Finance News, Tuesday 11th January 2011

Qld floods to wipe 1 per cent off GDP

Economists says the damage bill from the Queensland floods could be 1 per cent of gross domestic product or more than 10 billion thanks to lost export income. Westpac says the floods could cut economic ... ...

Qld floods to wipe 1 per cent off GDP

Economists says the damage bill from the Queensland floods could be 1 per cent of gross domestic product or more than 10 billion thanks to lost export income. Westpac says the floods could cut economic ... ...

Qld floods to wipe 1 per cent off GDP

Economists says the damage bill from the Queensland floods could be 1 per cent of gross domestic product or more than 10 billion thanks to lost export income. Westpac says the floods could cut economic ... ...

Another native title claim over gas hub land

A third over-lapping native title claim has been lodged over the land chosen for the 30 billion gas hub in Western Australias Kimberley.Anti-gas campaigner Joseph Roe has made the claim- for the ... ...

Cost of flooding on business unknown

Businesses forced to close down or constrain their operations because of flooding in Queensland say the full cost wont be known until the disaster abates.Crane hire and operator Boom Logistics said ... ...

Coal shortage threatens Qld power

People across flood stricken south east Queensland are facing further electricity cuts- as power stations run low on coal stocks. The floods have closed mines- and cut transport links including rail lines- ... ...

Australia shares edge up on metals strength

MARKETS-AUSTRALIA-STOCKS-Australia shares edge up on metals strength ...

Coal shortage threatens Qld power

People across flood stricken south east Queensland are facing further electricity cuts- as power stations run low on coal stocks. The floods have closed mines- and cut transport links including rail lines- ... ...

Another native title claim over gas hub land

A third over-lapping native title claim has been lodged over the land chosen for the 30 billion Kimberley gas hub.Anti-gas campaigner Joseph Roe has made the claim on behalf of his Goolarabooloo family.Mr ... ...

MP seeks forestry exit package audit

Tasmanian Greens MP Kim Booth wants payments to forest contractors suspended because of concerns about the selection process.The Federal Government committed 17 million to struggling forestry workers ... ...

Power lightning warning

The Territorys power provider is warning residents about the dangers of live power lines after thousands of lightning strikes hit the Top End in a matter of hours yesterday.Power and Water says crews ... ...

New Gunns export facility almost operating

The new Gunns hardwood chip export facility at the Port of Portland will face its first test next month when it loads its first ship.The facility will be officially commissioned in March and is in the ... ...

MP seeks forestry exit package audit

Tasmanian Greens MP Kim Booth wants payments to forest contractors suspended because of concerns about the selection process.The Federal Government committed 17 million to struggling forestry workers ... ...

Airbus says IndiGo buying 180 aircraft

Airbus on Tuesday unveiled a possible mega-order for its planned A320neo - a deal the European aircraft manufacturer is calling the largest in aviation history.The commitment by Indian low-cost carrier ... ...

MP seeks forestry exit package audit

Tasmanian Greens MP Kim Booth wants payments to forest contractors suspended until an audit is conducted into the selection criteria for exit packages. The Federal Government has offered payouts to 30 ... ...

China forex reserves hit record

China said on Tuesday its foreign exchange reserves hit a record high at the end of 2010- which is likely to fuel calls for a stronger yuan when President Hu Jintao visits Washington next week.The increase ... ...

China revises 2009 growth up to 9.2

China said on Tuesday it had revised up its economic growth for 2009 to 9.2 per cent from 9.1 per cent- highlighting its resilience during the financial crisis when other major economies faltered.The upward ... ...

Greece raises 2.5 billion in debt sale

Greece on Tuesday successfully raised 1.95 billion euros A2.54 billion in a treasury bill auction- easing some concern in the troubled eurozone country a day after its bond yields hit a record high.The ... ...

Italy easily covers bond auction

The Italian Treasury had no problem selling 7 billion euros A9.11 billion in 12-month bonds offered on Tuesday.But yields rose modestly to a two-year high of 2.067 per cent from 2.014 per cent in December.The ... ...

Tiffany lifts full-year earnings guidance

Jewellery company Tiffany -amp Co is raising its full-year earnings guidance- buoyed by better-than-expected holiday sales.The news is more of a sign that shoppers are returning to luxury purchases. Such ... ...

Unexpected profits lift Wall Street

Strong profit results are boosting confidence on Wall Street- snapping its three day losing streak. Heading towards close the Dow Jones Industrial Average is up 0.25 per cent to 11-663. The Standard and ... ...

