2009-04-07 Business and Finance News (vsx.com.au)

BMW- Daimler sales slip in March
FRANKFURT AFP - German luxury car makers BMW and Daimler reported sharp drops in March sales Tuesday but pointed to encouraging signs in the United States and Germany- two key markets. ...
Tue 7th April 2009 - 11:13pm

Gazprom- Eni in $4 bln buy-out deal
MOSCOW AFP - Russias Gazprom on Tuesday signed a deal worth over four billion dollars to buy out the 20 percent stake owned by Italys Eni in its oil unit Gazprom Neft- in line with the Kremlins aim to keep key assets in state hands. ...
Tue 7th April 2009 - 10:53pm

Britain's RBS to cut up to 9-000 jobs
The Royal Bank of Scotland is to cut up to 9-000 jobs over the next two years- half of them in Britain- the state-controlled British lender said on Tuesday. ...
Tue 7th April 2009 - 10:30pm

Strong Showing Expected at CommunicAsia2009 and BroadcastAsia2009
Singapore- Apr 7- 2009 - ACN Newswire - CommunicAsia2009 and BroadcastAsia2009 are expected to feature about 2-000 exhibiting companies from 65 countries and regions from across the globe- demonstrating the strong demand by companies to expand their footprint in Asias emerging markets andthe importance of the annual exhibitions as networking and sourcing platforms for the global infocomm and media industries. ...
Tue 7th April 2009 - 09:33pm

New lawsuit over Mt Isa blood-lead levels
Another family is launching legal action against Xstrata over elevated blood-lead levels in Mount Isa. ...
Tue 7th April 2009 - 09:30pm

ArcelorMittal to cut 500 more jobs in Poland
WARSAW AFP - Global steel giant ArcelorMittal said Tuesday it was cutting 500 jobs at its Polish plants after reducing production in the face of the global economic crisis. ...
Tue 7th April 2009 - 09:27pm

Thales- Binladin group ink Saudi rail contract
RIYADH AFP - French defence group Thales and construction giant Saudi Binladin Group were awarded a 1.7 billion riyal 453 million dollar- 341 million euro contract on Tuesday to build Saudi Arabias ambitious North-South Railway. ...
Tue 7th April 2009 - 09:25pm

British government owns 70.3 of RBS group
LONDON AFP - Royal Bank of Scotland confirmed Tuesday that the state now owns 70. ...
Tue 7th April 2009 - 09:21pm

Euro falls under $1.33
LONDON AFP - The euro fell below 1.33 dollars on Tuesday after official data showed that the recession-hit eurozone economy shrank 1.6 percent in the last three months of 2008 from the previous quarter. ...
Tue 7th April 2009 - 09:17pm

FMG outlines its defence in the Federal Court
The Federal Court in Perth has heard that Chinese rail company executives signed off on a draft statement to the Australian Stock Exchange ASX- ASX.ax about a contract with Fortescue Metals Group ...
Tue 7th April 2009 - 08:35pm

Broadband strategy- revolutionary or road to nowhere
Debate is raging over whether the Federal Governments new $43 billion national broadband strategy is a 21st century infrastructure must-have or a grandiose highway to nowhere. ...
Tue 7th April 2009 - 08:27pm

Borghetti to leave Qantas next month
Qantas Airways Ltd group executive John Borghetti will leave the airline next month- after 36 years with the company. ...
Tue 7th April 2009 - 08:26pm

Flight Centre expects slump in profits
Flight Centre Ltd has forecast annual profit to fall by more than two-thirds because of a slump in air travel caused by the slowing global economy. ...
Tue 7th April 2009 - 08:25pm

Holden shows off green credentials
Car producer GM Holden is displaying its green credentials with the first deliveries of its EcoLine-badged vehicles to dealers across the country. ...
Tue 7th April 2009 - 08:24pm

AusAID contributes almost $600k to PNG businesses
The Australian Government is helping two Papua New Guinean businesses as part of a program to encourage economic growth in the Asia Pacific. ...
Tue 7th April 2009 - 08:22pm

100 rail jobs under threat
At least 100 railway station jobs may be axed in New South Wales as part of a review of rail resources. ...
Tue 7th April 2009 - 08:21pm

Bendigo shares slip on broker downgrades
The share price of Bendigo and Adelaide Bank Ltd has continued its free-fall after a raft of broker downgrades. ...
Tue 7th April 2009 - 08:17pm

CBA stands alone on rate cut
The Commonwealth Bank of Australia stands alone as the only major bank to cut interest rates after another easing in monetary policy. ...
Tue 7th April 2009 - 07:50pm

Treasurer accused of rushing TOTE sale
The Tasmanian Treasurer has been accused of trying to rush the sale of TOTE Tasmania through the Parliament without enough scrutiny. ...
Tue 7th April 2009 - 07:46pm

$800 utilities hike- NT charities brace for demand
The Northern Territory Council of Social Service NTCOSS says a rise in power and water bills will drive people on lower wages to seek help from charity organisations. ...
Tue 7th April 2009 - 07:43pm

Interest in troubled KI sawmill
The administrator of a Kangaroo Island sawmill says there have been 10 expressions of interest since the business went on the market about a fortnight ago. ...
Tue 7th April 2009 - 07:41pm

Material prices behind jump in new home costs
Master Builders Queensland says rising material prices are pushing up the cost of building new homes. ...
Tue 7th April 2009 - 07:26pm

Ripper on attack over mining job losses
The State Opposition says the Government is acting like a by-stander while more and more West Australian jobs are lost.The mining company- Iluka Resources- is the latest company to confirm job losses ...
Tue 7th April 2009 - 07:15pm

PMP appoints Richard Allely as CEO
Printing and distribution group PMP Ltd has appointed a new chief from its own ranks after a two-month search of internal and external candidates. ...
Tue 7th April 2009 - 06:56pm

Optus welcomes NBN plan after failed bid
Optus is supportive of the federal government's decision to build a national broadband network through a government owned company- despite its failed bid. ...
Tue 7th April 2009 - 06:53pm

Boral looking for successor to CEO
Boral Ltd has begun looking for a replacement for chief executive Rod Pearse- whose contract is due to expire at the end of the year. ...
Tue 7th April 2009 - 06:50pm

Futuris 'comfortable' with lower profits
Futuris Corporation Ltd says it is comfortable with lowered analysts' expectations for annual underlying profit. ...
Tue 7th April 2009 - 06:45pm

