Oil falls below $49- flu pandemic could hurt economy
LONDON- April 27 - Oil prices fell nearly 6 percent to below $49 a barrel on Monday- pressured partly by expectations the world economy could suffer another blow if a flu outbreak in Mexico turns out to be the start of a pandemic. ...
Mon 27th April 2009 - 11:12pm
LONDON- April 27 - Oil prices fell nearly 6 percent to below $49 a barrel on Monday- pressured partly by expectations the world economy could suffer another blow if a flu outbreak in Mexico turns out to be the start of a pandemic. ...
Mon 27th April 2009 - 11:12pm
Oil prices slide on flu swine jitters
LONDON AFP - Oil prices fell sharply below 50 dollars on Monday- in-line with stock markets- on fears that an escalating swine flu crisis could further dampen economic activity and therefore energy demand- dealers said. ...
Mon 27th April 2009 - 10:17pm
LONDON AFP - Oil prices fell sharply below 50 dollars on Monday- in-line with stock markets- on fears that an escalating swine flu crisis could further dampen economic activity and therefore energy demand- dealers said. ...
Mon 27th April 2009 - 10:17pm
Brand Tas TV series axed after criticism
The Tasmanian Government has ordered that a planned television series to promote Brand Tasmania be dropped. ...
Mon 27th April 2009 - 09:18pm
The Tasmanian Government has ordered that a planned television series to promote Brand Tasmania be dropped. ...
Mon 27th April 2009 - 09:18pm
Oil falls below $50- flu pandemic may hurt economy
LONDON- April 27 - Oil prices fell more than 4 percent to below $50 a barrel on Monday- pressured partly by expectations the world economy could suffer another blow if a flu outbreak in Mexico turns out to be the start of a pandemic. ...
Mon 27th April 2009 - 08:49pm
LONDON- April 27 - Oil prices fell more than 4 percent to below $50 a barrel on Monday- pressured partly by expectations the world economy could suffer another blow if a flu outbreak in Mexico turns out to be the start of a pandemic. ...
Mon 27th April 2009 - 08:49pm
EURUSD Drops Below 1.31 But Will The Move Continue Forex Video
High volatility holds through the weekend with sharp moves for both the euro and risk averse currencies. Stories To Watch on DailyFX- Get your fundamental and technical fix with the Dail ...
Mon 27th April 2009 - 08:48pm
High volatility holds through the weekend with sharp moves for both the euro and risk averse currencies. Stories To Watch on DailyFX- Get your fundamental and technical fix with the Dail ...
Mon 27th April 2009 - 08:48pm
COT 04-27
AUD- The 13 week index has rolled over from 100. Tops occur when the index is at or close to 100- so the probability that a top is in place is high.Implications- bearish ...
Mon 27th April 2009 - 08:33pm
AUD- The 13 week index has rolled over from 100. Tops occur when the index is at or close to 100- so the probability that a top is in place is high.Implications- bearish ...
Mon 27th April 2009 - 08:33pm
Experts warn crime will rise as jobs go
The prospect of double-digit unemployment is occupying the minds of politicians across the country- but in some areas- its nothing new. ...
Mon 27th April 2009 - 08:27pm
The prospect of double-digit unemployment is occupying the minds of politicians across the country- but in some areas- its nothing new. ...
Mon 27th April 2009 - 08:27pm
Karoon Gas shares surge with drill stats
Shares in Karoon Gas Australia have surged more than 40 per cent- after the company announced good drilling results at a key field. ...
Mon 27th April 2009 - 07:51pm
Shares in Karoon Gas Australia have surged more than 40 per cent- after the company announced good drilling results at a key field. ...
Mon 27th April 2009 - 07:51pm
TV series branded wasteful
A planned television series to promote Tasmania has the State Government in hot water with public sector unions. ...
Mon 27th April 2009 - 07:40pm
A planned television series to promote Tasmania has the State Government in hot water with public sector unions. ...
Mon 27th April 2009 - 07:40pm
Meeting votes down AACo property buy
The board of Australia's biggest beef producer fears directors face the chop after shareholders voted down a $105 million acquisition of two cattle stations. ...
Mon 27th April 2009 - 07:33pm
The board of Australia's biggest beef producer fears directors face the chop after shareholders voted down a $105 million acquisition of two cattle stations. ...
Mon 27th April 2009 - 07:33pm
Kimberley gas hub Heads of Agreement
The West Australian Premier Colin Barnett- the oil and gas company-Woodside- and traditional owners have signed a Heads of Agreement on the proposed gas proccessing hub on the Kimberley coast.The sig ...
Mon 27th April 2009 - 07:18pm
The West Australian Premier Colin Barnett- the oil and gas company-Woodside- and traditional owners have signed a Heads of Agreement on the proposed gas proccessing hub on the Kimberley coast.The sig ...
Mon 27th April 2009 - 07:18pm
German Allianz mulls partial sale of ICBC stake
FRANKFURT AFP - The German insurance company Allianz is set to sell half of its nearly two-percent stake in the Chinese bank ICBC- the Financial Times Deutschland said on Monday. ...
Mon 27th April 2009 - 06:52pm
FRANKFURT AFP - The German insurance company Allianz is set to sell half of its nearly two-percent stake in the Chinese bank ICBC- the Financial Times Deutschland said on Monday. ...
Mon 27th April 2009 - 06:52pm
Swedish truckmaker Scania sees profits plunge
STOCKHOLM AFP - Swedish truckmaker Scania reported Monday a 93-percent-drop in first-quarter net profit to 179 million kronor 16.6 million euros- 21.8 dollars as orders for its vehicles nosedived. ...
Mon 27th April 2009 - 06:47pm
STOCKHOLM AFP - Swedish truckmaker Scania reported Monday a 93-percent-drop in first-quarter net profit to 179 million kronor 16.6 million euros- 21.8 dollars as orders for its vehicles nosedived. ...
Mon 27th April 2009 - 06:47pm
Stock markets dive on swine flu fears
LONDON AFP - Global stock markets mostly tumbled on Monday as investors took fright at a swine flu outbreak which has likely killed more than 100 people in Mexico. ...
Mon 27th April 2009 - 06:44pm
LONDON AFP - Global stock markets mostly tumbled on Monday as investors took fright at a swine flu outbreak which has likely killed more than 100 people in Mexico. ...
Mon 27th April 2009 - 06:44pm
Meeting votes down AACo property buy
The board of Australia's biggest beef producer fears directors face the chop after shareholders voted down a $105 million acquisition of two cattle stations. ...
Mon 27th April 2009 - 06:34pm
The board of Australia's biggest beef producer fears directors face the chop after shareholders voted down a $105 million acquisition of two cattle stations. ...
Mon 27th April 2009 - 06:34pm
Ex-QGC exec jailed for insider trading
Former Queensland Gas Company executive and company secretary Mukesh Panchal has been sentenced to two years jail for insider trading. ...
Mon 27th April 2009 - 06:30pm
Former Queensland Gas Company executive and company secretary Mukesh Panchal has been sentenced to two years jail for insider trading. ...
Mon 27th April 2009 - 06:30pm
New credit laws 'will hike lending cost'
Consumers will pay more for a loan and wait longer for approval under new -amp quotheavy-handed -amp quot consumer credit laws- the Australian Bankers' Association says. ...
Mon 27th April 2009 - 06:28pm
Consumers will pay more for a loan and wait longer for approval under new -amp quotheavy-handed -amp quot consumer credit laws- the Australian Bankers' Association says. ...
Mon 27th April 2009 - 06:28pm
Mill opponents target Euro banks
An advertisement aimed at discouraging banks from financing Gunns proposed Tasmanian pulp mill will run in the European edition of the Financial Times this week. ...
Mon 27th April 2009 - 06:27pm
An advertisement aimed at discouraging banks from financing Gunns proposed Tasmanian pulp mill will run in the European edition of the Financial Times this week. ...
Mon 27th April 2009 - 06:27pm
Macquarie seeks BrisConnections reprieve
Macquarie Group Ltd has asked to be struck off a $1.3 billion damages claim brought against it and the manager of the Brisbane airport link- BrisConnections. ...
Mon 27th April 2009 - 06:26pm
Macquarie Group Ltd has asked to be struck off a $1.3 billion damages claim brought against it and the manager of the Brisbane airport link- BrisConnections. ...
Mon 27th April 2009 - 06:26pm
Karoon Gas shares surge with drill stats
Shares in Karoon Gas Australia have surged more than 40 per cent- after the company announced good drilling results at a key field. ...
Mon 27th April 2009 - 06:23pm
Shares in Karoon Gas Australia have surged more than 40 per cent- after the company announced good drilling results at a key field. ...
Mon 27th April 2009 - 06:23pm
Alesco Corp to sell scientific arm
The distributors Alesco Corporation have agreed to sell their scientific and medical division and say they intend to resume paying dividends. ...
Mon 27th April 2009 - 06:21pm
The distributors Alesco Corporation have agreed to sell their scientific and medical division and say they intend to resume paying dividends. ...
Mon 27th April 2009 - 06:21pm
Macmahon cuts jobs as profits plummet
Engineering contractor Macmahon Holdings Ltd will cut 360 jobs and freeze wages- after forecasting a sharp decline in second half profit. ...
Mon 27th April 2009 - 06:20pm
Engineering contractor Macmahon Holdings Ltd will cut 360 jobs and freeze wages- after forecasting a sharp decline in second half profit. ...
Mon 27th April 2009 - 06:20pm
Merck first quarter profit plunges
BERLIN AFP - The German chemical and pharmaceutical group Merck posted Monday a sharp drop in first quarter profit owing to weak results from the chemicals side- but said the worst was over for the sector. ...
Mon 27th April 2009 - 06:18pm
BERLIN AFP - The German chemical and pharmaceutical group Merck posted Monday a sharp drop in first quarter profit owing to weak results from the chemicals side- but said the worst was over for the sector. ...
Mon 27th April 2009 - 06:18pm
Oil falls below $50 on flu pandemic fears
LONDON- April 27 - Oil prices fell more than 4 percent towards $49 a barrel on Monday- pressured by fears of a global flu pandemic that could prove another setback for the the fragile world economy. ...
Mon 27th April 2009 - 06:16pm
LONDON- April 27 - Oil prices fell more than 4 percent towards $49 a barrel on Monday- pressured by fears of a global flu pandemic that could prove another setback for the the fragile world economy. ...
Mon 27th April 2009 - 06:16pm
B -amp B Capital shareholders vote for change
Babcock -amp Brown Capital Ltd has broken away from troubled investment group Babcock -amp Brown Ltd B -amp B after a shareholder vote. ...
Mon 27th April 2009 - 06:15pm
Babcock -amp Brown Capital Ltd has broken away from troubled investment group Babcock -amp Brown Ltd B -amp B after a shareholder vote. ...
