On day of reckoning Obama vows US will recover
WASHINGTON AFP - President Barack Obama vowed to lead a fearful America through its torment to emerge stronger than ever- declaring a -amp quotday of reckoning -amp quot after an age of excess ended in economic meltdown. ...
Wed 25th February 2009 - 11:48pm
Oil prices rise before US inventory data
LONDON AFP - Oil prices rose on Wednesday- overturning losses in Asian deals- as the market awaited the latest weekly snapshot of crude inventories in the United States- the worlds biggest energy consumer. ...
Wed 25th February 2009 - 11:40pm
Coroner to rule on Beaconsfield collapse
The Tasmanian Coroner is preparing to hand down his findings into the mine disaster at Beaconsfield- nearly three years after a miner was killed in the ANZAC day rockfall. ...
Wed 25th February 2009 - 11:40pm
Europe must fight protectionism in auto sector
BRUSSELS AFP - Europe must make a concerted effort to avoidprotectionism in the auto sector- which would only hurt the ailing industrys exports- the European Commission warned in a statement to be adopted Wednesday. ...
Wed 25th February 2009 - 11:22pm
IRG Telecom- Media- and Technology Weekly Asian Market Review
Hong Kong- Feb 25- 2009 - ACN Newswire - The following is an excerpt from IRGs TMT Weekly Market Review Feb 16 - 22. 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 25th February 2009 - 09:49pm
IRG Telecom- Media- and Technology Weekly China Market Review
Hong Kong- Feb 25- 2009 - ACN Newswire - The following is an excerpt from IRGs TMT Weekly Market Review Feb 16 - 22. 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 25th February 2009 - 09:48pm
Coroner to rule on Beaconsfield collapse
The Tasmanian Coroner is preparing to hand down his findings into the mine disaster at Beaconsfield- nearly three years after a miner was killed in the ANZAC day rockfall. ...
Wed 25th February 2009 - 09:30pm
Coronor to rule on Beaconsfield collapse
The Tasmanian Coronor is preparing to hand down his findings into the mine disaster at Beaconsfield- nearly three years after a miner was killed in the ANZAC day rockfall. ...
Wed 25th February 2009 - 09:29pm
MCN and Fox Mobile Sign Global allwordssm Vertical Paid Search Agreement
Tokyo and Berlin- Feb 25- 2009 - JCN Newswire - Mobile Content Networks MCN- www.mcn-inc. ...
Wed 25th February 2009 - 09:21pm
NTT Com to Launch Basic Test for Certifying Internet Skills
Tokyo- Feb 25- 2009 - JCN Newswire - NTT Communications Corporation NTT Com announced today that beginning March 1 it will launch a basic-level test under its industry-recognized -amp quot.com dot com Master -amp quot program for certifying Internet skills. ...
Wed 25th February 2009 - 08:59pm
NEC Strengthens Management Structure to Improve Profitability and Drive New Growth
Tokyo- Feb 25- 2009 - JCN Newswire - NEC Corporation announced today an organizational reform plan- scheduled to launch April 1- 2009- as part of the companys strategic measures to overcome the challenging economic conditions of the current worldwide recession. ...
Wed 25th February 2009 - 08:57pm
Panasonic- Philips and Sony to Establish One Stop Shop Product License for Blu-ray Disc
Tokyo- Feb 25- 2009 - JCN Newswire - Panasonic- Philips and Sony are currently working with other Blu-ray DiscTM patent holders to establish a one-stop-shop license for Blu-ray DiscTM products. This license- which covers essential patents for Blu-ray DiscTM- DVD and CD- will be introduced in the middle of this year. ...
Wed 25th February 2009 - 08:47pm
Pacific Brands blow highlights textile industry challenges- AIG
The Australian Industry Group AIG says the decline of Pacific Brands highlights the difficulty of sustaining a local clothes manufacturing industry. ...
Wed 25th February 2009 - 08:37pm
Pacific Brands blow highlights textile industry challenges- AIG
The Australian Industry Group AIG says the decline of Pacific Brands highlights the difficulty of sustaining a local clothes manufacturing industry. ...
Wed 25th February 2009 - 08:27pm
German economy shrinks 2.1 in late 2008
The German economy posted a sharp contraction late last year as crucial exports collapsed- and several economists are now revising 2009 forecasts even lower. ...
Wed 25th February 2009 - 08:16pm
Fortescue says it now has enough capital
Fortescue has called off plans to raise further capital after its $558 million equity deal with a leading Chinese steel maker- saying it now has enough funds. ...
Wed 25th February 2009 - 08:13pm
Banks turn back on FMG
Australian banks have turned down an offer by Andrew Forrests Fortescue Metals Group FMG to raise money for its Pilbara mining operation. ...
Wed 25th February 2009 - 08:11pm
Fortescue says it now has enough capital
Fortescue has called off plans to raise further capital after its $558 million equity deal with a leading Chinese steel maker- saying it now has enough funds. ...
Wed 25th February 2009 - 07:55pm
Mazda Production and Sales Results for January 2009
Hiroshima- Feb 25- 2009 - JCN Newswire - Mazda Motor Corporations production and sales results for January 2009 are summarized below. ...
Wed 25th February 2009 - 07:34pm
German economy shrinks 2.1 pct in late 2008- statistics
FRANKFURT- AFP - The German economy- Europes biggest- shrank by 2. ...
Wed 25th February 2009 - 07:28pm
Honda Production- Sales and Exports Results in January- 2009
Tokyo- Feb 25- 2009 - JCN Newswire - Honda Motor Co.- Ltd. announced a summary of automobile production- Japan domestic sales- and export results for the month of January 2009. ...
Wed 25th February 2009 - 07:24pm
Pacific Brands shares hit record low
Shares in Pacific Brands tanked to a record low after the company said it will cut 1-850 local jobs and shift its clothing manufacturing operations to China. ...
Wed 25th February 2009 - 06:56pm
Asia's economic woes deepen
Japan on Wednesday posted a record trade deficit and Hong Kong said its economy would shrink by up to three per cent in 2009. ...
Wed 25th February 2009 - 06:47pm
Stokes remains upbeat as profit falls
Kerry Stokes' Seven Network posted an 84 per cent fall in first half net profit as it wrote down the value of prized media assets. ...
Wed 25th February 2009 - 06:42pm
Embattled APN eyes return to the black
Trans-Tasman media group APN News -amp Media Ltd has posted an annual loss after a sticky end to calendar 2008 but expects to return to the black in 2009. ...
Wed 25th February 2009 - 06:39pm
Pacific Brands shares hit record low
Shares in Pacific Brands tanked to a record low after the company said it will cut 1-850 local jobs and shift its clothing manufacturing operations to China. ...
Wed 25th February 2009 - 06:38pm
Construction activity raises hopes
Stronger than expected construction activity has dampened the prospect that the Australian economy contracted in the December quarter- economists say. ...
Wed 25th February 2009 - 06:21pm
Worley forecasts positive growth
Australia's largest engineering company- WorleyParsons Ltd- has delivered an increase in net profit for the half. ...
