OPEC holds oil output steady- source
VIENNA AFP - OPEC formally decided Wednesday to hold oil output steady at its meeting here- according to an OPEC source. ...
Wed 17th March 2010 - 11:54pm
Wholesale prices in US drop 0.6
Prices at the wholesale level in the US plunged in February by the largest amount in seven months as a big drop in energy prices offset higher food costs. ...
Wed 17th March 2010 - 11:54pm
EU criticises optimistic national budgets
BRUSSELS AFP - The European Union on Wednesday slammed overly -amp quotoptimistic -amp quot growth assumptions masking bloated national budgets- with Britain in the firing line over -amp quotuncertainty -amp quot in its plans. ...
Wed 17th March 2010 - 10:57pm
Sysmex Announces Establishment of Sysmex Vietnam Sales and Support Subsidiary
Kobe- Mar 17- 2010 - JCN Newswire - Sysmex Corporation TSE- 6869 will establish a subsidiary- Sysmex Vietnam Company Limited- in order to enforce its setup for sales and support in Vietnam. ...
Wed 17th March 2010 - 10:50pm
European equities rally on upbeat Fed outlook
LONDON AFP - Europes main stock markets rose Wednesday- after bumper gains earlier in Asia- as investors welcomed the US Federal Reserves upbeat economic outlook- analysts said. ...
Wed 17th March 2010 - 10:23pm
British jobless rate dips to 7.8
LONDON AFP - Britains unemployment rate fell to 7. ...
Wed 17th March 2010 - 09:35pm
OPEC agrees to maintain oil output level
VIENNA AFP - OPEC members have agreed to maintain the cartels oil production ceiling in the face of recovering crude prices- de-facto group head Saudi Arabia said here on Wednesday. ...
Wed 17th March 2010 - 09:29pm
LG pays price for power-hungry fridges
Life is not so good for the global electronics manufacturer LG after it was caught out overstating the energy efficiency of some of its refrigerators. ...
Wed 17th March 2010 - 09:27pm
LG pays price for power-hungry fridges
Life is not so good for the global electronics manufacturer LG after it was caught out overstating the energy efficiency of some of its refrigerators. ...
Wed 17th March 2010 - 09:19pm
Showa Denko to Establish Cooling Device Business Development Dept. in Aluminum Sector
Tokyo- Mar 17- 2010 - JCN Newswire - Showa Denko K.K. SDK will establish a Cooling Device Business Development Department within its Aluminum Sector to meet growing demand for devices for cooling power electronics installed in hybrid cars. ...
Wed 17th March 2010 - 08:29pm
Taiwan- China to let banks settle deals
Taiwan and China will likely let their banks directly settle currency transactions soon- easing access to the mainland's yuan. ...
Wed 17th March 2010 - 07:58pm
Competition for Dead Sea cosmetics
Jordan is vying to break Israel's dominance of a major cosmetics industry based on Dead Sea minerals- famous for their therapeutic qualities. ...
Wed 17th March 2010 - 07:57pm
China sets trial date for Stern Hu
The Federal Government says it has been told Rio Tinto executive Stern Hu will go on trial in China next Monday. ...
Wed 17th March 2010 - 07:51pm
China sets trial date for Stern Hu
The Federal Government says it has been told Rio Tinto executive Stern Hu will go on trial in China next Monday. ...
Wed 17th March 2010 - 07:48pm
China sets trial date for Stern Hu
The Federal Government says it has been told Rio Tinto executive Stern Hu will go on trial in China next Monday. ...
Wed 17th March 2010 - 07:26pm
Trial date set for Stern Hu in China
Australian businessman Stern Hu will face trial in China on March 22 - and some courts will be closed to Australian authorities- the federal government says. ...
Wed 17th March 2010 - 07:24pm
Bank of Japan frees up cash- keeps rate near zero
TOKYO AFP - Japans central bank doubled the amount of cash it will make available to banks Wednesday while keeping interest rates at a record low as it tries to kickstart a stuttering economic recovery. ...
Wed 17th March 2010 - 07:23pm
China urged to let currency rise
The World Bank urged China to let its currency rise to contain inflation and stop the economy overheating- predicting growth will be 9.5 per cent this year. ...
Wed 17th March 2010 - 07:22pm
Tourism data shows recovery
Australians are travelling again as the global financial crisis recedes- but the tourism industry says its major challenge is to make sure the buck stops here. ...
Wed 17th March 2010 - 07:21pm
Japan Bank cheap loans to hit deflation
Japan's central bank is escalating the fight against deflation by offering more cheap loans to banks. ...
Wed 17th March 2010 - 07:21pm
RBA expects rates to rise a bit further
A senior Reserve Bank of Australia RBA official says interest rates are likely to rise -amp quota bit further -amp quot towards more normal levels. ...
