2009-04-15 Business and Finance News (vsx.com.au)

US industrial output falls to 10-year low
WASHINGTON AFP - US industrial production fell in March for the fifth consecutive month- by 1. ...
Wed 15th April 2009 - 11:46pm

Monsanto mulls legal action over GMO ban
BERLIN AFP - US biotech giant Monsanto said Wednesday it was considering legal action against Germanys decision to ban a type of genetically modified maize - MON 810 - manufactured by the firm. ...
Wed 15th April 2009 - 11:35pm

US considering making bank stress tests public
WASHINGTON AFP - The US could reveal details about the health of its top 19 banks in a bid to reassure investors about the state of the ailing sector- local media reported Wednesday. ...
Wed 15th April 2009 - 11:31pm

Kia ceed tops C-segment in UKs Driver Power Survey
Seoul- Apr 15- 2009 - ACN Newswire - Kia Motors today announced that its ceed ranked in first place in the Driver Powers Compact Family category to beat out Volkswagen- Toyota- Fiat and other notable competitors in the segment. Driver Power is Auto Expresss car owner reliability andsatisfaction survey which presents the frank and honest views of drivers in the UK. ...
Wed 15th April 2009 - 10:48pm

OPEC sees devastating contraction in oil demand
VIENNA AFP - OPEC again revised down its estimate for world crude demand on Wednesday- saying a -amp quotdevasting contraction -amp quot in consumption would keep prices under pressure in the months ahead. ...
Wed 15th April 2009 - 10:10pm

Rio remains committed to Chinalco deal
Mining giant Rio Tinto again says it remains committed to its $US19.5 billion $A27.1 billion investment deal with Aluminum Corporation of China Chinalco. ...
Wed 15th April 2009 - 09:52pm

No sugar-coating on ABC Learning outcome- Gillard
The Federal Government says parents and employees of the collapsed child care giant ABC Learning have to accept that some childcare centres will close. ...
Wed 15th April 2009 - 09:24pm

Wal-Mart to restructure China management
SHANGHAI AFP - Wal-Mart- the worlds largest retailer- said Wednesday it is restructuring its management in China- in measures that could lead to staff cuts. ...
Wed 15th April 2009 - 08:51pm

French fishermen blockade Channel ports
CALAIS- France AFP - French fishing fleets blockaded the main Channel ports for a second day Wednesday in protest at EU fishing quotas- the cutting of ferry services to Britain and rejecting state aid. ...
Wed 15th April 2009 - 08:41pm

China Southern Airline wants more state aid
HONG KONG AFP - China Southern Airlines said Wednesday it wanted more state aid from Beijing after it posted dismal results for 2008 on the back of high fuel prices and weak demand. ...
Wed 15th April 2009 - 08:29pm

Financial optimism delusional- analyst says
A prominent American risk analyst says optimism about economic recovery is delusional because the economic growth in America and much of the world was a mirage built on debt. ...
Wed 15th April 2009 - 08:17pm

Agreement reached on Kimberley gas hub
Traditional owners in Western Australias Kimberley have agreed to allow the construction of a gas processing hub- near Broome. ...
Wed 15th April 2009 - 08:16pm

Job cuts won't affect safety- Qantas
Qantas chief executive Alan Joyce says safety at the airline will not be jeopardised despite plans which will affect up to 1-750 jobs. ...
Wed 15th April 2009 - 07:56pm

Agreement reached on Kimberley gas hub
Traditional owners in Western Australias Kimberley have agreed to allow the construction of a gas processing hub- near Broome. ...
Wed 15th April 2009 - 07:52pm

Social networking linked to spam attacks
The amount of spam sent over the internet increased by 192 per cent in 2008- says a computer security company. ...
Wed 15th April 2009 - 07:51pm

Coles to sell stake in Pharmacy Direct
Coles Group has agreed to sell its interest in the online Pharmacy Direct business to RX Direct- whose directors and shareholders are all pharmacists. ...
Wed 15th April 2009 - 07:50pm

Agreement reached on Kimberley gas hub
Traditional owners in Western Australias Kimberley have agreed to allow the construction of a gas processing hub- near Broome. ...
Wed 15th April 2009 - 07:48pm

European shares mostly drop despite upbeat Obama
LONDON AFP - European stocks mostly fell Wednesday after overnight losses on Wall Street and earlier in Tokyo- despite US President Barack Obama pointing to -amp quotglimmers of hope -amp quot for the worlds biggest economy. ...
Wed 15th April 2009 - 07:24pm

Takeover target Dioro posts small loss
Takeover target and gold miner Dioro Exploration NL has reported a small half-year loss but says it has enough funds for the immediate future. ...
Wed 15th April 2009 - 07:21pm

Companys future wont affect Airport Link- Bligh
Queensland Premier Anna Bligh says commercial arguments are having no impact on Brisbanes Airport Link. ...
Wed 15th April 2009 - 07:14pm

Banks need to widen margins- ABA
Interest margins charged by banks are at -amp quotextremely low -amp quot levels and should be widened in difficult times- says the Australian Bankers Association. ...
Wed 15th April 2009 - 06:37pm

Grim news for Alpine creditors
The administrator of debt-laden Adelaide building company Alpine Constructions says unsecured creditors are likely to get little or no financial return. ...
Wed 15th April 2009 - 06:34pm

Market closes steady despite Wall St losses
The Australian share market remained steady today despite losses on Wall Street overnight. ...
Wed 15th April 2009 - 06:10pm

Insurers go green to beat climate change
Global insurers are scrambling to roll out green product innovations in a bid to limit climate change caused losses tipped to reach $A291.44 billion a year. ...
Wed 15th April 2009 - 05:50pm

Rail lines closed overnight after lightning strike
Victorian rail operator Connex is warning that the Belgrave line will not reopen until tomorrow morning. ...
Wed 15th April 2009 - 05:50pm

Vic taxes to remain steady- Brumby
Victorian Premier John Brumby says state taxes will remain steady over the next year. ...
Wed 15th April 2009 - 05:46pm

Foreign direct investment falls again in China
BEIJING AFP - Foreign direct investment in China fell 9. ...
Wed 15th April 2009 - 05:37pm

Harvey Norman sales up 3.6
Retailer Harvey Norman Holdings Ltd says sales for the first nine months of the financial year rose 3.6 per cent to $4.54 billion. ...
Wed 15th April 2009 - 05:25pm

