2009-02-11 Business and Finance News (vsx.com.au)

Dollar weakens on stimulus hopes
LONDON AFP - The dollar fell against the euro in European trading on Monday as the US currency lost some of its appeal as a refuge for investors due to hopes for a US economic rescue plan- dealers said. ...
Wed 11th February 2009 - 10:58pm

France says auto bail-out not protectionist
PARIS AFP - France fiercely defended on Wednesday its plan to pump almost nine billion euros into its struggling carmakers- at the risk of sparking a full-scale European Union dispute over protectionism. ...
Wed 11th February 2009 - 10:51pm

Peugeot Citroen announce 343-mln-euro loss
PARIS- AFP - French carmaker PSA Peugeot Citroen announced on Wednesday a net loss of 343 million euros 443 million dollars for 2008- and warned of more bad times this year- two days after the French state gave the auto sector crisis loans. ...
Wed 11th February 2009 - 10:19pm

Reckitt says annual profits jump 19
LONDON AFP - Household products group Reckitt Benckiser said on Wednesday that annual net profits jumped 19.4 percent to 1.12 billion pounds 1.25 billion euros- 1.62 billion dollars. ...
Wed 11th February 2009 - 09:59pm

China Jan exports fall sharpest in over a decade- govt
BEIJING AFP - Chinas exports fell by the steepest margin in more than a decade in January- the government said Wednesday- as the global crisis combined with a major holiday to hit overseas shipments. ...
Wed 11th February 2009 - 09:50pm

Nokia reorganises operations- cuts some 400 jobs
HELSINKI AFP - Nokia- the worlds leading mobile phone maker- said on Wednesday it would reorganise its research and development operations in its native Finland and aimed to cut more than 400 jobs. ...
Wed 11th February 2009 - 09:37pm

Oil creeps up- above $38- IEA cuts demand forecast
LONDON- Feb 11 - Oil pared gains to hold just above $38 a barrel on Wednesday after the International Energy Agency said fuel demand would contract more sharply than previously thought. ...
Wed 11th February 2009 - 09:22pm

Union- QR talks break down
Talks between train drivers and Queensland Rail QR have broken down and more than 1-000 train drivers are planning to strike next week over weekend working hours and other conditions. ...
Wed 11th February 2009 - 08:42pm

Tourism NT targets domestic travellers
A $2.2 million tourism campaign has been launched in Alice Springs to increase domestic travel to the red centre. ...
Wed 11th February 2009 - 08:37pm

Pure Energy recommends Arrow bid
Australia's Arrow Energy Ltd has trumped British energy giant BG Group Plc with a $890 million bid for coal seam gas CSG producer Pure Energy Ltd. ...
Wed 11th February 2009 - 08:19pm

Raptis blames crisis for collapse
Gold Coast developer Jim Raptis has taken responsibility for the decline of his property empire- and he believes he can save it for a second time. ...
Wed 11th February 2009 - 08:12pm

Mitsubishi Corp and Petrobras Announce First Joint-Venture Project
Tokyo- Feb 11- 2009 - JCN Newswire - Mitsubishi Corporation -amp quotMC -amp quot has accumulated cooperation with PETROLEO BRASILEIRO S.A. -amp quotPetrobras -amp quot - Brazilian international energy company- in the area of related facilities for oil and gas production for more than 10 years- and just agreed on the first joint-venture project for both of the companies. ...
Wed 11th February 2009 - 08:11pm

China Jan exports fall sharpest in over a decade- govt
BEIJING AFP - Chinas exports fell 17.5 percent in January from a year earlier- customs authorities said Wednesday- marking the sharpest drop in more than a decade. ...
Wed 11th February 2009 - 07:59pm

US lawmakers seek consensus on stimulus
WASHINGTON AFP - The divided US Congress on Wednesday was to wrestle anew with more than 800 billion dollars in tax cuts and spending in a bid to speed a compromise economic stimulus plan to President Barack Obama. ...
Wed 11th February 2009 - 07:56pm

Economy can weather slowdown- CBA chief
Australia is better prepared than most countries to weather the global economic slowdown- says Commonwealth Bank chief executive Ralph Norris. ...
Wed 11th February 2009 - 07:53pm

Pure Energy recommends Arrow bid
Takeover target Pure Energy has recommended a sweetened cash and scrip offer from Arrow Energy Ltd that values the coal seam gas producer at $890.4 million. ...
Wed 11th February 2009 - 07:48pm

France predicts 1.2- 2008 4th quarter GDP drop
PARIS AFP - Frances Finance Minister Christine Lagarde said Wednesday it was -amp quotvery probable -amp quot that official figures would show the French economy contracted by 1.2 percent in the fourth quarter of 2008. ...
Wed 11th February 2009 - 07:48pm

German inflation hits five-year low in January
FRANKFURT- AFP - Annual inflation hit a near five-year low in Germany- data released by the national statistics service showed on Wednesday- but energy costs bumped higher on the month- suggesting that consumer prices could remain volatile this year. ...
Wed 11th February 2009 - 07:38pm

French auto bail-out not protectionism- minister
PARIS- AFP - Frances 7.8-billion-euro 10-billion-dollar plan to bail out its national carmakers is neither protectionism nor against EU rules- European Affairs Minister Bruno Le Maire insisted Wednesday. ...
Wed 11th February 2009 - 07:32pm

Cartel crackdown bill passes lower house
A bill making serious cartel behaviour a criminal rather than civil offence has passed federal parliament's lower house. ...
Wed 11th February 2009 - 07:31pm

ArcelorMittal reports huge quarterly loss- job cuts
LUXEMBOURG- Feb 11- 2009 AFP - ArcelorMittal steel reported a huge loss in the last quarter of 2008- and announced on Wednesday that job cuts could exceed a planned total of 9-000. ...
Wed 11th February 2009 - 07:24pm

Carbon permits for big polluters could spark trading war
The Federal Governments climate change adviser has warned of a possible trading war if Australias big polluters are over-compensated under an emissions trading scheme. ...
Wed 11th February 2009 - 07:17pm

New flights connect Canberra to state capitals
Canberra Airport has announced today that it will provide direct flights to every Australian state capital. ...
Wed 11th February 2009 - 06:31pm

Challenger Property to drop distribution
Challenger Diversified Property Group's second half distribution will fall as the company off-loads part of a stake in Melbourne's Jam Factory cinema complex. ...
Wed 11th February 2009 - 06:30pm

Peugeot Citroen announce 343-million-euro net losses 2008
PARIS AFP - French car-maker PSA Peugeot Citroen on Wednesday announced net losses of 343 million euros 443 million dollars for 2008- and chief executive Christian Streiff warned of more losses in 2009. ...
Wed 11th February 2009 - 06:15pm

Obama reveals depth of economic crisis
The Obama administration has unveiled a much-anticipated plan to rescue the American banking system at a cost of up to $US2 trillion $A3.06 trillion. ...
Wed 11th February 2009 - 05:58pm