Swiss govt to hold talks on franc

The Swiss government has scheduled an emergency meeting Friday on the franc- which is soaring ever higher against the dollar and the euro amid the turmoil caused by Europes government debt crisis.The ... ...

US Fed gets new dissident

A new member of the US Federal Reserves top policy-making body vowed to embrace the role of policy dissident if needed- spelling further division at the heart of the central bank.The head of the Feds ... ...

Japan to help finance European bailouts

Japan plans to buy at least a fifth of the initial installment of the bonds being sold to finance Europes bailout fund- which is aimed at rescuing Ireland.Finance Minister Yoshihiko Noda said on Tuesday ... ...

Crane shareholders urged to reject bid

Crane Group chairman Leo Tutt is urging the companys shareholders to reject Fletcher Buildings offer for the company- which opens on Wednesday.Fletcher slightly increased its offer for the Sydney-based ... ...

Spain insists will meet deficit target

Spain will without a doubt meet its deficit target for this year and it will post annual growth of 2.0-2.5 per cent between 2011 and 2015- Prime Minister Jose Luis Rodriguez Zapatero said on ... ...

Indian budget airline in 16bn deal with Airbus

Indian budget airline IndiGo has signed an agreement to buy 180 Airbus A320 aircraft- the European plane maker said- in a record sale worth 16.4 billion 12.6 billion euros.It is the largest single ... ...

Portugal fights rising fires of crisis

Portugal fought with rising urgency on Tuesday to avert a debt rescue- denying rumours that help was in the offing and trying to paper over a damaging split at its central bank.Days of speculation that ... ...

Chinese bank allows yuan trade in US- report

A top state-owned Chinese bank is allowing US customers to trade the Chinese yuan- a new step toward internationalizing the closely-controlled currency- the Wall Street Journal reported Tuesday.An official ... ...

GM aims to produce 25-000 Volts in 2011

General Motors plans to build some 25-000 Chevrolet Volt cars this year to meet a strong demand for the plug-in electric vehicle- chairman and chief executive Dan Akerson said Tuesday.We have been ... ...

US panel calls for oil spill safety body

A presidential commission probing the Gulf of Mexico oil spill said Tuesday that industry practices must be overhauled and a tough new safety watchdog set up to avoid a repeat of the disaster that killed ... ...

Myspace slashing 500 jobs- nearly half its staff

Myspace announced on Tuesday it was cutting some 500 jobs- nearly half its staff- in a move seen as potentially setting the stage for a sale of the social network owned by Rupert Murdochs News Corp.Todays ... ...

US panel calls for oil spill safety body

A presidential commission probing the Gulf of Mexico oil spill said Tuesday that industry practices must be overhauled and a tough new safety watchdog set up to avoid a repeat of the disaster that killed ... ...

Airbus says IndiGo to buy 180 A320s for 16.4 bn

Indian airline IndiGo has signed an agreement to buy 180 Airbus A320 single-aisle aircraft in a record sale worth 16.4 billion 12.6 billion euros- the European plane maker said Tuesday.It is the ... ...

Britain spars over bankers bonuses

Barclays bank boss Bob Diamond acknowledged a need for a safer and sounder bonus system on Tuesday but defended performance-related remuneration amid growing anger over bankers pay.Diamonds ... ...

France reclaims top spot in global wine industry- study

France reclaimed its position as the worlds leading wine producer last year after losing the top spot to Italy in 2009- according to a study released Tuesday by wine and spirits trade show Vinexpo.The ... ...

Myspace cutting 500 jobs- nearly half of staff

Myspace announced Tuesday it was cutting some 500 jobs- nearly half of the staff of the troubled News Corp.-owned social network- which has been eclipsed by Facebook.Todays tough but necessary ... ...

Oil spill panel urges industry- safety overhaul

A US presidential panel in its final report on the Gulf of Mexico oil spill called Tuesday for an overhaul of oil industry practices and the creation of an independent safety watchdog to avoid a repeat ... ...

Verizon to offer iPhone- ending AT-ampT monopoly

US carrier Verizon Wireless announced Tuesday it will begin offering the Apple iPhone next month- ending AT-ampTs monopoly and raising the prospect of millions of additional buyers of the coveted device.Verizon- ... ...

Power bills pain

The latest report from Tasmanias Economic Regulator shows a substantial increase in the number of homes and businesses that have had their power cut off.The report into the performance of the states ... ...

