2009-03-12 Business and Finance News (vsx.com.au)

NEC Provides Blog Platform to Telefonica Espana for their Social Networking Service KETEKE
Tokyo- Mar 12- 2009 - JCN Newswire - NEC Corporation announced today that its subsidiary NEC Iberica has provided Telefonica Espana Headquarters- Barcelona with a blog platform for their SNS service- -amp quotKETEKE- -amp quot which includes blogging and -amp quotContenedor Multimedia -amp quot where registered SNS users may share photos and videos- in addition to a calendar where users may check and coordinate one anothers schedules. ...
Thu 12th March 2009 - 11:59pm

NTT Communications Accepting Applications for HOTSPOT WLAN Service on Bullet Trains
Tokyo- Mar 12- 2009 - JCN Newswire - NTT Communications Corporation NTT Com announced today that it has begun accepting applications for HOTSPOT Express- a wireless local area network WLAN service aboard N700 Series cars of the Tokaido Shinkansen bullet train between Tokyo and Shin-Osaka- which will start March 14. The service will also be introduced in waiting lounges of all 17 stations along the route. ...
Thu 12th March 2009 - 11:55pm

Seiko Epson and Sony Begin Discussions Regarding Alliance of Small and Medium-Sized Liquid Crystal Display Businesses
Tokyo- Mar 12- 2009 - JCN Newswire - Seiko Epson Corporation -amp quotEpson -amp quot and Sony Corporation -amp quotSony -amp quot today announced that they will begin discussions about an alliance in the field of small and medium-sized liquid crystal displays LCDs- including the transfer of a part of business assets of Epson to Sony. The parties hope to enter into a legally-binding definitive agreement by the end of June- 2009. ...
Thu 12th March 2009 - 11:49pm

World Bank boss warns growth will fall up to two percent
LONDON AFP - World Bank President Robert Zoellick warned in an interview Thursday that growth in the world economy would likely fall by up to 2.0 percent this year in the worst economic crisis since the 1930s. ...
Thu 12th March 2009 - 11:36pm

Ryanair says 'toilet charge' was a joke
A budget airline boss was -amp quotonly joking -amp quot when he suggested charging passengers to use the toilet- an airline spokesman told a German paper. ...
Thu 12th March 2009 - 11:13pm

Dollar hits two-week low versus yen
LONDON AFP - The dollar struck a two-week low versus the yen on Thursday as a slight improvement in confidence trimmed the US currencys attractiveness as a safehaven- traders said. ...
Thu 12th March 2009 - 10:52pm

World stocks drop after recent rally
LONDON AFP - European and Asian stock markets were mostly lower Thursday- led down by Tokyo on profit-taking following recent strong gains on signs of recovery in the financial sector. ...
Thu 12th March 2009 - 10:37pm

Liechtenstein to begin tax talks with Britain- Germany
VADUZ- Liechtenstein AFP - Liechtensteins leaders said Thursday that the secretive Alpine principality will begin negotiations on exchanging tax information with Germany tomorrow and with Britain next month. ...
Thu 12th March 2009 - 10:20pm

BMW 2008 profits collapse
FRANKFURT AFP - German luxury auto manufacturer BMW on Thursday reported an 89. ...
Thu 12th March 2009 - 10:15pm

Youre gone- Meatworkers latest casualty of downturn
Workers at Western Australias biggest meat producer- Harvey Beef- have been left shattered by the companys decision to sack one third of its 500-strong workforce. ...
Thu 12th March 2009 - 09:55pm

Oil prices rebound above $42 in London
LONDON AFP - Oil prices rebounded back above 42 dollars on Thursday as market attention focused firmly on OPECs weekend output meeting- traders said. ...
Thu 12th March 2009 - 09:44pm

Hair of the rat holds clues on metal pollution
Experts say lead and cadmium found in the hair of Australian wildlife reveal the animals are at higher risk from heavy metal pollution than humans. ...
Thu 12th March 2009 - 09:20pm

GM Swedish unit Saab cuts 750 jobs
STOCKHOLM AFP - Swedish carmaker Saab- trying to survive as an independent unit after it was cut loose by troubled parent General Motors- said Thursday it would lay off 750 of its 4-100 employees in Sweden. ...
Thu 12th March 2009 - 09:13pm