Bushfire tragedy rewrites rules for architects
Survivors from previous bushfires say maintaining community ties is essential and victims must be allowed to choose for themselves whether to rebuild or move elsewhere. ...
Wed 11th February 2009 - 05:47pm

Commonwealth Bank denies rationing credit
The head of the Commonwealth Bank denies the company is rationing the credit it lends out. ...
Wed 11th February 2009 - 05:37pm

Power and Water walk-off resolved
The Northern Territory government says the concerns leading to a walk-off by Power and Water employees yesterday have been addressed. ...
Wed 11th February 2009 - 05:36pm

CBA warns on dividends as earnings fall
Commonwealth Bank warned its dividends may fall after first-half core earnings slumped as the bank racked up bad debts and its wealth management earnings fell. ...
Wed 11th February 2009 - 05:24pm

Australia shares fall 0.4 pct on earnings nerves
MELBOURNE- Feb 11 - Australian stocks fell for a second day on Wednesday as investors remained wary amid concern that the current flow of earnings reports could still hold some nasty surprises. ...
Wed 11th February 2009 - 05:22pm

Credit Suisse posts full year loss of 8.2 billion francs
GENEVA- AFP - Swiss banking giant Credit Suisse on Wednesday posted a full-year loss of 8. ...
Wed 11th February 2009 - 05:21pm

Aussie down as weak consumer confidence hits bonds jump
SYDNEY- Feb 11 - The Australian dollar was bruised on Wednesday as data showing deteriorating consumer confidence took a further toll on investors risk appetites- already hit by a disappointing U.S. bank bailout plan that was short on details. ...
Wed 11th February 2009 - 04:58pm

Student designs 'fire-resistant' house
Houses designed to withstand bushfires must become part of Australian building design codes- a University of Western Australia research architect says. ...
Wed 11th February 2009 - 04:58pm

Terrain Minerals Limited ASX-TMX Sale of Coogee Gold Deposit To Argonaut Terminated
Perth- Australia- Feb 11- 2009 - ABN Newswire - Terrain Minerals Limited ASX-TMX announced the completion of an agreement to sell the Coogee Gold Deposit to the Argonaut Mining Group NL for a series of staged payments.Argonaut Mining Group NL failed to meet the initial payment schedule and it was announced in the December 2008 Quarterly Report that the payment schedule was being re-negotiated. ...
Wed 11th February 2009 - 04:56pm

Count Financial profit down 45 per cent
Count Financial has booked a 45.7 per cent fall in first half profit and says it is well positioned to benefit when financial markets resume their growth path. ...
Wed 11th February 2009 - 04:55pm

ACT property market bottoms out- analyst
A survey of Australian property markets has found the ACT residential market should expect to turn the corner in the coming months. ...
Wed 11th February 2009 - 04:55pm

Fielding slams arrogant Government over stimulus talks
Family First Senator Steve Fielding has unleashed a tirade at the Government over its stimulus package- accusing it of sheer arrogance in its handling of negotiations over the legislation. ...
Wed 11th February 2009 - 04:46pm

Oil price rises above $US38 a barrel
Oil prices crept above $US38 a barrel in Asia as a $US1 trillion rescue plan failed to convince investors the US govt can revive an ailing financial system. ...
Wed 11th February 2009 - 04:41pm

Australia shares end 0.4 lower on earnings nerves
MELBOURNE- Feb 11 - Australian stocks fell for a second day on Wednesday as investors remained wary amid concern that the current flow of earnings reports could still hold some nasty surprises. ...
Wed 11th February 2009 - 04:37pm

Asian Markets Overview of February 11
Sydney- Australia- Feb 11- 2009 - ABN Newswire - Today the major indexes in Asia have been hit by the unfavourable news from the US. Asian share markets ended mixed yesterday indexes moved up and down in a narrow range. Shanghai continued its rally over government stimulus measures with a rise of 1.8 percent- and also led the Hong Kong shares up 0.8 percent. ...
Wed 11th February 2009 - 04:24pm

Belgium faces serious recession in 2009
BRUSSELS- AFP - Belgium faces -amp quota serious recession -amp quot this year- central bank governor Guy Quaden said Wednesday after most economic indicators- apart from inflation- slumped in 2008. ...
Wed 11th February 2009 - 04:15pm

Robust Resources Limited ASX-ROL Farm Out Of Tenements
Perth- Australia- Feb 11- 2009 - ABN Newswire - Robust Resources Limited ASX- ROL is pleased to announce an agreement between Robust and Ausmon Resources Limited -amp quotAusmon -amp quot for the Farm Out of an 85 interest in each of four of the Companys NSW exploration licences.- Farm out of 85 interest in 4 of 5 NSW tenements.- Minimum annual earn-in spend of $250-000 for three years. ...
Wed 11th February 2009 - 03:56pm

China makes it harder to fire workers- state media
BEIJING AFP - China has issued new rules making it harder to fire workers- state media said Wednesday- in a sign Beijing is seriously concerned about the rising unemployment caused by the global financial crisis. ...
Wed 11th February 2009 - 03:55pm

First-time home buyers soak up rate cut
The share of first home buyers in the property market rose to a seven-year high in December- lured by falling interest rates and increased government subsidies. ...
Wed 11th February 2009 - 03:55pm

Former Taiwan electronics executive indicted in US
WASHINGTON AFP - A former electronics executive from Taiwan was charged with taking part in a global price-fixing conspiracy involving cathode ray tubes CRTs- the US Justice Department said. ...
Wed 11th February 2009 - 03:54pm

Inpex to meet WA Premier
The Western Australian government will meet Inpex representatives in Japan in an attempt to try and win back a multi-billion dollar gas project from Darwin. ...
Wed 11th February 2009 - 03:49pm

Australia shares fall PMP drops to record low
MELBOURNE- Feb 11 - Australian stocks fell 0.9 percent on Wednesday as miners such as BHP Billiton Ltd BHP fell amid concern that a U.S. stimulus package may not do enough to help bolster the struggling global economy. ...
Wed 11th February 2009 - 03:44pm

Leading jobs index continues to drop
The federal government's leading indicator of employment growth has fallen for a fourteenth consecutive month. ...
Wed 11th February 2009 - 03:32pm

Queanbeyan residents grill Rees on health- infrastructure
Queanbeyan residents got the chance to vent their concerns at a community cabinet meeting last night. ...
Wed 11th February 2009 - 03:32pm

Pilot was drunk when chopper crashed- ATSB
The Australian Transport Safety Bureau ATSB has found a helicopter pilot who died when his chopper crashed at Mataranka near Katherine in August last year had a blood alcohol reading of 0.245. ...
Wed 11th February 2009 - 03:31pm

