Oil prices retreat below $80
LONDON AFP - Oil prices dipped under 80 dollars on Monday- extending last weeks losses as traders adjusted for a strengthening US currency and a surprise Indian interest rate hike. ...
Mon 22nd March 2010 - 11:35pm
Euro hits three-week dollar low
LONDON AFP - The euro slid to a three-week low point against the dollar on Monday over German resistance to a Greek financial rescue plan- traders said. ...
Mon 22nd March 2010 - 10:30pm
Stern Hu admits taking bribes
An Australian diplomat in Shanghai has confirmed Rio Tinto executive Stern Hu admitted to accepting bribes as he faced a Shanghai court. ...
Mon 22nd March 2010 - 09:54pm
Stern Hu admits taking bribes
An Australian diplomat in Shanghai has confirmed Rio Tinto executive Stern Hu admitted to accepting bribes as he faced a Shanghai court. ...
Mon 22nd March 2010 - 09:53pm
US firms feel increasingly unwelcome in China
BEIJING AFP - A growing number of American businesses feel unwelcome in China because of what they see as discriminatory government policies and inconsistent legal treatment- a survey released Monday said. ...
Mon 22nd March 2010 - 09:43pm
Asian shares lower on Indian rate move
HONG KONG AFP - A surprise rate hike from the Reserve Bank of India triggered fears that other central banks in Asia may step up inflation-fighting efforts- leading shares lower across the region Monday. ...
Mon 22nd March 2010 - 09:40pm
EU presidency wants Greek aid decision at summit
BRUSSELS AFP - The Spanish presidency of the European Union said on Monday it would push the bloc to agree on financial aid for Greece at a summit this week- despite reservations from EU powerhouse Germany. ...
Mon 22nd March 2010 - 09:27pm
Plumbing giant Wolseley says trims losses
LONDON AFP - Wolseley- the worlds biggest distributor of plumbing and heating products- on Monday reported narrowing losses in the first half of its financial year after slashing costs. ...
Mon 22nd March 2010 - 09:23pm
IMF calls for more Asian infrastructure
HANOI AFP - Asias developing economies must invest more in infrastructure and social welfare to promote long-term growth in a region where millions fell back into poverty during the global economic crisis- an IMF official said Monday. ...
Mon 22nd March 2010 - 09:12pm
Poor decisions led to massive oil spill
After a week of hearings at the federal inquiry into Australias third-largest oil spill- it is becoming clear the blow-out at the Montara well was caused by a chain of poor decisions and miscalculations. ...
Mon 22nd March 2010 - 07:29pm
Poor decisions led to massive oil spill
After a week of hearings at the federal inquiry into Australias third-largest oil spill- it is becoming clear the blow-out at the Montara well was caused by a chain of poor decisions and miscalculations. ...
Mon 22nd March 2010 - 07:20pm
Hopes for Portmans' profit in two years
Premier Investments expects its underperforming Portmans brand to return to profit within two years- after dragging down the group's first half results. ...
Mon 22nd March 2010 - 07:15pm
Agree to takeover bid- Arrow recommends
Arrow Energy is urging shareholders to accept a sweetened takeover bid from Royal Dutch Shell and PetroChina Co- calling it the right step at the right time.. ...
Mon 22nd March 2010 - 07:14pm
NAB extends terms of deed for AXA bid
National Australia Bank and AXA Asia Pacific Holdings will extend the deadline for finalising transaction documents for the bank's $13.3 billion takeover bid. ...
Mon 22nd March 2010 - 07:12pm
FarmWorks makes positive start on ASX
Agribusiness FarmWorks Australia has started trading on the stock exchange and says it is looking to strengthen its position outside Western Australia. ...
Mon 22nd March 2010 - 07:10pm
Stern Hu admits taking bribes- report
Rio Tinto executive Stern Hu has reportedly pleaded guilty to bribery charges in a Shanghai court. ...
Mon 22nd March 2010 - 06:59pm
Macquarie appoints Hawker to board
Former Insurance Australia Group chief executive Michael Hawker has been appointed to the board of investment bank Macquarie Group. ...
Mon 22nd March 2010 - 06:55pm
Second federal Minister questions QR float
Another federal Labor minister has expressed concerns about the states plan to float Queensland Rails coal business as a single entity. ...
Mon 22nd March 2010 - 06:55pm
Govt must strengthen recovery- Ai Group
Australia still needs to strengthen its economic recovery- and be wary of the speed of winding back its stimulus measures- a business lobby group says. ...
