Global airlines warn of stormy 2009
FRANKFURT AFP - Global airlines face a stormy economic climate- with German carrier Lufthansa warning of a difficult 2009 on Wednesday after Cathay Pacific and Delta posted heavy losses for last year. ...
Wed 11th March 2009 - 11:56pm
Dollar higher as yen wanes
LONDON AFP - The dollar rose against major rivals on Monday- while the yen weakened on news of a record current account deficit in Japan- the worlds second biggest economy after the United States. ...
Wed 11th March 2009 - 11:43pm
EU raids offices of French energy company EDF
BRUSSELS AFP - EU antitrust inspectors raided the offices of Electricite de France this week as part of a competition probe that could potentially lead to hefty fines- the European Commission said Wednesday. ...
Wed 11th March 2009 - 11:40pm
Oil prices drop before US data
LONDON AFP - Oil prices fell slightly on Wednesday as the market geared up for the release of key data on US energy stockpiles ahead of an OPEC weekend meeting to discuss output levels. ...
Wed 11th March 2009 - 11:34pm
German industry slumps as demand falls
FRANKFURT AFP - German industrial output slumped in January as Europes biggest economy and major exporter was pummelled by the global downturn- official figures showed on Wednesday. ...
Wed 11th March 2009 - 11:28pm
Asia stock markets solidly higher
HONG KONG AFP - Asian stock markets were higher Wednesday following a rally on Wall Street overnight- with the mood rebounding despite another round of gloomy economic data. ...
Wed 11th March 2009 - 11:12pm
Hungary in recession- official data
BUDAPEST AFP - Hungary entered a recession in the fourth quarter of 2008 when the economy shrank 1. ...
Wed 11th March 2009 - 10:59pm
German industry slumps as demand falls
FRANKFURT AFP - German industrial output slumped in January as Europes biggest economy and major exporter was pummelled by the global downturn- official figures showed on Wednesday. ...
Wed 11th March 2009 - 10:56pm
Norways state pension fund loses 71.5 bln euros
OSLO AFP - Norways state pension fund- one of the worlds largest sovereign wealth funds- lost 633 billion kroner 71.5 billion euros- 90.5 billion dollars last year on its investment holdings- the central bank said Wednesday. ...
Wed 11th March 2009 - 10:35pm
Jetstar staff in Hobart shocked by closure plans
The union representing flight attendants has asked for an urgent meeting with Jetstar to discuss the future of staff employed at its Hobart base- which will close in May. ...
Wed 11th March 2009 - 09:18pm
Foreign holiday-makers shun Australia
Official figures show the number of people visiting Australia for holiday purposes has plunged. ...
Wed 11th March 2009 - 08:15pm
Home owner grant boost stimulating economy- Rudd
Prime Minister Kevin Rudd says official housing finance figures show the decision to increase the first home owner grant has helped the economy. ...
Wed 11th March 2009 - 07:46pm
Foreign holiday-makers shun Australia
Official figures show the number of people visiting Australia for holiday purposes has plunged. ...
Wed 11th March 2009 - 07:41pm
Harvey Beef sacks 160 workers in WA
West Australian meat exporter Harvey Beef has failed to rule out further job losses after sacking 160 workers from its plant south of Perth. ...
Wed 11th March 2009 - 07:30pm
Foreign holiday-makers shun Australia
Official figures show the number of people visiting Australia for holiday purposes has plunged. ...
Wed 11th March 2009 - 07:19pm
Holiday-maker visits down 6.5pc
Official figures show the number of people visiting Australia for holiday purposes has plunged. ...
Wed 11th March 2009 - 07:18pm
Holiday-maker visits down 6.5pc
Official figures show the number of people visiting Australia for holiday purposes has plunged. ...
Wed 11th March 2009 - 07:11pm
Germanys Lufthansa 2008 net profit falls 64 pct
FRANKFURT AFP - German flag carrier Lufthansa said Wednesday its 2008 net profit fell 64 percent to 599 million euros 760 million dollars and that it expected a further drop this year. ...
Wed 11th March 2009 - 06:46pm
Germanys HRE bank faces bankruptcy without more aid- report
FRANKFURT AFP - Stricken German specialist mortgage lender Hypo Real Estate HRE could declare bankruptcy on April 24 if it does not get more state aid- a press report said on Wednesday. ...
Wed 11th March 2009 - 06:38pm
Put any tax refund into health- spirit industry says
The spirits industry says it will not be asking for a refund if the Federal Governments alcopop tax hike fails to pass through the Senate. ...