Wed 17th March 2010 - 06:59pm
Govt forced to rethink NBN strategy
The federal government has been forced to reassess its national broadband network NBN strategy with the Australian Greens set to withdraw their support. ...
Wed 17th March 2010 - 06:56pm
Siemens to cut 1-000 jobs- restructure IT unit- report
FRANKFURT AFP - The German industrial group Siemens will cut at least 1-000 jobs as it restructures its SIS information services unit with an eye towards listing it on the stock market- a press report said on Wednesday. ...
Wed 17th March 2010 - 06:56pm
Takeover bid for Corporate Express
Corporate Express Australia's majority shareholder has made a takeover offer- valuing the office products' supplier around $1 billion. ...
Wed 17th March 2010 - 06:50pm
LNG shares boosted by Shell bullishness
Liquefied natural gas-focused stocks have been buoyed by bullish forecasts from energy giant Royal Dutch Shell about potential in the Asia Pacific region. ...
Wed 17th March 2010 - 06:48pm
Truckies want left-lane trial ended
The Transport Workers Union TWU says a trial forcing trucks to drive only in the left-lane of a Brisbane road should be stopped immediately. ...
Wed 17th March 2010 - 06:45pm
Bligh- Newman want help funding public transport
Brisbane Lord Mayor Campbell Newman has praised Premier Anna Bligh for suggesting south-east Queensland councils need to pitch in to help cover the cost of running public transport. ...
Wed 17th March 2010 - 06:42pm
Tropicana gold find could be even bigger
AngloGold Ashanti's massive Tropicana gold discovery in Western Australia could be even larger than first thought- the Johannesburg-based miner says. ...
Wed 17th March 2010 - 06:41pm
World Bank urges China to let currency rise
BEIJING AFP - The World Bank on Wednesday urged China to let its currency rise to contain inflation and stop the economy overheating- predicting that growth will gallop ahead at 9.5 percent this year. ...
Wed 17th March 2010 - 06:41pm
AWB shares plummet on profit downgrade
Shares in agribusiness AWB Ltd fell sharply after it downgraded its annual profit guidance. ...
Wed 17th March 2010 - 06:41pm
Truckies want left-hand lane trial ended
The Transport Workers Union TWU says a trial forcing trucks to drive only in the left-lane of a Brisbane road should be stopped immediately. ...
Wed 17th March 2010 - 06:37pm
Minerals Corp in JV deal in China
Kaolin extractor and processor Minerals Corporation has signed a deal to form a joint venture in China with a major steel mill to produce slag-based cement. ...
Wed 17th March 2010 - 06:30pm
-amp 3920 takeover rule' under attack
Australia's -amp quot20 per cent rule -amp quot for takeovers and the three per cent creep provisions should be changed- a member of Australia's Takeovers Panel says. ...
Wed 17th March 2010 - 06:29pm
RBA expects rates to rise a bit further
A senior Reserve Bank of Australia RBA official says interest rates are likely to rise -amp quota bit further -amp quot towards more normal levels. ...
Wed 17th March 2010 - 06:23pm
Tourism data shows recovery
Australians are travelling again as the global financial crisis recedes- but the tourism industry says its major challenge is to make sure the buck stops here. ...
Wed 17th March 2010 - 05:47pm
Service exports rise to record levels
The value of Australian service exports grew by more than five per cent to a record $53.3 billion in 2008-09- despite the global downturn. ...
Wed 17th March 2010 - 05:47pm
Govt plays down early budget surplus tip
The federal government is sticking by its forecast that the budget won't return to surplus until 2015-16- despite an unexpectedly robust economy. ...
Wed 17th March 2010 - 05:46pm
Fed govt changes tack on cane toads
The federal government plans to abandon efforts to eradicate cane toads- and instead focus on saving animals like the quoll and goanna from the pest. ...
Wed 17th March 2010 - 05:44pm
Govt plays down early budget surplus tip
The federal government is sticking by its forecast that the budget won't return to surplus until 2015-16- despite an unexpectedly robust economy. ...
Wed 17th March 2010 - 05:43pm
China urged to let currency rise
The World Bank urged China to let its currency rise to contain inflation and stop the economy overheating- predicting growth will be 9.5 per cent this year. ...
Wed 17th March 2010 - 05:35pm
Fed govt changes tack on cane toads
The federal government plans to abandon efforts to eradicate cane toads- and instead focus on saving animals like the quoll and goanna from the pest. ...
Wed 17th March 2010 - 05:19pm
Australia dlr bounces extends gains vs yen after BOJ
Supported by RBA comment that local rates to rise further ...
