Australian economy set to shrink- IMF
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:40pm
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:40pm
Australian economy set to shrink- IMF
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:38pm
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:38pm
IMF forecasts severe global recession
The International Monetary Fund IMF is forecasting the global economy will contract by a punishing 1.3 per cent this year because the financial crisis. ...
Wed 22nd April 2009 - 11:36pm
The International Monetary Fund IMF is forecasting the global economy will contract by a punishing 1.3 per cent this year because the financial crisis. ...
Wed 22nd April 2009 - 11:36pm
Australian economy set to shrink- IMF
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:32pm
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:32pm
MHI- Wartsila and CSIC Joint Venture in China Completes Construction of Large Low-speed Marine Diesel Engine Plant
Tokyo- Apr 22- 2009 - ACN Newswire - Qingdao Qiyao Wartsila MHI Linshan Marine Diesel Company Ltd. QMD- a company jointly established by Mitsubishi Heavy Industries- Ltd. MHI- China Shipbuilding Industry Corporation CSIC and Wartsila Corporation of Finland to manufacture and market large low-speed marine diesel engines- completed construction of a manufacturing plant in Shandong Province. ...
Wed 22nd April 2009 - 11:31pm
Tokyo- Apr 22- 2009 - ACN Newswire - Qingdao Qiyao Wartsila MHI Linshan Marine Diesel Company Ltd. QMD- a company jointly established by Mitsubishi Heavy Industries- Ltd. MHI- China Shipbuilding Industry Corporation CSIC and Wartsila Corporation of Finland to manufacture and market large low-speed marine diesel engines- completed construction of a manufacturing plant in Shandong Province. ...
Wed 22nd April 2009 - 11:31pm
Australian economy set to shrink- IMF
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:16pm
The International Monetary Fund has drastically downgraded its outlook for the Australian economy- forecasting it will contract by 1.4 per cent this year before growing slightly again next year. ...
Wed 22nd April 2009 - 11:16pm
Oneworld Airline Staff in Humanitarian Mission to Bangkok
Tokyo- Apr 22- 2009 - JCN Newswire - Almost 100 volunteer staff from oneworld member airlines and the alliances central team are in Bangkok this week on the second oneworld employee humanitarian mission. ...
Wed 22nd April 2009 - 10:22pm
Tokyo- Apr 22- 2009 - JCN Newswire - Almost 100 volunteer staff from oneworld member airlines and the alliances central team are in Bangkok this week on the second oneworld employee humanitarian mission. ...
Wed 22nd April 2009 - 10:22pm
MHI Produces 3-000th Flap Set for Boeing 737 since Start in 1996
Tokyo- Apr 22- 2009 - JCN Newswire - Today Mitsubishi Heavy Industries- Ltd. MHI completed production of its 3-000th inboard flap set for the Boeing Next-Generation 737- Boeings single-aisle twin-jet engine airplane family. As delivery of the first flap for the Next-Generation 737 took place in 1996- MHI has achieved this milestone in a span of 13 years. ...
Wed 22nd April 2009 - 10:18pm
Tokyo- Apr 22- 2009 - JCN Newswire - Today Mitsubishi Heavy Industries- Ltd. MHI completed production of its 3-000th inboard flap set for the Boeing Next-Generation 737- Boeings single-aisle twin-jet engine airplane family. As delivery of the first flap for the Next-Generation 737 took place in 1996- MHI has achieved this milestone in a span of 13 years. ...
Wed 22nd April 2009 - 10:18pm
SDK Develops Graphite for Lithium-Ion Batteries in Electric Vehicles
Tokyo- Apr 22- 2009 - JCN Newswire - Showa Denko K.K. SDK has developed a new grade of SCMGTM shape-controlled micro graphite to be used as anode material in large lithium-ion batteries for electric vehicles EVs. ...
Wed 22nd April 2009 - 09:21pm
Tokyo- Apr 22- 2009 - JCN Newswire - Showa Denko K.K. SDK has developed a new grade of SCMGTM shape-controlled micro graphite to be used as anode material in large lithium-ion batteries for electric vehicles EVs. ...
Wed 22nd April 2009 - 09:21pm
Fujitsu Enhances IPCOM EX Series of Network Servers
Tokyo- Apr 22- 2009 - JCN Newswire - Fujitsu Limited today announced that it has integrated the Web Application Firewall WAF1- which detects and prevents attacks targeting weak spots in web applications- into its IPCOM EX series of network servers known for protecting corporate networks from viruses and employing load balancing to maintain network service quality. The enhanced models are available starting today. ...
Wed 22nd April 2009 - 09:20pm
Tokyo- Apr 22- 2009 - JCN Newswire - Fujitsu Limited today announced that it has integrated the Web Application Firewall WAF1- which detects and prevents attacks targeting weak spots in web applications- into its IPCOM EX series of network servers known for protecting corporate networks from viruses and employing load balancing to maintain network service quality. The enhanced models are available starting today. ...
Wed 22nd April 2009 - 09:20pm
9 ideas adopted from 2020 summit
Nine proposals from last years 2020 summit have been given the green light by the Federal Government but a raft of others are still being considered. ...
Wed 22nd April 2009 - 08:27pm
Nine proposals from last years 2020 summit have been given the green light by the Federal Government but a raft of others are still being considered. ...
Wed 22nd April 2009 - 08:27pm
Origin signs $660m deal for CSG permit
Oil and gas producer Origin has signed a $660 million conditional deal to buy a coal seam gas exploration permit in Queensland. ...
Wed 22nd April 2009 - 07:59pm
Oil and gas producer Origin has signed a $660 million conditional deal to buy a coal seam gas exploration permit in Queensland. ...
Wed 22nd April 2009 - 07:59pm
Recession-hit Britain set for crucial budget
LONDON AFP - Britain on Wednesday unveils tax and spending plans aimed at fighting its worst recession since World War II and boosting Prime Minister Gordon Browns flagging fortunes before key elections. ...
Wed 22nd April 2009 - 07:56pm
LONDON AFP - Britain on Wednesday unveils tax and spending plans aimed at fighting its worst recession since World War II and boosting Prime Minister Gordon Browns flagging fortunes before key elections. ...
Wed 22nd April 2009 - 07:56pm
Electrolux in the red in first quarter
STOCKHOLM AFP - Electrolux- the worlds second biggest white goods maker behind Whirpool of the US- said Wednesday it fell further into the red in the first quarter and saw no improvement in sight. ...
Wed 22nd April 2009 - 07:54pm
STOCKHOLM AFP - Electrolux- the worlds second biggest white goods maker behind Whirpool of the US- said Wednesday it fell further into the red in the first quarter and saw no improvement in sight. ...
Wed 22nd April 2009 - 07:54pm
Fortescue closing submissions next week
Closing submissions for the corporate watchdog's civil court case against Fortescue Metals Group Ltd are expected to be made late next week. ...
Wed 22nd April 2009 - 07:53pm
Closing submissions for the corporate watchdog's civil court case against Fortescue Metals Group Ltd are expected to be made late next week. ...
Wed 22nd April 2009 - 07:53pm
Toyota cuts managers bonuses by 60
TOKYO AFP - Japans Toyota Motor will slash summer bonuses for its 8-900 managers by an average 60 percent from a year earlier due to a slump in the global auto industry- a company spokeswoman said Wednesday. ...
Wed 22nd April 2009 - 07:45pm
TOKYO AFP - Japans Toyota Motor will slash summer bonuses for its 8-900 managers by an average 60 percent from a year earlier due to a slump in the global auto industry- a company spokeswoman said Wednesday. ...
Wed 22nd April 2009 - 07:45pm
Volvo Group to cut more than 1-500 jobs in Sweden
STOCKHOLM AFP - Swedens struggling Volvo Group- which has announced thousands of layoffs in recent months- said Wednesday it would slash another 1-543 jobs in Sweden- most of them in its Volvo Trucks unit. ...
Wed 22nd April 2009 - 07:44pm
STOCKHOLM AFP - Swedens struggling Volvo Group- which has announced thousands of layoffs in recent months- said Wednesday it would slash another 1-543 jobs in Sweden- most of them in its Volvo Trucks unit. ...
Wed 22nd April 2009 - 07:44pm
Consumers shun credit cards- MasterCard
Consumers are shunning credit cards and using debit cards to pay for purchases as they err on the side of financial responsibility- MasterCard Australia says. ...
Wed 22nd April 2009 - 07:34pm
Consumers are shunning credit cards and using debit cards to pay for purchases as they err on the side of financial responsibility- MasterCard Australia says. ...
Wed 22nd April 2009 - 07:34pm
Inflation eases to within RBA target
Inflation has dropped back within the Reserve Bank of Australia's RBA target band for the first time in over a year- and is likely to fall further. ...
Wed 22nd April 2009 - 07:30pm
Inflation has dropped back within the Reserve Bank of Australia's RBA target band for the first time in over a year- and is likely to fall further. ...
Wed 22nd April 2009 - 07:30pm
Volkswagen profits slump by 74
FRANKFURT AFP - Europes biggest carmaker Volkswagen said Wednesday that sales fell 11 percent in the first three months of the year and that net profit slumped 74 percent to 243 million euros 314 million dollars. ...
Wed 22nd April 2009 - 07:27pm
FRANKFURT AFP - Europes biggest carmaker Volkswagen said Wednesday that sales fell 11 percent in the first three months of the year and that net profit slumped 74 percent to 243 million euros 314 million dollars. ...
Wed 22nd April 2009 - 07:27pm
Japan has first trade deficit since 1980
Japanese exports fell 45.6 per cent in March from a year earlier as slumping overseas demand continued to weigh heavily- government data showed. ...
Wed 22nd April 2009 - 07:27pm
Japanese exports fell 45.6 per cent in March from a year earlier as slumping overseas demand continued to weigh heavily- government data showed. ...
Wed 22nd April 2009 - 07:27pm
Business awaits moment of truth Budget
Business SA says the South Australian Budget in June will be the toughest in 40 years- as Treasurer Kevin Foley faces the reality of the global financial crisis affecting the local economy. ...
Wed 22nd April 2009 - 07:21pm
Business SA says the South Australian Budget in June will be the toughest in 40 years- as Treasurer Kevin Foley faces the reality of the global financial crisis affecting the local economy. ...
Wed 22nd April 2009 - 07:21pm
Inflation eases to within RBA target
Inflation has dropped back within the Reserve Bank of Australia's RBA target band for the first time in over a year- and is likely to fall further. ...
Wed 22nd April 2009 - 06:59pm
Inflation has dropped back within the Reserve Bank of Australia's RBA target band for the first time in over a year- and is likely to fall further. ...
Wed 22nd April 2009 - 06:59pm
Low vacancy rates push up ACT rental costs
The Housing industry Association HIA says rental prices show no signs of easing in capital cities and Canberra is no exception. ...
Wed 22nd April 2009 - 06:49pm
The Housing industry Association HIA says rental prices show no signs of easing in capital cities and Canberra is no exception. ...
Wed 22nd April 2009 - 06:49pm
Toyota cuts managers' bonuses by 60
Japan's Toyota Motor will cut bonuses for its 8-900 managers by an average 60 per cent from a year earlier due to the slump in the global auto industry. ...
Wed 22nd April 2009 - 06:46pm
Japan's Toyota Motor will cut bonuses for its 8-900 managers by an average 60 per cent from a year earlier due to the slump in the global auto industry. ...
Wed 22nd April 2009 - 06:46pm
Consumers shun credit cards- MasterCard
Consumers are shunning credit cards and using debit cards to pay for purchases as they err on the side of financial responsibility- MasterCard Australia says. ...
Wed 22nd April 2009 - 06:41pm
Consumers are shunning credit cards and using debit cards to pay for purchases as they err on the side of financial responsibility- MasterCard Australia says. ...
Wed 22nd April 2009 - 06:41pm
Qantas suing union over stop work action
Qantas is suing the Transport Workers Union TWU over a snap stop work meeting last month that caused nation-wide plane delays. ...