Wed 11th March 2009 - 06:37pm
NAB job losses inevitable- broker
A broker's report says job losses at NAB are inevitable- amid reports the bank will announce retrenchments when it delivers a strategy update on Thursday. ...
Wed 11th March 2009 - 06:34pm
Home owner grant boost stimulating economy- Rudd
Prime Minister Kevin Rudd says official housing finance figures show the decision to increase the first home owner grant has helped the economy. ...
Wed 11th March 2009 - 06:32pm
First home buyer data highest since '91
A rise in the number loans to first home buyers to the highest levels in 18 years has been driven by low interest rates- economists say. ...
Wed 11th March 2009 - 06:20pm
Put any tax refund into health- spirit industry says
The spirits industry says it will not be asking for a refund if the Federal Governments alcopop tax hike fails to pass through the Senate. ...
Wed 11th March 2009 - 06:18pm
Put any tax refund into health- spirit industry says
The spirits industry says it will not be asking for a refund if the Federal Governments alcopop tax hike fails to pass through the Senate. ...
Wed 11th March 2009 - 06:17pm
China posts weakening trade figures
Some gloomy trade figures have dampened expectations of Chinas ability to weather the world economic storm. ...
Wed 11th March 2009 - 05:59pm
Industry welcomes ACT apprentice service
Industry groups have welcomed the ACT Governments new service for struggling apprentices. ...
Wed 11th March 2009 - 05:57pm
PMP to defend claim filed by ex-CEO
Australia's largest printer PMP Ltd will battle its former chief Brian Evans over his claim that the struggling company owes him nearly $2 million. ...
Wed 11th March 2009 - 05:54pm
ASIC given deadline for Storm action
ASIC has been given until Thursday afternoon to file an application to wind up failed investment advisory company Storm Financial. ...
Wed 11th March 2009 - 05:53pm
China posts weakening trade figures
Chinas exports have plunged almost 26 per cent in February from the same period last year. ...
Wed 11th March 2009 - 05:40pm
Asian Markets Overview March 11
Sydney- Australia- Mar 11- 2009 - ABN Newswire - Most Major indexes in Asia ended higher Tuesday- but Japans Nikkei 225 Average closed 0.4 lower at a fresh 26-year low. Hong Kongs Hang Seng Index surged 3.1 largely pushed by the banking sector. On Wednesday Tokyo and Hong Kong markets bounced 4 per cent respectively in the morning following Wall Streets hefty overnight rally. Taiwan stocks rose 2. ...
Wed 11th March 2009 - 05:32pm
Local shares close up almost 2pc
Australian shares have closed higher- but have not matched the strong gains made on international markets overnight. ...
Wed 11th March 2009 - 05:25pm
Hedge funds 'won't target financials'
An independent monitor of local hedge funds has rubbished claims the funds would target domestic financial stocks if their short selling ban was lifted. ...
Wed 11th March 2009 - 05:17pm
Australia shares end at 1-week high- banks lead
SYDNEY- March 11 - Australian stocks rose 1.9 percent to a one-week closing high on Wednesday- led up by financials such as Macquarie Group Ltd MQG following an upbeat report from ailing U.S. bank Citigroup C.N. ...
Wed 11th March 2009 - 05:16pm
Regional air commuters 'may lose out'
Regional commuters wanting to fly to Sydney should not be treated like second-class citizens and forced to land at Bankstown airport- a Liberal MP says. ...
Wed 11th March 2009 - 04:57pm
Cytopia presses Progen for board change
Cancer treatment developer Cytopia Ltd continues to push for a new board at Progen Pharmaceuticals Ltd. ...
Wed 11th March 2009 - 04:56pm
World markets surge on 'easing' crisis
World stocks soared on Tuesday as battered banking giant Citigroup's upbeat outlook sparked hope for an end to the grinding financial crisis. ...
Wed 11th March 2009 - 04:55pm
Industry welcomes ACT apprentice service
Industry groups have welcomed the ACT Governments new service for struggling apprentices. ...
Wed 11th March 2009 - 04:49pm
Home owner grant boost stimulating economy- Rudd
Prime Minister Kevin Rudd says official housing finance figures show the decision to increase the first home owner grant has helped the economy. ...
Wed 11th March 2009 - 04:44pm
Aussie dlr tarnished by China trade woe- bonds dip
SYDNEY- March 11 - The Australian dollar tumbled from highs on Wednesday as a surprisingly sharp slump in Chinas exports pointed to weaker demand for Australias key commodity products. ...