Mon 22nd March 2010 - 06:50pm
Miners- banks drive share decline
Australian shares closed almost 1 per cent lower- driven by falls in the banking and mining sectors. ...
Mon 22nd March 2010 - 06:39pm
Stern Hu admits taking bribes- report
Rio Tinto executive Stern Hu has reportedly pleaded guilty to bribery charges in a Shanghai court. ...
Mon 22nd March 2010 - 06:35pm
Stern Hu admits taking $1m in bribes- report
Rio Tinto executive Stern Hu has reportedly pleaded guilty to bribery charges in a Shanghai court. ...
Mon 22nd March 2010 - 06:26pm
Macquarie appoints Hawker to board
Former Insurance Australia Group chief executive Michael Hawker has been appointed to the board of investment bank Macquarie Group. ...
Mon 22nd March 2010 - 06:22pm
Protected land in NZ considered for mining
The New Zealand government is proposing to open up more than 7-000 hectares of protected conservation land to mining. ...
Mon 22nd March 2010 - 05:24pm
Stern Hu admits taking $1m in bribes- report
Rio Tinto executive Stern Hu has reportedly pleaded guilty to bribery charges in a Shanghai court. ...
Mon 22nd March 2010 - 05:15pm
Stern Hu admits taking $1m in bribes- report
Rio Tinto executive Stern Hu has reportedly pleaded guilty to bribery charges in a Shanghai court. ...
Mon 22nd March 2010 - 05:14pm
Petrol prices nudge higher
Petrol prices have climbed higher in the past week- with the national average cost of unleaded up 0.8 cents a litre. ...
Mon 22nd March 2010 - 04:47pm
Macquarie appoints Hawker to board
Investment bank Macquarie Group Ltd has appointed Michael Hawker to the board as an independent non-executive director. ...
Mon 22nd March 2010 - 04:37pm
Australia shares dip 0.9 pct on miners- Arrow falls
SYDNEY- March 22 - Australian stocks fell 0.9 percent on Monday- with miners losing ground after worries over demand hurt commodity prices as investors expected more Asian central banks to follow India in raising rates to tame inflation. ...
Mon 22nd March 2010 - 04:30pm
Commercial property values fall in SEQ
Commercial and industrial property values in south-east Queensland have fallen- while residential values have stayed solid- new figures show. ...
Mon 22nd March 2010 - 04:28pm
Australia dlr edges back on US $- near highs on TWI
Yet trade weighted index challenges major peaks around 71.7 ...
Mon 22nd March 2010 - 04:26pm
Forestry confident of pulp mill future
Tasmanias forest industry is confident the state Parliament will not roll back approvals for timber company Gunns pulp mill if the Greens have the balance of power. ...
Mon 22nd March 2010 - 04:22pm
ANZ acquires RBS' Hong Kong businesses
ANZ Banking Group Ltd has completed the acquisition of Royal Bank of Scotland's RBS retail and commercial businesses in Hong Kong. ...
Mon 22nd March 2010 - 04:18pm
Execs face grilling over Allco collapse
Former Allco Finance Group executives are facing public questioning for the first time- as the companys receivers try to work out exactly how it collapsed in 2008 under $1.1 billion of debt. ...
Mon 22nd March 2010 - 04:12pm
Second federal Minister questions QR float
Another federal Labor minister has expressed concerns about the states plan to float Queensland Rails coal business as a single entity. ...
Mon 22nd March 2010 - 04:11pm
Coal- oil lead alternative push- Siemens
Coal and oil companies will embrace a report which advocates spending $60 billion on alternative energy over the next decade- a leading technology company says. ...
Mon 22nd March 2010 - 03:51pm
The French-Australian Chamber of Commerce and Industry Welcomes ABN Newswire as New Corporate Member
Sydney- Australia- Mar 22- 2010 - ABN Newswire - This month- the French-Australian Chamber of Commerce -amp amp Industry FACCI has been delighted to welcome ABN Newswire as a new corporate member. ...
Mon 22nd March 2010 - 03:45pm
ANZ acquires RBS' Hong Kong businesses
ANZ Banking Group Ltd has completed the acquisition of Royal Bank of Scotland's RBS retail and commercial businesses in Hong Kong. ...
Mon 22nd March 2010 - 03:43pm
NZ dlr lower as risk appetite wanes on Greek worries
Kiwi settles lower as Greece and India worries weigh ...
Mon 22nd March 2010 - 03:39pm
Calls for deregulation of wheat market
The Productivity Commission has recommended further deregulation of Australia's wheat export market. ...