Wed 22nd April 2009 - 06:39pm
Qantas is suing the Transport Workers Union TWU over a snap stop work meeting last month that caused nation-wide plane delays. ...
Wed 22nd April 2009 - 06:39pm
Iberdrola first-quarter profits down 34
MADRID AFP - Spanish power company Iberdrola- one of the worlds leading renewable energy groups- Wednesday announced a 34.2 percent fall in first quarter net profit to 793 million euros 1.03 billion dollars. ...
Wed 22nd April 2009 - 06:36pm
MADRID AFP - Spanish power company Iberdrola- one of the worlds leading renewable energy groups- Wednesday announced a 34.2 percent fall in first quarter net profit to 793 million euros 1.03 billion dollars. ...
Wed 22nd April 2009 - 06:36pm
AXA improves capital as Q1 sales fall
AXA Asia Pacific Holdings says falling equity markets have dragged down the size of assets under management but says its improved capital position will help it. ...
Wed 22nd April 2009 - 06:29pm
AXA Asia Pacific Holdings says falling equity markets have dragged down the size of assets under management but says its improved capital position will help it. ...
Wed 22nd April 2009 - 06:29pm
ADF hoses down F-35 hacking concerns
The Australian Defence Force has played down concerns that the biggest single defence investment in Australias history has been compromised by Chinese-based computer hackers. ...
Wed 22nd April 2009 - 05:56pm
The Australian Defence Force has played down concerns that the biggest single defence investment in Australias history has been compromised by Chinese-based computer hackers. ...
Wed 22nd April 2009 - 05:56pm
Kleenmaid creditors brace for bad news
Kleenmaid creditors and customers will receive bad news at their first meeting with administrators on Thursday. ...
Wed 22nd April 2009 - 05:54pm
Kleenmaid creditors and customers will receive bad news at their first meeting with administrators on Thursday. ...
Wed 22nd April 2009 - 05:54pm
ADF hoses down F-35 hacking concerns
The Australian Defence Force has played down concerns that the biggest single defence investment in Australias history has been compromised by Chinese-based computer hackers. ...
Wed 22nd April 2009 - 05:54pm
The Australian Defence Force has played down concerns that the biggest single defence investment in Australias history has been compromised by Chinese-based computer hackers. ...
Wed 22nd April 2009 - 05:54pm
Aristocrat 'faces tough conditions'
Gaming company Aristocrat Leisure Ltd faces tough trading conditions across its global markets- which makes the stock a risk- analysts warn. ...
Wed 22nd April 2009 - 05:49pm
Gaming company Aristocrat Leisure Ltd faces tough trading conditions across its global markets- which makes the stock a risk- analysts warn. ...
Wed 22nd April 2009 - 05:49pm
Union to fight four-day week move
A union says it will fight moves by an Adelaide car parts maker to force workers onto a four-day week. ...
Wed 22nd April 2009 - 05:48pm
A union says it will fight moves by an Adelaide car parts maker to force workers onto a four-day week. ...
Wed 22nd April 2009 - 05:48pm
Toyota cuts managers' bonuses by 60
Japan's Toyota Motor will cut bonuses for its 8-900 managers by an average 60 per cent from a year earlier due to the slump in the global auto industry. ...
Wed 22nd April 2009 - 05:46pm
Japan's Toyota Motor will cut bonuses for its 8-900 managers by an average 60 per cent from a year earlier due to the slump in the global auto industry. ...
Wed 22nd April 2009 - 05:46pm
Miners 'seek to merge industry bodies'
Big mining companies are seeking to merge industry bodies to centralise their lobbying power- according to a media report. ...
Wed 22nd April 2009 - 05:37pm
Big mining companies are seeking to merge industry bodies to centralise their lobbying power- according to a media report. ...
Wed 22nd April 2009 - 05:37pm
ERA keen keep Ranger uranium mine open beyond 2021
The company behind the Ranger Uranium Mine in Kakadu National Park has told shareholders it would be delighted to extend the life of the mine. ...
Wed 22nd April 2009 - 05:34pm
The company behind the Ranger Uranium Mine in Kakadu National Park has told shareholders it would be delighted to extend the life of the mine. ...
Wed 22nd April 2009 - 05:34pm
Australia shares close lower as caution lingers
MELBOURNE- April 22 - Australian shares fell 0.3 percent on Wednesday as banks pared gains amid lingering uncertainty over global financial markets and fertiliser-maker Incitec Pivot IPL dropped after its chief executive quit. ...
Wed 22nd April 2009 - 05:25pm
MELBOURNE- April 22 - Australian shares fell 0.3 percent on Wednesday as banks pared gains amid lingering uncertainty over global financial markets and fertiliser-maker Incitec Pivot IPL dropped after its chief executive quit. ...
Wed 22nd April 2009 - 05:25pm
Beaconsfield Gold production jumps 21
Beaconsfield Gold has announced a 21 per cent jump in gold production at its Tasmanian mine compared with the previous quarter. ...
Wed 22nd April 2009 - 05:17pm
Beaconsfield Gold has announced a 21 per cent jump in gold production at its Tasmanian mine compared with the previous quarter. ...
Wed 22nd April 2009 - 05:17pm
Conquest Mining Limited ASX-CQT Announces Its Quarterly Report to 31 March 2009
Perth- Australia- Apr 22- 2009 - ABN Newswire - Conquest Mining Limited ASX-CQTPINK-CQMLF has completed the Pre-Feasibility Study PFS at the Mt Carlton Project in north Queensland with updated resource estimates on the Silver Hill gold-silver-copper deposit improving confidence. ...
Wed 22nd April 2009 - 05:17pm
Perth- Australia- Apr 22- 2009 - ABN Newswire - Conquest Mining Limited ASX-CQTPINK-CQMLF has completed the Pre-Feasibility Study PFS at the Mt Carlton Project in north Queensland with updated resource estimates on the Silver Hill gold-silver-copper deposit improving confidence. ...
Wed 22nd April 2009 - 05:17pm
BHP Q3 production falls as demand drops
BHP Billiton has blamed challenging market conditions after recording third quarter production falls in key divisions- in line with market expectations. ...
Wed 22nd April 2009 - 05:16pm
BHP Billiton has blamed challenging market conditions after recording third quarter production falls in key divisions- in line with market expectations. ...
Wed 22nd April 2009 - 05:16pm
IBA Health Group Limited ASX-IBA Announce St Vincents -amp Mercy Hospitals Agree On A $590-000 Contract With iSOFT
Sydney- Australia- Apr 22- 2009 - ABN Newswire - IBA Health Group Limited ASX-IBAPINK-IBATF Announce St Vincents -amp amp Mercy Private Hospital Limited- a Melbourne-based private hospital group- has agreed on a A $590-000 contract with iSOFT for its Integra suite of web-enabled finance and purchasing applications to improve financial management and control and reduce the time and costs of processing orders. ...
Wed 22nd April 2009 - 05:15pm
Sydney- Australia- Apr 22- 2009 - ABN Newswire - IBA Health Group Limited ASX-IBAPINK-IBATF Announce St Vincents -amp amp Mercy Private Hospital Limited- a Melbourne-based private hospital group- has agreed on a A $590-000 contract with iSOFT for its Integra suite of web-enabled finance and purchasing applications to improve financial management and control and reduce the time and costs of processing orders. ...
Wed 22nd April 2009 - 05:15pm
Aussie off highs as bank fears offset inflation jolt
SYDNEY- April 22 - The Australian dollar AUDD4 slipped from the days highs on Wednesday- with persistent doubts over the health of U.S. banks overshadowing a high core inflation reading that seemed to dim the prospect of a May rate cut. ...
Wed 22nd April 2009 - 05:12pm
SYDNEY- April 22 - The Australian dollar AUDD4 slipped from the days highs on Wednesday- with persistent doubts over the health of U.S. banks overshadowing a high core inflation reading that seemed to dim the prospect of a May rate cut. ...
Wed 22nd April 2009 - 05:12pm
Market closes flat despite industry falls
The Australian share market has finished the day flat- despite a positive lead from Wall Street overnight. ...
Wed 22nd April 2009 - 05:11pm
The Australian share market has finished the day flat- despite a positive lead from Wall Street overnight. ...
Wed 22nd April 2009 - 05:11pm
AACo in acquisition row with shareholder
Beef producer Australian Agricultural Company has accused a major shareholder of pursuing its own agenda by opposing AACo's cattle station acquisition plans. ...
Wed 22nd April 2009 - 05:10pm
Beef producer Australian Agricultural Company has accused a major shareholder of pursuing its own agenda by opposing AACo's cattle station acquisition plans. ...
Wed 22nd April 2009 - 05:10pm
Miners 'seek to merge industry bodies'
Big mining companies are seeking to merge industry bodies to centralise their lobbying power- according to a media report. ...
Wed 22nd April 2009 - 04:47pm
Big mining companies are seeking to merge industry bodies to centralise their lobbying power- according to a media report. ...
Wed 22nd April 2009 - 04:47pm
Icelanders belts tighten but solidarity soars
REYKJAVIK AFP - In the windy capital of Reykjavik where two-thirds of Icelanders live- theres not a homeless person in sight and no telltale signs that the economy was brought to its knees six months ago. ...
Wed 22nd April 2009 - 04:44pm
REYKJAVIK AFP - In the windy capital of Reykjavik where two-thirds of Icelanders live- theres not a homeless person in sight and no telltale signs that the economy was brought to its knees six months ago. ...
Wed 22nd April 2009 - 04:44pm
Skilled endures 'unprecedented' decline
Contract labour provider Skilled Group Ltd has slashed its full year net profit guidance as a result of the worst decline in business conditions it has faced. ...
Wed 22nd April 2009 - 04:43pm
Contract labour provider Skilled Group Ltd has slashed its full year net profit guidance as a result of the worst decline in business conditions it has faced. ...
Wed 22nd April 2009 - 04:43pm
Australia shares close 0.3 pct lower Incitec dips
MELBOURNE- April 22 - Australian shares fell 0.3 percent on Wednesday as banks pared gains amid lingering uncertainty over global financial markets and fertiliser-maker Incitec Pivot IPL dropped after its chief executive quit. ...
Wed 22nd April 2009 - 04:40pm
MELBOURNE- April 22 - Australian shares fell 0.3 percent on Wednesday as banks pared gains amid lingering uncertainty over global financial markets and fertiliser-maker Incitec Pivot IPL dropped after its chief executive quit. ...
Wed 22nd April 2009 - 04:40pm
Japan to inject funds into ailing companies
TOKYO AFP - Japan passed a law Wednesday to enable injections of public funds into struggling companies- with electronics makers reportedly set to receive hundreds of millions of dollars in government aid. ...
Wed 22nd April 2009 - 04:35pm
TOKYO AFP - Japan passed a law Wednesday to enable injections of public funds into struggling companies- with electronics makers reportedly set to receive hundreds of millions of dollars in government aid. ...
Wed 22nd April 2009 - 04:35pm
Trust forecasts decline for fiscal 2010
Financial services group Trust Company Ltd expects significantly lower operating earnings for its fiscal 2010 after a margin lift in net profit. ...
Wed 22nd April 2009 - 04:35pm
Financial services group Trust Company Ltd expects significantly lower operating earnings for its fiscal 2010 after a margin lift in net profit. ...
Wed 22nd April 2009 - 04:35pm
Connex network concerns have been addressed- Govt
The Victorian Government says most of the concerns raised by Melbournes rail operator about the effects of soaring patronage have been addressed. ...
Wed 22nd April 2009 - 04:31pm
The Victorian Government says most of the concerns raised by Melbournes rail operator about the effects of soaring patronage have been addressed. ...
Wed 22nd April 2009 - 04:31pm
Optus joins internet filter trial
Australias second largest internet service provider- Optus- has agreed to take part in the Federal Governments internet filtering trial. ...