Wed 11th March 2009 - 04:33pm
Owner-occupied housing finance up 3.5
Lower interest rates and increased government grants continued to entice buyers back into the housing market in January- new figures show. ...
Wed 11th March 2009 - 04:30pm
China's exports plunge 25
China's exports plunged 25.7 per cent in February from a year earlier- the customs bureau said. ...
Wed 11th March 2009 - 04:26pm
Home owner grant boost stimulating economy- Rudd
Prime Minister Kevin Rudd says official housing finance figures show the decision to increase the first home owner grant has helped the economy. ...
Wed 11th March 2009 - 04:26pm
Citigroup-led recovery gives traders new hope
Traders are looking beyond a 6 per cent surge on Wall Street today to determine if it was an optimistic blip or a sign of better times ahead. ...
Wed 11th March 2009 - 04:20pm
Australia shares end at 1-week high- banks lead
SYDNEY- March 11 - Australian stocks rose 1.9 percent to a one-week closing high on Wednesday as financial stocks such as Macquarie Group Ltd MQG jumped after Citigroup C.N said it was profitable in the first two months of 2009. ...
Wed 11th March 2009 - 04:18pm
Livestock methane needs research- expert
Developing countries would suffer if livestock numbers were reduced to cut worldwide greenhouse gas emissions- a visiting expert says. ...
Wed 11th March 2009 - 04:16pm
Nexus shares halted as talks continue
Nexus Energy Ltd shares have been suspended as it continues talks about assets sales and fundraising options. ...
Wed 11th March 2009 - 03:58pm
No proof of water in petrol
The Northern Territory Consumer Affairs office says it hasnt found any petrol stations in Darwin adding water to their petrol. ...
Wed 11th March 2009 - 03:49pm
Jobs go as Jetstar axes Hobart base
Jetstar has announced it is shutting its Hobart base. ...
Wed 11th March 2009 - 03:48pm
Consumer confidence down for 14th month
Consumer sentiment dipped in March amid ongoing fears about a recession and job losses. ...
Wed 11th March 2009 - 03:45pm
Scullion says emissions trading scheme will scare off Inpex
The Country Liberals Senator Nigel Scullion says the future of the $12 billion Inpex gas plant in Darwin is under threat- because of the Federal Governments proposed Emissions Trading Scheme. ...
Wed 11th March 2009 - 03:36pm
Capitalism is not dead- says Adler
Disgraced businessman Rodney Adler says he doesn't believe the current global financial crisis signals the death of capitalism. ...
Wed 11th March 2009 - 03:33pm
China's exports plunge 25
China's exports plunged 25.7 per cent in February from a year earlier- the customs bureau said. ...
Wed 11th March 2009 - 03:28pm
Capitalism is not dead- says Adler
Disgraced businessman Rodney Adler says he doesn't believe the current global financial crisis signals the death of capitalism. ...
Wed 11th March 2009 - 03:15pm
Consumer confidence down for 14th month
Consumer sentiment dipped in March amid ongoing fears about a recession and job losses. ...
Wed 11th March 2009 - 03:12pm
HSBC's 24 share price drop sparks probe
Struggling banking giant HSBC sought to reassure nervous investors after a dramatic plunge in its share price that sparked a securities watchdog probe. ...
Wed 11th March 2009 - 03:10pm
Livestock methane needs research- expert
Developing countries would suffer if livestock numbers were reduced to cut worldwide greenhouse gas emissions- a visiting expert says. ...
Wed 11th March 2009 - 02:51pm
Govt ignoring alcopop substitution evidence
A major manufacturer of alcopops says the Federal Government has gone out of its way to vilify the spirits industry and discredit its evidence. ...
Wed 11th March 2009 - 02:39pm
China's fixed asset investment soars
Chinese investment in plant and equipment soared in the first two months of the year- the government said. ...
Wed 11th March 2009 - 02:37pm
Asia Cement China Holdings Corporation HKG-0743- Hubei Yadong Plants New Production Line Commences Operation
Hong Kong- China- Mar 11- 2009 - ABN Newswire - The major integrated cement producer in the Central Yangtze River Region and the Sichuan Region - Asia Cement China Holdings Corporation -amp quotAsia Cement China -amp quot or the -amp quotGroup -amp quot HKG-0743 announced that No.1 rotary kilns at Hubei Yadong Plant located in Chinas Central Yangtze River region commences operation today- while No. ...
Wed 11th March 2009 - 02:16pm
Treasury asked about stimulus debit card
Treasury is considering a proposal to direct future stimulus cash handouts to a debit card that could be used in retail outlets- a retail advisory firm says. ...