Mon 22nd March 2010 - 03:37pm
NAB extends terms of deed for AXA bid
National Australia Bank and AXA Asia Pacific Holdings will extend the deadline for finalising transaction documents for the bank's $13.3 billion takeover bid. ...
Mon 22nd March 2010 - 03:22pm
Engineer named new Holden boss
A 44-year-old engineer- who recently led the Middle East operations of General Motors GM- has been named Holden's new chairman and managing director. ...
Mon 22nd March 2010 - 03:11pm
Allco chief says financial crisis totally unexpected
A public hearing in Sydney is investigating the collapse of the local investment house- Allco Finance Group. ...
Mon 22nd March 2010 - 03:10pm
Revised deal good for shareholders- Qld- Arrow chief
Arrow Energy says it is happy with an improved $3.4 billion takeover offer from a joint venture owned by Royal Dutch Shell and PetroChina. ...
Mon 22nd March 2010 - 02:58pm
Revised deal good for shareholders- Qld- Arrow chief
Arrow Energy says it is happy with an improved $3.4 billion takeover offer from a joint venture owned by Royal Dutch Shell and PetroChina. ...
Mon 22nd March 2010 - 02:50pm
Court scuppers miners waste pipeline
Landowners in Papua New Guinea have stopped a Chinese nickel miner from dumping millions of tonnes of waste into the sea. ...
Mon 22nd March 2010 - 02:30pm
Oil Search says outlook uncertain
Oil Search Ltd says the economic outlook in developed countries is uncertain- with sluggish growth likely to constrain oil prices. ...
Mon 22nd March 2010 - 02:25pm
Stern Hu trial begins in Shanghai
The trial of Australian Rio Tinto executive Stern Hu and his Chinese colleagues Liu Caikui- Ge Mingqiang and Wang Yong has started in Shanghai. ...
Mon 22nd March 2010 - 02:20pm
Asian Markets Overview of March 22- 2010- ANZ ASX-ANZ Completed Acquisition of RBS LON-RBS Businesses in Hong Kong
Sydney- Australia- Mar 22- 2010 - ABN Newswire - Asian shares are set for a weak start on Monday after US markets fell on lower commodities prices and Greek debt concerns. Japanese market today is closed for Vernal Equinox Day. Most Asian markets gained on Friday. Japans Nikkei index rose 0.8 per cent while weakness in yen boosted exporters. Chinas Shanghai Composite was also higher- with Alunimium Corp of China surged 10 per cent on Friday. ...
Mon 22nd March 2010 - 02:16pm
AuDAX Resources Limited ASX-ADX Accepts Farm In Offer From Gulfsands LON-GPX On Sicily Channel Permits
Perth- Australia- Mar 22- 2010 - ABN Newswire - AuDAX Resources Limited ASX-ADX PINK-ADXRF is pleased to announce that it has accepted a farm-in offer from Gulfsands Petroleum Plc LON-GPX PINK-GFPOF for participation in exploration of AuDAXs two contiguous offshore Exploration Permits- G.R15.PU and Kerkouane the -amp quotPermits -amp quot.G.R15. ...
Mon 22nd March 2010 - 01:49pm
Kizon cleared of insider trading
A District Court judge has acquitted a Perth businessman of a string of insider trading charges. ...
Mon 22nd March 2010 - 01:46pm
Vehicle sales fall for second month
Total motor vehicle sales fell for a second month in February in the wake of the government ending its tax break on business investment at the end of 2009. ...
Mon 22nd March 2010 - 01:37pm
Hopes for Portmans' profit in two years
Premier Investments hopes to make acquisitions in the second half of 2009-10 and expects its Portmans retail brand to return to profitability within two years. ...
Mon 22nd March 2010 - 01:33pm
CEOs expect slow improvement for 2010
The manufacturing and services sectors expect improving economic conditions in the year ahead- but recovery is tipped to be weaker in the construction industry. ...
Mon 22nd March 2010 - 01:33pm
AuDAX Resources Limited ASX-ADX Accepts Farm In Offer From Gulfsands LON-GPX On The Chorbane Permit In Tunisia
Perth- Australia- Mar 22- 2010 - ABN Newswire - AuDAX Resources Limited ASX-ADX PINK-ADXRF announces that it accepted a farm-in offer from Gulfsands Petroleum Plc LON-GPX for participation in exploration of the Chorbane Permit onshore Tunisia where AuDAX is the operator and holds a 100 interest. ...