Mon 27th April 2009 - 06:15pm
Former Allco CEO resigns from AMP board
David Clarke has become the second board member to step down from financial services giant AMP Ltd over their connection to a failed or scandalised company. ...
Mon 27th April 2009 - 05:59pm
David Clarke has become the second board member to step down from financial services giant AMP Ltd over their connection to a failed or scandalised company. ...
Mon 27th April 2009 - 05:59pm
Former Allco CEO resigns from AMP board
David Clarke has become the second board member to step down from financial services giant AMP Ltd over their connection to a failed or scandalised company. ...
Mon 27th April 2009 - 05:44pm
David Clarke has become the second board member to step down from financial services giant AMP Ltd over their connection to a failed or scandalised company. ...
Mon 27th April 2009 - 05:44pm
Biota shares soar as swine flu spreads
Shares in anti-infective drug developer Biota Holdings Ltd soared on Monday in the wake of the breakout in swine flu in Mexico and elsewhere. ...
Mon 27th April 2009 - 05:43pm
Shares in anti-infective drug developer Biota Holdings Ltd soared on Monday in the wake of the breakout in swine flu in Mexico and elsewhere. ...
Mon 27th April 2009 - 05:43pm
German consumer confidence resists recession- GfK
FRANKFURT- AFP - German consumer confidence is resisting a deep recession in Europes biggest economy- the latest survey by the GfK research institute showed. ...
Mon 27th April 2009 - 05:35pm
FRANKFURT- AFP - German consumer confidence is resisting a deep recession in Europes biggest economy- the latest survey by the GfK research institute showed. ...
Mon 27th April 2009 - 05:35pm
Aussie dlr retreats on swine flu worries bonds up
Aussie bond futures up yield curve steepens again ...
Mon 27th April 2009 - 05:29pm
Aussie bond futures up yield curve steepens again ...
Mon 27th April 2009 - 05:29pm
Brewer's stock fizzes after Kirin offer
The directors of Lion Nathan Ltd- Australia's second-biggest brewer- have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 05:22pm
The directors of Lion Nathan Ltd- Australia's second-biggest brewer- have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 05:22pm
Market closes higher on late rally
The Australian share market is up- after rallying shortly before the close of trade. ...
Mon 27th April 2009 - 05:11pm
The Australian share market is up- after rallying shortly before the close of trade. ...
Mon 27th April 2009 - 05:11pm
Melbourne keen to make taxi ranks safer
The Melbourne City Council wants to increase security at taxi ranks in the citys nightclub district. ...
Mon 27th April 2009 - 04:37pm
The Melbourne City Council wants to increase security at taxi ranks in the citys nightclub district. ...
Mon 27th April 2009 - 04:37pm
Japan expects worst post-war economic slump
TOKYO AFP - Japan said it expects the economy to shrink 3. ...
Mon 27th April 2009 - 04:30pm
TOKYO AFP - Japan said it expects the economy to shrink 3. ...
Mon 27th April 2009 - 04:30pm
White Energy completes clean coal plant
Australia's White Energy Company says it has built the world's largest clean coal plant- in Indonesia. ...
Mon 27th April 2009 - 04:28pm
Australia's White Energy Company says it has built the world's largest clean coal plant- in Indonesia. ...
Mon 27th April 2009 - 04:28pm
Greek ship underpaying crew- union
The International Transport Workers Federation says a Greek cargo ship docked at Port Adelaide has been grossly under-paying its 21 Fillipino crew members. ...
Mon 27th April 2009 - 04:24pm
The International Transport Workers Federation says a Greek cargo ship docked at Port Adelaide has been grossly under-paying its 21 Fillipino crew members. ...
Mon 27th April 2009 - 04:24pm
Australia shares up 0.5- flu worries check gains
SYDNEY- April 27 - Australian shares rose 0.5 percent on Monday- buoyed by a $2.5 billion takeover of brewer Lion Nathan LNN- but gains were well capped on concerns about the spread of swine flu and its potential effect on world growth. ...
Mon 27th April 2009 - 04:22pm
SYDNEY- April 27 - Australian shares rose 0.5 percent on Monday- buoyed by a $2.5 billion takeover of brewer Lion Nathan LNN- but gains were well capped on concerns about the spread of swine flu and its potential effect on world growth. ...
Mon 27th April 2009 - 04:22pm
Malaysia liberalises financial system
Malaysia says it will let foreigners hold a majority stake in insurance companies and investment banks in a major step toward financial liberalisation. ...
Mon 27th April 2009 - 04:15pm
Malaysia says it will let foreigners hold a majority stake in insurance companies and investment banks in a major step toward financial liberalisation. ...
Mon 27th April 2009 - 04:15pm
Westpac expected to top bank profits
Westpac Banking Corp Ltd is expected to be the standout performer of the three big banks reporting first half results this week. ...
Mon 27th April 2009 - 04:12pm
Westpac Banking Corp Ltd is expected to be the standout performer of the three big banks reporting first half results this week. ...
Mon 27th April 2009 - 04:12pm
30 pct of airlines may defer plane deliveries
SINGAPORE AFP - Nearly 30 percent of airlines worldwide are likely to defer aircraft deliveries as financing conditions deteriorate- a survey by Swiss banking giant UBS said. ...
Mon 27th April 2009 - 03:59pm
SINGAPORE AFP - Nearly 30 percent of airlines worldwide are likely to defer aircraft deliveries as financing conditions deteriorate- a survey by Swiss banking giant UBS said. ...
Mon 27th April 2009 - 03:59pm
Macau Sands casino up for sale- report
HONG KONG AFP - Las Vegas Sands is considering selling one of its Macau casinos- a report said Monday- as revenues plummet in the worlds biggest gaming market. ...
Mon 27th April 2009 - 03:57pm
HONG KONG AFP - Las Vegas Sands is considering selling one of its Macau casinos- a report said Monday- as revenues plummet in the worlds biggest gaming market. ...
Mon 27th April 2009 - 03:57pm
Biota shares soar as swine flu spreads
Shares in anti-infective drug developer Biota Holdings Ltd soared on Monday in the wake of the breakout in swine flu in Mexico and elsewhere. ...
Mon 27th April 2009 - 03:42pm
Shares in anti-infective drug developer Biota Holdings Ltd soared on Monday in the wake of the breakout in swine flu in Mexico and elsewhere. ...
Mon 27th April 2009 - 03:42pm
Economic revival dominates Obamas first 100 days
WASHINGTON AFP - President Barack Obama sees a chink of light for the worlds biggest economy after hustling through an enormous stimulus package and ordering far-reaching reforms in his first 100 days. ...
Mon 27th April 2009 - 02:58pm
WASHINGTON AFP - President Barack Obama sees a chink of light for the worlds biggest economy after hustling through an enormous stimulus package and ordering far-reaching reforms in his first 100 days. ...
Mon 27th April 2009 - 02:58pm
Former Allco CEO resigns from AMP board
David Clarke has become the second board member to step down from financial services giant AMP Ltd over their connection to a failed or scandalised company. ...
Mon 27th April 2009 - 02:56pm
David Clarke has become the second board member to step down from financial services giant AMP Ltd over their connection to a failed or scandalised company. ...
Mon 27th April 2009 - 02:56pm
SA urged to double mining royalty rate
Greens MP Mark Parnell says BHP Billiton should be paying higher royalties for its Olympic Dam mine in outback South Australia. ...
Mon 27th April 2009 - 02:48pm
Greens MP Mark Parnell says BHP Billiton should be paying higher royalties for its Olympic Dam mine in outback South Australia. ...
Mon 27th April 2009 - 02:48pm
Geothermal venture probes well leak
A project aimed at generating electricity from geothermal energy has been suspended in South Australias far north because of an unexplained incident. ...
Mon 27th April 2009 - 02:47pm
A project aimed at generating electricity from geothermal energy has been suspended in South Australias far north because of an unexplained incident. ...
Mon 27th April 2009 - 02:47pm
SA urged to double mining royalty rate
Greens MP Mark Parnell says BHP Billiton should be paying higher royalties for its Olympic Dam mine in outback South Australia. ...
Mon 27th April 2009 - 02:45pm
Greens MP Mark Parnell says BHP Billiton should be paying higher royalties for its Olympic Dam mine in outback South Australia. ...
Mon 27th April 2009 - 02:45pm
Shop scanners still getting it wrong
Survey results show most Tasmanian shoppers charged the wrong amount for electronically scanned goods last year were under-charged. ...
Mon 27th April 2009 - 02:33pm
Survey results show most Tasmanian shoppers charged the wrong amount for electronically scanned goods last year were under-charged. ...
Mon 27th April 2009 - 02:33pm
Brewer's stock fizzes after Kirin offer
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 02:25pm
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 02:25pm
Tassie beer icon turning Japanese
Tasmanian brewer- James Boag- will be fully owned by a Japanese business under a takeover deal announced by its parent company. ...
Mon 27th April 2009 - 02:25pm
Tasmanian brewer- James Boag- will be fully owned by a Japanese business under a takeover deal announced by its parent company. ...
Mon 27th April 2009 - 02:25pm
China expects new loans to surge 57 pct
BEIJING AFP - New loans in China are expected to surge by more than 57 percent in 2009- state media said Monday- as banks heed the governments call for more credit to boost growth amid the global crisis. ...
Mon 27th April 2009 - 02:15pm
BEIJING AFP - New loans in China are expected to surge by more than 57 percent in 2009- state media said Monday- as banks heed the governments call for more credit to boost growth amid the global crisis. ...
Mon 27th April 2009 - 02:15pm
Pan Pacific dividend benefits NZOG
The outstanding performance of the Tui oilfield in New Zealand has allowed Australian company Pan Pacific Petroleum NL to pay a $A18.17 million share dividend. ...
Mon 27th April 2009 - 01:42pm
The outstanding performance of the Tui oilfield in New Zealand has allowed Australian company Pan Pacific Petroleum NL to pay a $A18.17 million share dividend. ...
Mon 27th April 2009 - 01:42pm
Japan expects worst post-war economic slump
TOKYO AFP - Japan said Monday it expects the economy to shrink 3. ...
Mon 27th April 2009 - 01:39pm
TOKYO AFP - Japan said Monday it expects the economy to shrink 3. ...
Mon 27th April 2009 - 01:39pm
Bligh faces mine plan protest
Queensland Cabinet will meet this morning in the Darling Downs town of Highfields- near Toowoomba- in the states south-east. ...
Mon 27th April 2009 - 01:33pm
Queensland Cabinet will meet this morning in the Darling Downs town of Highfields- near Toowoomba- in the states south-east. ...
Mon 27th April 2009 - 01:33pm
Meeting votes down AACo property buy
Shareholders in Australian Agricultural Company AACo have voted down a proposal to buy two major cattle properties. ...