Wed 22nd April 2009 - 04:28pm
Australias second largest internet service provider- Optus- has agreed to take part in the Federal Governments internet filtering trial. ...
Wed 22nd April 2009 - 04:28pm
Kagara shares up on debt extension
Shares in Kagara rose after Westpac agreed to extend the maturity date for the zinc and copper miner's $50 million debt facility by four months to October 31. ...
Wed 22nd April 2009 - 04:17pm
Shares in Kagara rose after Westpac agreed to extend the maturity date for the zinc and copper miner's $50 million debt facility by four months to October 31. ...
Wed 22nd April 2009 - 04:17pm
Asian Markets Overview of April 22
Sydney- Australia- Apr 22- 2009 - ABN Newswire - Most Asian major markets rebounded on Wednesday morning as investors sentiment was boosted by gains on Wall Street overnight. Asian stocks fell massively Tuesday with most declines in financial sector.Asia Economy WatchThe Japanese government said today Japans trade balance for the fiscal year ended March 31 saw a deficit of Y725.3 billion. ...
Wed 22nd April 2009 - 04:17pm
Sydney- Australia- Apr 22- 2009 - ABN Newswire - Most Asian major markets rebounded on Wednesday morning as investors sentiment was boosted by gains on Wall Street overnight. Asian stocks fell massively Tuesday with most declines in financial sector.Asia Economy WatchThe Japanese government said today Japans trade balance for the fiscal year ended March 31 saw a deficit of Y725.3 billion. ...
Wed 22nd April 2009 - 04:17pm
Inflation figures may put pause on rates
Underlying inflation remained high for the March quarter despite a slowdown in the headline rate and is expected to put a pause on interest rate cuts. ...
Wed 22nd April 2009 - 04:10pm
Underlying inflation remained high for the March quarter despite a slowdown in the headline rate and is expected to put a pause on interest rate cuts. ...
Wed 22nd April 2009 - 04:10pm
Beaconsfield Gold production jumps 21
Beaconsfield Gold has announced a 21 per cent jump in gold production at its Tasmanian mine compared to the previous quarter. ...
Wed 22nd April 2009 - 03:45pm
Beaconsfield Gold has announced a 21 per cent jump in gold production at its Tasmanian mine compared to the previous quarter. ...
Wed 22nd April 2009 - 03:45pm
Optus joins internet filter trial
Australias second largest internet service provider- Optus- has agreed to take part in the Federal Governments internet filtering trial. ...
Wed 22nd April 2009 - 03:44pm
Australias second largest internet service provider- Optus- has agreed to take part in the Federal Governments internet filtering trial. ...
Wed 22nd April 2009 - 03:44pm
Inflation slowdown wont stop rates cuts- economist
An economist says it is likely the Reserve Bank will continue to cut interest rates- given falling demand and growing unemployment. ...
Wed 22nd April 2009 - 03:28pm
An economist says it is likely the Reserve Bank will continue to cut interest rates- given falling demand and growing unemployment. ...
Wed 22nd April 2009 - 03:28pm
China NDRC backs Valin's Fortescue stake
Shares in Fortescue Metals Group Ltd rose after China's NDRC approved Hunan Valin Iron and Steel Group Company Ltd's proposed investment in the iron ore miner. ...
Wed 22nd April 2009 - 03:26pm
Shares in Fortescue Metals Group Ltd rose after China's NDRC approved Hunan Valin Iron and Steel Group Company Ltd's proposed investment in the iron ore miner. ...
Wed 22nd April 2009 - 03:26pm
Aristocrat 'faces tough conditions'
Gaming company Aristocrat Leisure Ltd faces tough trading conditions across its global markets- which makes the stock a risk- analysts warn. ...
Wed 22nd April 2009 - 03:21pm
Gaming company Aristocrat Leisure Ltd faces tough trading conditions across its global markets- which makes the stock a risk- analysts warn. ...
Wed 22nd April 2009 - 03:21pm
Fortescue closing submissions next week
Closing submissions for the corporate watchdog's civil court case against Fortescue Metals Group Ltd are expected to be made late next week. ...
Wed 22nd April 2009 - 03:16pm
Closing submissions for the corporate watchdog's civil court case against Fortescue Metals Group Ltd are expected to be made late next week. ...
Wed 22nd April 2009 - 03:16pm
Australia shares fall 0.2 pct Linc Energy gains
MELBOURNE- April 22 - Australian shares fell 0.2 percent on Wednesday as falls for miner BHP Billiton BHP and fertiliser-maker Incitec Pivot Ltd IPL offset modest gains in the top banks. ...
Wed 22nd April 2009 - 03:16pm
MELBOURNE- April 22 - Australian shares fell 0.2 percent on Wednesday as falls for miner BHP Billiton BHP and fertiliser-maker Incitec Pivot Ltd IPL offset modest gains in the top banks. ...
Wed 22nd April 2009 - 03:16pm
Telstra wins $1 billion deal with CBA
Telstra Corp has won a contract to provide telecommunication services for Commonwealth Bank that could be worth as much as $1 billion over the next 10 years. ...
Wed 22nd April 2009 - 03:14pm
Telstra Corp has won a contract to provide telecommunication services for Commonwealth Bank that could be worth as much as $1 billion over the next 10 years. ...
Wed 22nd April 2009 - 03:14pm
China labour disputes rise as economy slows
BEIJING AFP - The number of labour disputes in China have soared amid the global financial crisis as laid-off employees seek salaries owed to them by suddenly defunct companies- state press reported on Wednesday. ...
Wed 22nd April 2009 - 02:58pm
BEIJING AFP - The number of labour disputes in China have soared amid the global financial crisis as laid-off employees seek salaries owed to them by suddenly defunct companies- state press reported on Wednesday. ...
Wed 22nd April 2009 - 02:58pm
Incitec Pivot chief to take Caltex helm
Incitec Pivot Ltd chief executive Julian Segal has been named the successor for Caltex Australia Ltd's outgoing chief executive Des King. ...
Wed 22nd April 2009 - 02:48pm
Incitec Pivot Ltd chief executive Julian Segal has been named the successor for Caltex Australia Ltd's outgoing chief executive Des King. ...
Wed 22nd April 2009 - 02:48pm
Inflation falls to within RBAs target range
The annual rate of inflation has fallen within the Reserve Banks target range for the first time in 15 months. ...
Wed 22nd April 2009 - 02:40pm
The annual rate of inflation has fallen within the Reserve Banks target range for the first time in 15 months. ...
Wed 22nd April 2009 - 02:40pm
Sydney house prices 'to rise in 2010'
Sydney house prices are tipped to rise in early 2010- a half-yearly survey of property industry sentiment shows. ...
Wed 22nd April 2009 - 02:31pm
Sydney house prices are tipped to rise in early 2010- a half-yearly survey of property industry sentiment shows. ...
Wed 22nd April 2009 - 02:31pm
Global finance crisis to cost US $4 trillion- IMF
WASHINGTON AFP - The International Monetary Fund has raised its estimate of losses from the global financial and economic crisis to more than four trillion dollars due to writedowns on soured credit. ...
Wed 22nd April 2009 - 02:30pm
WASHINGTON AFP - The International Monetary Fund has raised its estimate of losses from the global financial and economic crisis to more than four trillion dollars due to writedowns on soured credit. ...
Wed 22nd April 2009 - 02:30pm
BHP Q3 production falls as demand drops
BHP Billiton has blamed challenging market conditions after recording third quarter production falls in key divisions- in line with market expectations. ...
Wed 22nd April 2009 - 02:25pm
BHP Billiton has blamed challenging market conditions after recording third quarter production falls in key divisions- in line with market expectations. ...
Wed 22nd April 2009 - 02:25pm
Kleenmaid creditors brace for bad news
Kleenmaid creditors are expected to receive bad news at their first meeting with administrators on Thursday. ...
Wed 22nd April 2009 - 02:24pm
Kleenmaid creditors are expected to receive bad news at their first meeting with administrators on Thursday. ...
Wed 22nd April 2009 - 02:24pm
Inflation falls to within RBAs target range
The annual rate of inflation has fallen within the Reserve Banks target range for the first time in three years. ...
Wed 22nd April 2009 - 02:18pm
The annual rate of inflation has fallen within the Reserve Banks target range for the first time in three years. ...
Wed 22nd April 2009 - 02:18pm
Telstra wins $1 billion deal with CBA
Telstra Corp has won a contract to provide telecommunication services for Commonwealth Bank that could be worth as much as $1 billion over the next 10 years. ...
Wed 22nd April 2009 - 02:13pm
Telstra Corp has won a contract to provide telecommunication services for Commonwealth Bank that could be worth as much as $1 billion over the next 10 years. ...
Wed 22nd April 2009 - 02:13pm
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. ...
Wed 22nd April 2009 - 01:54pm
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. ...
Wed 22nd April 2009 - 01:54pm
Jet maker denies F-35 security breach
The US company involved in Australias biggest defence project says it does not believe the program has been compromised by computer hackers. ...
Wed 22nd April 2009 - 01:53pm
The US company involved in Australias biggest defence project says it does not believe the program has been compromised by computer hackers. ...
Wed 22nd April 2009 - 01:53pm
BHP output drops amid global commodities slump
SYDNEY AFP - The worlds largest miner BHP Billiton Wednesday posted a slump in iron ore and base metals output in the March quarter amid slowing global demand and economic uncertainty. ...
Wed 22nd April 2009 - 01:52pm
SYDNEY AFP - The worlds largest miner BHP Billiton Wednesday posted a slump in iron ore and base metals output in the March quarter amid slowing global demand and economic uncertainty. ...
Wed 22nd April 2009 - 01:52pm
Aust made plasma thruster facing space test
A revolutionary Australian National University ANU developed propulsion system will be the first of its kind to be tested in space. ...
Wed 22nd April 2009 - 01:49pm
A revolutionary Australian National University ANU developed propulsion system will be the first of its kind to be tested in space. ...
Wed 22nd April 2009 - 01:49pm
Jet maker denies F-35 security breach
The US company involved in Australias biggest defence project says it does not believe the program has been compromised by computer hackers. ...
Wed 22nd April 2009 - 01:46pm
The US company involved in Australias biggest defence project says it does not believe the program has been compromised by computer hackers. ...
Wed 22nd April 2009 - 01:46pm
China Ting Group Holdings Limited HKG-3398 The One-Stop Shop For Fashion Solutions
Hong Kong- China- Apr 21- 2009 - ABN Newswire - China Ting Group Holdings Limited HKG-3398PINK-CGUHFspecializes in textile and fashion apparel manufacturing. The company has a vertically integrated business model- from design- weaving- printing and dyeing to final garment assembly. ...
Wed 22nd April 2009 - 01:44pm
Hong Kong- China- Apr 21- 2009 - ABN Newswire - China Ting Group Holdings Limited HKG-3398PINK-CGUHFspecializes in textile and fashion apparel manufacturing. The company has a vertically integrated business model- from design- weaving- printing and dyeing to final garment assembly. ...
Wed 22nd April 2009 - 01:44pm
IMF revises impact of crisis on British banks
WASHINGTON AFP - The International Monetary Fund said British banks would be hit slightly more softly by the economic crisis than it previously reported- after correcting data published earlier Tuesday. ...
Wed 22nd April 2009 - 01:43pm
WASHINGTON AFP - The International Monetary Fund said British banks would be hit slightly more softly by the economic crisis than it previously reported- after correcting data published earlier Tuesday. ...
Wed 22nd April 2009 - 01:43pm
Fraser fears more Qld job losses as inflation rises
Queensland Treasurer Andrew Fraser says inflation for the quarter rose by 0.2 of a percentage point in the state for an annual rate of 3.1 per cent. ...
Wed 22nd April 2009 - 01:40pm
Queensland Treasurer Andrew Fraser says inflation for the quarter rose by 0.2 of a percentage point in the state for an annual rate of 3.1 per cent. ...