Banks resist rates cut pressure
The big banks are refusing to bow to pressure from politicians urging them to pass on the Reserve Banks 25-basis-point rate cut. ...
Tue 7th April 2009 - 06:44pm

Wine exports down 2pc
The Australian wine industry has been hit by the global economic downturn- with exports falling 2 per cent in the year ending to March. ...
Tue 7th April 2009 - 06:38pm

NEC Develops Technologies that Assess an Authors Feelings from Text in Order to Create Audio and Visual Blogs
Tokyo- Apr 7- 2009 - JCN Newswire - NEC Corporation announced today the development of two new technologies that evaluate an authors feelings based on text data in order to automatically generate entertaining blog content. The technologies produce a variety of text decorations and feature an entertaining text-to-speech function that generates synthesized speech based on the positive or negative emotions expressed in a body of text. ...
Tue 7th April 2009 - 06:34pm

Banks resist rates cut pressure
The big banks are refusing to bow to pressure from politicians urging them to pass on the Reserve Banks 25-basis-point rate cut. ...
Tue 7th April 2009 - 06:30pm

Banks resist rates cut pressure
The big banks are refusing to bow to pressure from politicians urging them to pass on the Reserve Banks full rate cut after it dropped the official interest rate to 3 per cent- its lowest level in 49 years. ...
Tue 7th April 2009 - 06:28pm

RBA cut rate to 49-year low
The Reserve Bank of Australia's surprise decision to cut official interest rates to a 49-year low may be the last reduction for a while. ...
Tue 7th April 2009 - 06:26pm

Bendigo shares slip on broker downgrades
The share price of Bendigo and Adelaide Bank Ltd has continued its free-fall after a raft of broker downgrades. ...
Tue 7th April 2009 - 05:58pm

FMG statements not misleading- court
Fortescue Metals Group boss Andrew Forrest and his executives did not mislead investors by overstating agreements with Chinese parties- a court has heard. ...
Tue 7th April 2009 - 05:44pm

Market loses ground on rates news
The Australian share market has closed lower- with its losses deepening after the Reserve Banks interest rate announcement this afternoon. ...
Tue 7th April 2009 - 05:44pm

Iluka share price slumps after job cuts
Iluka Resources Ltd shares slumped 11 per cent after the mineral sands miner cut its annual production forecast and axed 135 jobs due to weak demand. ...
Tue 7th April 2009 - 05:36pm

RBA cuts cash interest rate to 3.00
The Reserve Bank of Australia has cut the cash interest rate by 25 basis points to three per cent- its lowest level in 49 years. ...
Tue 7th April 2009 - 05:33pm

NAB fails to pass on RBA rate cut
National Australia Bank Ltd will keep its standard variable mortgage interest rate at 5.74 per cent- despite a central bank rate cut. ...
Tue 7th April 2009 - 05:32pm

Qld mining sector axes over 1-000 jobs
Queensland's mining sector has axed more than 1-000 jobs in a week- with Rio Tinto becoming the latest victim of the global downturn. ...
Tue 7th April 2009 - 05:13pm

RBA cuts rates to 3pc
The Reserve Bank has cut official interest rates for the sixth time since September and has indicated the easing cycle is not over. ...
Tue 7th April 2009 - 04:54pm

RBA cuts rates to 3pc
The Reserve Bank has cut official interest rates for the sixth time since September and has indicated the easing cycle is not over. ...
Tue 7th April 2009 - 04:41pm

More Burnie job cuts feared
There are concerns Caterpillar may be getting ready to close its Burnie plant in north-west Tasmania and move offshore. ...
Tue 7th April 2009 - 04:31pm

More Burnie job cuts feared
There are concerns Caterpillar may be getting ready to close its Burnie plant in north-west Tasmania and move offshore. ...
Tue 7th April 2009 - 04:30pm

Hydro sells off China wind farm share
Hydro Tasmania has announced it is selling its share in the foreign arm of its renewable energy business Roaring 40s. ...
Tue 7th April 2009 - 04:23pm

Australia shares decline 1.3 pct Rio drops 10 pct
SYDNEY- April 7 - Australian stocks fell 1.3 percent on Tuesday- dragged down by global miner Rio Tinto Ltd RIO on more output cuts and persistent market talk of a potential rights issue if a Chinese investment falls through. ...
Tue 7th April 2009 - 04:21pm

Unemployment predicted to reach 9- ACCI
The nation's biggest business group is predicting unemployment to reach nine per cent by the middle of next year. ...
Tue 7th April 2009 - 04:19pm

Canberra airport terminal plan given new life
The Canberra Airport says it is going ahead with its $250 million terminal project after overcoming difficulties in finding finance. ...
Tue 7th April 2009 - 04:17pm

CBA drops standard variable rate
Commonwealth Bank of Australia Ltd CBA has cut its standard variable home loan rate by 10 basis points. ...
Tue 7th April 2009 - 04:15pm

Green light for $250m terminal at Canberra Airport
Canberra Airport has overcome its funding difficulties and will start work immediately on a new $250 million terminal. ...
Tue 7th April 2009 - 04:15pm

RBA cuts rates to 3pc
The Reserve Bank has cut official interest rates for the sixth time since September and has indicated the easing cycle is not over. ...
Tue 7th April 2009 - 04:13pm

V Australia prepares for Brisbane launch
Virgin begins its quest on Wednesday to end Qantas' domination of the Brisbane to Los Angeles route. ...
Tue 7th April 2009 - 03:58pm

ASIC action against Fortescue underway
Fortescue Metals Group Ltd did not mislead investors about binding agreements with Chinese parties- a court has heard. ...
Tue 7th April 2009 - 03:55pm

Catalpa lifts Edna May reserves by 11
Catalpa Resources Ltd has lifted the reserves for its $92 million Edna May gold project after delivering a maiden reserve for the Greenfinch deposit. ...
Tue 7th April 2009 - 03:54pm

Unemployment could hit 9 in 2009- ACCI
The nation's biggest business group is predicting unemployment to top nine per cent by the end of next year. ...
Tue 7th April 2009 - 03:52pm

RBA give few clues on further moves
The Reserve Bank of Australia on Tuesday resumed its easing of monetary policy and lowered the cash rate to a 49-year low of three per cent. ...
Tue 7th April 2009 - 03:50pm

Australia shares drop 1.1 pct Iluka falls
SYDNEY- April 7 - Australian stocks fell 1.1 percent on Tuesday- dragged down by global miner Rio Tinto Ltd RIO after it announced more output cuts- while zircon producer Iluka Resources Ltd ILU fell after cutting its sales forecasts. ...
Tue 7th April 2009 - 03:38pm