Wed 17th March 2010 - 05:13pm
Australia shares jump as risky assets back in vogue
MELBOURNE- March 17 - Australian stocks rallied 1.2 percent on Wednesday to nearly a two-month high- after the U.S. Federal Reserves pledge to keep interest rates low encouraged a return to riskier assets and boosted resource firms. ...
Wed 17th March 2010 - 04:52pm
Tourism data shows recovery
Australians are travelling again as the global financial crisis recedes- but the tourism industry says its major challenge is to make sure the buck stops here. ...
Wed 17th March 2010 - 04:49pm
Conroy won't hand over NBN study
Communications Minister Stephen Conroy has snubbed a Senate order- requiring him to hand over an implementation study into the national broadband network. ...
Wed 17th March 2010 - 04:36pm
Credit card fees under the microscope
A new study will scrutinise anecdotal evidence which suggests airlines and taxis are ripping customers off when they pay using a credit card. ...
Wed 17th March 2010 - 04:32pm
Liquidator reveals failed builders soaring debts
The liquidator of Carey Builders says it will take up to 18 months to sort out the extensive levels of debt the company has built up. ...
Wed 17th March 2010 - 04:29pm
Service exports rise to record levels
The value of Australian service exports grew by more than five per cent to a record $53.3 billion in 2008-09- despite the global downturn. ...
Wed 17th March 2010 - 04:25pm
Australia shares up 1.2 pct- near 2-month high
MELBOURNE- March 17 - Australian stocks rallied 1.2 percent on Wednesday to nearly a two-month high- after the U.S. Federal Reserves pledge to keep interest rates low encouraged a return to riskier assets and boosted the resource sector. ...
Wed 17th March 2010 - 04:25pm
World Bank urges China to let currency rise
BEIJING AFP - The World Bank on Wednesday urged China to let its currency rise to contain inflation and stop the economy overheating- predicting that growth will gallop ahead at 9.5 percent this year. ...
Wed 17th March 2010 - 04:23pm
Bank of Japan holds key rate at 0.1
Japan's central bank on Wednesday doubled the amount of cash it would make available to banks while keeping interest rates at a record low. ...
Wed 17th March 2010 - 04:22pm
Greenhill buys Caliburn as it eyes Asia
Corporate advisory firm Caliburn Partnership is to be purchased by US investment bank Greenhill -amp Co in a deal worth $A219 million. ...
Wed 17th March 2010 - 04:21pm
DJs cuts costs via supplier competition
Department store David Jones says it has been able to cut costs since 2004- and will continue to do so- by getting its suppliers to compete for all contracts. ...
Wed 17th March 2010 - 04:20pm
AAP puts strict curb on tweeting reporters
Australian Associated Press is cracking down on its journalists who use social networking sites while on the job. ...
Wed 17th March 2010 - 04:20pm
Bank of Japan holds key rate at 0.1
Japan's central bank on Wednesday doubled the amount of cash it would make available to banks while keeping interest rates at a record low. ...
Wed 17th March 2010 - 04:19pm
Bank of Japan frees up cash- keeps rate near zero
TOKYO AFP - Japans central bank doubled the amount of cash it would make available to banks Wednesday while keeping interest rates at a record low as it tries to kickstart a stuttering economic recovery. ...
Wed 17th March 2010 - 03:56pm
DJs record profit- warns tough months ahead
The department store chain David Jones has reported a record first-half profit of $100.5 million. ...
Wed 17th March 2010 - 03:42pm
Tandou sticks by rejection of GPG offer
Agribusiness Tandou says recent purchases of its shares by fund managers validate its decision to reject a takeover offer from Guinness Peat investment group. ...
Wed 17th March 2010 - 03:32pm
Bank of Japan holds key rate at 0.1
Japan's central bank has announced it will leave its benchmark interest rate unchanged at 0.1 per cent- as it fights stubborn deflation and weak demand. ...
Wed 17th March 2010 - 03:29pm
Service exports rise to record levels
The value of Australian service exports grew by more than five per cent to a record $53.3 billion in 2008-09- despite the global downturn. ...
Wed 17th March 2010 - 03:27pm
OPEC output 'steady for rest of year'
Saudi Arabia's oil minister says he expects OPEC to keep output steady for the rest of this year. ...
Wed 17th March 2010 - 03:26pm
DJs cuts costs via supplier competition
Department store David Jones says it has been able to cut costs since 2004- and will continue to do so- by getting its suppliers to compete for all contracts. ...
Wed 17th March 2010 - 03:21pm
Pollies sidestep support for Gunns chairman
Tasmanias major political parties have refused to publicly support Gunns chairman- John Gay- as he battles for control of the company. ...