Wed 22nd April 2009 - 01:40pm
IMF revises impact of crisis on UK banks
The IMF says British banks will be hit slightly more softly by the economic crisis than it previously reported- after correcting data published on Tuesday. ...
Wed 22nd April 2009 - 01:39pm
The IMF says British banks will be hit slightly more softly by the economic crisis than it previously reported- after correcting data published on Tuesday. ...
Wed 22nd April 2009 - 01:39pm
Sydney house prices 'to rise in 2010'
Sydney house prices are tipped to rise in early 2010- a half-yearly survey of property industry sentiment shows. ...
Wed 22nd April 2009 - 01:38pm
Sydney house prices are tipped to rise in early 2010- a half-yearly survey of property industry sentiment shows. ...
Wed 22nd April 2009 - 01:38pm
ACCCs Pratt investigation a travesty
Nationals MP Kay Hull has hit out at the Australian Competition and Consumer Commission ACCC over its action against gravely ill businessman Richard Pratt. ...
Wed 22nd April 2009 - 01:35pm
Nationals MP Kay Hull has hit out at the Australian Competition and Consumer Commission ACCC over its action against gravely ill businessman Richard Pratt. ...
Wed 22nd April 2009 - 01:35pm
Airport manager to stand trial over alleged upgrade fraud
A former Longreach airport manager in western Queensland has been committed to stand trial on more than 20 fraud charges. ...
Wed 22nd April 2009 - 01:32pm
A former Longreach airport manager in western Queensland has been committed to stand trial on more than 20 fraud charges. ...
Wed 22nd April 2009 - 01:32pm
Super gains hampered by Aussie dollar
Australias major superannuation funds have posted their first positive returns in six months because of sharp bounces on the share market. ...
Wed 22nd April 2009 - 01:23pm
Australias major superannuation funds have posted their first positive returns in six months because of sharp bounces on the share market. ...
Wed 22nd April 2009 - 01:23pm
Origin signs $660m deal for CSG permit
Oil and gas producer Origin has signed a $660 million conditional deal to buy a coal seam gas exploration permit in Queensland. ...
Wed 22nd April 2009 - 01:21pm
Oil and gas producer Origin has signed a $660 million conditional deal to buy a coal seam gas exploration permit in Queensland. ...
Wed 22nd April 2009 - 01:21pm
Australian Market Report of April 22- Gained on Optimism over Banks
Sydney- Australia- Apr 22- 2009 - ABN Newswire - Overnight the US stock market shrugged off a range of grim earnings reports and gained on the comments from US Treasury Secretary Timothy Geithner that majority of banks have more capital than they need.Yesterday Australian shares fell after Wall Street plummeted on renewed banking fears. The benchmark S -amp ampP-ASX200 index plunged 2.4- or 91.6 points- at 3677. ...
Wed 22nd April 2009 - 01:16pm
Sydney- Australia- Apr 22- 2009 - ABN Newswire - Overnight the US stock market shrugged off a range of grim earnings reports and gained on the comments from US Treasury Secretary Timothy Geithner that majority of banks have more capital than they need.Yesterday Australian shares fell after Wall Street plummeted on renewed banking fears. The benchmark S -amp ampP-ASX200 index plunged 2.4- or 91.6 points- at 3677. ...
Wed 22nd April 2009 - 01:16pm
Australia shares rise 0.2 pct Resolute- Trust gain
MELBOURNE- April 22 - Australian shares rose 0.2 percent on Wednesday- with banks creeping higher after some confidence was restored in the U.S.- but fertiliser-maker Incitec Pivot Ltd IPL fell after its chief executive quit. ...
Wed 22nd April 2009 - 01:12pm
MELBOURNE- April 22 - Australian shares rose 0.2 percent on Wednesday- with banks creeping higher after some confidence was restored in the U.S.- but fertiliser-maker Incitec Pivot Ltd IPL fell after its chief executive quit. ...
Wed 22nd April 2009 - 01:12pm
Fosters closer to selling vineyards
The alcoholic drink company Fosters says it is a step closer to selling 31 vineyards in some of Australias most prominent wine regions. ...
Wed 22nd April 2009 - 12:50pm
The alcoholic drink company Fosters says it is a step closer to selling 31 vineyards in some of Australias most prominent wine regions. ...
Wed 22nd April 2009 - 12:50pm
Premier flags earlier closing times for Northbridge pubs
The West Australian Premier- Colin Barnett- has flagged earlier closing times for hotels and clubs in the Northbridge entertainment precinct. ...
Wed 22nd April 2009 - 12:48pm
The West Australian Premier- Colin Barnett- has flagged earlier closing times for hotels and clubs in the Northbridge entertainment precinct. ...
Wed 22nd April 2009 - 12:48pm
Trust Company net profit up 1.5
Financial services group Trust Company Ltd has increased net profit by 1.5 per cent but expects significantly lower operating earnings for fiscal 2010. ...
Wed 22nd April 2009 - 12:43pm
Financial services group Trust Company Ltd has increased net profit by 1.5 per cent but expects significantly lower operating earnings for fiscal 2010. ...
Wed 22nd April 2009 - 12:43pm
Rise in CPI 'rules out more rate cuts'
Australia's headline consumer price index CPI rose 0.1 per cent in the March quarter- for an annual rate of 2.5 per cent- the ABS said on Wednesday. ...
Wed 22nd April 2009 - 12:30pm
Australia's headline consumer price index CPI rose 0.1 per cent in the March quarter- for an annual rate of 2.5 per cent- the ABS said on Wednesday. ...
Wed 22nd April 2009 - 12:30pm
Macquarie offer wont help most BrisConnections investors- ASA says
BrisConnections says the Macquarie Groups offer to bail out the road projects smaller investors could push it towards privatisation. ...
Wed 22nd April 2009 - 12:27pm
BrisConnections says the Macquarie Groups offer to bail out the road projects smaller investors could push it towards privatisation. ...
Wed 22nd April 2009 - 12:27pm
French workers free boss-napped managers
VILLEMUR-SUR-TARN- France AFP - French workers angry at plans to shut a US-owned auto parts supplier held two managers inside for more than 24 hours before releasing them- in the latest case of -amp quotboss-napping. -amp quot ...
Wed 22nd April 2009 - 12:22pm
VILLEMUR-SUR-TARN- France AFP - French workers angry at plans to shut a US-owned auto parts supplier held two managers inside for more than 24 hours before releasing them- in the latest case of -amp quotboss-napping. -amp quot ...
Wed 22nd April 2009 - 12:22pm
Rise in CPI 'rules out more rate cuts'
Australia's headline consumer price index CPI rose 0.1 per cent in the March quarter- for an annual rate of 2.5 per cent- the ABS said on Wednesday. ...
Wed 22nd April 2009 - 12:19pm
Australia's headline consumer price index CPI rose 0.1 per cent in the March quarter- for an annual rate of 2.5 per cent- the ABS said on Wednesday. ...
Wed 22nd April 2009 - 12:19pm
Macquarie offers to take over small investors BrisConnections shares
BrisConnections says the Macquarie Groups offer to bail out the road projects smaller investors could push it towards privatisation. ...
Wed 22nd April 2009 - 12:18pm
BrisConnections says the Macquarie Groups offer to bail out the road projects smaller investors could push it towards privatisation. ...
Wed 22nd April 2009 - 12:18pm
Australia shares flat banks gain- Incitec Pivot dips
MELBOURNE- April 22 - Australian shares were little changed on Wednesday- as banks crept higher after a reassuring statement out of the United States but fertiliser-maker Incitec Pivot Ltd IPL fell after its chief executive quit. ...
Wed 22nd April 2009 - 11:58am
MELBOURNE- April 22 - Australian shares were little changed on Wednesday- as banks crept higher after a reassuring statement out of the United States but fertiliser-maker Incitec Pivot Ltd IPL fell after its chief executive quit. ...
Wed 22nd April 2009 - 11:58am
China NDRC backs Valin's Fortescue stake
Shares in Fortescue Metals Group Ltd rose after China's NDRC approved Hunan Valin Iron and Steel Group Company Ltd's proposed investment in the iron ore miner. ...
Wed 22nd April 2009 - 11:51am
Shares in Fortescue Metals Group Ltd rose after China's NDRC approved Hunan Valin Iron and Steel Group Company Ltd's proposed investment in the iron ore miner. ...
Wed 22nd April 2009 - 11:51am
Aboriginal housing funds first step only
An Indigenous council in Queenslands Gulf of Carpentaria has welcomed new Federal Government funding to improve housing but says it is only a first step to improving life in Aboriginal communities. ...
Wed 22nd April 2009 - 11:50am
An Indigenous council in Queenslands Gulf of Carpentaria has welcomed new Federal Government funding to improve housing but says it is only a first step to improving life in Aboriginal communities. ...
Wed 22nd April 2009 - 11:50am
Inflation falls to within RBAs target range
The annual rate of inflation has fallen within the Reserve Banks target range for the first time in three years. ...
Wed 22nd April 2009 - 11:49am
The annual rate of inflation has fallen within the Reserve Banks target range for the first time in three years. ...
Wed 22nd April 2009 - 11:49am
Jetstar flight cuts temporary
Jetstar insists that cuts it is planning to its Tasmanian services are only temporary. ...
Wed 22nd April 2009 - 11:47am
Jetstar insists that cuts it is planning to its Tasmanian services are only temporary. ...
Wed 22nd April 2009 - 11:47am
Skilled vacancies drop 8.9 in a month
Skilled job vacancies dropped 8.9 per cent in April compared to March- new data shows. ...
Wed 22nd April 2009 - 11:44am
Skilled job vacancies dropped 8.9 per cent in April compared to March- new data shows. ...
Wed 22nd April 2009 - 11:44am
Headline CPI rose 0.1 in March quarter
Australia's headline consumer price index CPI rose 0.1 per cent in the March quarter- for an annual rate of 2.5 per cent- the ABS said on Wednesday. ...
Wed 22nd April 2009 - 11:43am
Australia's headline consumer price index CPI rose 0.1 per cent in the March quarter- for an annual rate of 2.5 per cent- the ABS said on Wednesday. ...
Wed 22nd April 2009 - 11:43am
Yahoo to cut 600 jobs after weak results
Yahoo Inc will lay off more than 600 workers after getting off to another bumpy start under a tough-talking new boss. ...
Wed 22nd April 2009 - 11:36am
Yahoo Inc will lay off more than 600 workers after getting off to another bumpy start under a tough-talking new boss. ...
Wed 22nd April 2009 - 11:36am
China sanctions Fortescue Metals deal
Chinas National Development and Reform Commission has approved a bid by state-owned Hunan Valin Iron and Steel Group to increase its stake in Australian company Fortescue Metals. ...
Wed 22nd April 2009 - 11:30am
Chinas National Development and Reform Commission has approved a bid by state-owned Hunan Valin Iron and Steel Group to increase its stake in Australian company Fortescue Metals. ...
Wed 22nd April 2009 - 11:30am
VODone Limited Announced the Acquisition of Domouse- a Facebook Alike Platform in China Aiming to Expand User Base and Enhance Profitability
Hong Kong- Apr 22- 2009 - ACN Newswire - VODone Limited -amp quotVODone -amp quot or the -amp quotGroup -amp quot- Stock code-0082 is pleased to announce that the Group invested HK $15-837-500 in acquiring Domouse www.domouse.com- a network community platform that functions alike Facebook. The consideration for the acquisition is paid by issuing a total number of 87-500-000 shares at an issue price of HK $0.181 per share 21 April closing price. ...
Wed 22nd April 2009 - 11:23am
Hong Kong- Apr 22- 2009 - ACN Newswire - VODone Limited -amp quotVODone -amp quot or the -amp quotGroup -amp quot- Stock code-0082 is pleased to announce that the Group invested HK $15-837-500 in acquiring Domouse www.domouse.com- a network community platform that functions alike Facebook. The consideration for the acquisition is paid by issuing a total number of 87-500-000 shares at an issue price of HK $0.181 per share 21 April closing price. ...
