Finance News, Monday 23rd May 2011
Ruralco Profit jumps 31.5 on new business
Ruralco Holdings Ltd has increased first half profit by 31.5 per cent as the rural supplier says the growth in new businesses provide a cautiously optimistic outlook for the next six months.Net profit ... ...Mon 23rd May 2011 - 11:49pm
Patrick accused of planning wharfie lockout
A port operator has been accused of planning to lock union members out of the docks over their campaign of industrial action.Wharfies have proposed a week of union bans at docks run by shipping company ... ...Mon 23rd May 2011 - 11:36pm
Wesfarmers downgrades Curragh production
Wesfarmers Ltd has downgraded its sales volume forecast for its Curragh mine in Queensland due to recent rainfall and a mechanical failure.Production at the Bowen Basin mine continues to be adversely affected ... ...Mon 23rd May 2011 - 11:32pm
Patrick accused of planning wharfie lock out
A port operator has been accused of planning to lock union members out of the docks over their campaign of industrial action.Wharfies have proposed a week of union bans at docks run by shipping company ... ...Mon 23rd May 2011 - 11:30pm
Australia shares seen down on China growth- European debt jitters
MARKETS-AUSTRALIA-STOCKS-Australia shares seen down on China growth- European debt jitters ...Mon 23rd May 2011 - 11:25pm
Council calls for bulk water price cap
Gold Coast Mayor Ron Clarke says he will tell Queensland Premier Anna Bligh she can enhance her electoral chances by capping bulk water charges in line with the CPI.Councillor Clarke has called on local ... ...Mon 23rd May 2011 - 11:22pm
Push to ensure locals win resource contracts
The Opposition Leader Eric Ripper has renewed calls for legislation to ensure local companies play a bigger role in major resource projects.Yesterday- Chevron announced the signing of a 50 million contract ... ...Mon 23rd May 2011 - 11:10pm
Reckon set for profit growth in 2011
Accounting software provider Reckon Ltd says it is seeing improved business conditions in 2011 as demand for its products recovers.Chairman John Thame told the companys annual general meeting on Tuesday ... ...Mon 23rd May 2011 - 11:08pm
Deal struck to stop kilometre-long trains
Queensland Rail QR says an agreement has been reached to stop freight trains from blocking access to a property in the states north-west. Yesterday- a north-west Queensland resident said kilometre-long ... ...Mon 23rd May 2011 - 10:55pm
Patrick accused of planning wharfie lock out
A shipping company has been accused of planning to lock union members out of the docks over their campaign of industrial action.Wharfies have proposed a week of union bans at docks run by shipping company ... ...Mon 23rd May 2011 - 10:41pm
Farmer waits for gas leak impact
A farmer on southern Queenslands western Darling Downs says it could be weeks before he knows the full impact of a coal seam gas CSG incident on his property.An Arrow Energy-owned well west of Dalby ... ...Mon 23rd May 2011 - 10:39pm
We wont foot solar bill- energy retailers
Electricity retailers are warning against any changes to a solar rebate scheme in New South Wales that force them to foot the bill.Premier Barry OFarrell has responded to a public outcry over the ... ...Mon 23rd May 2011 - 10:35pm
Wall St slides on Greek asset sale
Wall Street investors fled risky stocks overnight- on concerns of a slowdown in manufacturing and fears over the financial health of Europe. The Dow Jones Industrial Average has extended its three week ... ...Mon 23rd May 2011 - 10:28pm
Deal struck to stop kilometre-long trains blocking property
Queensland Rail QR says an agreement has been reached to stop freight trains from blocking access to a property in the states north-west. Yesterday- a north-west Queensland resident said kilometre-long ... ...Mon 23rd May 2011 - 10:22pm
Greece to start privatisations
Greece will immediately start selling state assets in several major enterprises and take more than 6 billion euros A8.0 billion in additional fiscal measures this year to tackle the debt ... ...Mon 23rd May 2011 - 10:11pm
Fitch- Moodys say Italy outlook stable
The Fitch and Moodys ratings agencies on Monday said there was no reason to change their outlook for Italys bonds- just days after rival Standard and Poors cut its outlook on worries about ... ...Mon 23rd May 2011 - 09:33pm
Spain thrust into debt-crisis spotlight
