2009-04-20 Business and Finance News (vsx.com.au)

Indias Tech Mahindra- Satyam discuss takeover
MUMBI AFP - Executives from Indias Tech Mahindra- the firm set to take over scandal-rocked Satyam Computer Services- met their counterparts on Monday- with funding towards the buyout now complete. ...
Mon 20th April 2009 - 11:38pm

Russia- Airbus sign $4 bln titanium deal
MOSCOW AFP - Russia on Monday signed a contract worth four billion dollars with Airbus to supply the European aircraft manufacturer with titanium for its planes over the next decade. ...
Mon 20th April 2009 - 11:22pm

Bank of America triples profit to $A5.8b
Bank of America Monday said it had net profit of $US4.2 billion $A5.81 billion in the first quarter- solidly boosted by its Merrill Lynch purchase. ...
Mon 20th April 2009 - 11:11pm

Rio Tinto urges shareholders to stay open minded
Rio Tinto is urging shareholders to reserve their judgements for a few months on its proposed deal with Chinese state-owned miner Chinalco. ...
Mon 20th April 2009 - 11:11pm

Rudd speaks at Sydney philanthropy meeting
A conference in Sydney has begun developing a new set of ethical principles to be added to the United Nations global accord on business practice. ...
Mon 20th April 2009 - 10:16pm

Oil prices suffer sharp losses
LONDON AFP - Oil prices fell sharply on Monday on the back of the strengthening dollar- weak stock markets and sluggish US energy demand- analysts said. ...
Mon 20th April 2009 - 09:37pm

Bank of America profits hit $4.2 bln
NEW YORK AFP - Bank of America on Monday said it had net profit of 4. ...
Mon 20th April 2009 - 09:32pm

Oil falls towards $48 on firm dollar- risk aversion
LONDON- April 20 - Oil fell more than 4 percent towards $48 a barrel on Monday- weighed down by a rising U.S. dollar and growing caution about the pace of any economic recovery and its impact on oil demand. ...
Mon 20th April 2009 - 09:26pm

NAB to shut several Vic branches
Unions say the National Australia Bank will close several bank branches across Victoria. ...
Mon 20th April 2009 - 08:44pm

What crisis Tourists still heading for the red centre
The Australian tourism industry is facing an uncertain year with predictions the global economic crisis will see the number of overseas visitors to Australia drop by about 250-000. ...
Mon 20th April 2009 - 07:36pm

Oil falls below $49 on firm dollar- risk aversion
LONDON- April 20 - Oil fell more than 3 percent to below $49 a barrel on Monday- weighed down by a rising U.S. dollar and growing caution about the pace of any economic recovery. ...
Mon 20th April 2009 - 07:30pm

100 homes saved after Brisbane tunnel rethink
The Brisbane City Council says a decision to amend plans for the Northern Link tunnel will save 100 homes from being resumed. ...
Mon 20th April 2009 - 07:25pm

Recession concession a distraction- Turnbull
The Federal Opposition says the timing of Prime Minister Kevin Rudds admission that Australia is heading for an inevitable recession is a classic Rudd tactic. ...
Mon 20th April 2009 - 07:24pm

OneSteel shares fall on profit downgrade
OneSteel Ltd's shares fell after a profit downgrade and a share raising of $584 million failed to impress investors. ...
Mon 20th April 2009 - 07:18pm

Recession concession a distraction- Turnbull says
The Federal Opposition says the timing of Prime Minister Kevin Rudds admission that Australia is heading for an inevitable recession is a classic Rudd tactic. ...
Mon 20th April 2009 - 07:11pm

CBA raises rates on fixed rate mortgages
Commonwealth Bank is raising its interest rates on fixed rate mortgages amid concerns over the banks' failure to pass on the full rate cuts to customers. ...
Mon 20th April 2009 - 06:57pm

OneSteel shares fall on profit downgrade
OneSteel Ltd's shares fell almost five per cent after a profit downgrade and a share raising of $584 million failed to impress investors. ...
Mon 20th April 2009 - 06:53pm

RCR Tomlinson hit by profit downgrade
Shares in RCR Tomlinson Ltd plummeted 15 per cent after the engineering services provider forecast lower full year profit. ...
Mon 20th April 2009 - 06:52pm

Woolworths sales figures 'just perfect'
Retailer Woolworths Ltd's boost in third quarter sales was helped by changing consumption patterns and the government's fiscal stimulus- analysts say. ...
Mon 20th April 2009 - 06:46pm

Leighton wins $1.1b Qld schools contract
A consortium led by Leighton Holdings Ltd has won a $1.1-billion contract to build seven new schools in south-east Queensland. ...
Mon 20th April 2009 - 06:44pm

UK annual budget likely to be bleak
British Treasury chief Alistair Darling is likely to present a bleak annual budget this week with little good news for the average Briton. ...
Mon 20th April 2009 - 06:43pm

New Rio chairman has 'much to learn'
Rio Tinto Ltd's Jan du Plessis says he has -amp quotmuch to learn -amp quot- with the newly appointed chairman admitting he has not visited any of the miner's Australian sites. ...
Mon 20th April 2009 - 06:43pm

Adamus confident of raising capital
Adamus Resources Ltd is progressing a $US90 million funding package for its Southern Ashanti gold project and acquisition opportunities in Ghana. ...
Mon 20th April 2009 - 06:36pm

Banks buckling under first homebuyer surge
The nations big four banks are dealing with unprecedented demand for mortgages - especially from first homebuyers. ...
Mon 20th April 2009 - 06:21pm

Obama set to target govt spending
US President Barack Obama has warned of -amp quotsignificant -amp quot risk to the US economy ahead of his first full cabinet meeting to thrash out plans to cut spending. ...
Mon 20th April 2009 - 06:15pm

Mining losses push local stocks lower
The Australian share market has closed flat- despite modest gains on Wall Street at the end of last week. ...
Mon 20th April 2009 - 06:12pm

Baptism of fire for new Rio chairman
Rio's new chairman has been forced to defend a controversial multi-billion deal with Chinalco after shareholders vented anger over the board's performance. ...
Mon 20th April 2009 - 05:59pm

Qantas- ACTU bosses meet over job cuts
Qantas managing director Alan Joyce has met with Australian Council of Trade Unions ACTU secretary Jeff Lawrence to discuss the airlines plan to cut up to 1-750 jobs. ...
Mon 20th April 2009 - 05:40pm

CBA raises rates on fixed rate mortgages
Commonwealth Bank of Australia CBA will raise its interest rates on fixed rate mortgages by between 20 basis points and 45 basis points from Tuesday. ...
Mon 20th April 2009 - 05:38pm