Wed 11th March 2009 - 02:15pm
Australian Market Report of March 11- Remarkable Rally on Wall Street
Sydney- Australia- Mar 11- 2009 - ABN Newswire - US stocks market surged strongly overnight on some good news that the market has been waiting for a long time. Citigroups said the banking giant had been profitable for the first two months of 2009. Meanwhile- the market also was supported by the optimistic comments from U.S. Federal Reserve Chairman Ben Bernanke and expectation on reinstatement of a rule that hinders short-selling. ...
Wed 11th March 2009 - 02:10pm
Recession disease ravages reeling Britain
If you are preoccupied with Australias economic woes right now- spare a thought for the people of Britain- where the Bank of England is set to pump £75 billion $165b of newly created money into the economy over three months. ...
Wed 11th March 2009 - 01:50pm
Govt ignoring alcopop substitution evidence
A major manufacturer of alcopops says the Federal Government has gone out of its way to vilify the spirits industry and discredit its evidence. ...
Wed 11th March 2009 - 01:47pm
Govt ignoring alcopop substitution evidence
A major manufacturer of alcopops says the Federal Government has gone out of its way to vilify the spirits industry and discredit its evidence. ...
Wed 11th March 2009 - 01:46pm
Recession disease ravages reeling Britain
If you are preoccupied with Australias economic woes right now- spare a thought for the people of Britain- where the Bank of England is set to pump £75 billion $165b of newly created money into the economy over three months. ...
Wed 11th March 2009 - 01:37pm
Concern over ACT child protection law changes
The media and sections of the legal profession have criticised the ACTs new laws protecting the identity of children involved in legal proceedings. ...
Wed 11th March 2009 - 01:31pm
Green light for Vic poppy growing trial
Pharmaceutical poppy producer GlaxoSmithKline has admitted it is planning to trial poppy growing in Victoria- despite earlier denials. ...
Wed 11th March 2009 - 01:29pm
Airport study looks at stormwater potential
The potential to harvest and store stormwater at Adelaide Airport will be investigated in a $60-000 study. ...
Wed 11th March 2009 - 01:28pm
Downturn shelves $200m ethanol plant
Plans for a multi-million dollar Riverina ethanol plant in southern New South Wales have been put on hold- but its backers say the project is still viable. ...
Wed 11th March 2009 - 01:25pm
Drivers warned about West Gate Freeway concrete barrier
The Victorian Government says new road conditions will significantly improve traffic flow and safety on the West Gate Freeway. ...
Wed 11th March 2009 - 01:22pm
Home loan approvals up 3.5pc
The number of home loans approved for owner occupiers has risen as lower interest rates and improved housing incentives flow through to the market. ...
Wed 11th March 2009 - 01:21pm
World needs single currency- Kazakhstan
Kazakh President Nursultan Nazarbayev has called for the creation of a single world currency called the -amp quotacmetal -amp quot as a means of combating the global crisis. ...
Wed 11th March 2009 - 01:19pm
Cytopia presses Progen for board change
Cancer treatment developer Cytopia Ltd continues to push for a new board at Progen Pharmaceuticals Ltd. ...
Wed 11th March 2009 - 01:16pm
Green light for Vic poppy growing trial
Pharmaceutical poppy producer GlaxoSmithKline has admitted it is planning to trial poppy growing in Victoria- despite earlier denials. ...
Wed 11th March 2009 - 01:16pm
Elderly set to bear brunt of Telstra charge changes
Telstra has been accused of a blatant money grab in changes to the way it charges customers for landline calls. ...
Wed 11th March 2009 - 01:12pm
PMP to defend claim filed by ex-CEO
Printing firm PMP Ltd says it will defend a claim for nearly $2 million by former CEO and managing director Brian Evans- who left the company in January. ...
Wed 11th March 2009 - 12:56pm
Owner-occupied housing finance up 3.5
Lower interest rates and increased government grants continued to entice buyers back into the housing market in January- new figures show. ...
Wed 11th March 2009 - 12:30pm
Aussie dlr holds gains with stocks bonds retreat
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0037 GMTagainst previous Sydney close AUD 0.6473-750.6386-88 AUDNZDR1.2829-521.2837-56 AUDJPYR 63.82-88 63 ...
Wed 11th March 2009 - 12:25pm
Crisis could increase poverty in Africa
Millions of Africans face being thrown back into poverty and conflict by the global financial crisis- the International Monetary Fund chief says. ...