Inpex to meet WA Premier
Darwins multi-billion dollar Inpex gas project could be under threat as the company has accepted a meeting with Western Australian Premier Colin Barnett. ...
Wed 11th February 2009 - 03:27pm

Inpex to meet with WA Premier
Darwins multi-billion dollar Inpex gas project could be under threat as the company has accepted a meeting with Western Australian Premier Colin Barnett. ...
Wed 11th February 2009 - 03:25pm

Housing downturn a challenge for Boral
Building products maker Boral expects the housing market to deteriorate further as it curtails production ahead of a difficult remainder of the financial year. ...
Wed 11th February 2009 - 03:16pm

Queanbeyan residents grill Rees on health- infrastructure
Queanbeyan residents got the chance to vent their concerns at a community cabinet meeting last night. ...
Wed 11th February 2009 - 03:12pm

Rio expected to post profit increase
Rio Tinto is expected to post profit increase for the 2008 calendar year but the result is likely to be overshadowed by writedowns and measures to relieve debt. ...
Wed 11th February 2009 - 02:55pm

Telstra expands online interest in China
Telstra Corporation Ltd has bought controlling stakes in two Chinese mobile and online music businesses for an undisclosed amount. ...
Wed 11th February 2009 - 02:44pm

Nike to slash up to 1-400 jobs
Nike says it may cut up to 1-400 jobs from its global workforce to help the maker of footwear and apparel cope with a sharp global economic downturn. ...
Wed 11th February 2009 - 02:36pm

Oil rises towards $38 on surprise crude stocks drop
PERTH- Feb 11 - Oil climbed towards $38 a barrel on Wednesday- paring some of overnights 5 percent losses- after the industry group American Petroleum Institutes weekly inventory data showed crude stockpiles had fallen unexpectedly. ...
Wed 11th February 2009 - 01:57pm

Tower Australia to benefit in hard times
Tower Australia Group will benefit from the economic slowdown as more people take up life insurance because of worries about their finances- its CEO Minto says. ...
Wed 11th February 2009 - 01:56pm

Government under pressure to develop wave power plant
The State Opposition says Western Australia is at risk of missing out on the opportunity to develop the countrys first commercial wave power plant.Labors Climate Change spokeswoman Alannah MacTierna ...
Wed 11th February 2009 - 01:47pm

Tardy hospital report shows long wait at RDH
A late annual report into Darwins Hospital has revealed waiting times for urgent care have risen. ...
Wed 11th February 2009 - 01:46pm

Consumer sentiment dips despite rate cut
Consumer gloom has deepened despite interest rates plunging to 1960s levels and the promise of a $42 billion economic stimulus package- a key report says. ...
Wed 11th February 2009 - 01:44pm

Nothing untoward in $2m transfer- Storm founders
Storm Financial founders Emmanuel and Julie Cassimatis say they did nothing untoward when they transferred $2 million of the companys money into one of their bank accounts before the firms collapse. ...
Wed 11th February 2009 - 01:43pm

Australian Market Report of February 11- Disappointed by Plan for Bad Bank
Sydney- Australia- Feb 11- 2009 - ABN Newswire - Overnight Wall Street tumbled more than 4 percent as financial shares were sold off after the Treasury Department rolled out the rescue plan to buy toxic assets from banks. Investors were sharply disappointed by the lack of substantive details about how the government will deal with a mixture of public and private capital.Yesterday the Australian market closed slightly lower. ...
Wed 11th February 2009 - 01:42pm

Tardy hospital reports shows long wait at RDH
A late annual report into Darwins Hospital has revealed waiting times for urgent care have risen. ...
Wed 11th February 2009 - 01:38pm

Australia shares drop 1 pct BHP falls- Rio Tinto up
MELBOURNE- Feb 11 - Australian stocks fell one percent on Wednesday as miners such as BHP Billiton Ltd BHP fell amid concern that a U.S. stimulus package may not do enough to help bolster the struggling global economy. ...
Wed 11th February 2009 - 01:36pm

Tardy hospital reports shows long wait at RDH
A late annual report into Darwins Hospital has revealed waiting times for urgent care have risen. ...
Wed 11th February 2009 - 01:33pm

Bradken delivers increased profit
Bradken Ltd- a supplier of equipment and services to the rail and mining industries- has cut its interim dividend despite delivering a higher first half profit. ...
Wed 11th February 2009 - 01:30pm

Holden 'not impacted' by GM job cuts
GM Holden will not be immediately impacted by a decision from General Motors in the US to cut white collar jobs from its global car making operations. ...
Wed 11th February 2009 - 01:22pm

Market falls slightly after Wall St dive
Australian stocks are down but are avoiding the deep falls seen on Wall Street overnight. ...
Wed 11th February 2009 - 01:17pm

Hervey Bay resort developer looks to raise $7m
The developer of the Ramada Resort at Hervey Bay has launched a prospectus to raise up to $7 million to finance stage two of the project. ...
Wed 11th February 2009 - 01:16pm

PMP posts 'disappointing' $11m loss
Printer PMP Ltd has posted an $11.1 million first half net loss due to challenging market conditions. ...
Wed 11th February 2009 - 12:50pm

Telstra takes stake in China mobile- online music companies
Telstra has purchased a controlling stake in two of Chinas leading mobile content and online music businesses. ...
Wed 11th February 2009 - 12:50pm

Aussie bounces on housing data- but U.S. plans drag
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0102 GMTagainst previous Sydney close AUD 0.6562-670.6682-86 AUDNZDR1.2516-49 1.2570-91 AUDJPYR 59.31-39 6 ...
Wed 11th February 2009 - 12:44pm

Gold price a ray of sunshine amidst credit crunch
The Queensland Government says gold prices are soaring as the financial crisis takes hold. ...
Wed 11th February 2009 - 12:41pm

Boral pessimistic about housing recovery
Building products maker Boral Ltd says lower interest rates and government spending will not help its housing business until mid-2009. ...
Wed 11th February 2009 - 12:22pm

Stockland posts first half profit loss
Stockland Group has reported a fall in first half operation profit after booking inventory writedowns related to housing lots and its UK business. ...
Wed 11th February 2009 - 12:21pm

Logan residents worried about new power line
A south-east Queensland energy company says regional growth has forced the need for a new high voltage power line at Logan. ...
Wed 11th February 2009 - 12:21pm

UK approve Nufarm's AH Marks acquisition
Agricultural chemicals supplier Nufarm Ltd said the United Kingdom Competition Commission had approved its acquisition of UK-based AH Marks Ltd. ...
Wed 11th February 2009 - 12:20pm

Bernanke sees improvement in credit
US Federal Reserve chairman Ben Bernanke said the special central bank programs have helped to -amp quotrelax the severe liquidity strains -amp quot in markets. ...
Wed 11th February 2009 - 12:19pm

Minister concerned about roads on Moreton Bay islands
Queensland Local Government Minister Warren Pitt says he cannot force improvements to infrastructure on the southern Moreton Bay islands- off Brisbane. ...
Wed 11th February 2009 - 12:17pm