Asciano shares surge on takeover talk
Shares in Asciano Group have soared amid speculation the debt-laden transport infrastructure company has received a takeover offer. ...
Mon 20th April 2009 - 05:31pm

Gold find boosts OceanaGold's NZ focus
OceanaGold Corporation's renewed focus on exploration in New Zealand has been boosted by the discovery of high-grade gold. ...
Mon 20th April 2009 - 05:29pm

China-market Crown- Camry Hybrid Unveiled in Shanghai
Tokyo- Apr 20- 2009 - ACN Newswire - TOYOTA MOTOR CORPORATION TMC announces that it showed the new China-market version of the -amp quotCrown -amp quot and the -amp quotCamry Hybrid -amp quot today-for the first time in China-during a press conference attended by TMC President Katsuaki Watanabe at the 13th Shanghai International Automobile Industry Exhibition- held at the Shanghai New International Expo Center. ...
Mon 20th April 2009 - 05:25pm

Business owners in the dark over asbestos removal
Business owners affected by the recent discovery of asbestos at a Canberra shopping centre say they have not yet received any information from the Government or centre management about the incident. ...
Mon 20th April 2009 - 05:24pm

Mining losses push local stocks lower
The Australian share market has closed flat- despite modest gains on Wall Street at the end of last week. ...
Mon 20th April 2009 - 05:19pm

Aussie dlr eases as investors take profits bonds down
SYDNEY- April 20 - The Australian dollar AUDD4 fell on Monday as profit-taking took the steam out of its recent spurt- pulling it from a six-month peak against the euro. The Aussie slid to $0.7184- from an intra-day high of $0.7249- and compared to $0.7187 seen here late Friday. ...
Mon 20th April 2009 - 05:16pm

Colonial property managers' assets fall
Two of Colonial First State's CFS property managers have revalued a raft of commercial property assets due to softer investment yields. ...
Mon 20th April 2009 - 05:12pm

Macquarie Airports says traffic is down
Macquarie Airports MAp expects competition from budget airlines to increase ticket sales as it reports a fall in traffic across its airports in March. ...
Mon 20th April 2009 - 05:10pm

Regis says rebels may have secret agenda
Renegade shareholders seeking to wrest control of Regis Resources Ltd may plan to merge the gold explorer with other entities- chairman Jeffrey Lucy said. ...
Mon 20th April 2009 - 04:52pm

Banks under fire in survey on rate cut
The nation's banks remain under fire for failing to pass on in full the cut in official interest rates handed down earlier this month. ...
Mon 20th April 2009 - 04:51pm

Fortescue confirms funding talks
Iron ore miner Fortescue Metals Group Ltd says it is in early-stage talks with various parties regarding future investment and financing. ...
Mon 20th April 2009 - 04:44pm

AHG expects 'creditable' results
Car seller and automotive logistics firm Automotive Holdings Group Ltd AHG expects to deliver a -amp quotcreditable -amp quot full year result. ...
Mon 20th April 2009 - 04:40pm

Wesfarmers' Curragh coal prices plummet
Wesfarmers Ltd says contract prices for metallurgical coal exports from its Curragh mine in Queensland will fall sharply this year. ...
Mon 20th April 2009 - 04:24pm

Australia shares fall 0.2 pct Rio sheds 2 pct
SYDNEY- April 20 - Australian shares fell 0.2 percent on Monday- dragged lower by global miner Rio Tinto RIO on concerns over annual iron ore price talks and its tie up with Chinas Chinalco- and as banks turned negative. ...
Mon 20th April 2009 - 04:17pm

Too soon to relax on inflation- analyst
A financial analyst says a quarterly fall in costs for producers will do little to ease inflationary pressures. ...
Mon 20th April 2009 - 04:14pm

RBA to take comfort from PPI- economists
A fall in a measure of inflation at the wholesale level is likely to comfort the RBA as it attempts to stimulate the local economy- economists say. ...
Mon 20th April 2009 - 03:57pm

Union reports crane-related accident at Canberra building site
The construction union says there has been another accident involving a crane at a Canberra building site. ...
Mon 20th April 2009 - 03:30pm

Welfare groups fear $20-000 utilities price hike
Welfare groups in the Northern Territory say the increase to utilities bills announced earlier this month could jeopardise the services they provide. ...
Mon 20th April 2009 - 03:28pm

Welfare groups fear $20-000 price hike in utilities bills
Welfare groups in the Northern Territory say the increase to utilities bills announced earlier this month could jeopardise the services they provide. ...
Mon 20th April 2009 - 03:27pm

Retailers 'sack staff but optimism up'
Retailers have been forced to lay off staff over the past three months but they are confident things are about to pick up- new figures show. ...
Mon 20th April 2009 - 03:20pm

Smith Beach development over the top
The Smiths Beach Action Group has welcomed the Environment Protection Authoritys EPA decision to reject Canal Rocks proposed development.The proposed tourism and residential development near Yalli ...
Mon 20th April 2009 - 03:19pm

Chinalco deal a priority- Rio chairman
Rio Tinto Ltd's new chairman Jan du Plessis says completing the controversial Chinalco deal will be a priority. ...
Mon 20th April 2009 - 02:20pm

3D Oil takeover bid 'destined to fail'
Takeover target 3D Oil Ltd has advised its shareholders to reject a $9.3 million offer from fellow oil and gas exploration minnow Drillsearch Energy Ltd. ...
Mon 20th April 2009 - 02:15pm

Lower profit forecast hits RCR Tomlinson
Shares in engineer RCR Tomlinson Ltd have plummeted 18 per cent after the engineering services provider forecast lower full year profit. ...
Mon 20th April 2009 - 01:46pm

OneSteel raises $584m in share sale
Recent news of a profit downgrade and a share raising of $584 million by OneSteel Ltd has not impressed investors- with the share price falling sharply. ...
Mon 20th April 2009 - 01:46pm

PPI fall 'to ease inflationary pressure'
An unexpected drop in the producer price index will put downward pressure on inflation- economists say. ...
Mon 20th April 2009 - 01:46pm

Oil falls 2 pct on rising dollar- risk aversion
PERTH- April 20 - Oil fell as much as 2 percent towards $49 a barrel on Monday- weighed down by a rising U.S. dollar and growing caution about the pace of any global economic recovery. ...
Mon 20th April 2009 - 01:43pm