Wed 11th March 2009 - 12:25pm
Home loan approvals up 3.5pc
The number of home loans approved for owner occupiers has risen as lower interest rates and improved housing incentives flow through to the market. ...
Wed 11th March 2009 - 12:15pm
Owner-occupied housing finance up 3.5
Australian housing finance commitments for owner-occupied housing rose 3.5 per cent in January to 55-628- the Australian Bureau of Statistics said on Wednesday. ...
Wed 11th March 2009 - 11:56am
Magnetic Resources ASX-MAU Provide Jubuk Iron Ore Update
Perth- Australia- Mar 11- 2009 - ABN Newswire - As recently reported MAU ASX Release 9 March 2009- Magnetic Resources ASX-MAUhas identified a 35km-long aeromagnetic trend near Corrigin- WA- considered to be prospective for iron ore. By way of clarification- the recent sampling of banded iron formation BIF over an 800m strike length returned iron values up to 53.2þ ranging from 34.3þ to 53.2þ- averaging 39. ...
Wed 11th March 2009 - 11:56am
Marion Energy Limited ASX-MAE Response to ASX Price Query
Melbourne- Australia- Mar 11- 2009 - ABN Newswire - Marion Energy Limited ASX-MAEPINK-MAEJF respond to a price query from the Australian Securities Exchange. The response is reproduced below-RE- PRICE QUERYI refer to your letter dated 10 March- 2009 regarding the change in the price of the Companys securities from $0.345 on 3 March- 2009 to a high of $0. ...
Wed 11th March 2009 - 11:46am
Banks boost Aust share market after global rally
Financial shares have boosted the Australian share market after a rally on global markets overnight. ...
Wed 11th March 2009 - 11:41am
Public housing attempts to reverse building slump
The New South Wales Government has outlined a plan to build thousands of new social housing homes by the end of next year- as part of the federal Governments nation building package. ...
Wed 11th March 2009 - 11:37am
Owner-occupied house finance up 3.5
Australian housing finance commitments for owner-occupied housing rose 3.5 per cent in January to 55-628- the Australian Bureau of Statistics said on Wednesday. ...
Wed 11th March 2009 - 11:36am
Nexus Energy in talks about asset sales
Trading in Nexus Energy Ltd shares has been suspended for a week while the company continues talks about assets sales and fund raising options. ...
Wed 11th March 2009 - 11:15am
Vic Govt puts forward plans for solar power station
The Victorian Government wants to build a solar power station in Victoria by 2015. ...
Wed 11th March 2009 - 11:10am
Consumer confidence down for 14th month
Consumer sentiment dipped in March amid ongoing fears about a recession and job losses. ...
Wed 11th March 2009 - 10:47am
Workers- union rally over Bonds job losses
Hundreds of clothing manufacturing workers have joined trade union leaders to rally outside the Bonds factory at Unanderra on the New South Wales south coast. ...
Wed 11th March 2009 - 10:47am
Vic Govt puts forward plans for solar power station
The Victorian Government wants to build a solar power station in Victoria by 2015. ...
Wed 11th March 2009 - 10:40am
Vic Govt puts forward plans for solar power station
The Victorian Government wants to build a solar power station in Victoria by 2015. ...
Wed 11th March 2009 - 10:34am
Obama wants action to help worlds poor
WASHINGTON AFP - US President Barack Obama on Tuesday called for global coordination to protect food supplies for the worlds poorest countries as the economic crisis deepens. ...
Wed 11th March 2009 - 10:33am
Vic Govt puts forward plans for solar power station
The Victorian Government wants to build a solar power station in Victoria by 2015. ...
Wed 11th March 2009 - 10:33am
Banks boost Aust share market after global rally
Financial shares have boosted the Australian share market after a rally on global markets overnight. ...
Wed 11th March 2009 - 10:32am
Local market up 2pc after Wall Street rally
The Australian share market has been as much as 2 per cent higher in early trade- after positive news from the troubled US bank Citigroup led a world-wide rally overnight. ...
Wed 11th March 2009 - 10:31am
Aussie dollar firms on Citi profit bonds ease
SYDNEY- March 11 - The Australian dollar AUD rose on Wednesday as investors cheered comments from Citigroup C.N that it was profitable in the first two months of the year- whetting appetites for riskier assets. ...
Wed 11th March 2009 - 10:19am
Australia shares at 1-week high- Citi boosts banks
SYDNEY- March 11 - Australian stocks rose 2 percent to a one-week high on Wednesday- as financial stocks such as Macquarie Group Ltd MQG jumped after Citigroup C.N announced it was profitable in the first two months of 2009. ...
