2009-03-02 Business and Finance News (vsx.com.au)

Mitsubishi Motors Corporation and PSA Peugeot Citroen- One Step Further Towards Electric Vehicles for Europe
Tokyo- Mar 2- 2009 - JCN Newswire - Mitsubishi Motors Corporation MMC and PSA Peugeot Citroen announced today that both companies have signed a Memorandum of Understanding regarding collaboration on electric vehicles based on a vehicle currently under development by MMC in Japan. ...
Mon 2nd March 2009 - 11:36pm

US Dollar Poised to Break Multi-Year Resistance
The US Dollar index- an average of the greenbacks value against six top global currencies- has rallied sharply at the open of the trading week and is poised to break resistance at 88.20 to trade at l ...
Mon 2nd March 2009 - 10:15pm

LNP pledges to reinvigorate Great Keppel tourism
The Liberal National Party LNP says if elected- it will investigate how to reopen the Great Keppel Island resort off central Queensland. ...
Mon 2nd March 2009 - 08:20pm

HSBC's profits plunge by 70
HSBC- Europe's biggest bank- reported on Monday a 70 per cent slump in annual net profits as bad debts surged to almost $US25 billion $A39.3 billion. ...
Mon 2nd March 2009 - 07:55pm

Moody's downgrades banks ratings outlook
Ratings agency Moody's has downgraded to negative the ratings outlook for ANZ- Commonwealth Bank and Westpac. ...
Mon 2nd March 2009 - 07:53pm

Moody's downgrades banks ratings outlook
Ratings agency Moody's has downgraded to negative the ratings outlook for ANZ- Commonwealth Bank and Westpac. ...
Mon 2nd March 2009 - 07:36pm

More parking for commuters
The Transport Minister says the State Government will deliver on an election promise to increase parking at train stations. ...
Mon 2nd March 2009 - 07:16pm

Block on Gloucester bidders statement
The Takeovers Panel has ordered Gloucester Coal not to dispatch its bidders statement to the shareholders of Whitehaven Coal Ltd. ...
Mon 2nd March 2009 - 06:54pm

Europe's biggest bank's profits plunge
HSBC- Europe's biggest bank- reported on Monday a 70 per cent slump in annual net profits as bad debts surged to almost $US25 billion $A39.3 billion. ...
Mon 2nd March 2009 - 06:49pm

More parking for commuters
The Transport Minister says the State Government will deliver on an election promise to increase parking at train stations. ...
Mon 2nd March 2009 - 06:45pm

Unbridled greed caused GFC- Malaysian PM
Malaysian Prime Minister Abdullah Ahmad Badawi has blamed -amp quotunbridled greed -amp quot for the global financial crisis GFC. ...
Mon 2nd March 2009 - 06:44pm

More parking for commuters
The Transport Minister says the State Government will deliver on an election promise to increase parking at train stations.The Liberals committed nearly -amp amp 3650-million to build multi-level park ...
Mon 2nd March 2009 - 06:44pm

ANZ rethinks foreign ATM fee
The ANZ bank will no longer charge a $2 fee to ANZ customers who use non-ANZ automatic teller machines ATMs. ...
Mon 2nd March 2009 - 06:29pm

James Hardie hearings conclude
Hearings in the corporate watchdog's landmark legal action against former board members of James Hardie Industries have concluded after 45 days of evidence. ...
Mon 2nd March 2009 - 06:24pm

Market recovers after banks drag ASX to 5-year low
Australian stocks have fallen- but have recovered slightly after hitting a new five-year low today. ...
Mon 2nd March 2009 - 06:17pm

Holden remains silent on job cuts
Holden still will not reveal whether there will be any job losses in Australia under the global restructure plans by parent company General Motors. ...
Mon 2nd March 2009 - 06:10pm

Market recovers after banks drag ASX to 5-year low
Australian stocks have fallen- but have recovered slightly after hitting a new five-year low today. ...
Mon 2nd March 2009 - 05:47pm