Australian Market Report of April 20- Market Sentiment Pushed Up
Sydney- Australia- Apr 20- 2009 - ABN Newswire - US share market closed higher on Friday as Citigroup and General Electric delivered better-than-expected earnings reports. The Australian shares ended with little changes on Friday. The S -amp ampP-ASX200 index just added 1 point to 3776.7 points- while the broader All Ordinaries gained 2.5 points to 3728.1. The local market is likely to be lifted on the back of the stronger metals prices. ...
Mon 20th April 2009 - 01:40pm

Rio share price falls as Sydney AGM held
Rio Tinto Ltd shares fell nearly four per cent amid investor concern over the controversial Chinalco deal and speculation about iron ore prices. ...
Mon 20th April 2009 - 01:29pm

Rudd empathises with industries in crisis
Prime Minister Kevin Rudd has told a jobs forum that he empathises with the pain the global economic crisis is causing for local industries. ...
Mon 20th April 2009 - 01:27pm

Emergent Resources Limited ASX-EMG Commences Discussions With Potential Chinese Offtake Partners For Participation In Its Beyondie Iron Project- WA
Perth- Australia- Apr 20- 2009 - ABN Newswire - Emergent Resources Limited ASX-EMG is pleased to announce that it has commenced discussions with Chinese parties for participation in its Beyondie Iron Project in the mid-west region of Western Australia. ...
Mon 20th April 2009 - 01:17pm

Focus Minerals Limited ASX-FML Appoints Preferred Contractor for Refurbishment and Recommissioning of Three Mile Hill Treatment Plant
Perth- Australia- Apr 20- 2009 - ABN Newswire - Focus Minerals Limited ASX-FML is pleased to announce that it has appointed Perth-based Como Engineers Pty Ltd as preferred contractor for the refurbishment and re-commissioning of its 100-owned Three Mile Hill treatment plant in Western Australia. Como Engineers is part of the ASX-listed engineering group- VDM Group Limited ASX-VMG. ...
Mon 20th April 2009 - 01:16pm

Exco Resources Limited ASX-EXS Cloncurry Copper Project Resources Grow To 51 Million Tonnes
Perth- Australia- Apr 20- 2009 - ABN Newswire - Exco Resources Limited ASX-EXSPINK-EXRSF The Cloncurry Copper Project CCP currently comprises three key regions of mineralisation- the E1 Camp- the Monakoff group of deposits and the Great Australia Deposit. The main focus of recent drilling campaigns has been the E1 Camp- which now contains 80 of the contained copper within the CCP. ...
Mon 20th April 2009 - 12:53pm

Steel city hammered again by recession
Regional Australia is being hit hardest by the current recession- and it shows- with double digit unemployment rates in many parts of the country. ...
Mon 20th April 2009 - 12:46pm

Aussie dollar slips as weaker euro weighs bonds drop
AUSTRALIAN CREDIT-FOREXSNAPSHOT FOREIGN EXCHANGE AT 0000 GMTagainst previous Sydney close AUD 0.7164-670.7187-92 AUDNZDR1.2633-551.2586-00 AUDJPYR 70.79-87 71 ...
Mon 20th April 2009 - 12:39pm

Regis says rebels may have secret plan
Renegade shareholders seeking to wrest control of Regis Resources Ltd may plan to merge the gold explorer with other entities- chairman Jeffrey Lucy said. ...
Mon 20th April 2009 - 12:24pm

Business costs fall in March quarter
Business costs fell for the first time since mid-2003 in the first three months of this year- as the economic slowdown tempered inflation. ...
Mon 20th April 2009 - 12:23pm

Rio shareholders vent anger at AGM
Rio Tintos Annual General Meeting is underway in Sydney- as the companys directors try to sell the proposed $30 billion Chinalco deal. ...
Mon 20th April 2009 - 12:22pm

Australia shares fall 0.8 pct Westfarmers lower
SYDNEY- April 20 - Australian shares fell 0.8 percent on Monday- dragged lower by the top miners such as Rio Tinto RIO partly on concerns annual iron ore price talks may take longer than expected- and as banks turned negative. ...
Mon 20th April 2009 - 12:15pm

AHG expects 'creditable' results
Car seller and automotive-logistics firm Automotive Holdings Group AHG says it expects to deliver a -amp quotcreditable -amp quot full-year result. ...
Mon 20th April 2009 - 11:54am

Mobile phone rivals fight for Cambodia
Cambodia has just 15 million people and is one of the poorest countries in its region- yet it has nine mobile phone operators. ...
Mon 20th April 2009 - 11:42am

Trust us on China- Rio Tinto AGM told
Investment in China should strengthen this year but a global recovery is unlikely for at least 12 months- Rio Tinto's Australian shareholders have been told. ...
Mon 20th April 2009 - 11:23am

Australia shares fall 0.4 pct- Rio drags
SYDNEY- April 20 - Australian shares turned negative on Monday- falling 0.4 percent after a positive start- dragged lower by the top miners such as Rio Tinto RIO on concerns annual iron ore price negotiations may take longer than expected. ...
Mon 20th April 2009 - 11:21am

China recovering- Rio Tinto AGM told
Investment in China should strengthen this year but a global recovery is unlikely for at least 12 months- Rio Tinto's Australian shareholders have been told. ...
Mon 20th April 2009 - 10:51am

Worst over for UK- says business group
A major business lobby group predicted on Monday that the worst of Britain's recession may be over- but growth would only resume next year. ...
Mon 20th April 2009 - 10:35am

Asias Largest Hospital Management Conference to take Place in Ho Chi Minh City- Vietnam
Ho Chi Minh City- Apr 20- 2009 - ACN Newswire - HMA brings Worldwide Hospital Management Thinking and Experience to senior hospital managers in Asia. It has proved itself as the annual conference that directs itself to the continuing professional development of the hospital manager in an atmosphere of learning and interacting with counterparts from all over the region. ...
Mon 20th April 2009 - 10:30am

Free transport proposal nipped in the bud
A NSW Labor backbenchers radical proposal to make public transport free in Sydney has been quickly nipped in the bud- as preliminary work on the new metro line commences. ...
Mon 20th April 2009 - 10:29am

Australia shares edge higher Rio bucks trend
SYDNEY- April 20 - Australian shares edged higher on Monday after Wall Street notched up its best six-week winning streak since 1938- helped by better-than-expected results from General Electric GE.N and Citigroup C.N. ...
Mon 20th April 2009 - 10:21am

Macquarie Airports says traffic is down
Macquarie Airports MAp has reported a fall in traffic across its airports in March- hit by capacity reductions in Europe. ...
Mon 20th April 2009 - 10:14am