Mon 27th April 2009 - 01:26pm
Shareholders in Australian Agricultural Company AACo have voted down a proposal to buy two major cattle properties. ...
Mon 27th April 2009 - 01:26pm
B -amp B Capital shareholders vote for change
Babcock -amp Brown Capital Ltd shareholders have voted to internalise management and change the company name to eircom Holdings Ltd. ...
Mon 27th April 2009 - 01:21pm
Babcock -amp Brown Capital Ltd shareholders have voted to internalise management and change the company name to eircom Holdings Ltd. ...
Mon 27th April 2009 - 01:21pm
XXXX- Tooheys brewer agrees to Japanese takeover
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 12:55pm
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 12:55pm
Skytrans western Qld-Toowoomba flights take off
Flights linking western Queensland with Toowoomba- in the states south- have started for the first time. ...
Mon 27th April 2009 - 12:48pm
Flights linking western Queensland with Toowoomba- in the states south- have started for the first time. ...
Mon 27th April 2009 - 12:48pm
OPEC wants oil to reach $US70 a barrel
OPEC wants to see oil prices rising to more than $US70 a barrel- the oil cartel's secretary-general Abdalla El-Badri says. ...
Mon 27th April 2009 - 12:41pm
OPEC wants to see oil prices rising to more than $US70 a barrel- the oil cartel's secretary-general Abdalla El-Badri says. ...
Mon 27th April 2009 - 12:41pm
Biota shares soar as swine flu spreads
Shares in the anti-infective drug developer Biota Holdings soared in early trading on Monday in the wake of the outbreak of swine flu in Mexico and elsewhere. ...
Mon 27th April 2009 - 12:37pm
Shares in the anti-infective drug developer Biota Holdings soared in early trading on Monday in the wake of the outbreak of swine flu in Mexico and elsewhere. ...
Mon 27th April 2009 - 12:37pm
Australia shares up 1.6 pct Biota jumps
SYDNEY- April 27 - Australian shares rose 1.1 percent on Monday- buoyed by banks- miners and a takeover of brewer Lion Nathan LNN- while drug maker Biota Holdings Ltd BTA rocketed on the prospect of a swine flu outbreak boosting sales of its vaccines. ...
Mon 27th April 2009 - 12:32pm
SYDNEY- April 27 - Australian shares rose 1.1 percent on Monday- buoyed by banks- miners and a takeover of brewer Lion Nathan LNN- while drug maker Biota Holdings Ltd BTA rocketed on the prospect of a swine flu outbreak boosting sales of its vaccines. ...
Mon 27th April 2009 - 12:32pm
Geothermal venture has well problem
A project aimed at generating electricity from geothermal energy has been suspended in South Australias far north because of an unexplained incident. ...
Mon 27th April 2009 - 12:21pm
A project aimed at generating electricity from geothermal energy has been suspended in South Australias far north because of an unexplained incident. ...
Mon 27th April 2009 - 12:21pm
Alesco to sell scientific arm
The distributors Alesco Corporation have agreed to sell their scientific and medical division and say they intend to resume paying dividends. ...
Mon 27th April 2009 - 12:12pm
The distributors Alesco Corporation have agreed to sell their scientific and medical division and say they intend to resume paying dividends. ...
Mon 27th April 2009 - 12:12pm
Union- Chrysler- Fiat reach deal
The United Auto Workers union says it has reached a concession agreement with Chrysler- Fiat and the US government. ...
Mon 27th April 2009 - 12:10pm
The United Auto Workers union says it has reached a concession agreement with Chrysler- Fiat and the US government. ...
Mon 27th April 2009 - 12:10pm
XXXX- Tooheys brewer agrees to Japanese takeover
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 11:57am
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 11:57am
Macmahon cuts jobs as profits plummet
The engineering contractor Macmahon Holdings will cut 360 jobs and freeze wages after forecasting second-half profits will collapse. ...
Mon 27th April 2009 - 11:54am
The engineering contractor Macmahon Holdings will cut 360 jobs and freeze wages after forecasting second-half profits will collapse. ...
Mon 27th April 2009 - 11:54am
Brewer's stock fizzes after Kirin offer
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 11:49am
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 11:49am
Australia shares up 1.6 pct swine flu hits Qantas
SYDNEY- April 27 - Australian shares rose 1.6 percent on Monday- buoyed by banks- miners and a takeover of brewer Lion Nathan LNN- but concerns about an international swine flu outbreak hit shares in airline Qantas QAN. ...
Mon 27th April 2009 - 11:49am
SYDNEY- April 27 - Australian shares rose 1.6 percent on Monday- buoyed by banks- miners and a takeover of brewer Lion Nathan LNN- but concerns about an international swine flu outbreak hit shares in airline Qantas QAN. ...
Mon 27th April 2009 - 11:49am
Citadel Resource Group Limited ASX-CGG Announced Excellent Results From Infill Drilling Program At Lode 2- Jabal Sayid Project
Melbourne- Australia- Apr 27- 2009 - ABN Newswire - Citadel Resource Group Limited ASX-CGG Results for 11 new diamond drill holes announced today by Citadel Resource Group Limited on its Jabal Sayid project in Saudi Arabia continue to expand the size of the Lode 2 resource. ...
Mon 27th April 2009 - 11:44am
Melbourne- Australia- Apr 27- 2009 - ABN Newswire - Citadel Resource Group Limited ASX-CGG Results for 11 new diamond drill holes announced today by Citadel Resource Group Limited on its Jabal Sayid project in Saudi Arabia continue to expand the size of the Lode 2 resource. ...
Mon 27th April 2009 - 11:44am
Citadel Resource Group Limited ASX-CGG Announces Its Quarterly Report For The Period Ending 30 March 2009
Melbourne- Australia- Apr 27- 2009 - ABN Newswire - Citadel Resource Group Limited ASX-CGG in late March was placed in a 48 hour trading halt to raise capital from Institutional Investors. The capital raising was successful. Shares totalling 213-456-000 were placed at 10.5 cents per share- raising a total amount of A $22-412-880 before costs. ...
Mon 27th April 2009 - 11:42am
Melbourne- Australia- Apr 27- 2009 - ABN Newswire - Citadel Resource Group Limited ASX-CGG in late March was placed in a 48 hour trading halt to raise capital from Institutional Investors. The capital raising was successful. Shares totalling 213-456-000 were placed at 10.5 cents per share- raising a total amount of A $22-412-880 before costs. ...
Mon 27th April 2009 - 11:42am
Lion Nathan agrees to Kirin takeover
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 11:39am
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 11:39am
CORRECTED-Oil retreats below $51 on risk aversion- flu fears
PERTH- April 27 - Oil prices retreated below $51 a barrel on Monday- giving back some of the previous sessions near 4 percent gain- on on fears of a global flu pandemic after an outbreak of swine flu in Mexico. ...
Mon 27th April 2009 - 11:34am
PERTH- April 27 - Oil prices retreated below $51 a barrel on Monday- giving back some of the previous sessions near 4 percent gain- on on fears of a global flu pandemic after an outbreak of swine flu in Mexico. ...
Mon 27th April 2009 - 11:34am
Oil falls over 2 pct towards $50 on swine flu fears
PERTH- April 27 - Oil prices fell over 2 percent towards $50 a barrel on Monday- paring some of the previous sessions near 4 percent gain- on fears of a global flu pandemic after an outbreak of swine flu in Mexico. ...
Mon 27th April 2009 - 11:18am
PERTH- April 27 - Oil prices fell over 2 percent towards $50 a barrel on Monday- paring some of the previous sessions near 4 percent gain- on fears of a global flu pandemic after an outbreak of swine flu in Mexico. ...
Mon 27th April 2009 - 11:18am
New building inspectors for ACT
Four new building inspectors will soon be visiting construction sites across the ACT- with funding for the roles expected in the ACT Budget. ...
Mon 27th April 2009 - 10:58am
Four new building inspectors will soon be visiting construction sites across the ACT- with funding for the roles expected in the ACT Budget. ...
Mon 27th April 2009 - 10:58am
XXXX- Tooheys brewer agrees to Japanese takeover
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:57am
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:57am
XXXX- Tooheys brewer agrees to Japanese takeover
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:56am
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:56am
Rex Minerals Limited ASX-RXM Quarterly Activities Report For The Period Ended 31 March 2009
Melbourne- Australia- Apr 27- 2009 - ABN Newswire - Rex Minerals Limited ASX-RXM has achieved outstanding success during the quarter- with two major copper discoveries in two separate Projects. Each project offers different opportunities in terms of potential scale and time to a possible development. ...
Mon 27th April 2009 - 10:51am
Melbourne- Australia- Apr 27- 2009 - ABN Newswire - Rex Minerals Limited ASX-RXM has achieved outstanding success during the quarter- with two major copper discoveries in two separate Projects. Each project offers different opportunities in terms of potential scale and time to a possible development. ...
Mon 27th April 2009 - 10:51am
Union- Chrysler- Fiat reach deal
The United Auto Workers union says it has reached a concession agreement with Chrysler- Fiat and the US government. ...
Mon 27th April 2009 - 10:50am
The United Auto Workers union says it has reached a concession agreement with Chrysler- Fiat and the US government. ...
Mon 27th April 2009 - 10:50am
Market up in early trade
The Australian share market has surged almost 1 per cent in early trade after better-than-expected economic news boosted Wall Street at the end of last week. ...
Mon 27th April 2009 - 10:43am
The Australian share market has surged almost 1 per cent in early trade after better-than-expected economic news boosted Wall Street at the end of last week. ...
Mon 27th April 2009 - 10:43am
Develop Top End ports- Resources Council urges
The Northern Territory Resources Council says it hopes the Federal Government boosts funding to develop roads and ports in the Territory. ...
Mon 27th April 2009 - 10:42am
The Northern Territory Resources Council says it hopes the Federal Government boosts funding to develop roads and ports in the Territory. ...
Mon 27th April 2009 - 10:42am
Metallica Minerals Limited ASX-MLM- QOLs Largest Shareholder Accepts- Metallica To Waive 90 Condition- Upon Receiving Acceptances For 50.1
Brisbane- Australia- Apr 27- 2009 - ABN Newswire - Metallica Minerals Limited ASX-MLM is pleased to advise that Queensland Ores Limiteds ASX-QOL largest shareholder- Talbot Group Holdings Pty Ltd- a company related to Mr Ken Talbot- has accepted Metallicas offer. Metallica now holds a relevant interest in 10.36 of QOL shares. The Talbot Group had approximately 5.25 of QOL. ...
Mon 27th April 2009 - 10:37am
Brisbane- Australia- Apr 27- 2009 - ABN Newswire - Metallica Minerals Limited ASX-MLM is pleased to advise that Queensland Ores Limiteds ASX-QOL largest shareholder- Talbot Group Holdings Pty Ltd- a company related to Mr Ken Talbot- has accepted Metallicas offer. Metallica now holds a relevant interest in 10.36 of QOL shares. The Talbot Group had approximately 5.25 of QOL. ...
