery is accelerating- as two surveys yesterday indicate.The -amp 160ANZ Bank on job ads was very strong in February see next story- while -amp 160the National Australia Bank on business conditions and confidence- revealed a very solid -amp 160February.The NAB said business confidence was now back at its very high levels of late 2009- while business conditions- which held up in January- have improved again.The NAB survey showed -amp 160confidence rose 4 points to 19 points in February- -amp quotreturning to the surprisingly strong levels recorded in late 2009 and- before that- last seen in May 2002. -amp 160 -amp 160 -amp quotIncreased confidence was particularly noticeable in mining- retailing- wholesaling and transport. Confidence lifted sharply in Western Australia over recent months. -amp quotAt the same time the rebound in -amp 160business conditions -amp 160up 5 points to 8- largely reflected -amp quotbetter trading conditions and profitability both up 5 points. -amp quotThe employment index eased marginally but labour market conditions remain firmly positive. At 8 index points- overall business conditions in February are not much below the strong conditions recorded in late 2009 10 points in December. -amp quotMost sectors reported an improvement in business conditions- with mining showing a very sharp turnaround from January and recreation -amp 38 personal services higher. -amp 160 -amp quotManufacturing and retailing while stronger in the month are trending down given recent weakness. Conditions were worse in wholesale -amp 38 construction- -amp quot the NAB said.An encouraging part of the survey was a sharp recovery in forward orders in February- which had shown an oddly large fall in January. -amp quotThe fall in forward orders in January now appears anomalous the orders index was 6 points in February and has been positive in five of the past six months. -amp quotIt appears that stocks fell in February the index fell to -4 points given the implied strength of demand- some of this decline may have been unintended. -amp quotExport sales improved but remain soft. -amp 160 -amp quotCapacity utilisation declined to 80.7 and although it trended down marginally- it could be characterised as broadly unchanged. -amp quotThis is probably consistent with strong business conditions and forward orders being combined with slightly softer employment conditions. -amp quotLabour cost pressures eased on a quarterly basis to 0.7 0.9 last month- but are still above those recorded in the trough of the cycle in mid-2009. -amp quotAnnual wage growth is now 1.0 0.8 in January. Quarterly purchase cost inflation eased to 0.3 0.5 last month to be running at 1.0 through the year- -amp quot the bank said.The NAB said the results of the survey had not caused it to alter its forecasts for the Australian economy. -amp quotWhile the economy grew strongly in Q4- and in line with our forecasts- the February survey points to activity being a touch softer in Q1 of 2010. -amp quotThere has been some withdrawal of stimulus measures the investment allowance and the first home owner boost and interest rates were raised again in March. -amp quotNevertheless- there still appears to be considerable momentum in the domestic economy- with forward orders strengthening and high levels of business confidence. -amp quotPublic sector demand growth is growing strongly- the employment outlook is firmly positive and monetary policy is still accommodative. -amp quotOur GDP forecasts remain at 3 for 2010 or around 3.25 from December 2009 to December 2010- accelerating to around 3.75 in 2011. In financial year terms this equates to growth of 2.25 in 2009-10 and 3.5 in 2010-11. -amp quotApplying our growth numbers suggests that unemployment will fall to around 4.75 by end 2010 and 4.25 by end 2011. -amp quotThe official estimate for unemployment in January of 5.3 is still broadly consistent with that track. -amp quotWe expect core inflation as measured by the RBAs preferred measures to be 2.3 a touch below to the RBAs 2.5 by end 2010- lifting to around 2.6 in late 2011 also similar to the RBA. -amp quotThe RBA has flagged the need for further rises in the official cash rate and we expect it to be around 4� by end 2010. -amp quotWe now have rate rises pencilled in for May- August and November. -amp quotThat said- every meeting in 2010 is probably live and a decision will very much be data dependent. -amp 160 -amp quotNevertheless- both fiscal and monetary policy will need to become restrictive during the course of 2011 and so we have maintained our view of a peak in rates of 5.5 by late 2011- the NAB concluded.. -amp 160 ...
Wed 10th March 2010 - 08:35am