Power bills pain

The latest report from Tasmanias Economic Regulator shows a substantial increase in the number of homes and businesses that have had their power cut off.The report into the performance of the states ... ...

World auto sales set to zoom ahead- Ford

After years of gloom driven by the economic downturn- the auto market is speeding ahead and set to grow full throttle around the world- Ford chief executive Alan Mulally said Tuesday.Clearly were ... ...

World auto sales set to zoom ahead- Ford

After years of gloom driven by the economic downturn- the auto market is speeding ahead and set to grow full throttle around the world- Ford chief executive Alan Mulally said Tuesday.Clearly were ... ...

Power bills pain

The latest report from Tasmanias Economic Regulator shows a substantial increase in the number of homes and businesses that have had their power cut off.The report into the performance of the states ... ...

Nissan sees 2011 as good year in US

The year ahead will be a great one on the American market for Japanese automaker Nissan- its regional boss Carlos Tavares is predicting- adding the company was also eyeing expansion across Latin America.We ... ...

Slater -amp Gordon acquires Keddies

Listed law firm Slater -amp Gordon Ltd says it has completed its 35 million acquisition of personal injuries litigant Keddies Lawyers.Slater -amp Gordon announced the acquisition in October last year- subject ... ...

Perth office project in hands of receivers

Receivers have been called into the 500 million Raine Square office development in Perth- but are saying the project will be completed by mid-year.KordaMentha partners Mark Mentha and Cliff Rocke have ... ...

Seven BOQ branches shut in Qld

Shares in the Bank of Queensland Ltd BOQ fell as the bank closed at least seven branches in flood-ravaged Queensland on Tuesday.Shares in BOQ ended 16 cents or 1.58 per cent lower at 9.98.However the ... ...

US oil spill commission calls for new safety agency

The presidential commission probing the Gulf of Mexico oil spill called on Tuesday for the creation of an independent safety agency to ensure that the Deepwater Horizon disaster is never repeated.Congress ... ...

OECD jobless rate steady at 8.6 in November

The unemployment rate in advanced world economies held steady at 8.6 percent in November- having remained close to post-World War II highs for most of 2010- the OECD said Tuesday.The OECD-wide rate ... ...

Insurers warn of delays in flood payouts

Investors wiped 3.6 per cent off Suncorp Group Ltds shares as the insurance industry warned the financial fallout from the Queensland floods will take weeks to assess.Suncorps stock sank more ... ...

Prius ranks as Japans top-selling car

Toyotas Prius hybrid ranked as Japans top-selling car in 2010 with annual sales hitting an all-time high- bucking the fallout from a series of massive global recalls- an auto industry group said.Toyota ... ...

Renault executive- China deny espionage charge

A Renault executive suspected of spying on the French carmaker firmly denied Tuesday he had leaked secrets- as China angrily dismissed claims that it was involved in the scandal.Renault is making ... ...

Lost coal production tops 2b in Qld flood

Queenslands floods are wreaking havoc with the states coal producers- with the estimated cost of lost production topping 2 billion.Ratings agency Moodys says Queensland has lost eight to ... ...

Central city building project in receivership

A 500 million building project in central Perth has been placed into receivership.Work first started on the 20 floor Raine Square development in 2006 and was expected to be completed in late 2009.Several ... ...

Central city building project in receivership

A 500 million building project in central Perth has been placed into receivership.Work first started on the 20 floor Raine Square development in 2006 and was expected to be completed in late 2009.Several ... ...

Renault executive denies spy claims

A Renault executive suspected of spying on the French carmaker firmly denied Tuesday he had engaged in espionage and said he himself was the victim of a scandal he had no part in.Renault ... ...

Qantas to resume A380 services to LA

Qantas Airways Ltd says it will resume flights to Los Angeles using the Airbus A380 superjumbos from January 16.The airline said on Tuesday the first A380 flight bound for the US will be QF 93 departing ... ...

Seven BOQ branches shut in Qld

The Bank of Queensland Ltd BOQ has closed seven branches in flood-ravaged Queensland- but says all automatic teller machines ATMs are still operating.BOQ spokeswoman Caroline Dunworth said the number ... ...

Spain will meet deficit target- return to growth- PM

Spain will without a doubt meet its deficit target for this year and it will post annual growth of 2.0-2.5 percent between 2011 and 2015- Prime Minister Jose Luis Rodriguez Zapatero said on ... ...

Portugal says no bailout on eve of bond auction

Portugal insisted Tuesday it would not need a bailout on the eve of its first issue of long-term debt since Irelands rescue even as its central bank forecast the economy would plunge into recession.Portugal ... ...