Mon 27th April 2009 - 10:37am
XXXX brewer agrees to Japanese takeover
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:25am
Australias second largest brewer Lion Nathan has agreed to a $6.5 billion takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:25am
Former Allco CEO resigns from AMP board
The former Allco Finance Group chief executive and director David Clarke says he won't stand for re-election to the AMP Ltd board. ...
Mon 27th April 2009 - 10:24am
The former Allco Finance Group chief executive and director David Clarke says he won't stand for re-election to the AMP Ltd board. ...
Mon 27th April 2009 - 10:24am
Oil retreats below $51 on risk aversion- flu fears
PERTH- April 27 - Oil prices retreated below $51 a barrel on Monday- giving back some of the previous sessions near 4 percent gain- on risk aversion following a deadly swine flu pandemic emerging from Mexico. ...
Mon 27th April 2009 - 10:22am
PERTH- April 27 - Oil prices retreated below $51 a barrel on Monday- giving back some of the previous sessions near 4 percent gain- on risk aversion following a deadly swine flu pandemic emerging from Mexico. ...
Mon 27th April 2009 - 10:22am
Power outage affects thousands of homes
Power and Water says a major fault at a roadside substation in Wanguri caused this mornings power outage which affected 3000 customers in Darwins Northern Suburbs. ...
Mon 27th April 2009 - 10:17am
Power and Water says a major fault at a roadside substation in Wanguri caused this mornings power outage which affected 3000 customers in Darwins Northern Suburbs. ...
Mon 27th April 2009 - 10:17am
Australia shares up 1 pct on Wall Street lead
SYDNEY- April 27 - Australian shares rose 1.0 percent on Monday after better-than-expected company and economic data boosted U.S. stocks at the end of last week. ...
Mon 27th April 2009 - 10:15am
SYDNEY- April 27 - Australian shares rose 1.0 percent on Monday after better-than-expected company and economic data boosted U.S. stocks at the end of last week. ...
Mon 27th April 2009 - 10:15am
XXXX brewer agrees to Japanese takeover
Australias second largest brewer Lion Nathan has agreed to a takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:13am
Australias second largest brewer Lion Nathan has agreed to a takeover deal with Japanese beer maker Kirin Holdings. ...
Mon 27th April 2009 - 10:13am
Macmahon's mining profits plummet
The civil engineering and mining-services firm Macmahon Holdings says its second-half profits are likely to collapse as mining contracts are cancelled. ...
Mon 27th April 2009 - 09:43am
The civil engineering and mining-services firm Macmahon Holdings says its second-half profits are likely to collapse as mining contracts are cancelled. ...
Mon 27th April 2009 - 09:43am
Lion Nathan agrees to Kirin takeover
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 09:28am
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 09:28am
Report predicts less building work
Construction work in the engineering sector will fall by 20 per cent in the next two years despite extra federal government works- an economic forecaster says. ...
Mon 27th April 2009 - 09:19am
Construction work in the engineering sector will fall by 20 per cent in the next two years despite extra federal government works- an economic forecaster says. ...
Mon 27th April 2009 - 09:19am
NYMEX-Oil retreats below $51 after strong gains
PERTH- April 27 - Oil retreated below $51 a barrel a Monday- erasing some of the previous sessions gains that had been fuelled by firmer stock markets and a weaker U.S. dollar. ...
Mon 27th April 2009 - 09:18am
PERTH- April 27 - Oil retreated below $51 a barrel a Monday- erasing some of the previous sessions gains that had been fuelled by firmer stock markets and a weaker U.S. dollar. ...
Mon 27th April 2009 - 09:18am
Lion Nathan agrees to Kirin takeover
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 09:14am
The directors of Australia's second-biggest brewer have agreed to sell to the Japanese company Kirin. ...
Mon 27th April 2009 - 09:14am
Govt throws lifeline to mortgage strugglers
The Federal Government says it is making changes to credit and mortgage contracts to make it easier for people to hold on to their homes when they are hit by hard times. ...
Mon 27th April 2009 - 08:50am
The Federal Government says it is making changes to credit and mortgage contracts to make it easier for people to hold on to their homes when they are hit by hard times. ...
Mon 27th April 2009 - 08:50am
ACL directors accept loan conditions
The directors of the troubled Launceston car parts manufacturer- ACL Bearing- have accepted the conditions of a State Government loan. ...
Mon 27th April 2009 - 08:38am
The directors of the troubled Launceston car parts manufacturer- ACL Bearing- have accepted the conditions of a State Government loan. ...
Mon 27th April 2009 - 08:38am
Report predicts less building work
Construction work in the engineering sector will fall by 20 per cent in the next two years despite extra federal government works- an economic forecaster says. ...
Mon 27th April 2009 - 08:36am
Construction work in the engineering sector will fall by 20 per cent in the next two years despite extra federal government works- an economic forecaster says. ...
Mon 27th April 2009 - 08:36am
Cautious Global Optimism
The Group of 20- Group of Seven and the IMF and World Bank meetings couldnt do much for the world economy- except to confirm that the recession is intense and will not ease for months.But even so- there were more encouraging comments from a spate of leaders and these groups which continue to suggest that the collapse is over although the recession persists and will do so for some months to come.Federal Treasurer- Wayne Swan said on Saturday that Australia will be dragged into recession by the global slump- but is doing better than other developed nations as explained in Air Weekly Friday.In fact there was no talk of green shoots or cloud breaks from -amp 160Mr Swan.He told reporters in a quick interview during the G-20 meeting that the Government faced a tough task in preparing its May 12 budget amid -amp quotperhaps the most difficult set of circumstances for the framing of a budget in 75 years -amp quot. -amp quotTheres no doubt that theres a very sharp contraction to growth in Australia and we are certainly being dragged into recession by the global economy- -amp quot Mr Swan told reporters. -amp quotTheres no doubt the sharp contraction in global growth thats evident in many of the finance ministers countries in the room with me today has dragged Australia into recession. -amp 160 -amp quotBut I can tell you one thing - there wouldnt be a finance minister in that room who wouldnt swap places with Australia. -amp quotThe contraction to growth in the developed world is well in excess of three per cent- much greater than the forecast contraction of the IMF for Australia. -amp quot -amp quotWhat it means is we have to put in place every possible stimulus we can in a responsible way to cushion the Australian economy from the effect of this global recession- -amp quot Mr Swan said.Then he told the Ten Network yesterday from Washington- shortly before leaving for Australia back this morning that the worldwide recession is likely to be deeper and longer than previously thought. -amp quotTalking to finance ministers here this weekend- its pretty clear this recession is deep and it will probably go for longer than many had anticipated only a short time ago- -amp quot Mr Swan told Network Ten. -amp quotMany felt that this episode had some way to go. -amp quotThe treasurer said the sobering outlook reinforced the need for further -amp quoturgent co-ordinated international action -amp quot and continued economic stimulus on the domestic front.The Group of Seven major economies said in a statement they expected global economic activity to begin to recover later this year. -amp quotRecent data suggest that the pace of decline in our economies has slowed and some signs of stabilisation are emerging- -amp quot a G7 statement said. -amp quotEconomic activity should begin to recover later this year amid a continued weak outlook and downside risks persist. -amp quotThe G7 - Britain- Canada- France- Germany- Italy- Japan and the United States - said they were -amp quotcommitted to act together to restore jobs and growth and to prevent a crisis of this magnitude from occurring again -amp quot. -amp quotWe will take whatever actions are necessary to accelerate the return to trend growth rates while preserving long-term fiscal sustainability- -amp quot the G7 said- apparently referring to concerns that governments are taking on too much debt to fund economic. -amp quotWe are right to be somewhat encouraged- but we would be wrong to conclude that we are close to emerging from the darkness that descended on the global economy early last fall- -amp quot US Treasury Secretary Timothy Geithner said in a statement.Economists said it was a less dire assessment than the G7 delivered at its last official gathering in February- when leaders warned that the severe downturn would persist through most of 2009 and made no mention of promising signs of stability. -amp quotRecent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging- -amp quot the G7 said in a closing communiqué. -amp quotWe will continue to act- as needed- to restore lending- provide liquidity support- inject capital into financial institutions- protect savings and deposits and address impaired assets. -amp 160 -amp quotWe reaffirm our commitment to take all necessary actions to ensure the soundness of systemically important institutions- -amp quot the statement said. -amp quotSigns of stabilization- thats also an expression with a question mark. But we understand that the G7 statement has indirectly expressed the view that the worst may be possibly over for the world economy- -amp quot said Japanese Finance Minister Kaoru Yosano.In a separate report in the Financial Times- Mr Geithner wrote that the global economy has shown signs that the worst of the recession may be easing in recent weeks. -amp quotIn recent weeks- there have been some encouraging signs that the global economic downturn may be slackening- -amp quot he wrote. -amp quotConditions in some financial markets have improved and the decline in world trade may be abating. -amp quotSome banking sector economists are talking up the recovery story after scattered reports from the housing- services and parts of manufacturing suggested that things are at least- getting worse at a less threatening pace than previously.Industry output sank further in the United States and Europe in March but less steeply than in previous months- while Chinas accelerated from record lows of earlier this year. -amp 160 -amp quotPMI surveys of corporate business managers improved somewhat too across much of the world. Some of these reports on confidence will be updated this week in the US and other economies.The intensity of the slump was emphasised with the news that the stricken British economy is feeling a slump more intense than previously thought.The UK economy shrank more than economists forecast in the first quarter in the biggest contraction since Margaret Thatcher came to power in 1979.Gross domestic product fell 1.9 from the final three months of 2008 as manufacturing and business services posted record declines.Thats worse than forecasts of a 1.5 fall. The fall in 2008 was 4.1.The countrys National Statistics Office said UK business services and finance shrank 1.8- the most since records for the category began in 1983 while manufacturing contracted 6.2- the biggest drop since 1948.Britain is the first Group of Seven nation to report first quarter GDP data. The US reports Wednesday night- our time.Elsewhere in Europe reports told a very mixed story- Spanish unemployment hit a decade-high of 17.4- but Germanys Ifo business confidence index rose for the first time in 11 months.In the US figures out Friday showed that the backlog of unsold new fell sharply in March in the biggest drop in more than 45 years. It was yet another report that suggested conditions in the black hole of US housing were at least moderating.Inventory levels were down a record 33.7 since March 2008- and the supply of homes available for sale shrank to 10.7 months in March from Februarys 11.2 months.A separate Commerce Department report showed applications for permits to build new homes were off 8.5 in March from February and 44.6 from March 2008.Economists said that fall in new permits seems to be part of the explanation for the reduction in the unsold backlog. Buyers are not lifting purchases of new houses sales fell 0.6 in March from February- despite a fall in the average price which hit $US201-400 from $US208-700.February sales were weaker than originally thought and US analysts say the hopes for a rebound in the northern Spring selling season are fading.Sales of existing homes sank in March and the February increase was revised lower- suggesting no imminent bottom for housing or the 16-month recession.But housing affordability continues to improve and that remains the hope of eventually attracting people back to home buying in sufficient numbers of stabilise the sectors weakness.The report showed they rose 8.2- compared with the 4.7 gain previously reported and which sparked some of the renewed optimism that the worst had passed for housing.A separate report on durable goods orders however showed continuing weakness persists in manufacturing- but even that was slightly better than some forecasts.New orders for US manufactured goods fell 0.8 in March- around half the 1.5 fall estimated in surveys by and Bloomberg.In Asia Friday- figures showed that the South Korean economy grew 0.1 from December- thanks to a slowing in the falls in exports and production as the impact of the Wons fall kicked in and the stimulus spending by the Government boosted demand.But it was still down 4.3 from the same quarter of 2008.The growth marked a sharp recovery from the fourth quarter of 2008- when GDP shrank a sharp 5.1 on the third quarter.Manufacturing sector fell 3.2 in the quarter- export of goods fell 3.4- imports dropped 7- with declines in machinery and electronic products- but the construction sector grew 6.1 in the quarter- -amp quotattributable to an increase in civil engineering- -amp quot following increased government spending. And services rose 0.3.A senior official with the IMF more accurately described the data flow at the moment from the worlds economies as akin to a break in the clouds.That sounds more apt that the green shoots many analysts have been referring to. -amp 160 ...