ERA posts drop in March production
Energy Resources of Australia says uranium production dropped at its Ranger mine during the March quarter- due mainly to lower head grade and mill recovery. ...
Wed 15th April 2009 - 05:24pm

Buswell concedes WA recession looming
Western Australias Treasurer- Troy Buswell- has effectively conceded the states economy will be in recession next financial year. ...
Wed 15th April 2009 - 05:23pm

Australia shares flat banks down but miners gain
MELBOURNE- April 15 - Australian shares closed little changed on Wednesday with gains in global miners such as Rio Tinto Ltd RIO offsetting losses in the top banks following weakness in their counterparts on Wall Street. ...
Wed 15th April 2009 - 05:21pm

Georgia protests hurting economy
TBILISI AFP - Already suffering from last years war with Russia and the global economic downturn- Georgias economy is taking a fresh hit from ongoing opposition protests- officials and business leaders said. ...
Wed 15th April 2009 - 05:19pm

Fujitsu Releases New Global Server GS21
Tokyo- Apr 15- 2009 - ACN Newswire - Fujitsu Limited today announced that it has developed new mainframe sever models- the ultra-high performance GS21 1600 model group and the high-performance GS21 1400 model group- both of which employ a new Fujitsu processor that places four CPUs on asingle chip. Sales of the new models began in Japan today. ...
Wed 15th April 2009 - 05:12pm

Hitachi Launches Gazopa for iPhone Application
Tokyo- Apr 15- 2009 - ACN Newswire - Hitachi- Ltd. NYSE-HIT-TSE 6501 today announced the release of GazoPa for iPhone application app. Available free at Apples iPhone App Store- GazoPa for iPhone app allows users to search for similar images on the web by uploading any photo captured with camera on iPhone. This makes it possible for users to search for images similar to the items in front of them. ...
Wed 15th April 2009 - 05:10pm

Rio Tinto iron ore production down 15
Global miner Rio Tinto Ltd says first quarter iron ore production was down 15 per cent on the same time last year. ...
Wed 15th April 2009 - 04:52pm

Novogen 'Ovature' trial hit by crisis
Novogen's US subsidiary has decided to undertake an interim analysis of its phase III -amp quotOvature -amp quot trial- saying it may be imprudent to fund it to completion. ...
Wed 15th April 2009 - 04:45pm

French fishermen blockade Channel ports
CALAIS- France AFP - As a flotilla of French fishing boats blockaded the main Channel ports in a protest against fishing quotas- cutting off ferry services to Britain- Minister of Agriculture and Fisheries Michel Barnier called Wednesday for talks. ...
Wed 15th April 2009 - 04:25pm

Australia shares end flat banks down- miners gain
MELBOURNE- April 15 - Australian shares closed little changed on Wednesday with losses in the top banks- following weakness in their counterparts on Wall Street- offset by gains in global miners such as Rio Tinto RIO. ...
Wed 15th April 2009 - 04:20pm

Rio Tinto iron ore production down 15
Global miner Rio Tinto Ltd says first quarter iron ore production was down 15 per cent on the same time last year. ...
Wed 15th April 2009 - 04:13pm

Kairiki Energy Limited ASX-KIK Update On Farm-Out Process In SC 54- Philippines
Perth- Australia- Apr 15- 2009 - ABN Newswire - Kairiki Energy Limited ASX-KIKPINK- ...
Wed 15th April 2009 - 04:13pm

Economic growth at 26-year low- survey
The Australian economy is shrinking by a -amp quotremarkable rate -amp quot to levels last seen in the recession of the early 1980s- a business survey finds. ...
Wed 15th April 2009 - 04:10pm

Canadian company buys NT gold mine
The former GBS gold mine near Pine Creek has been bought by a Canadian company under the new name of Crocodile Gold Australia. ...
Wed 15th April 2009 - 03:50pm

Rio Tinto iron ore production down 15
Global miner Rio Tinto Ltd says first quarter iron ore production was down 15 per cent on the same time last year. ...
Wed 15th April 2009 - 03:47pm

Gas executive engaged in insider trading
A former Queensland Gas executive engaged in insider trading when he bought $1.3 million of the company's shares- a court has been told. ...
Wed 15th April 2009 - 03:47pm

Bainimarama regime tightens grip on Fiji media
Local and international media in Fiji are under increasing pressure and tough restrictions after the reinstatement of Commodore Frank Bainimaramas military regime. ...
Wed 15th April 2009 - 03:44pm

Australia shares fall Rio dips after Q1 output
SYDNEY- April 15 - Australian shares extended falls on Wednesday after mining giant Rio Tinto RIO turned negative following the release of its production report. ...
Wed 15th April 2009 - 03:38pm

UBS to cut 8-700 jobs after $A2.4b loss
Switzerland's biggest bank UBS on Wednesday said it lost about two billion francs $A2.43 billion in the Q1 and will cut costs by slashing 8-700 jobs by 2010. ...
Wed 15th April 2009 - 03:37pm

Summit looks to curb inner-city violence
Melbournes Lord Mayor- Robert Doyle- says the blame game between pub and club owners over late night violence is at an end. ...
Wed 15th April 2009 - 03:23pm

WA growth set to slump- CCI
Western Australias peak business lobby has predicted the states economic growth will drop below one per cent in the next financial year. The Chamber of Commerce and Industry CCI says the economy w ...
Wed 15th April 2009 - 02:51pm

Coal -amp Allied Q1 production down 9
Coal -amp Allied Industries Ltd says its share of saleable coal production was down nine per cent in the first quarter of 2009 due to wet weather. ...
Wed 15th April 2009 - 02:49pm

Cisco in two bln dlr SKorea deal- report
SEOUL AFP - South Korean mobile carrier SK Telecom said it had agreed to a deal with US IT giant Cisco Systems- a day after Cisco reportedly announced plans to invest two billion dollars in South Korea. ...
Wed 15th April 2009 - 02:45pm

Healthy banks needed for revival- RBA
The global economy will only recover once the credit supply and the world banking system are restored from their sick beds- a leading RBA officials says. ...
Wed 15th April 2009 - 02:18pm

Gladstone pilot wells a success- Arrow
Arrow Energy Ltd is increasingly confident it can deliver a reliable gas supply to the proposed Gladstone liquefied natural gas LNG project in Queensland. ...
Wed 15th April 2009 - 02:17pm

New venture imposes fees on online news
Three US media veterans are developing a subscription package that will test web surfers' willingness to pay for material that has been given away for years. ...
Wed 15th April 2009 - 02:17pm