Compumedics Limited ASX-CMP Activity Update And Letter From The Chairman David Burton
Melbourne- Australia- Feb 11- 2009 - ABN Newswire - Leading Australian-based medical diagnostic devices company- Compumedics Limited ASX-CMPPINK-CUPDF- updates the market on its recent activities in the following letter from its Chairman- Mr David Burton. ...
Wed 11th February 2009 - 12:16pm

Defence project signs 10 apprentices
Ten apprentices have been officially signed on to work on the $8 billion Air Warfare Destroyer project in Adelaide. ...
Wed 11th February 2009 - 12:15pm

First-time home buyers soak up rate cut
First-time home buyers are flooding into the housing market to take advantage of low mortgage rates- new data suggests. ...
Wed 11th February 2009 - 12:14pm

Bligh urges Senate to pass $42b economic stimulus
Queensland Premier Anna Bligh has appealed to the Senate to pass the Federal Governments $42 billion stimulus package. ...
Wed 11th February 2009 - 11:50am

Citadel Resource Group Limited ASX-CGG Exploration And Development Continue To Develop Gold Program
Melbourne- Australia- Feb 11- 2009 - ABN Newswire - Citadel Resource Group Limiteds ASX-CGG exploration team are focusing on the Companys highly prospective gold projects while the development team continue to work on the Jabal Sayid Definitive Feasibility Study. Citadel is currently drilling two advanced gold projects Jabal Shayban and Lahuf and expects to start drilling at a third Bari Project in a number of weeks. ...
Wed 11th February 2009 - 11:49am

NYMEX-Crude rises to $38 on surprise crude stocks drop
PERTH- Feb 11 - U.S crude futures climbed to around $38 a barrel on Wednesday- paring some overnight losses- after the industry group American Petroleum Institutes weekly inventory data showed crude stockpiles had fallen unexpectedly. ...
Wed 11th February 2009 - 11:43am

Australia shares drop 1.6 percent miners slide
MELBOURNE- Feb 11 - Australian stocks fell 1.4 percent on Wednesday as miners such as BHP Billiton Ltd BHP fell amid concern that a U.S. stimulus package may not do enough to help bolster the struggling global economy. ...
Wed 11th February 2009 - 11:40am

CDP to sell $50m assets to carry loss
Challenger Diversified Property Group will sell $50 million worth of assets after write-downs on property valuations resulted in a net loss of $58.6 million. ...
Wed 11th February 2009 - 11:31am

EU 'worried' about new French auto plan
The European Commission will closely examine the 7.8 billion euro $A14.8b aid package for France's auto industry announced by President Nicolas Sarkozy. ...
Wed 11th February 2009 - 11:29am

CBA remains cautious despite profit rise
Commonwealth Bank of Australia Ltd CBA has warned its dividends may fall after first half core earnings slumped 16 per cent. ...
Wed 11th February 2009 - 11:24am

Image Resource NL ASX-IMA Up To 45 Zircon In Eucla HM Assemblage
Perth- Australia- Feb 11- 2009 - ABN Newswire - Results from the remaining 80 of the samples taken from first-pass aircore drilling at Image Resources 100-owned Serpentine Lakes during the September 2008 quarter have now been received. The 466sq km Serpentine Lakes project is situated along strike from the zircon-rich 1.8Mt Cyclone prospect. ...
Wed 11th February 2009 - 11:15am

ABM Resources NL ASX-ABU Option Agreement Signed On Mozambique Gold Project
Perth- Australia- Feb 11- 2009 - ABN Newswire - ABM Resources NL ASX-ABU is pleased to announce that it has entered into an option agreement pursuant to which it has granted a company the option to explore- develop and purchase part of ABMs interest in three exploration licenses 2234L- 2295L and 1435L located in Mozambique Mimosa Tenements. ...
Wed 11th February 2009 - 11:13am

Boeing appoint new Aussie boss
Aviation giant Boeing has appointed a new Australian chief executive following the departure of Craig Saddler. ...
Wed 11th February 2009 - 11:12am

Consumer confidence takes another hit
Lower interest rates and the Federal Governments plans for a second major stimulus package have not been enough to boost consumer confidence. ...
Wed 11th February 2009 - 11:11am

Local market follows Wall St down
The Australian share market is sharply lower- after stocks on Wall Street lost more than 4.5 per cent overnight. ...
Wed 11th February 2009 - 11:10am

Consumer sentiment dips despite rate cut
Consumer sentiment took a slide in February despite a massive interest rate cut and the announcement of a $42 billion fiscal stimulus package. ...
Wed 11th February 2009 - 10:50am

Biota Holdings Limited ASX-BTA GSK Imports Additional Relenza To Japan
Melbourne- Australia- Feb 11- 2009 - ABN Newswire - Biota Holdings Limited ASX-BTAPINK-BTAHY today announced that GlaxoSmithKline LON-GSK has advised of the current Relenza supply situation in respect to the key market of Japan.Biota earns a 7 royalty on all global sales of Relenza by GSK.The GlaxoSmithKline Release is below-Additional Supply of anti-influenza virus drug Relenza for this flu seasonGlaxoSmithKline K.K. Head Office- ...
Wed 11th February 2009 - 10:48am

Computershare's profit falls 15
Computershare Ltd has reported a 15 per cent fall in first half profit reflecting exchange rate movements and subdued initial public offer markets. ...
Wed 11th February 2009 - 10:47am

Aevum posts net loss of $15m
Aevum Ltd has posted a half year net loss of $15 million on the back of lower asset valuations saying it is not immune from current market conditions. ...
Wed 11th February 2009 - 10:40am

PMP posts 'disappointing' $11m loss
Printer PMP Ltd has posted a -amp quotdisappointing -amp quot $11.1 million first half loss amid challenging market conditions. ...
Wed 11th February 2009 - 10:38am

Gold Coast council to take over Stradbroke Is resort
The Gold Coast City Council will take possession of the South Stradbroke Island Resort at Tipplers next month and it has outlined interim plans for running the business. ...
Wed 11th February 2009 - 10:32am

Adamus Resources Limited ASX-ADU Increases Ghana Gold Landholding
Perth- Australia- Feb 11- 2009 - ABN Newswire - The Directors of Adamus Resources Limited ASX-ADU the Company are pleased to announce that the Company has secured an option to acquire up to 100 of the Kanyankaw prospecting licence Prospecting Licence in Ghana from Shankill Resources Limited Shankill the Option. Shankill is a wholly owned subsidiary of Moydow Mines International Inc.Highlights- ...
Wed 11th February 2009 - 10:31am