Mon 27th April 2009 - 08:32am
The Group of 20- Group of Seven and the IMF and World Bank meetings couldnt do much for the world economy- except to confirm that the recession is intense and will not ease for months.But even so- there were more encouraging comments from a spate of leaders and these groups which continue to suggest that the collapse is over although the recession persists and will do so for some months to come.Federal Treasurer- Wayne Swan said on Saturday that Australia will be dragged into recession by the global slump- but is doing better than other developed nations as explained in Air Weekly Friday.In fact there was no talk of green shoots or cloud breaks from -amp 160Mr Swan.He told reporters in a quick interview during the G-20 meeting that the Government faced a tough task in preparing its May 12 budget amid -amp quotperhaps the most difficult set of circumstances for the framing of a budget in 75 years -amp quot. -amp quotTheres no doubt that theres a very sharp contraction to growth in Australia and we are certainly being dragged into recession by the global economy- -amp quot Mr Swan told reporters. -amp quotTheres no doubt the sharp contraction in global growth thats evident in many of the finance ministers countries in the room with me today has dragged Australia into recession. -amp 160 -amp quotBut I can tell you one thing - there wouldnt be a finance minister in that room who wouldnt swap places with Australia. -amp quotThe contraction to growth in the developed world is well in excess of three per cent- much greater than the forecast contraction of the IMF for Australia. -amp quot -amp quotWhat it means is we have to put in place every possible stimulus we can in a responsible way to cushion the Australian economy from the effect of this global recession- -amp quot Mr Swan said.Then he told the Ten Network yesterday from Washington- shortly before leaving for Australia back this morning that the worldwide recession is likely to be deeper and longer than previously thought. -amp quotTalking to finance ministers here this weekend- its pretty clear this recession is deep and it will probably go for longer than many had anticipated only a short time ago- -amp quot Mr Swan told Network Ten. -amp quotMany felt that this episode had some way to go. -amp quotThe treasurer said the sobering outlook reinforced the need for further -amp quoturgent co-ordinated international action -amp quot and continued economic stimulus on the domestic front.The Group of Seven major economies said in a statement they expected global economic activity to begin to recover later this year. -amp quotRecent data suggest that the pace of decline in our economies has slowed and some signs of stabilisation are emerging- -amp quot a G7 statement said. -amp quotEconomic activity should begin to recover later this year amid a continued weak outlook and downside risks persist. -amp quotThe G7 - Britain- Canada- France- Germany- Italy- Japan and the United States - said they were -amp quotcommitted to act together to restore jobs and growth and to prevent a crisis of this magnitude from occurring again -amp quot. -amp quotWe will take whatever actions are necessary to accelerate the return to trend growth rates while preserving long-term fiscal sustainability- -amp quot the G7 said- apparently referring to concerns that governments are taking on too much debt to fund economic. -amp quotWe are right to be somewhat encouraged- but we would be wrong to conclude that we are close to emerging from the darkness that descended on the global economy early last fall- -amp quot US Treasury Secretary Timothy Geithner said in a statement.Economists said it was a less dire assessment than the G7 delivered at its last official gathering in February- when leaders warned that the severe downturn would persist through most of 2009 and made no mention of promising signs of stability. -amp quotRecent data suggest that the pace of decline in our economies has slowed and some signs of stabilization are emerging- -amp quot the G7 said in a closing communiqué. -amp quotWe will continue to act- as needed- to restore lending- provide liquidity support- inject capital into financial institutions- protect savings and deposits and address impaired assets. -amp 160 -amp quotWe reaffirm our commitment to take all necessary actions to ensure the soundness of systemically important institutions- -amp quot the statement said. -amp quotSigns of stabilization- thats also an expression with a question mark. But we understand that the G7 statement has indirectly expressed the view that the worst may be possibly over for the world economy- -amp quot said Japanese Finance Minister Kaoru Yosano.In a separate report in the Financial Times- Mr Geithner wrote that the global economy has shown signs that the worst of the recession may be easing in recent weeks. -amp quotIn recent weeks- there have been some encouraging signs that the global economic downturn may be slackening- -amp quot he wrote. -amp quotConditions in some financial markets have improved and the decline in world trade may be abating. -amp quotSome banking sector economists are talking up the recovery story after scattered reports from the housing- services and parts of manufacturing suggested that things are at least- getting worse at a less threatening pace than previously.Industry output sank further in the United States and Europe in March but less steeply than in previous months- while Chinas accelerated from record lows of earlier this year. -amp 160 -amp quotPMI surveys of corporate business managers improved somewhat too across much of the world. Some of these reports on confidence will be updated this week in the US and other economies.The intensity of the slump was emphasised with the news that the stricken British economy is feeling a slump more intense than previously thought.The UK economy shrank more than economists forecast in the first quarter in the biggest contraction since Margaret Thatcher came to power in 1979.Gross domestic product fell 1.9 from the final three months of 2008 as manufacturing and business services posted record declines.Thats worse than forecasts of a 1.5 fall. The fall in 2008 was 4.1.The countrys National Statistics Office said UK business services and finance shrank 1.8- the most since records for the category began in 1983 while manufacturing contracted 6.2- the biggest drop since 1948.Britain is the first Group of Seven nation to report first quarter GDP data. The US reports Wednesday night- our time.Elsewhere in Europe reports told a very mixed story- Spanish unemployment hit a decade-high of 17.4- but Germanys Ifo business confidence index rose for the first time in 11 months.In the US figures out Friday showed that the backlog of unsold new fell sharply in March in the biggest drop in more than 45 years. It was yet another report that suggested conditions in the black hole of US housing were at least moderating.Inventory levels were down a record 33.7 since March 2008- and the supply of homes available for sale shrank to 10.7 months in March from Februarys 11.2 months.A separate Commerce Department report showed applications for permits to build new homes were off 8.5 in March from February and 44.6 from March 2008.Economists said that fall in new permits seems to be part of the explanation for the reduction in the unsold backlog. Buyers are not lifting purchases of new houses sales fell 0.6 in March from February- despite a fall in the average price which hit $US201-400 from $US208-700.February sales were weaker than originally thought and US analysts say the hopes for a rebound in the northern Spring selling season are fading.Sales of existing homes sank in March and the February increase was revised lower- suggesting no imminent bottom for housing or the 16-month recession.But housing affordability continues to improve and that remains the hope of eventually attracting people back to home buying in sufficient numbers of stabilise the sectors weakness.The report showed they rose 8.2- compared with the 4.7 gain previously reported and which sparked some of the renewed optimism that the worst had passed for housing.A separate report on durable goods orders however showed continuing weakness persists in manufacturing- but even that was slightly better than some forecasts.New orders for US manufactured goods fell 0.8 in March- around half the 1.5 fall estimated in surveys by and Bloomberg.In Asia Friday- figures showed that the South Korean economy grew 0.1 from December- thanks to a slowing in the falls in exports and production as the impact of the Wons fall kicked in and the stimulus spending by the Government boosted demand.But it was still down 4.3 from the same quarter of 2008.The growth marked a sharp recovery from the fourth quarter of 2008- when GDP shrank a sharp 5.1 on the third quarter.Manufacturing sector fell 3.2 in the quarter- export of goods fell 3.4- imports dropped 7- with declines in machinery and electronic products- but the construction sector grew 6.1 in the quarter- -amp quotattributable to an increase in civil engineering- -amp quot following increased government spending. And services rose 0.3.A senior official with the IMF more accurately described the data flow at the moment from the worlds economies as akin to a break in the clouds.That sounds more apt that the green shoots many analysts have been referring to. -amp 160 ...
Mon 27th April 2009 - 08:32am
Heavy trucks to bypass Canberra Airport
A $30 million project to allow trucks to bypass roads around the Canberra airport has been given the go ahead. ...
Mon 27th April 2009 - 08:31am
A $30 million project to allow trucks to bypass roads around the Canberra airport has been given the go ahead. ...