Eco 2- Jobs Surged Last Month
Either the latest job ads survey from the ANZ Bank is a tip off that the labour market is tightening significantly- or its playing catch up to the real economy after showing a fall in ads in January.The ANZ said yesterday that job ads jumped by 19.1 last month- the best monthly rise in the history of the 11 year old survey.That reversed the 8.1 fall in January- which was made even more surprising by the fall in the unemployment rate to 5.3 in figures from the Australian Bureau of Statistics.The ABS releases Februarys figures tomorrow- on the basis of the ANZs latest survey- there should be another improvement- but instead market economists have the rate remaining steady- with 15-000 jobs created.Jobs advertised in major metropolitan newspapers increased by 13.1 seasonally adjusted in February- while internet job advertisements jumped sharply- up -amp 160by a seasonally adjusted 19.6.The total number of job ads rose to an average of 159-778 per week in February seasonally adjusted- just 2.3 down on -amp 160February of last year.The ANZ said total job ads are now 27.5 higher than their trough in July 2009 when they hit 125-258 ads.But they are still down -amp 16042.6 from the all time peak of -amp 160278-609 from more than a year ago. -amp 160Newspaper job ads totalled 9947 a week in February- seasonally adjusted- while internet job ads -amp 160averaged -amp 160149-831 a week last month.The ANZs chief economist- Warren Hogan pointed out in the statement that -amp 160 -amp quota record 30.2 per cent of all jobs are now part-time less than 35 hours per week and despite the big surge in employed people- total aggregate hours worked across the economy remains near the level it was a year ago.Newspaper ads increased by 22 in Western Australia seasonally adjusted- where mining and resource-related companies are adding stuff in a hurry.South Australias newspaper ads rose 19.5 and Victorias jumped 19.3. Only Queensland posted a decline- down -amp 1606.3. -amp 160 ...
Wed 10th March 2010 - 08:34am

Disaster Claims Rise For Insurers
Slowly the size of the bills for Victorias storms and Queenslands floods- are taking shape.So far over 22-000 claims have been received for the two disasters- but it is early days and insurance companies expect that to rise.Some analysts say 40-000 claims from Victoria might be made.Insurance Australia Group- which is in a joint venture with -amp 160RACV in Victoria- plus the business-focused CGU brand- says it has so far received in excess of 10-000 claims from customers.Suncorp has received more than 12-500 for its Promina- GIO- -amp 160APIA and other brands.It has received a further 1300 or so claims from parts of southwest Queensland where floods continue to cause damage.The insurance bill for Queensland will be felt greatest by Suncorp- because its the biggest property and casualty insurer in the state.Through its Promina brands- its also a big insurer in Victoria- especially the Melbourne area Promina was based in Melbourne before the takeover by Suncorp three years ago.So Suncorp gets the worst of both disasters in its claims book.IAG said in a statement that claims lodged to date from Melbourne relate to vehicles damaged by hail- flooding or falling branches. There are also claims related to home contents- roof and skylight damage- and some commercial claims.IAG CEO -amp 160Mike Wilkins said -amp 160it remained too early to provide an estimate of the Groups total claim costs related to this event- however IAG will update the market as soon as it is in a position to do so.With effect from January 1- 2010- IAGs reinsurance retention for a single event in Australia is a maximum of $135 million.Suncorps limit is $200 million before its reinsurance is triggered.In a speech last month- -amp 160John Trowbridge- a director of -amp 160financial regulator- APRA- provided a list of major disasters in Australia in the past decade. -amp quotThere had been few major weather events during the first half of the decade. -amp quotThe Canberra bushfires in 2003 were perhaps the worst in that period- at some $350 million- but several larger events occurred in 2006- 07- 08 and 09. -amp 160 -amp quotThey included Cyclone Larry in March 2006 $540 million- the Hunter Valley storms in June 2007 $1-450 million- storms in Sydney- Brisbane and Mackay in 2007 and 2008 around $400 million each and the Victorian bushfires just over one year ago in February 2009 $1-070 million. -amp quot -amp 160The cost of the Sydney hail storm of 1999 is put at $1.9 billion which Saturdays storm in Melbourne is being compared to -amp 160and is the largest in reported dollars.Around 130-000 people were affected in the Sydney hailstorm.But -amp 160in unadjusted dollars- the biggies in Australian history are the Newcastle earthquake of 1989 and Darwins Cyclone Tracy in 1974.The shares of the listed insurers took the news of the rising number of claims calmly.IAG shares rose 4c to $4.03- Suncorp was up 9 to $8.63 and QBE- which has yet to update the market on its claims if any- rose 44c to $21.10. -amp 160 -amp 160 ...
Wed 10th March 2010 - 08:33am