Oil steadies above $50- eyes equity markets for directions
PERTH- April 20 - Oil steadied at above $50 a barrel on Monday- as investors adopted a wait-and-see approach ahead of the next batch of corporate earnings and looked for more data to gauge how the world economy was faring. ...
Mon 20th April 2009 - 10:13am

GSK near $3 bln deal for Stiefel Labs- report
WASHINGTON AFP - British pharmaceutical giant GlaxoSmithKline GSK is close to completing a three-billion-dollar deal to buy the closely held US-based Stiefel Laboratories- US media reported Sunday. ...
Mon 20th April 2009 - 09:58am

IMF says world must clean up banks fast
Governments the world over are acting too slowly when it comes to cleaning up their banks' balance sheets- IMF chief Dominique Strauss-Kahn said on Sunday. ...
Mon 20th April 2009 - 09:57am

Linc Energy Limited ASX-LNC Commences Stage 1 of the UCG Project in Vietnam
Brisbane- Australia- Apr 20- 2009 - ABN Newswire - Linc Energy Limited ASX-LNC PINK- ...
Mon 20th April 2009 - 09:43am

Rudd urges businesses to keep up philanthropy
Prime Minister Kevin Rudd says businesses in Australia must continue to provide philanthropic support to local organisations. ...
Mon 20th April 2009 - 09:29am

OneSteel raises $584m in share sale
Australia's second-biggest steel company- OneSteel Ltd- has raised $584 million from institutional investors through a share sale. ...
Mon 20th April 2009 - 09:10am

Qantas denies bankruptcy rumours
Qantas chief executive Alan Joyce concedes Jetstar has limited capacity to relieve its parent of profit pressure. ...
Mon 20th April 2009 - 08:55am

Global Confidence Rises
Six week old- the current boomlet looks like wanting to continue for a while longerThe US reporting season might change that- so might a series of economic forecasts and figures- and the release of bank stress test data in the US on May 4- but so far as big fund managers are concerned- risk is back on the investment menu.Or- as one market analyst said at the weekend to some its 2006 all over and the credit crunch didnt happen.The April monthly survey of global fund managers by Banc of America-Merrill Lynch shows the return of risk quite clear.It also shows once again that China is the big hope for fund managers. Chinas importance has been high in the survey now for the first four months of 2009.According to the results of the survey big fund managers appetite for risk has jumped. -amp quotOptimism about growth has reached its highest level since early 2004. A net 26 percent of respondents say the global economy will strengthen in the next 12 months- up sharply from negative 24 percent in January- ML reported at the weekend. -amp quotIn contrast to March- investors are starting to act on the improving outlook and are unwinding previously entrenched- bearish positions. -amp quotA vital difference is that investor pessimism on bank stocks has started to recede. -amp quotThe net percentage of respondents underweight banks swung significantly in April to a net 26 percent from 48 percent in March. -amp quotThe net percentage of investors overweight cash fell to 28 percent from 41 percent in March. -amp quotJust 17 percent of respondents are underweight equities compared with 41 percent in March. Asset allocators are turning towards cyclical sectors- such as technology. -amp quotSo- increased confidence- but still some cautionAccording to Gary Baker- co-head of international investment strategy at Banc of America Securities-Merrill Lynch Research -amp quotImproving sentiment on financials has decisively removed the log jam on sector rotation. -amp quotThis is enabling broader optimism about growth to feed into greater risk appetite and prompting a march out of defensives into cyclicals. -amp quot -amp quotThe April FMS prints the most optimistic reading on global growth since 2004- -amp quot he said. -amp quotA net 24 of investors believe the global economy will strengthen over the next 12 months. China remains the principal catalyst but growth optimism has now broadened out to all regions- including previous laggards Europe and Japan. -amp quotOur risk appetite indicator climbed to a 12-month high. -amp quotAsset allocators are less pessimistic on equities- sharply cutting their underweight to 17 from 41 in March. -amp quotOverweights in bonds were trimmed. Cash overweights fell to net 24- the lowest since late-2007- lowering average cash balances to 4.9 from 5.2. -amp quotEven hedge funds raised net equity exposure to an 8-month high of 25. -amp quot -amp quotNo major change in currency views this month with GEM and sterling seen as undervalued and Euro and Yen firmly overvalued- -amp quot Mr Baker said. -amp quotThe improvement in growth expectations seen since December continues with our economic -amp 38 profit expectations composite surging to 54 from 43 in March. -amp quotAt 26- fund managers optimism on the global economy now stands at a 5-year high. The surge in optimism on Chinese growth prospects once again led the way in boosting optimism. -amp quotAnd in the commentary on the survey- Michael Hartnett- co-head of international investment strategy at Banc of America Securities-Merrill Lynch Research- said- -amp quotThe consensus has shifted from apocalyptically bearish to reluctantly bullish. -amp quotBut its important to note that asset allocators are still underweight equities- indicating they have yet to fully embrace the idea of a new bull market. -amp quotChina continues to be a beacon of hope for the global economy. -amp quotPortfolio managers are more optimistic on Chinese growth that at any point since 2003. -amp quotA net 26 percent of respondents believe Chinese economic growth will accelerate over the next 12 months. As recently as November- 85 percent expected it to decelerate. -amp quotInvestors looking to play the global recovery are using China and emerging markets- rather than Europe or Japan- to do so- -amp quot said Hartnett. -amp quotThanks largely to Chinas influence- global emerging markets have been the prime beneficiary of improving sentiment towards equities with a net 26 percent of asset allocators saying they are overweight the asset class- up from just 4 percent in March. -amp quotCommodities- integral to emerging market growth- are increasing in popularity. -amp quotA net 4 percent of asset allocators are overweight the asset class - the first net overweight reading since August of last year. -amp quotAfter emerging markets- the U.S. is investors other preferred location. -amp quotA net 18 percent of respondents say that they would most like to overweight U.S. equities with a 12 month view. -amp quotEurope and Japan are the least favored with a net 18 percent who say they would most like to underweight their equity markets. -amp quotSector allocations mark end of extreme positioning Aprils survey shows strong evidence that investors have started to emerge from the recessionary rut that led them to take extreme asset allocations for protection. -amp quotIn addition to reducing underweight positions in banks- asset allocators have begun moving back towards traditional cyclical sectors. -amp quotTechnology has become the most popular sector- with a net 27 percent of respondents overweight. -amp quotPharmaceuticals- the favorite in March and a classic bear market refuge- has seen a drop in popularity from 30 percent overweight to 21 percent. -amp quotA net 17 percent are underweight industrials- down from a net 31 percent in March. Asset allocators are neutral on materials- compared with a net 10 percent who were underweight in March.A total of 214 fund managers- managing a total of U.S. $561 billion- participated in the global survey from April 2 to April 8. A total of 181 managers- managing US $356 billion- participated in the regional surveys. The survey was conducted by Banc of America Securities - Merrill Lynch Research with the help of market research company TNS. ...
Mon 20th April 2009 - 08:50am