Spanish financial markets slumped on Monday after voters angry about austerity measures dealt the governing Socialist party a painful loss in local and regional elections- raising doubts over the countrys ... ...Mon 23rd May 2011 - 09:31pm
Fitch cuts Belgian rating outlook
Fitch Ratings on Monday cut its outlook on Belgium to negative from stable because of a protracted political crisis that has left the country without a permanent government for ... ...Mon 23rd May 2011 - 08:55pm
Greece to start privatisations
Greece will immediately start selling state assets in several major enterprises and take more than 6 billion euros A8.0 billion in additional fiscal measures this year to tackle the debt ... ...Mon 23rd May 2011 - 08:50pm
ECB holds off bond buying
The European Central Bank has held off taking more shaky Greek bonds onto its balance sheet for an eighth straight week after European leaders said the debt could be subject to delayed repayments- which ... ...Mon 23rd May 2011 - 08:36pm
European debt crisis shakes markets again
Europes debt crisis returned to shake markets on Monday as fears over the solvency of Greece combined with concerns that Spain- or even Italy- may be dragged into the turmoil that has already seen ... ...Mon 23rd May 2011 - 08:33pm
Swan knew WA was lifting royalties- Opposition
The Federal Opposition says Treasury documents show the Government was warned more than a year ago that Western Australia was planning to increase mining royalties.WA Premier Colin Barnett hopes to raise ... ...Mon 23rd May 2011 - 08:16pm
Angry landowner wants end to kilometre-long trains
A north-west Queensland resident says kilometre-long trains are blocking access to his property for hours at a time.Jay Mackenzie has to cross a rail line to enter his property at Cloncurry- in north-west ... ...Mon 23rd May 2011 - 08:06pm
Mexican banker takes on Lagarde for IMF job
Mexico promoted its central bank governor Agustin Carstens against French favorite Christine Lagarde as the race to become the next head of the International Monetary Fund got under way Monday.Nominations ... ...Mon 23rd May 2011 - 01:13pm
Cash clawed back from insulation rorters
The Federal Government has recovered 735-000 in fraudulent payments made to installers in the failed home insulation scheme. The scheme was scrapped last year after it was linked to fires- rorting and ... ...Mon 23rd May 2011 - 12:42pm
Mexican banker takes on Lagarde for IMF job
Mexico promoted its central bank governor Agustin Carstens against French favorite Christine Lagarde as the race to become the next head of the International Monetary Fund got under way Monday.Nominations ... ...Mon 23rd May 2011 - 12:41pm
Aussie homebuyers to taste Europes pain
Europes debt problems may be on the other side of the world- but Australian mortgage holders are very much in the firing line.Analysts say the increasing cost of funding for the banks will mean higher ... ...Mon 23rd May 2011 - 12:23pm
Aussie homebuyers to taste Europes pain
Europes debt problems may be on the other side of the world- but Australian mortgage-holders are very much in the firing line.Analysts say the increasing cost of funding for the banks will mean higher ... ...Mon 23rd May 2011 - 12:22pm
Aussie homebuyers to taste Europes pain
Europes debt problems may be on the other side of the world- but Australian mortgage-holders are very much in the firing line.Analysts say the increasing cost of funding for the banks will mean higher ... ...Mon 23rd May 2011 - 11:34am
Aussie homebuyers to taste Europes pain
Europes debt problems may be on the other side of the world- but Australian mortgage-holders are very much in the firing line.Analysts say the increasing cost of funding for the banks will mean higher ... ...Mon 23rd May 2011 - 11:33am
Strauss-Kahn DNA found on maids clothes- reports
Investigators found traces of DNA from former IMF chief Dominique Strauss-Kahn on the clothes of a hotel maid who accused him of sexual assault- US media reported on Monday.The DNA was found on the shirt ... ...Mon 23rd May 2011 - 11:17am
KLM suspends six flights over ash cloud concerns
Dutch airline KLM has suspended six flights to northern Britain and Scotland due to the shifting plume of ash from an erupting volcano in Iceland- the company said late Monday.I can confirm that ... ...Mon 23rd May 2011 - 10:41am
Asian appetites eat into marine pest