Wed 22nd April 2009 - 11:23am
Japan has first trade deficit since 1980
Japanese exports fell 45.6 per cent in March from a year earlier as slumping overseas demand continued to weigh heavily- government data showed. ...
Wed 22nd April 2009 - 11:20am
Japanese exports fell 45.6 per cent in March from a year earlier as slumping overseas demand continued to weigh heavily- government data showed. ...
Wed 22nd April 2009 - 11:20am
Coca-Cola first-quarter profit falls 10
Coca-Cola Co said on Tuesday that its first-quarter profit fell ten per cent on restructuring charges and write-downs but the results met analysts' estimates. ...
Wed 22nd April 2009 - 11:19am
Coca-Cola Co said on Tuesday that its first-quarter profit fell ten per cent on restructuring charges and write-downs but the results met analysts' estimates. ...
Wed 22nd April 2009 - 11:19am
AXA Asia Pacific Q1 funds fall by 5
Slow first quarter sales dragged AXA Asia Pacific Holdings Ltd's assets under management down by five per cent to $74.8 billion. ...
Wed 22nd April 2009 - 11:17am
Slow first quarter sales dragged AXA Asia Pacific Holdings Ltd's assets under management down by five per cent to $74.8 billion. ...
Wed 22nd April 2009 - 11:17am
Shareholders vent fury at Citi AGM
At Citigroup Inc's annual meeting- all nominated directors were elected but shareholders took turns at the microphone to object to how the bank was operating. ...
Wed 22nd April 2009 - 11:16am
At Citigroup Inc's annual meeting- all nominated directors were elected but shareholders took turns at the microphone to object to how the bank was operating. ...
Wed 22nd April 2009 - 11:16am
Anglo Australian Resources NL ASX-AAR Drilling To Test Shallow Gold Mineralisation At The Feysville Project Near Kalgoorlie- Western Australia
Perth- Australia- Apr 22- 2009 - ABN Newswire - Anglo Australian Resources NL ASX-AARPINK-AAURF The Feysville Project is based on two wholly owned mining leases located 16km SSE of Kalgoorlie. ...
Wed 22nd April 2009 - 10:59am
Perth- Australia- Apr 22- 2009 - ABN Newswire - Anglo Australian Resources NL ASX-AARPINK-AAURF The Feysville Project is based on two wholly owned mining leases located 16km SSE of Kalgoorlie. ...
Wed 22nd April 2009 - 10:59am
UBS may sell hedge fund unit- report
UBS may be forced to sell a unit that is the biggest investor in hedge funds in the world in a bid to cut the size of the group- a Swiss newspaper reported. ...
Wed 22nd April 2009 - 10:54am
UBS may be forced to sell a unit that is the biggest investor in hedge funds in the world in a bid to cut the size of the group- a Swiss newspaper reported. ...
Wed 22nd April 2009 - 10:54am
Market follows Wall St rally
The Australian share market has opened higher after stocks on Wall Street rebounded overnight. ...
Wed 22nd April 2009 - 10:45am
The Australian share market has opened higher after stocks on Wall Street rebounded overnight. ...
Wed 22nd April 2009 - 10:45am
Booze industrys big tobacco tricks revealed
Western Australian health researchers say they have uncovered evidence of the industrys strategies to distract public debate and to avoid potentially damaging policies such as tax hikes. ...
Wed 22nd April 2009 - 10:44am
Western Australian health researchers say they have uncovered evidence of the industrys strategies to distract public debate and to avoid potentially damaging policies such as tax hikes. ...
Wed 22nd April 2009 - 10:44am
Woodside signs LNG heads of agreement
Woodside Petroleum Ltd has signed a heads of agreement between Western Australia and the Kimberley Land Council on behalf of traditional owners. ...
Wed 22nd April 2009 - 10:43am
Woodside Petroleum Ltd has signed a heads of agreement between Western Australia and the Kimberley Land Council on behalf of traditional owners. ...
Wed 22nd April 2009 - 10:43am
Wollondilly gas plant faces local opposition
A council in Sydneys outer south-west says it will oppose the construction of a gas-fired power plant near Appin. ...
Wed 22nd April 2009 - 10:32am
A council in Sydneys outer south-west says it will oppose the construction of a gas-fired power plant near Appin. ...
Wed 22nd April 2009 - 10:32am
Tesco profits soar despite recession
Britain's leading retailer- Tesco- on Tuesday announced record-beating annual profits and sales despite a spreading global recession. ...
Wed 22nd April 2009 - 10:30am
Britain's leading retailer- Tesco- on Tuesday announced record-beating annual profits and sales despite a spreading global recession. ...
Wed 22nd April 2009 - 10:30am
Budget pressure mounts as grim conditions continue
Treasurer Wayne Swan says the Federal Budget is facing a huge challenge with a higher deficit as dire global conditions continue to squeeze Australias economy as it heads into recession. ...
Wed 22nd April 2009 - 10:30am
Treasurer Wayne Swan says the Federal Budget is facing a huge challenge with a higher deficit as dire global conditions continue to squeeze Australias economy as it heads into recession. ...
Wed 22nd April 2009 - 10:30am
Japan has first trade deficit since 1980
Japanese exports fell 45.6 per cent in March from a year earlier as slumping overseas demand continued to weigh heavily- government data showed. ...
Wed 22nd April 2009 - 10:29am
Japanese exports fell 45.6 per cent in March from a year earlier as slumping overseas demand continued to weigh heavily- government data showed. ...
Wed 22nd April 2009 - 10:29am
Connex not to blame for rail network infrastructure issues- Opposition
The Victorian Opposition says Connex should not be punished for a lack of investment in Melbournes train network. ...
Wed 22nd April 2009 - 10:23am
The Victorian Opposition says Connex should not be punished for a lack of investment in Melbournes train network. ...
Wed 22nd April 2009 - 10:23am
Australia shares nudge higher banks pace gains
MELBOURNE- April 22 - Australian shares were 0.4 percent higher on Wednesday- led by banks- after optimism on the global economy was refreshed by a reassuring statement on bank reserve levels out of the United States. ...
Wed 22nd April 2009 - 10:20am
MELBOURNE- April 22 - Australian shares were 0.4 percent higher on Wednesday- led by banks- after optimism on the global economy was refreshed by a reassuring statement on bank reserve levels out of the United States. ...
Wed 22nd April 2009 - 10:20am
Aussie dlr subdued ahead of inflation data bonds ease
SYDNEY- April 22 - The Australian dollar AUDD4 was subdued on Wednesday after bounced slightly offshore- with investors awaiting inflation numbers for clues on the pace of future interest rate cuts- if any. ...
Wed 22nd April 2009 - 10:19am
SYDNEY- April 22 - The Australian dollar AUDD4 was subdued on Wednesday after bounced slightly offshore- with investors awaiting inflation numbers for clues on the pace of future interest rate cuts- if any. ...
Wed 22nd April 2009 - 10:19am
Union calls for end to mine job cuts
The coal miners union says further job cuts predicted in the industry would be motivated by company greed. ...
Wed 22nd April 2009 - 10:12am
The coal miners union says further job cuts predicted in the industry would be motivated by company greed. ...
Wed 22nd April 2009 - 10:12am
ACCI warns against deeper deficit
The federal government should avoid taking the budget further into deficit- the head of the Australian Chamber of Commerce and Industry ACCI says. ...
Wed 22nd April 2009 - 10:11am
The federal government should avoid taking the budget further into deficit- the head of the Australian Chamber of Commerce and Industry ACCI says. ...
Wed 22nd April 2009 - 10:11am
BHP Q3 production falls as demand drops
BHP Billiton Ltd's production has declined in the third quarter as demand for minerals and petroleum fell on the slowing global economy. ...
Wed 22nd April 2009 - 09:59am
BHP Billiton Ltd's production has declined in the third quarter as demand for minerals and petroleum fell on the slowing global economy. ...
Wed 22nd April 2009 - 09:59am
Budget pressure mounts as grim conditions continue
Treasurer Wayne Swan says the Federal Budget is facing a huge challenge as dire global conditions continue to squeeze Australias economy as it heads into recession. ...
Wed 22nd April 2009 - 09:50am
Treasurer Wayne Swan says the Federal Budget is facing a huge challenge as dire global conditions continue to squeeze Australias economy as it heads into recession. ...
Wed 22nd April 2009 - 09:50am
Telstra wins CBA $100m a year contract
Telstra Corp has won a contract from Commonwealth Bank of Australia Ltd- worth up to $100 million per year- to provide telecommunication services. ...
Wed 22nd April 2009 - 09:39am
Telstra Corp has won a contract from Commonwealth Bank of Australia Ltd- worth up to $100 million per year- to provide telecommunication services. ...
Wed 22nd April 2009 - 09:39am
BHP Q3 production falls as demand drops
BHP Billiton Ltd's production has declined in the third quarter as demand for minerals and petroleum fell on the slowing global economy. ...
Wed 22nd April 2009 - 09:38am
BHP Billiton Ltd's production has declined in the third quarter as demand for minerals and petroleum fell on the slowing global economy. ...
Wed 22nd April 2009 - 09:38am
Union calls for end to mine job cuts
The coal miners union says further job cuts predicted in the industry would be motivated by company greed. ...
Wed 22nd April 2009 - 09:37am
The coal miners union says further job cuts predicted in the industry would be motivated by company greed. ...
Wed 22nd April 2009 - 09:37am
Govt happy with Aust-China uranium trade
The Federal Government says it has no concerns about China expanding its use of uranium for nuclear power generation. ...
Wed 22nd April 2009 - 09:36am
The Federal Government says it has no concerns about China expanding its use of uranium for nuclear power generation. ...
Wed 22nd April 2009 - 09:36am
Confidential documents reveal alcohol industrys worst fears
Western Australian health researchers say they have uncovered evidence of the industrys strategies to distract public debate and to avoid potentially damaging policies such as tax hikes. ...
Wed 22nd April 2009 - 09:26am
Western Australian health researchers say they have uncovered evidence of the industrys strategies to distract public debate and to avoid potentially damaging policies such as tax hikes. ...
Wed 22nd April 2009 - 09:26am
Fears Rio assets sale may delay refinery development
North Queenslands Whitsunday Regional Council is concerned the sale of Rio Tinto assets to Chinalco may stall the development of an aluminium refinery at Abbot Point. ...
Wed 22nd April 2009 - 09:21am
North Queenslands Whitsunday Regional Council is concerned the sale of Rio Tinto assets to Chinalco may stall the development of an aluminium refinery at Abbot Point. ...
Wed 22nd April 2009 - 09:21am
Telstra wins CBA $100m a year contract
Telstra Corp has won a contract from Commonwealth Bank of Australia Ltd- worth up to $100 million per year- to provide telecommunication services. ...
Wed 22nd April 2009 - 09:19am
Telstra Corp has won a contract from Commonwealth Bank of Australia Ltd- worth up to $100 million per year- to provide telecommunication services. ...
Wed 22nd April 2009 - 09:19am
Skilled revises FY09 earnings downwards
Labour provider Skilled Group Ltd has revised its earnings guidance for fiscal 2009 downwards following -amp quota rapid deterioration in business conditions -amp quot. ...
Wed 22nd April 2009 - 09:19am
Labour provider Skilled Group Ltd has revised its earnings guidance for fiscal 2009 downwards following -amp quota rapid deterioration in business conditions -amp quot. ...
Wed 22nd April 2009 - 09:19am
BHP Q3 production falls as demand drops
BHP Billiton Ltd's production has declined in the third quarter as demand for minerals and petroleum fell on the slowing global economy. ...
Wed 22nd April 2009 - 08:58am
BHP Billiton Ltd's production has declined in the third quarter as demand for minerals and petroleum fell on the slowing global economy. ...
