Finance News, Friday 15th July 2011
Murdoch apology in British papers as aides quit
Rupert Murdoch published signed apologies in British newspapers Saturday for the phone hacking scandal as two of his top executives quit in an unprecedented spate of bloodletting at his media empire.Murdoch ... ...Fri 15th July 2011 - 11:49pm
Obama warns US running out of time for debt deal
US President Barack Obama is pressing polarized lawmakers to avert what he called economic Armageddon by quickly forging a deal to prevent an early August debt default by the worlds richest ... ...Fri 15th July 2011 - 10:09pm
Australia economy strong despite jitters- treasurer
Australian Treasurer Wayne Swan insisted the countrys economy was strong Saturday following a slump in consumer confidence and retail spending which left some analysts predicting an interest rate ... ...Fri 15th July 2011 - 09:43pm
Obama warns US running out of time for debt deal
US President Barack Obama is pressing polarized lawmakers to avert what he called economic Armageddon by quickly forging a deal to prevent an early August debt by the worlds richest country.Were ... ...Fri 15th July 2011 - 09:37pm
Taiwans HTC to appeal Apple patent ruling
Taiwans leading smartphone maker HTC said it would appeal a ruling by a United States trade body which found that it had infringed two patents held by US giant Apple.Apple filed a complaint against ... ...Fri 15th July 2011 - 08:48pm
Obama warns US running out of time for debt deal
US President Barack Obama pressed polarized lawmakers to avert economic Armageddon by quickly forging an elusive deal to prevent an early August debt default with ruinous global consequences.Were ... ...Fri 15th July 2011 - 05:15pm
Obama warns US running out of time for debt deal
US President Barack Obama pressed polarized lawmakers Friday to avert economic Armageddon by quickly forging an elusive deal to prevent an early August debt default with ruinous global consequences.Were ... ...Fri 15th July 2011 - 12:50pm
Environmental activist appointed as new mill boss
The high-profile environmentalist Alec Marr has been appointed to manage a Tasmanian woodchip mill that has been sold by Gunns.The Triabunna mill has been bought by the tourism consortium- Triabunna Investments- ... ...Fri 15th July 2011 - 12:15pm
Swan plays down need for media inquiry
Deputy Prime Minister Wayne Swan has played down calls for an inquiry into the Australian media in the wake of the British phone-hacking scandal.The Greens have been calling for the inquiry in the aftermath ... ...Fri 15th July 2011 - 12:14pm
US debt talks degenerate into slanging match
Crisis talks on the United States debt limit remained deadlocked overnight as negotiations led by US president Barack Obama degenerated into a slanging match.The president is said to have stalked ... ...Fri 15th July 2011 - 12:13pm
Dow Jones CEO- ex-News International chief- quits
Long-time Rupert Murdoch aide Les Hinton- who served as chairman of News International during the phone hacking at the News of the World- resigned on Friday as chief executive of News Corp.s Dow Jones ... ...Fri 15th July 2011 - 11:35am
Ex-News International chairman resigns from Dow Jones
Les Hinton- who served as chairman of News International during the phone hacking by journalists from the News of the World- resigned on Friday as chief executive of News Corp.s Dow Jones unit.Hintons ... ...Fri 15th July 2011 - 11:00am
Dow Jones CEO Les Hinton to resign- WSJ
Les Hinton- who served as chairman of News International during the phone-hacking by the News of the World- is to resign on Friday as chief executive of News Corp.s Dow Jones unit- The Wall Street ... ...Fri 15th July 2011 - 10:37am
Eurozone debt summit July 21 in Brussels- EU president
Eurozone nations will hold an extraordinary summit on July 21 in Brussels on ways to tackle the debt crisis and provide fresh aid for bailed-out Greece- EU president Herman Van Rompuy said Friday.Our ... ...Fri 15th July 2011 - 10:34am
Obama warns US running out of time for debt deal
US President Barack Obama pressed polarized lawmakers Friday to avert economic Armageddon by quickly forging an elusive deal to prevent an early August debt default with ruinous global consequences.Were ... ...Fri 15th July 2011 - 09:33am
Eight European banks fail EU stress tests
Eight European banks- including five from Spain- failed crucial EU stress tests- the blocs financial regulator said on Friday- with lenders facing rising pressures from the eurozone debt crisis.Two ... ...Fri 15th July 2011 - 09:08am
Italian parliament adopts whopping austerity budget
Italys parliament on Friday gave final approval on Friday to a whopping 48-billion-euro 68-billion austerity budget aimed at slashing the public deficit by 2014 and reassuring nervous financial ... ...Fri 15th July 2011 - 09:06am
BHP drags market lower
Local shares have closed lower- dragged down by losses in Australian mining giant BHP Billiton.The market also had a weak lead from overseas markets- after Federal Reserve chairman Ben Bernanke deflated ... ...Fri 15th July 2011 - 09:04am
Fortescue June quarter production up