Liechtenstein to ease banking secrecy rules
ZURICH AFP - Bowing to international pressure- Liechtenstein said Thursday it will ease its strict banking secrecy rules and swap information with foreign governments to combat tax fraud and evasion. ...
Thu 12th March 2009 - 08:53pm

More economic stimulus required- business says
Business groups say further measures are needed to boost Australias economy after the unemployment rate hit a four-year high. ...
Thu 12th March 2009 - 08:11pm

Export earnings up despite downturn
Australia's export earnings in the energy and mineral resources sector increased by nine per cent in the December quarter despite the economic slowdown. ...
Thu 12th March 2009 - 07:44pm

Global crisis hits WA meatworkers
Western Australias biggest meat producer- Harvey Beef- is the latest company to act on todays unemployment figures- sacking one third of its 500-strong work force. ...
Thu 12th March 2009 - 07:22pm

China considers Taiwan rail link
Chinas Railways Minister says there are plans to build a train line between Xiamen on the mainland and the island of Taiwan. ...
Thu 12th March 2009 - 07:17pm

NAB's CEO cuts dividend- restructures
NAB will cut its dividend for the first time in 18 years and restructure its institutional business to secure the bank against the economic downturn. ...
Thu 12th March 2009 - 07:13pm

US economic dominance may be over
An economic adviser to former US president Ronald Reagan has warned that the current global economic crisis may cost the United States its position of global economic dominance. ...
Thu 12th March 2009 - 07:11pm

Quest to find jobs for sacked Harvey Beef workers
The Western Australian Government is working with other abattoirs to find jobs for more than 150 employees sacked from the States largest beef processor. ...
Thu 12th March 2009 - 06:51pm

Quest to find jobs for sacked Harvey Beef workers
The W-A Government is working with other abattoirs to find jobs for more than 150 employees sacked from the States largest beef processor. ...
Thu 12th March 2009 - 06:48pm

Iraq wants big Australian wheat import boost- officials
CANBERRA AFP - Iraq wants a huge increase in Australian wheat imports previously slashed after a scandal over bribes paid to the regime of former president Saddam Hussein- officials said Thursday. ...
Thu 12th March 2009 - 06:42pm

NSW govt opposes electricity price hike
The NSW government and opposition say they are both opposed to electricity prices rising by around 20 per cent. ...
Thu 12th March 2009 - 06:42pm

NAB refocuses energy on home market
NAB will refocus its energies on its hometown market- where the economy is faring better- to support its business through the crisis. ...
Thu 12th March 2009 - 06:28pm

Job figures hurt local market
Australian shares have closed lower after a jump in unemployment figures sparked new concerns about the economy. ...
Thu 12th March 2009 - 05:54pm

Job figures hurt local market
Australian shares have closed lower after a jump in unemployment figures sparked new concerns about the economy. ...
Thu 12th March 2009 - 05:53pm

NSW govt opposes electricity price hike
The NSW government says it will oppose a tribunal's move to increase electricity prices by around 20 per cent- saying the rise is far too much. ...
Thu 12th March 2009 - 05:40pm

Recession fears as Australia jobless rate hits four-year high
MELBOURNE AFP - Australias unemployment rate hit a four-year high of 5. ...
Thu 12th March 2009 - 05:24pm

Warehouse expects retail to remain soft
New Zealand-based The Warehouse Group expects the retail environment to remain soft this year- after reporting a 24 per cent drop in first half profit. ...
Thu 12th March 2009 - 05:22pm

IBA seeks to raise up to $124m
Health information technology firm IBA Health Group Ltd will seek to raise up to $124 million via the issue of new shares- using the proceeds to reduce debt. ...
Thu 12th March 2009 - 05:20pm

Aussie drops as jobless hit 4-yr high- bonds up
SYDNEY- March 12 - The Australian dollar recoiled on Thursday after the countrys jobless rate jumped to a near four-year high- fuelling speculation the central bank will resume cutting interest rates in April. ...
Thu 12th March 2009 - 05:12pm

GMs Canadian workers accept new contracts
MONTREAL- AFP - Autoworkers at General Motors Canadian facilities have accepted restructured contracts- union leaders announced. ...
Thu 12th March 2009 - 04:59pm