RBA cuts rates to 3pc
The Reserve Bank has cut official interest rates for the sixth time since September and has indicated the easing cycle is not over. ...
Tue 7th April 2009 - 03:34pm

Big four banks reviewing rate positions
Banks are reviewing their positions on interest rates following the Reserve Bank of Australia's decision to drop the official cash rate to a 49-year low. ...
Tue 7th April 2009 - 03:31pm

Iluka share price slumps after job cuts
Iluka Resources Ltd share price has slumped 11 per cent after the mineral sands miner cut its annual production forecast and axed 135 jobs in Western Australia. ...
Tue 7th April 2009 - 03:19pm

Authorities urged to boost ring route use
The Property Council is keen to remove more cars from Adelaides city centre by encouraging them to use the ring route around the city. ...
Tue 7th April 2009 - 03:13pm

Construction unions flag strike action over ABCC
Construction unions have reaffirmed their opposition to the Australian Building and Construction Commission ABCC at meetings across the country. ...
Tue 7th April 2009 - 03:12pm

Dredge returns to Port Phillip Bay
The dredge vessel Queen of the Netherlands has returned to Melbourne to continue work on the channel deepening project. ...
Tue 7th April 2009 - 03:10pm

RBA cuts cash interest rate to 3.00
The Reserve Bank of Australia has cut the cash interest rate by 25 basis points to three per cent- its lowest level in 49 years. ...
Tue 7th April 2009 - 02:57pm

Dredge returns to Port Phillip Bay
The dredge vessel Queen of the Netherlands has returned to Melbourne to continue work on the channel deepening project. ...
Tue 7th April 2009 - 02:51pm

RBA cuts rates to 3pc
Interest rates have been cut by 25 basis points- as the Reserve Bank board reacts to gloomy unemployment news. ...
Tue 7th April 2009 - 02:47pm

Wine industry warns on tax rebate
The wine industry is warning that any move to cut the wine equalisation tax rebate would drive small- and medium-sized wineries to the wall. ...
Tue 7th April 2009 - 02:45pm

Aussie gains after cenbank sees room for modest cuts
The three-year contract YTTc1 slipped 0.03 points to 96.365- while the 10-year bond futures YTCc1 rose 0.02 points to 95.41. Three-month overnight indexed swaps rose to 2.785 percent from 2.705 percent. Reporting by Anirban Nag ...
Tue 7th April 2009 - 02:43pm

Power surge- bills to rise by $800 a year
Power bills for large households across the Northern Territory are set to rise by an estimated $800 a year. ...
Tue 7th April 2009 - 02:43pm

RBA cuts cash interest rate to 3.00
The Reserve Bank of Australia RBA has cut the cash interest rate by 25 basis points following its board meeting on Tuesday. ...
Tue 7th April 2009 - 02:38pm

Jacob Zuma and the French connection
A decision by South African prosecutors to drop corruption charges against African National Congress ANC leader Jacob Zuma has divided the country. Andrew Fowler from the ABCs investigative unit looks into the case- ...
Tue 7th April 2009 - 02:38pm

Ray White posts $2.4b in sales in March
Ray White said it posted $2.37 billion of sales last month helped by the increase to the federal government's first home owner's grant and lower interest rates. ...
Tue 7th April 2009 - 02:34pm

RBA cuts rates to 3pc
Interest rates have been cut by 25 basis points- as the Reserve Bank board reacts to gloomy unemployment news. ...
Tue 7th April 2009 - 02:32pm

Broadband price rise tipped under $43b plan
Market analysts say broadband prices are likely to rise- after the Government unveiled an amibitious new $43 billion plan to build a national fibre-to-the-home broadband network. ...
Tue 7th April 2009 - 02:23pm

Broadband plan tipped to bring higher prices
Market analysts say broadband prices are likely to rise- after the Government unveiled an amibitious new $43 billion plan to build a national fibre-to-the-home broadband network. ...
Tue 7th April 2009 - 02:22pm

Bank of Japan leaves rates unchanged
Japan's central bank said that it was leaving its key interest rate on hold at 0.1 per cent- as the economy struggles through its worst recession in decades. ...
Tue 7th April 2009 - 02:14pm

Telstra slashes jobs in NSW and ACT- union
A union representing Telstra technicians says the telco is slashing more than 90 jobs across New South Wales and the ACT. ...
Tue 7th April 2009 - 02:11pm

Telemarketing changes to help vulnerable
Changes to telemarketing laws have been passed by the South Australian Parliament. ...
Tue 7th April 2009 - 01:56pm

Air Austral to fly from Sydney to Paris
Air Austral will begin servicing the Australian international market next week- offering travellers a twice-weekly service to Paris. ...
Tue 7th April 2009 - 01:46pm

Power surge- bills to rise by $800 a year
Power bills for large households across the Northern Territory are set to rise by an estimated $800 a year. ...
Tue 7th April 2009 - 01:33pm

Factbox- Key points about national broadband network
Key points about the Governments ambitious new national broadband plan- ...
Tue 7th April 2009 - 01:29pm

Rudd redraws broadband landscape
The Federal Government has scrapped the controversial broadband tender process and will instead form a new public-private company to build a national network- Prime Minister Kevin Rudd has announced. ...
Tue 7th April 2009 - 12:58pm

Unemployment could hit 9 in 2009- ACCI
The nation's biggest business group is predicting unemployment to top nine per cent by the end of this year. ...
Tue 7th April 2009 - 12:55pm

Rio Tinto cuts 700 jobs across Qld
Mining company Rio Tinto Alcan is shedding more than 700 jobs in central and far north Queensland because of a sharp drop in demand and falling commodity prices. ...
Tue 7th April 2009 - 12:54pm

Power surge- bills to rise by $800 a year
Power bills for large households across the Northern Territory are set to rise by an estimated $800 a year. ...
Tue 7th April 2009 - 12:49pm

Phone lines restored in NT
Telstra has restored all phone and internet services after a technical fault caused outages across the Northern Territory. ...
Tue 7th April 2009 - 12:44pm

Telstra defies downward market trend
Telstra shares have risen after the Federal Government announced it would take charge of building the national broadband network. ...
Tue 7th April 2009 - 12:43pm

Phone lines restored in NT
Telstra has restored all phone and internet services after a technical fault caused outages across the Northern Territory. ...
Tue 7th April 2009 - 12:41pm