Wed 25th February 2009 - 05:52pm
Construction activity raises hopes
Stronger than expected construction activity has dampened the prospect that the Australian economy contracted in the December quarter- economists say. ...
Wed 25th February 2009 - 05:46pm
Mac Airports predicts challenging year
Macquarie Airports Ltd MAp predicts a challenging year ahead as passenger numbers fall- particularly at its three European airports. ...
Wed 25th February 2009 - 05:44pm
Downturn creates uncertainty for Asciano
Debt-laden transport infrastructure group Asciano says the global economic downturn has created a degree of uncertainty around its business. ...
Wed 25th February 2009 - 05:42pm
Vintage posts disappointing interim loss
Australian Vintage Ltd says its interim loss is disappointing but is budgeting for a small operating profit for the full year. ...
Wed 25th February 2009 - 05:30pm
Australia shares dip as optimism fades
MELBOURNE- Feb 25 - Australian stocks dipped 0.1 percent on Wednesday- reversing early gains- as investors looked past an initial bounce on optimism over the health of the financial sector and refocused on a weaker economic outlook. ...
Wed 25th February 2009 - 05:29pm
Aussie dollar hits 7-week high vs yen bonds slip
SYDNEY- Feb 25 - The Australian dollar hit a seven-week high against the yen on Wednesday amid a broad-based sell off in the Japanese currency as Japans deteriorating economic outlook eroded its safe-haven status. ...
Wed 25th February 2009 - 05:22pm
Austar suffers $74.7m loss for 2008
Pay TV operator Austar United has made a net loss for calendar 2008- although its underlying earnings grew- and says this year will be challenging. ...
Wed 25th February 2009 - 05:19pm
Richard Branson- Thorpedo fly into Central Australia
One of the worlds richest men- the British billionaire chairman of Virgin Group Richard Branson and Olympic gold medallist Ian Thorpe are in Alice Springs today. ...
Wed 25th February 2009 - 05:18pm
ConnectEast delivers $92.5m loss
Toll road operator ConnectEast Group has delivered a $92.59 million loss for the six months to December 31- its first period of toll operations. ...
Wed 25th February 2009 - 05:15pm
Seek posts 9 first-half profit fall
Online job agency Seek has posted a nine per cent fall in first half profit- but says its overseas investments positions the company well for long-term growth. ...
Wed 25th February 2009 - 05:10pm
Downturn puts mining summit on hold
The global economic downturn has forced a delay in a major conference showcasing Australia's mining industry. ...
Wed 25th February 2009 - 04:54pm
Centro Properties extends CEO's contract
Troubled shopping centres owner Centro Properties Group has extended the tenure of its chief executive by at least another year. ...
Wed 25th February 2009 - 04:52pm
Austar suffers $74.7m loss for 2008
Pay TV operator Austar United has made a net loss for calendar 2008- although its underlying earnings grew- and says this year will be challenging. ...
Wed 25th February 2009 - 04:50pm
Fantastic upbeat despite profit fall
Fantastic Holdings remains optimistic it can grow market share during fiscal 2009 after acquisition-related costs dragged down its first half profit. ...
Wed 25th February 2009 - 04:50pm
Hong Kong says economy to shrink 2-3 pct in 2009
HONG KONG AFP - Hong Kongs economy will shrink by two to three percent in 2009- the first annual contraction since the city was battered a decade ago by the Asian crisis- the financial secretary said Wednesday. ...
Wed 25th February 2009 - 04:45pm
Upbeat outlook helps Mortgage Choice
Mortgage Choice Ltd says housing demand is showing a noticeable improvement in 2009- and is likely to boost the listed home loan broker's earnings. ...
Wed 25th February 2009 - 04:44pm
Goodman Fielder H1 profit sags 21.9
Spreads maker and bakery goods company Goodman Fielder Ltd has posted a 21.9 per cent fall in first half profit due to a difficult trading environment. ...
Wed 25th February 2009 - 04:41pm
ABB Grain tips better underlying profit
Agribusiness ABB Grain expects an underlying net profit of $63 million to $73 million for its 2008-09 fiscal year. ...
Wed 25th February 2009 - 04:40pm
GrainCorp sees $40m earnings turnaround
Grain handler- storer and marketer GrainCorp expects to make a net profit of up to $28 million in 2008-09- after reporting two consecutive annual losses. ...
Wed 25th February 2009 - 04:37pm
Albury manufacturer to slash 222 jobs
Over 200 employees of the gearbox manufacturer Drivetrain Systems International have been made redundant today. ...
Wed 25th February 2009 - 04:36pm
iiNet aims to be third biggest player
Internet service provider iiNet says it wants to double its market share to become the third biggest player in the broadband market. ...
Wed 25th February 2009 - 04:35pm
Fortescue mulls cap raising options
Fortescue Metals Group remains in a trading halt as it considers more capital raising after agreeing to sell a stake to a Chinese steel maker for $1.2 billion. ...
Wed 25th February 2009 - 04:33pm
Big blows traded as trouble hits smalls company
Socks and underpants have become the focus of a row between the Government and the Opposition over Australias jobs woes. ...
Wed 25th February 2009 - 04:33pm
Rex Minerals Limited ASX-RXM Review Of Operations From Managing Director Steven Olsen For Half Year Ending 31 December 2008
Melbourne- Australia- Feb 25- 2009 - ABN Newswire - Rex Minerals Limited ASX-RXM exploration activities are focused on copper-gold exploration in South Australia and gold-silver exploration in New South Wales. The Group sold its Victorian Gold Projects during the period for a total of A $1.48 million cash consideration. ...
Wed 25th February 2009 - 04:32pm
Australia shares end lower as banks slip
MELBOURNE- Feb 25 - Australian stocks dipped 0.1 percent on Wednesday- reversing early gains- as investors looked past an initial bounce on optimism over the health of the financial sector and refocused on a weaker economic outlook. ...
Wed 25th February 2009 - 04:25pm
OzMin cancels Hellyer exploration
Oz Minerals has pulled out of a joint venture to explore for minerals on Tasmanias west coast. ...
Wed 25th February 2009 - 04:11pm
Big blows traded as trouble hits smalls company
Socks and underpants have become the focus of a row between the Government and the Opposition over Australias jobs woes. ...
Wed 25th February 2009 - 03:58pm
iiNet aims to be third biggest player
Internet service provider iiNet says it wants to double its market share to become the third biggest player in the broadband market. ...
Wed 25th February 2009 - 03:53pm
Vintage posts disappointing interim loss
Winemaker Australian Vintage says its interim loss is disappointing but is budgeting for a small operating profit for the full year. ...
Wed 25th February 2009 - 03:51pm
Wages growth to be tempered- economists
Wages rose in 2008 at the fastest pace since records began 11 years ago but the rate is expected to slow as the slowing economy threatens jobs. ...
Wed 25th February 2009 - 03:42pm
Australia not about to lose AAA- Henry
Australia is not about to lose its AAA credit rating- Treasury secretary Ken Henry says. ...