Market recovers after banks drag ASX to 5-year low
Australian stocks have fallen- but have recovered slightly after hitting a new five-year low today. ...
Mon 2nd March 2009 - 05:33pm

First home buyers boost new home sales
New home sales surged almost nine per cent in January thanks to first home buyers- a survey shows. ...
Mon 2nd March 2009 - 05:24pm

Weak inventories could push GDP negative
The Australian economy likely contracted in the final quarter of 2008- as businesses drastically reduced their stock levels and corporate profits slumped. ...
Mon 2nd March 2009 - 05:21pm

RBA index of commodity prices rises
The RBA index of commodity prices in special drawing rights SDR terms rose 0.3 per cent in February- preliminary estimates from the central bank show. ...
Mon 2nd March 2009 - 04:50pm

Telstra to sell IT division for $200m
Australia's biggest telecommunications company- Telstra Corporation will sell its information technology services unit- KAZ Group- to Fujitsu for $200 million. ...
Mon 2nd March 2009 - 04:49pm

Asian Markets Overview of March 2
Sydney- Australia- Mar 2- 2009 - ABN Newswire - On Friday Asian markets closed mixed in a volatile trading session. Japans Nikkei 225 Average climbed 1.5- while South Koreas Kospi rose 0.8. Chinas Shanghai Composite was down 1.8 and Hong Kongs Hang Seng Index fell 0.7. Tokyo stocks slid more than 3 percent on Monday after the news that U.S. government will take a large stake in Citigroup. ...
Mon 2nd March 2009 - 04:43pm

New home buyers boost new home sales
New home sales surged by almost nine per cent per cent in January- thanks to increased activity by new home buyers- a survey shows. ...
Mon 2nd March 2009 - 04:31pm

Qantas to further cut fuel levy on fares
Qantas will again reduce its international fuel surcharges- from Tuesday. ...
Mon 2nd March 2009 - 04:23pm

Australia shares fall to over 5-year closing low
SYDNEY- March 2 - Australian stocks fell 2.8 percent on Monday to their lowest close since December 2003- driven down by the top miners and financials after Moodys revised the rating outlooks of several top banks to negative. ...
Mon 2nd March 2009 - 04:18pm

Qantas cuts international fuel surcharge
Qantas is again lowering its fuel surcharge on international flights- after recent falls in oil prices. ...
Mon 2nd March 2009 - 04:16pm

Shock profit slump fuels economic pessimism
Pessimism about the economy has returned after a sharper-than-expected fall in business inventories and profits. ...
Mon 2nd March 2009 - 04:13pm

Market claws ground back after post-2003 low
The Australian share market remains weak after hitting its lowest level in more than five years. ...
Mon 2nd March 2009 - 03:59pm

Anglo Coal to cut 650 mining jobs
Miner Anglo Coal Australia has announced it will lay off 650 staff and contractors. ...
Mon 2nd March 2009 - 03:46pm

Qantas to further cut fuel levy on fares
Qantas will again reduce its international fuel surcharges- from Tuesday. ...
Mon 2nd March 2009 - 03:46pm

Anglo Coal to cut 650 mining jobs
Miner Anglo Coal Australia has announced it will lay off 650 staff and contractors. ...
Mon 2nd March 2009 - 03:33pm

Manufacturing activity falls further
Manufacturing activity deteriorated further in February as the sector struggles to shake off the impact of the global economic crisis- a survey says. ...
Mon 2nd March 2009 - 03:24pm

Inflation gauge up on higher fuel prices
Higher petrol prices in February lifted a measure of inflation for the second straight month- dampening the prospect of a March interest rate cut. ...
Mon 2nd March 2009 - 03:21pm

Ferry service may be extended to Burswood
The State Government is considering extending Perths passenger ferry service to East Perth and Burswood.About 500-000 people use the service from South Perth to the city each year.The Minister for Tr ...
Mon 2nd March 2009 - 03:17pm

