Finance News, Friday 13th May 2011
Alibaba head rejects Yahoo- protest over pay unit
The head of Chinese e-commerce giant Alibaba said Saturday the firms move to transfer ownership of its online payment unit was legal and 100 percent transparent- rejecting protests by ... ...Fri 13th May 2011 - 09:49pm
Forestry Tasmania to come under the microscope
The State Government has announced it will conduct a strategic review of Forestry Tasmania- just a day after a report was released criticising the company.Premier Lara Giddings has announced the Government ... ...Fri 13th May 2011 - 09:41pm
Social Security- Medicare burning through funds
The United States is burning through its health care and retirement fund pools faster than planned- with the Medicare trust fund to be exhausted by 2024- five years earlier than expected- officials said.A ... ...Fri 13th May 2011 - 09:06pm
Finance ministers tackle Greek bailout No. 2
European finance ministers will huddle Monday for discussions certain to centre on a second Greek bailout- while anointing an Italian to head the pivotal European Central Bank.The 17-nation eurozone and ... ...Fri 13th May 2011 - 08:50pm
Qantas forced to lift Europe airfares
Qantas will have to raise international airfares to Europe from January next year after the European Union penalised the airline because Australia does not have a price on greenhouse gas emissions.Under ... ...Fri 13th May 2011 - 03:53pm
As US debt ceiling looms- Geithner prods Congress
Three days before the US public debt hits its legal limit- US Treasury Secretary Timothy Geithner urged lawmakers to lift the ceiling to ensure confidence remains in the worlds largest economy.On ... ...Fri 13th May 2011 - 01:29pm
Qantas seeks damages over baggage handler strike
Qantas says it will seek damages after successfully suing the Transport Workers Union over a stop-work meeting.Flights and passengers were delayed around Australia when baggage handlers at four airports ... ...Fri 13th May 2011 - 11:15am
Germany powers eurozone economic surge in
Forecast-busting economic growth in Germany and a surprise rebound in Greece helped the eurozone start the new year far better than anticipated- even though Portugal sank back into recession.Eurostat- ... ...Fri 13th May 2011 - 10:26am
Forestry Tasmania to come under the microscope
The state government has announced it will conduct a strategic review of Forestry Tasmania- just a day after a report was released criticising the company.The Premier Lara Giddings has announced the government ... ...Fri 13th May 2011 - 10:18am
US judge sides with Kodak in Apple patent dispute
Eastman Kodak shares traded sharply higher on Wall Street on Friday after a judge with the US International Trade Commission ITC rejected claims Kodak was infringing on two Apple patents.Kodak shares ... ...Fri 13th May 2011 - 09:57am
Disasters to cost US3.8 billion- Lloyds
Lloyds of London- the worlds largest insurance market- has estimated net claims before tax from this years Japan and New Zealand earthquakes and Australian floods at a total of US3.8 billion ... ...Fri 13th May 2011 - 08:44am
Alice alderman wants to sell town parks
An Alice Springs council alderman wants to sell off some of the Northern Territory towns 96 parks to fund more services.Eli Melky says the parks are non-performing assets that generate no income.He ... ...Fri 13th May 2011 - 08:29am
New Irish index shows extent of property crash
The collapse of an Irish property price bubble that has blitzed the countrys banks has seen values plunge by up to 52 percent since a 2007 peak- a new government index showed on Friday.The first results ... ...Fri 13th May 2011 - 07:59am
As US debt ceiling looms- Geithner prods Congress
Three days before the US public debt hits its legal limit- US Treasury Secretary Timothy Geithner urged lawmakers to lift the ceiling to ensure confidence remains in the worlds largest economy.On ... ...Fri 13th May 2011 - 07:28am
LSE posts rise in full-year profits
The London Stock Exchange- which owns markets in Britain and Italy and is planning a merger with the owner of the Toronto bourse- reported a 70 per cent rise in full year profits on Friday after a rise ... ...Fri 13th May 2011 - 07:14am
Aust floods cost US650m in claims-Lloyds
Lloyds of London- the worlds largest insurance market- has estimated net claims before tax from this years Japan and New Zealand earthquakes and Australian floods at a total of US3.8 billion ... ...Fri 13th May 2011 - 07:09am