Wed 25th February 2009 - 03:41pm
US bank chief eyes possible recovery
US Federal Reserve chairman Ben Bernanke says he sees a -amp quotreasonable prospect -amp quot for an end to the recession this year if the stimulus programs work as intended. ...
Wed 25th February 2009 - 03:37pm
Big blows traded as trouble hits smalls company
Socks and underpants have become the focus of a row between the Government and the Opposition over Australias jobs woes. ...
Wed 25th February 2009 - 03:37pm
Australia shares turn lower Boral- CSR- Hardie up
SYDNEY- Feb 25 - Australian stocks fell 0.3 percent on Wednesday- reversing early gains- as investors looked past an initial bounce on optimism over the health of the financial sector and refocused on a weaker economic outlook. ...
Wed 25th February 2009 - 03:25pm
Non-profit group wants unviable ABC Learning Centres
The not-for-profit childcare consortium- Children-21- has confirmed it is bidding to take control of 241 ABC Learning Centres. ...
Wed 25th February 2009 - 03:25pm
Japan logs record trade deficit
Japan's recession woes deepened as exports plunged at the fastest pace ever last month- leaving Asia's biggest economy with a record trade deficit. ...
Wed 25th February 2009 - 03:21pm
US cant walk away from car industry- Obama
WASHINGTON- AFP - US President Barack Obama said that the United States- the nation that created the automobile- cannot walk away from its car industry teetering on the brink of collapse. ...
Wed 25th February 2009 - 02:55pm
Fortescue mulls cap raising options
Fortescue Metals Group remains in a trading halt as it considers more capital raising after agreeing to sell a stake to a Chinese steel maker for $1.2 billion. ...
Wed 25th February 2009 - 02:55pm
Japan logs record trade deficit as exports collapse
TOKYO AFP - Japans recession woes deepened as exports plunged at the fastest pace ever last month- leaving Asias biggest economy with a record trade deficit- official figures showed Wednesday. ...
Wed 25th February 2009 - 02:48pm
Debt-laden Asciano left uncertain
Debt-laden transport infrastructure group Asciano says the global economic downturn has created a degree of uncertainty around its business. ...
Wed 25th February 2009 - 02:43pm
BHP promises family help after rail death
BHP Billiton will offer assistance to the family of a worker who was killed in a rail accident yesterday in Western Australias north. ...
Wed 25th February 2009 - 02:36pm
Market gains begin to ease
Gains on the Australian share market are easing as some of the banks slip into the red. ...
Wed 25th February 2009 - 02:32pm
Rail sale off track
The State Government is considering taking over Tasmanias railways. ...
Wed 25th February 2009 - 02:29pm
Rail sale off track
The State Government is considering taking over Tasmanias railways. ...
Wed 25th February 2009 - 02:28pm
Seven Network post 84 fall in profit
Cashed up Seven Network says its on the lookout for acquisitions after the company posted an 84 per cent fall in first half profit. ...
Wed 25th February 2009 - 02:25pm
APN writes off NZ assets but sees future
APN News -amp Media has written $A127 million off the value of New Zealand Publishing assets but sees a strong future for the New Zealand publishing market ...
Wed 25th February 2009 - 02:22pm
Australia shares pare early gains Leighton rises
SYDNEY- Feb 25 - Australian stocks halved early gains on Wednesday as investors looked past an initial bounce on optimism over the health of the financial sector and refocused on a weaker economic outlook. ...
Wed 25th February 2009 - 02:15pm
CityView Corporation Limited ASX-CVI Investor Presentation
Perth- Australia- Feb 25- 2009 - ABN Newswire - CityView Corporation Limited ASX-CVIPINK-CTVWF is accumulating a valuable commodity portfolio of copper- gold- diamonds and rare earths and an oil refinery.CityViews strategy is to secure Government endorsed legal title to key resources in Africa and upgrade them to bankable feasibility- production for minimum dilution to CityViews share capital. ...
Wed 25th February 2009 - 01:59pm
US bank chief eyes possible recovery
US Federal Reserve chairman Ben Bernanke says he sees a -amp quotreasonable prospect -amp quot for an end to the recession this year if the stimulus programs work as intended. ...
Wed 25th February 2009 - 01:56pm
Bonds- King Gee owner slashes 1-850 jobs
Bonds owner and clothing manufacturer Pacific Brands says it will cut 1-850 jobs in Australia over 18 months after posting a $150 million first-half loss and suspending its dividend. ...
Wed 25th February 2009 - 01:53pm
GM Europe workers urged to rally for jobs
FRANKFURT- AFP - Unions representing European staff of US auto giant General Motors GM called on workers to protest Thursday in a bid to save their jobs and call for state aid. ...
Wed 25th February 2009 - 01:51pm
Bonds- King Gee owner slashes 1-850 jobs
Bonds owner and clothing manufacturer Pacific Brands says it will cut 1-850 jobs in Australia over 18 months after posting a $150 million first-half loss and suspending its dividend. ...
Wed 25th February 2009 - 01:49pm
ING offers guarantee on suspended funds
Investors in two suspended ING funds are being told if they wait five years- they can choose to be guaranteed a minimum price for their units. ...
Wed 25th February 2009 - 01:42pm
Australian Market Report of February 25- Resilient to Bad Leads
Sydney- Australia- Feb 25- 2009 - ABN Newswire - Overnight the US key indexes rallied as the stocks were oversold in the previous trading session and investors were waiting for a catalyst from US President Barack Obamas speech.Yesterday the Australian shares were showing their resilience to the bad leads from overseas. The market ended with a modest drop after a rebound from the early losses. The benchmark S -amp ampP-ASX 200 ended down 0. ...
Wed 25th February 2009 - 01:41pm
Ford workers to vote on contract changes
DETROIT- Michigan AFP - The United Auto Workers said workers from the Ford Motor Co. ...
Wed 25th February 2009 - 01:37pm
GrainCorp to reap harvest of solid yield
GrainCorp expects to turn its earning back into the black this year on the back of solid crop yield projections. ...
Wed 25th February 2009 - 01:35pm
ABB Grain tips better underlying profit
Agribusiness ABB Grain Ltd says its expects an underlying net profit after tax of $63 million to $73 million for its 2008-09 fiscal year. ...
Wed 25th February 2009 - 01:31pm
Macquarie Airports posts 87 profit lift
Macquarie Airports MAp has reported an 87 per cent increase in annual profit- but forecasts a challenging year ahead- particularly in Europe. ...
Wed 25th February 2009 - 01:30pm
Cheese factory to close
The small community of Timboon in south-west Victoria is worried about losing tens of thousands of visitors a year because of the closure of the cheese factory. ...
Wed 25th February 2009 - 01:16pm
New generator boosts SA power capacity
Completion of a gas-powered generator at Torrens Island in Adelaides north-west will boost South Australias electricity reserves. ...