Australia shares fall 2.9 pct Ceramic Fuel drops
SYDNEY- March 2 - Australian stocks fell 2.9 percent on Monday- driven down by financials such as QBE Insurance Group Ltd QBE and Macquarie Group Ltd MQG ahead of a review of a ban on short selling later this week. ...
Mon 2nd March 2009 - 02:56pm

Anglo Coal cuts hundreds of jobs
Anglo Coal has announced it is cutting 650 mining jobs in Queensland and New South Wales. ...
Mon 2nd March 2009 - 02:49pm

Global economy impacts on manufacturing
Manufacturing activity deteriorated further in February as the impact of the global economic crisis continues to grow- a survey says. ...
Mon 2nd March 2009 - 02:48pm

Fairfax raises $500m in share offers
Fairfax Media Ltd has raised $500 million under an offer of shares to institutions. ...
Mon 2nd March 2009 - 02:46pm

Car parts company to slash up to 170 jobs
Automotive components company Robert Bosch Australia has confirmed it will shed up to 170 jobs from its Victorian plant. ...
Mon 2nd March 2009 - 02:46pm

Car parts company to slash up to 170 jobs
Automotive components company Robert Bosch Australia has confirmed it will shed up to 170 jobs from its Victorian plant. ...
Mon 2nd March 2009 - 02:44pm

Use own bank's ATM to avoid fees- ABA
Consumers are being urged to use their own bank's ATMs to minimise transaction charges under a new regime that will be introduced from Tuesday. ...
Mon 2nd March 2009 - 02:30pm

Anglo Coal cuts hundreds of jobs
Anglo Coal has announced it is cutting 650 mining jobs in Queensland and New South Wales. ...
Mon 2nd March 2009 - 02:30pm

Natural resources safe with Rio-Chinalco deal
The president of Chinas state-owned aluminium producer- Chinalco- says a proposed $30 billion deal with Rio Tinto will not jeopardise the ownership of Australias natural resources. ...
Mon 2nd March 2009 - 02:22pm

Oil falls 2 pct to below $44 on economic worries
U.S. oil falls below $44 on economic worries ...
Mon 2nd March 2009 - 02:13pm

Chinalco to meet FIRB over Rio Deal
China's state-backed Chinalco says its investment in Rio Tinto won't give the company control over Australia's resources or influence over commodity pricing. ...
Mon 2nd March 2009 - 01:54pm

Garrett stands by pulp mill tip-off
Federal Environment Minister Peter Garrett is continuing to defend the way he handled the approval of timber company Gunns proposed Tasmanian pulp mill. ...
Mon 2nd March 2009 - 01:54pm

Moody's downgrades banks ratings outlook
Ratings agency Moody's has downgraded to negative the ratings outlook for ANZ- Commonwealth Bank and Westpac. ...
Mon 2nd March 2009 - 01:44pm

Australian Market Report of March 2- Refocus after Reporting Season
Sydney- Australia- Mar 2- 2009 - ABN Newswire - Stocks fell and the S -amp ampP 500 closed at a 12-year low on Friday- after the government said it will take a large stake in Citigroups common shares- fanning fears it will increase its role in other major banks. The US economy contracted at a staggering 6. ...
Mon 2nd March 2009 - 01:43pm

Telstra sells IT division to Fujitsu
Australia's biggest telecommunications company- Telstra Corporation will sell its information technology services unit- KAZ Group- to Fujitsu for $200 million. ...
Mon 2nd March 2009 - 01:41pm

Political turmoil to exacerbate Pakistan economy
KARACHI AFP - Political turmoil in Pakistan after a court banned the most popular opposition leader running for public office could make the stagnant economy even more dependent on US aid and IMF bailouts. ...
Mon 2nd March 2009 - 01:41pm

Swan talks down December growth prospects
There is no doubt Australias growth rate will take a hit in the wake of savage global conditions- Treasurer Wayne Swan says. ...
Mon 2nd March 2009 - 01:41pm