Wed 22nd April 2009 - 08:58am
Confidential documents reveal alcohol industrys worst fears
A West Australian health researcher says he has uncovered confidential documents revealing what the alcohol industry considers are its biggest threats to the marketing and sale of its products. ...
Wed 22nd April 2009 - 08:47am
A West Australian health researcher says he has uncovered confidential documents revealing what the alcohol industry considers are its biggest threats to the marketing and sale of its products. ...
Wed 22nd April 2009 - 08:47am
Global music sales down 8pc in 08
Global recorded music sales fell by more than 8 per cent in 2008 to $US18.42 billion $26 billion- according to the world music trade body IFPI. ...
Wed 22nd April 2009 - 08:46am
Global recorded music sales fell by more than 8 per cent in 2008 to $US18.42 billion $26 billion- according to the world music trade body IFPI. ...
Wed 22nd April 2009 - 08:46am
Yahoo to cut 600 jobs after weak results
Yahoo Inc will lay off more than 600 workers after getting off to another bumpy start under a tough-talking new boss. ...
Wed 22nd April 2009 - 08:28am
Yahoo Inc will lay off more than 600 workers after getting off to another bumpy start under a tough-talking new boss. ...
Wed 22nd April 2009 - 08:28am
Confidential documents reveal alcohol industrys worst fears
A West Australian health researcher says he has uncovered confidential documents revealing what the alcohol industry considers are its biggest threats to the marketing and sale of its products. Curtin ...
Wed 22nd April 2009 - 08:28am
A West Australian health researcher says he has uncovered confidential documents revealing what the alcohol industry considers are its biggest threats to the marketing and sale of its products. Curtin ...
Wed 22nd April 2009 - 08:28am
Coca-Cola first-quarter profit falls 10
Coca-Cola Co said on Tuesday that its first-quarter profit fell ten per cent on restructuring charges and write-downs but the results met analysts' estimates. ...
Wed 22nd April 2009 - 08:26am
Coca-Cola Co said on Tuesday that its first-quarter profit fell ten per cent on restructuring charges and write-downs but the results met analysts' estimates. ...
Wed 22nd April 2009 - 08:26am
Shareholders vent fury at Citi AGM
At Citigroup Inc's annual meeting- all nominated directors were elected but shareholders took turns at the microphone to object to how the bank was operating. ...
Wed 22nd April 2009 - 08:23am
At Citigroup Inc's annual meeting- all nominated directors were elected but shareholders took turns at the microphone to object to how the bank was operating. ...
Wed 22nd April 2009 - 08:23am
RBA Puts Rate Cuts On Hold
The Reserve Bank has confirmed that it has lowered its economic forecasts- but we will have to wait until early next month to learn them.But there might be a message there that rate cuts are off for a while.In fact the minutes of the April 7 RBA board meeting had nothing in them to confirm or deny that we could get more rate cuts later in the year.Many commentators and analysts are forecasting 0.50 to 1 in cuts in the RBAs cash rate now 3.On the basis of these minutes there wont be a cut in two weeks time at the May meeting- and one is doubtful in June- after the Federal Budget.Despite the rise in unemployment- theres a hint that the 4.25 in cuts so far is enough for the time being- the RBA doesnt want to send the economy surging off in an orgy of consumption without tackling unemployment.Certainly the steady as she goes line of thinking was reinforced by a speech RBA Governor- Glenn Stevens made in Adelaide yesterday See excerpts below.The lunchtime address was called -amp quotThe Road To Recovery -amp quot and it was an upbeat speech that confirmed the economy was in recession according to the RBAs own way of assessing that.That could be as much a signal that rate cuts are off the agenda for a while- or longer- as anything in the minutes published yesterday.The minutes of the April 7 meeting show that the board was told -amp quotthat there had been further downward revisions to the staff forecasts for growth and inflation. GDP was expected to fall in 2009 but increase again in 2010.The revised outlook for growth- and the associated reduced level of capacity utilisation- would entail stronger downward pressure on medium-term inflation than previously forecast. -amp quotAs a consequence of the contraction in aggregate demand and output- capacity utilisation had continued to decline and the demand for labour had weakened. -amp quotMembers noted that the staff forecast for growth had been revised lower from that published in the February Statement on Monetary Policy. Inflation over the medium term was expected to continue to decline. -amp quotSomething had to be explained to the board.After all- the results of that downgrade had become public in a speech on March 31 by the banks Deputy Governor- Ric Battellino in Brisbane when he said- -amp quotthe reality is that we cannot fully insulate ourselves from what is happening elsewhere in the world. As such- GDP is likely to fall in 2009 -amp quot.The next Statement on monetary policy is due out on May 8- which is when we get a sight of the new forecasts.In the February MPS- the bank forecast that growth would be barely positive it predicted growth of 0.25 in the year to the end of the June quarter and half a per cent over the year to December i.e. calendar 2009. Non farm GDP would be zero in the year to June and 0.25 over calendar 2009.The banks forecast of a larger than forecast fall in inflation was borne out in Mondays Producer Price Index.The 0.4 fall was a big slump from the December quarter and analysis published overnight by economists at Goldman Sachs JBWere showed it to be -amp quotthe most rapid easing -amp quot of inflation pressures in the PPI- despite a sharp rise in import price costs because of the lower dollar. -amp quotThough the downside headline itself is quite striking- even this understates the rapid moderation in inflation pressure. - The volatile items were actually stronger than our expectation. Instead the disinflation was in the more sticky components- which we take to be more indicative of a broader and sustained period of disinflation. -amp quotThey also said thats likely to show up in the consumer price index tomorrow- although rises in the cost of fruit and vegetables should be watched for.But thats how the RBA seems to have been looking at inflation in the April board discussions- so that means the economy is following some of the newly drafted script forecasts- which in turn means no immediate joy on when we can expect the next interest rate cut from a reading of the minutes of the Reserve Bank board meeting on April 7.That meeting gave us an 0.25 cut and left the strong impression that from now on the central bank would react to changes in the existing economic picture- not what was anticipated would happen- as the bank has been doing since the global economy fell off a cliff late last year.Because of the downgraded forecasts and the tentative signs of improvements in some parts of the various economies around the world- such as the US- UK where house prices have stopped falling- the next rate movement might not happen until the central bank believes the current stimulus of higher government spending and the 4.25 of cuts- need some sort of boost to power the economy into a rebound.Or there might not be a rate cut for months- if at all- if the economy bottoms in the next quarter and is dragging along the bottom.Mr Stevens has another address for a months time- its a breakfast address to the Canadian Australian Chamber of Commerce in Sydney. A week later another speech from his Deputy- Ric Battellino- who was given the task late last month of revealing the RBAs views that the economy was in recession- without using the term. -amp 160 ...
Wed 22nd April 2009 - 08:18am
The Reserve Bank has confirmed that it has lowered its economic forecasts- but we will have to wait until early next month to learn them.But there might be a message there that rate cuts are off for a while.In fact the minutes of the April 7 RBA board meeting had nothing in them to confirm or deny that we could get more rate cuts later in the year.Many commentators and analysts are forecasting 0.50 to 1 in cuts in the RBAs cash rate now 3.On the basis of these minutes there wont be a cut in two weeks time at the May meeting- and one is doubtful in June- after the Federal Budget.Despite the rise in unemployment- theres a hint that the 4.25 in cuts so far is enough for the time being- the RBA doesnt want to send the economy surging off in an orgy of consumption without tackling unemployment.Certainly the steady as she goes line of thinking was reinforced by a speech RBA Governor- Glenn Stevens made in Adelaide yesterday See excerpts below.The lunchtime address was called -amp quotThe Road To Recovery -amp quot and it was an upbeat speech that confirmed the economy was in recession according to the RBAs own way of assessing that.That could be as much a signal that rate cuts are off the agenda for a while- or longer- as anything in the minutes published yesterday.The minutes of the April 7 meeting show that the board was told -amp quotthat there had been further downward revisions to the staff forecasts for growth and inflation. GDP was expected to fall in 2009 but increase again in 2010.The revised outlook for growth- and the associated reduced level of capacity utilisation- would entail stronger downward pressure on medium-term inflation than previously forecast. -amp quotAs a consequence of the contraction in aggregate demand and output- capacity utilisation had continued to decline and the demand for labour had weakened. -amp quotMembers noted that the staff forecast for growth had been revised lower from that published in the February Statement on Monetary Policy. Inflation over the medium term was expected to continue to decline. -amp quotSomething had to be explained to the board.After all- the results of that downgrade had become public in a speech on March 31 by the banks Deputy Governor- Ric Battellino in Brisbane when he said- -amp quotthe reality is that we cannot fully insulate ourselves from what is happening elsewhere in the world. As such- GDP is likely to fall in 2009 -amp quot.The next Statement on monetary policy is due out on May 8- which is when we get a sight of the new forecasts.In the February MPS- the bank forecast that growth would be barely positive it predicted growth of 0.25 in the year to the end of the June quarter and half a per cent over the year to December i.e. calendar 2009. Non farm GDP would be zero in the year to June and 0.25 over calendar 2009.The banks forecast of a larger than forecast fall in inflation was borne out in Mondays Producer Price Index.The 0.4 fall was a big slump from the December quarter and analysis published overnight by economists at Goldman Sachs JBWere showed it to be -amp quotthe most rapid easing -amp quot of inflation pressures in the PPI- despite a sharp rise in import price costs because of the lower dollar. -amp quotThough the downside headline itself is quite striking- even this understates the rapid moderation in inflation pressure. - The volatile items were actually stronger than our expectation. Instead the disinflation was in the more sticky components- which we take to be more indicative of a broader and sustained period of disinflation. -amp quotThey also said thats likely to show up in the consumer price index tomorrow- although rises in the cost of fruit and vegetables should be watched for.But thats how the RBA seems to have been looking at inflation in the April board discussions- so that means the economy is following some of the newly drafted script forecasts- which in turn means no immediate joy on when we can expect the next interest rate cut from a reading of the minutes of the Reserve Bank board meeting on April 7.That meeting gave us an 0.25 cut and left the strong impression that from now on the central bank would react to changes in the existing economic picture- not what was anticipated would happen- as the bank has been doing since the global economy fell off a cliff late last year.Because of the downgraded forecasts and the tentative signs of improvements in some parts of the various economies around the world- such as the US- UK where house prices have stopped falling- the next rate movement might not happen until the central bank believes the current stimulus of higher government spending and the 4.25 of cuts- need some sort of boost to power the economy into a rebound.Or there might not be a rate cut for months- if at all- if the economy bottoms in the next quarter and is dragging along the bottom.Mr Stevens has another address for a months time- its a breakfast address to the Canadian Australian Chamber of Commerce in Sydney. A week later another speech from his Deputy- Ric Battellino- who was given the task late last month of revealing the RBAs views that the economy was in recession- without using the term. -amp 160 ...