Wed 17th March 2010 - 03:17pm
DJs first-half profit gains 10.2
David Jones Ltd increased first-half profit 10.2 per cent as the department store chain reaffirmed profit growth guidance of between five and 10 per cent. ...
Wed 17th March 2010 - 03:13pm
New Zealand dollar firms to 3-week high after Fed
Kiwi touches highest since early Feb after Fed meeting ...
Wed 17th March 2010 - 03:10pm
Owen Hegarty G-Resources Group HKG-1051 to Present at Melbourne Symposium Wednesday 17th March- 2010
Melbourne- Australia- Mar 17- 2010 - ABN Newswire - The Executive Vice Chairman of Hong Kong listed G Resources Group HKG-1051- Owen Hegarty- will today present at Symposiums Melbourne Resources Roadshow. G-Resources is a Hong Kong listed gold exploration- development and operating company that is looking to grow a world class Asia-Pacific based and focussed gold company. ...
Wed 17th March 2010 - 02:58pm
Consumers to benefit from tough new laws
Consumers will be better protected from dodgy deals after parliament passed a suite of tough new laws. ...
Wed 17th March 2010 - 02:30pm
Conroy won't hand over NBN study
Communications Minister Stephen Conroy has snubbed a Senate order- requiring him to hand over an implementation study into the national broadband network. ...
Wed 17th March 2010 - 02:27pm
Investors judge Brisbane houses least value for money
A new survey has found investors believe Sydney and Brisbane house prices offer the least value for money. ...
Wed 17th March 2010 - 02:26pm
ACTU wants catch-up rise for low-paid
The Australian Council of Trade Unions will push for low-wage workers to be given a catch-up pay rise this year. ...
Wed 17th March 2010 - 02:20pm
Investors judge Brisbane houses least value for money
A new survey has found investors believe Sydney and Brisbane house prices offer the least value for money. ...
Wed 17th March 2010 - 02:13pm
US presses Japan to open farm markets
WASHINGTON AFP - The United States has pressed Japan to throw open its lucrative markets to foreign farm products- as US lawmakers demanded an end to curbs on American beef. ...
Wed 17th March 2010 - 01:46pm
New home building surged 15
Builders started work on a total 40-022 homes in the three months to December- the biggest quarterly increase in 18 months. ...
Wed 17th March 2010 - 01:43pm
AWB shares drop after profit downgrade
Shares in AWB Ltd fell more than 10 per cent after the agribusiness downgraded its annual profit guidance. ...
Wed 17th March 2010 - 01:39pm
Asian Markets Overview of March 17- 2010- Chuo Mitsui TYO-8309 Setting Up Real Estate Fund
Sydney- Australia- Mar 17- 2010 - ABN Newswire - Asian markets are set to deliver a positive start on Wednesday. US stocks rose to a fresh 17-month high overnight as the US Federal Reserve acknowledged the U.S. economy was gaining momentum and reiterated that the central bank will keep interest rates low for an extended period. Yesterday Asian shares closed mixed ahead of Federal Reserve and Bank of Japans policy meetings. ...
Wed 17th March 2010 - 01:31pm
Endocoal seeks to raise $17m in IPO
Endocoal hopes to raise $17 million in an initial public offering to explore for coal in Queensland's Bowen Basin. ...
Wed 17th March 2010 - 01:29pm
ACTU wants catch-up rise for low-paid
The Australian Council of Trade Unions will push for low-wage workers to be given a catch-up pay rise this year. ...
Wed 17th March 2010 - 01:22pm
DJs first-half profit gains 10.2
David Jones Ltd increased first-half profit 10.2 per cent as the department store chain reaffirmed profit growth guidance of between five and 10 per cent. ...
Wed 17th March 2010 - 01:10pm
Cochlear names new chairman
Hearing implant company Cochlear Ltd has named a new chairman after Tommie Bergman announced he would retire at the end of the current financial year. ...
Wed 17th March 2010 - 12:51pm
AWB shares drop after profit downgrade
Shares in AWB Ltd fell more than 10 per cent after the agribusiness downgraded its annual profit guidance. ...
Wed 17th March 2010 - 12:50pm
Minerals Corp in JV deal in China
Minerals Corporation Ltd has signed a deal to form a joint venture in China with a major steel mill to produce slag-based cement. ...
Wed 17th March 2010 - 12:48pm
Australian dlr holds fort before BOJ bonds firm
It had managed to push through resistance at $0.9200 but stop-loss buying was tepid and quickly gave way to some profit-taking. ...
Wed 17th March 2010 - 12:45pm
Bligh- Newman push for help funding public transport
Brisbane Lord Mayor Campbell Newman has praised Premier Anna Bligh for suggesting south-east Queensland councils need to pitch in to help cover the cost of running public transport. ...