Commercial harvesting of long spined sea urchins is slowly making inroads into the management of the marine pest.A St Helens seafood company is churning out four tonnes of urchin roe a week- which is a ... ...Mon 23rd May 2011 - 10:16am
Sony expects US3.2 billion annual loss
Sony Corp is expecting a loss of US3.2 billion A2.99 billion for the fiscal year ended March- reversing its earlier projection of a return to profit.The Japanese maker of PlayStation 3 video game machines ... ...Mon 23rd May 2011 - 09:45am
Lagarde in wings as candidates emerge for IMF job
The race to succeed disgraced IMF chief Dominique Strauss-Kahn officially got under way Monday- with French Finance Minister Christine Lagarde tipped as the favorite against at least three opponents.As ... ...Mon 23rd May 2011 - 09:16am
Greece speeds up asset sales to beat debt crisis
Under pressure from EU peers and the markets- Greece on Monday pledged to speed up a halting privatisation drive to reduce its crushing debt load and head off a second eurozone crisis.After a marathon ... ...Mon 23rd May 2011 - 08:13am
Top End tapping in to natural gas boom
The Northern Territory branch of the Master Builders Association MBA says it is logical for maintenance work on a floating gas plant in Western Australia to be done in Darwin.It says Darwin crews are ... ...Mon 23rd May 2011 - 07:51am
Fitch cuts Belgian rating outlook to Negative
Fitch Ratings on Monday cut its outlook on Belgium to Negative from Stable because of a protracted political crisis that has left the country without a permanent government for months.Fitch ... ...Mon 23rd May 2011 - 07:46am
Euro debt worries hit local banks
Renewed concerns about Europes debt problems have weighed on local stocks- especially the banking sector.The All Ordinaries index fell 85 points to 4-723- and the ASX 200 slumped 1.9 per cent to 4-643.The ... ...Mon 23rd May 2011 - 07:33am
Questions over Tasmanian timber factory jobs
The employment of overseas workers at a southern Tasmanian timber factory has been questioned at Senate Estimates Hearings in Canberra today. Senator Bob Brown today questioned immigration officials about ... ...Mon 23rd May 2011 - 07:31am
Euro debt worries hit local banks
Renewed concerns about Europes debt problems have weighed on local stocks- especially the banking sector.The All Ordinaries index fell 85 points to 4-723- and the ASX 200 slumped 1.9 per cent to 4-643.The ... ...Mon 23rd May 2011 - 07:27am
Short sellers pressure house bank shares
Shares in Australias big banks have come under heavy selling pressure from short-sellers attracted by lenders exposure to Australias housing sector- which some perceive as being overpriced.ANZ ... ...Mon 23rd May 2011 - 07:24am
Australia shares close down 1.9 pct banks hit by euro fears
MARKETS-AUSTRALIA-STOCKS UPDATE 4-Australia shares close down 1.9 pct banks hit by euro fears ...Mon 23rd May 2011 - 07:15am
Elders downgrades profit guidance
Elders Ltd says it is cautious on its outlook- given the strength of the Australian dollar and rising cost of fuel and wages.The agribusiness and automotive interiors supplier posted a 14.6 million first ... ...Mon 23rd May 2011 - 07:08am
Super returns dented by Aussie dollar gains
Superannuation analysts say the rising Australian dollar is taking some of the shine off better investment performance this financial year.Research by superannuation analyst Chant West estimates the surging ... ...Mon 23rd May 2011 - 07:00am
China May factory growth hits 10-month low
Chinese factories expanded in May at their slowest pace in 10 months while price pressures eased- a purchasing managers index showed on Monday- adding to evidence that the economy is moderating as ... ...Mon 23rd May 2011 - 06:57am
Unholy alliance between Government and business
Tasmanias unions have accused the State Government of forming an unholy alliance with the states peak business body.Unions Tasmanias secretary- Kevin Harkins- says the Labor-Green Government ... ...Mon 23rd May 2011 - 06:51am
Ebro says it may have overpriced SunRice
The Spanish company trying to take over Australian rice company SunRice says it may have overpriced the target given the high value of the Australian dollar.In October 2010- Ricegrowers Ltd- also known ... ...Mon 23rd May 2011 - 06:49am
Lagarde in wings as candidates emerge for IMF job