Warwick Resources Limited ASX-WRK New High Grade Iron Ore Discovery At Woggaginna
Perth- Australia- Feb 11- 2009 - ABN Newswire - Pilbara explorer- Warwick Resources Limited ASX-WRK today announced a significant new high grade iron ore discovery from RC drilling on its 100 owned Woggaginna iron ore project near Newman.Woggaginna is located 55km southeast of Newman and 35km south of BHP Billitons Jimblebar iron ore mine and railway.Key Points- ...
Wed 11th February 2009 - 10:29am

Aussie bruised as U.S. plans disappoint bonds up
SYDNEY- Feb 11 - The Australian dollar was battered on Tuesday as investors shunned riskier assets after a new U.S. bank rescue plan left them short on details about how financial markets can stabilise and avoid a long recession. ...
Wed 11th February 2009 - 10:25am

Australia shares drop 2 percent Commonwealth falls
MELBOURNE- Feb 11 - Australian stocks fell two percent on Wednesday- with banks leading after Commonwealth Bank of Australia CBA added to concerns over a U.S. banking rescue package with a warning that future dividends may fall. ...
Wed 11th February 2009 - 10:18am

Boral profits down 44pc
Australias largest building materials manufacturer Boral has reported a 44 per cent drop in first-half net profit because of the weak housing market in the United States. ...
Wed 11th February 2009 - 10:14am

Boral records 44 per cent drop H1 profit
Building products group Boral Ltd has reported a 44 per cent drop in first half profit due to downturns in the local and US housing markets. ...
Wed 11th February 2009 - 09:45am

Ansell downgrades full year guidance
Ansell Ltd has downgraded its full year earnings per share guidance- saying its outlook for the second half of the 2008-09 financial year was -amp quotcautious -amp quot. ...
Wed 11th February 2009 - 09:42am

CBA reports 9 net profit rise
Commonwealth Bank of Australia Ltd has reported a nine per cent rise in first half profit. ...
Wed 11th February 2009 - 09:38am

GM to slash 10-000 jobs worldwide
General Motors says it will cut 10-000 jobs this year as part of a restructuring plan the automaker submitted to the government in exchange for a bailout. ...
Wed 11th February 2009 - 09:18am

Ansell downgrades full year EPS guidance
Ansell Ltd has downgraded its full year earnings per share guidance- saying its outlook for the second half of the 2008-09 financial year was -amp quotcautious -amp quot. ...
Wed 11th February 2009 - 09:14am

CBA warns investors of falling dividends
The Commonwealth Bank has warned investors it might not be able to maintain its current level of dividends- after posting a 16 per cent fall in half-year profit. ...
Wed 11th February 2009 - 09:12am

Steel workers urge ArcelorMittal to temper dividends
BRUSSELS AFP - Managers from ArcelorMittal were urged not to pay out hefty dividends to shareholders when thousands of jobs are on the line as hundreds of the steel giants workers rallied in Brussels on Tuesday. ...
Wed 11th February 2009 - 08:59am

Worrying News From Asia-Russia-US Bailouts
As the US moves towards passing an economic stimulus package and reshaping its banking bailout and assistance- theres bad news from Asia that should cause tremors here.The US Senate will vote on the $US872 billion package- the US Treasury Secretary- Tim Geithner is due to outline the bank package overnight Tuesday and now theres news that Russia is looking to reschedule debt.That has already shaken currency markets in Asia and Europe after it was reported by the leading Japanese business paper- the Nikkei.The move was then confirmed by this report on Bloomberg -amp quotRussian banks asked the government to moderate talks to restructure $US400 billion of loans to foreign banks falling due within four years- said the head of the Russian Association of Regional Banks. -amp quot -amp quotIt would be most effective if the debt were restructured so its clear to everyone- creditors and borrowers- how the debt will be paid- -amp quot Aksakov said. -amp quotThe government has the money. Some companies and banks have rather large hard currency liabilities on their balance sheets. -amp quotSpeculation of European bank losses on Russian loans drove declines in the euro against the dollar and yen today. Russia has pledged more than $200 billion in emergency funding as plunging oil prices push the worlds biggest energy supplier into its worst economic crisis since 1998 when it defaulted.The euro fell sharply on the report- sliding against the US dollar and the yen. The Australian dollar also fell under 66 US cents- down nearly 2 cents in a day.The newspaper quoted a Russian banking industry official as saying up to $US400 billion in debt was at stake.Nikkei claimed that a proposal for postponing repayment had been submitted to the government and some foreign banks have already agreed to start negotiations.The news overshadowed more worrying news from China- Taiwan and Japan.Chinese inflation fell to its lowest pace in over two years at 1 in January and a senior researcher with the Bank of Japan- the countrys central bank- has warned that the countrys economy faces a severe contraction.Chinese producer prices fell 3.3- the lowest in around seven years as the slumping in oil and fuel prices- plus the slowing economy- continued to curtail price pressures seen for most of 2008.The fall in price pressures came after exports fell in December and growth cooled to an average 6.8 in the 4th quarter and in reality probably didnt move at all. That was the weakest growth for 7 years.Figures mentioned in media reports for Januarys exports suggest a further fall after Decembers weakness. We should know today or tomorrow.The 1 rise in consumer prices in January from January 2008- when prices started rising after higher oil prices and the impact of huge winter storms pushed up food and power costs- was after they rose by 1.2 in December.Chinas economy grew 9 in 2008 after a 13 rise in 2007.In Taiwan- a combination of the Chinese New Year and the global recession saw the countrys exports slump by more than 40 in January- a terrible outcome.Taiwan is Asias sixth-largest economy and exports in January exports fell 44.1 from the same month of 2008- the biggest drop since government records began in 1972. It was also the fifth consecutive month that exports have fallen.Japanese exports in December plunged 35- South Koreas by 32.In Japan the Bank of Japans top researcher warned on Monday of an -amp quotunimaginable -amp quot contraction in the Japanese economy in the current quarter after new figures revealed soaring bankruptcies and another fall in machinery orders.The Financial Times said that the comments from Kazuo Momma- head of the central banks research and statistics department- -amp quotunderscore the gloom surrounding the worlds second largest economy as export orders dry up- companies shut down production lines and consumers snap shut their wallets and purses -amp quot. -amp quotFrom October to December the scale of negative growth in GDP may have been unimaginable - and we have to consider the possibility that there could be even greater decline between January and March- -amp quot Mr Momma warned in a speech yesterday.It would be -amp quotquite a while -amp quot before inventories adjust.Nissan this week revealed 20-000 job cuts and a loss of close to $US2.9 billion. Last Friday Toyota warned of its biggest ever loss in the year to March 31 of over $US4 billion.On Friday- it cut its global production estimate for the year to March to 7.08 million- down 20- as it put a third of its global assembly lines on a single shift. -amp quotThe sales environment has worsened dramatically in the past month and a half in the main markets of Japan- North America and Europe- -amp quot Executive Vice President Mitsuo Kinoshita told a news conference.For the year to the end of March- Toyota now expects an operating loss of �450 billion $US4.95 billion- three times what it forecast in late DecemberCar sales in Japan fell the most in 35 years last month.Before Toyota on Friday Mitsubishi and Mazda revealed big loss estimates. Panasonic- Hitachi- Toshiba and NEC- giants of Japanese and global business in their sectors- all warned of losses of a size not even contemplated by the most pessimistic of forecasters four weeks ago.Panasonic will lose around $US4 billion and is sacking thousands of workers- as is NEC and the other companies.Its no wonder the country is heading for its worst postwar recession as factory output slumped an unprecedented 9.6 in December 8.5 in November and unemployment surged.Japan announces fourth quarter gross domestic product data next week. Tokyo-based economists say GDP will have fallen more than 3 compared with the previous quarter - an annualised decline of well over 10.Many companies have suffered the effect of the domestic slowdown and the collapse of export markets in the US- Asia and Europe- cars and consumer electronics being prime examples.The effect on corporate capital spending has been marked- with core private-sector machinery orders plunging 17 quarter-on-quarter in the three months to December- their fastest fall on record.................................. ...
Wed 11th February 2009 - 08:56am