Mon 22nd March 2010 - 01:29pm
Stern Hu trial begins in Shanghai
The trial of Australian Rio Tinto executive Stern Hu and his Chinese colleagues Liu Caikui- Ge Mingqiang and Wang Yong has started in Shanghai. ...
Mon 22nd March 2010 - 01:19pm
Stern Hu trial begins in Shanghai
The trial of Australian Rio Tinto executive Stern Hu and his Chinese colleagues Liu Caikui- Ge Mingqiang and Wang Yong has started in Shanghai. ...
Mon 22nd March 2010 - 01:11pm
British recovery weak as stimulus ends- employers group
LONDON AFP - Britains economic recovery will remain fragile until the middle of next year due to the withdrawal of stimulus measures- the Confederation of British Industry warned Monday. ...
Mon 22nd March 2010 - 12:48pm
Vehicle sales fall for second month
Total motor vehicle sales fell for a second month in February in the wake of the government ending its tax break on business investment at the end of 2009. ...
Mon 22nd March 2010 - 12:32pm
Australian dlr gives ground to US $- strong on euro
Aussie pinned at $0.9135 AUD- after losing almost a cent on Friday. Support seen at $0.9130 and $0.9095- while resistance put around $0.9170 and last weeks $0.9250 high. ...
Mon 22nd March 2010 - 12:32pm
Oil Search says outlook uncertain
Oil Search Ltd says the economic outlook in developed countries is uncertain- with sluggish growth likely to constrain oil prices. ...
Mon 22nd March 2010 - 12:28pm
Lend Lease appoints Robert McNamara CEO
Property company Lend Lease Group has appointed Robert McNamara as chief executive of its American division. ...
Mon 22nd March 2010 - 12:28pm
GoConnect reaches agreement on merger
Internet and mobile media company GoConnect Ltd will acquire the businesses of Cashmere Media Pty Ltd and PLW Entertainment Ltd. ...
Mon 22nd March 2010 - 12:27pm
Engineer named new Holden boss
A 44-year-old engineer who recently led the Middle East operations of General Motors GM has been named Holden's new chairman and managing director. ...
Mon 22nd March 2010 - 12:26pm
NAB extends terms of deed for AXA bid
National Australia Bank says it has agreed with AXA Asia Pacific Holdings to extend the terms deed for its bid to acquire AXA Asia Pacific until next Monday. ...
Mon 22nd March 2010 - 12:23pm
Shares fall on weak commodities
Local shares are losing value- with weaker commodity prices dragging the market down. ...
Mon 22nd March 2010 - 12:17pm
AuDAX Resources Limited ASX-ADX Commencing Offshore 3D Seismic- Tunisia
Perth- Australia- Mar 22- 2010 - ABN Newswire - AuDAX Resources Ltd ASX-ADX PINK-ADXRF is pleased to announce that the 3D seismic acquisition of approximately 640 km2 utilising PGS leading edge proprietary Geostreamer Technology in the Sicily channel offshore Tunisia is expected to commence Tuesday 23rd March with the Atlantic Explorer vessel. ...
Mon 22nd March 2010 - 12:16pm
FarmWorks makes positive start on ASX
Agribusiness FarmWorks Australia started trading on the Australian Securities Exchange after it was acquired by former information technology provider ETT Ltd. ...
Mon 22nd March 2010 - 12:13pm
Australia shares down on miners Arrow falls
SYDNEY- March 22 - Australian stocks fell 0.7 percent on Monday- with miners leading the way on weaker commodity prices- and Arrow Energy AOE- which fell on a lower-than-expected takeover offer. ...
Mon 22nd March 2010 - 11:58am
Push for a sealed highway across central Australia
A group lobbying for a sealed highway between Western Australia and Queensland says it needs state government support to get the project off the ground. ...
Mon 22nd March 2010 - 11:53am
Telstra calls halt to copper lines
Developers have warned that new houses will take longer to come onto the market because of Telstra's decision to stop installing copper phone lines. ...
Mon 22nd March 2010 - 11:48am
Charge network to service electric cars
Better Place Australia BPA will roll out the world's third large scale charge network to service electric cars across Australia from 2011. ...
Mon 22nd March 2010 - 11:35am
Texon Petroleum Limited ASX-TXN Proved And Probable Reserves Increase to 3.0 Million BOE
Brisbane- Australia- Mar 22- 2010 - ABN Newswire - Texon Petroleum Limited ASX-TXN 2009 year end proved and probable reserves are respectively 1.9 mmboe and 1.1 mmboe - a total of 3.0 mmboe as to the Companys current working interests.From mid year 2009- this is an increase of 40 and from year end 2008- the increase is 200. ...