Inventory fall to detract from GDP
A positive quarter of economic growth remains a possibility despite a decline in inventories at the end of 2008- economists say. ...
Mon 2nd March 2009 - 01:27pm

Australia shares drop 2.6 pct gold miners rise
SYDNEY- March 2 - Australian stocks fell 2.6 percent Monday- driven down by financials such as QBE Insurance Group Ltd QBE and Macquarie Group Ltd MQG ahead of review of a ban on short selling later this week- but supported by gold miners. ...
Mon 2nd March 2009 - 01:14pm

Market slumps to lowest level since 2003
The All Ordinaries index has tumbled to its lowest level since 2003 and the Australian dollar has hit its lowest level since early February. ...
Mon 2nd March 2009 - 01:11pm

Chinalco to meet FIRB over Rio Deal
Chinalco has stressed its transaction with Rio Tinto Ltd won't give the company control over Australia's resources or influence over pricing. ...
Mon 2nd March 2009 - 12:50pm

Troubled US insurer receives extra $47b in aid
The US Government will commit an extra $47 billion to the embattled insurer American International Group- as it prepares to report the biggest loss in its history and struggles to sell assets.AIGs board has approved a new rescue package that includes more lenient terms on an existing government investment and a lower interest rate on a government credit line.It is the third time the government has intervened to save AIG- which has already received $237 billion in bailout funds. ...
Mon 2nd March 2009 - 12:47pm

Aussie dollar hits 1-month low bills pare losses
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0100 GMTagainst previous Sydney close AUD 0.6302-070.6460-63AUDNZDR1.2788-28031.2742-60 AUDJPYR 61.17-2563 ...
Mon 2nd March 2009 - 12:43pm

Bushfire bunkers may be death traps
With firefighters on high alert in Victoria- some people in bushfire risk zones have decided to install fire bunkers on their properties. ...
Mon 2nd March 2009 - 12:43pm

Swan talks down December growth prospects
There is no doubt Australias growth rate will take a hit in the wake of savage global conditions- Treasurer Wayne Swan says. ...
Mon 2nd March 2009 - 12:31pm

Pessimism in Gaza despite billions in aid money
Six weeks after the ceasefire in Gaza- the world is preparing to open its coffers to rebuild the territory- and more than $2 billion is expected to be pledged. ...
Mon 2nd March 2009 - 12:29pm

Terrain Minerals Limited ASX-TMX Appoints Mr. Paul Dickson As Director
Perth- Australia- Mar 2- 2009 - ABN Newswire - Terrain Minerals Limited ASX-TMX is pleased to announce the appointment of Mr. Paul Dickson as a Director of Terrain Minerals Ltd.Mr. Dickson has a B. Econ from Victoria University and over twenty years experience in the finance services industry. ...
Mon 2nd March 2009 - 12:27pm

Market measures 'having positive effect'
Government measures aimed at stabilising the financial markets appear to have had some positive effect- the world's largest central banking body says. ...
Mon 2nd March 2009 - 12:24pm

Australia shares drop 3 pct Fairfax rises
SYDNEY- March 2 - Australian stocks fell 3 percent on Monday- driven down by financials such as QBE Insurance Group Ltd QBE and Macquarie Group Ltd MQG ahead of review of a ban on short selling later this week. ...
Mon 2nd March 2009 - 12:19pm

Swan talks down December growth prospects
There is no doubt Australias growth rate will take a hit in the wake of savage global conditions- Treasurer Wayne Swan says. ...
Mon 2nd March 2009 - 12:18pm

Endangered tigers killed by scared locals
On the Indonesian island of Sumatra tigers have mauled six people to death in the period of a month- resulting in three of the giant endangered cats being killed by terrified locals. ...
Mon 2nd March 2009 - 12:17pm

Union keen for Holden job details
The Australian Manufacturing Workers Union is trying to firm up whether there will be job losses at the Holden plant at Elizabeth in Adelaide. ...
Mon 2nd March 2009 - 12:10pm