Mon 27th April 2009 - 08:31am
Markets Surge Halts
A pause that refreshes or something a bit more ominous for market bulls- such as running out of gasWhatever the reason- last weeks pause in the market rebound in most major markets except for the tech-dominated Nasdaq ended the seven week rally for the time being.Europe- Asia- Australia and the Dow and the Standard -amp 38 Poors 500 Index all ended the week lower for the first time since the green shoots rebound started in February.London went against the trend with a solid gain. Nasdaq did the same on results seen as encouraging.This week could very well see another sideways movement as investors await details of the results of the stress tests of the balance sheets of the USs 19 biggest banks.Details are sure to start leaking into the markets this week in less than complete detail- which will increase nervousness.The Federal Reserve said on Friday that the top 19 banks need to hold a -amp quotsubstantial -amp quot amount of capital above regulatory requirements to weather a potential worsening of the economic recession.Its white paper on bank stress tests was outlined- but didnt provide any detail of the test results. They come May 4..Chrysler could be forced to file for bankruptcy this week if the banks and bond holders wont fall into line on a low ball government deal.According to media reports- General Motors might be releasing its new business plan tonight- US time. -amp 160That plan will form the basis of talks and a deal with the government on further aid. Lots of agreements are still be nailed down- but GM would appear to be better placed than Chrysler.Another four regional banks went bust over the weekend to bring the total so far this year to 29.More corporate earnings reports will hit investor confidence- especially with several big media and consumer products groups to report.Another wildcard factor is the sudden appearance of a worrying outbreak of Swine flu in Mexico- the US- and possibly the UK. -amp 160Hundreds of people are reported to have been infected in North America- theres fears passengers just arriving in the UK and Europe from the US may be carrying the infection.At least 81 people have died in Mexico- it could be more as more records are checked and the World Health Organisation has started issuing global alerts- as it did when the last worrying outbreak happened in China and Asia in 2003 when Sars first appeared.Sars hurt China and several other economies- but damaged airlines in the Asia region in particular. This flu could have a similar impact on North America and could also hurt airlines- trade and other business interaction because the US and Mexico are strongly interlinked.The already damaged economies and consumer confidence in the US- Mexico and perhaps Canada could be impacted by a any shutdown on travel and transport links between the countries and even between US states by authorities trying to control the infection.Outbreaks of swine flu infections have been reported from California- Texas- -amp 160Ohio and New York states in the US in the past 24 hours. -amp 160Canada has reported cases and possibly -amp 160new Zealand.For last week- the Dow fell 0.7 and the S -amp 38P 0.4. The Nasdaq rose 1.3The falls ended the six week winning streak for both indexes- the Nasdaq extended its winning streak to seven straight weeks- its longest string of gains since early May 2007- according to and Bloomberg.Friday saw oil and global shares rally on most markets after results at Ford a smaller than forecast loss and others showed companies are weathering the recession while better US and German economic news offset more other reports containing bleak economic data such as the worst fall in UK economic growth in 30 years in the first quarter.Oil jumped above $US51 a barrel- following equities higher. The weaker greenback helped.The S -amp 38P 500 was up more than 2 in late trading- then retreated- ending up 1.68 on the day.The US government is planning to sell a mass of bonds this week- which helped push up long term market rates. -amp 160Not helping confidence in global bond markets is worries that the UK is in desperate shape and could lose its Triple A credit rating as it issues more and more bonds to fund a ballooning deficit.The unemployment rate in Spain soared to above 17- which also hurt bond markets.The FTSEurofirst 300 index of top European shares ended 2.3 higher at 810.38 points Friday- but fell for the week. It was the first weekly loss in the past seven weeks.But London went against the trend with the Footsie up to a two month high.The FTSE 100 added 3.4 Friday to take the weeks gain to 1.5. The Foostie is up 18 since the low in March.The Dow Jones Stoxx 600 Index eased 0.6 over the week- ending the longest streak of weekly gains on the measure since 2006. The index had rallied 24 since the lows reached March 9.Asian stocks fell on earnings disappointments- ending the regions best gain in 18 months.The MSCI Asia Pacific Index slipped 0.4 last week- following a 25 rally in the previous six weeks.Japans Nikkei and Hong Kongs Hang Seng Index both dropped by 2.2. Thailands SET Index rose 3.8 after Prime Minister Abhisit Vejjajiva ended 12 days of emergency rule in Bangkok.Australia fell 1.6 over the week.New York oil futures rose $US1.93 to settle at $US51.55 a barrel. London Brent crude rose $US1.56 to close at $US51.67.Gold jumped to a three-week high before easing- boosted by the prospect of further purchases by China after the country said it had been buying the precious metal since 2003.Gold for June delivery settled up $US7.50 at $US914.10 an ounce in New York.That was after China- which has the biggest gold and foreign-currency reserves- revealed that it had increased its gold holdings by 76 since 2003.Media reports said Hu Xiaolian- the head of the Chinas State Administration of Foreign Exchange said the country had added 454 tonnes of gold to its reserves- which rose to 1-054 tonnes.The buying was done through domestic dealing and scrap refining.Dealers said the comments will mean expectations of further Chinese purchases will now rise and be mentioned whenever theres activity in the metal that cant be readily explained.Chinas forex reserves grew from $US623 billion at the start of 2005 to $US1-906 billion at the end of September last year.But in the last six months growth has all but stopped- the countrys reserves have risen by just $US7.7 billion in the March quarter of this year.That means smaller new purchases of everything from US Treasuries to gold.Even after the latest purchases- China has a very small percentage of its reserves in gold- far below the US or other developed countries.China became last year the worlds largest producer of gold- topping South Africa.Copper rose in New York on Friday- ending a four day slide.Stocks monitored by the London Metal Exchange fell 2.5 Friday to 429-550 tonnes. It was the 10th successive daily fall. LME stocks have fallen 14 so far this month.Supplies overseen by the Shanghai Futures Exchange fell by a huge 34 to 15-051 tonnes.Comex July copper futures rose 5.9c- or 3- to $US2.05 a pound in New York.That however left the most-active contract still off 6.7 over the week. ...
Mon 27th April 2009 - 08:29am
A pause that refreshes or something a bit more ominous for market bulls- such as running out of gasWhatever the reason- last weeks pause in the market rebound in most major markets except for the tech-dominated Nasdaq ended the seven week rally for the time being.Europe- Asia- Australia and the Dow and the Standard -amp 38 Poors 500 Index all ended the week lower for the first time since the green shoots rebound started in February.London went against the trend with a solid gain. Nasdaq did the same on results seen as encouraging.This week could very well see another sideways movement as investors await details of the results of the stress tests of the balance sheets of the USs 19 biggest banks.Details are sure to start leaking into the markets this week in less than complete detail- which will increase nervousness.The Federal Reserve said on Friday that the top 19 banks need to hold a -amp quotsubstantial -amp quot amount of capital above regulatory requirements to weather a potential worsening of the economic recession.Its white paper on bank stress tests was outlined- but didnt provide any detail of the test results. They come May 4..Chrysler could be forced to file for bankruptcy this week if the banks and bond holders wont fall into line on a low ball government deal.According to media reports- General Motors might be releasing its new business plan tonight- US time. -amp 160That plan will form the basis of talks and a deal with the government on further aid. Lots of agreements are still be nailed down- but GM would appear to be better placed than Chrysler.Another four regional banks went bust over the weekend to bring the total so far this year to 29.More corporate earnings reports will hit investor confidence- especially with several big media and consumer products groups to report.Another wildcard factor is the sudden appearance of a worrying outbreak of Swine flu in Mexico- the US- and possibly the UK. -amp 160Hundreds of people are reported to have been infected in North America- theres fears passengers just arriving in the UK and Europe from the US may be carrying the infection.At least 81 people have died in Mexico- it could be more as more records are checked and the World Health Organisation has started issuing global alerts- as it did when the last worrying outbreak happened in China and Asia in 2003 when Sars first appeared.Sars hurt China and several other economies- but damaged airlines in the Asia region in particular. This flu could have a similar impact on North America and could also hurt airlines- trade and other business interaction because the US and Mexico are strongly interlinked.The already damaged economies and consumer confidence in the US- Mexico and perhaps Canada could be impacted by a any shutdown on travel and transport links between the countries and even between US states by authorities trying to control the infection.Outbreaks of swine flu infections have been reported from California- Texas- -amp 160Ohio and New York states in the US in the past 24 hours. -amp 160Canada has reported cases and possibly -amp 160new Zealand.For last week- the Dow fell 0.7 and the S -amp 38P 0.4. The Nasdaq rose 1.3The falls ended the six week winning streak for both indexes- the Nasdaq extended its winning streak to seven straight weeks- its longest string of gains since early May 2007- according to and Bloomberg.Friday saw oil and global shares rally on most markets after results at Ford a smaller than forecast loss and others showed companies are weathering the recession while better US and German economic news offset more other reports containing bleak economic data such as the worst fall in UK economic growth in 30 years in the first quarter.Oil jumped above $US51 a barrel- following equities higher. The weaker greenback helped.The S -amp 38P 500 was up more than 2 in late trading- then retreated- ending up 1.68 on the day.The US government is planning to sell a mass of bonds this week- which helped push up long term market rates. -amp 160Not helping confidence in global bond markets is worries that the UK is in desperate shape and could lose its Triple A credit rating as it issues more and more bonds to fund a ballooning deficit.The unemployment rate in Spain soared to above 17- which also hurt bond markets.The FTSEurofirst 300 index of top European shares ended 2.3 higher at 810.38 points Friday- but fell for the week. It was the first weekly loss in the past seven weeks.But London went against the trend with the Footsie up to a two month high.The FTSE 100 added 3.4 Friday to take the weeks gain to 1.5. The Foostie is up 18 since the low in March.The Dow Jones Stoxx 600 Index eased 0.6 over the week- ending the longest streak of weekly gains on the measure since 2006. The index had rallied 24 since the lows reached March 9.Asian stocks fell on earnings disappointments- ending the regions best gain in 18 months.The MSCI Asia Pacific Index slipped 0.4 last week- following a 25 rally in the previous six weeks.Japans Nikkei and Hong Kongs Hang Seng Index both dropped by 2.2. Thailands SET Index rose 3.8 after Prime Minister Abhisit Vejjajiva ended 12 days of emergency rule in Bangkok.Australia fell 1.6 over the week.New York oil futures rose $US1.93 to settle at $US51.55 a barrel. London Brent crude rose $US1.56 to close at $US51.67.Gold jumped to a three-week high before easing- boosted by the prospect of further purchases by China after the country said it had been buying the precious metal since 2003.Gold for June delivery settled up $US7.50 at $US914.10 an ounce in New York.That was after China- which has the biggest gold and foreign-currency reserves- revealed that it had increased its gold holdings by 76 since 2003.Media reports said Hu Xiaolian- the head of the Chinas State Administration of Foreign Exchange said the country had added 454 tonnes of gold to its reserves- which rose to 1-054 tonnes.The buying was done through domestic dealing and scrap refining.Dealers said the comments will mean expectations of further Chinese purchases will now rise and be mentioned whenever theres activity in the metal that cant be readily explained.Chinas forex reserves grew from $US623 billion at the start of 2005 to $US1-906 billion at the end of September last year.But in the last six months growth has all but stopped- the countrys reserves have risen by just $US7.7 billion in the March quarter of this year.That means smaller new purchases of everything from US Treasuries to gold.Even after the latest purchases- China has a very small percentage of its reserves in gold- far below the US or other developed countries.China became last year the worlds largest producer of gold- topping South Africa.Copper rose in New York on Friday- ending a four day slide.Stocks monitored by the London Metal Exchange fell 2.5 Friday to 429-550 tonnes. It was the 10th successive daily fall. LME stocks have fallen 14 so far this month.Supplies overseen by the Shanghai Futures Exchange fell by a huge 34 to 15-051 tonnes.Comex July copper futures rose 5.9c- or 3- to $US2.05 a pound in New York.That however left the most-active contract still off 6.7 over the week. ...