Aussie slips from highs all eyes on rate decision
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0025 GMTagainst previous Sydney close AUD 0.7084-890.7173-78 AUDNZDR1.2178-991.2090-2105 AUDJPYR71.23-32 7 ...
Tue 7th April 2009 - 12:37pm

Disappointment over national broadband plan
Canberra telecommunications company TransACT says it is disappointed its bid for a National Broadband Network was rejected by the Federal Government. ...
Tue 7th April 2009 - 12:37pm

Insurer to face court accused of unpaid wages
The Federal Workplace Ombudsman has launched legal action against a far north Queensland insurance company for allegedly underpaying two workers. ...
Tue 7th April 2009 - 12:29pm

Mine spills worry organic farmers
A farming body says it is worried contamination from mine site spills in north-west Queensland could affect an emerging organic industry in the region. ...
Tue 7th April 2009 - 12:27pm

Futuris can't explain share price surge
Rural services and automotive components supplier Futuris Corporation Ltd says it is -amp quotcomfortable -amp quot with lower analyst expectations on profits. ...
Tue 7th April 2009 - 12:26pm

Telstra defies downward market trend
Telstra shares have risen- after the Federal Government announced it would take charge of building the national broadband network. ...
Tue 7th April 2009 - 12:22pm

A third of construction companies break work laws- Ombudsman
The Workplace Ombudsman says more than 30 per cent of construction companies recently audited in Sydney were in breach of workplace laws. ...
Tue 7th April 2009 - 12:21pm

PMP Ltd appoints CFO as new CEO
Printing and distribution company PMP Ltd has appointed its chief financial officer- Richard Allely- as its new chief executive. ...
Tue 7th April 2009 - 12:20pm

Rio cuts 705 jobs as production slashed
Rio Tinto's Alcan arm will cut back on an expansion project and reduce bauxite production at two sites- cutting 135 full time and about 570 contractor jobs. ...
Tue 7th April 2009 - 12:16pm

Telstra slashes jobs in NSW and ACT- union
A union representing Telstra technicians says the telco is slashing more than 90 jobs across New South Wales and the ACT. ...
Tue 7th April 2009 - 12:15pm

Rio Tinto jobs cuts stretch to central- far north Qld
Mining company Rio Tinto Alcan is shedding almost 700 jobs in central and far north Queensland. ...
Tue 7th April 2009 - 12:12pm

Rio Tinto sacks 500 workers in Gladstone
Mining company Rio Tinto has confirmed 500 workers have been stood down from the Gladstone alumina refinery in central Queensland. ...
Tue 7th April 2009 - 11:57am

Phone chaos hits NT
Telstra has restored some of the Northern Territorys communication services following an unprecedented glitch in which two major transmission failures occurred simultaneously in South Australia and Kununurra. ...
Tue 7th April 2009 - 11:50am

Telstra shares up 4 on broadband news
Telstra shares have gained over four per cent after the federal government allowed it back into the process to establish a national broadband network. ...
Tue 7th April 2009 - 11:49am

Survey shows deepening employer gloom
Australian employers are considering sending staff on leave without pay as gloom over the global economic downturn deepens. ...
Tue 7th April 2009 - 11:47am

IBA Health Group Limited ASX-IBA iSOFT Wins A $3.2 Million Contract With Germanys Damp Holding AG
Sydney- Australia- Apr 7- 2009 - ABN Newswire - IBA Health Group Limited ASX-IBAPINK-IBATF Australias largest listed health information technology company- today announced that iSOFT has won a two-year A $3.1 million EUR1.65 million contract with German private healthcare group Damp Holding AG for an integrated radiology information system RIS and picture archiving and communications system PACS. ...
Tue 7th April 2009 - 11:38am

Australia shares drop 0.9 pct Rio slips
SYDNEY- April 7 - Australian stocks fell 0.9 percent on Tuesday as a recent rally in financial shares fizzled on fresh concerns about the health of U.S. financial sector- while Rio Tinto Ltd RIO lost ground on a cut to bauxite production. ...
Tue 7th April 2009 - 11:36am

Linc Energy Limited ASX-LNC Announces The Appointment of Mr Rob Stratford as Chief Financial Officer
Brisbane- Australia- Apr 7- 2009 - ABN Newswire - Linc Energy Limited ASX-LNCPINK-LNCYF is pleased to advise the appointment of Mr Rob Stratford as Chief Financial Officer- effective April 20- 2009.Mr Stratford is currently the Chief Financial Officer for Alinta-AGL in Perth where he is responsible for the financial operations of that business which has a current annual turnover of approximately A $1.5 billion. ...
Tue 7th April 2009 - 11:35am

Exco Resources Limited ASX-EXS White Dam Receives MARP Approval
Adelaide- Australia- Apr 7- 2009 - ABN Newswire - Exco Resources Limited ASX-EXSPINK-EXRSF is pleased to announce that a Mining and Rehabilitation Programme Approval MARP in respect of the White Dam project has been received from the department of Primary Industry and Resources- South Australia PIRSA. ...
Tue 7th April 2009 - 11:34am

Rio cuts up jobs as aluminium prices dip
Rio Tinto's Alcan arm will cut back on an expansion project and reduce bauxite production at two sites- cutting 135 full time and about 570 contractor jobs. ...
Tue 7th April 2009 - 11:32am

Australia shares drop 1.2 pct on banks Telstra up
SYDNEY- April 7 - Australian stocks fell 1.2 percent on Tuesday as a recent rally in financial shares fizzled on fresh concerns about the health of U.S. financial sector- but telecom shares rose on the governments new plan to build a broadband network. ...
Tue 7th April 2009 - 11:21am

Melbourne rail tender bids close today
The deadline for bids to run Melbournes beleaguered train network ends today. ...
Tue 7th April 2009 - 11:21am

Iluka Resources to cut more than 200 jobs
The West Australian mining company Iluka Resources has become the latest victim of the global financial crisis- announcing up to 215 jobs will go at its operations. ...
Tue 7th April 2009 - 11:19am

Tas gets first byte at new broadband
Negotiations between the Federal and the Tasmanian Governments will start today on the best way forward for a new broadband network. ...
Tue 7th April 2009 - 11:16am

Stirling Resources Limited ASX-SRE Letter To The Shareholders On A Share Purchase Plan SPP
Perth- Australia- Apr 7- 2009 - ABN Newswire - Stirling Resources Limited ASX-SRE yesterday offered shareholders to participate in further growth of the company with a letter to the shareholders for a Share Purchase Plan SPP. This letter was sent by the Managing Director - Michael Kiernan. ...
Tue 7th April 2009 - 10:51am