Economy Still Sliding
Signs that the Australian economy might be back on its downward track.The December stimulus had an impact on retail sales and on confidence levels and possibly on some newspaper ads.Retail sales in December rose 3.8- business confidence picked up- but the likes of David Jones and Myer still did it tough- as did Harvey Norman.Yesterday the best performing retailer in the country- JB Hi-Fi revealed record sales and profits for the December half- and maintained a confident outlook for the full year.It was a result that seemingly confirmed the more buoyant December.Monday the ANZ jobs figure for January was down for a ninth month in a row- yet newspaper job ads surprisingly rose and the internet was very weak. The overall fall was the smallest since October.And now the National Australia Banks January business confidence survey tells a different story with business confidence reversing Decembers gains and tumbling to a record low in January with the outlook for employment and forward orders hitting recessionary levels.Today we get housing finance- which should show a pick up in first home owner interest- but tomorrow the January jobs figures- which will go a long way to telling us how bad conditions are in the economy- and whether we will get a further rate cut next month.The NAB said companies confidence dropped to minus-32 index points last month- a new low for the 12-year history of the National Australia Banks survey. That compared with Decembers improvement to minus-20- following Novembers minus-30 reading.The index has now been in negative territory since January last year- indicating pessimists outnumber optimists in the survey.It needs to be noted that the survey was largely completed on the Monday prior to the announcement of the Governments new fiscal package and the RBAs rate cut- said NAB group chief economist Alan Oster in a statement. As such confidence may have improved a touch since then. -amp quotBusiness conditions fell 5 to overall reading of -11 index points - taking the index back to levels reported in October and half reversing the Government package inspired jump in December. -amp quot -amp quotFalls in confidence and conditions were broadly based. That includes retailing -amp 38 wholesaling - with the latter sectors confidence level at record lows -51 index points. -amp quotForward orders -amp 38 employment remain around recessionary lows- while capital spending and capacity utilisation fall further. Exports also sharply lower. Falls- by industry- very broad based. -amp quotSurvey implies around no growth or slight falls in domestic demand in early Q1 2009. -amp quotAll in all the contrast between the still cautious optimism at JB Hi Fi and in the NAB survey was telling- -amp quotSales in January and February to date have met internal expectations- -amp quot the company said in its statement this morning. -amp quotWhilst the retail outlook is less certain than previous reporting dates- the company is cautiously optimistic that it will have another strong year and confirms its previous guidance that sales will be circa $2.35 billion or a 28 increase on the prior financial year. -amp quotThats at variance with the NABs surveys results and indicates that JB Hi Fi is the exception in local retailing.The NAB said the level of credit availability was broadly unchanged as the proportion of firms not wanting finance- again rose. Because demand is not there.The NAB left its January downgraded forecasts for the economy unchanged with Gross Domestic Product expected to fall by 0.25 in 2009 - -amp quota moderate recession -amp quot and -amp quotno aggressive kick back in growth in 2010 -amp quot.The NAB said it is more pessimistic than the federal government It said the Reserve Bank will cut interest rates to 2 no change in forecast by mid-year as unemployment rises.Macquarie interest rate strategist- Rory Robertson said in his newsletter last night that -amp quotThe RBA could easily pause in March- with further rate cuts -amp quotspaced out -amp quot over time. In any case- further cuts are much more likely to come in 50bp lots than in 100bp lots. -amp quotThe RBA obviously is well aware that the deepening global and local recessions will drive unemployment significantly higher. -amp quotAt this stage- however- no-one in the official family -neither the RBA nor Treasury - is forecasting unemployment heading into the double-digit rates seen in the early 1980s and the early 1990s. -amp quotAfter having delivered an appropriately aggressive response to the post-Lehmans collapse in global growth prospects- the RBA now can make a respectable case to wait and watch for a while- if it chooses.In terms of its March decision- no doubt much will depend on the extent of weakness highlighted in Thursdays jobs report. -amp quot -amp 160 ...
Wed 11th February 2009 - 08:54am

JBHs Solid Growth- Profits
Retailer JB Hi-Fi has again confirmed why its Australias most successful retailer at the moment with its latest interim profit report.The details of the statement- with record sales and record earnings also tells us that JB Hi Fi JBH is atypical when compared to other retailers.Its even doing better than Woolworths in trading conditions that have been pretty tough up to the December surge in retail sales of 3.8 according to the Australian Bureau of Statistics.The shares surged by around 17 yesterday to close up $1.60 at $10.80. A 50 lift in interim dividend also helped in these days of declining payouts from major companies.Perhaps its the concentration on all things electronic and aversion to furniture and whitegoods and a fair bit of IT stuff as well that has seen it outrun the likes of Harvey Norman- Woolies Big W- Kmart- Target and David Jones and Myer.With a mild recession on the cards for this year- the company still believes the rest of the half year to June will see the company reach its full year targets.After posting net profit for the first half of fiscal 2009 up 40.8- the company said yesterday that -amp quotsales in January and February to date have met internal expectations -amp quot. -amp quotWhilst the retail outlook is less certain than previous reporting dates- the company is cautiously optimistic that it will have another strong year and confirms its previous guidance that sales will be circa $2.35 billion or a 28 increase on the prior financial year. -amp quot -amp quotWe are extremely pleased with this very strong result having traded well during what is considered to be the weakest economic climate for many years -amp quot said CEO Richard Uechtritz in a statement. -amp quotIt again shows the strength of our retail model. JB has proven to be resilient during this tough period with home entertainment becoming more of a staple category and consumers seek out JBs large range and every day low prices. -amp quot -amp quotWe continue to grow our market share as recently opened stores mature- we open new stores- expand our offering and reduce our prices on the back of increased economies of scale and a continued focus on costs- -amp quot he said.JB Hi-Fi said net profit for the first half of the 2008-09 financial year hit $59.04 million- on revenue for the six months to December 31- 2008- that rose 27.6 to $1.26 billion.The company declared an interim dividend of 15c per share- up from 10c in the prior corresponding period.Comparable store growth for the half was 11.1- Australia 11.3- NZ 11.3 in NZD and margins remained stable at 21.4 despite discounting by competitors such as Harvey Norman- Clive Peeters and small chains in the consumer electronics area- as well some aggressive price cuts by the likes of Officeworks- David Jones and Myer.JB Hi-Fi said sales in almost all categories had been solid- culminating in a strong Christmas trading period. -amp quotWe are extremely pleased with this very strong result- having traded well during what is considered to be the weakest economic climate for many years- -amp quot Mr Uechtritz said in the statement accompanying the figures. -amp quotJB has proven to be resilient during this tough period- with home entertainment becoming more of a staple category. -amp quotWe continue to grow our market share as recently opened stores mature- we open new stores- expand our offering and reduce our prices on the back of increased economies of scale and a continued focus on costs. -amp quotThe company said it expects to open seven new stores in the second half- after opening 14 new stores in the first half.JB Hi-Fi now has 101 stores in Australia and New Zealand and is targeting 150.The company said it renewed its debt facilities in December for another three years and said it had an ability to take advantage of any attractive growth opportunities that may arise in the current weak economic climate. -amp 160 ...
Wed 11th February 2009 - 08:53am