Western Areas in $45b BHP finance pact
Nickel miner Western Areas NL has signed an offtake agreement and a $45 million financing pact with BHP- which will assist mine development and plant expansion. ...
Thu 12th March 2009 - 04:51pm

Australia shares dip on economy worries NAB gains
MELBOURNE- March 12 - Australian stocks eased 0.3 percent on Thursday as concerns over a gloomy economic outlook at home and overseas induced caution- though gains for National Australia Bank NAB offered support. Australias latest employment report on Thursday showed the jobless rate jumped to its highest level in almost four years last month to 5.2 percent. nSYD434745 ...
Thu 12th March 2009 - 04:49pm

China interest in resources still strong
Chinese companies will continue to target Australia's resources as Beijing introduces policies to revitalise the country's non-ferrous metals industry. ...
Thu 12th March 2009 - 04:47pm

Bankwest latest to scrap foreign ATM fee
Bankwest is the latest bank to scrap fees for customers who use a rival banks' ATM. ...
Thu 12th March 2009 - 04:36pm

Financial gloom reaches richest Aussies
The number of Australian billionaires has dropped to 10 this year with an average net worth of $US1.62 billion $2.5 billion- Forbes magazines annual list revealed. ...
Thu 12th March 2009 - 04:34pm

Australia shares end 0.3 pct down on econ concern
MELBOURNE- March 12 - Australian stocks eased 0.3 percent on Thursday as concerns over a gloomy economic outlook at home and overseas induced caution- though gains for National Australia Bank NAB offered support. ...
Thu 12th March 2009 - 04:20pm

Baghdad may take 1m tonnes wheat- Crean
Australian wheat exports to Iraq could grow to the pre-AWB wheat scandal levels- with Simon Crean saying Baghdad may take one million tonnes a year. ...
Thu 12th March 2009 - 04:16pm

Holden executives agree to take pay cuts
GM Holden executives- including chairman and managing director Mark Reuss- will take a pay cut as the car maker continues to grapple with the global downturn. ...
Thu 12th March 2009 - 03:44pm

Govt introduces ailing commercial project support bill
The Federal Government has introduced a bill to Parliament to set up a special fund to help commercial property projects struggling to refinance their loans. ...
Thu 12th March 2009 - 03:43pm

Unemployment rate hits 5.2 in February
Australia's unemployment rate was a seasonally adjusted 5.2 per cent in February- compared with an unrevised 4.8 per cent in January. ...
Thu 12th March 2009 - 03:34pm

Connex trials fewer seats increased standing area
A new train carriage design featuring fewer seats and more standing room will be trialled across Melbournes train network from today. ...
Thu 12th March 2009 - 03:17pm

Jobless figures not as bad as expected- QCCI
The Queensland Chamber of Commerce and Industry QCCI says todays jobless figures are not as bad as expected. ...
Thu 12th March 2009 - 03:14pm

Oil prices slump below $US43
Oil prices tumbled more than 7 per cent as US inventories swelled with surplus crude. ...
Thu 12th March 2009 - 02:53pm

Freddie Mac reports $US50.1b loss
Freddie Mac- the ailing US mortgage finance giant seized by the government- has reported a 2008 net loss of $US50.1 billion $A77.57 billion. ...
Thu 12th March 2009 - 02:51pm

Qld predicted to lose $10 billion coal production
The Queensland Resources Council QRC is predicting a $10 billion drop in the value of the states coal production next financial year. ...
Thu 12th March 2009 - 02:47pm

Govt plans contingency with big four
The federal government has introduced draft laws to parliament setting up a $4 billion contingency fund in case money from foreign lenders dries up. ...
Thu 12th March 2009 - 02:42pm

Australia shares fall Arafura rises on China deal
MELBOURNE- March 12 - Australian stocks fell on Thursday as concerns over the gloomy global economic outlook induced caution- though gains for National Australia Bank NAB offered support. ...
Thu 12th March 2009 - 02:39pm

Struggling Americans call tent cities home
Tent cities are springing up in California as thousands of people hit hard by foreclosures and big job losses say they have nowhere else to go. ...
Thu 12th March 2009 - 02:30pm

I dont like it like that
The New South Wales Government has issued two KFC restaurants in southern Sydney with a record $73-125 fine for breaching food safety laws. ...
Thu 12th March 2009 - 02:25pm