Wed 17th March 2010 - 12:43pm
NSW puts credit card fees under examination
A new study will scrutinise credit card surcharges in a bid to stop consumers being slugged with excessive fees. ...
Wed 17th March 2010 - 12:27pm
NSW puts credit card fees under examination
A new study will scrutinise credit card surcharges in a bid to stop consumers being slugged with excessive fees. ...
Wed 17th March 2010 - 12:18pm
New home building surged 15
Builders started work on a total 40-022 homes in the three months to December- the biggest quarterly increase in 18 months. ...
Wed 17th March 2010 - 12:17pm
Hundreds of Qld drivers test positive for drugs
About 200 Queensland drivers have returned a positive drug driving test over a nine-month period. ...
Wed 17th March 2010 - 12:17pm
Hoyts acquires NZ's Berkeley Cinema
Private equity controlled Hoyts Group has acquired Auckland-based Berkeley Cinema Group from Everard Entertainment for an undisclosed price. ...
Wed 17th March 2010 - 12:14pm
Trade up buyers keep market buoyant
The Real Estate Institute of WA says the market is thriving despite the number of first home buyers halving since last September. ...
Wed 17th March 2010 - 11:42am
US watchdog orders Boeing to fix 777
WASHINGTON AFP - US aviation watchdog- the Federal Aviation Administration- ordered Boeing to fix a software problem in hundreds of 777 aircraft that could cause them to overrun the runway. ...
Wed 17th March 2010 - 11:40am
DJs first-half profit gains 10.2
David Jones Ltd increased first-half profit 10.2 per cent as the department store chain reaffirmed profit growth guidance of between five and 10 per cent. ...
Wed 17th March 2010 - 11:39am
Economic growth 'expected to continue'
Australian economic growth is expected to continue growing strongly- on par with previous cyclical highs experienced during the resources boom. ...
Wed 17th March 2010 - 11:35am
NZ dollar firm as Fed repeats low rates pledge
Kiwi NZDD4 pushes up to around $0.7120-30- having touched $0.7135- its highest since Feb. 3- as improved risk appetite supports growth and yield-related currencies. ...
Wed 17th March 2010 - 11:25am
Trade up buyers keep market buoyant
The Real Estate Institute of WA says the market is thriving despite the number of first home buyers halving since last September.New data- released by the Office of State Revenue- shows a dramatic dro ...
Wed 17th March 2010 - 11:19am
Australia shares gain 0.7 percent- miners lead
WELLINGTON- March 17 - Australian stocks rose 0.7 percent on Wednesday- driven by a rally in resources stocks after the U.S. Federal Reserve pledged to keep interest rates low for an extended period and sounded more upbeat about the jobs market. ...
Wed 17th March 2010 - 11:16am
Economic growth 'expected to continue'
Australian economic growth is expected to continue growing strongly- on par with previous cyclical highs experienced during the resources boom. ...
Wed 17th March 2010 - 10:38am
Australia shares gain 0.7 percent- miners lead
WELLINGTON- March 17 - Australian stocks rose 0.7 percent in early trade on Wednesday- helped by a rally on Wall Street after the Federal Reserve pledged to keep interest rates low for an extended period. ...
Wed 17th March 2010 - 10:23am
Australian Bauxite Limited ASX-ABZ Finalises A $3.5 Million Placement
Sydney- Australia- Mar 17- 2010 - ABN Newswire - The Directors of Australian Bauxite Limited ABxASX-ABZ are pleased to advise that it has finalised a placement of 10 million fully paid ordinary shares at 35 cents per share raising A $3.5 million before costs.The placement was arranged by State One Stockbroking Ltd. Shares were issued to institutions and sophisticated investors. ...
Wed 17th March 2010 - 10:22am
AWB downgrades annual profit guidance
AWB Ltd has downgraded its annual profit guidance due to the sale of its Landmark Financial Services loan. ...
Wed 17th March 2010 - 10:20am
Deep divisions within native title claimants
Aboriginal people negotiating over the Kimberley gas hub are to hold a vote on whether to abandon their 16 year old native title claim and submit a new claim.Woodside and the State Government are keen ...
Wed 17th March 2010 - 10:20am
AWB downgrades annual profit guidance
AWB Ltd has downgraded its annual profit guidance due to the sale of its Landmark Financial Services loan. ...
Wed 17th March 2010 - 09:58am
FerrAus to spin-off Lawson gold project
Iron ore explorer FerrAus Ltd will spin-off its Lawson Gold project to focus on core operations. ...
Wed 17th March 2010 - 09:57am
DJs first-half profit gains 10.2
David Jones Ltd increased first-half profit 10.2 per cent as the department store chain reaffirmed profit growth guidance of between five and 10 per cent. ...