IMF chief says world must clean up banks
Governments the world over are acting too slowly when it comes to cleaning up their banks' balance sheets- IMF chief Dominique Strauss-Kahn said on Sunday. ...
Mon 20th April 2009 - 08:46am

US Ecos Strange Story
Green shoots everywhere and the markets charge on- ignoring any number of warning signals about the rapidly rising toll of damage the recession is now doing.Investors everywhere are pushing shares up for a sixth week- copper prices are rising- as are prices of agricultural commodities such as coffee and while gold is falling- oil is sort of steady around the $US50 a barrel mark and the feeling is one of renewed confidence that the worst of the recession is over.It could very well be- but that doesnt mean the recession is over- nor the continuing rise in unemployment.This continuing feeling of confidence is despite two more US regional banks failing on Friday and being closed and sold off.They were the 24th and 25th American banks to collapse this year- equal to the number for all of last year.The continuing instability among regional banks is being ignored by investors focused on the big banks and their current quarterly reports- which while profitable- are not showing solid- recurrent earnings streams yet.The confidence is still is in focusing on searching for these green shoots and rationalising their importance and ignoring some more realistic news.This is best exemplified by the monthly Fund Manager Survey from Banc of America-Merrill Lynch which revealed -amp quotthe most optimistic reading on global growth since 2004. -amp quotA net 24 of investors believe the global economy will strengthen over the next 12 months. China remains the principal catalyst but growth optimism has now broadened out to all regions- including previous laggards Europe and Japan. Source. See separate story -amp quotOur risk appetite indicator climbed to a 12-month high. Asset allocators are less pessimistic on equities- sharply cutting their underweight -amp quot positions- -amp quot the firm told clients over the weekend.US consumers are getting a bit more confidence- the latest confidence survey showed a noticeable improvement.At the weekend two senior Federal Reserve members- Vice Chairman Donald Kohn and New York Fed chief William Dudley- both pointed to signs that measures taken by the central bank are working to help revive the economy.And Paul Volcker- a senior economic adviser to the Obama administration and a former Fed chairman himself- said the rate of the economys decline is set to slow- but he added that the economy faces a -amp quotlong slog -amp quot towards recovery.Both Mr Kohn and Mr Dudley made the point that without the Fed slashing rates and pumping trillions of dollars into the financial system and the wide economy- the US would have frozen. Both indicated there was still a long way to go for any recovery.Two days earlier- in New York- two top Federal Reserve policy-makers - Dennis Lockhart- president of the Atlanta Fed- and Janet Yellen- president of the San Francisco Fed - told the conference in New York that the recovery- if it came- wouldnt be strong.But they also diverged on that tepid rebound- with Mr Lockhart seeing a return to growth later this year- while Ms Yellen said there was potential for an even deeper contraction.Mr Lockhart said he expects the recession to end by mid-year with growth slowly picking up in the following months. -amp quotToday- the economy is still very weak- but there are some encouraging signs that support cautious optimism- -amp quot he told the conference in New York. -amp quotI do not expect a strong recovery- but I do expect the economic contraction were now experiencing to give way to slow and tentative growth as early as the third quarter. -amp quotMs Yellen- however- took a more cautious interpretation of the latest economic data- saying signs of improvement should not be taken to mean the US economy is out of the woods. -amp quotThe negative dynamics between the real and financial sides of the economy have created severe downside risks- -amp quot Yellen said. While Fed credit policies have created -amp quota few welcome signs of stability -amp quot- financial markets remain highly stressed- making them an impediment to recovery- she warned. -amp quotWhile weve seen some tentative signs of improvement in the economic data very recently- its still impossible to know how deep the contraction will ultimately be. -amp quotDespite his relatively more optimistic outlook- Lockhart said he remains wary about the impact of weakness in the commercial real estate sector and the harm this could yet do to banks- as well as further nasty shocks from employment and the slide in house prices.Thats a view hes expressed a couple of times in other speeches in recent months. It was confirmed by the collapse of General Growth Properties late last week- Americas second biggest shopping centre operator see below.And Fed chairman- Ben Bernanke said in a speech at another function that the collapse of US lending will probably cause -amp quotlong-lasting -amp quot damage to home prices- household wealth and borrowers credit scores. -amp quotOne would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be- -amp quot the Fed chairman told Feds central banks community affairs conference in Washington. -amp quotThe damage from this turn in the credit cycle - in terms of lost wealth- lost homes- and blemished credit histories - is likely to be long-lasting. -amp quotThats the best cautionary comment so far from a regulator about why it will be foolish to treat any recovery in the US and global economies as a reversion to the pre-crunch times of mid 2007 and earlier.Corporate defaults are on the rise- 68 globally in the first three months of the year- 35 in March and many in the US.North Americas biggest newsprint maker- AtibitiBowater collapsed and shuffled off into bankruptcy with debts of $A3 billion nor so- and the countrys second largest shopping mall owner- General Growth- failed with around $40 billion in debt as it and 158 or its 200 or so malls went into Chapter 11. The implications were ignored.In fact theres a touch of early 2007 and early 2008 about some of the commentary and analysis. Yes there are signs of the US economy steadying- at very- very low levels of demand- yes China seems to be doing the dame- perhaps Japan- but Europe is looming as the new black hole.But the reality is now that the intensifying impact of the recession on sales- cash flows and debt is overtaking that of the credit crunch- although stabilising the banks and the still sinking US housing sector foreclosures soared again in March. The fear of deflation is starting to creep back into thinking in the US- Europe and the UK- while it is gripping Japan and China.The IMF warned that this is going to be a very nasty recession- and the recovery will be tepid at best- so those betting on a V or a U- should really be punting on an LThe IMF said the recession is likely to be unusually severe and the eventual recovery will be sluggish.It said in a report published on its website -amp 160that the analysis of past recessions and their recoveries makes for -amp quotsobering -amp quot reading- and commentators are correct in comparing the current downturn with that of the Great Depression.Last month- an IMF report predicted the world economy would shrink for the first time in 60 years in 2009 - by as much as 1.0 - while it expects a modest recovery of between 1.5 to 2.5 growth in 2010.The IMF said -amp quotThe current downturn is highly synchronised and is associated with a deep financial crisis- a rare combination in the post-war period. Accordingly- the downturn is likely to be unusually severe- and the recovery is expected to be sluggish. -amp quotA return to steady economic growth depends on restoring the health of the financial sector. One of the most important lessons from the Great Depression- and from recent episodes of financial crisis- is that restoring confidence in the financial sector is key for recovery to take hold. -amp quotAt the weekend a senior official with the OECD said that there had been some isolated improvement in the global economy- which however remained in a state of -amp quotextreme uncertainty -amp quot- according to a story on.Thats why the recovery in US banking is important. JP Morgan Chase- the second biggest US bank- reported better than expected first quarter earnings of just over $US2.1 billion- but write-offs- losses- bad debts and provisions soared 97 to $US10 billion as the impact of the recession on its business- retail and credit card businesses soared.Not helping was the costs and bad debts from the takeover of Washington Mutual last year. Its dodgy assets bought with the Bear Stearns bailout are being underwritten by the Fed. Credit card loss rates are now running at near record levels.The provision for credit cards was the biggest part of the $10.1 billion- $US4.7 billion- an increase of $US3.0 billion- or 179- from the prior year. Thats the reality of the slump- and its going to get worse as the provisions include money set aside to handle an expected escalation in losses this year off the back of rising jobless numbers- more home loan losses and credit card defaults. So much for the sustainability of green shoots.Citigroup produced a profit- before payments to the holders of its preferred shares- including the US Government.The company deferred the conversion of the Governments preferred shares into ordinary shares until after the stress test details are reported on May 4.Like Goldman Sachs and JPMorgan- trading income from the investment banking business was the major source of profit in the quarter.Thats not sustainable.Figures out showed that home foreclosure activity in the US jumped sharply and worryingly in March and the first quarter of 2009 to their highest levels on record as banks lifted halts on filings.Total foreclosure filings - which include default papers- auction sale notices and repossessions - reached 803-489 in the first quarter- according to a report released Thursday by RealtyTrac- the online marketer of foreclosed properties. That is a 24 jump over a year earlier and a 9 increase compared to the December quarter. Of those filings- 341-180 happened in March - a 17 increase from February and a 46 jump from March 2008.But there were green shoots- claims for US unemployment insurance unexpectedly dropped last week and single-family housing starts stabilized in March- providing more evidence the intensity of the slump is easing.Initial jobless claims fell 53-000 to 610-000 in the week ended April 11- the smallest total since January. But there was a downside- the number of people collecting jobless claims for four weeks or more jumped to a record 6.02 million in the same week.New home starts totalled an annual rate of 358-000 single-family homes in March- unchanged from February- but multifamily dwellings starts fell- but they had jumped sharply in February to produce the surprise rise. That was responsible for the 11 fall in total new starts in March.But to give that green news some extra context- building permits future home starts fell 11 in March- to be down 45 on a year earlier and total starts were down 48 on the same month of 2008- so if it is stabilising- it is at a very low and highly recessed level.The Fed Bank of Philadelphias general economic index increased to minus 24.4 this month from minus 35 in March as the fall off in new orders slowed. That was similar to the details in a report from the New York Fed for manufacturing in and around New York State.But in Europe- big worries- theres little sign of any easing- no matter how hard analysts search the fields and forests of the 16 member countries of the eurozone- theres nothing remotely green.Industrial production in the 16-country region fell 2.2 in February- after a 2.4 fall in January- to be down 18 over the 12 months to February. Thats far deeper than the US where the fall is around 12-13 annually. Its starting to reach the annual falls in Asia. Seeing manufacturing is a much more important part of the European economies than in the US it is the heart of Germany- the news is glum indeed.Despite heavy government spending on car scrapping plans in Germany registrations up 39 now in March and now France and Italy to boost demand for cars- theres a problem looming.Thats hurting other areas of retailing and building up to an almighty collapse in 2010 when the current scrapping schemes end. The UK is tipped to follow next week with a scheme of its own.And- like China- the US and Japan are seeing falling consumer and producer- or weak at a core level- indicating that those lingering fears about possible deflation- will hover for some months to come. -amp 160 ...
Mon 20th April 2009 - 08:45am