Oil prices slip on stronger dollar
NEW YORK AFP - Oil prices slipped Tuesday under pressure from a stronger dollar and ahead of weekly data on petroleum inventories in the United States- the worlds largest energy consumer. ...
Wed 10th March 2010 - 07:56am

NZ dollar holds on support- commodities- RBNZ eyed
Kiwi NZDD4 resumes local session around $0.7020 level- having touched a low of $0.6962 and a high of $0.7036 in choppy trading as investors look for new leads. ...
Wed 10th March 2010 - 07:34am

Euro wobbles on eurozone finance jitters
LONDON AFP - The euro lost ground against the dollar Tuesday on revived concern for the financial fate of Greece and other eurozone members and resistance to a planned IMF-style European Monetary Fund. ...
Wed 10th March 2010 - 05:32am

Oil prices slip as dollar strengthens
LONDON AFP - World oil prices dipped slightly on Tuesday as the dollar rose and investors turned their attention to upcoming inventory data- traders said. ...
Wed 10th March 2010 - 05:27am

Europe targets credit default swaps traders
STRASBOURG AFP - Europe turned its sights on Tuesday on the controversial trade in insurance against sovereign loan defaults- the latest consequence to arise from market panic over spiralling Greek debts. ...
Wed 10th March 2010 - 04:53am

Israel- Syria eye nuclear power plants
PARIS AFP - Israel and Syria each announced plans Tuesday to develop nuclear power to meet the energy needs of the volatile Middle East- during a conference hosted by France to promote reactors. ...
Wed 10th March 2010 - 04:37am

Philip Morris to sue Norway over tobacco display ban
OSLO AFP - Global tobacco giant Philip Morris said Tuesday it planned to take the Norwegian state to court in an attempt to overturn a law in the Scandinavian country banning the display of cigarettes in stores. ...
Wed 10th March 2010 - 04:16am

Oil prices drop but stay above $80
LONDON AFP - Oil prices fell on Tuesday as the dollar rose and investors turned their attention to upcoming inventory data- traders said. ...
Wed 10th March 2010 - 02:24am

Euro slips with all eyes on Greece
LONDON AFP - The euro fell against the dollar in European deals on Tuesday as investors awaited fresh details on Greeces plans to resolve the nations debt crisis- analysts said. ...
Wed 10th March 2010 - 02:24am

Indias Reliance eyes new prey after Lyondell snub
MUMBAI AFP - Indian energy giant Reliance Industries will look for other global acquisitions after being snubbed by Rotterdam-based takeover target LyondellBasell- a company source told AFP Tuesday. ...
Wed 10th March 2010 - 02:24am

Improved French trade data has household sting
PARIS AFP - France reported an improved trade deficit and rise in exports on Tuesday- but analysts said a fall in imports carried a threatening sting in the form of weak household spending. ...
Wed 10th March 2010 - 02:24am

Greece heads for further general strike
ATHENS AFP - Greek tax and garbage collectors walked off their jobs for a second day Tuesday as the country braced for a second general strike against government austerity measures. ...
Wed 10th March 2010 - 02:24am

Israel- Syria eye nuclear power plants
PARIS AFP - Israel and Syria are separately eyeing plans to develop nuclear power to meet the energy needs of the volatile Middle East- ministers told a conference hosted by France on Tuesday to promote reactors. ...
Wed 10th March 2010 - 02:24am

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