NSW electricity price hike worries Rees
NSW Premier Nathan Rees says he's concerned about a possible rise in household electricity bills by as much as 21.5 per cent. ...
Thu 12th March 2009 - 01:57pm

NAB business system growth to drop by 4
National Australia Bank says it expects business banking system growth to decline by four to five per cent in 2009 but to be offset by rising market share. ...
Thu 12th March 2009 - 01:55pm

Unemployment up to four-year high
Official jobs figures show unemployment jumped from 4.8 per cent to a four-year high of 5.2 per cent in February. ...
Thu 12th March 2009 - 01:51pm

Unemployment up to four-year high
Official jobs figures show unemployment jumped from 4.8 per cent to a four-year high of 5.2 per cent in February. ...
Thu 12th March 2009 - 01:48pm

Market flat despite unemployment figures
The Australian share market has barely reacted to the rise in the unemployment rate- with shares still relatively flat. ...
Thu 12th March 2009 - 01:46pm

Pay up or be in the dark every other night
Electricity prices in New South Wales are set to rise by around 20 per cent. ...
Thu 12th March 2009 - 01:36pm

Australia shares flat Western Areas up on nickel deal
MELBOURNE- March 12 - Australian stocks were flat on Thursday as concerns over the gloomy global economic outlook induced caution- though gains for National Australia Bank NAB offered support. ...
Thu 12th March 2009 - 01:34pm

Report slams Tas mine safety resourcing
A parliamentary report into mine safety in Tasmania has found the regulatory watchdog is seriously underfunded. ...
Thu 12th March 2009 - 01:32pm

Report slams Tas mine safety resourcing
A parliamentary report into mine safety in Tasmania has found the regulatory watchdog is seriously underfunded. ...
Thu 12th March 2009 - 01:31pm

Western Areas in offtake deal with BHP
Nickel producer Western Areas NL has signed an offtake and $45 million financing deal with BHP Billiton- with the funds earmarked for mine development. ...
Thu 12th March 2009 - 01:30pm

Clamping down on tax haven billions
Billions of dollars a year are coming into Australia from a Caribbean tax haven- parliament has been told. ...
Thu 12th March 2009 - 01:25pm

NAB business system growth to drop 4pc
National Australia Bank says it expects business banking system growth to decline by four to five per cent in 2009 but to be offset by rising market share. ...
Thu 12th March 2009 - 01:22pm

Local billionaires tumble down rich list
Almost all of Australia's billionaires have sunk dramatically in the annual Forbes magazine rich list rankings. ...
Thu 12th March 2009 - 01:17pm

MP fights for Bushmaster defence contract
A federal MP says he will lobby on behalf of a central Victorian defence manufacturer to win Army contracts. ...
Thu 12th March 2009 - 01:14pm

Holden executives take 10pc pay cut
Holden says it is cutting the pay of its senior executives to save money as it grapples with the economic slowdown. ...
Thu 12th March 2009 - 01:13pm

Talks underway to find jobs for sacked abattoir workers
The Minister for Agriculture- Terry Redman- has arrived in Harvey to meet shire and union representatives about the retrenchment of 160 abattoir workers. ...
Thu 12th March 2009 - 12:57pm

Warehouse H1 profit drops 24
New Zealand-based The Warehouse Group Ltd expects the retail environment to remain soft after it reported a 24 per cent drop in interim net profit. ...
Thu 12th March 2009 - 12:50pm

Aussie dollar dips on unemployment jump bonds gain
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0037 GMTagainst previous Sydney close AUD 0.6504-090.6427-32 AUDNZDR1.2644-781.2830-49 AUDJPYR 63.18-26 63 ...
Thu 12th March 2009 - 12:47pm

Robbie Williams joins fight for artists rights
British pop star Robbie Williams joined showbiz friends including Annie Lennox and KT Tunstall yesterday at the first meeting of a lobby group fighting for artists and fans rights. ...
Thu 12th March 2009 - 12:29pm

Western Sydney set for higher unemployment- report
Research commissioned by western Sydney councils has found population growth will outstrip job growth unless the region can better diversify away from manufacturing. ...
Thu 12th March 2009 - 12:20pm

Greens motion to block Rio-Chinalco deal defeated
A Senate motion calling on the Federal Government to block a $30 billion deal between Rio Tinto and the Chinese state-owned company Chinalco has been defeated. ...
Thu 12th March 2009 - 12:17pm