AGL passes on Qld gas and power options
AGL Energy has passed on options to acquire two coal seam gas operations and a power station related to the sale of its stake in the Queensland Gas Company. ...
Wed 15th April 2009 - 02:12pm

Social networking linked to spam attacks
The amount of spam sent over the internet increased by 192 per cent in 2008- says a computer security company. ...
Wed 15th April 2009 - 02:11pm

Companies warned to check before they dig
The New South Wales Government says it is looking to make it mandatory for construction companies to find out if there are power cables near their work site before they start digging. ...
Wed 15th April 2009 - 02:10pm

19 ABC Learning centres to close
Receivers for ABC Learning say 19 childcare centres will close and 210 will remain open as the fall-out from the companys collapse continues. ...
Wed 15th April 2009 - 01:54pm

Risk-averse investors seek company info
Increasingly risk-averse investors are hungry for information from top Australia listed companies- according to the Australasian Investor Relations Association. ...
Wed 15th April 2009 - 01:43pm

Fire on Woodside vessel halts production
Oil production at Woodside Petroleum's offshore Vincent field has been suspended while the impact of a fire on a processing vessel is assessed. ...
Wed 15th April 2009 - 01:42pm

Govt to fast-track projects in jobs bid
The Victorian Government will intervene in five stalled building projects- in a bid to create about 14-000 new jobs. ...
Wed 15th April 2009 - 01:40pm

Govt to fast-track projects in jobs bid
The Victorian Government will intervene in five stalled building projects- in a bid to create about 1-400 new jobs. ...
Wed 15th April 2009 - 01:34pm

Kleenmaid directors post YouTube video
Kleenmaid's directors have taken to the internet to explain their decision to put the kitchen and laundry appliance seller into voluntary administration. ...
Wed 15th April 2009 - 01:31pm

Australia shares flat Woodside slips on disruption
SYDNEY- April 15 - Australian shares were little changed on Wednesday as declines in financial stocks following falls in their Wall Street counterparts offset gains in the top miners. ...
Wed 15th April 2009 - 01:26pm

Ballarat gold mine jobs secure for now
Lihir Gold says the remaining jobs at the Ballarat gold mine are secure as long as there is enough ore underground to sustain them. ...
Wed 15th April 2009 - 01:26pm

Fiji slashes value of currency by 20
Fiji's interim government has devalued the Fiji dollar by 20 per cent- blaming the global financial crisis for the slump. ...
Wed 15th April 2009 - 01:23pm

Harvey Norman sales up 3.6
Retailer Harvey Norman Holdings Ltd said on Wednesday that sales for the nine months to March 31- 2009 were up 3.6 per cent to $4.54 billion. ...
Wed 15th April 2009 - 01:21pm

Fiji devalues currency- closes internet cafes
The new governor of Fijis Reserve Bank has devalued the Fijian dollar by 20 per cent. ...
Wed 15th April 2009 - 12:56pm

Growth weaker than in 1990 recession- survey
A private survey shows economic activity in Australia has fallen sharply to levels weaker than the last recession in 1990. ...
Wed 15th April 2009 - 12:40pm

Australia shares flat Harvey Norman recovers ground
SYDNEY- April 15 - Australian shares were little changed on Wednesday as declines in financial stocks following falls in their Wall Street counterparts offset gains in top miners. ...
Wed 15th April 2009 - 12:29pm

Qantas job cuts to be felt across Australia
The head of Qantas- Alan Joyce- says job losses announced yesterday will be felt in every major capital city in Australia. ...
Wed 15th April 2009 - 12:27pm

Aussie dlr sags as risk aversion returns bonds up
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0000 GMTagainst previous Sydney close AUD 0.7178-820.7276-77 AUDNZDR1.2417-331.2325-38 AUDJPYR 70.81-86 72 ...
Wed 15th April 2009 - 12:26pm

Govt to fast-track projects in jobs bid
The Victorian Government will intervene in five stalled building projects- in a bid to create about 14-000 new jobs. ...
Wed 15th April 2009 - 12:26pm

Factbox- ABC Learning childcare centres to close
Receivers for the troubled childcare company ABC Learning today announced that 19 centres around the country would close. ...
Wed 15th April 2009 - 12:25pm

Fiji slashes value of currency by 20
Fiji's central bank has slashed the value of its currency by 20 per cent as political turmoil sends the country's economy tumbling. ...
Wed 15th April 2009 - 12:17pm

Govt to fast-track building projects in jobs bid
The Victorian Government will intervene in five stalled building projects- in a bid to create about 14-000 new jobs. ...
Wed 15th April 2009 - 12:17pm

2009 International LNG Technology and Project Week- 2009.9.7 - 9.11- Shanghai- China
Shanghai- Apr 15- 2009 - ACN Newswire - 2009 International LNG Technology and Project Week is the 13th Global Energy Dialogue Event- which is specially organized for projects- market and technology exchanges among senior executives of global energy stakeholders. ...
Wed 15th April 2009 - 12:14pm

Economic growth at 26-year low- survey
Australia's economy is set to keep contracting to a recession- with the rate of growth at a 26-year low in a leading survey. ...
Wed 15th April 2009 - 11:59am

Gas hub agreement reaches second deadline
Today marks the second deadline for an agreement to be reached on the proposed Kimberley gas hub in northern Western Australia. ...
Wed 15th April 2009 - 11:42am

Australia shares flat miners up- banks cap gains
SYDNEY- April 15 - Australian shares were little changed on Wednesday as declines in financial stocks following falls in their Wall Street counterparts offset gains in top miners. ...
Wed 15th April 2009 - 11:36am

Market steady despite Wall St falls
The Australian sharemarket is steady despite losses on Wall Street overnight. ...
Wed 15th April 2009 - 11:21am

NewSat Limited ASX-NWT Satellite Ambitions Are Progressing Well
Melbourne- Australia- Apr 15- 2009 - ABN Newswire - NewSat Limited ASX-NWTPINK- ...
Wed 15th April 2009 - 11:20am

NSW the best broadband base- Rees
The New South Wales Premier Nathan Rees says the headquarters of the Federal Governments planned broadband network should be based in his state. ...
Wed 15th April 2009 - 11:17am

Qantas job cuts to be felt across Australia- CEO
The head of Qantas- Alan Joyce- says job losses announced yesterday will be felt in every major capital city in Australia. ...
Wed 15th April 2009 - 11:14am

Market follows Wall St down
The Australian sharemarket has opened slightly lower this morning after losses of more than 1.5 per cent on Wall Street overnight. ...
Wed 15th April 2009 - 10:43am