The race to succeed disgraced IMF chief Dominique Strauss-Kahn officially got under way Monday- with French Finance Minister Christine Lagarde tipped as the favorite against at least three opponents. As ... ...Mon 23rd May 2011 - 06:42am
Australia shares close down 1.9 pct banks hit by euro fears
MARKETS-AUSTRALIA-STOCKS UPDATE 3-Australia shares close down 1.9 pct banks hit by euro fears ...Mon 23rd May 2011 - 06:39am
European stocks close sharply lower
European stock markets closed sharply lower on Monday- hit by signs of slower growth- especially in global powerhouse China- and fears that Greek debt problems will spark a new eurozone crisis.Dealers ... ...Mon 23rd May 2011 - 06:35am
Frances Lagarde says talk of IMF post premature
French Finance Minister Christine Lagarde said Monday it was premature to talk of her taking the helm of the IMF- though she is tipped as favourite to succeed Dominique Strauss-Kahn.Asked on ... ...Mon 23rd May 2011 - 06:24am
Petrol price falls yet to reach motorists
New figures show some big falls in wholesale petrol prices are not being passed on to motorists by Australian service stations.The Australian Institute of Petroleum says wholesale petrol prices have eased ... ...Mon 23rd May 2011 - 06:24am
BOQ to buy back guaranteed bonds
Bank of Queensland Ltd BOQ is offering to buy back government-guaranteed bonds from an amount worth 1.23 billion that are due to mature in 2013.The senior unsecured floating rate notes were issued on ... ...Mon 23rd May 2011 - 06:14am
Manufacturing index shows signs of China cooling
Chinas manufacturing sector is growing at its slowest pace since July last year- but is still consistent with strong economic growth overall.Banking giant HSBCs monthly flash manufacturing index ... ...Mon 23rd May 2011 - 06:02am
Italy stocks plunge after S and P downgrade
Italian stocks plunged by more than three percent making it one of the worst-performing markets in Europe on Monday after ratings agency Standard -amp Poors downgraded Italys credit outlook to negative.The ... ...Mon 23rd May 2011 - 06:00am
Questions over Tasmanian timber factory jobs
A Senate estimates hearing has been told a Malaysian timber company did not have to advertise for local workers before hiring Malaysians for its Tasmanian factory.Senator Bob Brown today questioned immigration ... ...Mon 23rd May 2011 - 05:56am
Frances Lagarde says talk of IMF post premature
French Finance Minister Christine Lagarde said Monday it was premature to talk of her taking the helm of the IMF- though she is tipped as favourite to succeed Dominique Strauss-Kahn. ...Mon 23rd May 2011 - 05:55am
Italy reports decade of lowest growth in Europe
Italy has clocked the lowest growth rate in the European Union in the past decade with an average yearly rise in gross domestic product GDP of just 0.2 percent- official data out on Monday showed.The ... ...Mon 23rd May 2011 - 05:50am
Questions over Malaysians at Tasmanian timber factory
A Senate estimates hearing has been told a Malaysian timber company did not have to advertise for local workers before hiring Malaysians for its Tasmanian factory.Senator Bob Brown today questioned immigration ... ...Mon 23rd May 2011 - 05:40am
Questions over Malaysians at Tasmanian timber factory
A Senate estimates hearing has been told a Malaysian timber company did not have to advertise for local workers before hiring Malaysians for its Tasmanian factory.Senator Bob Brown today questioned immigration ... ...Mon 23rd May 2011 - 05:39am
Malaysian workers ok at Tasmanian factory
A Senate estimates hearing has been told a Malaysian timber company did not have to advertise for local workers before hiring Malaysians for its Tasmanian factory.Senator Bob Brown today questioned immigration ... ...Mon 23rd May 2011 - 05:32am
Ex-IMF chief calls charges personal nightmare
Ex-IMF managing director Dominique Strauss-Kahn told former colleagues that the sexual assault charges against him were a personal nightmare and insisted he would be cleared.In an email dated ... ...Mon 23rd May 2011 - 05:30am
Packer surfs online retail wave
Online retail group Catch of the Day is being bankrolled by an investment consortium that includes James Packers Consolidated Press Holdings.It is the first investment by Mr Packers private company ... ...Mon 23rd May 2011 - 05:17am
Bob Katter flags new political party