Eastern Star Gas raises $50m
Coal seam gas explorer Eastern Star Gas Ltd has raised $50 million through a share placement to fund a reserve upgrade program in northern NSW. ...
Thu 12th March 2009 - 11:58am

I dont like it like that
The New South Wales Government has issued two KFC restaurants in southern Sydney with a record $73-125 fine for breaching food safety laws. ...
Thu 12th March 2009 - 11:58am

Unemployment up to four-year high
Official jobs figures show unemployment jumped from 4.8 per cent to a four-year high of 5.2 per cent in February. ...
Thu 12th March 2009 - 11:49am

Pay up or be in the dark every other night
Electricity prices in New South Wales are set to rise by around 20 per cent. ...
Thu 12th March 2009 - 11:47am

Unemployment up to four-year high
Official jobs figures show unemployment jumped from 4.8 per cent to a four-year high of 5.2 per cent in February. ...
Thu 12th March 2009 - 11:46am

I dont like it like that
The New South Wales Government has issued two KFC restaurants in southern Sydney with a record $73-000 fine for breaching food safety laws. ...
Thu 12th March 2009 - 11:42am

Australia shares dip 0.1 pct- wariness wins out
MELBOURNE- March 12 - Australian stocks dipped 0.1 percent on Thursday- shrugging off gains in National Australia Bank NAB- as concerns over the gloomy global economic outlook induced fresh caution. ...
Thu 12th March 2009 - 11:39am

NSW electricity prices set to rise
Electricity prices in New South Wales are set to rise by around 20 per cent. ...
Thu 12th March 2009 - 11:34am

I dont like it like that
The New South Wales Government has issued two KFC restaurants in southern Sydney with a record $73-000 fine for breaching food safety laws. ...
Thu 12th March 2009 - 11:26am

Govt approves Qatar service expansion
The Federal Government has announced an expansion of air service arrangements with Qatar that will see Qatar Airways start services to Sydney and Melbourne later this year. ...
Thu 12th March 2009 - 11:24am

Otto Energy Limited ASX-OEL Clarifies SC 55 Farm Out Information
Perth- Australia- Mar 12- 2009 - ABN Newswire - Otto Energy Limited ASX-OELPINK-OTTEF would like to clarify information outlined in its Asia Oil Conference presentation lodged with ASX on 25 February 2009- with respect to the estimated value of the BHP Billiton Petroleum Pty Limited BHPB farm-in to Service Contract SC 55. ...
Thu 12th March 2009 - 11:23am

Timbercorp lifts provision for debts
Agricultural projects manager Timbercorp Ltd said it would lift its provision for doubtful debts by about $24 million. ...
Thu 12th March 2009 - 11:17am

Benitec Limited ASX-BLT Benitec Withdraws From Renegotiations With CSIRO
Melbourne- Australia- Mar 12- 2009 - ABN Newswire - Benitec Limited ASX-BLTPINK-BNIKF today announced that it had advised CSIRO that it does not wish to proceed at this time to restructure their commercial arrangements. -amp quotWe believe that- given the current market conditions- this is the most prudent approach to retain shareholder value. ...
Thu 12th March 2009 - 11:17am

Inflation expectations decline
Consumer expectations of inflation fell to a decade low as the economy continues to decline- a survey shows. ...
Thu 12th March 2009 - 11:15am

Emu Nickel NL ASX-EMU New Copper Zinc Gold Joint Venture with Windy Knob Resources ASX-WKR
Perth- Australia- Mar 12- 2009 - ABN Newswire - Emu Nickel NL ASX-EMU has entered into a joint venture agreement with Windy Knob Resources Limited ASX-WKR on WKRs 100-owned Windy Knob copper-zinc-gold project on exploration licence E51-900 situated about 55km south of Meekatharra- WA. ...
Thu 12th March 2009 - 11:12am

Long-term phosphate mine plans for Tennant Creek
A Perth-based exploration company has lodged a notice of intent to mine its Wonarah phosphate project- 230 kilometres east of Tennant Creek. ...
Thu 12th March 2009 - 10:43am

NSW electricity prices to rise 20
Electricity prices for domestic consumers are likely to rise by as much as 21.5 per cent in NSW from July- under a new price determination. ...
Thu 12th March 2009 - 10:42am