Markets- Week Six Of The Boom-Gold Down
-amp 160Oil prices finished above $US50 a barrel on Friday- copper rose- but gold fell for the 4th week in a row.Seeing stockmarkets have risen for six weeks in row- golds weakness isnt too surprising.Gold fell again on Friday to end the week off 1.7 and more than 9 over the last four weeks.The metal closed in New York at $US867.90 an ounce on Comex.The flow of data last week- especially positive earnings for a couple of major banks- helped boost equities and depress gold.Despite the longer term bullishness for the metal because of the unprecedented easings around the world and spending- the metal is under pressure because investors want equities to have a run.New York oil ended at $US50.33 a barrel 35 higher. ICE Brent crude in London settled at $US53.35- up 29c.Oil was buoyed by the better US consumer confidence which rebounded in April to the highest levels since September.New York prices climbed as high as $US51.37 before optimism that the economy was recovering was tempered by comments from Citigroup that consumer credit deterioration continues to be a concern.That was also a concern for the JPMorgan Chase result earlier in the week where a huge $US4.7 provision was made in the credit card division as losses and arrears continued to rise. And yet that didnt have the same impact on sentiment.Those fears saw a late slump on Wall Street and a 130 point gain on the Dow was cut to a 5 point gain in the last hour of trading.Oil has hovered around $US50 for most of this month and gains have been limited by weak demand and rising crude stocks- which in the US have reached their highest level in 19 years.The $50-a-barrel level is also key in that members of the Organization of the Petroleum Exporting Countries have said it is a good compromise price given the weakness of the global economy.Thats up from a low of $US32.40 last December as OPEC has cut production and signs that Chinas economy might be turning up.Copper rose- capping a fifth straight weekly gain- the longest rally in a year- as a rebound in shares and those signs of an improvement in China- revived prospects for economic growth and metal demand.Copper is up 6.1 since April 9- the fifth straight week and the longest weekly rally since April last year- when the price was headed to a record of more than $US8-900 a tonne.July copper futures rose 1.85c- or 0.8 on Friday to $US2.1975 a pound in New York on Friday.The consistent buying by China has boosted prices- but theres doubt about how long this can continue- even with Chinas stimulus spending. China is also stockpiling other commodities- with iron ore a notable purchase with a record 52 million tonnes imported in March.Copper prices have risen 56 so far this year and last week touched $US2.2415- the highest price for a most-active contract since October 20.On the London Metal Exchange- three month copper rose 1.6- to $US4-805 a ton $US2.18 a pound. The price reached a record $US8-940 on July 2.The Dow Jones finished marginally higher Friday night- the Standard -amp 38 Poors 500 and Nasdaq had similar performances as a strongish rally petered out in late trading.For the week- the S -amp 38P 500 rose 1.5- the Dow 0.6 and the Nasdaq 1.2.It was the 6th weekly gain in a row- but the rise wasnt as positive as in previous weeks.The S -amp 38P 500 is now up more than 28 since the low of March 9 and the year-to-date fall has narrowed to about 4.The FTSEurofirst 300 index of top European shares rose 1.6- its highest close in more than two months. Over the week- the index gained 4.7And the Dow Jones Stoxx 600 Index rose 4.7 to 196.96- the highest level since early February.The index has rebounded 25 from the 12-year low on March 9.National markets rose in all 18 western European markets. Germanys DAX climbed 4.1- the UKs FTSE 100 2.7 and Frances CAC 40 added 4.Asian stocks rose with the MSCI index of Asia Pacific stocks outside Japan up 0.3 on the day and Japans Nikkei share average up 1.7.The Index was up 2.0 over the week- the best gain since December 2006. Asian markets have rallied 27 since the MSCI benchmark dropped to a six-year low on March 9.In Australia- the local market ended up for the week after a late sag on Friday.For the week- the ASX200 added 2.8- while the All Ordinaries rose 3.1. -amp 160 ...
Mon 20th April 2009 - 08:44am