Factbox- Key points about national broadband network
Government rejects all five private sector bidders for the national broadband network- saying they do not provide value for money.National broadband fibre-to-the-home network now to be built over eight years by a company established by the Government.Network will give 90 per cent of homes- schools and businesses a connection of 100 megabits a second- 100 times faster than now.Those remaining will get a service of 12 megabits a second through wireless technologies.Will support 25-000 jobs a year for each year of construction- with 37 000 jobs in the peak year of construction.PM Kevin Rudd says infrastructure project is the biggest ever undertaken by an Australian government.Majority share of the company will be held by the Government- with private sector investment capped at 49 per cent. Up to $43 billion will be invested by the company in the project- including the $4.7 billion already allocated by the Government. Once the project has been up and running for five years- the Government will begin selling its stake in the company. ...
Tue 7th April 2009 - 10:45am

Construction activity declines further
Activity in Australias construction industry continued to decline in March- but at a slightly slower pace than over previous months. ...
Tue 7th April 2009 - 10:41am

Solution close for Newcastle coal queues
The head of Australias competition watchdog is confident that an agreement reached between the Hunters coal producers will achieve a permanent solution to ship queues off Newcastle. ...
Tue 7th April 2009 - 10:38am

Boral looking for CEO successor
Boral Ltd has begun looking for a replacement for chief executive Rod Pearse- whose contract is due to expire at the end of the year. ...
Tue 7th April 2009 - 10:37am

Local market follows Wall St down
The Australian share market has opened lower after Wall Street lost about 0.5 per cent overnight. ...
Tue 7th April 2009 - 10:35am

Australia shares drop 0.5 pct on banks Telstra up
SYDNEY- April 7 - Australian stocks fell 0.5 percent on Tuesday as investors locked in gains in recent winners such as banks amid concerns about the health of U.S. financial sector. ...
Tue 7th April 2009 - 10:26am

Iluka axes 135 jobs- cuts output
Mineral sands miner Iluka Resources Ltd will axe 135 jobs in Western Australia after cutting its forecast output this year due to weak demand for its products. ...
Tue 7th April 2009 - 10:24am

Rudd rewrites broadband rulebook
The Federal Government has scrapped the controversial broadband tender process and will instead form a new public-private company to build a national network- Prime Minister Kevin Rudd has announced. ...
Tue 7th April 2009 - 10:23am

Japan stimulus to spend more than $139b
Japanese Prime Minister Taro Aso has ordered more than $A138.99 billion in fresh spending to rescue the economy from its deepest recession since World War II. ...
Tue 7th April 2009 - 10:16am

Mining boom will return after a few quiet years
Western Australias peak mining body is predicting rapid growth will follow the current downturn- and is advising companies to prepare for another boom period after a few quiet years.The Chamber of Mi ...
Tue 7th April 2009 - 10:11am

Russia's Putin pledges $126b stimulus
Russian Prime Minister Vladimir Putin has promised $A126 billion in tax cuts and spending to pull the country out of its worst economic crisis in a decade. ...
Tue 7th April 2009 - 09:56am

Aussie recoils from 3-mth peak rate suspense mounts
SYDNEY- April 7 - The Australian dollar pulled back further from a three-month high on Tuesday as suspense mounts over the decision of the central banks monthly policy meeting- which is seen as a very close call. ...
Tue 7th April 2009 - 09:53am

Phone chaos hits NT
Telstra does not know when it will be able to repair equipment faults which have thrown the Northern Territorys communications network into chaos. ...
Tue 7th April 2009 - 09:50am

Santos LNG project progressing well
Santos says its liquefied natural gas LNG project proposed for Gladstone is on track and meeting all project milestones so far. ...
Tue 7th April 2009 - 09:38am

Economists split on rates decision
The Reserve Bank RBA is meeting in Brisbane today and economists are divided on whether the decision will be to cut rates or keep them on hold at 3.25 per cent. ...
Tue 7th April 2009 - 09:34am

Phone chaos hits NT
A severe telephone service disruption has thrown most of the Northern Territory back to the dark ages this morning. ...
Tue 7th April 2009 - 09:26am

Boral looking for CEO successor
Boral Ltd has begun looking for a replacement for chief executive Rod Pearse- whose contract is due to expire at the end of the year. ...
Tue 7th April 2009 - 09:25am

Rudd announces national broadband scheme
The Federal Government has scrapped its controversial broadband tender process and will instead form a new public-private company to build a national network- Prime Minister Kevin Rudd has announced. ...
Tue 7th April 2009 - 08:53am

Caterpillar axes 280 Tas jobs
The machinery manufacturer Caterpillar will slash 280 jobs in Tasmania by the end of the month. ...
Tue 7th April 2009 - 08:50am

Phone chaos hits NT
A severe telephone service disruption has thrown most of the Northern Territory back to the dark ages this morning. ...
Tue 7th April 2009 - 08:49am

Surge blamed for Sydney blackouts
A huge power surge is believed to be behind last weeks two massive blackouts in inner Sydney. ...
Tue 7th April 2009 - 08:40am

Illawarra methane mines face final hurdle
Plans to mine methane gas in coal seams along the Illawarra escarpment have been lodged with the New South Wales Department of Planning. ...
Tue 7th April 2009 - 08:27am

Australia shares seen down banks- resources to slip
Resource stocks are likely to slip after metal prices ended down for the first time in five sessions- on doubts about demand for copper. ...
Tue 7th April 2009 - 08:22am

