2009-03-24 Business and Finance News (vsx.com.au)

Inflation rises to 3.2 in February
LONDON AFP - Annual inflation climbed to 3.2 percent in February from 3. ...
Tue 24th March 2009 - 11:58pm

Global stocks mostly rally on US toxic assets plan
LONDON AFP - World stock markets mainly rallied Tuesday- but London ran into profit-taking- as investors absorbed Washingtons plan to cleanse banks of toxic assets and spark a global recovery- analysts said. ...
Tue 24th March 2009 - 11:37pm

Oil pressure problems force Qantas flight turnaround
Engine problems have forced a Qantas flight headed for Canberra to return to Sydney. ...
Tue 24th March 2009 - 11:25pm

AIG to give back 50 million dollars in bonus cash
WASHINGTON- March 24- 2009 AFP - Executives with AIGs financial products division have agreed to pay back 50 million dollars in bonuses amid outcry over the insurance giants use of taxpayer cash for executive perks- officials said. ...
Tue 24th March 2009 - 11:16pm

French govt to block Valeo boss golden parachute
PARIS AFP - The French government vowed Tuesday to oppose a golden parachute for the departing boss of troubled auto supplier Valeo at the centre of a fresh row over executive perks at crisis-hit firms. ...
Tue 24th March 2009 - 10:48pm

Airlines face losses of $4.7 billion
GENEVA AFP - Airline industry association IATA on Tuesday sharply increased its loss forecast for carriers to 4.7 billion dollars in 2009- which is set to be -amp quotone of the toughest years -amp quot that the sector has faced. ...
Tue 24th March 2009 - 10:43pm

British group BG says has 90 of Pure Energy
LONDON AFP - British oil and gas group BG now controls more than 90 percent of Pure Energy of Australia after another Australian company- Arrow Energy- agreed to sell BG a 20.59-percent stake in Pure- BG and Arrow said in a statement. ...
Tue 24th March 2009 - 09:58pm

Sample Technology Announces 2008 Annual Results Profit Attributable to Equity Holders up 3.4 to RMB93 Million Enhance Innovation for Maintaining Busi
Hong Kong- Mar 24- 2009 - ACN Newswire - Major developer and provider of traffic monitoring control system in the PRC- Nanjing Sample Technology Company Limited -amp quotSample Technology -amp quot or the -amp quotGroup -amp quot- Stock Code- 8287- is pleased to announce its annual results for the year ended 31 December 2008 the -amp quotperiod under review -amp quot. ...
Tue 24th March 2009 - 09:20pm

Oz Minerals in limbo after delay on takeover- analyst
A stock market analyst says the future of Oz Minerals is in limbo after the Foreign Investment Review Board delayed its decision about whether China Minmetals can takeover the struggling miner. ...
Tue 24th March 2009 - 09:10pm

China- replace dollar as reserve currency
SHANGHAI AFP - Chinas central bank said it wants to replace the US dollar as the international reserve currency with a new system run by the International Monetary Fund IMF. ...
Tue 24th March 2009 - 08:58pm

Rave reviews for worlds cheapest car
MUMBAI AFP - Motoring experts in India on Tuesday gave a rousing reception to the Tata Nano- hailing the worlds cheapest car as -amp quotone of the greatest bargains of all time -amp quot and -amp quota triumph of Indian ingenuity. -amp quot ...
Tue 24th March 2009 - 08:53pm

Finnish economy to shrink 5.0 in 2009
HELSINKI AFP - Finlands economy is expected to contract 5. ...
Tue 24th March 2009 - 08:45pm

Storm liquidation would hurt creditors- lawyers say
Legal representatives for a failed financial advisory company have told the Federal Court that winding up the firm would adversely affect creditors. ...
Tue 24th March 2009 - 08:25pm

World stocks soar on US toxic debt plan
Global equities rallied on Tuesday in response to Washington's one-trillion-dollar plan to cleanse banks of toxic assets and spark a global economic recovery. ...
Tue 24th March 2009 - 08:13pm

Pay-out to finance broking victims
Hundreds of investors battling to reclaim losses from Western Australias finance broking scandal have secured another multi million dollar pay-out. The litigation funder IMF Australia- today announce ...
Tue 24th March 2009 - 07:44pm

Metro posts 2008 ops profit of 2.2 billion euros
FRANKFURT AFP - The German retailer Metro on Tuesday reported a 2008 operating profit of 2. ...
Tue 24th March 2009 - 07:41pm

Market rises after Wall Street surge
Australian stocks rose today but failed to fully emulate Wall Streets surge overnight. ...
Tue 24th March 2009 - 07:28pm

SKorea announces US $20.9 bln extra budget
SEOUL AFP - South Korea Tuesday announced a record 28.9 trillion won 20. ...
Tue 24th March 2009 - 06:54pm

Metro posts 2008 ops profit of 2.2 billion euros
FRANKFURT- AFP - The German retailer Metro reported a 2008 operating profit of 2. ...
Tue 24th March 2009 - 06:54pm