WOW Does It Again
Woolworths has made a mockery of all those brokers who had urged investors to rotate out of defensive stocks like retailers and into more growth-orientated issues to catch the current rebound.The six week rally in markets- which have driven the bourses up around 25 from the March 9 lows- has seen more and more strategists urge investors to move to stocks that can catch the rebound in the wider economy better than so called defensive shares like retailers.Technology- resources and banks are being suggested as better buys than retailers like Woolies.On to of that- Banc of America-Merrill Lynch retail analyst- David Errington and some other analysts are concerned Woolies might be over-investing in Australia and New Zealand as it fights off a rebuilding Coles and independents like IGA and Aldi.In New Zealand the group wants to grow- but is constrained by competition rulings and by the small size of the market.Mr Errington and some shareholders would like to see excess capital returns to shareholders instead of being spent on expansionThats why this comment on the third quarter from CEO Michael Luscombe- wont go down all that well- -amp quotWe are pleased to report another strong overall sales result. Woolworths continues to reinvest in all its businesses to improve our stores- create jobs- add services- deliver value- and create an even better experience for our customers. -amp quotThis result reflects the continued positive response from our customers to these reinvestment strategies -amp quot he said in a statement.That phrase -amp quotcontinue to re-invest will spark some attention from analysts.That aside- those analysts who have been recommending a switch from the consumer staples sector to sectors that might be better placed for a recovery- such as banks and resources groups- were left with a bit of egg on their faces at the Woolies figures.They confirm that Australian consumers are hunkering down- spending more on food than elsewhere in the sector- and spending more time eating at home than in cafes- restaurants etc.With Australias slowdown running behind those in New Zealand- Asia- Europe and the US- it is quite likely that investors will have to wait a while in a defensive mode while the downturn here plays out.Woolies third quarter sales figures confirmed its utter dominance of the Australian retailing sector.In fact- only the reservations were about plans to spend heavily on revamping existing stores as laid out by Merrill Lynch retail analyst- David Errington. He praised the figures on a conference call Friday.Australias biggest retailer- said third-quarter adjusted food and liquor same-store sales rose 8.8- a very solid result in the groups operating heart- its Australian supermarkets.That was the standout effort in the 6.5 rise in seasonally adjusted third-quarter sales to more than $12.3 billion.Woolworths- which accounts for about 35 of Australias food and liquor sales- said sales rose more than $700 million in the quarter- compared to the third quarter of last year when conditions in the wider economy were far more confident.Woolies shares jumped by 5 in early trading- but came back in the slowdown in late trading Friday to end up just 30c at $25.88. They had peaked at $26.70 in the enthusiasm in the wake of the sales announcement.The company forecast that sales for the rest of the year from continuing operations will continue to grow at an upper single-digit pace.Woolworths said petrol sales fell with the slump in prices. That depressed the overall sales rise to 5.9. But excluding petrol- sales rose 9- seasonally adjusted- on a topline basis.Australian food and liquor sales for the quarter rose 10 to $8.4 billion- the company said and comparable store sales in food and Liquor strengthened with a rise of 8.8 compared with a 7.1 rise in the second quarter which included Christmas- the peak period.Woolies said inflation for the quarter was approximately 4.4- down from the 4.8 experienced in the second quarter. That made the rise in headline and same store sales look much better- it seems volumes and prices both drove the sales rise.Sales at the general merchandiser Big W rose 9- with growth across most categories. Same store sales edged up to 6.7 in the quarter compared with 6.4 in the second quarter.The companys Dick Smith and Tandy electronics stores saw sales growth of 10.6- hotels 1.5 and the recessed New Zealand economy saw sales up by around 3 in a tight market. ...
Mon 20th April 2009 - 08:43am

NYMEX-Crude steady above $50 on demand recovery hopes
PERTH- April 20 - Oil held on to last weeks gains and steadied at above $50 a barrel on Monday- as signs that the recession in United States was easing helped to fuel hopes of a demand recovery in worlds top energy consumer. ...
Mon 20th April 2009 - 08:41am