German economy accelerates in 1st quarter
The German economy- Europes biggest- grew by 1.5 per cent in the first quarter as investment and spending at home bolstered buoyant exports- official data shows.The quarter-on-quarter rise was above ... ...Fri 13th May 2011 - 07:08am
Credit card rates up- honeymoons shorter
Credit card users are paying more for low rate- balance transfer cards after lenders hiked hidden interest rates to 19.18 per cent and cut honeymoon periods.They are now paying an extra 0.42 ... ...Fri 13th May 2011 - 07:00am
PaperlinX expects FY11 loss of 23-30m
Paper merchant PaperlinX Ltd says it will report an annual net loss of 23 million to 30 million for 2011- blaming weak economic conditions in its key markets and the high Australian dollar.The expected ... ...Fri 13th May 2011 - 06:59am
Stokes contempt case set down for June 28
Contempt charges against Seven Group Holdings Ltd chairman Kerry Stokes will be heard on June 28.The date was set at a directions hearing in the NSW Supreme Court on Friday before Justice Michael Pembroke.The ... ...Fri 13th May 2011 - 06:52am
Is humble a realistic option for Gen Y
The Western Australian Premier Colin Barnett has come under fire over his comments that first home buyers can often have unrealistic expectations and they should consider more humble options.The statement- ... ...Fri 13th May 2011 - 06:52am
Australia shares fall for third straight week
MARKETS-AUSTRALIA-STOCKS UPDATE 3-Australia shares fall for third straight week ...Fri 13th May 2011 - 06:51am
Finland approves Portuguese bailout- lawmakers
Finland officially approved a financial rescue package to Portugal on Friday- lawmakers said- removing a main obstacle to the European Unions approval but attached conditions to the bailout.We ... ...Fri 13th May 2011 - 06:49am
Euro growth eclipses rivals despite north-south divergences
Eurozone growth topped US and pre-crisis levels in powerhouse Germany- EU figures showed Friday- but divergences between accelerating northern output and the debt-laden southern nations increased.Economic ... ...Fri 13th May 2011 - 06:44am
Shell chief bemoans volatile oil trade despite demand surge
Shell chairman Jorma Ollila warned Friday that the oil business has become much more volatile than in the past- while overall demand for energy is expected to have doubled by 2050.The surging energy ... ...Fri 13th May 2011 - 06:40am
Late bounce puts market in black
A bounce in the afternoon- particularly for mining stocks- helped the Australian share market to a modest gain.Commodity prices rallied late in US trade to finish modestly higher overnight.That did not ... ...Fri 13th May 2011 - 06:36am
Stokes contempt case set down for June 28
Contempt charges against Seven Group Holdings Ltd chairman Kerry Stokes will be heard on June 28.The date was set at a directions hearing in the NSW Supreme Court on Friday before Justice Michael Pembroke.The ... ...Fri 13th May 2011 - 06:27am
Navigator to float Kimberley Rare Earths
A Western Australia-based gold miner is about to cash in on the rare earths boom- after its soon-to-list spin-off for the commodity closed heavily oversubscribed.Gold-miner Navigator Resources Ltd will ... ...Fri 13th May 2011 - 06:27am
Is humble a realistic option for Gen Y
The Western Australian Premier Colin Barnett has come under fire over his comments that first home buyers can often have unrealistic expectations and they should consider more humble options.The statement- ... ...Fri 13th May 2011 - 06:26am
St Barbara moves on Catalpa
West Australian gold miner St Barbara Ltd has made a 349 million play for Catalpa Resources Ltd- in a ramp-up of resources boom-driven takeover activity.Catalpa Resources shares leapt by more than 25 ... ...Fri 13th May 2011 - 06:24am
Jaguar 1.6 bln bond issue oversubscribed
Luxury carmaker Jaguar Land Rovers 1.0 billion pound 1.6 billion bond sale saw significant oversubscription from investors- its Indian parent Tata Motors said Friday- as it priced the ... ...Fri 13th May 2011 - 06:11am
New Woodside boss brushes off distractions
Incoming Woodside Petroleum Ltd chief executive Peter Coleman has brushed aside persistent speculation the oil and gas producer may be a takeover target for BHP Billiton Ltd.Speculators also say the mining ... ...Fri 13th May 2011 - 06:05am