Australia shares end flat insurers slide on flood concerns

MARKETS-AUSTRALIA-STOCKS UPDATE 3-Australia shares end flat insurers slide on flood concerns ...

Lost coal production tops 2b in Qld flood

Queenslands floods are wreaking havoc with the states coal producers- with the cost of lost production topping 2 billion as waters continue to rise.Ratings agency Moodys says Queensland ... ...

Renault executive denies spy claims

A Renault executive suspected of spying on the French carmaker firmly denied Tuesday he had engaged in espionage and said he himself was the victim of a scandal he had no part in.Michel Balthazard ... ...

Portugal next in line for a bailout

Portugal could be the latest European nation forced to accept a bail-out as the European debt crisis spreads.Interest rates on Portuguese and Spanish bonds have jumped to record levels ahead of more bond ... ...

IAG assessors mobilise on 900 claims

The number of Queensland flood-related insurance claims made to Insurance Australia Group Ltd IAG still stands at 900 as assessors from its NRMA Insurance and CGU units start mobilising to assist customers.Spokesman ... ...

Italy pays 2-year high rates for fresh funds

Italy raised seven billion euros in a bond auction on Tuesday but had to pay rates at their highest level for two years amid investor fears over the finances of some eurozone countries.The one-year bond ... ...

Spanish PM sees 2011-15 growth at 2.0-2.5

Spain will without a doubt meet its deficit target for this year and it will post annual growth of 2.0-2.5 percent between 2011 and 2015- Prime Minister Jose Luis Rodriguez Zapatero said on ... ...

Economy softening- economists say

Australias trade surplus narrowed in November as exports stayed flat and imports rose three per cent.The balance of goods and services was a surplus which fell to 1.925 billion in November- seasonally ... ...

Portugal denies rumours of looming financial help

Portugal fought with rising urgency on Tuesday to avert a debt rescue- denying rumours that help was in the offing and trying to paper over a damaging split at its central bank.Days of speculation that ... ...

Qantas A380s to fly to LA again

Qantas says it will resume its A380 services to Los Angeles this weekend- after grounding the fleet due to troubles with its Rolls Royce engines.The airline stopped flying its six A380s in November last ... ...

Spanish PM sees 2011-15 growth at 2.0-2.5

The Spanish economy will grow by between 2.0 and 2.5 percent between 2011 and 2015- Prime Minister Jose Luis Rodriguez Zapatero said Tuesday during a speech to business leaders.The government is ... ...

Qantas A380s to fly to LA again

Qantas says it will resume its A380 services to Los Angeles this weekend- after grounding the fleet due to troubles with its Rolls Royce engines.The airline stopped flying its six A380s in November last ... ...

Record losses for top Europe clubs- says UEFA

More than half of Europes top football clubs are still in the red- with a record 1.2 billion euro losses about a year before UEFAs new financial rules kick in- officials said Tuesday.Two ... ...

Power cuts strangle Zimbabwes economic revival

The little shop is lit by a single candle propped on the counter as shoppers step into the murky light out of the pitch-black darkness on the outskirts of Zimbabwes capital.It is a familiar scene ... ...

Belgium- pressured by markets- awaits help from king

Belgiums fate hung on a fresh bid Tuesday by King Albert II to find a way out of a marathon political crisis leaving the seat of the European Union open to attack from financial markets.Belgiums ... ...

Job ads rise for eighth straight month

The number of jobs advertised online and in newspapers rose for the eighth consecutive month in December- but jobs growth is set to moderate in 2011- a survey shows.The total number of jobs advertised ... ...

China National BlueStar to buy Norways Elkem

State-controlled China National BlueStar- a global leader in synthetic materials- is to buy Norwegian silicon firm Elkem for 2.0 billion 1.5 billion euros- Elkems parent company Orkla said Tuesday.The ... ...

Floods to force ethanol spike

The competition watchdog says Queenslands flooding is expected to affect the supply of ethanol-based fuels in the coming weeks.The weather has wiped out crops used in ethanol production- and triggered ... ...

Qantas to resume A380 services to LA

Qantas Airways Ltd says it will resume flights to Los Angeles using the Airbus A380 superjumbos from January 16.The airline said on Tuesday the first A380 flight bound for the US will be QF 93 departing ... ...

Portugal will not need a bailout - Spain

Portugal will not need a bailout- Spanish Finance Minister Elena Salgado insisted on Monday even as an EU diplomat said several European countries are piling the pressure on Lisbon to seek aid.Portugal ... ...