Kleenmaid confident about future
Troubled appliance manufacturer Kleenmaid is confident the company has a future despite being placed into voluntary administration last week. ...
Wed 15th April 2009 - 10:38am

News Corp adds new unit to share content
News Corp chairman Rupert Murdoch on Tuesday announced the creation of a new unit to share content and resources across his vast media empire. ...
Wed 15th April 2009 - 10:24am

Aussie dollar steadies after dip bonds edge up
SYDNEY- April 15 - The Australian dollar steadied on Wednesday after weaker stocks and commodities dragged it back from six-month highs highs against the yen and the U.S. dollar. ...
Wed 15th April 2009 - 10:22am

Former MP and business leader dies
South Australian businessman Don Laidlaw has died. ...
Wed 15th April 2009 - 10:20am

Australia shares down after gloomy U.S. data
SYDNEY- April 15 - Australian shares fell 0.3 percent on Wednesday after an unexpected drop in March retail sales in the U.S. sent shares on Wall Street lower on fears the economic slump was far from abating. ...
Wed 15th April 2009 - 10:14am

ERA posts drop in March production
Uranium miner Energy Resources of Australia Ltd ERA has posted a drop in production for the March quarter due to lower head grade and mill recovery. ...
Wed 15th April 2009 - 09:51am

Healthy banks needed for revival- RBA
The global economy will only recover once the credit supply and the world banking system are restored from their sick beds- an RBS officials says. ...
Wed 15th April 2009 - 09:48am

Piracy could bring maritime trade to its knees- experts
Maritime experts say shipping will only get slower and more expensive unless something is done to stop the threat of Somali pirates. ...
Wed 15th April 2009 - 09:14am

Rio Tinto prices $A4.8 billion of notes
Global mining giant Rio Tinto Ltd says it has priced $US3.5 billion $A4.80 billion of fixed rate bonds in two parts. ...
Wed 15th April 2009 - 08:52am

Backhoe to blame for Sydney blackout
The State Government believes damage caused during maintenance work some time ago led to a huge blackout in Sydneys CBD earlier this month. ...
Wed 15th April 2009 - 08:48am

Qantas Hacks Jobs- Routes- Planes- Accounting Move keeps It In The Black
Qantas cut its full year profit forecast -amp 160by up to 80- from around $500 million to between $100 million and $200 million in an update yesterday that also lifted the number of employee cuts to close to 4-000 in the past eight months.The shares dropped as much as 11 yesterday before settling down and closing up 2- or 4 cents at $2 as investors generally welcomed the deep cuts as being necessary.So steep is the drop in business that the airline will fall into losses this half. The pre-tax loss this half could be around $190 million on paper- but in fact could be closer to $340 million.Thats because of an accounting trick revealed by the airline yesterday in its briefings on the announcement.There are restructuring costs of $150 million caused by the latest job losses and capacity cuts involving the withdrawal of 10 jets or nearly 5 of the Qantas fleet.That will be offset by booking $150 million in the -amp quotmarketing share -amp quot of the sale to third parties of Qantas frequent flyer points instead of deferring the costs and profits of such sales until the rewards have actually been taken.Chief financial officer Colin Storrie said Qantas had decided to do this from January 1 because -amp quotother airlines do it. -amp quotSeeing Qantas earned $288 million in the first half pre-tax- therefore if it earns $100 million pre tax for the year- the loss this half it will be losing not just $188 million of that $288 million- but $338 million if it hadnt decided to take a forward benefit of $150 million from the sale of loyalty points to non-flyers to replace the same amount in restructuring costs.The job cuts- equivalent to about 5 of the current workforce- are the deepest since CEO Alan Joyce replaced Geoff Dixon five months ago.The airline is getting rid of 1-000 management positions- has cut over 1500 jobs previously from its operations and that of Jetstar- especially in Tasmania. -amp 160Adding in the earlier cuts and more than 12 of the airlines staff have been punted- or are going.In its announcement Qantas revealed plans to delay taking delivery of 4 Airbus SAS A380.The postponing of delivery is in response to a global drop in premium travel in the past eight months since Lehman Brothers fell over last September. 12 Boeing 737-800 planes are being delayed as well.In the six months ended December- it had a pretax profit of $288 million. CEO Joyce confirmed the airline will have a loss this half.Qantas warned of capacity and route cuts- job losses- the continuation of the freeze on new spending and other cost trimming moves.Business levels- especially in premium services continue to fall and price cutting by rivals is slashing revenue.It is also in discussions with Boeing to delay the delivery of its first batch of its 787 Dreamliner aircraft- which are running two years late for Jetstar.Therere signs of further delays as Boeing cuts its profit forecasts and output plans and takes an axe to its staffing levels in the US.Qantas will slash up to 1750 jobs- ground 10 aircraft and defer delivery of the A380s and other aircraft in a desperate attempt to steer its way through the worst aviation downturn in years.The airline has revised its pre-tax profit guidance downwards from about $500 million to between $100 million and $200 million for the full year. -amp 160The forecast is subject to no further changes in market condition- fuel prices and volatility in hedge accounting.It will also cut capital spending by at least $800 million next financial year.Qantass chief executive- Alan Joyce- said in yesterdays statement that the airlines international services and freight operations were bearing the brunt of the decline in economic conditions. -amp quotQantas Airlines international services and Qantas Freight were bearing the brunt of the decline in economic conditions- with a lesser impact on Qantas domestic services- while Jetstar- the Qantas Frequent Flyer business and QantasLink were continuing to perform well. -amp quotMarket conditions have deteriorated- especially in our international business. -amp 160 -amp quotWe are experiencing significantly lower demand- particularly in premium classes- and considerable price pressures with extensive sales and discounting by all carriers -in some cases leading to fare reductions of up to 50 per cent -amp quot- Mr Joyce said. -amp quotWe have no choice but to lower our profit forecast and make major changes to ensure Qantas can weather the current commercial environment- he said. -amp quotQantas revenues have come under severe pressure- so it would be irresponsible to rely solely on stimulating demand through attractive pricing given the potential for unprecedented reductions in yield. -amp quotWe will ground additional aircraft and defer some aircraft orders- as well as maintaining a freeze on further capital expenditure- Mr Joyce said.Qantas has the largest firm order- for 65 Boeing Dreamliner aircraft- of any airline and has purchase rights for another 50. Thats clearly unsustainable now and will have to be dramatically scaled back.Jetstar was to receive the groups first Dreamliner. Delivery had been delayed until at least next year.Qantas also confirmed this month that it will inject $66 million into its superannuation scheme over the next three year to cover a shortfall caused by the meltdown in financial markets.The airline recently raised $526 million through an institutional placement and retail share purchase in an effort to protect its investment-grade credit rating.Ratings agency Moodys cut Qantass long-term debt rating last month and warned of further cuts if air travel continues to suffer. Other rating groups will now follow suit.The company said the main points of its package were-A further five per cent reduction in flying capacity- affecting frequency on Qantas Airlines international and domestic routesCuts to freight capacity- on both domestic and international routesGrounding the equivalent of ten aircraft and making them available for saleDeferring aircraft orders- including four Airbus A380s and twelve 737-800 aircraftExploring a number of options with Boeing about 787-800 aircraft including reducing- in the near-term- the number of aircraft to be deliveredReducing capital expenditure by at least $800 million in 2009-2010- andRemoving an additional 500 management positions. -amp quotThis means moving immediately to reduce capacity in those areas of our business facing the greatest impact of market deterioration- but we will not be withdrawing from routes to achieve this- -amp quot Mr Joyce said. -amp quotWe have faced accelerated declines in passenger demand and revenue while market competition has intensified. -amp quotSome competitors are reducing capacity- but overall market capacity into Australia has continued to grow despite falling demand. -amp quotUnfortunately- responding rapidly to declining economic conditions is going to have a direct impact on our staff. -amp quotWe employ over 34-000 people and we are striving to protect as many of their jobs as possible- but the capacity reductions to protect the long-term viability of the overall Qantas Group mean that up to 1-250 equivalent full-time positions will be affected in addition to the 500 management reductions being made. -amp quotWe want to avoid redundancies wherever possible- so we will be trying to use a range of workforce initiatives to manage the downturn such as- annual leave- long service leave- attrition- redeployment- leave without pay- promoting part-time work and exploring job-sharing -amp quot- Mr Joyce said. -amp quotWe are determined to see the Group remain strong and profitable over the longer-term in order to protect the interests of our employees and shareholders. -amp quotThe structural flexibility of our two-brand strategy- Qantas diversified portfolio of businesses- and prudent financial management have cushioned the impact of the recent deterioration in market conditions. -amp quotTaking further action on costs and capacity will ensure we can continue to benefit from those strategies. -amp quot -amp 160 ...
Wed 15th April 2009 - 08:47am