Carbon tax to play a key role for new Woodside boss
Woodsides incoming chief executive has acknowledged the Federal Governments carbon tax will play a key role during his tenure. The company yesterday announced Peter Coleman will take over from ... ...Fri 13th May 2011 - 05:54am
EADS in red in quarter- but future looks green
European defence giant EADS reported Friday a small quarterly loss due to the strong euro- but with its Airbus unit to ramp up production to meet growth in the commercial airline market- the companys ... ...Fri 13th May 2011 - 05:53am
BHP responds on outback mine expansion plan
BHP Billiton has released its supplementary environmental impact statement on its plan to expand the Olympic Dam mine in outback South Australia.The huge document responds to more than 4-000 public submissions ... ...Fri 13th May 2011 - 05:41am
VW sales gain 14.5 in April
The biggest European carmaker- Volkswagen- reported annualised sales growth of 14.5 percent in April and said on Friday it expected to sustain its momentum in the coming months.The group- which also owns ... ...Fri 13th May 2011 - 05:12am
Oil market stages slight rebound after sharp slump
World oil prices rebounded gently on Friday from recent heavy losses- with New York crude breaching 100 as traders took their direction from the weaker dollar- analysts said.New Yorks main contract- ... ...Fri 13th May 2011 - 05:12am
A hard sell for Qld budget
Next months Queensland budget will be a hard sell- Treasurer Andrew Fraser says.The floods and Cyclone Yasi have taken a huge financial toll on the state- cutting the forecast growth rate this financial ... ...Fri 13th May 2011 - 05:08am
Month long transition for Woodside chief
The outgoing Woodside chief executive Don Voelte has moved to assure shareholders there will be a seamless transition to his replacement Peter Coleman. The company yesterday announced Mr Coleman will take ... ...Fri 13th May 2011 - 05:08am
Flood- cyclone damage hit Qld budget hard
Treasurer Andrew Fraser is preparing Queenslanders for a gloomy budget- with flood and cyclone damage bills climbing beyond expectations.Mr Fraser says ballooning costs from the natural disasters have ... ...Fri 13th May 2011 - 05:01am
ThyssenKrupp sets 2012 for vast restructuring plan
ThyssenKrupp- Germanys biggest steel group- said Friday it would complete by late next year a restructuring plan which will reduce sales by a quarter and mean the departure of 35-000 workers.The group ... ...Fri 13th May 2011 - 04:53am
Flood- cyclone damage hit Qld budget hard
Treasurer Andrew Fraser is preparing Queenslanders for a gloomy budget- with flood and cyclone damage bills climbing beyond expectations.Mr Fraser says ballooning costs from the natural disasters have ... ...Fri 13th May 2011 - 04:49am
Food and wine labels planned to certify origins
Food and wine producers will be consulted about a plan to label local produce in South Australia to certify its origins.SA Food Marketing Minister John Rau has announced a plan to introduce what is said ... ...Fri 13th May 2011 - 04:46am
Credit Agricole bank reports doubled profits
French bank Credit Agricole- one of the biggest European banks by capitalisation- reported a doubling of net profit to 1.0 billion euros 1.42 billion in the first quarter- on Friday.The price of shares ... ...Fri 13th May 2011 - 04:41am
Qantas engineers postpone all industrial action
Qantas maintenance engineers have now postponed all industrial action over their claims for job security.Stop-work meetings planned this morning were called off and industrial action for Monday has now ... ...Fri 13th May 2011 - 04:36am
High Court to hear ASICs James Hardie appeal
The High Court has granted leave for the corporate regulator to appeal a decision of a New South Wales court that overturned some penalties against James Hardie directors. In April 2009- the New South ... ...Fri 13th May 2011 - 04:33am
Telefonica reports profit slip in first quarter
Spanish telecoms giant Telefonica reported on Friday a 1.9-percent slip in net quarterly profit to 1.624 billion euros 2.3 billion- but gave no explanation.The outcome was below the average figure of ... ...Fri 13th May 2011 - 04:27am
Telefonica to launch low cost mobile operator
Spanish telecoms giant Telefonica will launch a low cost mobile virtual network operator in the coming weeks through the social networking site Tuenti which it bought in August- a newspaper reported Friday.The ... ...Fri 13th May 2011 - 04:19am