DIARY- Aussie CPI- US Earnings
Figures here- figures there- its another solid week in the data flow for the economy- as well while in America where theres a flood of quarterly results and figures that could very well swamp the rebound that continued for a sixth week last week.Almost 150 companies in the Standard -amp 38 Poors 500 Index are due to publish quarterly results this week- including a third of the 30 companies in the Dow.As well- well get an update on the health of the world economy from the IMFs latest World Economic Forecast which is out next Wednesday night- our time.In Australia- the RBAs Board minutes will be pondered over to decipher what the RBAs next monetary policy move might be as will a speech by RBA Governor Glenn Stevens on Tuesday.The minutes of the April 7 Reserve Bank board meeting are out tomorrow before Mr Stevens speaks.Both will enable us to view the RBAs thinking from the March board meeting which cut rates by 0.25 and left no sign of when the bank might look again at another cut.We were left with an impression that the cuts would flow normally- rather than quickly- as they have done since late last year as the bank cut rates to give the economy room to absorb the shockwave from the collapse of Leman Brothers and the world economy from September-October onwards.That will come a day before the March quarter Consumer Price Index figures are released. Producer prices will be released later this morning. And new car sales figures for March from the ABS Thursday.The CPI figures are likely to show that inflation fell to 3.2 year-on-year from 3.7 in the December quarter.The AMPs Dr Shane Oliver says that -amp quotfalls are likely in prices for petrol- cars and deposit and loan facilities- but the normal seasonal increases in education and health costs and some flow through from the lower $A to higher import costs will limit the decline and keep underlying inflation up at 3.8 year on year or 0.7 quarter on quarter -amp quot. -amp quotAs the year progresses inflation is likely to fall sharply as tough economic conditions and slowing wages lead to increased price discounting. -amp quot -amp quotData for skilled vacancies and car sales is likely to remain weak. -amp quotRio Tinto holds its annual meeting today. It wont be sedate- especially when the failure to link with BHP Billiton- and then the Chinalco deal- are discussed.In addition ERA- Rios uranium mining subsidiary holds its AGM on Wednesday.Poker machine group- Aristocrat Leisure holds its AGM tomorrow. 2008 was a tough year for the company with multiple downgrades and management changes.2009 is not going all that well for the gambling industries with several big casino and gaming groups in North America in trouble or bankrupt and Nevada gaming revenues down and still weak.The OZ Minerals AGM on Wednesday will probably be as noisy and controversial as Rios. OZ though has been forced to sell off much of itself to Minmetals of China to stay alive.Caltex Australia holds its AGM on Thursday- as does Spark Infrastructure.BHPs third quarter production report on Wednesday and it will be examined to see how the worlds biggest miner is riding out the global slump- especially in iron ore and coal.In the US- data for house prices- home sales- durable goods orders and a leading index of the economy will be released.US home sales data will be watched closely given recent indications they may be bottoming- although the figures for new home starts and permits last week for March were not as encouraging as in the month before. Home foreclosures are soaring as unemployment rises it was up in 46 American states in March.A German business conditions index will also be released and the Bank of Canada is expected to cut its key cash rate down to just 0.25 from 0.5 currently.The March quarter profit reporting season will continue in the US.The analyst consensus is for a 37 fall in profits for the year to the March quarter and the ratio of negative to positive profit warnings from US companies has been running at record levels so with the bar set so low there is still plenty of scope for the market to be surprised on the upside if results are not quite as bad as feared.This week US investors will get a look at the performance of a swath of major companies- including everything from Wells Fargo which has already said it will do much better than forecast to Caterpillar- which could surprise because of its deep cost cuts and not an upturn in demand for its machinery.These and other results will provide a good look at the US economys health and the impact of the recession on earnings.Banks- which began reporting earnings last week with Goldman Sachs- JPMorgan and Citigroup- will continue to be in focus- with results from Bank of America- Wells Fargo and Bank of New York Mellon among the major ones.In Europe- Credit Suisse reports. That will follow the poor and shocking downgrade from rival UBS this week at the AGM.In all- 11 of the 30 companies in the Dow will report next week- including IBM- Caterpillar- Boeing Co and McDonalds Corp.Boeing is cutting staff and costs across the board. Last week it parked two 777 air freighters ordered but not taken by a Chinese airline.These planes were put into the holding field in the desert on the US West Coast.Wells Fargo announced its preliminary results earlier this month- saying it expects to post a record $US3 billion profit for the quarter.For it and the other banks- the real question will be the quality of the profit and how it was arrived at. So far- Goldman- Citi and JPMorgan have produced mixed results on that basis with Morgan the best. -amp 160 ...
Mon 20th April 2009 - 08:41am

Retailers feeling upbeat despite jobs cuts
New research released today shows retailers are optimistic about an economic recovery in the sector- despite almost a quarter of small and medium enterprises laying off workers. ...
Mon 20th April 2009 - 08:17am

Qantas denies bankruptcy rumours
Qantas chief executive Alan Joyce concedes Jetstar has limited capacity to relieve its parent of profit pressure. ...
Mon 20th April 2009 - 07:52am

No mandatory restrictions on ANZAC trading in ACT
The ACT branch of the RSL says theres no need for the Territory to adopt laws banning ANZAC Day trade because most retailers voluntarily choose not to open until the afternoon. ...
Mon 20th April 2009 - 07:34am

SA better equipped for financial crisis
The director of the Australian Retailers Association- Richard Evans- says South Australia is better equipped to deal with the global financial crisis than other states. ...
Mon 20th April 2009 - 07:33am

Contractors face fines for cable damage
Contractors who damage electricity infrastructure will face tougher penalties as the NSW government moves to secure the state's power supply. ...
Mon 20th April 2009 - 07:25am

G20 charges mount for London police
The British police force is facing mounting criminal charges over its tactics during this months G20 protests in London. ...
Mon 20th April 2009 - 06:48am

G20 charges mount for London police
The British police force is facing mounting criminal charges over its tactics during this months G20 protests in London. ...
Mon 20th April 2009 - 06:46am

2008 profits plunge 85 for top 500 US firms
WASHINGTON AFP - The top 500 US corporations saw their profits plunge 85 percent in 2008- their worst showing in more than half a century- Fortune magazine reported Sunday. ...
Mon 20th April 2009 - 05:25am

IMF chief says world must clean up its bad banks
BERLIN AFP - Governments the world over are acting too slowly when it comes to cleaning up their banks balance sheets- IMF chief Dominique Strauss-Kahn was quoted as saying on Sunday. ...
Mon 20th April 2009 - 05:22am

Spain announces 3.0 bln-euro credit line
MADRID AFP - The Spanish government announced Sunday it will provide 3.0 billion euros 3. ...
Mon 20th April 2009 - 04:22am

Kuwait posts 10th straight multi-billion surplus
KUWAIT CITY AFP - Oil-rich Kuwait posted a budget surplus of 21 billion dollars in the past fiscal year which ended March 31- the 10 straight year of windfall- preliminary official figure showed on Sunday. ...
Mon 20th April 2009 - 01:22am

Obama planning crack down on credit card abuses
WASHINGTON AFP - President Barack Obama plans to back Democratic lawmakers in -amp quotpusing very hard -amp quot for a crack down on abuses by credit card companies accused of imposing abusive interest rates on unsuspecting consumers- his top economic aide said. ...
Mon 20th April 2009 - 12:36am

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