Colourful Queensland independent MP Bob Katter has confirmed he is considering creating a new political party- saying he wants to be a new Ben Chifley.Mr Katter says the independents- who hold the balance ... ...Mon 23rd May 2011 - 05:15am
Malaysian workers ok at Tasmanian factory
A Senate estimates hearing has been told a Malaysian timber company did not have to advertise for local workers before hiring Malaysians for its Tasmanian factory.Senator Bob Brown today questioned immigration ... ...Mon 23rd May 2011 - 05:05am
Oil prices slide on fresh demand worries
Oil prices slumped on Monday- hit by the prospect of weaker European and Chinese demand for energy while the market waited to see if a new volcanic ash cloud would hit sales of jet fuel.New Yorks ... ...Mon 23rd May 2011 - 05:03am
Packer surfs online retail wave
Online retail group Catch of the Day is being bankrolled by an investment consortium that includes James Packers Consolidated Press Holdings.It is the first investment by Mr Packers private company ... ...Mon 23rd May 2011 - 05:02am
Bob Katter flags new political party
Colourful Queensland independent MP Bob Katter has confirmed he is considering creating a new political party- saying he wants to be a new Ben Chifley.Mr Katter says the independents- who hold the balance ... ...Mon 23rd May 2011 - 05:01am
OECD turns 50- ageing with globalisation
From post-war reconstruction in Europe to the next age of globalisation- the OECD has been both navigator and pilot of vast economic change which it celebrates with a 50th birthday this week.Preparing ... ...Mon 23rd May 2011 - 05:00am
SA- NSW iron-ore explorers form alliance
A group of iron-ore explorers have formed a formal alliance to promote the development of mining infrastructure across the Braemar iron province that stretches from Broken Hill in NSW into South Australia.The ... ...Mon 23rd May 2011 - 04:53am
Ryanair profits up 26- but oil costs to ground planes
Ryanair said on Monday that its annual net profit rose by a quarter but Europes biggest no-frills airline warned of a tough outlook as high fuel costs force it to ground planes and hike fares.Ryanair ... ...Mon 23rd May 2011 - 04:42am
Greece readies more reforms to beat debt crisis
Greeces cabinet was locked in crisis talks on Monday to finalise a four-year reform blueprint as its sceptical European peers demanded tangible measures to ward off a second eurozone debt crisis.With ... ...Mon 23rd May 2011 - 04:35am
Apple looks set to launch cloud-based music service
Just weeks after Amazon and Google unveiled their music offerings- Apple appears set to raise the bar.The Cupertino- California-based gadget-maker is expected to launch a new Web-hosted music service next ... ...Mon 23rd May 2011 - 04:01am
Apple looks set to launch cloud-based music service
Just weeks after Amazon and Google unveiled their music offerings- Apple appears set to raise the bar.The Cupertino- California-based gadget-maker is expected to launch a new Web-hosted music service next ... ...Mon 23rd May 2011 - 03:47am
Shares tumble on Greek debt concerns
The Australian share market has more than doubled Wall Streets 0.7 per cent fall on Friday- as Greek debt concerns intensified over the weekend.The All Ordinaries index was down 1.5 per cent at 4-735 ... ...Mon 23rd May 2011 - 03:22am
Shares tumble on Greek debt concerns
The Australian share market has more than doubled Wall Streets 0.7 per cent fall on Friday- as Greek debt concerns intensified over the weekend.The All Ordinaries index was down 1.5 per cent at 4-735 ... ...Mon 23rd May 2011 - 03:08am
Ryanair profits up 26 but laments high oil costs
Ryanair said on Monday that its annual net profit rose by a quarter but Europes biggest no-frills airline also warned of a tough outlook as high fuel costs force it to ground planes and hike fares.Ryanair ... ...Mon 23rd May 2011 - 03:04am
Short sellers hit big banks stocks
Shares in Australias big banks have come under heavy selling pressure as short-sellers take their toll- attracted by banks lending vulnerability amid a two-speed economy.National Australia Bank ... ...Mon 23rd May 2011 - 02:37am
European stocks hit by ash cloud fears
Europes main stock markets fell sharply on Monday as shares in airlines dived on fears that a new ash cloud from an Icelandic volcano could ground flights- while debt concerns also weighed.Londons ... ...Mon 23rd May 2011 - 01:52am
Skies look clear Monday- Tuesday- Euro air traffic control