Business Conditions Improve Reality Worsens
There were conflicting messages from the Qantas cuts- and potentially OneSteel yesterday- and from the latest assessment of business confidence and conditions in the latest National Australia Bank survey.The survey says there has been a small up turn in confidence and conditions- which the media focused on.The sackings- lower profit and other moves from Qantas- and coming from OneSteel- tells us though that the detail of the NABs survey is more accurate than the headline.OneSteel is reported to be preparing a massive profit dwogrande- like Qantas. -amp 160And media reports this morning suggested it was looking for $850 million or thereabouts in new capital.This raises the prospects of job cuts at its steel businesses in NSW- Victoria and South Australia.Which is supported by the small print of the NAB -amp 160survey showing fears of a sharp worsening in the outlook for employment.The NAB said that the March survey of business conditions and confidence had shown a small- but noticeable improvement- -amp 160 -amp quotThe sectors which had led recent declines have in March led the improvement - notably mining- manufacturing and finance -amp 38 business services. Retail confidence also continues to benefit from prospective Government cash handouts. -amp quotAt best the pace of decline in business conditions in March may be stabilising - but at levels that imply further negative growth and are still the worst seen since 1992. Indeed as noted above- every sector in trend terms is still reporting significant further deterioration in activity levels. -amp quot -amp quotBoth trading and profitability improved by 5 points to overall readings of -10 and -12 index points. Against that- employment fell another 2 to -29 points - taking this measure to the lowest level since September 1991. -amp quotThat would confirm the moves by companies- such as Qantas- to axe staff.The job losses from Qantas- and possibly OneSteel- our second biggest steelmaker- tell us thats now the core concern in Australian business.They are telling us as trading conditions worsen- employment is coming under more pressure.The scary times of the credit crunch have eased- but the real fear now for business is the gathering downward move of the economy as it slumps into recession.Figures yesterday from the Australian Bureau of Statistics support the slump in business as lending fell in February.They confirmed the news from the Reserve Banks two weeks ago that there was a much bigger fall in lending to business than expected in February.The ABS figures backed up that data- showing lending to business dropped by nearly 15 in February- as companies shelved expansions plans.Total commercial finance commitments dropped 14.7 in February- seasonally adjusted- to $25 billion from $31 billion in January. -amp quotThis was driven by a fall in revolving credit commitments - down 25.6- -amp quot the ABS said- while fixed loans dropped 7.5.The bad news from Qantas wont be the last from big employers in coming months- and the NAB survey is signalling that with the worst employment outlook in its survey since September 1991.The Qantas announcement was stunning- more than 1700 jobs to go- including another 500 from management- on top of the 1-000 already being chopped.Planes will be grounded and sold- profits are forecast to more than halve from $500 million to as low as $100 million for the year to June.That means the airline will incur a second half operating loss of several hundred million dollars.OneSteel surprised by asking for its shares to be suspended -amp quotpending a further announcement from the company in relation to the companys financial outlook. -amp quotThat it couldnt do what Qantas did an produce a profit update and a series of actions to combat the downturn it has cut steel output three times this year so far as demand plunges could mean the company has been surprised by the decline in its financial state and needs to raise cash.So despite the National Australia Bank finding an -amp quotencouraging improvement- for the second month in a row- -amp quot in business confidence- in its latest survey- the news from the likes of Qantas and OneSteel potentially- plus other downgrades and job cuts from more companies Flight centre revealed hundreds of job cuts in Australia last week is terrible.Job losses are going to mount- after last weeks surge in jobless to 5.7 and 200-000 in the first three months of the year- the small improvement in confidence and conditions is a blip.In fact the jobs situation is worse than it seems as there would appear to have been a rise in march much greater than in previous years where March usually saw a fall in unemployment levels as schools and universities re-opened.The NAB said -amp quotIt needs to be stressed that we see no fast recovery in Australian activity. -amp quotThat is- the path of growth is more U than V shaped - with recovery not really getting underway till 2010. This shows up most in the financial year forecasts and especially that for 2009-2010. -amp quotAs well as the low starting point - including the Survey results for Q1 - we expect exports to fall by around 10 in light of the weak world outlook.... -amp quotAs well as the volume effects- there are also value effects via falling terms of trade. Our forecasts have commodity prices falling by around 28 in 2009 and another 7 in 2010. -amp quotThis means the terms of trade in 2009 are likely to fall by a further 25 during 2009 and then marginally -2 in 2010. -amp quotWe also are very concerned about prospects for both private consumption spending and business investment in the current climate of- falling wealth equity markets and house prices- low levels of forward orders- lower business sentiment and capital spending plans- and a deteriorating labour market- -amp quot the NAB said. -amp quotWe see household spending falling by around � during 2009 despite government handouts and falls in business investment of around 16. -amp quotAnd interest rates Well the NAB says it sees -amp quotthe RBA in data watching mode having delivered the bulk of the emergency cuts. -amp quotCuts going forward will be data dependent and likely to be delivered in 25 point moves 0.25. -amp quotOverall we still see the forecasts requiring a cash rate down to around 2 by late 2009. -amp quotNot much joy- anywhere. -amp 160 ...
Wed 15th April 2009 - 08:46am