Senior transport initiative welcomed
South Australias Council of the Ageing has welcomed the decision to give seniors free public transport in off-peak travel times. ...
Tue 24th March 2009 - 06:51pm

ANZ plans to shift jobs to Wellington
ANZ Banking Group Ltd plans to introduce call load sharing between its call centres in Australia and New Zealand- resulting in the shift of 100 jobs. ...
Tue 24th March 2009 - 06:49pm

India's trade press laud no-frills car
Car magazines gave the thumbs up to the new Tata Nano- hailing the world's cheapest car as -amp quotone of the greatest bargains of all time. -amp quot ...
Tue 24th March 2009 - 06:47pm

Senior transport initiative welcomed
South Australias Council of the Ageing has welcomed the decision to give seniors free public transport in off-peak travel times. ...
Tue 24th March 2009 - 06:45pm

Market rises after Wall Street surge
Australian stocks rose today but failed to fully emulate Wall Streets surge overnight. ...
Tue 24th March 2009 - 06:30pm

Merlin discovery best in decades
Ivanhoe Australia Ltd says the discovery of Merlin rhenium and molybdenum in Queensland is one of the best local discoveries in the past 30 years. ...
Tue 24th March 2009 - 06:28pm

AIG 'to give back $US50m in bonuses'
Bosses at the AIG's financial products division have agreed to give back $US50 million $A70.9 million in bonuses- American officials say. ...
Tue 24th March 2009 - 06:20pm

Market rises after Wall Street surge
Australian stocks rose today but failed to fully emulate Wall Streets surge overnight. ...
Tue 24th March 2009 - 06:16pm

Holden workers uneasy over future
Holden workers are growing increasingly uneasy about their jobs as the Elizabeth plant rolls towards another lengthy shutdown. ...
Tue 24th March 2009 - 06:11pm

SKorea- EU reach tentative pact on trade
SEOUL AFP - South Korea and the European Union have reached a tentative trade deal after almost two years of talks and will try to settle outstanding issues early next month- the two sides said Tuesday. ...
Tue 24th March 2009 - 05:59pm

Virgin says don't be 'tricked' by Qantas
Virgin Blue has warned consumers not to be -amp quottricked -amp quot by a plan by Qantas to lock its frequent flyer customers into a specific credit card. ...
Tue 24th March 2009 - 05:55pm

Prime plans $110m capital raising
Kerry Stokes' Seven Network Ltd is set to take a slice of regional broadcaster Prime Media Group Ltd as the company seeks to raise up to $110 million. ...
Tue 24th March 2009 - 05:55pm

Market rises after Wall Street surge
Australian stocks rose today but failed to fully emulate Wall Streets surge overnight. ...
Tue 24th March 2009 - 05:50pm

Swiss Life posts 74.8 percent drop in profits
ZURICH AFP - Swiss insurer Swiss Life on Tuesday posted a 74. ...
Tue 24th March 2009 - 05:49pm

Voluntary super payments shrink
Australian workers back compulsory super- but tight economic times mean that some no longer want to top it up from their own pockets. ...
Tue 24th March 2009 - 05:48pm

Tabcorp to raise $200m via bonds issue
Tabcorp Holdings is seeking to raise about $200 million through the issue of new debt securities that will be listed on the Australian Securities Exchange. ...
Tue 24th March 2009 - 05:47pm

New Hope profit rise reaffirms guidance
Coal miner New Hope Corporation has reaffirmed its full year profit guidance after delivering a significant rise in first half earnings. ...
Tue 24th March 2009 - 05:46pm

SP Telemedia doubles first half profit
Junior telco SP Telemedia Ltd is forecasting a return to profitability this year after more than doubling its first half net profit. ...
Tue 24th March 2009 - 05:32pm

Panax to drill production well in 2009
Touted as the cheapest and greenest form of known energy- Australia is just a few years away from using geothermal power- an exploration expert says. ...
Tue 24th March 2009 - 05:22pm

OZ Mins shares fall after FIRB extension
OZ Minerals Ltd shares slumped 15 per cent after a key regulator extended its review period for Chinese state-owned Minmetals' takeover of the company. ...
Tue 24th March 2009 - 05:18pm

Market rises after Wall Street surge
Australian stocks rose today but failed to fully emulate Wall Streets surge overnight. ...
Tue 24th March 2009 - 05:18pm

Oroton expects better full year profit
OrotonGroup Ltd expects its full year earnings to improve against a backdrop of continuing difficult conditions in the retail sector. ...
Tue 24th March 2009 - 05:16pm

Market rises after Wall Street surge
There has been a rise in the local sharemarket but stocks have not experienced the same surge that Wall Street staged overnight. ...
Tue 24th March 2009 - 05:13pm

Market rises after Wall Street surge
There has been a rise in the local sharemarket but stocks have not experienced the same surge that Wall Street staged overnight. ...
Tue 24th March 2009 - 05:11pm