Bendigo Bank Profit To Fall
Shares in regional banker- Bendigo and Adelaide fell more than 8 yesterday after it cut earnings guidance for the June 30 financial year by more than 20.The bank blamed the recession and the higher cost of funding and other pressures from the financial crunch.Investors chopped 66c from the share price- which closed at $7.39 after the downgrade was released in the morning the losses earlier in the day had been closer to 10.Directors said they now expect cash earnings of between $205 million and $218 million for the financial year ended June 20. -amp quotThis reflects the challenges faced by the bank in the first nine months of the financial year- and the efforts to reshape parts of the business- -amp quot Bendigo said in the statement to the ASX yesterday.The bank had said in February when releasing its interim results that it planned to increase cash earnings per share from last financial years 93.7c. -amp 160The profit range revealed yesterday represents between 70c and 75c per share- the company said.The interim itself was a poor result- the regional lender said first-half profit dropped 27 on charges for bad debts and costs associated with its $1.9 billion acquisition of Adelaide Bank.The new profit estimate is at least 10c a share below the consensus figure of analysts expectations- who had estimated a full-year profit of around $255 million after the interim result.There was further bad news for shareholders- who were told the next dividend would effectively be cut with the current payout ratio of 60 to 70 per cent of earnings being applied to the lower earnings figure.In contrast- Bank of Queensland- the countrys other major regional bank- saw its shares rise more than 5 yesterday to $9.50 ahead of its interim profit announcement on Thursday.Goldman Sachs JBWere is expecting a solid result from the Bank of Queensland.They said yesterday that -amp quotWhilst we would expect BOQ to see some rises in impairments- with its skew towards home lending we would expect this to be small relative to major bank peers. The market remains concerns over its provision coverage. -amp quotWe would expect the stock to trade poorly if we see a significant increase in impairments- particularly any commercial property exposures. -amp quotIn addition- if provisions remain too flat- we would expect the stock to trade poorly due to concerns around a future rise in provisions. -amp 160 -amp quotWe are expecting to see strong margin decline -13bp driven by an increased cost of funding from wholesale government guaranteed debt- term deposit flows and competition. Any concerns around further margin decline could see BOQ trade down. -amp quotThe rise in BOQs share price is perhaps a sign the market isnt as worried about its outlook as it has become about Bendigos.Bendigo managing director Rob Hunt said in the statement that the bank was well positioned to manage the difficult conditions faced by all Australian banks. -amp quotWe have taken decisive action to protect this bank from the risks posed by the current banking environment- Mr Hunt said. -amp quotAnd we have placed the bank in the best possible position to take advantage of any improvement in market conditions and confidence. -amp quotWhile we expect to see continued volatility and uncertainty in global financial markets- we believe Bendigo and Adelaide Bank is in an ideal position to weather these conditions and provide lasting sustainable returns to our shareholders. -amp quotBusiness lending arrears continue to track higher- but the majority of growth relates to four loans already disclosed in the December half. -amp quotUnsecured consumer lending represents a very small part of the overall lending portfolio- and arrears levels remain low. -amp quotMargin lending credit quality remains exceptional- with no provisions or write-offs to the end of March. -amp quotFunding continues to be constrained- reflected by a significant increase in the cost of retail and wholesale deposits- the bank said.It has found it tough to raise funds internationally and is depending on its retail base.Assets such as residential mortgages have not been re-priced in line with the increased costs- which has in part contributed to a -amp quotcontinued deterioration in net interest margin- it said.Securitisation costs continued to fall as a proportion of total funding- Bendigo said- and this is expected to reduce the overall impact on net interest margin in the future.Thats because securitisation of home loans and other receivables has stopped because of the credit crunch.During the March quarter Bendigos tier one capital increased to 8.12- while total capital reduced to 10.75.The bank complained that it could not pass on the full cost of funding its residential mortgage portfolio to borrowers because of -amp quotpolitical pressure -amp quot to cut home loans in line with the 4 cut in interest rates since September.Bendigo said it was talking to the Federal Government about the impact of the funding guarantee- which makes it harder and more expensive for lower-rated banks like Bendigo to raise money from the markets to support its own lending.Directors said the banks credit remained sound- reflecting the low risk nature of its lending book and exposure to well-secured residential lending. -amp quotThe bank has completed the structural changes required in its balance sheet to deal with todays market conditions. -amp quotRetail deposits now represent nearly 90 per cent of on-balance sheet funding- with strong growth being experienced every month since June 2008 - well before the creation of the Government Guarantee. -amp quotMore than 86 per cent of maturing accounts are currently being written to new Term Deposits within the bank- while more than 95 per cent of all maturing funds are being retained within the group funding structure. -amp quotThese factors are providing the bank with certainty of funding and the flexibility to take advantage of future opportunities- -amp quot directors said. -amp 160 ...
Tue 7th April 2009 - 08:21am

Rate Day- Jobs Ads Plunge
Rate day for us today with opinion even more divided on whether the Reserve Bank will cut- or sit pat.The pressure is there for a cut- but as to where the pressure not to cut is coming from- no one knows.The RBA said last month it wanted to sit and watch the economy react to the December stimulus package and the 4 of rate cuts since September.Well it has and the data flow since then has been a bit grey and gloomy- recession has been finally admitted to by the central bank- everything is heading south. What else does it wantIf the bank sits pat for another month- it will have time to observe what inflation did in the March quarter with the consumer price inflation figures out at the end of April.But inflation isnt the problem its the lack of growth. And a rate cut will acknowledge that.As expected- we heard yesterday that March was another bad month for job ads in major newspapers and the internet as the former boom states of Queensland and Western Australia continue to bleed job ads.On Sunday the Oliver Index told us that online job ads dropped more than 12 last month- after a 9 fall in February- yesterday the ANZ said its job ads series tumbled to a new low last month.Whether this sort of information will be enough to get the Reserve Bank to cut rates at todays board meeting in Brisbane is problematic.Market economists are split with Bloomberg- AAP and surveys all split between no cut and a cut of either 0.25 or 0.50.But conditions have worsened in the economy since the bank sat on its hands in March and didnt cut.The ANZ said job ads in March fell 8.5 from the previous month to an average of 147-804 a week- that was after Februarys record fall of 10.4.That took the fall over the year to March for newspaper and online ads to 44.6- down from the 40 drop in the 12 months to February.ANZ Head of Australian Economics Warren Hogan said in a statement- -amp quotThe former boom states of Queensland and Western Australia are experiencing the most extreme contraction in job advertising. -amp 160 -amp quotAustralias two-speed economy is fast disappearing but unfortunately the convergence of state economies appears to be happening via economic weakness.Newspaper ads in Queensland have dived 71 since November 2007 and in WA- the fall is 67. -amp 160 -amp quotThats bad news for News Ltd and its Courier Mail monopoly and its Community papers- and in Perth its tough for West Australian newspapers and its newish major shareholder- the Seven Network.Newspaper advertisements fell 6.6 to an average of 7-958 per week- after falling 25.2 in February. Internet ads fell 8.6 to 139-846.Mr Hogan said the ANZ now expected unemployment -amp quotto exceed 8 next year- after the economy contracts by 1 in calendar 2009.So- for yet another month the ANZ jobs report sends a strong signal that unemployment is on the way up- and yet the collapse in job ads in the past year has been far greater than the rise in jobless people and the rise in the unemployment rate.Our unemployment rate is out Thursday and will show more job losses- up to 20- 25-000- and a jobless rate of perhaps 5.4 in March.The Olivier Job Index also showed that Australian job ads have dropped by 30.5 since the beginning of the year- according to the Index.The Roy Morgan group said last week that its latest -amp quotunemployment estimate for March shows a drop in Australias unemployed- down 1.0 to 7.0. -amp 160Lower unemployment in March is not unexpected - it happens most years as students return to study - but it is still a positive for the Rudd Government -amp quot.Friday night saw the March jobs figures released in the US and it was tough news.The US unemployment rate in March leapt to a new 25-year high of 8.5 as employers shed another 663-000 jobs.All this is very gloomy- but there was a small spark of good news this morning. -amp 160The monthly TD Securities-Melbourne Institute inflation gauge showed a fall last month. The survey showed a fall of 0.1 in March- following a 0.7 rise in February as petrol prices eased. -amp quotThe RBA will take comfort from the dip in prices in March and as a result it is likely to resume the interest rate cutting cycle when it meets tomorrow- -amp quot said TD Securities global strategist Stephen Koukoulas in a statement.Mr Koukoulas expects a 0.50 rate cut tomorrow- putting him among the optimists- along with Macquarie Bank strategist- Rory Robertson.Mr Robertson said yesterday- -amp quotThe prospects appear to be very good for a 50bp cut in the RBAs cash rate to 2.75- at 2.30 pm tomorrow. -amp quotAs before- the case for a 50bp cut remains strong- in particular- the economy has surprised the RBA significantly on the downside since it began marketing its current -amp quotpause -amp quot in February- with the downturn it forecast morphing into a recession. -amp quot -amp 160 ...
Tue 7th April 2009 - 08:17am