Vanuatu could be victim of own success
In these tough economic times it seems hard to believe any country could end up in a bind for doing too well- but thats exactly the situation confronting the Pacific nation of Vanuatu. ...
Wed 15th April 2009 - 08:44am

The Great BrisConnections Con Game
It was greenmail- no matter how you look at it.Thats the only way to describe the way 27-year-old Melbourne person- Nicholas Bolton who pushed for a meeting of unitholders in BrisConnections- then abandoned his course of action and grabbed the $4.5 million offered by Leighton Holdings subsidiary- Thiess John Holland.The news of the cash grab ended the attempts to wind up BrisConnections that Mr Bolton- a self-styled activist- had been pushing for.That had been expected to jeopardise the nations biggest infrastructure project but he did an about face - and netted himself $4.45 million in the process. He had paid just over $47-000 for his 18.4 stake.His company Australian Style Investments sold voting rights for its 77 million securities in BrisConnections- the builder of the $4.8 billion Brisbane airport toll road- to Thiess-John Holland. Thiess-John Holland is a subsidiary of Leighton Holdings- the company that won the contract to build the road.Leighton revealed its deal -amp 160in this announcement to the ASX at 1.10 pm yesterday.Earlier- Australian Style issued this statement filed at the ASX -amp 160- urging unitholders to vote for the winding up and recapitalisation of the trust.The meeting was told that Mr Bolton agreed to the sale last Wednesday- BrisConnections chairman- Trevor Rowe- reportedly told the meeting the company received a proxy form from Australian Style Investments on Saturday- which indicated it was voting against all the resolutions he proposed.Bolton was engaged in a court battle against BrisConnections. He had pushed for a meeting of unit holders that had been expected to commence wind-up proceedings yesterday.Instead he didnt attend the meeting- his company voted against his motion and it then emerged that he had sold his shares to the constructors.The resolution to wind up the BrisConnections trusts failed to secure 75 of votes needed for force the wind up.Reports said discussion was heated and BrisConnections chairman- Trevor Rowe came in for criticism- but Mr Boltons move only attracted 36.6 of the votes- well short of the necessary number.BrisConnections chairman Trevor Rowe attracted the most criticism due to his related role as chair of the government-owned Queensland Investment Corporation the move attracted only 35.66 per cent support.But the meeting was stunned when Mr Rowe later revealed that Mr Boltons 18.4 stake had been voted against his own resolution.Mr Rowe revealed that Australian Style Investments had voted against all seven resolutions when its proxies were received on Saturday.But obviously Leightons subsidiary waved a bigger cheque or its offer proved more seductive to Mr Bolton.Jim Byrnes- the colourful Sydney business identity was prominent at the meeting. The company he represents- Brisbane Toll Roads owns 13 of BrisConnections.At 9 am yesterday the Queensland Supreme Court allowed the meeting of unit holders to be held.Justice Dutney of the Supreme Court of Queensland did not uphold any of the claims put by Macquarie Group- co-underwriter and financier of BrisConnections- or grant an injunction sought by the investment bank to stop a meeting of unit holders from proceeding. -amp 160His judgment took just two minutes- but Mr Bolton had already voted again his own motions and taken the money and run.Now we can be assured that a deal will emerge in the next two weeks that will take Mr Boltons actual units from him. -amp 160The most logical way is some sort of privatisation by -amp 160Macquarie and or Deutsche-Leighton.All three would be criticised if they tried to force small unitholders to pay the $1 a security second payment- having done a deal with mr Bolton for his voting rights.Mr Bolton was gloating in the media this morning and indicated the 77 million units were owned by Australian Style- but the $4.5 million was paid to another company. -amp 160 -amp 160 ...
Wed 15th April 2009 - 08:43am

Big drop in business lending
The West Australian Chamber of Commerce and Industry CCI has blamed the global economic downturn for a sharp drop in business lending.Figures from the Australian Bureau of Statistics show business l ...
Wed 15th April 2009 - 08:42am