Australia stocks at 2-mth closing peak Macquarie up
SYDNEY- March 24 - Australian shares rose 0.8 percent to a two-month closing peak on Tuesday- led by financials such as Macquarie Group Ltd MQG- but failed to hold on to early gains as initial euphoria over a U.S. plan to absorb banks toxic assets faded. ...
Tue 24th March 2009 - 05:10pm

Myer forecasts a flat fiscal 2009 profit
Myer Group Pty Ltd has forecast a flat fiscal 2009 profit as consumers remain reluctant to spend. ...
Tue 24th March 2009 - 04:51pm

Aussie leaps on U.S. bank plan less rate easing eyed
SYDNEY- March 24 - The Australian dollar leapt to multi-month highs on Tuesday as a plan by the U.S. government to rid banks of toxic assets roused investor risk appetites- sparking a rally in higher-yielding currencies and stocks. ...
Tue 24th March 2009 - 04:51pm

ANZ- union spar over NZ jobs plan
The Finance Sector Union claims the ANZ Bank plans to send another 100 local finance jobs to New Zealand. ...
Tue 24th March 2009 - 04:48pm

Asian Markets Overview of March 24
Sydney- Australia- Mar 24- 2009 - ABN Newswire - All major indices in Asia opened significantly higher as the US governments plan on bad debts fires up investors sentiment. Some markets rose 3 or more on Monday and extended their strong rising streak today with financial stocks react the most. Asia Economy WatchA deputy governor of the Peoples Bank of China said the central bank will continue investing in U.S. ...
Tue 24th March 2009 - 04:25pm

Australia stocks rise 0.8 to 2-month closing peak
SYDNEY- March 24 - Australian shares added 0.8 percent to a two-month closing peak on Tuesday as Macquarie Group Ltd MQG and other financial stocks jumped on optimism that a U.S. plan to absorb banks toxic assets would revive flow of credit. ...
Tue 24th March 2009 - 04:21pm

Prime plans $110m capital raising
Prime Media Group Ltd plans to raise up to $110 million from a share issue- with Kerry Stoke's Seven Network set to buy about $25 million. ...
Tue 24th March 2009 - 03:56pm

Private jet sales- premium travel slump
PARIS AFP - Battered by the crisis and under pressure to ditch the high-flying lifestyle- executives from Tokyo to New York are shunning private jets and business-class fares- spelling hard times for both industries. ...
Tue 24th March 2009 - 03:52pm

OZ Mins shares fall after FIRB extension
OZ Minerals Ltd shares slumped 15 per cent after the FIRB extended its review period for Chinese state-owned Minmetals' $2.6 billion takeover of the company. ...
Tue 24th March 2009 - 03:47pm

BG secures Pure in a $1.02b takeover bid
Britain's BG Group Plc has secured coal seam gas explorer Pure Energy Resources Ltd in a $1.02 billion takeover bid. ...
Tue 24th March 2009 - 03:46pm

SKorea- EU reach tentative trade deal
SEOUL AFP - South Korea and the European Union have reached a tentative trade deal after almost two years of talks and will try to settle outstanding issues early next month- both sides said Tuesday. ...
Tue 24th March 2009 - 03:29pm

London bankers warned to dress down amid violence fears
The city of London is bracing for widespread disruption over the next week as protesters plan a wave of anti-capitalist demonstrations in the lead-up to the G20 summit of world leaders next week. ...
Tue 24th March 2009 - 03:28pm

Terrain Minerals Limited ASX-TMX Appointment Of Mr. Richard Sandner As Chairman
Perth- Australia- Mar 24- 2009 - ABN Newswire - Terrain Minerals Limited ASX-TMX is pleased to announce the appointment of Mr. Dick Sandner as the new- independent Chairman of Terrain Minerals Ltd.Mr. ...
Tue 24th March 2009 - 03:27pm

Tabcorp to raise $200m via bonds issue
Tabcorp Holdings Ltd is seeking to raise about $200 million through the issue of new debt securities that will be listed on the Australian Securities Exchange. ...
Tue 24th March 2009 - 03:26pm

Pacific National cuts hours- not jobs
Workers at a steel transportation company south of Sydney have joined with their employer to ride out the economic slowdown. ...
Tue 24th March 2009 - 03:26pm

Chinese labour laws under threat as unemployment soars
Its still dark at Guangzhou Railway station as thousands of one-time farmers pour out of the trains and into the first morning of their uncertain city lives. ...
Tue 24th March 2009 - 03:24pm

Australia stocks up 1.1 percent NZs Nuplex jumps
WELLINGTON- March 24 - Australian shares rose 1.1 percent on Tuesday- but eased off earlier peaks as initial enthusiasm over a U.S. plan to absorb $1 trillion of banks toxic assets faded. ...
Tue 24th March 2009 - 03:21pm

Fears Nano will drive up oil price- fuel pollution
An Australian motoring expert says the launch of the worlds cheapest car in India could double the number of cars on the worlds roads- which would have a detrimental effect on the environment and push up the price of oil. ...
Tue 24th March 2009 - 03:21pm