Phone Merger To Cut Competition
Telecommunications company Optus has posted flat third quarter net profit of $143 million- just as two of its major mobile competitors announce their marriage of convenience.Vodafone and Hutchison are merging their Australian arms into a Vodafone-labelled business in an effort to improve earnings and to better compete with Optus and the much bigger Telstra.The Optus result was better than that from its parent- Singapore Telecommunications which saw its third quarter profit slide 16 to $S799 million from the same period of last year.For the three months to December 31- Optus said it increased its operating revenue by 10 on the previous corresponding period to $2.2 billion- underpinned by growth in mobile and wireless broadband customers.Optus said- -amp quotA standout performance in mobile- including the addition of 213-000 new mobile and wireless broadband customers- underpinned overall growth -amp quot.Paul OSullivan- Optus Chief Executive said- -amp quotDespite the difficult environment- Optus delivered strong results in all areas. Over the last 12 months- Optus added more than 600-000 customers that resulted in double-digit mobile revenue growth. -amp quotOptus continues to strengthen its network breadth and depth- grow its distribution channels and deliver innovative products that offer real value. -amp quot -amp quotOptus is trading strongly- showing accelerated growth and funding significant investments this year in infrastructure and services while generating over half a billion dollars in free cash flow to the third quarter. -amp quotWe remain committed to driving more competition and choice for Australians and are well positioned to take advantage of any positive developments in regulation or market structure- -amp quot Mr OSullivan said.In the quarter- Optus Mobile operating revenue grew a strong 17 to A $1.33 billion- with the largest quarterly outgoing service revenue growth in five years driven by continued strong demand for iPhone 3G- Optus -amp quotTimeless -amp quot unlimited plans and wireless broadband.Despite this optimism- Mr OSullivan will be both concerned at- and no doubt quietly overjoyed at the merger proposal between Vodafone and Hutchison in Australia.A larger- better resources third force in mobile phones will be created- but it will be one that will concentrate more on trying to make money- rather than on some of the intense price cutting that we have seen in the past three years or more.Its aimed at boosting returns for one or both of the partners- which has pleased investment analysts- which should carry warning bells for consumers.Its a realisation between Vodafone and Li Ka-shings Hutchison Telecommunications- that the good old days of anything goes competition-build market share-strategic stake etc etc are over. Vodafone will be the winner- and Hutchison will depart Australia eventually- with losses of well over $A2 billion.Bigger rivals Telstra and Optus- controlled by Singapore Telecommunications- are quietly cheering because they will reckon that a combined Vodafone-Hutchison in Australia will 1 cut the number of mad dog mobile operators to one and 2 the new merged group wont be so frenetic a price cutter with cut-price deals- uneconomic plans and price caps.For Telstra and Optus- its also good news for their growing 3G Networks- Hutchison- which was the first into the market with the 3 network- will be able to boost returns with the efficient Vodafone marketing teamVodafone and Hutchison have created a 50-50 joint venture - known as VHA - to hold their combined businesses in Australia which have about 6 million subscribers with annual revenues of about $4 billion.It will spell the end of the -amp quot3 -amp quot brand in Australia- which analysts said could prepare an eventual exit of Mr Li from the Australian market.The ending of the 3 brand is a powerful signal that Hutchison isnt in this market for the long term. Whats that meant for the sponsorship of Test Cricket and the soccer and rugby union football codes.It is also bad news for the free to air TV networks. The combined company wont spend as much as the two did separately. The Nine Network in particular with its summer test cricket broadcasts could be hit- and Seven with its rugby union test telecasts.According to the companies- combining their back offices- IT and networks will save more than $2 billion in costs. Some of that has to be marketing spend- including TV- radio deals- outdoor- newspaper and magazine deals as well.The two companies refused to say how many of their 3-700 jobs would be eliminated- many of them in the two head offices. Together Vodafone and -amp quot3 -amp quot run about 400 shops across the country- including the Crazy Johns stores acquired by Vodafone last year.That will be bad news for some retail property owners at a time when tenancies are under pressure.Hutchison had revenues of $A1.5 billion over its latest financial year- Vodafones $A2.4 billion.Hutchison had vastly inferior profitability. Reflecting its stronger position- Vodafone will receive $A500 million from the combined entity retain its brand for which a fee will be paid and take three of the top four management positions. Hutchison CEO- Nigel Dews will run the merged group.Telstra currently has around 9.3 million mobile phone users- Optus more than 7 billion. The Australian mobile businesses of Vodafone and Hutchison Whampoa are currently the third and fourth largest in the country respectively and merged they will have around 6 million subscribers.It will have 26 of the market- behind Optus with 32 and Telstra on 42- a far comfortable position from which to generate nice profits- at the expense of consumers.Vodafones global chief executive Vittorio Colao said- -amp quotThis transaction will benefit customers in Australia as it creates a company with the necessary scale to compete strongly in the mobile market ... This is an important step in the transformation of the Australian mobile industry. -amp quotHutchison has spent billions of dollars trying to create a beachhead in Australia. Vodafone has been far more successful.It is another example of how business in Australia naturally contracts towards a small number of players so they can cut competition- costs and generate oligopolistic profits. Steel- transport- aviation- and the media are some other examples. ...
Wed 11th February 2009 - 08:49am

Australia shares seen lower- financials to lead
Australian investors will be closely scrutinising half-year results from Commonwealth Bank of Australia CBA due before the start of trading for further clues on the health of the local banking sector. ...
Wed 11th February 2009 - 08:15am