BrisConnect- Getting Rid Of The Mess
Judging by yesterdays announcement to the ASX- desperate measures are being adopted to make the embarrassing BrisConnections debacle goes away- Macquarie Group or someone might outlay money to make it vanish via a quick and easy takeover.The possibility of a corporate deal was raised yesterday in this statement to the ASX.Hopefully more information will be emerge today before trading starts.BrisConnections asked for its securities to be suspended from trading yesterday a misnomer as no one is buying or selling - the stock is dead ahead of a potential approach to unit holders.The news came with court hearings in Melbourne and Brisbane regarding information and other procedures for meetings due to be held in Brisbane in the next week that could see the company wound up.A further court hearing will be held in -amp 160brisbane today involving Macquarie- the company and others.BrisConnections was yesterday told not to approach unithholders ahead of the meeting. the company was the subject of damning criticism in a Melbourne court yesterday.BrisConnections said in the statement that it had received -amp quotmaterial information -amp quot from one of its underwriters regarding a possible approach.Macquarie and Deutsche Bank are its underwriters and are on the hook for $390 million each to cover the $2 of calls left on the units- which are trading at a 10th of a cent. They are unwanted because of the outstanding liability of $2 a unit.BrisConnections is a venture between Leighton Holdings and Macquarie- which is building the countrys biggest infrastructure project- the 4.8 billion of roads in Brisbane to improve traffic flow from the city to the airport and beyond.The shares were sold as stapled securities in July- with A $1 paid on application and two further obligatory instalments of A $1 each payable in nine months and 18 months- it said at the time of its sale last year.A number of court cases have arisen related to BrisConnections- with some unit holders claiming they were unaware of future obligations when they purchased the shares on the stock exchange.Nicholas Bolton- a 27-year-old Melbourne entrepreneur who is its biggest single holder- is seeking to wind up the trust- arguing unit holders have been misled and that the companys management hasnt acted in the best interest of shareholders. He was successful in a court hearing last week that sought to block his motions to the meetings.Last week- Macquarie revealed it had acquired 31.4 million stapled units- or an 8.06 stake- in BrisConnections and has paid a further $92.5 million to BrisConnections under the bridging finance facility agreed to with the company.On the same day- Macquarie said it had taken steps to initiate legal proceedings in the Supreme Court of Queensland to seek to ensure relevant parties meet their contractual obligations.Currently the company has a valuation of $39 million. Macquarie or someone could buy the company at that price and then do a deal to refinance the outstanding $780 million in the two payments.In an interesting development- the federal government has approved moves by the corporate regulator- ASIC- to lift disclosure levels for partly paid shares.Without mentioning BrisConnections- the Federal Minister for Corporate Law- Senator Nick Sherry yesterday said in a statement- -amp quotSenator Nick Sherry- Minister for Superannuation and Corporate Law- has today allowed changes to the Australian Securities Exchange ASX market rules to boost retail investor disclosure and protection in relation to -amp quotpartly paid securities -amp quot. -amp quotPartly paid securities- or installment receipts- are securities that require that on a future date or dates to be specified by the issuer- that the holder may have a legal obligation to pay the balance of the previously uncalled issue price. -amp quotThe ASX- the market supervisor- and the Australian Securities and Investment Commission ASIC- the market regulator- put forward a market rule change to insert a new definition of a partly paid security and impose a new requirement for market participants and retail investors to enter into a Partly Paid Security Client Agreement before the retail client buys partly paid securities for the first time. -amp quotThe Government shares the concerns of ASIC and the ASX that retail investors have not fully understood their potential obligations with regard to partly paid securities. -amp quot -amp quotA falling share market this year has meant that some securities that looked like a bargain actually had huge liabilities attached to them that were not understood by retail investors who purchased them. -amp quot -amp quotTodays announced rule changes will greatly assist in ensuring retail investors more fully appreciate the implications of this type of security- and that aligns with the Governments overall focus on market integrity- -amp quot said Minister Sherry. -amp quotThese changes to the ASX market rules were lodged with the Government on Friday- April 3. Under the Corporations Act 2001- the Minister has 28 days to choose whether the rule changes should be disallowed. The Minister has chosen not to disallow these rule changes. -amp quotAnd the ASX yesterday issued this circular to members regarding -amp 160the second installment of $1 per unit.On 2 March 2009- ASX issued Circular No- 55-09- which detailed information relevant to the second installment of $1.00 in respect of stapled units in the BrisConnections Unit Trusts which is payable on 29 April 2009.The timetable contained in that Circular has now been changed to remove the deferred settlement market for the second call paid stapled units. The Trusts stapled units will be suspended from quotation during the period 16 April 2009 to 6 May 2009 inclusive.BackgroundThe Trusts have announced that the second installment of $1.00 in respect of stapled units in the Trusts issued at $3.00 per stapled unit- partly paid to $1.00 each on application- with a second installment of $1.00 per stapled unit payable 9 months following the allotment date of 29 July 2008- and a final installment of $1.00 per stapled unit payable 18 months after the allotment date- trading under the ASX Code- BCSCA- is payable on 29 April 2009.The obligation to make this payment will fall on parties that are the registered holders of BCSCA stapled units on 29 April 2009.The register of holders of BCSCA stapled units will not alter after 7.00 pm on 22 April 2009. The third and final installment of $1.00 per stapled unit is payable on 29 January 2010.The Trusts have also announced an intention to declare a semi-annual distribution of 0.05 cents per stapled unit for the period ended 31 December 2008 with the Trusts announcing that the declaration and payment of the distribution being expected to occur following the second installment and that consequently- unit holders will need to pay the second installment on their partly paid units prior to being eligible to receive this distribution.A new trading code will be established for stapled units upon which the second $1.00 installment i.e. being the installment the subject of this Circular has been paid.The new code- BCSCB- will represent units paid to a total of $2.00- with the final installment of $1.00 still unpaid.Accordingly- references to second call paid stapled units relate to stapled units where the Second Installment as referred to in the PDS for the stapled units has been paid- with the first installment referred to as the -amp quotInitial Installment -amp quot in the PDS for the stapled units having been paid on application. -amp 160 ...
Tue 7th April 2009 - 08:14am