Mon 22nd March 2010 - 11:12am
Clean Global Energy Limited ASX-CGV Commences Drilling- Spudding First Hole On Sunday
Sydney- Australia- Mar 22- 2010 - ABN Newswire - Clean Global Energy Limited ASX-CGV is pleased to announce that Mouzsouris Drilling has commenced drilling on EPC1506. The drill rig commenced work on Sunday spudding the first hole.Stage 1 of CGVs drilling program will see approximately 4-000m to 5-000m of drilling over a minimum of 12 chip holes and 2 core holes on CGVs EPC 1506. ...
Mon 22nd March 2010 - 10:59am
Arrow recommends new bid from Shell
Arrow Energy Ltd has recommended its shareholders accept a new- improved joint takeover bid from Royal Dutch Shell and PetroChina Co Ltd. ...
Mon 22nd March 2010 - 10:52am
Sino Gas -amp Energy in trading halt
Sino Gas -amp Energy Holdings Ltd has been suspended from -amp quotofficial quotation -amp quot at the request of the company- pending the release of an announcement. ...
Mon 22nd March 2010 - 10:49am
CEO report indicates solid industry recovery
A poll of Australian chief executives shows growth in the countrys manufacturing- construction and services sectors is expected to be reasonably solid- but uneven in 2010. ...
Mon 22nd March 2010 - 10:46am
Pan Asia Corporation Limited ASX-PZC TCM Coal Project Continues To Provide Good Results- Calorific Values 7000 cal-g
Perth- Australia- Mar 22- 2010 - ABN Newswire - Pan Asia Corporation Limited ASX-PZC are very pleased to provide the following update on drilling activities at the TCM Coal Project located in South Kalimantan- Indonesia.Ten drill holes have been completed to date- with the recently completed TCM 10 and TCM 11 drill holes also returning significant intersections of coal. ...
Mon 22nd March 2010 - 10:39am
NZ dlr weakens vs US $ on equities- Greece
Kiwi NZDD4 around $0.7062-65- little changed from early levels- but about 1 percent lower than late Friday- after Wall Street snapped an eight-session winning streak. It hit a one-month high of $0.7180 on March 17. ...
Mon 22nd March 2010 - 10:35am
Indias Bharti says funds raised for Zain buyout
NEW DELHI AFP - Indian telecom giant Bharti Airtel said on Sunday it had raised 8. ...
Mon 22nd March 2010 - 10:23am
Buy local- sink the export industry- researcher
An expert has warned that the burgeoning buy local movement could spell disaster for Australia if it catches on overseas. ...
Mon 22nd March 2010 - 10:22am
Australia shares fall 0.7 pct early miners slip
SYDNEY- March 22 - Australian stocks fell 0.7 percent in early trade on Monday- with miners leading the way on weaker commodity prices. ...
Mon 22nd March 2010 - 10:19am
Conquest Mining Limited ASX-CQT And Gold Fields Settle Dispute
Perth- Australia- Mar 22- 2010 - ABN Newswire - Conquest Mining Limited ASX-CQT PINK-CQMLF is pleased to announce that the Company has achieved an amicable agreement with Gold Fields Australasia Gold Fields to settle all disputed matters that have been under discussion between the companies as joint venture partners in the Mt Carlton Project.Highlights of this settlement are- ...
Mon 22nd March 2010 - 10:18am
Govt urged to cover fibre-optic costs
Property developers say the Federal Government should reimburse builders for some of the cost of installing fibre-optic cable to new homes. ...
Mon 22nd March 2010 - 10:15am
Buy local- sink the export industry- researcher
An expert has warned that the burgeoning buy local movement could spell disaster for Australia if it catches on overseas. ...
Mon 22nd March 2010 - 10:14am
Premier H1 net profit drops 13.7
Solomon Lew's Premier Investments Ltd first half net profit dropped 13.7 per cent and is -amp quotcautiously optimistic -amp quot about the performance of Just Group. ...
Mon 22nd March 2010 - 10:11am
Iron Road Limited ASX-IRD Updates On Warramboo 2010 Drilling Programme At Central Eyre Iron Project
Perth- Australia- Mar 22- 2010 - ABN Newswire - Iron Road Limited ASX-IRD is pleased to advise that drilling at the Companys wholly owned Central Eyre Iron Project continues to proceed to plan. The Central Eyre Iron Project is a collection of three iron occurrences Warramboo- Kopi -amp amp Hambidge with an exploration potential of 2.8-5.7 billion tonnes magnetite gneiss. ...