Mon 27th April 2009 - 08:29am
AAco shareholders to vote on $105m NT stations bid
The Australian Agricultural Company AAco will hold an extraordinary general meeting in Brisbane today for shareholders to vote on the purchase of two Northern Territory properties for $105 million. ...
Mon 27th April 2009 - 08:28am
The Australian Agricultural Company AAco will hold an extraordinary general meeting in Brisbane today for shareholders to vote on the purchase of two Northern Territory properties for $105 million. ...
Mon 27th April 2009 - 08:28am
Corporates- Lion- Woodside- GUD- Seek
We should get an idea this morning if the Kirin brewing group of Japan will be willing to pay a right price for the 54 of local beer maker- Lion Nathan that it doesnt already control.Lion shares were suspended on Thursday when the directors revealed the approach from its biggest shareholder.Lion told the market that the trading halt would last until today to allow talks to happen between the independent directors and Kirin.There has been much talk about the right price- with numbers ranging up to $A11to $12 a share- according to media reports this morning.Lion nicely added to the pressure on Kirin to cough up with the highest possible offer with the early release Friday of its trading update for the half year to March 31. Source -amp quotLion Nathans solid first half beer results have enabled a positive revision to the 2009 full year reported net profit after tax guidance to $305-315 million previously $300-315 million- which represents 12 to 16 growth on the prior year- -amp quot the company said.Lion Nathan said first half reported net profit after tax for the first half was up 6.9 to $176 million. -amp quotThe company expects a higher growth rate in the second half due to innovation momentum- Boags growth accelerating- the timing of Easter and the cycling of the investment period of the prior year where fourth quarter marketing spend and the funding costs relating to the Boags acquisition had a significant impact on results.Net sales revenue for the first half grew 5.5 to $1.18 billion.The company said it was generating strong cash flows and its funding position remained secure- with no debt maturing in the remainder of the 2009 full year.That will make it harder for Kirin to skimp on the offer price. ...
Mon 27th April 2009 - 08:27am
We should get an idea this morning if the Kirin brewing group of Japan will be willing to pay a right price for the 54 of local beer maker- Lion Nathan that it doesnt already control.Lion shares were suspended on Thursday when the directors revealed the approach from its biggest shareholder.Lion told the market that the trading halt would last until today to allow talks to happen between the independent directors and Kirin.There has been much talk about the right price- with numbers ranging up to $A11to $12 a share- according to media reports this morning.Lion nicely added to the pressure on Kirin to cough up with the highest possible offer with the early release Friday of its trading update for the half year to March 31. Source -amp quotLion Nathans solid first half beer results have enabled a positive revision to the 2009 full year reported net profit after tax guidance to $305-315 million previously $300-315 million- which represents 12 to 16 growth on the prior year- -amp quot the company said.Lion Nathan said first half reported net profit after tax for the first half was up 6.9 to $176 million. -amp quotThe company expects a higher growth rate in the second half due to innovation momentum- Boags growth accelerating- the timing of Easter and the cycling of the investment period of the prior year where fourth quarter marketing spend and the funding costs relating to the Boags acquisition had a significant impact on results.Net sales revenue for the first half grew 5.5 to $1.18 billion.The company said it was generating strong cash flows and its funding position remained secure- with no debt maturing in the remainder of the 2009 full year.That will make it harder for Kirin to skimp on the offer price. ...
Mon 27th April 2009 - 08:27am
DIARY- Banks- Economy- Earnings- Cars
Bank profits in Australia- bank fitness- growth- interest rates in the US- growth figures and estimates in Europe and some parts of Asia.It will be another big week for markets as they approach a big test.Four more regional US banks failed at the weekend- making a total of 29 now to have collapsed so far this year. 25 failed in 2008 and 2009 is now the worst year since 1993.Their failures which will cost the US governments FDIC- which ensures deposits- around $US700 million came at the end of a day when the first details of the bank stress tests were released in the US.It was only an outline of the test- no results or conclusions could be reached- although one broker reckoned just one of the 19 banks would have failed.But from tonight onwards details will start seeping out into the market ahead of their formal release on May 4.Analysts say most of the 19 are likely to pass the tests- but some will likely be required to raise additional capital and this will likely see their share prices come under pressure.That could turn the continuing sharemarket rally and make any move to push stricken US car group- Chrysler towards bankruptcy that much more fraught with problems.Chryslers fate remains uncertain- fiat wants in- the banks want a bigger cut than the company and the government wants to give them. It could go to the wire Thursday night- our time.Elsewhere the US Federal Reserve meets midweek and is expected to leave interest rates on hold at 0.25- but the focus will be on quantitative easing where the Fed may announce an increase in its buying of US Treasuries- on fears that the recent rise in bond yields might be bad news for private sector borrowing rates and hence for the economy.US 10 year bond yields finished at 2.99 on Friday night- around 0.02 under where they were when the Fed revealed its move to quantitative easing six weeks ago- after the March meeting.US March quarter GDP data is likely to show the US economy still contracting sharply but at a slower pace than in the December quarter thanks to slightly stronger consumer spending and some signs of a steadying in the housing slump.The AMPs Dr Shane Oliver said -amp quotWe expect March quarter GDP to fall at a 5 annualised rate compared to a 6.3 annualised decline in the December quarter -amp quot.The first estimate of first-quarter real GDP is set for release on Wednesday- the day the Fed concludes its policy meeting and makes a statement at 4.15 am Thursday- our time.Thursday sees reports on weekly jobless claims- data on March personal income and spending- the first-quarter employment costs index and April manufacturing activity in the Midwest.The release of the S -amp 38P-Case-Shiller home price index for February on Tuesday- along with an April index of consumer confidence will tell us more about the state of the US housing sector and the US consumers state of mind.Figures from other surveys suggest the terrible plunge in housing has eased and the drop in prices has slowed.The Case Schiller in the most respected of all measures and will tell us if the remorseless fall in house prices is continuing.April auto sales are due to be released on Friday.As well figures for US consumer confidence- personal income and consumption and the key ISM manufacturing conditions index will also be released this week The latter is tipped to show an improvement- just as we have seen signs of a small improvement in China and Europe.The Bank of Japan is expected to leave rates on hold at 0.1- but could reveal a further step up in quantitative easing- while the Reserve Bank of New Zealand is likely to cut its key interest rate again to below 3.In Europe- quarterly earnings reports are expected from Scania AB- Siemens AG and Sanofi-Aventis SA.The latest German consumer confidence survey is out on April 27. The index eased for the first time in seven months in April as workers worried about keeping their jobs amid the worst recession since World War II.The European Commission is scheduled to release its latest index of executive and consumer sentiment in the euro area on April 29. European confidence fell to the lowest on record in March.In Australia- it will be a quite week on the economic data front. Private credit growth data for March is likely to remain soft on Thursday- following the soft figures for February.However- speculation is rising about the upcoming Federal Budget.Dr Oliver said -amp quotWe expect key elements to be another downwards revision to the Governments GDP growth forecast for 2009-10 from 0.75 to a contraction of 0.5 to factor in recession this calendar year- an upwards revision to unemployment rate forecasts to a peak of around 8 or 9 next year and extra fiscal stimulus in the form of pension increases- more help for small business- additional infrastructure spending and the delivery of the tax cuts that have already been announced. -amp quotWhile there is likely to be a cutback in middle class welfare- extra spending and the recession will nevertheless see the prediction for the 2009-10 budget deficit blow-out to $50 billion- from a $35.5 billion estimate in February. -amp 160Note that our forecast is for unemployment to peak at 9 next year and this compares to the Governments current forecast for 7 unemployment next year and the IMFs prediction of 7.8. -amp quotThe National Australia Bank reports its first half earnings on Tuesday and the ANZ Bank reports its first half result on Wednesday.The National Australia Banks quarterly business survey will be released on Thursday.And Woodside Petroleum has its AGM on Friday.But the big result of the week will be the full year figures from Macquarie Group on Friday.Both are expected to reveal a profit fall. We already know the dividend has been cut.Australian Pharmaceutical Industries reports its first half results this week as well.Aust. Agricultural Co has an extraordinary general meeting in Brisbane to consider some asset sales. But it has developed into a brawl between the company and a major shareholder.In the US- the flood of the March quarter profit reports will continue with another week of nervousness about the earnings of some leading lights in US business- especially media and consumer staples.Five Dow members- Exxon Mobil Corp- Chevron Corp- Pfizer Inc- Verizon Communications and Procter -amp 38 Gamble Co will release their latest figures- giving us a good look at oil- consumer spending and pharmaceuticals.Reuters said that up till Friday night- about 35 of the 500 companies in the Standard -amp 38 Poors main index had reported quarterly results and the aggregate forecast is for first-quarter earnings to decline 35.3.Thats a bit better than the initial forecast for a fall of 35.6- but some late reporters will produce losses as usual.But banks are doing better than in the fourth quarter and will be overall profit positive- while media companies will not be reporting huge multi billion impairment losses- as News Corp- CBS and Time Warner did for instance.Time Warner Inc. and Viacom Inc. will post first-quarter results Wednesday and Thursday- respectively. Both are suffering from the advertising slump and lower DVD sales.Whirlpool Corp- the worlds largest home-appliance maker- reports first quarter results tonight- our time- and reports are also expected from cleaning products group Clorox Co- cereal maker Kellogg Co- toothpaste and consumer products company Colgate-Palmolive and credit card giants- Visa and Mastercard. -amp 160 ...