ThyssenKrupp sets 2012 for vast restructuring plan
ThyssenKrupp- Germanys biggest steel group- said Friday it would complete by late next year a restructuring plan which will reduce sales by a quarter and mean the departure of 35-000 workers.The group ... ...Fri 13th May 2011 - 04:15am
New Woodside CEO sees Sunrise offshore
Incoming Woodside Petroleum Ltd chief executive Peter Coleman says the oil and gas giant wont revisit an onshore processing option for its stalled Sunrise liquefied natural gas LNG project.The company ... ...Fri 13th May 2011 - 04:00am
BHP responds on outback mine expansion plan
BHP Billiton has released its supplementary environmental impact statement on its plan to expand the Olympic Dam mine in outback South Australia.The huge document responds to more than 4-000 public submissions ... ...Fri 13th May 2011 - 03:49am
High Court to hear ASICs James Hardie appeal
The High Court has granted leave for the corporate regulator to appeal a decision of a New South Wales that overturned some penalties against James Hardie directors. In April 2009- the New South Wales ... ...Fri 13th May 2011 - 03:47am
Germany leads EU growth- France jumps- Italy lags
European economies posted solid first-quarter growth rates on Friday- with several showing strong demand at home- but Italy only scraped into growth.Economists forecast that demand from abroad for European ... ...Fri 13th May 2011 - 03:44am
Qantas engineers postpone all industrial action
Qantas maintenance engineers have now postponed all industrial action over their claims for job security.Stop-work meetings planned this morning were called off and industrial action for Monday has now ... ...Fri 13th May 2011 - 03:44am
Qantas engineers postpone all industrial action
Qantas maintenance engineers have now postponed all industrial action over their claims for job security.Stop-work meetings planned this morning were called off and industrial action for Monday has now ... ...Fri 13th May 2011 - 03:42am
Food and wine labels planned to certify origins
Food and wine producers will be consulted about a plan to label local produce in South Australia to certify its origins.SA Food Marketing Minister John Rau has announced a plan to introduce what is said ... ...Fri 13th May 2011 - 03:23am
Qantas engineers postpone all industrial action
Qantas maintenance engineers have now postponed all industrial action over their claims for job security.Stop-work meetings planned this morning were called off and industrial action for Monday has now ... ...Fri 13th May 2011 - 03:18am
Food and wine labels planned to certify origins
Food and wine producers will be consulted about a plan to label local produce in South Australia to certify its origins.SA Food Marketing Minister John Rau has announced a plan to introduce what is said ... ...Fri 13th May 2011 - 03:06am
Food and wine labels planned to certify origins
Food and wine producers will be consulted about a plan to label local produce in South Australia to certify its origins.SA Food Marketing Minister John Rau has announced a plan to introduce what is said ... ...Fri 13th May 2011 - 03:00am
Profits fall at David Jones- Myer
Department stores Myer and David Jones have reported falls in third quarter sales- with Myer warning full-year results could fall as much as 5 per cent. Myer saw sales of 657 million during the quarter- ... ...Fri 13th May 2011 - 02:59am
PaperlinX expects FY11 loss of 23-30m
Paper merchant PaperlinX Ltd says it will report an annual net loss of 23 million to 30 million for 2011- blaming weak economic conditions in its key markets and the high Australian dollar.The expected ... ...Fri 13th May 2011 - 02:58am
Fur claims dog Myer- Wittner
Department store Myer and clothing chain Wittner have been accused of selling clothing items made of dog fur.The Humane Society International HSI says at the start of retails winter season- it goes ... ...Fri 13th May 2011 - 02:49am
St Barbara moves on Catalpa
Catalpa Resources shares have leapt up by almost a quarter after fellow gold miner St Barbara Ltd approached the board with a merger proposal.St Barbara said a merger would form a leading Australian ... ...Fri 13th May 2011 - 02:46am
Industry advocates for higher power prices