Goldman Sachs eyes iShares unit- reports
LONDON AFP - Wall Street giant Goldman Sachs is working on a bid for iShares- the asset management business being auctioned by British bank Barclays- newspaper reports said here Tuesday. ...
Tue 24th March 2009 - 03:19pm

S -amp P downgrades outlook on PMP rating
Credit ratings agency Standard -amp Poor's has cut its outlook on PMP Ltd- as the printing and catalogue distributor faces challenging market conditions. ...
Tue 24th March 2009 - 03:19pm

ANZ sending another 100 jobs offshore- Finance Union
The Finance Sector Union claims the ANZ Bank plans to send another 100 local finance jobs to New Zealand. ...
Tue 24th March 2009 - 03:19pm

Oz Minerals in limbo after delayed takeover decision
A stock market analyst says the future of OZ Minerals is in limbo after the Foreign Investment Review Board delayed its decision about whether China Minmetals can take over the struggling miner. ...
Tue 24th March 2009 - 03:18pm

G20 build up- US takes on regulatory reform
WASHINGTON AFP - After taking on US banks toxic assets- President Barack Obama is readying a regulatory revamp to attack the underlying problem of titanic companies that become too big to fail. ...
Tue 24th March 2009 - 03:17pm

Iron ore prices forecast to plummet
A commodity analyst predicts iron ore prices will almost halve during the next two years. ...
Tue 24th March 2009 - 03:11pm

Free transport offer for SA seniors
There will be free public transport for many older South Australians from July. ...
Tue 24th March 2009 - 02:45pm

Free transport offer for SA seniors
There will be free public transport for many older South Australians from July. ...
Tue 24th March 2009 - 02:32pm

Fears Nano will drive up oil price- fuel pollution
An Australian motoring expert says the launch of the worlds cheapest car in India could lead to a doubling of the number of cars on the worlds roads- which would have a detrimental effect on the environment and push up the price of oil. ...
Tue 24th March 2009 - 02:31pm

Iron ore prices forecast to plummet
A commodity analyst predicts iron ore prices will almost halve during the next two years. ...
Tue 24th March 2009 - 02:25pm

Zedex Minerals Limited ASX-ZDX Olympus Increases Gold Resources In Vietnam To 1.61 Million Ounces
Auckland- New Zealand- Mar 24- 2009 - ABN Newswire - Zedex Minerals Limited ASX-ZDX is pleased to circulate the attached news release from Olympus Pacific Minerals Inc Olympus- a company producing gold in Vietnam and in which Zedex has an approximate 31 shareholding. This upgrade of Gold Resources at Bong Mieu East- has increased total Olympus Resources in Vietnam to 1.61 million ounces. ...
Tue 24th March 2009 - 02:18pm

Australia stocks up 1.1 percent Virgin Blue flies
WELLINGTON- March 24 - Australian shares pared gains to be 1.1 percent higher on Tuesday- as initial enthusiasm over a U.S. plan to absorb $1 trillion of banks toxic assets faded. ...
Tue 24th March 2009 - 02:16pm

Voluntary super payments shrink
Australian workers back compulsory super- but tight economic times mean that some no longer want to top it up from their own pockets. ...
Tue 24th March 2009 - 01:55pm

New ATM fee structure effective- RBA
The Reserve Bank says its changes to the fee structure for ATMs are benefiting customers by providing increased competition. ...
Tue 24th March 2009 - 01:31pm

Jetstar axes ground staff
The low-cost airline Jetstar has announced it is cutting ground handling operations in Tasmania. ...
Tue 24th March 2009 - 01:28pm

US toxic asset purge will help Australia- Rudd
Prime Minister Kevin Rudd says bringing international banks back to health will help deliver jobs in Australia. ...
Tue 24th March 2009 - 01:25pm

Aust tourism faring better than overseas rivals
Tourism Australia says the youth travel market remains strong- but the number of international tourists overall is expected to drop by 4 per cent this year. ...
Tue 24th March 2009 - 01:18pm

eServGlobal Limited ASX-ESV And Belgacom ICS Perform First Successful International Remittance Trial With North African Mobile Operator HomeSend
Sydney- Australia- Mar 24- 2009 - ABN Newswire - Belgacom International Carrier Services Belgacom ICS- a leading global provider of voice- data and value added services and eServGlobal Limited LON-ESGASX-ESV- a provider of end-to-end solutions- enabling smart communication and payment services- have successfully tested their joint service- HomeSend- and performed a first international money transfer through the mobile phone. ...
Tue 24th March 2009 - 01:15pm

Australian Market Report of March 24- Encouraging Rescue Plan and Economic Data
Sydney- Australia- Mar 24- 2009 - ABN Newswire - US shares roared up overnight and Dow index rose nearly 6.7 per cent after the US treasury announced a $US1 trillion rescue plan to clean up toxic assets in financial system. The market was also cheering a report showing a surprising increase in existing home sales in February.Yesterday the Australian shares surged on hope of the US bailout plan to remove bad debts from banks. ...
Tue 24th March 2009 - 01:11pm