Wed 11th March 2009 - 10:14am
Harvey Beef to sack 160 workers
Harvey Beef has announced it will cut its workforce by more than quarter by sacking 160 workers from its abattoir in Western Australias South-West. ...
Wed 11th March 2009 - 09:44am
BHP job losses tragic
Reactions have been mixed to BHP Billitons announcement that it is laying off 85 workers from its Olympic Dam mine in South Australias north- and transferring another 50 positions to Adelaide. ...
Wed 11th March 2009 - 09:40am
Smelter problem averts May shutdown plan
The operator of Port Piries lead and zinc smelter Nyrstar says a 10-day shutdown of its blast furnace will not affect long-term production. ...
Wed 11th March 2009 - 09:37am
ACT retail spending tipped to rebound
Retail spending has fallen in the ACT- but economic analysts are predicting it to grow again in the next financial year. ...
Wed 11th March 2009 - 09:23am
Salacious reports on Costello clash untrue- Turnbull
Opposition Leader Malcolm Turnbull has slammed salacious reports of a supposed clash between him and former treasurer Peter Costello over the Coalitions stance on the Governments industrial relations laws. ...
Wed 11th March 2009 - 09:11am
Bernanke wants forceful action on crisis
US Federal Reserve chief Ben Bernanke has called on governments to take -amp quotforceful -amp quot action to stem unending financial turmoil. ...
Wed 11th March 2009 - 08:59am
Mirvac can't explain share price fall
Developer Mirvac Group has told the Australian Securities Exchange that it cannot explain a sharp drop in the company's share price since last week. ...
Wed 11th March 2009 - 08:57am
Top-grade Tasmanian timber sold to plywood mill
Forestry Tasmania has struck a deal with a Malaysian timber company that sees top-grade Tasmanian sawlogs being milled into plywood. ...
Wed 11th March 2009 - 08:51am
Higgins sings the blues over Kimberley gas plan
Australian singer-songwriter Missy Higgins is planning a live album to raise funds for the fight against a proposed gas processing hub on Western Australias Kimberley coast. ...
Wed 11th March 2009 - 08:50am
Harvey Beef to sack 160 workers
Harvey Beef has announced it will cut its workforce by more than quarter by sacking 160 workers from its abattoir in Western Australias South-West.In a statement released last night- Harvey Beef says ...
Wed 11th March 2009 - 08:37am
Public housing attempts to reverse building slump
The New South Wales Government will today outline a plan to build thousands of new social housing homes by the end of next year- as part of the federal Governments nation building package. ...
Wed 11th March 2009 - 08:34am
Top-grade Tasmanian timber sold to plywood mill
Forestry Tasmania has struck a deal with a Malaysian timber company that sees top-grade Tasmanian sawlogs being milled into plywood. ...
Wed 11th March 2009 - 08:32am
Australia shares set to rise Citi to lift banks
The comments by Citi see nLA390055 helped the Dow Jones jump 5.8 percent and gave U.S. stocks their best day in four months. ...
Wed 11th March 2009 - 08:31am
Higgins sings the blues over Kimberley gas plan
Australian singer-songwriter Missy Higgins is planning a live album to raise funds for the fight against a proposed gas processing hub on Western Australias Kimberley coast. ...
Wed 11th March 2009 - 08:31am
Opposition calls for land rent certainty
The ACT Liberals say the Government needs to reveal which lender is backing its land rent scheme well before the first home owners grant expires. ...
Wed 11th March 2009 - 08:27am
Top-grade Tasmanian timber sold to plywood mill
Forestry Tasmania has struck a deal with a Malaysian timber company that sees top-grade Tasmanian sawlogs being milled into plywood. ...
Wed 11th March 2009 - 08:25am
HSBC's 24 share price drop sparks probe
Struggling banking giant HSBC sought to reassure nervous investors after a dramatic plunge in its share price that sparked a securities watchdog probe. ...