Wed 25th February 2009 - 01:12pm
Aussie dollar supported by data firm on yen
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0037 GMTagainst previous Sydney close AUD 0.6509-140.6476-80 AUDNZDR1.2671-911.2624-56 AUDJPYR 62.90-94 61 ...
Wed 25th February 2009 - 01:11pm
Bonds- Holeproof- King Gee firm slashes 1-850 jobs
Bonds owner and clothing manufacturer Pacific Brands says it will cut 1-850 jobs in Australia over 18 months after posting a $150 million first-half loss and suspending its dividend. ...
Wed 25th February 2009 - 01:11pm
Macquarie Airports posts 87 profit lift
Macquarie Airports MAp has reported an 87 per cent increase in annual profit- but forecasts a challenging year ahead- particularly in Europe. ...
Wed 25th February 2009 - 12:58pm
Macquarie Telecom doubles H1 earnings
Information technology provider Macquarie Telecom Group Ltd has doubled its first half earnings- as previously forecast. ...
Wed 25th February 2009 - 12:57pm
Seek posts 9 first-half profit fall
Online job agency Seek has posted a nine per cent fall in first half profit- but says its overseas investments positions the company well for long-term growth. ...
Wed 25th February 2009 - 12:53pm
Wages growth to be tempered- economists
Wages grew at the fastest pace in 10 years in 2008 but the spectre of rising unemployment should curb big increases in pay in the future- economists say. ...
Wed 25th February 2009 - 12:43pm
NSW workers hit hard by Pacific Brands cuts
New South Wales will be hard hit by planned job losses in the Pacific Brands group. ...
Wed 25th February 2009 - 12:39pm
Wage price index up 1.2pc- skilled jobs fall
Official figures show a bigger-than expected rise in wages last quarter. ...
Wed 25th February 2009 - 12:37pm
Bonds- Holeproof- King Gee firm slashes 1-850 jobs
Bonds owner and clothing manufacturer Pacific Brands says it will cut 1-850 jobs in Australia over 18 months after posting a $150 million first-half loss and suspending its dividend. ...
Wed 25th February 2009 - 12:36pm
Banking- mining gains push share market higher
Australian stocks have risen after Wall Street rebounded overnight. ...
Wed 25th February 2009 - 12:35pm
Bonds- Holeproof- King Gee firm slashes 1-850 jobs
Bonds owner and clothing manufacturer Pacific Brands says it will cut 1-850 jobs in Australia over 18 months after posting a $150 million first-half loss and suspending its dividend. ...
Wed 25th February 2009 - 12:31pm
APN books $24m loss for 2008 fiscal year
Media group APN News and Media Ltd has reported a $24 million loss for the 2008 fiscal year- but expects a profit of $120 million in fiscal 2009. ...
Wed 25th February 2009 - 12:24pm
iiNet uploads $11.4m H1 profit
iiNet posted a net profit for the six months to December 31 of $11.4 million- compared to $7.6 million in the previous corresponding period. ...
Wed 25th February 2009 - 12:19pm
Small business needs more help- Labor
The State Opposition says it does not believe the Premier- Colin Barnett- has a plan for small business in Western Australia. ...
Wed 25th February 2009 - 12:14pm
Construction work up 1.7 in Dec quarter
Total construction work done in Australia rose 1.7 per cent in the December quarter in volume terms- seasonally adjusted. ...
Wed 25th February 2009 - 12:11pm
Japan registers worst-ever trade deficit
Japan has recorded its worst trade deficit on record as demand for its exports continues to slump. ...
Wed 25th February 2009 - 12:11pm
Top Ford executives to take pay 30 cuts
Ford's top two executives will take 30 per cent pay cuts as the company tries to conserve cash and make it through the worst sales downturn in 26 years. ...
Wed 25th February 2009 - 11:58am
Construction work up 1.7 in Dec quarter
Total construction work done in Australia rose 1.7 per cent in the December quarter in volume terms- seasonally adjusted. ...
Wed 25th February 2009 - 11:50am
AGL Energy profit surges
The countrys largest energy retailer- AGL Energy- has posted a 5.3 per cent rise in its first-half net profit- boosted by higher gas sales and price increases. ...
Wed 25th February 2009 - 11:47am
Jobs decision looms for Drivetrain workers
Workers at an Albury car parts manufacturer- on the New South Wales-Victorian border- will find out today if they still have a job. ...
Wed 25th February 2009 - 11:40am
Hourly pay rates rise 1.2- says ABS
Total hourly rates of pay- excluding bonuses- rose 1.2 per cent in the December quarter- seasonally adjusted- the Australian Bureau of Statistics ABS said. ...
Wed 25th February 2009 - 11:37am
Skilled job vacancies slump further 11
Skilled job vacancies slumped a further 11 per cent per cent in February- new data shows. ...
Wed 25th February 2009 - 11:25am
Top Ford executives to take pay cuts
Ford's top two executives will take 30 per cent pay cuts as the company tries to conserve cash and make it through the worst sales downturn in 26 years. ...
Wed 25th February 2009 - 11:21am
Skilled job vacancies slump further 11
Skilled job vacancies slumped a further 11 per cent per cent in February- new data shows. ...
Wed 25th February 2009 - 11:16am
San Francisco paper in danger of closing
The owner of the San Francisco Chronicle will sell or close the daily newspaper if it can't dramatically lower expenses within the next few months. ...
Wed 25th February 2009 - 11:15am
Lawyers expect positive result for Storm clients
Central Queensland residents affected by the collapse of Storm Financial have met in Rockhampton overnight to be updated on efforts to retrieve investment losses. ...
Wed 25th February 2009 - 11:15am
Australia shares up 1.1 pct Oz Minerals plunges
SYDNEY- Feb 25 - Australian stocks gained 1.1 percent on Wednesday- tracking a bounce in U.S. stocks off 12-year lows- as a fresh note of optimism on the banking sector buoyed domestic financial stocks. ...
Wed 25th February 2009 - 11:14am
Seek posts 9 first-half profit fall
Online job agency Seek has posted a nine per cent fall in first half profit- but says its overseas investments positions the company well for long-term growth. ...
Wed 25th February 2009 - 11:13am
Goodman Fielder H1 profit sags 21.9
Spreads maker and bakery goods company Goodman Fielder Ltd has posted a 21.9 per cent fall in first half profit due to a difficult trading environment. ...
Wed 25th February 2009 - 10:51am
Aussie dollar hovers at 7-wk high vs yen bonds slip
SYDNEY- Feb 25 - The Australian dollar AUD held near a seven-week high against the yen on Wednesday as the Japanese currency appeared to cede its safe-haven appeal with Japan mired in its deepest recession in a generation. ...
Wed 25th February 2009 - 10:51am
Australia shares get early lift on Wall St bounce
SYDNEY- Feb 25 - Australian stocks gained 1.3 percent on Wednesday- tracking a bounce in U.S. stocks off 12-year lows after Federal Reserve Chairman Ben Bernanke soothed fears of bank nationalisations. ...