Mon 22nd March 2010 - 10:11am
OneSteel purchases scrap metal business
OneSteel Ltd has signed an agreement to acquire a scrap metal recycler with operations in New South Wales and Victoria. ...
Mon 22nd March 2010 - 10:10am
NAB extends terms of deed for AXA bid
National Australia Bank says it has agreed with AXA Asia Pacific Holdings to extend the terms deed for its bid to acquire AXA Asia Pacific until next Monday. ...
Mon 22nd March 2010 - 09:50am
Macquarie appoints Hawker to board
Investment bank Macquarie Group Ltd has appointed Michael Hawker to the board as an independent non-executive director. ...
Mon 22nd March 2010 - 09:50am
New supplier sought for gas plant
The gas company planning to operate a plant at Fishermans Landing in Gladstone- in central Queensland- is still hopeful the project will go ahead- despite problems with a gas supply contract. ...
Mon 22nd March 2010 - 09:46am
Park and ride urged on new Adelaide tramline
Adelaides latest tramline extension from the city to the Entertainment Centre at Hindmarsh is now operating. ...
Mon 22nd March 2010 - 09:41am
Plans for a sealed highway across central Australia
A group lobbying for a sealed highway between Western Australia and Queensland says it needs state government support to get the project off the ground. The Outback Highway Development Council is tryi ...
Mon 22nd March 2010 - 09:36am
Marion Energy Limited ASX-MAE Announces The Oman 2-20 Well Remediation Program Successfully Proceeding
Melbourne- Australia- Mar 22- 2010 - ABN Newswire - Marion Energy Limited ASX-MAE PINK-MAEJF is pleased to provide an update on the successful remediation work underway at its Oman 2-20 well in Utah.The staged work is part of the Companys work program designed by Chief Operating Officer Jay Stratton- designed to bring a number of key wells back into production over the coming nine months. ...
Mon 22nd March 2010 - 09:32am
Park and ride urged on new Adelaide tramline
Adelaides latest tramline extension from the city to the Entertainment Centre at Hindmarsh is now operating. ...
Mon 22nd March 2010 - 09:30am
Park and ride urged on new Adelaide tramline
Adelaides latest tramline extension from the city to the Entertainment Centre at Hindmarsh is now operating. ...
Mon 22nd March 2010 - 09:29am
Stern Hu faces court over bribery claims
The trial of Australian Rio Tinto executive Stern Hu and three Chinese colleagues will start in Shanghai today. ...
Mon 22nd March 2010 - 09:26am
Greeces Struggles To Dominate
Greece is going to dominate world markets this week- making for some nervy trading on sharemarkets and in currencies and commodities.After its -amp 160worst weekly performance against the dollar since late January last week- the euro faces another five days of being rattled as traders try and assess if the lingering doubts over Greece and the European Unions attitude to an assistance package- will be ongoing.Greek -amp 160prime minister Papandreou said on Saturday that -amp 160 -amp quotGreece will not default we will not let it default. Greece has a strong government and courageous people. We are returning to the road of economic stability. -amp quot -amp 160The market will be wanting to see -amp 160Greece finally get a financial assistance package from -amp 160fellow eurozone members at a European Union summit on Thursday and Friday.The euro had its worst week against the greenback since January.The euro fell about 1.2 against the greenback last week- helping push the US dollar index -amp 160up by 0.9.The Australian dollar eased -amp 160to around 91.509 USc after hitting 92 USc earlier in the day in Asian trading.Gold- oil and other commodities were weak on Friday.The US dollar will be a major beneficiary this week- as it was on Friday.A factor to watch out for will be the impact of the healthcare vote in the US Congress overnight.It will be the make or break moment for President Obama.But should a credible package be hammered out then the greenback might come in for some market scepticism of its own and end the rally that started late last year.Greece has said that it might have to turn to the International Monetary Fund for help.After opposing the notion- -amp 160Germany is leaning towards involving the International Monetary Fund for domestic political reasons getting the IMF involved will mean no formal- direct German financial aid for Greece- which would violate the no bail-out clause of the European monetary system agreement.If Germany maintains this stance this week- or makes the hints into actual policy- this could signal that a mechanism has been created to help Greece and then other troubled eurozone members in Portugal- Spain and Italy.Germany had been strongly opposed to IMF involvement the French do not like it either.IMF involvement will confirm that -amp 160Europe is unable to regulate its own economic and monetary union- but it would reassure financial markets -amp 160because the Fund has a higher credibility than the EU or European Commission does in organising financial assistance to countries.German Finance Minister Wolfgang Schaeuble said in a weekend newspaper inquiry that Germany will -amp 160agree to European countries providing bilateral assistance to debt-stricken Greece.And he also said Greece has the legal right to seek IMF assistance.That sounds conflicting- but its an impression Germany has been projecting since Thursday of last week- for domestic political reasons.France is still dismissive of IMF involvement.Other reports said Europe remained split over aiding -amp 160greece and a role for the IMF.In London this week- the last budget before the national poll is now expected in early May.Chancellor Alistair Darling is expected to use the -amp 160Budget to signal the governments support for a global bank tax- although only as part of an international agreement.London papers said Mr Darling -amp 160will detail -amp 160options in Wednesdays statement but will insist money raised should go into Treasury coffers and not be used for an insurance fund against future collapse.The leader of the opposition conservatives- David Cameron- committed his party to a bank tax like President Obamas proposed tax if his party wins the poll. -amp 160 ...