New ATM fee structure effective- RBA
The Reserve Bank says its changes to the fee structure for ATMs are benefiting customers by providing increased competition. ...
Tue 24th March 2009 - 12:46pm

ASIC seeks liquidation approval for Storm Financial
The Australian Securities and Investments Commission ASIC will seek court approval to liquidate failed investment adviser Storm Financial today. ...
Tue 24th March 2009 - 12:44pm

Australia stocks off peak Straits up- Lihir down
WELLINGTON- March 24 - Australian shares pared early gains to be 1.6 percent higher on Tuesday- as initial enthusiasm over a U.S. plan to absorb $1 trillion of banks toxic assets faded. ...
Tue 24th March 2009 - 12:43pm

Measured response needed to airport security- official says
Melbourne Airport is warning against any knee jerk reaction to the violent bikie brawl at Sydney airport on the weekend. ...
Tue 24th March 2009 - 12:37pm

An Indian company has launched the worlds cheapest car- selling for less than $3000.
...
Tue 24th March 2009 - 12:28pm

Wall St rally boosts local shares
Financial stocks have led the local share market to its highest levels in two months. ...
Tue 24th March 2009 - 12:27pm

Aussie dlr flies on U.S. bank plan 70 yen in sight
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0037 GMTagainst previous Sydney close AUD 0.7090-920.6963-67 AUDNZDR1.2348-661.2304-33 AUDJPYR 69.19-27 66 ...
Tue 24th March 2009 - 12:25pm

OZ Mins shares fall after FIRB extension
OZ Minerals Ltd shares have slumped 15 per cent after a key regulator extended its review period for Minmetals' $2.6 billion takeover of the company. ...
Tue 24th March 2009 - 12:19pm

Territory Resources inks new China deal
Territory Resources Ltd has signed agreements to sell iron ore from its Frances Creek operations in the Northern Territory to three steel producers in China. ...
Tue 24th March 2009 - 11:47am

Myer posts $83m profit
Department store Myer has posted a rise in profit despite a fall in sales amid a tough economic backdrop. ...
Tue 24th March 2009 - 11:27am

Nothing unfair about job cuts- Medibank
Medibank Private has defended its latest round of job cuts in the face of what it says are misleading claims from the public sector union. ...
Tue 24th March 2009 - 11:26am

New Hope H1 profit jumps to $1.82b
Coal miner New Hope Corp Ltd has reaffirmed its full year guidance after reporting a sharp lift in first half profit. ...
Tue 24th March 2009 - 11:18am

Myer first half net profit up 2.3
Myer Group has reported 2.3 per cent rise in first half net profit- after a fall off in consumer confidence in the final months of its reporting period. ...
Tue 24th March 2009 - 11:16am

AIG 'to give back $US30m in bonuses'
Bosses at the AIG's financial products division have agreed to give back around $US30 million $A43.5 million in bonuses- US media reports say. ...
Tue 24th March 2009 - 11:14am

ATM reforms benefiting customers- RBA
The Reserve Bank of Australia says consumers are voting with their feet in response to the recent reforms of ATM fees. ...
Tue 24th March 2009 - 11:10am

RCG Holdings Limited HKG-0802LON-RCG Unbreakable Growth
Hong Kong- China- Mar 24- 2009 - ABN Newswire - RCG Holdings Limited HKG-0802LON-RCG has a record breaking performance and growth prospect in its industry. Despite the financial turmoil- the company continue to record growth in company equity and EPS. The company has a turnover of HKD $2-002 million in FY 2008 representing a whopping 4-348 growth over the last 5 years. In an interview with Eugene Yao from ABN Newswire- RCGs CEO Dr. ...
Tue 24th March 2009 - 10:53am

Obama names deputy treasury secretary
WASHINGTON AFP - President Barack Obama on Monday offered under-staffed Treasury Secretary Tim Geithner some relief- nominating Clinton-era veterans as his deputy and top official for global finance policy. ...
Tue 24th March 2009 - 10:46am

Wall St rally boosts local shares
The Australian share market has opened higher after Wall Streets rally of almost 7 per cent overnight. ...
Tue 24th March 2009 - 10:44am

Petrol prices should be lower- economist
A leading economist says while motorists are paying the cheapest petrol prices in two months- they should be paying even less. ...
Tue 24th March 2009 - 10:25am

Carbon Energy Limited ASX-CNX Results From Bloodwood Creek Trail Increase Energy Production Potential
Brisbane- Australia- Mar 24- 2009 - ABN Newswire - Carbon Energy Limited ASX-CNXPINK-CNXAF today announced results from its recent A $20m Bloodwood Creek Underground Coal Gasification UCG commercial trial. The 100 day trial completed at the end of January 2009 successfully demonstrated the Companys capability to convert in-situ coal into significant quantities of UCG syngas energy. ...
Tue 24th March 2009 - 10:21am