Singapores Slump Deepens
While China seems to be back on the upturn and the slump in Japan looks like its slowing leaving prices falling though- theres bad news from Singapore where the economy is heading for a very nasty fall this year.The island state says its recession will be deeper than previously expected- prompting the central bank to adjust the band within which the currency is managed to help the nation exit its worst economic slowdown on record.The move was effectively a small devaluation- estimated at around 1.7 which was immediately eaten up in part by a 0.8 rise in the market value of the currency.The countrys central bank said in its latest forecasts yesterday that the economy could contract by 6 to 9 this year- more than Januarys forecast of a 5 fall.Thats the third reduction in the governments forecast in the past four-and-a-half months. -amp quotThe Singapore economy recorded a broad-based contraction of 16.4 on a quarter-on-quarter seasonally adjusted annualised basis in Q4 2008- -amp quot the Monetary Authority of Singapore the countrys central bank said yesterday in a statement. -amp quotAmidst the unprecedented collapse in global demand- trade-related activities such as manufacturing- wholesale trade and transport services decelerated sharply- while the financial sector was adversely affected by the turmoil in international financial markets. -amp quotAccording to the Advance Estimates released by the Ministry of Trade and Industry today- GDP contracted by a further 19.7 q-o-q in Q1 2009- with the decline accentuated by a reduction in pharmaceutical output. Both electronics manufacturing and financial services experienced a slower rate of contraction in early 2009 compared to Q4 2008. -amp quotLooking ahead- some moderation in the rate of decline in economic activity around the world is expected following the steep fall since the end of last year. -amp quotA number of leading indicators have recently picked up slightly- and consumption spending has held up somewhat better than expected- particularly in the US. While this is encouraging- considerable downside risks to growth remain. -amp quotJob losses have been significant- and segments of the broader credit market continue to be impaired. -amp quotAgainst this backdrop and in view of the sharp fall in domestic economic output over the past two quarters- Singapores GDP growth forecast for 2009 has been lowered to between -9 and -6- -amp quot The MAS said on its website.The central bank said yesterday it will continue its neutral policy on the currency even as it re- centered the band -amp quotto the prevailing level -amp quot of exchange rates.The currency has largely moved in the lower half of the previous policy band since the last review in October- the central bank said. The Singapore dollar- which has fallen 4.8 so far in 2009- rose after the statement from the MAS and the Trade Ministry were published. -amp quotThe global economy is expected to remain weak in the coming quarters- -amp quot the trade ministry said. -amp quotWhile there are tentative signs of some stabilization in the housing- financial and manufacturing sectors in the U.S.- they do not point to a clear turnaround in economic activity. -amp quotThe countrys exports dropped 17 in March- the 11th month of declines. Now the forecast for 2009s export performance has been downgraded- overseas shipments may drop by as much as 13 this year- against the January forecast for a 9-11 fall.Manufacturing- which accounts for a quarter of the economy- fell 29 in the March quarter this year- compared with the same period of 2009. Its a similar story across the developed and developing world.But inflation is no longer a concern also being experienced elsewhere.The MAS said -amp quotCPI inflation has slowed significantly to 2.4 year-on-year in Jan-Feb 2009- from 5.4 in Q4 last year. -amp 160 -amp quotThis was largely due to the sharp decline in the prices of direct oil-related items- such as petrol- as well as a moderation in food price increases. In addition- price increases of several retail items such as clothing and household durables have eased. -amp quotCPI inflation will continue to fall in the coming months- reflecting a combination of lower commodity prices and increased slack in the domestic economy. -amp 160 -amp quotDomestic cost pressures are moderating- as evidenced by the fall in rentals and more subdued wage increases. -amp quotWith the high base in 2008- headline inflation would temporarily turn negative in certain months this year. For the whole of 2009- the CPI inflation forecast is unchanged at -1 to 0.1 -amp quotAmidst the global downturn and continuing stresses in world financial markets- external and domestic inflationary pressures are dissipating. -amp 160 -amp quotMeanwhile- the domestic economy is likely to remain below potential till a decisive recovery is seen in Singapores export markets. -amp quotThe MAS said that in its opinion the current level for the Singapore dollar -amp quotis appropriate for maintaining domestic price stability over the medium term- taking into account the prospects for growth in the Singapore economy. -amp quot -amp quotThere is therefore no reason for any undue weakening of the Singapore dollar. -amp quotThat comment contributed to the market reaction to the re-centering of the currencys target band.Singapores dollar rose to a two- month high after the central bank released its statement.The MASs move was its usual twice- yearly policy review. They dont always involve a change in the value of the currency- so yesterdays move was a surprise.Singapores dollar gained 0.7 to trade at S $1.5059 versus the US dollar.The MAS said it re-centered the currencys band to the -amp quotprevailing level of the Singapore dollar nominal effective exchange rate. -amp quot -amp 160In other words- validating some of the 4.1 fall in the currencys value this year. -amp 160 ...
Wed 15th April 2009 - 08:41am

Ethical Companies- Westpac Again On Global Best List
Westpac is the only Australian company selected on The Ethisphere Institutes 2009 list of companies it considers to be the most ethical groups around the globe.The list of 99 companies httpethisphere.com-wme2009- is the Institutes third annual listing designed to encourage ethical practices within the global business community.Besides Westpac- the 99 companies include Honeywell International Inc- Nike Inc- Unilever- General Mills- Patagonia- BMW- Johnson Controls Inc- Standard Chartered- IKEA- Cisco and HSBC Holdings- come from 35 different industries.Westpac was on the 2008 list as well. Its shares rose 3.3 yesterday to $20.67 as the overall market advanced in the wake of the better than expected results from Goldman Sachs and Wells Fargo.The Institute said that making it onto the Worlds Most Ethical Companies list proves to be more and more difficult every year.This year Ethisphere received a record number of nominations from companies in over 100 countries and 35 industries.This year- 99 companies made the cut. Twenty companies dropped off the list from last year- and 25 companies were newcomers. A remarkable 44 companies are -amp quotthree-peats- -amp quot making the list for the past three years.Many are American and European- plus British. Few are from Asia. Westpac is one of the few- Toyota another. -amp quotThe mission of our group is to improve corporate behavior- -amp quot said Alex Brigham- executive director of the Ethisphere Institute- an international think-tank based in New York dedicated to the advancement of best practices in business ethics- corporate social responsibility- anti-corruption and sustainability.The companies are chosen against their peers within their industry- as each industry operates under different circumstances- Brigham said in a statement.The rankings are based on factors that go to the heart of corporate governance and environmentalism- the institute said- including innovation that contributes to public well being and the use of fewer resources.They also are judged on corporate governance- legal and regulatory reputation and track record- executive leadership- industry leadership- and internal systems and ethics compliance programs.Brigham said there is no specific definition of the term ethical for the rankings. For example- diversity- layoffs- executive compensation and outsourcing are not part of the criteria- he said.This years group features 22 first-time recipients including Dell Inc- Thomson Corp- Best Buy Co Inc and T-Mobile International AG -amp 38 Co KG. -amp 160Of the companies on the list- 44 are on it for the third time. They include General Electric Co- American Express Co- PepsiCo Inc- McDonalds Corp- Starbucks Corp and IKEA AB.The Institute said -amp quotThe winners of the Worlds Most Ethical Companies are the standouts. -amp quotEach of these companies will have materially higher scores versus their competitors. -amp 160 -amp quotThey are the companies who force other companies to follow their leadership or fall behind. These are the companies who use ethical leadership as a profit driver. -amp quotSome- such as Nike have demonstrated a will to correct past mistakes. -amp quotThe winners are based on the following criteria- according to the Institutes website-Corporate citizenship and responsibility- 20How does the company respond to the community and workplace- what is the companys sustainability track record and how does it audit its supply chain Ethisphere factored in placement on major sustainability lists- such as FTSE4Good Index Series.Corporate governance- 10Is the company properly aware of potential value conflicts at and around the company and address those conflicts in an effective wayInnovation that contributes to public well being- 15Does the company provide products- services and-or process innovation that positively contributes to public well-beingIndustry leadership- 5How does the company set industry standards for business ethics and compliance- corporate governance- responsibility- sustainable development and environmental protectionExecutive leadership and tone from the top- 15Does the company have strong and visible executive leadership on ethics- corporate governance and citizenshipLegal- regulatory and reputation track record- 20What is the legal history of the companyInternal systems and ethics-compliance program- 15Does the company have satisfactory internal control systems- including a leading Code of Conduct- whistle-blower policies- prevention and detection controls- etc -amp 160 ...
Wed 15th April 2009 - 08:39am