Travellers should be free to take to Europes skies at least until later Tuesday although airspace may be affected when an ash cloud from an Icelandic volcanos eruption reaches northern ... ...Mon 23rd May 2011 - 01:49am
Ryanair annual profit up 26 but warns on oil costs
Ryanair said on Monday that its annual net profit rose by a quarter but Europes biggest no-frills airline also warned of a tough outlook as high fuel costs force it to ground planes and hike fares.Ryanair ... ...Mon 23rd May 2011 - 01:44am
Australia shares down 1.5 with investors on sidelines
MARKETS-AUSTRALIA-STOCKS UPDATE 2-Australia shares down 1.5 with investors on sidelines ...Mon 23rd May 2011 - 01:42am
BP upgrades Port Hedland terminal
BP says loading times at its Port Hedland fuel terminal in Western Australia have been cut by 40 per cent.A new higher volume loading gantry has been successfully commissioned and is now fully operational- ... ...Mon 23rd May 2011 - 01:40am
A link to terms of trade not so strict
Treasury Secretary Martin Parkinsons prediction this week that the Australian dollar would move in line with the terms of trade over the longer term warranted more comment than it received.In fact ... ...Mon 23rd May 2011 - 01:38am
Sony expects annual net loss of 3.2bn
Japans Sony on Monday said it expected to post a 3.2 billion net loss for the fiscal year ended March- after delaying its corporate results to gauge damage from the March 11 earthquake and tsunami.The ... ...Mon 23rd May 2011 - 01:38am
Japan in need of more Aussie tuna
Australias southern bluefin tuna is in strong demand from overseas markets. Demand is so great this year that more frozen tuna is expected to be sent abroad. Australian Tuna Association chief executive ... ...Mon 23rd May 2011 - 01:37am
Volcanic ash cloud threat hits airline shares
Airline shares dived on Monday in fright at the threat to traffic from an Icelandic volcanic ash cloud closing the skies over Europe- a year after European airlines were hit by month-long ash chaos.Shares ... ...Mon 23rd May 2011 - 01:36am
Strauss-Kahn will be cleared of sex crimes
Fallen IMF chief Dominique Strauss-Kahn will plead not guilty and be cleared of attempting to rape a hotel chambermaid- his main lawyer says.The French politician- until recently considered a serious contender ... ...Mon 23rd May 2011 - 01:31am
Alice warned of upcoming power outages
The Northern Territory electricity authority is warning of some power outages in Alice Springs in the next four weeks. Power and Water Corporation is testing equipment connecting to the new Owen Springs ... ...Mon 23rd May 2011 - 01:18am
Alice warned of upcoming power outages
The Northern Territory electricity authority is warning of some power outages in Alice Springs in the next four weeks. Power and Water Corporation is testing equipment connecting to the new Owen Springs ... ...Mon 23rd May 2011 - 01:03am
Power poles costing NSW dear- report
The New South Wales Government insists it will retain ownership of the states power grid- despite a report showing it is charging nearly twice as much as privately-owned networks interstate.The report ... ...Mon 23rd May 2011 - 12:27am
Elders cuts profit forecast on dollar- weather
The strong Australian dollar and catastrophic weather conditions have led rural services business Elders to post a first-half net loss and lower its full-year profit expectations. The company made a loss ... ...Mon 23rd May 2011 - 12:26am
Inefficient networks forcing energy bills higher
Even before the introduction of a carbon tax Australians are feeling the pain of rising energy prices- but a new report says much of the pain could be avoided.The report blames the hikes on inefficiencies ... ...Mon 23rd May 2011 - 12:08am
Xstrata hears apprehension over copper smelting end
Mining company Xstrata has addressed the public about its plans to phase out copper smelting and refining in north Queensland.A weekend community consultation meeting in Mount Isa- in the states north-west- ... ...Mon 23rd May 2011 - 12:07am
Inefficient networks forcing energy bills higher
Even before the introduction of a carbon tax Australians are feeling the pain of rising energy prices- but a new report says much of the pain could be avoided.The report blames the hikes on inefficiencies ... ...Mon 23rd May 2011 - 12:04am
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