Australian stocks rise 2.6 pct banks gain
WELLINGTON- March 24 - Australian shares rose 2.6 percent on Tuesday- with banks and miners leading the gains on optimism over a U.S. plan to rid bank of toxic assets that had fed a strong rally on Wall St. ...
Tue 24th March 2009 - 10:16am

Big Pineapple heritage listed
Queenslands Big Pineapple has been granted heritage listing. ...
Tue 24th March 2009 - 09:42am

Fare evaders cost Qld taxpayers $16 million
Translink says fare evaders on trains- buses and ferries cost Queensland taxpayers about $16 million last year. ...
Tue 24th March 2009 - 09:34am

Aussie dollar soars on U.S. bank plan bonds fall
SYDNEY- March 24 - The Australian dollar AUD held at multi-week highs on Tuesday after a U.S. government plan to rid banks of toxic assets fired stock markets and lifted demand for riskier- high-yielding currencies. ...
Tue 24th March 2009 - 09:32am

United to build substations for Energy
United Group will build electrical substations for Energy Australia as the NSW utility renews its network in Sydney- Hunter Valley and Central Coast regions. ...
Tue 24th March 2009 - 09:31am

Arrow accepts BG's offer for Pure Energy
Gas producer Arrow Energy Ltd has accepted an offer to buy its shares in Pure Energy Resources Ltd by the UK's BG International. ...
Tue 24th March 2009 - 09:31am

Tata launches worlds cheapest car
An Indian company has launched the worlds cheapest new car- the Tata Nano- which sells for less than $3-000. ...
Tue 24th March 2009 - 09:31am

Money to scrap car bombs not fuel efficient- RACQ says
The RACQ says giving people money to scrap their old cars will not necessarily reduce fuel consumption or greenhouse gas emissions. ...
Tue 24th March 2009 - 09:30am

Union hopes new Qld transport minister offers fresh start
The Transport Workers Union TWU hopes the appointment of a new Queensland Transport Minister will provide a fresh start for the industry. ...
Tue 24th March 2009 - 09:25am

Fraser wont set unemployment target
Queensland Treasurer Andrew Fraser says he will not declare an unemployment target like former premier Peter Beatties famous 5 per cent. ...
Tue 24th March 2009 - 09:20am

Indias Tata rolls out worlds cheapest car
MUMBAI AFP - Indias Tata Motors on Monday launched the worlds cheapest car- the Nano- hoping to revolutionise travel for millions and buck a slump in auto sales caused by the global economic crisis. ...
Tue 24th March 2009 - 09:16am

Madoff trustee locates $US1b worldwide
A lawyer for the trustee tracking down Wall Street fraudster Bernard Madoff's assets says more than $A1.45 billion have been located worldwide. ...
Tue 24th March 2009 - 09:13am

Govt knocks back Glenthorne housing plan
A proposal for housing to be built on part of Glenthorne Farm at OHalloran Hill in Adelaides southern suburbs has been rejected by the South Australian Government. ...
Tue 24th March 2009 - 09:11am

Australians stopping super contributions- survey
A nation-wide survey has found most workers believe compulsory superannuation is worthwhile- but more than a third have stopped making voluntary contributions. ...
Tue 24th March 2009 - 08:50am

Abattoir jobs get the chop
King Islands largest employer is closing- leaving 100 meat industry jobs in the balance. ...
Tue 24th March 2009 - 08:39am

Sun Coast reaps unexpected oil slick benefits
Tourism Sunshine Coast says there have been some unexpected benefits from the oil spill. ...
Tue 24th March 2009 - 08:38am

Big Pineapple heritage listed
Queenslands Big Pineapple has been granted heritage listing. ...
Tue 24th March 2009 - 08:34am

Tata launches worlds cheapest car
An Indian company has launched the worlds cheapest new car- the Tata Nano- which sells for less than $3-000. ...
Tue 24th March 2009 - 08:24am