Wed 25th February 2009 - 10:49am
Mortgage Choice profit falls 22
Mortgage Choice Ltd reported a 22 per cent fall in profit as the listed home loan broker was effected by the slowing economy and housing finance sector. ...
Wed 25th February 2009 - 10:49am
Google backs EU case against Microsoft
Google threw its backing behind the European Commission's antitrust complaint against rival Microsoft for tying its web browser to its Windows operating system. ...
Wed 25th February 2009 - 10:45am
Seven Network H1 profit down 84.1
The Seven Network has reported an 84.1 per cent fall in first half profit- after writing down the value of its investments due to declines advertising markets. ...
Wed 25th February 2009 - 10:44am
Fortescue extends trading halt
Fortescue Metals Group has asked for a trading halt on its shares to be extended as it considers other capital raising initiatives. ...
Wed 25th February 2009 - 10:35am
Worley forecasts positive growth
Australia's largest engineering company- WorleyParsons Ltd- has delivered an increase in net profit for the half. ...
Wed 25th February 2009 - 10:31am
Signs stimulus package worked- Gruen
A senior Treasury official says there are early signs the federal government's $10.4 billion stimulus package supported economic activity. ...
Wed 25th February 2009 - 10:26am
Asciano H1 profit dips 4.8
Transport operator Asciano Group has posted first half profit of $106.894 million- forecasting mixed performances for the remainder of the year. ...
Wed 25th February 2009 - 10:25am
Centro Properties CEO extends contract
Troubled shopping centres owner Centro Properties Group has extended the tenure of its chief executive by at least another year. ...
Wed 25th February 2009 - 10:24am
NIB posts $2.08m profit
NIB has posted a $2.08m first-half profit- compared with a loss a year ago- as the Listed health insurer added new customers faster than the industry overall. ...
Wed 25th February 2009 - 10:23am
Bonds- Holeproof- King Gee firm slashes 1-850 jobs
The clothing manufacturer Pacific Brands says it will cut 1-850 jobs in Australia over 18 months after posting a $150 million first-half loss and suspending its dividend. ...
Wed 25th February 2009 - 10:22am
Pacific Brands axes 1-850 jobs
Pacific Brands will axe 1-850 jobs from its manufacturing and administration operations after posting a first half loss due to difficult market conditions. ...
Wed 25th February 2009 - 10:21am
Worley forecasts positive growth
Australia's largest engineering company- WorleyParsons Ltd- has delivered an increase in net profit for the half. ...
Wed 25th February 2009 - 10:18am
Mortgage Choice profit falls 22
Mortgage Choice Ltd reported a 22 per cent fall in profit as the listed home loan broker was effected by the slowing economy and housing finance sector. ...
Wed 25th February 2009 - 10:18am
Asciano H1 profit dips 4.8
Transport operator Asciano Group has posted first half profit of $106.894 million- forecasting mixed performances for the remainder of the year. ...
Wed 25th February 2009 - 09:59am
Centro Properties CEO extends contract
Troubled shopping centres owner Centro Properties Group has extended the tenure of its chief executive by at least another year. ...
Wed 25th February 2009 - 09:58am
Macquarie Airports posts 87 profit lift
Macquarie Airports MAp has reported an 87 per cent increase in annual profit- but forecasts a challenging year ahead- particularly in Europe. ...
Wed 25th February 2009 - 09:56am
Pacific Brands axes 1-850 jobs
Pacific Brands will axe 1-850 jobs from its manufacturing and administration operations after posting a first half loss due to difficult market conditions. ...
Wed 25th February 2009 - 09:55am
NIB posts $2.08m profit
NIB has posted a $2.08m first-half profit- compared with a loss a year ago- as the Listed health insurer added new customers faster than the industry overall. ...
Wed 25th February 2009 - 09:48am
Seven Network H1 profit down 84.1
The Seven Network has reported an 84.1 per cent fall in first half profit- after writing down the value of its investments due to declines advertising markets. ...
Wed 25th February 2009 - 09:45am
Loggers under pressure
Up to one third of Tasmanias small forestry businesses are predicted to fold in the next few months. ...
Wed 25th February 2009 - 09:42am
Mesoblast Limited ASX-MSB First Group Of Heart Failure Patients Treated With Off-The-Shelf Adult Stem Cells Successfully Pass Key Safety Milestone
Melbourne- Australia- Feb 25- 2009 - ABN Newswire - Mesoblast Limited ASX-MSBPINK-MBLTY today announced successful achievement of the key safety milestone in the first low-dose cohort of patients treated with Revascortm- the proprietary allogeneic- or -amp quotoff-the-shelf -amp quot- universal adult stem cell product for congestive heart failure. ...
Wed 25th February 2009 - 09:40am
AGL Energy profit up 5.3
AGL Energy Ltd- Australia's biggest power retailer- has delivered an increase in profit and says its on track to meet its full year guidance. ...
Wed 25th February 2009 - 09:37am
Galaxy Resources Limited ASX-GXY Signs A Memorandum Of Understanding With Esperance Port Authority For Exporting Spodumene Product
Perth- Australia- Feb 25- 2009 - ABN Newswire - Galaxy Resources Limited ASX-GXY is pleased to announce that a Memorandum of Understanding has been signed with the Esperance Port Authority in order to investigate- evaluate and progress the export of Spodumene product through the Port of Esperance. ...
Wed 25th February 2009 - 09:37am
Google backs EU case against Microsoft
Google threw its backing behind the European Commission's antitrust complaint against rival Microsoft for tying its web browser to its Windows operating system. ...
Wed 25th February 2009 - 09:36am
Pacific Brands axes 1-850 jobs
Pacific Brands will axe 1-850 jobs from its manufacturing and administration operations after posting a first half loss due to difficult market conditions. ...
Wed 25th February 2009 - 09:36am
Macquarie Airports posts 87 profit lift
Macquarie Airports MAp has reported an 87 per cent increase in annual profit- but forecastS a challenging year ahead- particularly in Europe. ...
Wed 25th February 2009 - 09:34am
Seven Network H1 profit down 84.1
The Seven Network has reported an 84.1 per cent fall in first half profit- after writing down the value of its investments due to declines advertising markets. ...
Wed 25th February 2009 - 09:33am
Seven Network H1 profit down 84.1
The Seven Network has reported an 84.1 per cent fall in first half profit- after writing down the value of its investments due to declines advertising markets. ...
Wed 25th February 2009 - 09:22am
Casino swipe cards urged
An advocate for problem gamblers wants casino patrons to have to swipe an identity card to get in. ...
Wed 25th February 2009 - 09:18am
APN books $24m loss
Media group APN News and Media Ltd has reported a $24 million loss for the 2008 fiscal year- but expects a profit of $120 million in fiscal 2009. ...
Wed 25th February 2009 - 08:56am
Premier panned for minority fear campaign
Tasmanias main business group has urged the Premier to stop drumming up voter fears about minority government. ...