Wed 11th March 2009 - 08:22am
Chinas Prices Fall As Economy Slides
Chinese prices are falling- raising the prospect of deflation and at the same time- the country is going all out to try and halt the slide in exports.Consumer prices fell 1.6 last month and producer prices tumbled by 4.5. Other figures yesterday showed another fall in home prices in Chinas 70 largest cities- a sign the domestic economy hasnt stabilised.The fall in inflation was good news- but also another sign of the impact of the slowdown on the Chinese economy- as was the 1.2 drop in home prices.So much for all the bravado from last week about Chinas stimulus package dragging the economy and countries like Australia out of the slump.The talk of a new spending boost lingered in the aftermath of the big annual speech by premier Wen Jiabao where he failed to talk about new spending and committed the country to 8 economic growth this year.The Financial Times reported on Friday- -amp quotChinas top economic officials said they saw signs of economic recovery thanks to government efforts to boost growth- but analysts warned Beijing might be getting complacent as it tried to shore up confidence amid a pronounced slump. -amp quotWe can see the economic figures are already stabilising and recovering- which shows the governments stimulus policies have started to take effect- -amp quot Zhou Xiaochuan- Chinas central bank governor- said at a press conference on Friday. -amp quotHis optimism was echoed by Xie Xuren- the finance minister- and Zhang Ping- chairman of the National Development and Reform Commission- the countrys powerful economic planning agency. -amp quotThe measures taken have been positive and efficient- -amp quot said Mr Zhang. -amp quotThey have been very effective in stopping the slowdown in economic growth- in overcoming the difficulties of enterprises and in expanding consumption. -amp quotBut some western analysts thought that was too bullish and too political.More realistic were reports of exports falling in February and a downturn in steel output and increasing stockpiles of iron ore and coal.Now theres news that all taxes on exports are to be cut to zero to try and maintain growth in exports- which fell sharply in January- along with imports- which were down because of falling prices for raw materials.Chinese exports fell 17.5 in January. There have been reports of bigger falls from some regions last month. Februarys figures should be out later this week.A Chinese newspaper reported late last week that exports and imports both fell more than 20 last month.Falling prices will help somewhat- but rising demand from economies such as the US- Japan and Europe would be more ideal.The 1.6 fall in Chinese consumer prices in February took the headlines- raising fears of deflation which will go on for most of this year- but the big fall was the decades biggest fall in producer prices- down 4.5 in February after a 3.3 fall in January.Thats telling us that the fall in the cost of oil- fuel and imports because of lower world prices- is having a big impact on industry- but not as much as one would think because of the absence of demand domestically or from abroad. Analysts say theres a large dollop of price cutting by manufacturers.Thats going on at the retail level- but not by as much. Februarys fall in consumer prices came after the 1 rise in JanuaryChinas food price inflation has slowed sharply from the overheated levels from a year ago- which should please the Communist party as it fears rising levels of social unrest over job losses.China isnt the only Asian country where consumer prices have slowed or fallen- in January consumer prices In Japan were steady- rising fears of a renewed outbreak of price deflation- to go with the fall in asset values.The fall in prices makes the cut in export taxes and promises of more financial support to exporters more interesting.From reports- the Chinese government is spinning the moves as a way of helping the country get a bigger share of world trade in the current downturns.Commerce minister Chen Deming was quoted in an interview in a party newspaper as saying that the country would -amp quotuse all possible measures to ensure the stable growth of our exports and prevent a large drop in external demand -amp quot. -amp quotWe should increase our share of the global market . . . We must transform ourselves from a big export nation to a strong export nation- -amp quot he was quoted as saying in translation.Mr Chen said the government would gradually reduce export taxes to zero while following international trade rules and restricting industries that were highly polluting- energy-intensive or wasteful of natural resources.He also said Beijing would expand its direct financial support for the development of foreign trade and encourage the export of important products- including those from high-tech or agricultural industries and any that feature home-grown Chinese proprietary intellectual property and branding.I wonder if that also applies to the export of capital to secure certainty of supply of strategic minerals.The Chinalco-Rio Tinto- Minmetals-OZ Minerals deals in Australia come to mind and the way Fortescue is increasingly turning to China to provide low cost finance by selling shareholdings. ...
Wed 11th March 2009 - 08:22am
China adds deflation to economic woes
China's consumer prices fell in February- adding the threat of deflation to the nation's economic woes- and officials warned the next few months look grim. ...
Wed 11th March 2009 - 08:13am
World markets surge on 'easing' crisis
World stocks soared on Tuesday as battered banking giant Citigroup's upbeat outlook sparked hope for an end to the grinding financial crisis. ...
Wed 11th March 2009 - 07:58am
Eating fish heightens boys' IQ- study
Eating fish makes you smarter- according to a Swedish study showing that eating enough of the aquatic vertebrates clearly heightens teen boys' IQ levels. ...
Wed 11th March 2009 - 07:39am
World faces 'Great Recession'- IMF chief
The IMF warned on Tuesday the world was gripped by a -amp quotGreat Recession -amp quot that could throw millions back into poverty and spark civil unrest. ...