Mon 22nd March 2010 - 08:55am
Greece To Dominate The Markets
Global share markets eased Friday after a run of six to eight days of rises as the US dollar firmed off the back of increased worries about Greece.The financial pressures on -amp 160Greece and the eurozones struggle to reach -amp 160common position on the crisis hit -amp 160European stock markets on -amp 160Friday- with most -amp 160ending lower.The loss of positive sentiment spread to US markets where they ended in the red- but up for the week.Complicating matters in the US markets was the so-called quadruple witching hour when options and other derivatives expire each month- and in this case- quarter.Seven small US banks failed Friday night for a total cost to taxpayers of around $US1.3 billion.Asian markets were positive- however.But investors were spooked after the region shut by -amp 160the Reserve Bank of Indias move to increase its key lending rate to 5 and its borrowing rate to 3.5. -amp 160 -amp 160The RBI -amp 160lifted the two key rates because inflation is now ahead of its forecast peak of 8.5 8.89 in the year to February and now expected to rise past 10 in the next month.The MSCI world equity index fell 0.5 on Friday.In US the Dow -amp 160fell 37.19 points- or 0.35- to 10-741.98. The Standard -amp 38 Poors 500 Index eased 5.93 points- or half a per cent -amp 160to 1-159.90 and -amp 160Nasdaq -amp 160dropped 16.87 points- or 0.71- to 2-374.41.It ended eight straight days of gains for the Dow- which- despite that strength- never added more than 50 points in a day.Last week it rose 1.1 for the third week of gains in a row. The S -amp 38P 500 added 0.9 and Nasdaq 0.3.In Paris the CAC 40 fell 0.3 to 3925.44 on Friday- while in Frankfurt the DAX lost 0.5 to finish at 5982.43.Elsewhere Milan fell 0.4- Brussels 0.6 and a quarter of a per cent in Switzerland.The -amp 160Stoxx 600 Index rose 0.7 for its third weekly rise in a row.12 out of the regions 18 major markets rose- -amp 160London was up 0.4 and the -amp 160DAX advanced 0.6.Frances -amp 160CAC 40 dropped 0.1 and -amp 160Greece lost 3.1 for the first loss in three weeks with fears again about the countrys weakening financial strength.Londons -amp 160FSE 100 index managed to defy the trend- adding 0.1 to -amp 1605650.13- the highest since -amp 160late June 2008.Driving the index higher was the surprise news from -amp 160Lloyds Banking Group- which said it expected to -amp 160return to profit this year after suffering a loss of more than 7 billion euros in 2009.That helped other financials to rise.But over the weekend the head of the opposition Conservatives- David Cameron- surprised by committing his party to a bank tax if they won the election now expected for early May.He said the tax would be similar to that proposed in the US by president Obama- a move that will send tremors through the banks and other financial stocks tonight.In Asia markets rose for a fourth week.The MSCI Asia Pacific Index climbed 1.4 over the week- with Tokyos Nikkei up 0.7- South Koreas Kospi up 0.8- Hong Kongs Hang Seng rose 0.8 and Shanghai jumped 1.8.New York-traded Indian shares fell the most in six weeks on Friday in the wake of the lift in rates.In Australia the -amp 160ASX200 index was up 9.1 points- or 0.2- at 4872.2- while the -amp 160All Ordinaries -amp 160climbed 12.4 points- or 0.3- at 4890.1. -amp 160 ...