Local market opens in the black
The Australian share market has opened higher after modest gains on Wall Street overnight. ...
Thu 12th March 2009 - 10:33am

Aviation safety group to open local base
One of the world's most respected aviation safety groups will open its first international base in Australia. ...
Thu 12th March 2009 - 10:29am

Australia shares rise 0.7 pct as NAB surges
MELBOURNE- March 12 - Australian stocks rose 0.7 percent on Thursday with National Australia Bank NAB leading the market higher following a well-received strategy update. ...
Thu 12th March 2009 - 10:22am

Funding decision looms for Gold Coast rapid rail scheme
Queensland Deputy Premier Paul Lucas says Infrastructure Australia is still deciding whether to provide funding for the Gold Coast rapid transit system. ...
Thu 12th March 2009 - 10:18am

Aussie dollar gets job jitters- bonds firm
SYDNEY- March 12 - The Australian dollar AUD edged lower on Thursday as the market turned cautious in case a key jobs report proved weaker than expected- adding to the case for further cuts in interest rates. ...
Thu 12th March 2009 - 10:16am

IBA Health Group Limited ASX-IBA Announces Equity Raising of up to A $124 Million
Sydney- Australia- Mar 12- 2009 - ABN Newswire - IBA Health Group Limited ASX-IBAPINK-IBATF - Australias largest listed health information technology company today announced the launch of an equity raising to reduce debt and take advantage of its position as a global leader in the growing Health IT industry. ...
Thu 12th March 2009 - 10:10am

Outrage over Vic poppy trial
Tasmanian poppy growers are outraged the pharmaceutical producer GlaxoSmithKline is looking at growing poppies in Victoria. ...
Thu 12th March 2009 - 09:57am

Metgasco enters trading halt
Shares in junior gas producer Metgasco Ltd have entered a trading halt pending an announcement about a share placement. ...
Thu 12th March 2009 - 09:52am

NAB to cut H1 dividend by 25
National Australia Bank Ltd NAB will cut its first half dividend by about 25 per cent and focus on growing its Australian business. ...
Thu 12th March 2009 - 09:50am

Meat union urges further investigation of abattoir hiring
Unions say an investigation into the illegal use of foreign meatworkers in three states should also examine the conduct of the abattoirs who hired them. ...
Thu 12th March 2009 - 09:37am

Outrage over Vic poppy trial
Tasmanian poppy growers are outraged the pharmaceutical producer GlaxoSmithKline is looking at growing poppies in Victoria. ...
Thu 12th March 2009 - 09:34am

Outrage over Vic poppy trial
Tasmanian poppy growers are outraged the pharmaceutical producer GlaxoSmithKline is looking at growing poppies in Victoria. ...
Thu 12th March 2009 - 09:33am

Jobless rate expected to hit 5
The unemployment rate is expected to hit five per cent for the first time in nearly three years when official government data is released on Thursday. ...
Thu 12th March 2009 - 09:27am

Housing industry fears firestorm despite loan levels
Tasmanias housing industry expects to face a firestorm over the next 12 to 18 months despite promising home loan figures for January. ...
Thu 12th March 2009 - 09:23am

Jobless rate expected to hit 5 per cent
The unemployment rate is expected to hit five per cent for the first time in nearly three years when official government data is released on Thursday. ...
Thu 12th March 2009 - 09:22am

NAB to cut H1 dividend by 25
National Australia Bank Ltd NAB will cut its first half dividend by about 25 per cent and focus on growing its Australian business. ...
Thu 12th March 2009 - 09:15am

IBA goes into trading halt
Shares in healthcare IT provider IBA Health Group have entered a trading halt as the company prepares to announce a capital raising. ...
Thu 12th March 2009 - 08:57am

Australia shares seen flat NAB in focus
The market is also likely to focus on National Australia Bank NAB which became Australias second bank to announce a dividend cut- saying it would reduce its first-half payout by about 25 percent. nSYU006182. ...
Thu 12th March 2009 - 08:57am

US budget deficit hits $765b in 5 months
Lower tax revenue and massive government spending on the bank bailout pushed the federal deficit to $US765 billion in the first five months of the budget year. ...
Thu 12th March 2009 - 08:50am