Wed 25th February 2009 - 08:47am
Wall Street rallies off 12-year lows
NEW YORK AFP - Wall Street shares roared higher Tuesday a day after key indexes fell to 12-year lows- as investors shrugged off economic gloom ahead of a key speech from President Barack Obama. ...
Wed 25th February 2009 - 08:46am
Premier panned for minority fear campaign
Tasmanias main business group has urged the Premier to stop drumming up voter fears about minority government. ...
Wed 25th February 2009 - 08:27am
Oil Search Cuts Back As Well
Another oil producer and explorer has joined the growing trend of companies battening down the hatches and concentrating on their best prospects in 2009.Weve seen it from the likes of Woodside concentrating on its Pluto LNG project off the northern WA coast and Santos as it focuses on its coal seam gas LNG in Queensland and financing its part of the big Oil Search LNG project in Papua New Guinea.Now Oil Search itself says it is chopping spending and making other cost cuts to focus on the $US11 billion LNG project it is involved in in PNG.The company said yesterday that it will cut exploration spending by 60 to $US70 million- from $US176 million in 2008.Its a case of prudence and certainty are in- prospects are out.The LNG venture has Exxon Mobil as lead partner and approval is expected by the end of 2009 for work to start.Development will fall 20 to $US130 million this year and to further conserve cash a dividend reinvestment plan is planned. That could save up to $US45 million a year.Like Woodside- which is reviewing non essential assets for possible sale- Oil Search says it looking at -amp quothow the value of our oil assets can be optimized -amp quot in line with the development of the LNG project.Bechtel Group Inc. and Chiyoda Corp- the two contractors competing to build the plant- are due to submit bids in the third quarter. Buyers in east and south Asia are said to be interested.These include Japan- South Korea- India and China.Oil searchs results for 2008 were also similar to Woodsides and Santos figures- that big first half surge and then a rapid second half fall away as world oil and gas prices melted and fell sharply.Net earnings rose to $US313.4 million $A487 million in the year ended December from $US137.2 million in 2007.Profit before one-time items profit gained 70 to $US240 million.Revenue rose 13.3 to $US814.33 million $A1.27 billion.The company raised $US200 million by selling assets in Egypt and Yemen last April.That was to help raise cash to fund the LBG project. Oil Search said it had cash of $US535 million at December 31.Overall output will fall to between 8 million and 8.3 million barrels of oil equivalent in 2009 from 8.6 million last year. -amp quotBased on a $US40 per barrel scenario- a number of previously planned infill development wells and work-over activity in PNG have been deferred- to be reviewed again should oil prices recover- -amp quot Mr Botten said in yesterdays statement. That will account for the small reduction in output.The company declared a final dividend of US four cents- which was in-line with the previous corresponding period.The shares rose 3.3- to $4.65. -amp 160 ...
Wed 25th February 2009 - 08:26am
Premier panned for minority fear campaign
Tasmanias main business group has urged the Premier to stop drumming up voter fears about minority government. ...
Wed 25th February 2009 - 08:25am
Campbell Shares Hammered On Downgrade
The new reality of the mining slump here and offshore has mugged Brisbane-based Campbell Brothers Limited.But its the sort of mugging many companies would cheerfully grab with both hands at the moment as sales and earnings slide across the economy as a whole.Campbell told the ASX yesterday that -amp quotunderlying net profit after tax before unusual items for the full year to 31 March 2009 is expected to be approximately $106 million- a 49 percent increase on the underlying net profit after tax achieved for the full year to March 2008. -amp quotCampbells earnings have been growing strongly because of its deepening involvement in resources with its ALS analytical businesses. -amp quotPreviously directors had indicated an approximate 70 percent increase for the full year. -amp quotUnderlying net profit for the second half ending 31 March is expected to be approximately $49 million a 26 percent increase on the record profit achieved in the second half of the previous year. -amp quotThe markets for Campbell Brothers services remain volatile- being affected by seasonal changes as well as the financial downturn. -amp quotThis is particularly so in the minerals division of the laboratory services business. -amp quotHowever- the Company is confident that its business model will allow an effective scaling of its businesses in line with expected market conditions. -amp quotBecause of the current general investment focus on funding- the Board provides the following information- -amp quotThe Companys debt position remains conservative and continuing strong cash flows ensure that the Company can endure the current financial crisis affecting global markets without requiring additional borrowings or any equity raising. -amp quotThe company has $410 million dollars of committed bank funding against a net debt position at the end of January 2009 of $224 million and is well within financial covenants. -amp quot $380 million of the committed funding is from Australian banks- including $200 million due for renegotiation in November 2009. -amp quotThe Company expects to have these negotiations substantially completed by the end of May. -amp quotThe Company has adequate borrowing facilities available for acquisition opportunities that may present themselves as the global economic downturn takes hold. -amp quotCampbell said that it has -amp quotundertaken cost cutting measures across all its businesses- reducing capital expenditure and downsizing personnel in some operational areas. -amp quotBecause of the diversity of its business segments- the Company is confident of emerging from the current economic downturn in a strong state- ready to take advantage of the expected recovery of the economy. -amp quotOutside of health care and isolated retailers like Woolworths and JB Hi-Fi- Campbell was one of the few unqualified successful stories among major and mid-level industrial and mining companies.No longer- and as world mining activity and commodity prices continue to fall- there could be further pressure on the company in coming months.New exploration has been scaled right back- which means less work for the fast growing ALS analytical labs business.As a result investors went right off the stock- marking it down more than 11- or $1.35 to a new 52 week low of $10.85 at the close. -amp 160 ...
Wed 25th February 2009 - 08:21am
Earnings Down- FLT-Sun-ALL Down As Forecast
Flight Centre FLT has reported a 57.4 fall in first half profit after global sales slowed in the travel sector and it has hacked into its interim payout to shareholders to conserve cash- like so many other reporting groups are doing.The result- released just before the market closed- saw the shares sold off quickly by 9.2 to $5.35- a 52 week low and a long way from where the private buyout activity was priced at around $17.The Brisbane-based companys net profit for the December half year fell to $26.1 million- from $61.2 million in the previous corresponding period.But it declared a reduced interim dividend of 9 cents- compared with the 37.5 cents a share paid out a year ago. -amp quotWhile the company does not currently intend to alter its policy permanently- FLTs board believes the reduced pay-out is prudent in the current climate- -amp quot directors said in their report yesterday. -amp quotThe board will continue to consider FLTs growth requirements- its current cash position- market conditions and the need to maintain a healthy balance sheet- when determining future returns. -amp quotSo if profits continue at their current rate- the final will be cut as well.The company said its result reflected losses incurred by the Liberty travel agency business in the US- which it acquired in late 2007- as well as sluggish sales. -amp quotSluggish sales globally during the second quarter impacted on FLTs results- following a reasonable first quarter- -amp quot the company said in a statement with the results. -amp quotThe current volatility in world economies continues to affect consumer confidence globally- Flight Centre founder and returning managing director Graham Turner said in a statement on Tuesday. -amp quotWhile demand in some travel sectors has remained healthy- the slowdown in global sales the company experienced in November and December- after a reasonable first quarter- has continued into January and February. -amp quotIn a challenging global trading cycle during the six months to December 31- 2008- the companys established businesses excluding United States acquisition Liberty achieved a $77.7million pre-tax trading profit. -amp quotThis compares to a record $90.9 million pretax profit in superior trading conditions during the previous corresponding period and a $53m trading result two years ago. -amp quotAs announced previously- losses and non recurring restructuring expenses within Liberty- which was acquired during the second half of 2007-08- and one-off losses within FLTs global investment portfolio significantly affected FLTs overall performance during the first half. -amp quotThese combined losses amounted to $43.5 million- giving FLT an actual pre-tax result of $34.2 million- in line with recent guidance. -amp quotThe company said its -amp quotcash and investment portfolio was $657million- compared to $631.9 million last year. -amp quotCurrently- about 78 of the overall portfolio is cash- 19 is in fixed income investments and 3 is in corporate collateralized debt obligations CDOs- half of which are due to mature late in 2010. -amp quotThe CDOs relate to blue-chip US corporations and are not directly exposed to subprime mortgage products. -amp quot -amp quotThe ongoing uncertainty that saw sales growth stall during the second quarter after a reasonable first quarter means that FLT is not currently in a position to provide meaningful guidance in relation to its likely full year result at this time. ...