Wed 22nd April 2009 - 08:18am
RBA Gov- The Road To Recovery
In his address in Adelaide yesterday- Reserve Bank Governor- Glenn Stevens- was again surprising optimistic about Australia and how well it is placed to rebound from the current slump.Yes- he says things are slowing and the economy is all but sliding into recession and will by most conventional measurements.But unlike other major economies Australia doesnt have an impaired financial system- dud banks- no lending and sliding output and hesitant consumers.Confidence levels have been lowered here- but by collapses overseas reports and events- than what has actually happened here so far.The above graph used by Mr Stevens in his speech makes the point that our consumer confidence levels are much higher than those in other major economies.But caution abounds and Mr Stevens says Australians shared in this more cautious behaviour- particularly in the business world. -amp 160He told the lunch yesterday-A range of business surveys indicates that a trend moderation in business confidence that had been occurring for some months turned abruptly much weaker in October- and remained weak thereafter.There was some recovery in March. The behaviour of Australian household confidence surveys has not been as weak- as I shall come to later.While official data are yet to show it- it is likely that business investment spending is in the process of declining sharply.Hiring intentions have been scaled back quickly. Residential investment and exports have fallen.The net result is that the Australian economy has been contracting- though on the best information we have- not at the pace seen in a number of other countries- where quarterly declines in real GDP of 3- 4 or even 5 per cent have been observed in the last quarter of 2008 and are likely to have occurred in the first quarter of 2009.A key dimension through which Australia experiences the global business cycle is the terms of trade- a gauge of the income gains or losses that international relative price changes impart to Australia.Over the five years to 2008- a period of exceptional strength in the global economy- the terms of trade rose by about 60 per cent- equivalent to about 12 per cent of a years GDP - about $140 billion - in additional annual income.It was the biggest such gain in half a century. Now- the terms of trade are falling- reversing part- though so far only part- of that earlier gain.I would like to make two points- however- about those terms of trade swings.The first is that- in earlier episodes such as in the early 1950s- and the mid and late 1970s- very large terms of trade movements seriously destabilised the economy.On this occasion- there have been plenty of adjustment challenges - generally coming under the heading of the so called two speed economy- where the resource intensive regions and industries grew quickly and others slowed.But for all that- a floating exchange rate- a much more flexible labour market and better macroeconomic policy frameworks have helped the economy adapt to the terms of trade swings without the degree of instability seen in the past.That is a testament to the arrangements that are now in place.The second point is that- at this stage- the fall in the terms of trade that is occurring does not seem to be reversing all of the previous rise.Even with the large falls in prospect for contract prices for bulk commodities- Australias terms of trade look like they could- at the end of this year- still be about 40 per cent higher than the average for the period from 1980 to 2000.Perhaps that will not persist. Alternatively- perhaps what commodities markets are telling us is that some factors beneficial to Australia - foremost the continued likely emergence of China - remain in place. -amp 160It is probably not entirely coincidental that the clearest signs of a turning point in economic activity appear to be accumulating in China- though not exclusively there.Instead- I want to devote some attention to the question- how do we get on the road to recoveryHistory shows that recessions come- but also that they end. Can we speed that process -amp 160And to the extent that we have some capacity to shape the next expansion- how might we use itThe first thing is to maintain some confidence in ourselves and the prospects for our country over time.We cannot achieve effortless prosperity either on the back of ever escalating mineral prices or simply by bidding up the prices of our houses. It is as well to realise that.But as I have said on previous occasions- Australias genuine long term economic prospects remain good- and there remain good grounds to think that we will continue to weather the storm better than most.It is noteworthy that in measures of confidence taken from surveys- household confidence has fallen in Australia relative to the ebullient levels of a year ago- but it remains much more resilient to date than comparable results in major countries.See the graph at the top of this storyWhile households expect unemployment to be much higher in a years time- their stated expectations about economic conditions five years from now have barely diminished at all from what we have seen consistently over a number of years.So notwithstanding their evident caution at present- people remain essentially optimistic about the long term.Consumer demand in Australia- while weak compared with recent years- is actually at the stronger end of international comparisons among advanced countries.This presumably owes something to the stimulatory effects of fiscal measures and lower interest rates for borrowers though savers are feeling the pinch. But perhaps it also shows the inherently optimistic view Australians take in the future.Optimism- combined with an awareness of risk- is a fundamental strength. It is to be hoped that this will be matched by a recovery in business confidence over the months ahead.That remains to be seen- though there have been some encouraging signs recently.What can policy makers do to helpUnfortunately- there is no lever marked confidence that policy makers can take hold of.Our task is very much one of seeking to behave- across the board- in ways that will foster- rather than erode- confidence.Over the past six months- that has- of course- involved the rapid deployment of both fiscal and monetary measures- to support demand.The effects of those measures will still be coming through for some time yet. Measures to sustain confidence in the financial sector and to keep key markets functioning were also important.Perhaps there is also some value in articulating a view of where we want to get to when the cyclical downturn ends- as it will- and recovery takes hold.What sort of country does Australia want to be- economically- during the next expansionHow do we want to be positioned in the global marketplace for capital- in an environment in which markets will have absorbed a lot of government debt and will be evaluating opportunities for other uses of capitalI suggest that Australia has a very good chance of offering an economic setting in which the following conditions hold.First- political stability remains assured - something becoming a bit less common.Second- the Government does not own- and has not had to give direct financial support to- the banking system.Australia will be free of the difficult governance and exit strategy issues that such support is raising in a number of countries.Third- public finances remain in very sound shape- with modest debt levels and a medium term path for the budget back towards balance.Without the massive obligations arising from bank rescues that will inevitably narrow the options available to governments in other countries- Australia should be able to articulate such a path more effectively than most.Fourth- sensible policy frameworks - both macroeconomic and microeconomic - remain in place the financial regulatory system is strong and tested.Fifth- we remain open for trade and investment- and have a capacity to deploy both our own and other peoples capital carefully and profitably.Finally- there is an exposure to- and an engagement with- an Asian region that still has the most dynamic growth potential in the world- where hundreds of millions of people will for decades to come be seeking rising living standards.There are rather few countries that have the potential to offer so attractive a proposition to international capital- and to their own citizens- over the years ahead.It is a proposition that- if pursued sensibly and consistently- offers the most secure basis for confidence in Australias future.It is such confidence that- more than anything else- will help to drive us along the road to recovery. -amp 160 ...
Wed 22nd April 2009 - 08:16am
In his address in Adelaide yesterday- Reserve Bank Governor- Glenn Stevens- was again surprising optimistic about Australia and how well it is placed to rebound from the current slump.Yes- he says things are slowing and the economy is all but sliding into recession and will by most conventional measurements.But unlike other major economies Australia doesnt have an impaired financial system- dud banks- no lending and sliding output and hesitant consumers.Confidence levels have been lowered here- but by collapses overseas reports and events- than what has actually happened here so far.The above graph used by Mr Stevens in his speech makes the point that our consumer confidence levels are much higher than those in other major economies.But caution abounds and Mr Stevens says Australians shared in this more cautious behaviour- particularly in the business world. -amp 160He told the lunch yesterday-A range of business surveys indicates that a trend moderation in business confidence that had been occurring for some months turned abruptly much weaker in October- and remained weak thereafter.There was some recovery in March. The behaviour of Australian household confidence surveys has not been as weak- as I shall come to later.While official data are yet to show it- it is likely that business investment spending is in the process of declining sharply.Hiring intentions have been scaled back quickly. Residential investment and exports have fallen.The net result is that the Australian economy has been contracting- though on the best information we have- not at the pace seen in a number of other countries- where quarterly declines in real GDP of 3- 4 or even 5 per cent have been observed in the last quarter of 2008 and are likely to have occurred in the first quarter of 2009.A key dimension through which Australia experiences the global business cycle is the terms of trade- a gauge of the income gains or losses that international relative price changes impart to Australia.Over the five years to 2008- a period of exceptional strength in the global economy- the terms of trade rose by about 60 per cent- equivalent to about 12 per cent of a years GDP - about $140 billion - in additional annual income.It was the biggest such gain in half a century. Now- the terms of trade are falling- reversing part- though so far only part- of that earlier gain.I would like to make two points- however- about those terms of trade swings.The first is that- in earlier episodes such as in the early 1950s- and the mid and late 1970s- very large terms of trade movements seriously destabilised the economy.On this occasion- there have been plenty of adjustment challenges - generally coming under the heading of the so called two speed economy- where the resource intensive regions and industries grew quickly and others slowed.But for all that- a floating exchange rate- a much more flexible labour market and better macroeconomic policy frameworks have helped the economy adapt to the terms of trade swings without the degree of instability seen in the past.That is a testament to the arrangements that are now in place.The second point is that- at this stage- the fall in the terms of trade that is occurring does not seem to be reversing all of the previous rise.Even with the large falls in prospect for contract prices for bulk commodities- Australias terms of trade look like they could- at the end of this year- still be about 40 per cent higher than the average for the period from 1980 to 2000.Perhaps that will not persist. Alternatively- perhaps what commodities markets are telling us is that some factors beneficial to Australia - foremost the continued likely emergence of China - remain in place. -amp 160It is probably not entirely coincidental that the clearest signs of a turning point in economic activity appear to be accumulating in China- though not exclusively there.Instead- I want to devote some attention to the question- how do we get on the road to recoveryHistory shows that recessions come- but also that they end. Can we speed that process -amp 160And to the extent that we have some capacity to shape the next expansion- how might we use itThe first thing is to maintain some confidence in ourselves and the prospects for our country over time.We cannot achieve effortless prosperity either on the back of ever escalating mineral prices or simply by bidding up the prices of our houses. It is as well to realise that.But as I have said on previous occasions- Australias genuine long term economic prospects remain good- and there remain good grounds to think that we will continue to weather the storm better than most.It is noteworthy that in measures of confidence taken from surveys- household confidence has fallen in Australia relative to the ebullient levels of a year ago- but it remains much more resilient to date than comparable results in major countries.See the graph at the top of this storyWhile households expect unemployment to be much higher in a years time- their stated expectations about economic conditions five years from now have barely diminished at all from what we have seen consistently over a number of years.So notwithstanding their evident caution at present- people remain essentially optimistic about the long term.Consumer demand in Australia- while weak compared with recent years- is actually at the stronger end of international comparisons among advanced countries.This presumably owes something to the stimulatory effects of fiscal measures and lower interest rates for borrowers though savers are feeling the pinch. But perhaps it also shows the inherently optimistic view Australians take in the future.Optimism- combined with an awareness of risk- is a fundamental strength. It is to be hoped that this will be matched by a recovery in business confidence over the months ahead.That remains to be seen- though there have been some encouraging signs recently.What can policy makers do to helpUnfortunately- there is no lever marked confidence that policy makers can take hold of.Our task is very much one of seeking to behave- across the board- in ways that will foster- rather than erode- confidence.Over the past six months- that has- of course- involved the rapid deployment of both fiscal and monetary measures- to support demand.The effects of those measures will still be coming through for some time yet. Measures to sustain confidence in the financial sector and to keep key markets functioning were also important.Perhaps there is also some value in articulating a view of where we want to get to when the cyclical downturn ends- as it will- and recovery takes hold.What sort of country does Australia want to be- economically- during the next expansionHow do we want to be positioned in the global marketplace for capital- in an environment in which markets will have absorbed a lot of government debt and will be evaluating opportunities for other uses of capitalI suggest that Australia has a very good chance of offering an economic setting in which the following conditions hold.First- political stability remains assured - something becoming a bit less common.Second- the Government does not own- and has not had to give direct financial support to- the banking system.Australia will be free of the difficult governance and exit strategy issues that such support is raising in a number of countries.Third- public finances remain in very sound shape- with modest debt levels and a medium term path for the budget back towards balance.Without the massive obligations arising from bank rescues that will inevitably narrow the options available to governments in other countries- Australia should be able to articulate such a path more effectively than most.Fourth- sensible policy frameworks - both macroeconomic and microeconomic - remain in place the financial regulatory system is strong and tested.Fifth- we remain open for trade and investment- and have a capacity to deploy both our own and other peoples capital carefully and profitably.Finally- there is an exposure to- and an engagement with- an Asian region that still has the most dynamic growth potential in the world- where hundreds of millions of people will for decades to come be seeking rising living standards.There are rather few countries that have the potential to offer so attractive a proposition to international capital- and to their own citizens- over the years ahead.It is a proposition that- if pursued sensibly and consistently- offers the most secure basis for confidence in Australias future.It is such confidence that- more than anything else- will help to drive us along the road to recovery. -amp 160 ...
Wed 22nd April 2009 - 08:16am
Australia shares seen firmer on Wall St rally
Geithner helped fuel a rally in financial stocks- which had been battered the previous day- with his comment that most banks had sufficient reserves to cushion themselves from possible losses. See- ID-nN21535633 ...
Wed 22nd April 2009 - 08:14am
Geithner helped fuel a rally in financial stocks- which had been battered the previous day- with his comment that most banks had sufficient reserves to cushion themselves from possible losses. See- ID-nN21535633 ...