US Bank Revamp Boosts Wall Street-
A big gamble from the Obama administration to expand the old $US700 billion rescue of the US financial system by trying to relieve financial groups of troubled assets by using a combination of a public-private partnership.And compared with the first bank bailout plan on -amp 160February 10- the new- ambitious ideas laid out overnight seems to have worked with Wall Street surging by nearly 500 points on the down almost 7 and over 7 for the Standard -amp 38 Poors 500 Index.The S -amp 38P 500 is now up 18 from the 12 year low hit low on March 9.It was the biggest rise since November 21.US interest rates edged a touch higher- oil surged past $US53 a barrel- a three month high- copper topped the $US4-000 a tonne mark- gold and silver fell.Bank shares were boosted- as were the stocks of other financial companies as some of the biggest private equity and professional investors in the US were revealed as participating in the new plan.Our market and bank shares look as though they will also rise strongly today.But theres an irony here- for the new plan to work the way it should and start providing certainty to the markets- lenders and borrowers- the Obama Administration has to work with many of the people blamed for some of the excesses of the credit bubble- and use some of their techniques of leverage- special investment structures and suspend financial belief until values settle down.US Treasury Secretary Tim Geithner is under enormous pressure to get this proposal right- and the first reaction is a thumbs up- which will go some way to starting to ease some of the current uncertainty.Overnight Mr Geithner revealed the Public Private Investment Program using up to $US100 billion of bailout money to attract investment funds to purchase - and banks to unload - the illiquid toxic securities and loans that no one wants and which have caused credit to dry up.The US Treasury- Federal Reserve and the Federal Deposit Insurance Corp- the countrys main bank regulator- will all play a role alongside private investors in aiming to buy between $US500 billion and $US1 trillion of troubled assets. -amp quotBy providing a market for these assets that does not now exist- this program will help improve asset values- increase lending capacity by banks- and reduce uncertainty about the scale of losses on bank balance sheets- -amp quot Geithner said in an op-ed piece published in the Wall Street Journal on Monday.Mr Geithner wrote in the Journal piece- -amp quotToday- we are announcing another critical piece of our plan to increase the flow of credit and expand liquidity. -amp 160 -amp quotThe Public-Private Investment Program will purchase real-estate related loans from banks and securities from the broader markets. -amp quotThe funds established under this program will ...use government resources in the form of capital from the Treasury- and financing from the FDIC and Federal Reserve- to mobilize capital from private investors. ...private-sector purchasers will establish the value of the loans and securities purchased under the program- which will protect the government from overpaying for these assets. ... -amp quotThe new ...Program will initially provide financing for $500 billion with the potential to expand up to $1 trillion over time... Our approach shares risk with the private sector- efficiently leverages taxpayer dollars- and deploys private-sector competition to determine market prices for currently illiquid assets -amp quot.. -amp quotThe ability to sell assets to this fund will make it easier for banks to raise private capital. -amp quotThe announcement is a major test for Geithner- whose first speech on the financial rescue on February 10 offered so few details that it triggered a sell-off in financial stocks.Adding to the pressure has been the wave of populist anger over the rescue thus far- following the revelation that employees of American International Group got $US165 million in bonuses after the insurer received taxpayer funds- after executives at other groups Merrill Lynch got $US4 billion in bonuses after being taken over by Bank of America- with the help of US taxpayer cash..The New York Times reported that three chiefs of investment firms said in interviews that they were impressed with the terms of the program - which would have the government lend nearly 95 of the money for any investment - but remained reluctant to participate because of the potential for future regulation. -amp quotDespite this reluctance The Times said Laurence Fink- chief executive of BlackRock- said his firm One of the biggest funds managers in the US planned to participate in the program. -amp quotWe will be raising money on behalf of our clients- -amp quot he was quoted as saying- adding that he was not worried about government intervening in his business. -amp quotI dont see how Congress can interfere in this. -amp quotPimco- a large bond fund- also was expected to participate. Pimco is based on the West Coast and is owned by the huge Allianz insurance group of Germany. It has been managing other debt deals for the Us Treasury.Pimco and Blackrock later confirmed their participation- both are among the biggest investors on Wall Street in shares Blackrock and in bonds Pimco.Dealers said one of the big stumbling locks will be valuing on dodgy mortgage-related assets that have not been traded for months.The government hopes that the support it will be offering to investors will be so much that they will be willing to risk overpaying somewhat for the assets.Geithner will also announce plans later this week to ask Congress to give the Treasury and the Fed the power to step in and more easily tackle problems at systemically important financial institutions that are in danger of failing.Bloomberg said such powers would give the government the ability to limit payments to creditors- break contracts on executive compensation commitments and provide guarantees on particular categories of debt for companies that need bailing out.US banks have taken more than $US800 billion in write-downs and credit losses since the market for subprime mortgages collapsed in August 2007.The credit crisis that followed pushed the US economy into the deepest recession since 1982 and dragged the rest of the world with it.Under the new plan- Geithner intends to expand the Federal Reserves new $US1 trillion Term Asset-Backed Securities Loan Facility to provide loans for investors to buy the frozen assets- The TALF currently is only available to fund purchases of top-rated securities. The new program would open it up to so-called legacy assets which are older and not as highly- rated.Bloomberg said the revamped Fed program will operate in conjunction with the Treasurys public-private investment funds and the government expects the funds to compete to buy assets- using auctions to set prices. Private managers will run the funds and use government financing- sharing any profit or loss. -amp quotThe FDIC will oversee investments in whole loans- rather than securities. It will partner with a government program that will provide financing. -amp quotIn the FDIC partnerships- government loans will allow investors to leverage their funds by 6-to-1- the officials said. The Treasury would provide 50 to 80 equity in the FDIC partnerships. -amp quotPartnerships that rely on the Fed for financing would get less leverage- they said. In these partnerships- the Treasury would probably match investors funds dollar for dollar. -amp quot -amp 160 ...
Tue 24th March 2009 - 08:23am

Australia shares set to rally on U.S. euphoria
Stock index futures for June YAPcm1 rose 2.5 percent to 3-641.0- a 90.7 point premium to the underlying S -amp ampP-ASX 200 index JO. ...
Tue 24th March 2009 - 08:22am