Chinalco to meet FIRB over Rio Deal
Chinalco will meet Foreign Investment Review Board FIRB officials on Monday to discuss its $US19.5 billion $A30.64 billion deal with Rio Tinto Ltd. ...
Mon 2nd March 2009 - 11:54am

Company profits sink as slowdown bites
Businesses felt the brunt of the global recession in the final three months of 2008 as profits sank at their fastest pace since June 2003. ...
Mon 2nd March 2009 - 11:52am

Study shows alcopop sales down- Roxon
The Federal Government says it hopes key senators will carefully consider the latest study that shows the increased tax on alcopops is working. ...
Mon 2nd March 2009 - 11:47am

Inflation gauge up on higher fuel prices
Higher petrol prices in February have lifted a measure of inflation for the second straight month- a survey shows. ...
Mon 2nd March 2009 - 11:46am

Market starts week with sharp falls
Australian stocks have fallen sharply after a weak session for Wall Street on Friday. ...
Mon 2nd March 2009 - 11:36am

Australia shares drop 2.5 pct financials drag
SYDNEY- March 2 - Australian stocks fell 2.5 percent on Monday- driven down by financials such as QBE Insurance Group Ltd QBE and Macquarie Group Ltd MQG ahead of review of a ban on short selling later this week. ...
Mon 2nd March 2009 - 11:26am

Wait-and-see on Lake Eyre flood volume
An environmental scientist doubts Queensland floodwaters reaching Lake Eyre in outback South Australia will be enough to fill it. ...
Mon 2nd March 2009 - 11:23am

Brown takes anti-protectionism plan to Washington
British Prime Minister Gordon Brown will visit Washington today- taking his proposal for a global New Deal to the American Congress. ...
Mon 2nd March 2009 - 11:18am

NYMEX-Oil falls towards $44 on economic worries
PERTH- March 2 - U.S. oil prices fell towards $44 a barrel on Monday- extending previous sessions decline- amid fears that the ailing global economy would further damage energy demand. ...
Mon 2nd March 2009 - 11:13am

Telstra offloads IT arm
Telstra has agreed to sell its ICT services arm- KAZ Group- to Fujitsu for $200 million. ...
Mon 2nd March 2009 - 11:13am

Aust market follows Wall Street falls
Australian stocks have fallen sharply after a weak session for Wall Street on Friday. ...
Mon 2nd March 2009 - 11:12am

Telstra offloads KAZ to Fujitsu
Telstra has agreed to sell its ICT services arm- KAZ Group- to Fujitsu for $200 million. ...
Mon 2nd March 2009 - 10:44am

Inflation gauge up on higher fuel prices
Higher petrol prices in February have lifted a measure of inflation for the second straight month- a survey shows. ...
Mon 2nd March 2009 - 10:39am

IOOF to buy Scandia and Intech for $34 m
IOOF Holdings Ltd will buy the Australian subsidiaries of UK-based OM Group for $34 million to strengthen its position in the local financial services market. ...
Mon 2nd March 2009 - 10:38am

SA Govt welcomes mountain bike event
The South Australian Government is delighted that the state has won the right to host the Australian Mountain Bike Championships for three years- from next January. ...
Mon 2nd March 2009 - 10:38am

Fairfax raises $500m in share offers
Fairfax Media Ltd has raised $500 million under an offer of shares to institutions. ...
Mon 2nd March 2009 - 10:36am

Bligh postpones Whitsundays airport tender process
The Queensland Premier says now is not the time to try and find a commercial operator for an airport in the Whitsundays. ...
Mon 2nd March 2009 - 10:34am

Anglo Coal cuts hundreds of jobs
Anglo Coal has announced it is cutting up to 650 mining jobs. ...
Mon 2nd March 2009 - 10:29am

Australia shares drop 2.2 pct miners fall
SYDNEY- March 2 - Australian stocks fell 2.2 percent on Monday- as miners and other companies relying on global demand- such as Westfield Group WDC- lost on concerns about the weak outlook for world economic growth. ...
Mon 2nd March 2009 - 10:23am