BrisConnections not optimistic about investor lifeline
The BrisConnections chairman says he is not optimistic about reaching a deal to help investors who say they cannot make payments on their shares. ...
Wed 15th April 2009 - 08:20am

Vanuatu could be victim of own success
In these tough economic times it seems hard to believe any country could end up in a bind for doing too well- but thats exactly the situation confronting the pacific nation of Vanuatu. ...
Wed 15th April 2009 - 08:15am

French fishermen blockade Channel ports
CALAIS- France AFP - A flotilla of French fishing boats blockaded Tuesday the Channel ports of Boulogne- Dunkirk and Calais in a protest against fishing quotas- cutting off ferry services to Britain. ...
Wed 15th April 2009 - 08:12am

Australia shares seen down after gloomy US data
Financial shares could come under presure after a $5 billion share issue from Goldman Sachs GS.N saw a sell-off in bank stocks on Wall Street. ...
Wed 15th April 2009 - 08:11am

Obama sees hope in US economy
US President Barack Obama says he sees -amp quotglimmers of hope -amp quot as America battles the deepest economic slump in generations. ...
Wed 15th April 2009 - 07:40am

Unmanned plane to inspect inland powerlines
Plans are underway to build a prototype unmanned plane within the next 18 months capable of inspecting Queenslands inland electricity network. ...
Wed 15th April 2009 - 07:39am

Historic boatyard pulls up anchor
The only remaining Adelaide boatyard that can build and service timber boats is shutting its doors today- to make way for the Newport Quays development. ...
Wed 15th April 2009 - 07:35am

Intel says PC sales recovering
Intel first-quarter profit blew past Wall Street's forecasts as the chip maker's CEO proclaimed personal computer sales had -amp quotbottomed out -amp quot and were recovering. ...
Wed 15th April 2009 - 07:33am

Retail slump drags Wall St down
Wall Street shed 1.7 per cent overnight after an unexpected drop in retail sales suggested the US recession was far from over. ...
Wed 15th April 2009 - 07:14am

Obama sees glimmers of economic hope
As the United States battles the deepest recession in decades- President Barack Obama says he can see glimmers of hope on the horizon. ...
Wed 15th April 2009 - 07:10am

UBS client pleads guilty to US tax evasion
WASHINGTON AFP - An American client of UBS who hid more than three million dollars in a secret account at the Swiss bank pleaded guilty Tuesday to tax fraud in a Florida court- US officials said. ...
Wed 15th April 2009 - 06:51am

Poland asks IMF for economic lifeline
The Polish Government will ask the International Monetary Fund IMF for a $28 billion line of credit to help it recover from the economic crisis. ...
Wed 15th April 2009 - 06:27am

Mexicos Pemex to build $9.1 bln refinery
MEXICO CITY AFP - Mexican national oil company Pemex announced Tuesday it would build a new refinery in the central state of Hidalgo- investing 9.1 billion dollars in the project. ...
Wed 15th April 2009 - 05:46am

Weak retail- inflation data shake recovery hopes
WASHINGTON AFP - US retail sales and wholesale inflation unexpectedly fell last month- data showed Tuesday- casting doubt on early hints of recovery from recession and suggesting deflation may yet be a risk. ...
Wed 15th April 2009 - 05:38am

German Woolworth stores put in receivership- court
FRANKFURT AFP - The Woolworth department store chain took a further step toward collapse Tuesday when a Frankfurt court said it had been placed under administration in Germany three months after its last British store shut down. ...
Wed 15th April 2009 - 03:31am

Weak retail- inflation data spark recovery jitters
WASHINGTON AFP - US retail sales and wholesale inflation unexpectedly fell last month- government data showed Tuesday- fueling worries about recovery prospects from recession and the risk of deflation. ...
Wed 15th April 2009 - 02:46am

Iraqi VP to discuss Total oil deal in Paris
PARIS AFP - Iraqi Vice President Adel Abdel Mahdi said Tuesday he will meet executives from the French energy giant Total to discuss a multi-billion dollar oil deal during a working visit to France. ...
Wed 15th April 2009 - 02:40am

Dollar- as refuge- gains on euro
PARIS AFP - The dollar moved higher against the euro Tuesday on strong results from banking giant Goldman Sachs and on its status as a refuge currency in the face of concerns for the health of the overall US economy. ...
Wed 15th April 2009 - 02:37am

Oil prices gain ground
LONDON AFP - Oil prices rebounded on Tuesday- supported by rising stock markets- upbeat results from US bank Goldman Sachs and hopes for a pick-up in world energy demand- analysts said. ...
Wed 15th April 2009 - 01:30am

Receivers to reveal fate of ABC Learning centres
The fate of the remaining unviable ABC Learning childcare centres will become clearer today- with an announcement expected from the court appointed receivers. ...
Wed 15th April 2009 - 01:21am

Telefonica chairman on trial for insider trading
MADRID AFP - The chairman of Spanish telecoms giant Telefonica- Cesar Alierta- appeared in court on Tuesday to face charges of insider trading in shares of a tobacco company he headed a decade ago. ...
Wed 15th April 2009 - 01:12am

Goldman Sachs lost $1.02 bln in December
NEW YORK AFP - US banking giant Goldman Sachs said Tuesday it lost 1. ...
Wed 15th April 2009 - 12:56am

Poland to ask IMF for $20 bln credit line
WARSAW AFP - Poland plans to ask the International Monetary Fund to grant it a 20-billion-dollar credit line- Finance Minister Jan Rostowski said Tuesday. ...
Wed 15th April 2009 - 12:46am

Qantas head warns unions against striking
Qantas has warned unions that striking over jobs cuts will only cause more damage to the company. ...
Wed 15th April 2009 - 12:44am

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