Mon 27th April 2009 - 08:25am
Bank profits in Australia- bank fitness- growth- interest rates in the US- growth figures and estimates in Europe and some parts of Asia.It will be another big week for markets as they approach a big test.Four more regional US banks failed at the weekend- making a total of 29 now to have collapsed so far this year. 25 failed in 2008 and 2009 is now the worst year since 1993.Their failures which will cost the US governments FDIC- which ensures deposits- around $US700 million came at the end of a day when the first details of the bank stress tests were released in the US.It was only an outline of the test- no results or conclusions could be reached- although one broker reckoned just one of the 19 banks would have failed.But from tonight onwards details will start seeping out into the market ahead of their formal release on May 4.Analysts say most of the 19 are likely to pass the tests- but some will likely be required to raise additional capital and this will likely see their share prices come under pressure.That could turn the continuing sharemarket rally and make any move to push stricken US car group- Chrysler towards bankruptcy that much more fraught with problems.Chryslers fate remains uncertain- fiat wants in- the banks want a bigger cut than the company and the government wants to give them. It could go to the wire Thursday night- our time.Elsewhere the US Federal Reserve meets midweek and is expected to leave interest rates on hold at 0.25- but the focus will be on quantitative easing where the Fed may announce an increase in its buying of US Treasuries- on fears that the recent rise in bond yields might be bad news for private sector borrowing rates and hence for the economy.US 10 year bond yields finished at 2.99 on Friday night- around 0.02 under where they were when the Fed revealed its move to quantitative easing six weeks ago- after the March meeting.US March quarter GDP data is likely to show the US economy still contracting sharply but at a slower pace than in the December quarter thanks to slightly stronger consumer spending and some signs of a steadying in the housing slump.The AMPs Dr Shane Oliver said -amp quotWe expect March quarter GDP to fall at a 5 annualised rate compared to a 6.3 annualised decline in the December quarter -amp quot.The first estimate of first-quarter real GDP is set for release on Wednesday- the day the Fed concludes its policy meeting and makes a statement at 4.15 am Thursday- our time.Thursday sees reports on weekly jobless claims- data on March personal income and spending- the first-quarter employment costs index and April manufacturing activity in the Midwest.The release of the S -amp 38P-Case-Shiller home price index for February on Tuesday- along with an April index of consumer confidence will tell us more about the state of the US housing sector and the US consumers state of mind.Figures from other surveys suggest the terrible plunge in housing has eased and the drop in prices has slowed.The Case Schiller in the most respected of all measures and will tell us if the remorseless fall in house prices is continuing.April auto sales are due to be released on Friday.As well figures for US consumer confidence- personal income and consumption and the key ISM manufacturing conditions index will also be released this week The latter is tipped to show an improvement- just as we have seen signs of a small improvement in China and Europe.The Bank of Japan is expected to leave rates on hold at 0.1- but could reveal a further step up in quantitative easing- while the Reserve Bank of New Zealand is likely to cut its key interest rate again to below 3.In Europe- quarterly earnings reports are expected from Scania AB- Siemens AG and Sanofi-Aventis SA.The latest German consumer confidence survey is out on April 27. The index eased for the first time in seven months in April as workers worried about keeping their jobs amid the worst recession since World War II.The European Commission is scheduled to release its latest index of executive and consumer sentiment in the euro area on April 29. European confidence fell to the lowest on record in March.In Australia- it will be a quite week on the economic data front. Private credit growth data for March is likely to remain soft on Thursday- following the soft figures for February.However- speculation is rising about the upcoming Federal Budget.Dr Oliver said -amp quotWe expect key elements to be another downwards revision to the Governments GDP growth forecast for 2009-10 from 0.75 to a contraction of 0.5 to factor in recession this calendar year- an upwards revision to unemployment rate forecasts to a peak of around 8 or 9 next year and extra fiscal stimulus in the form of pension increases- more help for small business- additional infrastructure spending and the delivery of the tax cuts that have already been announced. -amp quotWhile there is likely to be a cutback in middle class welfare- extra spending and the recession will nevertheless see the prediction for the 2009-10 budget deficit blow-out to $50 billion- from a $35.5 billion estimate in February. -amp 160Note that our forecast is for unemployment to peak at 9 next year and this compares to the Governments current forecast for 7 unemployment next year and the IMFs prediction of 7.8. -amp quotThe National Australia Bank reports its first half earnings on Tuesday and the ANZ Bank reports its first half result on Wednesday.The National Australia Banks quarterly business survey will be released on Thursday.And Woodside Petroleum has its AGM on Friday.But the big result of the week will be the full year figures from Macquarie Group on Friday.Both are expected to reveal a profit fall. We already know the dividend has been cut.Australian Pharmaceutical Industries reports its first half results this week as well.Aust. Agricultural Co has an extraordinary general meeting in Brisbane to consider some asset sales. But it has developed into a brawl between the company and a major shareholder.In the US- the flood of the March quarter profit reports will continue with another week of nervousness about the earnings of some leading lights in US business- especially media and consumer staples.Five Dow members- Exxon Mobil Corp- Chevron Corp- Pfizer Inc- Verizon Communications and Procter -amp 38 Gamble Co will release their latest figures- giving us a good look at oil- consumer spending and pharmaceuticals.Reuters said that up till Friday night- about 35 of the 500 companies in the Standard -amp 38 Poors main index had reported quarterly results and the aggregate forecast is for first-quarter earnings to decline 35.3.Thats a bit better than the initial forecast for a fall of 35.6- but some late reporters will produce losses as usual.But banks are doing better than in the fourth quarter and will be overall profit positive- while media companies will not be reporting huge multi billion impairment losses- as News Corp- CBS and Time Warner did for instance.Time Warner Inc. and Viacom Inc. will post first-quarter results Wednesday and Thursday- respectively. Both are suffering from the advertising slump and lower DVD sales.Whirlpool Corp- the worlds largest home-appliance maker- reports first quarter results tonight- our time- and reports are also expected from cleaning products group Clorox Co- cereal maker Kellogg Co- toothpaste and consumer products company Colgate-Palmolive and credit card giants- Visa and Mastercard. -amp 160 ...
Mon 27th April 2009 - 08:25am
Savers have 'lost $1b' in six months
Consumers have short-changed themselves by more than $1 billion worth of interest in the past six months- according to a study. ...
Mon 27th April 2009 - 08:23am
Consumers have short-changed themselves by more than $1 billion worth of interest in the past six months- according to a study. ...
Mon 27th April 2009 - 08:23am
Govt throws lifeline to mortgage strugglers
The Federal Government says it is making changes to credit and mortgage contracts to make it easier for people to hold on to their homes when they are hit by hard times. ...
Mon 27th April 2009 - 08:23am
The Federal Government says it is making changes to credit and mortgage contracts to make it easier for people to hold on to their homes when they are hit by hard times. ...
Mon 27th April 2009 - 08:23am
Australian shares seen higher on Wall Street lead
Australias June share price index SPI futures YAPcm1 rose 43 points to settle at 3-775.0- a 62.7-point premium to the underlying benchmark S -amp ampP-ASX 200 index JO on Friday- when it fell 30.7 points to 3-712.3. ...
Mon 27th April 2009 - 08:22am
Australias June share price index SPI futures YAPcm1 rose 43 points to settle at 3-775.0- a 62.7-point premium to the underlying benchmark S -amp ampP-ASX 200 index JO on Friday- when it fell 30.7 points to 3-712.3. ...
Mon 27th April 2009 - 08:22am
Heavy trucks to bypass Canberra Airport
A $30 million project to allow trucks to bypass roads around the Canberra airport has been given the go ahead. ...
Mon 27th April 2009 - 08:20am
A $30 million project to allow trucks to bypass roads around the Canberra airport has been given the go ahead. ...
Mon 27th April 2009 - 08:20am
Govt throws lifeline to mortgage strugglers
The Federal Government will change the rules for credit contracts to make it easier for consumers to ask for changes if they are in financial difficulty. ...
Mon 27th April 2009 - 07:44am
The Federal Government will change the rules for credit contracts to make it easier for consumers to ask for changes if they are in financial difficulty. ...
Mon 27th April 2009 - 07:44am
Crisis is a 'human calamity'- says IMF
The global economic crisis is turning into -amp quota human and development calamity -amp quot- with poorer countries being hit increasingly hard- the IMF and World Bank say. ...
Mon 27th April 2009 - 07:39am
The global economic crisis is turning into -amp quota human and development calamity -amp quot- with poorer countries being hit increasingly hard- the IMF and World Bank say. ...
Mon 27th April 2009 - 07:39am
OPEC wants oil to reach $US70 a barrel
OPEC wants to see oil prices rising to more than $US70 a barrel- the oil cartel's secretary-general Abdalla El-Badri says. ...
Mon 27th April 2009 - 07:36am
OPEC wants to see oil prices rising to more than $US70 a barrel- the oil cartel's secretary-general Abdalla El-Badri says. ...
Mon 27th April 2009 - 07:36am
Mining industry to suffer $14b construction slump- economist
A leading analyst is predicting engineering construction will fall by almost $14 billion over the next two financial years. ...
Mon 27th April 2009 - 06:29am
A leading analyst is predicting engineering construction will fall by almost $14 billion over the next two financial years. ...
Mon 27th April 2009 - 06:29am
China calls for reform of global monetary system
WASHINGTON AFP - China called Sunday for reform of the global currency system- dominated by the dollar- which it said is the root cause of the global financial crisis. ...
Mon 27th April 2009 - 06:26am
WASHINGTON AFP - China called Sunday for reform of the global currency system- dominated by the dollar- which it said is the root cause of the global financial crisis. ...
Mon 27th April 2009 - 06:26am
Irish PM pledges battle for economy will be won
DUBLIN AFP - Recession-hit Irelands economic problems will be solved by the series of emergency measures being taken by the government- Irish Prime Minister Brian Cowen pledged on Sunday. ...
Mon 27th April 2009 - 06:17am
DUBLIN AFP - Recession-hit Irelands economic problems will be solved by the series of emergency measures being taken by the government- Irish Prime Minister Brian Cowen pledged on Sunday. ...
Mon 27th April 2009 - 06:17am
French opposition downplays talk of revolt
PARIS AFP - Despite strikes- student protests and a wave of -amp quotbossnappings -amp quot by workers angry over lay-offs- France is not on the verge of a revolt- opposition Socialist leader Martine Aubry said in an interview Sunday. ...
Mon 27th April 2009 - 04:59am
PARIS AFP - Despite strikes- student protests and a wave of -amp quotbossnappings -amp quot by workers angry over lay-offs- France is not on the verge of a revolt- opposition Socialist leader Martine Aubry said in an interview Sunday. ...
Mon 27th April 2009 - 04:59am
Chinese insurer to vote against BNP takeover of Fortis Bank
BRUSSELS AFP - Chinese insurance group Ping An on Sunday delivered a major blow to BNP Paribas hopes of taking over stricken Belgian bank Fortis by vowing to vote against the deal at special meetings this week. ...
Mon 27th April 2009 - 04:58am
BRUSSELS AFP - Chinese insurance group Ping An on Sunday delivered a major blow to BNP Paribas hopes of taking over stricken Belgian bank Fortis by vowing to vote against the deal at special meetings this week. ...
Mon 27th April 2009 - 04:58am
Asia- Middle East call for limits on energy speculation
TOKYO AFP - Major oil-producing and consuming nations in in the Middle East and Asia called for limits on speculation in the energy industry as they ended a one-day dialogue here Sunday. ...
Mon 27th April 2009 - 03:59am
TOKYO AFP - Major oil-producing and consuming nations in in the Middle East and Asia called for limits on speculation in the energy industry as they ended a one-day dialogue here Sunday. ...
Mon 27th April 2009 - 03:59am
White House hopes Chrysler talks will succeed
NEW YORK AFP - White House economic advisor Larry Summers voiced hope Sunday that talks to save automaker Chrysler will succeed- four days before a deadline to reach a deal to unite with Italian giant Fiat runs out. ...
Mon 27th April 2009 - 02:14am
NEW YORK AFP - White House economic advisor Larry Summers voiced hope Sunday that talks to save automaker Chrysler will succeed- four days before a deadline to reach a deal to unite with Italian giant Fiat runs out. ...
Mon 27th April 2009 - 02:14am
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