The West Australian Chamber of Commerce and Industry says households need to be prepared to pay more for their electricity to ensure the long term certainty and security of the States energy supply.The ... ...Fri 13th May 2011 - 02:44am
Industry advocates for higher power prices
The West Australian Chamber of Commerce and Industry says households need to be prepared to pay more for their electricity to ensure the long term certainty and security of the States energy supply.The ... ...Fri 13th May 2011 - 01:31am
Historic cattle station prepares to celebrate
The 100th anniversary of a well-known cattle station in Central Australia will be celebrated this weekend. Hamilton Downs was created in 1911 when the lease was issued by the Northern Territory administrator. ... ...Fri 13th May 2011 - 01:27am
Australia shares turn lower St Barbara slides on Catalpa bid
MARKETS-AUSTRALIA-STOCKS UPDATE 2-Australia shares turn lower St Barbara slides on Catalpa bid ...Fri 13th May 2011 - 01:22am
Port authorities merger still a possibility
The Minister for Transport Troy Buswell says the State Government will not rule out amalgamating Western Australias regional port authorities.The Department of Transport is reviewing operations at ... ...Fri 13th May 2011 - 01:02am
A hard sell for Qld budget
Next months Queensland budget will be a hard sell- Treasurer Andrew Fraser says.The floods and Cyclone Yasi have taken a huge financial toll on the state- cutting the forecast growth rate this financial ... ...Fri 13th May 2011 - 12:59am
Port authorities merger still a possibility
The Minister for Transport Troy Buswell says the State Government will not rule out amalgamating Western Australias regional port authorities.The Department of Transport is reviewing operations at ... ...Fri 13th May 2011 - 12:50am
A hard sell for Qld budget
Next months Queensland budget will be a hard sell- Treasurer Andrew Fraser says.The floods and Cyclone Yasi have taken a huge financial toll on the state- cutting the forecast growth rate this financial ... ...Fri 13th May 2011 - 12:36am
Murdoch continues as Ten waits for new CEO
A judge has ruled that a former top executive at Seven must wait until January to take up the top job at Channel Ten.James Warburton defected from Seven to Ten earlier in the year prompting a legal battle ... ...Fri 13th May 2011 - 12:36am
Government sticking with no stickers move
There is now a website to help South Australians know when to renew their car registration.The Motor Trade Association MTA is worried the scrapping of vehicle registration stickers will confuse some ... ...Fri 13th May 2011 - 12:35am
Port authorities merger still a possibility
The Minister for Transport Troy Buswell says the State Government will not rule out amalgamating Western Australias regional port authorities.The Department of Transport is reviewing operations at ... ...Fri 13th May 2011 - 12:33am
St Barbara moves on Catalpa
St Barbara Ltd says it has approached the board of Catalpa Resources Ltd with a merger proposal to form a leading Australian mid-tier gold company forecast to produce around 480-000 ounces ... ...Fri 13th May 2011 - 12:27am
More homes for rent but prices still rising
A new report shows home rental rates in Canberra have increased by 2.5 per cent over the three months to March.The RP Data report also shows properties advertised for rent in April increased by 40 per ... ...Fri 13th May 2011 - 12:26am
Fed warns US must raise debt ceiling
US Federal Reserve chairman Ben Bernanke is warning politicians to raise Americas official debt limit soon or risk destabilising the financial system.With the cap expected to be hit on Monday and ... ...Fri 13th May 2011 - 12:24am
Australia shares nudge higher- miners soft
MARKETS-AUSTRALIA-STOCKS UPDATE 1-Australia shares nudge higher- miners soft ...Fri 13th May 2011 - 12:18am
Murdoch continues as Ten waits for new CEO
A judge has ruled that a former top executive at Seven must wait until January to take up the top job at Channel Ten.James Warburton defected from Seven to Ten earlier in the year prompting a legal battle ... ...Fri 13th May 2011 - 12:18am
Murdoch continues as Ten waits for new CEO
A judge has ruled that a former top executive at Seven must wait until January to take up the top job at Channel Ten.James Warburton defected from Seven to Ten earlier in the year prompting a legal battle ... ...Fri 13th May 2011 - 12:17am
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