Qantas to resume A380 services to LA

Qantas Airways Ltd says it will resume flights to Los Angeles using the Airbus A380 superjumbos from January 16.The airline said on Tuesday the first A380 flight bound for the US will be QF 93 departing ... ...

Suncorps flood claims at 2-500

Suncorp Group Ltd has received around 2-500 claims from customers impacted by the central Queensland floods- but says it is too soon to assess its total financial exposure from the disaster.Spokesman Jamin ... ...

Burrup remains profitable despite receivership

The firm handling the receivership of the troubled company Burrup Fertilisers says its Pilbara plant in W.A. is breaking production records and recruiting new staff.The company- which is Australias ... ...

Some bus services cut- delayed by floods

Translink says bus services have been suspended in the Caboolture- Redcliffe and Burpengary areas because of flooding in south-east Queensland.Train services through to the Sunshine Coast- north of Brisbane- ... ...

Portugal denies rumours of external financial help

Portugal fought with rising urgency on Tuesday to avert a debt rescue- denying rumours that help was in the offing and trying to paper over a damaging split at its central bank.Days of speculation that ... ...

Oil prices drop ahead of US data

World oil prices eased Tuesday as traders awaited the US governments monthly assessment for the global energy market- and the focus turned away from supply worries in Alaska- analysts said.New Yorks ... ...

Belgium faces strong bond pressure

The interest rate Belgium must pay to borrow money on the bond market surged to record heights on Tuesday with investors focusing on the countrys marathon political crisis.The market pressure came ... ...

Road congestion warning as rail lines closed

An alliance of 16 Wheatbelt shires and the WA Farmers Federation is warning there will be greater congestion on major roads as grain transport rail lines are closed.Last year- the government announced ... ...

Canon to spend 12bn on acquisitions by 2015

Canon plans to spend up to one trillion yen 12 billion by 2015 on mergers and acquisitions to expand in the areas of medical equipment and robotics- according to an interview published Tuesday.Chairman ... ...

Trade surplus narrows on imports

Australias trade surplus has decreased slightly in November from the month before by 636 million to 1.93 billion.The data from the Bureau of Statistics shows that exports remained steady- while ... ...

Euro slips against dollar on Portugal bailout fears

The euro fell against the dollar here on Tuesday on rising fears that Portugal will be the latest eurozone nation to need an international bailout because of its high level of debt- analysts said.In early ... ...

Economy softening- economists say

Australias trade surplus narrowed in November in what economists say is a further sign of a softening Australian economy.The balance of goods and services was a surplus of 1.925 billion in November- ... ...

Portuguese central bank split over bailout

A split at the Portuguese central bank over whether Portugal needs a bailout has erupted publicly- but the finance minister insisted on Tuesday that the country was doing everything to avert a rescue.Portugal- ... ...

European stocks rise as Japan pledges help

Europes main stock markets advanced on Tuesday after Japan said it would buy European bonds to help finance a bailout for crisis-hit Ireland- but concerns lingered over debt-laden Portugal.Londons ... ...

Economy softening- economists say

Australias trade surplus narrowed in November in what economists say is a further sign of a softening Australian economy.The balance of goods and services was a surplus of 1.925 billion in November- ... ...

Aust economy softening- economists say

Australias trade surplus narrowed in November in what economists say is a further sign of a softening Australian economy.The balance of goods and services was a surplus of 1.925 billion in November- ... ...

Australia shares lose 0.2 pct on euro woes off lows

MARKETS-AUSTRALIA-STOCKS UPDATE 2-Australia shares lose 0.2 pct on euro woes off lows ...

Job ads up in December

In a sign that the labour market remains strong- the number of jobs advertised in December rose 2 per cent- seasonally adjusted- according to the latest ANZ Job Advertisement Series.It is the eighth month ... ...

Job ads up in December

In a sign that the labour market remains strong- the number of jobs advertised in December rose 2 per cent- seasonally adjusted- according to the latest ANZ Job Advertisement Series.It is the eighth month ... ...

Aust trade surplus 1.925 bln in Nov

The Australian trade surplus narrowed in November- the Australian Bureau of Statistics says.The balance of goods and services was a surplus of 1.925 billion in November- seasonally adjusted- from a downwardly ... ...

Unemployment to fall to 5.1- survey

Unemployment is expected to have fallen to 5.1 per cent when new figures are released on Thursday- analysts say.This is despite employment growth moderating after a few months of very strong figures- according ... ...
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