Wed 17th March 2010 - 09:49am
Greenhill buys Caliburn for up to $198m
US investment bank Greenhill -amp Co has agreed to buy local corporate advisory firm Caliburn Partnership for the equivalent of up to $A198 million in shares. ...
Wed 17th March 2010 - 09:49am
David Jones makes record half-year profit
The department store chain David Jones has reported a record first-half profit of $100.5 million. ...
Wed 17th March 2010 - 09:47am
Plan to cut nightclub trading hours
The Queensland Police Union QPU has welcomed reports of a proposal to wind back late trading hours for pubs and clubs across the state. ...
Wed 17th March 2010 - 09:41am
DJs first-half profit gains 10.2
David Jones Ltd increased first-half profit 10.2 per cent as the department store chain reaffirmed profit growth guidance of between five and 10 per cent. ...
Wed 17th March 2010 - 09:36am
Claims pulp mill under threat if boss resigns
A shareholder push for the resignation of Gunns chairman John Gay is being seen by analysts as a threat to the companys proposed northern Tasmanian pulp mill. ...
Wed 17th March 2010 - 09:28am
Shell will slash another 1000 jobs
Global energy giant Royal Dutch Shell has revealed that it will axe another 1-000 positions by 2011. ...
Wed 17th March 2010 - 08:58am
Honda to recall 410-000 vehicles
Honda Motor Co will recall more than 410-000 Odyssey minivans and Element small trucks in the US because of braking system problems. ...
Wed 17th March 2010 - 08:57am
Govt plays down early budget surplus tip
The federal government is playing down research which suggests its budget could be in surplus four years earlier than predicted by Treasury. ...
Wed 17th March 2010 - 08:46am
Australia shares seen rising on Feds rate pledge
The Fed also pointed to increased momentum in the economys recovery- helping the S -amp ampP 500 to a fresh 17-month high- and likely providing a boost to Australian shares as well. ID-nN16251615 ...
Wed 17th March 2010 - 08:42am
Claims pulp mill under threat if boss resigns
A shareholder push for the resignation of Gunns chairman John Gay is being seen by analysts as a threat to the companys proposed northern Tasmanian pulp mill. ...
Wed 17th March 2010 - 08:33am
Fed maintains rates at record lows
WASHINGTON AFP - The Federal Reserve on Tuesday maintained record low interest rates in the hope of stimulating a still fragile US economic recovery- dogged by high unemployment and tight credit. ...
Wed 17th March 2010 - 08:20am
Rio Upbeat
A year ago the 2008 annual report of Rio Tinto was full of qualified optimism- the Chinalco shareholding- -amp 160commodity prices being low- -amp 160and the uncertain outlook as the global recession and credit crunch battered confidence and the company. -amp 160This year its all about the recovery- the better outlook- China and talk of 15 good years from China- then Indian demand rising quickly. -amp 160The company has reshaped itself- exiting quite a few businesses- especially in the over-priced Alcan-dominated aluminium division. $15 billion in a capital raising enabled the Chinalco deal to be called off and for debt to slashed by 60 to just under $US14 billion.The strains of last years arrests of Stern Hu and three other executives have passed- China and the company are friends and theres talk of a possible joint venture with Chinalco in the companys on-off Guinea iron ore project- which could be a $19 billion monster. -amp 160So its no wonder Rios board and management are now much more confident about the outlook- predicting yesterday -amp 160that Chinas demand for key commodities will grow exponentially during the next 15 years- with India then taking over to lead further demand.And- the -amp 160short-term outlook for mining and metals is also improving but will likely remain volatile- the company said -amp 160its annual report -amp 160released yesterday.Rio Tinto shares finished up 12c at -amp 160 $75.50 as investors liked the more positive tone.Rio Tinto chief executive Tom Albanese was optimistic about long-term growth prospects.For this year he said -amp quotAn objective for 2010- and one that I am particularly focused on- is to strengthen our relationship with China. -amp quotChina is our largest source of short term demand growth. In 2009- it became the most important destination for our products and influences global pricing of most metals. -amp quotIt is also the home of our largest shareholder- Chinalco. We were pleased to see Chinalco take up its full entitlement of shares in our rights issues and maintain its shareholding at 12 per cent of Rio Tinto plc and 9.3 per cent of the dual listed company overall. -amp quotI would like to add a word on our four employees who were detained on 5 July 2009 in Shanghai. We wish to see the completion of an expeditious and transparent legal process. Our continued priority is our duty of care to our colleagues and support for their families. -amp quotOur markets and our balance sheet are much improved from last year- but we recognise that major short term uncertainties remain. Long term however- given continued growth and urbanisation of the developing world- the outlook for our industry is attractive. -amp quotThe exponential growth of Chinas demand