Commonwealth urged to support state infrastructure spending
Federal Treasurer Wayne Swan is under pressure to help states take on up to $100 billion in debt to finance their infrastructure plans and stimulate the economy. ...
Mon 2nd March 2009 - 10:19am

Anglo Coal cuts hundreds of jobs
Anglo Coal has announced it is cutting up to 650 jobs. ...
Mon 2nd March 2009 - 10:14am

Key says Australian recession would hit NZ hard
Visiting New Zealand Prime Minister John Key is warning a recession in Australia could have dire consequences for New Zealand. ...
Mon 2nd March 2009 - 10:13am

Small miners suffering at hands of Qld Govt
A body representing small-scale miners in Queensland says poor policy and regulation by the State Government could see the demise of the sector. ...
Mon 2nd March 2009 - 09:47am

Telstra sells IT division for $200m
Telstra Corporation will sell its information technology services unit- KAZ Group- to Fujitsu for $200 million. ...
Mon 2nd March 2009 - 09:43am

Dont expect a rate cut this month- economist
The Reserve Banks recent aggressive policy of interest rate cuts could be coming to an end this week- a prominent economic expert says. ...
Mon 2nd March 2009 - 09:36am

Aussie dollar soft- bills slide as RBA cut doubted
SYDNEY- March 2 - The Australian dollar was soft on Monday amid global risk aversion- but came off its lows on growing speculation the countrys central bank would skip a cut in interest rates at its policy meeting this week. Aussie AUD traded at $0.6391- pulling back from a near two-week low of $0.6337 struck offshore- and compared $0.6460 seen here late Friday. ...
Mon 2nd March 2009 - 09:35am

Telstra sells IT division for $200m
Telstra Corporation will sell its information technology services unit- KAZ Group- to Fujitsu for $200 million. ...
Mon 2nd March 2009 - 08:55am

Australia shares seen lower on more US gloom
U.S. stocks took another battering on worries the government would continue to increase its role in the countrys major banks and gloomy fourth-quarter growth data. ...
Mon 2nd March 2009 - 08:55am

Skilled workers to lose jobs- survey
As many as 50-000 skilled workers could be looking for work by 2010 across most industries- a new survey says. ...
Mon 2nd March 2009 - 08:25am

Austrian lobbyist held over alleged BAE bribes
VIENNA AFP - An Austrian lobbyist was remanded in custody on Sunday following his arrest last week on suspicion of bribery and money-laundering involving British weapons maker BAE systems- officials said. ...
Mon 2nd March 2009 - 07:41am

UBS chief supports tax evasion 'changes'
Oswald Gruebel- the new chief executive of UBS- says in a newspaper interview that he supported changes to banking secrecy to counter tax evasion. ...
Mon 2nd March 2009 - 07:40am

Wen warns economic crisis hitting China
Chinese Premier Wen Jiabao has warned the global financial crisis is still spreading through China and the country faces an arduous task to combat its effects. ...
Mon 2nd March 2009 - 07:39am

EU leaders open door to fast-track euro membership
BRUSSELS AFP - Several EU leaders on Sunday opened the door for the first time to the possibility of fast-track membership of the eurozone- while ruling out a relaxation of the tough rules for adopting the currency. ...
Mon 2nd March 2009 - 07:37am

Tiger opens Adelaide base
There have been 60 local jobs created from the opening of a Tiger Airways base in Adelaide. ...
Mon 2nd March 2009 - 07:25am

Tiger opens Adelaide base
There have been 60 local jobs created from the opening of a Tiger Airways base in Adelaide. ...
Mon 2nd March 2009 - 07:22am

EU rejects eastern Europe bailout
EU leaders ruled out on Sunday a regional bailout plan for eastern Europe- despite a Hungarian warning of a -amp quotnew iron curtain -amp quot. ...
Mon 2nd March 2009 - 06:46am

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