ConocoPhillips expects flat production
ConocoPhillips- the third-largest US oil company- says it expects its global oil and gas production to be flat this year. ...
Thu 12th March 2009 - 08:39am

NZ central bank cuts rate to record low
New Zealand's central bank cut half a percentage point from the nation's key interest rate on Thursday- dropping it to a record low of 3.0 per cent. ...
Thu 12th March 2009 - 08:38am

Tax havens under pressure at G20
An economic group has put Switzerland- Austria and Luxembourg on a new blacklist of uncooperative tax centres that should be discussed at the G20 summit. ...
Thu 12th March 2009 - 08:31am

Jobless rate tipped to hit 5pc- get worse
Economists expect official figures out today will reveal another rise in unemployment but warn there is still some way to go before the jobless rate peaks. ...
Thu 12th March 2009 - 08:23am

Cricket mogul refuses to testify in probe
WASHINGTON AFP - Cricket mogul and financier Allen Stanford is refusing to cooperate with authorities investigating his role in an alleged multibillion-dollar fraud- court documents showed Wednesday. ...
Thu 12th March 2009 - 07:35am

Oil prices slump below $US43
Oil prices tumbled more than 7 per cent as US inventories swelled with surplus crude. ...
Thu 12th March 2009 - 07:12am

Economic stimulus plans too small- too slow- Stiglitz
GENEVA AFP - US economist Joseph Stiglitz on Wednesday warned that stimulus plans launched by governments were -amp quottoo small -amp quot and -amp quottoo slow -amp quot and said the West should help developing nations through the crisis. ...
Thu 12th March 2009 - 05:28am

Battle starts over Madoffs billions
NEW YORK AFP - Bernard Madoffs victims are set to confront the alleged swindler when he pleads guilty Thursday- but recovering the 177 billion dollars Madoff allegedly stole will be harder. ...
Thu 12th March 2009 - 04:52am

Crisis- IR changes will lead to job cuts- Retailers survey
The Australian Retailers Association says more than half of small businesses in the industry expect they will have to lay off workers. ...
Thu 12th March 2009 - 04:29am

German Commerzbank gives glum sector forecast
FRANKFURT AFP - Germanys second biggest bank- Commerzbank- issued a gloomy sector outlook Wednesday- saying that earnings would be crushed by -amp quotmassive -amp quot pressure for some time. ...
Thu 12th March 2009 - 03:59am

Swiss bank UBS says earnings at risk
ZURICH AFP - Troubled Swiss bank UBS issued a grim outlook Wednesday- saying that its earnings would be -amp quotat risk for some time to come -amp quot after it revised upwards its full-year loss for 2008 to 20.9 billion franc. ...
Thu 12th March 2009 - 03:39am

US credit card delinquencies rise in sign of stress
WASHINGTON AFP - US consumers are having increasing problems making credit card payments in another sign of economic stress- according to new banking industry data. ...
Thu 12th March 2009 - 03:27am

Freddie Mac board names interim CEO- chairman
WASHINGTON AFP - Freddie Mac- the ailing US mortgage finance giant seized by the government- on Wednesday named an interim chief executive after the current CEO resigned in early March. ...
Thu 12th March 2009 - 03:26am

Norway pension fund lose 71.5 bln euros
OSLO AFP - Norways state pension fund- one of the worlds biggest investors- lost 71. ...
Thu 12th March 2009 - 03:14am

Budget to take temporary hit from stimulus
Federal Finance Minister Lindsay Tanner has reiterated the Governments commitment to stimulating the economy- despite declining Government revenue. ...
Thu 12th March 2009 - 03:11am

Oil prices drop on OPEC warning
LONDON AFP - Oil prices fell Wednesday as Algerian energy minister and former OPEC president Chakib Khelil told AFP that the market would continue sliding if the cartel refrained from cutting output this weekend. ...
Thu 12th March 2009 - 01:48am

Jobs at risk after Bushmaster exclusion- Oppn
The Federal Opposition has accused the Government of putting Australian jobs at risk by excluding a local company from a lucrative defence contract. ...
Thu 12th March 2009 - 01:43am

Germanys Daimler idles 18-000 truck workers
FRANKFURT AFP - Germanys Daimler auto group will lay off 18-000 workers at its German truck plants for several months- a statement said on Wednesday. ...
Thu 12th March 2009 - 12:55am

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