Mon 22nd March 2010 - 08:54am
Greece To Impact Commodities- Currencies
The euros weakness saw the -amp 160US dollar rise on Friday and last week- knocking oil prices lower and weakening other commodities. -amp 160The euro dived as low as $US1.3503 on Friday- down from $US1.3603 in late New York trading on Thursday.It lost 1.2 against the greenback over the week.Oil prices fell with New York West Texas Intermediates April contract shedding $US1.52 to -amp 160 $US80.68 a barrel after dropping briefly under the $US80 level during trading.It was down 0.58c over the week.Londons Brent North Sea crude for May delivery dropped $US1.60 to $US79.88.The -amp 160OPEC oil cartels decision to leave production levels unchanged was overshadowed by the weakness in the euro and the worries about Greece.OPEC left its output ceiling unchanged at 24.84 million barrels a day at a meeting -amp 160on Wednesday- citing uncertainty in the economic environment and weak global oil demand.Gold also fell- cutting its best week in a month.The stronger US dollar eroded golds strength during the day.Gold took a harder fall than other metals- however.Comex April delivery prices dropped $US19.90- or 1.8- Friday night- our time- to end at $US1-107.60 an ounce.It cut the weeks advance to just half a per cent.Among other metals- Comex silver for May delivery fell 39c to $US17.03 an ounce.Copper for May delivery was down 2.5c at $US3.37 a pound in New York.On the -amp 160London Metal Exchange copper ended at $US7-435 a tonne down from $7-486 at the close on Thursday.Cooper prices are up around 20 this year off the back of the better outlook in the US and an underpinning of demand from China.Inventories are down 30-000 tonnes since the start of this month.LME three-month nickel -amp 160hit $US22-900 a tonne- the highest since March 4. It ended at $US22-450 a tonne- up from -amp 160 $US22-760 -amp 160on Thursday.Three month LME zinc -amp 160ended at $US2-295 a tonne down from Thursdays close of -amp 160 $US2-333. Lead fell to -amp 160 $US2-200 a tonne from $US2-245- aluminium eased to -amp 160 $US2-258 a tonne from $US2-276.London analysts say a nickel shortfall could be emerging later in the year.If so- that would be the first for four years as steel demand revives- especially for stainless steel in Europe and the US. -amp 160 ...
Mon 22nd March 2010 - 08:53am
Forest Enterprises announcement expected
The troubled Tasmanian timber company- Forest Enterprises Australia- FEA is expected to make an announcement about its future to the stock exchange today. ...
Mon 22nd March 2010 - 08:29am
Stern Hu faces court over bribery claims
The trial of Australian Rio Tinto executive Stern Hu and three Chinese colleagues will start in Shanghai today. ...
Mon 22nd March 2010 - 08:17am
Forest Enterprises announcement expected
The troubled Tasmanian timber company- Forest Enterprises Australia FEA is expected to make an announcement about its future to the stock exchange today. ...
Mon 22nd March 2010 - 08:15am
IMF warns wealthiest nations about debt
The International Monetary Fund IMF has warned the world's wealthiest nations to watch their surging levels of government debt. ...
Mon 22nd March 2010 - 07:46am
Melbourne property market booming
The Real Estate Institute of Victoria REIV is predicting the property market from the start of the year until Easter is likely to be the strongest Melbourne has ever seen. ...
Mon 22nd March 2010 - 07:39am
NZ dollar falls on risk caution- debt flat
Kiwi NZDD4 around $0.7063-71- about a cent below its one-month high of $0.7180 struck on March 17- and about 1 percent lower than late Friday levels- after Wall Street snapped an eight-session winning streak. ...
Mon 22nd March 2010 - 07:32am
No end in sight for British Airways strike
As British Airways cabin crew move into day three of their strike over pay and work practices- both sides are claiming the upper hand. ...
Mon 22nd March 2010 - 07:30am
Stern Hu faces court over bribery claims
The trial of Australian Rio Tinto executive Stern Hu and three Chinese colleagues will start in Shanghai today. ...
Mon 22nd March 2010 - 07:18am
Stern Hu faces court over bribery claims
The trial of Australian Rio Tinto executive Stern Hu and three Chinese colleagues will start in Shanghai today. ...
Mon 22nd March 2010 - 07:14am
Telstra calls halt to copper lines
Developers have warned that new houses will take longer to come onto the market because of Telstra's decision to stop installing copper phone lines. ...
Mon 22nd March 2010 - 05:58am
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