Wed 25th February 2009 - 08:20am
Sonic Meets Guidance
Pathology and radiology provider Sonic Healthcare has been one of the most recommended stocks from broking analysts in recent months as they have appreciated its defensive qualities in tough economic times.Like rivals such as Primary Health Care- analysts have appreciated its solid management and specialisation in the government controlled health area- where- if you get costs and the processes right- solid earnings can be generated over a period of time.Of course if you get it wrong- as Sigma Pharmaceuticals has been doing in the past couple of years- then the company- the share price and shareholders suffer.Sonics strengths might be seen by analysts- but not by investors in the wider market.The shares are down from a high of well above $16 just over a year ago and yesterday fell 7 to $11.95 after hitting a 52 week low of $11.70 during trading.They are down from a recent high of just over $14 in late January.Yesterday Sonic confirmed the support from analysts with a solid first half- and the maintenance of its earnings guidance for the full year to June.Interim net profit rose 20.5 to $136.5 million and Sonic said its guidance for 2009 remained unchanged since August 21- 2008- with revenue growth expected to be greater than 15- and earnings per share growth above 10- depending on foreign exchange and interest rate movements- and excluding further acquisitions.Its a rare company these days that has been able to keep guidance constant for so long as the economy slides and the credit crunch continues to bite on the debt and returns side for many businesses.Revenue from ordinary activities for the six months to December 31 jumped 27.7 to $1.44 billion.The company declared an interim dividend of 22c per share- up from 20c in the prior corresponding period.That in itself has been a rarity as more companies cut or suspend dividends to conserve cash.Sonics CEO and Managing Director- Dr Colin Goldschmidt- said in a statement accompanying the results that the company -amp quothas delivered another strong result for the half year- in line with our guidance for the full year- and has shown the resilience of its business against global economic conditions and the current credit crisis. -amp quotA particularly pleasing aspect of this result is the strong organic revenue growth of our laboratory operations. We have clearly taken market share in a number of our key markets- including Australia. -amp quotThe efforts of our management teams to identify and capture synergies are also bearing fruit- with strong margin expansion especially in Germany and the USA. -amp quotDr Goldschmidt added- -amp quotOur successful expansion in the USA and European laboratory markets continued during the half year- with several highly synergistic acquisitions completed. -amp quotSonics reputation and model of medical leadership- federation structure and personalised service continue to attract high quality- like-minded laboratories to the Sonic Group- and I am convinced that it is this culture and model- implemented by our more than 20-000 talented and dedicated staff- which drives Sonics success. -amp quotThe company said that -amp quotOrganic non acquisitional revenue growth for the period for Sonics pathology operations was very strong at 7 excluding forex impacts. -amp quotSonics Australian pathology organic revenue growth was 8- representing market share growth versus growth in Medicare outlays of 4.9 for the period. -amp quotFurther Australian market share growth is expected in the second half of the year. -amp quotSonic believes its organic revenue growth in all other countries was at or above the relevant laboratory market growth rates. -amp quotDr Goldschmidt said Sonic did not have debt-related issues. -amp 160 ...
Wed 25th February 2009 - 08:18am
Australia shares set to rebound- financials to lead
For more on the Feds comments- see nN24405808. ...
Wed 25th February 2009 - 08:16am
The Economy And The Recession- Rates- Imports- Jobs
A smattering of announcements- figures and reports yesterday continue to suggest strongly that a recession is gripping the economy in all but statistical fashion.The recent rush to lower interest rates by the Reserve Bank could be over for next month at least- according to Macquarie Banks interest rate strategist Rory Robertson.The RBA board meets next Tuesday.Mr Robertson reckons the punters in the professional money market are being too optimistic. -amp quotHaving responded aggressively - and appropriately - to the post-Lehmans collapse in global growth- the RBA almost certainly is about to slow its easing process- both by cutting in steps smaller than 100bp and by leaving rates unchanged more often. -amp 160 -amp quotThe key question is what comes first- a smaller rate cut or a policy pause Im still thinking the latter- -amp quot he wrote yesterday. -amp quotIn particular- the RBA Boards policy choice at its 3-March meeting looks to boil down to a choice between a 50bp cut and a pause- its first in six meetings. -amp quotAt this stage- I still think nothing-done is more likely- whereas the market sees close to a 100 probability of a 50bp cut. -amp quotObviously much will depend on whether or not the US S -amp 38P 500 - and so global stock prices - breaks to new multi-year lows between now and then. -amp quotShares did fall overnight on more worries about the health of US banks- while theres a flood of data in Japan on Friday including the vital industrial production figures that could decide the RBAs stance. -amp 160Helping might also be Friday nights second estimate of US GDP for the December quarter.Economists- such as the AMPs Dr Shane Oliver- say theres a strong chance the initial estimate of a contraction of 3.8- will be revised to over 5.While thats in the general ballpark when it comes to market thinking- the combination of poor figures and a poor reception for them from markets could force the central banks hands from the pause button.Mr Robertson points out that Governor- Glenn Stevens gave us a big hint- as the Bank also did in last weeks minutes for the February board meeting. -amp quotGovernor Stevens in his Opening Statement on Friday highlighted the fact that the RBAs extraordinarily large policy response to date has been pre-emptive. -amp quotA very large easing of policy has been put in place- on the basis of the anticipated effects of the global downturn and more risk-averse behaviour at home. -amp 160 -amp quotThose effects are yet to be seen in many of the figures- though they are being felt in businesses around the country. The effects of the policy adjustments are only beginning. -amp quotSo in evaluating the information we receive in the months ahead- our task will be to distinguish between that which confirms the anticipated trends to which we have already responded- and that which tells us something genuinely new about the prospects for demand and prices over the medium term. -amp quotBank bill markets are pricing in a bigger cut it seems from media commentaries- perhaps 0.50 next Tuesday.Mr Robertson said he believes the Reserve Bank will be dragged down towards 2 on the cash rate -amp quotbut in the near-term its probably looking at a pause. -amp quotThe market is overpricing the probability of a 50 basis point cut at the March meeting. -amp