Surge blamed for Sydney blackouts
A huge power surge is believed to be behind last weeks two massive blackouts in inner Sydney. ...
Tue 7th April 2009 - 08:12am

Storm investors look to inquiry for answers
Former clients of Storm Financial say they are still trying to come to terms with the fallout from the collapse of the Townsville-based planning firm. ...
Tue 7th April 2009 - 07:44am

Oppn urges Qld Govt to reveal airport link contingency plan
The Queensland Opposition says the State Government should announce its contingency plan for Brisbanes airport Link. ...
Tue 7th April 2009 - 07:40am

Rio Tinto's subsidiary closes for season
A subsidiary of mining giant Rio Tinto announced it would temporarily lay off 1-800 workers in Quebec- starting in early July. ...
Tue 7th April 2009 - 07:27am

Gladstone jobs go in Rio contracts shake-up
Engineering group Monadelphous says 34 jobs have been made redundant in Gladstone in central Queensland- after Rio Tinto made changes to contractual arrangements. ...
Tue 7th April 2009 - 07:25am

US in swap deal with four central banks
The US Fed has expanded credit lines with the central banks of Japan- Switzerland- the UK and EU that will provide foreign currency to US banks - if needed. ...
Tue 7th April 2009 - 07:20am

Stimulus effect to take months- survey
The full force of the global slowdown is yet to hit and many businesses doubt the government's latest bonus will have much immediate effect- a survey says. ...
Tue 7th April 2009 - 07:18am

Bank fears end Wall St winning streak
United States stocks have finished 0.5 per cent lower overnight- ending a four-day winning streak- with a warning from a well-known analyst prompting the return of concerns about banks. ...
Tue 7th April 2009 - 07:17am

Gladstone jobs go in Rio contracts shake-up
Thirty-four jobs have been axed at a Gladstone industrial site in central Queensland- after Rio Tinto changed contracts nearly two weeks ago. ...
Tue 7th April 2009 - 07:12am

Economists split on rates decision
The Reserve Bank of Australia RBA is meeting to consider interest rates today- but economists are divided over what the outcome will be. ...
Tue 7th April 2009 - 06:48am

IMF backs euro for eastern Europe- report
LONDON AFP - The International Monetary Fund wants crisis-hit EU nations in central and eastern Europe to adopt the euro without formally joining the eurozone- the FT said Monday citing a confidential report. ...
Tue 7th April 2009 - 05:41am

Swiss launch criminal probe of Russian billionaire
GENEVA AFP - Swiss authorities on Monday opened criminal proceedings against Russian billionaire Viktor Vekselberg and two other businessmen on suspicion of breaking share trading rules. ...
Tue 7th April 2009 - 04:30am

Dollar comes off lows as stocks sink
LONDON AFP - The dollar came off sharp early lows on Monday and gained ground on the euro as share prices in the United States and Europe turned weaker. ...
Tue 7th April 2009 - 03:29am

US- European shares fade after Asian rally
LONDON AFP - US and European markets lost ground Monday after a stocks rally in Asia- as US investors turned cautious ahead of first quarter earnings news and European sentiment suffered from disappointing retail sales results. ...
Tue 7th April 2009 - 03:24am

Fed strikes currency swap deal with central banks
WASHINGTON AFP - The Federal Reserve on Monday announced a currency swap deal with the central banks of Britain- Japan and Switzerland as well as the European Central Bank aimed at helping US financial institutions. ...
Tue 7th April 2009 - 01:55am

Govt to unveil broadband network plan
The Federal Government is today expected to unveil a plan to lift internet speeds across the country via a new national broadband network. ...
Tue 7th April 2009 - 01:44am

Crisis-hit Russia faces tough year- Putin
MOSCOW AFP - Russia faces a tough year ahead as the global financial crisis bites but it has managed to avoid a worst-case scenario- Prime Minister Vladimir Putin said in a major speech Monday. ...
Tue 7th April 2009 - 01:32am

Oil prices slide in line with stock markets
LONDON AFP - Oil prices dropped more than a dollar on Monday after earlier bouncing above 54 dollars per barrel in London- as traders tracked fresh falls on global stock markets. ...
Tue 7th April 2009 - 01:18am

Sun shares down after IBM takeover falls apart
NEW YORK AFP - Shares of Sun Microsystems Inc. ...
Tue 7th April 2009 - 01:11am

IMF backs euro for eastern Europe
LONDON AFP - The International Monetary Fund wants crisis-hit EU nations in central and eastern Europe to adopt the euro without formally joining the eurozone- the Financial Times said Monday citing a confidential report. ...
Tue 7th April 2009 - 12:55am

Dubai shrugs off crisis with new budget airline
DUBAI AFP - Dubai appeared to shrug off a slowdown in global air travel and its own financial crisis- announcing on Monday the launch of its first budget carrier- a sister company to high-flying Emirates airline. ...
Tue 7th April 2009 - 12:51am

Eurozone retail sales fall more than expected
BRUSSELS AFP - Retail sales in the 16 eurozone nations fell unexpectedly sharply in February- dropping 0.6 percent from January as shoppers shunned Europes high streets- official EU data showed on Monday. ...
Tue 7th April 2009 - 12:36am

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