Abattoir jobs get the chop
King Islands largest employer is closing- leaving 100 meat industry jobs in the balance. ...
Tue 24th March 2009 - 07:53am

Abattoir jobs get the chop
King Islands largest employer is closing- leaving 100 meat industry jobs in the balance. ...
Tue 24th March 2009 - 07:51am

Existing US home sales rise 5.1
Sales of previously occupied US homes jumped unexpectedly in February by the largest amount in nearly six years. ...
Tue 24th March 2009 - 07:48am

Crisis batters Germany- central bank
The global economic crisis is hitting Germany's export-oriented economy ever harder- the central bank said on Monday. ...
Tue 24th March 2009 - 07:37am

Oil prices hit four-month peaks
LONDON AFP - Oil prices struck the highest levels since late 2008 on Monday- as world stock markets rallied on a US government plan to help ailing banks- analysts said. ...
Tue 24th March 2009 - 06:50am

UK Daily Mail group to cut 1-000 jobs
Britain's Daily Mail and General Trust DMGT media group will cut 1-000 jobs this year- over twice as many as previously forecast. ...
Tue 24th March 2009 - 06:43am

World trade to fall 9 this year- WTO
Global trade will shrink by nine per cent this year in the most devastating collapse since World War II- the World Trade Organisation WTO said. ...
Tue 24th March 2009 - 06:34am

Oil hits 3-month high as Wall Street rallies
NEW YORK- March 23 - Oil prices hit their highest level in nearly three months on Monday as a U.S. plan to purge banks of toxic assets triggered a rally on Wall Street and brightened the outlook for flagging energy demand. ...
Tue 24th March 2009 - 06:31am

World trade growth to plummet 9 in 2009- WTO
GENEVA AFP - The World Trade Organisation said Monday that global trade would show its biggest fall since World War II this year due to the financial crisis- with a 9.0-percent contraction expected. ...
Tue 24th March 2009 - 06:12am

Abu Dhabi fund shields Daimler from hostile bids
FRANKFURT AFP - German auto and truck maker Daimler can breathe a sigh of relief after an Abu Dhabi fund agreed to become its biggest shareholder and help protect against a hostile takeover bid- analysts said on Monday. ...
Tue 24th March 2009 - 05:42am

Plunging milk prices trigger calls to keep quotas
BRUSSELS AFP - Germany- France and other EU nations called Monday for milk production quotas slated for removal to be kept in place for now- saying the sector is fighting for survival because of plunging prices. ...
Tue 24th March 2009 - 05:36am

Oil prices hit multi-month peaks
LONDON AFP - Oil prices hit multi-month highs on Monday- driven by soaring world stock markets and a weaker dollar ahead of the announcement of a new US government banking plan- analysts said. ...
Tue 24th March 2009 - 05:24am

World trade growth to plummet 9 in 2009- WTO
GENEVA AFP - World trade volumes are expected to drop by an average of nine percent in 2009- the sharpest fall since World War II- the World Trade Organisation said Monday. ...
Tue 24th March 2009 - 05:20am

Global situation extremely worrying- IMF
GENEVA AFP - The state of the global economy remains -amp quotextremely worrying and difficult- -amp quot IMF chief Dominique Strauss-Kahn said Monday as optimism surged worldwide thanks to a new US banking plan. ...
Tue 24th March 2009 - 05:17am

World stocks rally on US bank plan
LONDON AFP - Global stock markets rocketed Monday as investors cheered the official launch of a 500-billion-dollar 368-billion-euro US government plan to purge banks of toxic assets. ...
Tue 24th March 2009 - 04:43am

Oil hits 3-month high as stock markets climb
LONDON- March 23 - Oil prices jumped nearly 4 percent on Monday to over $54 a barrel- the highest level in nearly three months- as a U.S. plan to purge banks of toxic assets triggered a rally on Wall Street. ...
Tue 24th March 2009 - 04:32am

ING executive urges employees to give up bonuses
THE HAGUE AFP - The head of the supervisory board at Dutch banking and insurance giant ING on Monday issued a -amp quotmoral appeal -amp quot to senior employees to give up their 2008 bonuses after the firm received state aid. ...
Tue 24th March 2009 - 02:20am

Oil heads up towards $54 as US equities surge
LONDON- March 23 - Oil jumped more than $1 to above $53 a barrel on Monday- supported by a rise in the stock market after strong housing data and on details of a U.S. plan to remove toxic assets from bank balance sheets. ...
Tue 24th March 2009 - 01:47am

Oil up above $52- dollar and equities support
LONDON- March 23 - Oil rose above $52 a barrel on Monday- supported by a weak dollar and rising stock markets after the United States gave details of a plan to remove toxic assets from bank balance sheets. ...
Tue 24th March 2009 - 01:21am

US unveils public-private plan for toxic assets
WASHINGTON AFP - The US Treasury on Monday unveiled a long-awaited plan to buy up toxic assets clogging the financial system using government funds and Federal Reserve backing to attract private capital. ...
Tue 24th March 2009 - 12:45am

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