quotIn fact there was another bit of info about the recession and the impact on the economy of the international slump in the extra detail from the Australian Bureau of Statistics on the January import data. -amp 160The ABS didnt give the figures in terms of the balance of payments and said they would be released yesterday.They were and theres a very noticeable recession influence in some of the movements in import values. -amp quotPreliminary analysis shows that goods imports debits on a balance of payments basis decreased by $1-713m 8 in seasonally adjusted terms between December 2008 and January 2009. -amp quotIntermediate and other merchandise goods fell $1-059m 12 with fuels and lubricants down $322m 15- processed industrial supplies n.e.s. down $320m 16 and iron and steel down $226m 33. -amp quotCapital goods fell $802m 15. Consumption goods fell $182m 3. Other goods rose $329m 30 with non monetary gold up $181m 23- -amp quot the ABS reported.The fall in capital goods is a bit of a tip ahead of the important December quarter figures on new private capital spending- out tomorrow. They are expected to show a big fall in forward investment.The RBAs private credit figures for December showed a drop in business investment. Januarys figures are out this Friday and should show another fall.The fall in fuels and lubricants was due to the fall in oil and petrol prices the fall in intermediate goods was another pointer to the recessions impact on demand.The small fall of 3 in consumption goods was a tiny signal that consumer spending is sluggish- but not terrible thanks to the December stimulus package sparking some restocking by retailers- many of whom are now in direct importing Woolies- Coles etc- various rag trade companies- Country Road etc.Macquarie Bank shares hit a five year low yesterday- Mirvac hit an all time low- as did fellow property operator- Goodman Group.And finally- another pointer- this time from the government.Prime Minister Rudd yesterday announced that an extra $300 million will be injected into the Job Network to give immediate employment assistance to workers who are retrenched.This has been coming for a while- but it shows that the government is acknowledging that unemployment will be far more persistent for far longer than many in the community believe at the moment.The new money will be used to cut the waiting period of up to three months for access to intensive job search assistance for anyone who is retrenched.Mr Rudd said the funds will go to employment services providers to deal with the expected heavier workload as the economic downturn intensifies.It follows last weeks announcement of an extra 10-000 training places to ensure apprentices can finish their skills training even if they are retrenched.Thats a sign of a government nervously preparing for a problem. -amp 160 ...
Wed 25th February 2009 - 08:14am
Irish authorities raid Anglo Irish Bank HQ
DUBLIN AFP - Police and investigators raided the Dublin headquarters of the recently nationalised Anglo Irish Bank on Tuesday- officials said. ...
Wed 25th February 2009 - 07:37am
Nokia cuts 1-000 jobs in restructuring
Nokia- the world's leading mobile phone maker- has launched new restructuring measures and plans to cut 1-000 jobs globally through voluntary departures. ...
Wed 25th February 2009 - 07:32am
SA poised for sub deal benefits- Rann
Premier Mike Rann says South Australias defence industry is poised to benefit from billions of dollars of investment in construction of Australias next submarine fleet. ...
Wed 25th February 2009 - 07:29am
German economic mood darkens- surveys
The economic mood across Europe darkened this month amid fears about a deepening global recession- key surveys released showed. ...
Wed 25th February 2009 - 07:24am
Bernanke eyes possible recovery
US Federal Reserve chairman Ben Bernanke says he sees a -amp quotreasonable prospect -amp quot for an end to the recession this year if the stimulus programs work as intended. ...
Wed 25th February 2009 - 07:23am
Obama readies address as Bernanke says end in sight
As US President Barack Obama prepares to address the nation about the economy today there are predictions that the recession may end later this year. ...
Wed 25th February 2009 - 07:18am
Resources downturn dragging WA to disaster
A leading economic forecaster has warned that Western Australia is facing economic disaster as the resources industry faces a severe downturn. ...
Wed 25th February 2009 - 06:42am
Murdoch apologises for NY Post cartoon
New York Post chairman Rupert Murdoch has apologised for a cartoon that critics said likened a chimpanzee shot dead by police to US President Barack Obama. ...
Wed 25th February 2009 - 06:37am
US consumer confidence- housing prices hit new lows
WASHINGTON AFP - US consumer confidence and housing prices sank to new lows- data showed Tuesday- signaling that a series of actions to stabilize the recession-hit economy may not have been enough. ...
Wed 25th February 2009 - 06:25am
Murdoch apologises for NY Post cartoon
New York Post chairman Rupert Murdoch has apologised for a cartoon that critics said likened a chimpanzee shot dead by police to US President Barack Obama. ...
Wed 25th February 2009 - 06:14am
UAE orders at arms fair top $4 bln
ABU DHABI- United Arab Emirates AFP - Orders placed by host nation the United Arab Emirates at the IDEX defence show topped four billion dollars on Tuesday as the arms fair prospered despite the global credit crunch. ...
Wed 25th February 2009 - 05:48am
Murdoch apologises for NY Post cartoon
New York Post Chairman Rupert Murdoch has apologised for a cartoon that critics said likened a chimpanzee shot dead by police to US President Barack Obama. ...
Wed 25th February 2009 - 05:48am
Nigeria- Shell clinch 1.6 billion-dollar gas deal
ABUJA- Nigeria AFP - Nigeria and oil giant Royal Dutch Shell Tuesday announced a 1. ...
Wed 25th February 2009 - 04:35am
Lonmin cuts 5-500 jobs in new blow for S.Africa
CAPE TOWN AFP - British mining group Lonmin announced Tuesday up to 5-500 job cuts in South Africa- dealing a new blow to the continents biggest economy as it reported a contraction for the first time in a decade. ...
Wed 25th February 2009 - 02:41am
Thomson 2008 profits jump 19
LONDON AFP - Financial information provider Thomson said Tuesday that operating profits soared by about a fifth to 2.8 billion dollars 2.19 billion euros in 2008 despite global markets turmoil. ...
Wed 25th February 2009 - 02:40am
UAE orders military planes worth $2.9 bln
ABU DHABI AFP - The United Arab Emirates has ordered military air transporters from US manufacturers Boeing and Lockheed Martin in two deals together valued at 2.9 billion dollars- IDEX defence show spokesman General Obeid al-Ketbi said on Tuesday. ...
Wed 25th February 2009 - 01:34am
Infrastructure spending will save jobs- economist
A leading economic forecaster is urging the Government to ramp up spending on infrastructure to cushion the effect of a substantial economic downturn. ...
Wed 25th February 2009 - 12:37am
Infrastructure spending will save jobs- economist
A leading economic forecaster is urging the Government to ramp up spending on infrastructure to cushion the effect of a substantial economic downturn. ...
Wed 25th February 2009 - 12:36am
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