Wed 22nd April 2009 - 08:14am
UK retail prices in first dip since 1960
British retail prices in March posted their first annual drop in nearly in nearly 50 years- official data showed on Tuesday. ...
Wed 22nd April 2009 - 08:14am
British retail prices in March posted their first annual drop in nearly in nearly 50 years- official data showed on Tuesday. ...
Wed 22nd April 2009 - 08:14am
Bailed-out firms continue US lobbying
The top ten recipients of the US government's $US700 billion $A1.0 trillion bailout spent about $US9.5 million $A13.62 million on federal lobbying. ...
Wed 22nd April 2009 - 08:11am
The top ten recipients of the US government's $US700 billion $A1.0 trillion bailout spent about $US9.5 million $A13.62 million on federal lobbying. ...
Wed 22nd April 2009 - 08:11am
Toyota sees Japan output at 31 year low
Toyota Motor Corp expects its vehicle production in Japan to fall to the lowest in more than three decades this fiscal year- a report said on Tuesday. ...
Wed 22nd April 2009 - 07:58am
Toyota Motor Corp expects its vehicle production in Japan to fall to the lowest in more than three decades this fiscal year- a report said on Tuesday. ...
Wed 22nd April 2009 - 07:58am
US belt-tightening nears end- survey
US companies appear to be nearing the end of a cycle of cost-cutting actions- including layoffs- and are preparing for an economic recovery- a survey suggests. ...
Wed 22nd April 2009 - 07:57am
US companies appear to be nearing the end of a cycle of cost-cutting actions- including layoffs- and are preparing for an economic recovery- a survey suggests. ...
Wed 22nd April 2009 - 07:57am
UBS may sell hedge fund unit- report
UBS may be forced to sell a unit that is the biggest investor in hedge funds in the world in a bid to cut the size of the group- a Swiss newspaper reported. ...
Wed 22nd April 2009 - 07:56am
UBS may be forced to sell a unit that is the biggest investor in hedge funds in the world in a bid to cut the size of the group- a Swiss newspaper reported. ...
Wed 22nd April 2009 - 07:56am
UK economist fears prolonged deflation period
For the first time in nearly half a century- Britains Retail Prices Index RPI measure of inflation has fallen into deflation - the index slumping to -0.4 per cent. ...
Wed 22nd April 2009 - 07:56am
For the first time in nearly half a century- Britains Retail Prices Index RPI measure of inflation has fallen into deflation - the index slumping to -0.4 per cent. ...
Wed 22nd April 2009 - 07:56am
UK economist fears prolonged deflation period
For the first time in nearly half a century- Britains Retail Prices Index RPI measure of inflation has fallen into deflation - the index slumping to -0.4 per cent. ...
Wed 22nd April 2009 - 07:47am
For the first time in nearly half a century- Britains Retail Prices Index RPI measure of inflation has fallen into deflation - the index slumping to -0.4 per cent. ...
Wed 22nd April 2009 - 07:47am
Grants bolster Qld mine exploration
The Queensland Government is spending more money on mining exploration in the hope of creating more jobs. ...
Wed 22nd April 2009 - 07:46am
The Queensland Government is spending more money on mining exploration in the hope of creating more jobs. ...
Wed 22nd April 2009 - 07:46am
Tesco profits soar despite recession
Britain's leading retailer- Tesco- on Tuesday announced record-beating annual profits and sales despite a spreading global recession. ...
Wed 22nd April 2009 - 07:34am
Britain's leading retailer- Tesco- on Tuesday announced record-beating annual profits and sales despite a spreading global recession. ...
Wed 22nd April 2009 - 07:34am
DuPont's first-quarter profit falls 59
DuPont's first-quarter net profit tumbled 59 per cent to $US488 million $A699.54 million- the US chemicals giant reported on Tuesday. ...
Wed 22nd April 2009 - 07:32am
DuPont's first-quarter net profit tumbled 59 per cent to $US488 million $A699.54 million- the US chemicals giant reported on Tuesday. ...
Wed 22nd April 2009 - 07:32am
Stimulus- infrastructure tipped to dominate Budget
The Federal Government has signalled the Budget will contain more economic stimulus money to help deal with the recession- but more stimulus does not necessarily mean more cash handouts. ...
Wed 22nd April 2009 - 07:17am
The Federal Government has signalled the Budget will contain more economic stimulus money to help deal with the recession- but more stimulus does not necessarily mean more cash handouts. ...
Wed 22nd April 2009 - 07:17am
Wall St rallies on banks lending boost
Wall Street was boosted by more than 1.5 per cent overnight on the back of a rebound in financial shares. ...
Wed 22nd April 2009 - 07:14am
Wall Street was boosted by more than 1.5 per cent overnight on the back of a rebound in financial shares. ...
Wed 22nd April 2009 - 07:14am
Stimulus- infrastructure tipped to dominate Budget
The Federal Government has signalled the Budget will contain more economic stimulus money to help deal with the recession- but more stimulus does not necessarily mean more cash handouts. ...
Wed 22nd April 2009 - 06:49am
The Federal Government has signalled the Budget will contain more economic stimulus money to help deal with the recession- but more stimulus does not necessarily mean more cash handouts. ...
Wed 22nd April 2009 - 06:49am
Global losses to top $5.8t- more grim news due
As the Reserve Bank confirms that Australia is already in a recession- the International Monetary Fund IMF says the potential losses from bad loans could reach nearly $6 trillion by the end of next year. ...
Wed 22nd April 2009 - 06:38am
As the Reserve Bank confirms that Australia is already in a recession- the International Monetary Fund IMF says the potential losses from bad loans could reach nearly $6 trillion by the end of next year. ...
Wed 22nd April 2009 - 06:38am
Global losses to top $5.8t- more grim news due
As the Reserve Bank confirms that Australia is already in a recession- the International Monetary Fund IMF says the potential losses from bad loans could reach nearly $6 trillion by the end of next year. ...
Wed 22nd April 2009 - 06:34am
As the Reserve Bank confirms that Australia is already in a recession- the International Monetary Fund IMF says the potential losses from bad loans could reach nearly $6 trillion by the end of next year. ...
Wed 22nd April 2009 - 06:34am
Stimulus- infrastructure tipped to dominate Budget
The Federal Government has signalled the Budget will contain more economic stimulus money to help deal with the recession- but more stimulus does not necessarily mean more cash handouts. ...
Wed 22nd April 2009 - 06:21am
The Federal Government has signalled the Budget will contain more economic stimulus money to help deal with the recession- but more stimulus does not necessarily mean more cash handouts. ...
Wed 22nd April 2009 - 06:21am
Oil prices mixed ahead of US reserves data
NEW YORK AFP - Oil prices were mixed Tuesday as investors paused from steep falls the previous day and worried about demand in the United States ahead of a key weekly report on energy stockpiles. ...
Wed 22nd April 2009 - 05:51am
NEW YORK AFP - Oil prices were mixed Tuesday as investors paused from steep falls the previous day and worried about demand in the United States ahead of a key weekly report on energy stockpiles. ...
Wed 22nd April 2009 - 05:51am
World Bank to boost safety net spending
WASHINGTON AFP - The World Bank said Tuesday it would triple its social safety net investments to 12 billion dollars over the next two years to help developing nations weather the global financial crisis. ...
Wed 22nd April 2009 - 05:25am
WASHINGTON AFP - The World Bank said Tuesday it would triple its social safety net investments to 12 billion dollars over the next two years to help developing nations weather the global financial crisis. ...
Wed 22nd April 2009 - 05:25am
US agrees to interim aid for GM- Chrysler
WASHINGTON AFP - The US Treasury will lend a further five billion dollars to General Motors and 500 million dollars to Chrysler as the troubled automakers work on their viability plans- officials said Tuesday. ...
Wed 22nd April 2009 - 03:33am
WASHINGTON AFP - The US Treasury will lend a further five billion dollars to General Motors and 500 million dollars to Chrysler as the troubled automakers work on their viability plans- officials said Tuesday. ...
Wed 22nd April 2009 - 03:33am
French workers hold two managers at auto plant
VILLEMUR-SUR-TARN- France AFP - French workers angry over plans to shut a US-owned auto parts supplier were barricading two managers inside their plant Tuesday- in the latest case of -amp quotboss-napping -amp quot. ...
Wed 22nd April 2009 - 02:51am
VILLEMUR-SUR-TARN- France AFP - French workers angry over plans to shut a US-owned auto parts supplier were barricading two managers inside their plant Tuesday- in the latest case of -amp quotboss-napping -amp quot. ...
Wed 22nd April 2009 - 02:51am
Saudi Kingdom group posts Q1 profit on asset sales
RIYADH AFP - Billionaire Saudi Prince Alwaleed bin Talals Kingdom Holding said on Tuesday it had returned to profit in the first quarter of 2009 on the back of asset sales. ...
Wed 22nd April 2009 - 02:50am
RIYADH AFP - Billionaire Saudi Prince Alwaleed bin Talals Kingdom Holding said on Tuesday it had returned to profit in the first quarter of 2009 on the back of asset sales. ...
Wed 22nd April 2009 - 02:50am
Oil prices rise after sharp falls
LONDON AFP - World oil prices gained on Tuesday after suffering sharp falls the previous day- as traders assessed weak energy demand in a battered global economy. ...
Wed 22nd April 2009 - 02:49am
LONDON AFP - World oil prices gained on Tuesday after suffering sharp falls the previous day- as traders assessed weak energy demand in a battered global economy. ...
Wed 22nd April 2009 - 02:49am
Euro rises on positive German data
LONDON AFP - The euro recovered Tuesday from a one-month low against the dollar thanks to positive economic data from Germany- Europes biggest economy- dealers said. ...
Wed 22nd April 2009 - 02:34am
LONDON AFP - The euro recovered Tuesday from a one-month low against the dollar thanks to positive economic data from Germany- Europes biggest economy- dealers said. ...
Wed 22nd April 2009 - 02:34am
Germany clinches broad agreement on bad banks
BERLIN AFP - Germany has struck a broad agreement on a plan to clean up toxic assets from banks balance sheets- Finance Minister Peer Steinbrueck said Tuesday after a crunch meeting with key government leaders. ...
Wed 22nd April 2009 - 02:15am
BERLIN AFP - Germany has struck a broad agreement on a plan to clean up toxic assets from banks balance sheets- Finance Minister Peer Steinbrueck said Tuesday after a crunch meeting with key government leaders. ...
Wed 22nd April 2009 - 02:15am
US agrees to interim aid for GM- Chrysler
WASHINGTON AFP - The US Treasury will lend a further five billion dollars to General Motors and 500 million dollars to Chrysler as the troubled automakers work on their viability plans- officials said Tuesday. ...
Wed 22nd April 2009 - 01:36am
WASHINGTON AFP - The US Treasury will lend a further five billion dollars to General Motors and 500 million dollars to Chrysler as the troubled automakers work on their viability plans- officials said Tuesday. ...
Wed 22nd April 2009 - 01:36am
Germany mulls plan for bad banks
BERLIN AFP - German Chancellor Angela Merkel held a crunch meeting on Tuesday with officials to thrash out a plan to clean up banks balance sheets- an issue that has become a political headache as an election looms. ...
Wed 22nd April 2009 - 12:56am
BERLIN AFP - German Chancellor Angela Merkel held a crunch meeting on Tuesday with officials to thrash out a plan to clean up banks balance sheets- an issue that has become a political headache as an election looms. ...
Wed 22nd April 2009 - 12:56am
Recession will be a wrecking ball on revenue- Swan
Federal Treasurer Wayne Swan says the global recession will act like a wrecking ball on Government revenues in next months Budget. ...
Wed 22nd April 2009 - 12:38am
Federal Treasurer Wayne Swan says the global recession will act like a wrecking ball on Government revenues in next months Budget. ...
Wed 22nd April 2009 - 12:38am
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