for iron ore- copper- coal and aluminium is expected to continue over the next 15 years- as the average wealth of many millions of people increases. -amp quotTheir consumption of raw materials will rise accordingly. As China nears the top of the commodity intensity usage curve- India is expected to follow- supporting a further potential wave of strong commodity demand. -amp quotFor Rio Tinto- 2009 marked a positive turning point from which we have emerged with our options for growth enhanced. Nevertheless- major challenges remain. -amp quotThe Tier 1 deposits that are the focus of our strategy are becoming harder to find and more technologically difficult to develop. -amp quotThere are pressures in countries well endowed with minerals for governments to gain a greater proportion of resource rents. -amp quotHe said Rios move towards a joint venture with BHP Billiton to tie-up the companies massive iron ore operations in Western Australias Pilbara region was a highlight of 2009.Mr Albanese said the strong demand for iron ore clearly provided the most obvious option for production growth- with plans to greatly increase its capacity in the Pilbara.Chairman Jan du Plessis said 2009 had been an -amp quothistoric and tumultuous year -amp quot for the company.Rio Tinto started 2009 with debt of around $US38.7 billion $42.32 billion- mainly as a result of its ill-timed takeover of Alcan in 2007- but by December 31 had cut that to $US14.8 billion. -amp quotIt certainly felt at times as if we were experiencing an amplified version of the global financial crisis and its knock-on effect on business confidence- demand for commodities and availability of credit- -amp quot Mr du Plessis said.Global growth forecasts for 2010 are for nearly 4- with Chinas gross domestic product GDP tipped to grow by 9 to 10- Rio Tinto said. -amp quotEconomy-wide inventory rebuilding in the OECD should provide a short term boost to activity -amp quot -amp quotSuch growth acceleration would have positive implications for metals and minerals markets- -amp quot the miner said. -amp 160 ...
Wed 17th March 2010 - 08:15am
Shell will slash another 1000 jobs
Global energy giant Royal Dutch Shell has revealed that it will axe another 1-000 positions by 2011. ...
Wed 17th March 2010 - 08:14am
CBH In Demand
Struggling CBH Resources has suddenly found itself the most popular kid on the block with either the third or fourth proposal to the company in as many months for a controlling stake.Investors liked the idea- the shares jumped to 19c from 17c after a trading halt was lifted after two days yesterday.They ended at 18.5c- up 1.5c or nearly 9 on the day.That was after Japans Toho Zinc -amp 160lifted its level of interest- and cash on the table -amp 160for a stake in zinc miner CBH -amp 160with the hope of knocking out a rival- higher offer -amp 160from -amp 160Nyrstar of Belgium.CBH said -amp 160in a statement -amp 160that Toho was now offering 25c a share for a maximum 49.9 of the company.That compares to the 19.5c for all of the company in an offer from Nyrstar revealed last Friday. That values CBH at $213 million.The Nyrstar offer topped its previous 13.5c a share offer- which CBH had rejected in favour of a placement deal with Toho- its major shareholder and supporter through the deep slump.A committee of independent CBH directors is assessing the merits of each revised offer from Toho and Nyrstar- and a recommendation will be made to shareholders as soon as practicable- the company said yesterday.Under the Revised Toho proposal- Toho will make a proportional takeover offer to all CBH shareholders at 25c per ordinary share- so that Toho would have a relevant interest in no more than 49.9 of total issued shares of CBH.Toho currently holds a 24.1 stake in CBH- so in effect it has lifted its offer to 25c a share for the outstanding 25.8 it wants from other shareholders.It had previously proposed a placement of 50 million CBH shares at 20c each.Under unaltered conditions of Tohos proposal- CBH will also sell half of its Rasp project at Broken Hill in New South Wales to Toho for $57.5 million.Following the completion of these transactions- CBH plans to make an offer of $500 in cash and 1800 of its shares per convertible note for all of its outstanding convertible notes.Tohos proportional takeover is subject to shareholder approval of the other transactions.Nyrstar- one of the worlds largest zinc producers- last week upgraded its takeover bid to 19.5c per share from 13.5c for CBH.Toho indicated today it would not support the revised Nyrstar proposal- as both a shareholder and noteholder. -amp quotAs a result- Toho Zinc believes that Nyrstars revised proposal in its present form would fail and that it therefore does not represent a genuine or realistic alternative to the Rasp transactions- -amp quot Toho said in a statement.Fridays Nyrstar offer jolted Toho into quick action. Its now up to the Belgium company to reply.In its favour is that everyone will get 19.5c a share Toho says it wont sell- and why should it if it -amp 160prepared to offer first up 20c- and now 25c a share.Its now up to Nystar to top its offer up to closer to the 25c a share on the table from Toho. -amp 160 -amp 160 ...