Market expected to follow Wall St dive
The Australian share market is expected to open sharply lower this morning after Wall Street nose-dived in response to the US Governments bank rescue package. ...
Wed 11th February 2009 - 08:14am

Obama unleashes $2 trillion bailout- market dives
The US Government has unveiled a $2 trillion plan to help revive Americas financial system. ...
Wed 11th February 2009 - 08:13am

Obama unleashes $2 trillion bailout- market dives
The US Government has unveiled a $2 trillion plan to help revive Americas financial system. ...
Wed 11th February 2009 - 07:59am

Sarkozy gives go-ahead for French business on Iraq visit
BAGHDAD AFP - French President Nicolas Sarkozy on Tuesday vowed to help Iraqs economic revival- during a historic first visit aimed at healing ties between Baghdad and Paris which opposed the 2003 US-led invasion. ...
Wed 11th February 2009 - 07:53am

Markets prone to irrational exuberance- Stevens
Reserve Bank RBA governor Glenn Stevens has called for more caution over new financial products which he claims contributed to the global financial meltdown. ...
Wed 11th February 2009 - 07:46am

US Senate passes Obama stimulus plan
The US Senate has passed a $US838 billion economic stimulus plan- touching off difficult compromise negotiations with the lower house. ...
Wed 11th February 2009 - 07:36am

Oil falls 5 pct on demand- U.S. stimulus concerns
NEW YORK- Feb 10 - Oil prices fell 5 percent on Tuesday to below $38 a barrel after the U.S. government revised its oil demand forecasts lower and on concerns the U.S. stimulus plan unveiled by the Obama administration will not stem the recession. ...
Wed 11th February 2009 - 07:35am

EU agrees to coordinate 'toxic assets'
EU finance ministers said they would coordinate their approach to -amp quottoxic assets -amp quot held by banks in order to promote lending. ...
Wed 11th February 2009 - 07:28am

Oil falls 3 pct on demand- U.S. stimulus concerns
NEW YORK- Feb 10 - Oil prices fell more than 3 percent on Tuesday to below $39 a barrel after the U.S. government revised its demand forecasts lower and on concerns the U.S. stimulus plan unveiled by the Obama administration will not stem the recession. ...
Wed 11th February 2009 - 06:27am

Buses- truck crash kills 14 in Peru
At least 14 people have been killed and 41 injured on Tuesday in a crash involving two buses and a truck in southern Peru- police say. ...
Wed 11th February 2009 - 06:21am

UBS posts record Swiss loss- cuts 2-000 jobs
ZURICH AFP - Switzerlands biggest bank- UBS- posted an annual loss of 17 billion dollars in 2008- the largest in Swiss corporate history- and announced 2-000 more job cuts. ...
Wed 11th February 2009 - 05:52am

Oil falls on demand- U.S. stimulus concerns
NEW YORK- Feb 10 - Oil prices fell on Tuesday to below $39 a barrel after the U.S. government downwardly revised its demand forecasts and on concerns the U.S. stimulus plan unveiled by the Obama administration will not stem the recession. ...
Wed 11th February 2009 - 05:32am

Bernanke sees improvement in credit markets
WASHINGTON AFP - US Federal Reserve chairman Ben Bernanke said Tuesday the vast array of special central bank programs appear to have helped ease a credit crunch that has been choking economic activity. ...
Wed 11th February 2009 - 05:30am

Sarkozy on historic visit to Iraq
BAGHDAD AFP - French President Nicolas Sarkozy made a historic visit to Iraq on Tuesday and pledged to support the war-torn countrys reconstruction and help return it to economic prosperity. ...
Wed 11th February 2009 - 04:59am

Royal Bank of Scotland to axe up to 2-300 jobs
LONDON AFP - Royal Bank of Scotland- which is majority-owned by the British government- said Tuesday that it will axe up to 2-300 jobs as it looks to recover from the credit crunch and the mis-timed takeover of ABN Amro. ...
Wed 11th February 2009 - 04:43am

Oil falls towards $39 after U.S. bank rescue plan
LONDON- Feb 10 - Oil turned negative on Tuesday- falling towards $39 a barrel- as investors concern about weak fuel demand overshadowed the U.S. Treasurys financial rescue plan. ...
Wed 11th February 2009 - 03:48am

EU seeks joint economic action amid French protectionism row
BRUSSELS AFP - EU finance ministers on Tuesday urged coordinated action to tackle the economic crisis- against a backdrop of increasing criticism over French -amp quotprotectionist -amp quot moves in its auto sector. ...
Wed 11th February 2009 - 02:17am

Oil rises towards $42 before U.S. economic plan
LONDON- Feb 10 - Oil rose $2 towards $42 a barrel on Tuesday- lifted by expectations that the approval of an $800 billion-plus stimulus package by the U.S. government would boost demand for oil in the worlds largest energy consumer. ...
Wed 11th February 2009 - 01:46am

General Motors to slash 10-000 white-collar jobs
NEW YORK AFP - General Motors said Tuesday it would cut 10-000 white-collar jobs worldwide this year as part of a restructuring plan the struggling automaker submitted to the government in exchange for a bailout. ...
Wed 11th February 2009 - 01:22am

IRG Telecom- Media- and Technology Weekly Japan Market Review
Hong Kong- Feb 10- 2009 - ACN Newswire - The following is an excerpt from IRGs TMT Weekly Market Review Feb 2 - 8. IRG is a financial advisory and investment firm focused on the core growth sectors in Asia with particular focus on the telecommunications- media and technology TMT sectors. ...
Wed 11th February 2009 - 01:21am

EU regulator concerned about French auto aid
BRUSSELS AFP - The European Unions top competition regulator expressed concern Tuesday about Frances plan to bolster its auto industry- which has drawn fire from EU allies and German industry. ...
Wed 11th February 2009 - 12:30am

Oil prices rally above $47
LONDON AFP - World oil prices rallied Tuesday as traders awaited a key vote on a massive US economic stimulus plan that could boost crude demand in the worlds biggest energy consumer- analysts said. ...
Wed 11th February 2009 - 12:27am

Former UK banking chiefs apologise for their mistakes
LONDON AFP - The former heads of banks bailed out by the British state amid the credit crunch gave unreserved apologies Tuesday for their conduct- and agreed changes to the bonus system were needed. ...
Wed 11th February 2009 - 12:26am

Govt- senators to continue wrangling over stimulus changes
The Federal Government will hold intense negotiations today in an effort to secure support for its $42 billion stimulus package. ...
Wed 11th February 2009 - 12:25am

Oil rises towards $41 ahead of U.S. economic plan
LONDON- Feb 10 - Oil rose towards $41 a barrel on Tuesday- lifted by expectations that the approval of an $800 billion-plus stimulus package by the U.S. government would boost demand for oil in the worlds largest energy consumer. ...
Wed 11th February 2009 - 12:10am

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