Wed 11th March 2009 - 07:35am
Citigroup operating at profit in Jan-Feb
Citigroup Inc has been operating at a profit through the first two months of the year- according to a letter that the embattled bank's CEO sent to employees. ...
Wed 11th March 2009 - 07:26am
Crisis could increase poverty in Africa
Millions of Africans face being thrown back into poverty and conflict by the global financial crisis- the International Monetary Fund chief says. ...
Wed 11th March 2009 - 07:21am
BHP Billiton axes SA mining jobs
BHP Billiton says it cannot rule out further job cuts at its Olympic Dam mine in South Australia after it laid off 85 workers and told another 50 they are being transferred to Adelaide. ...
Wed 11th March 2009 - 07:21am
Bernanke wants forceful action on crisis
US Federal Reserve chief Ben Bernanke has called on governments to take -amp quotforceful -amp quot action to stem unending financial turmoil. ...
Wed 11th March 2009 - 06:59am
World faces 'Great Recession'- IMF chief
The IMF warned on Tuesday the world was gripped by a -amp quotGreat Recession -amp quot that could throw millions back into poverty and spark civil unrest. ...
Wed 11th March 2009 - 06:46am
Market manipulation attempts soar- ASIC
The corporate regulator saw a doubling in the number of alleged attempts to manipulate the market in 2008. ...
Wed 11th March 2009 - 06:39am
Fed chief wants forceful action to stem crisis
WASHINGTON AFP - Federal Reserve chief Ben Bernanke on Tuesday called on governments to take -amp quotforceful -amp quot action to stem unending financial turmoil and immediately consider reforms to prevent another crisis. ...
Wed 11th March 2009 - 05:55am
French govt slams scandalous Total job cuts
PARIS AFP - A government minister slammed the energy giant Total on Tuesday after Frances largest firm announced it would cut hundreds of jobs despite enjoying the most profitable year in French corporate history. ...
Wed 11th March 2009 - 05:33am
Fiat to fight like hell to stay profitable- CEO
MILAN AFP - Fiat chief executive Sergio Marchionne said he will -amp quotfight like hell -amp quot to keep his companys automotive unit profitable this year in an interview published Tuesday by Automotive News Europe. ...
Wed 11th March 2009 - 05:18am
EU cooks up restaurant sales tax deal
BRUSSELS AFP - EU finance ministers clinched a long-sought deal Tuesday allowing cut-rate sales taxes on certain services- as Germany yielded to French pressure to allow less tax to be charged in restaurants. ...
Wed 11th March 2009 - 04:53am
Crisis threatens starvation- conflict in Africa- IMF
DAR ES SALAAM AFP - Millions of Africans face being thrown back into poverty and conflict by the global financial crisis- the International Monetary Fund chief warned Tuesday- calling for urgent action. ...
Wed 11th March 2009 - 04:15am
Small business dismissals remain IR sticking point
The Federal Government is resisting pressure to change the definition of small business in its new workplace laws. ...
Wed 11th March 2009 - 03:50am
Crisis hits Brazilian economic growth
SAO PAULO AFP - Brazils economy grew strongly for much of last year - but then had its legs knocked out from underneath it when the global crisis struck- according to official data released Tuesday. ...
Wed 11th March 2009 - 03:13am
French govt slams scandalous Total job cuts
PARIS AFP - A government minister slammed the energy giant Total on Tuesday after Frances largest firm announced it would cut hundreds of jobs despite enjoying the most profitable year in French corporate history. ...
Wed 11th March 2009 - 02:39am
ASIC looked at 67 'potential breaches'
The corporate regulator saw a doubling in the number of alleged attempts to manipulate the market in 2008. ...
Wed 11th March 2009 - 02:31am
EADS soars back into profit- cautious on next two years
FRANKFURT AFP - European aerospace group EADS- maker of Airbus planes- returned to profit last year but was cautious Tuesday about prospects for 2009 and 2010- the latter seen as the most crucial of all. ...
Wed 11th March 2009 - 02:25am
Small business dismissals remain IR sticking point
The Federal Government is resisting pressure to change the definition of small business in its new workplace laws. ...
Wed 11th March 2009 - 12:42am
World needs single currency- Kazakhstan
Kazakh President Nursultan Nazarbayev has called for the creation of a single world currency called the -amp quotacmetal -amp quot as a means of combatting the global crisis. ...
Wed 11th March 2009 - 12:18am
Eating fish heightens boys' IQ- study
Eating fish makes you smarter- according to a Swedish study showing that eating enough of the aquatic vertebrates clearly heightens teen boys' IQ levels. ...
Wed 11th March 2009 - 12:11am
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