Wed 17th March 2010 - 08:13am
Honda to recall 410-000 vehicles
Honda Motor Co will recall more than 410-000 Odyssey minivans and Element small trucks in the US because of braking system problems. ...
Wed 17th March 2010 - 08:12am
OPEC output 'steady for rest of year'
Saudi Arabia's oil minister says he expects OPEC to keep output steady for the rest of this year. ...
Wed 17th March 2010 - 07:43am
Local shares to benefit from US rally
The US Federal Reserves decision to hold interest rates steady at close to zero- has offered some solid support to Wall Street overnight. ...
Wed 17th March 2010 - 07:41am
NZ dlr rises on better risk- U.S. dlr dips after Fed
Kiwi NZDD4 settles around $0.7096-04 as it hit a high of $0.7103 in early local trade- the best since Feb. 3. ...
Wed 17th March 2010 - 07:30am
LG accused of fridge fraud
Consumer watchdog Choice has accused LG Electronics of making false environmental claims about the energy efficiency of a number of its fridges. ...
Wed 17th March 2010 - 07:29am
Fed maintains rates at record lows
WASHINGTON AFP - The Federal Reserve on Tuesday maintained record low interest rates in the hope of stimulating a still fragile US economic recovery- dogged by high unemployment and tight credit. ...
Wed 17th March 2010 - 06:54am
New take on Gunns shareholder move
A shareholder push for the resignation of the Gunns chairman John Gay is being seen by analysts as a threat to the companys proposed northern Tasmanian pulp mill. ...
Wed 17th March 2010 - 06:33am
US Senate bill to punish China over currency
WASHINGTON AFP - Under election-year pressure over trade-driven jobs- US senators unveiled legislation Tuesday that would impose tough new penalties on China if it failed to revalue its currency. ...
Wed 17th March 2010 - 05:26am
Franco-German spat fuels EU economic debate
FRANKFURT AFP - An economic policy dispute between France and Germany threatens to distract the eurozone as it faces fierce competition from Asian rivals- analysts and German media warned Tuesday. ...
Wed 17th March 2010 - 03:55am
OPEC to freeze oil output target as prices near 82 dollars
VIENNA AFP - OPEC members on Tuesday prepared to announce a freeze in the cartels oil output ceiling here as crude prices jumped to near 82 dollars. ...
Wed 17th March 2010 - 03:49am
New Russia-Europe gas link gets funding greenlight
LONDON AFP - The consortium behind a new gas pipeline from Russia to Europe via the Baltic said Tuesday it had secured funding to start construction next month- aimed at easing worries over supplies by other routes. ...
Wed 17th March 2010 - 03:47am
Renault-Nissan to launch small car Micra in India in July
CHENNAI- India AFP - Japanese carmaker Nissan said on Tuesday it will launch its Micra small car in the Indian market in July from a plant in the south co-owned with its French partner Renault. ...
Wed 17th March 2010 - 03:11am
US Senate bill to punish China over currency
WASHINGTON AFP - Under election-year pressure over trade-driven jobs- US senators were to unveil legislation Tuesday that would impose tough new penalties on China if it failed to revalue its currency. ...
Wed 17th March 2010 - 03:10am
Snowstorm hits US housing market revival
WASHINGTON AFP - Construction of new houses in the United States slumped in February on freezing temperatures across the nation- breaking a rally that spurred hopes of a rapid recovery for the battered sector. ...
Wed 17th March 2010 - 01:50am
The Vale Columbia Center on Sustainable International Investment Releases Report on Outward FDI from Chile
New York- Mar 16- 2010 - ACN Newswire - Despite the recent financial and economic crisis- Chiles outward foreign direct investment OFDI in 2009 surpassed the record level of 2008- reflecting the strength of Chilean firms and the countrys continuous commitment to integrate into the world economy. Two decades ago- Chile was an unlikely foreign direct investor. ...
Wed 17th March 2010 - 12:12am
US Fed expected to hold rates at record lows
WASHINGTON AFP - US Federal Reserve policy makers held a meeting Tuesday widely expected to keep interest rates at record lows as financial markets look for signals of future monetary policy tightening. ...
Wed 17th March 2010 - 12:11am
Denso to Construct New Plant for Production Base in Brazil
Kariya- Mar 16- 2010 - JCN Newswire - Denso Corporation today announced that it will construct a new plant for Denso do Brasil Ltda. DNBR- one of Densos Brazilian production sites- in Santa Barbara dOeste City- Brazil- about 130 km northwest of Sao Paulo City. ...
Wed 17th March 2010 - 12:10am
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