Iron ore miner Fortescue Metals Group has recovered from its weather-related production slowdown of earlier in the year.However- it says that costs have jumped by more than expected because of the strong ... ...Fri 15th July 2011 - 08:57am
Zillow ups IPO price- valued at 500 million
Online real estate listings website Zillow increased the price of its initial public offering Friday- valuing the company at up to 500 million.Zillow- in an updated filing with the US Securities and Exchange ... ...Fri 15th July 2011 - 08:37am
Jetstar expands Singapore base
Jetstar says it expects to add seven more aircraft to its Singapore hub by the end of the year as the Qantas Airways subsidiary expands its Asian operations.Five Airbus A320s and two wide-bodied A330s ... ...Fri 15th July 2011 - 08:34am
More shale gas deals very likely for BHP
BHP Billiton is on the lookout for more acquisitions in the United States shale gas sector after its US15.1 billion friendly takeover of Petrohawk Energy.BHP Billiton on Friday announced its second major ... ...Fri 15th July 2011 - 08:34am
Obama warns US running out of time for debt deal
US President Barack Obama pressed polarized lawmakers Friday to reach a deal quickly to avoid an early August debt default he described as economic Armageddon- amid fevered congressional wrangling.Were ... ...Fri 15th July 2011 - 08:19am
Italian parliament adopts whopping austerity budget
Italys parliament on Friday gave final approval on Friday to a whopping 48-billion-euro 68-billion austerity budget aimed at slashing the public deficit by 2014 and reassuring nervous financial ... ...Fri 15th July 2011 - 07:59am
Carbon tax will create power plant boom- Alstom
A leading supplier of power generation equipment says the certainty of a carbon price will lead to an investment boom in new power plants.Alstom is a French-based company that manufactures power generation ... ...Fri 15th July 2011 - 07:46am
More shale gas deals very likely for BHP
BHP Billiton is on the lookout for more acquisitions in the United States shale gas sector after its US15.1 billion friendly takeover of Petrohawk Energy.BHP Billiton on Friday announced its second major ... ...Fri 15th July 2011 - 07:42am
FMG reports solid growth in the last quarter
Fortescue Metals Group has released its quarterly report which shows all areas of the business recording growth from the previous quarter.FMG shipped 11.5 million tonnes of iron ore the June quarter- which ... ...Fri 15th July 2011 - 07:39am
Carbon tax will generate power plant boom- Alstom
A leading supplier of power generation equipment says the certainty of a carbon price will lead to an investment boom in new power plants.Alstom is a French-based company that manufactures power generation ... ...Fri 15th July 2011 - 07:29am
Carbon tax will generate power plant boom- Alstom
A leading supplier of power generation equipment says the certainty of a carbon price will lead to an investment boom in new power plants.Alstom is a French-based company that manufactures power generation ... ...Fri 15th July 2011 - 07:27am
Dampier maritime workers launch industrial action
Union delegates and workers have staged a protest in the Pilbara town of Dampier over a pay dispute with Mermaid Marine.The Maritime Union says members have stopped work and have been picketing in front ... ...Fri 15th July 2011 - 07:12am
Eight European banks fail EU stress tests
Eight European banks failed stress tests- the EU regulator revealed on Friday- with banks under rising pressures from the eurozone debt crisis now affecting Italy and Spain.Five of the eight failures are ... ...Fri 15th July 2011 - 07:08am
Australia shares shed 0.4 percent BHP falls
MARKETS-AUSTRALIA-STOCKS UPDATE 3-Australia shares shed 0.4 percent BHP falls ...Fri 15th July 2011 - 06:42am
Pentagon admits defence files stolen
The US Pentagon has admitted that a foreign intelligence service stole 24-000 files from a US defence contractor earlier this year.US deputy defence secretary William J Lynn will not say which contractor ... ...Fri 15th July 2011 - 06:39am
A dives on forecast rate cut
The Australian dollar tanked sharply in late trade- dropping below 107 US cents- after a major local bank said it expected the central bank to cut interest rates by Christmas.Westpac on Friday reversed ... ...Fri 15th July 2011 - 06:36am
EU says eight European banks fail stress tests
Eight European banks have failed stress tests and together need an injection of 2.5 billion euros 3.5 billion to meet new capital requirements- the EU banking regulator said here on Friday.The eight ... ...Fri 15th July 2011 - 06:22am
Obama warns US running out of time for debt deal
US President Barack Obama pressed polarized lawmakers Friday to reach a deal quickly to avoid an early August debt default he described as economic Armageddon- amid fevered congressional wrangling.Were ... ...Fri 15th July 2011 - 06:21am
Telefonica says job cut plan to cost 2.7 billion euros
Spanish telecoms giant Telefonica said on Friday its plan to shed 6-500 employees over the next three years will cost it 2.7 billion euros 3.8 billion before tax.The employees represent about 20 percent ... ...Fri 15th July 2011 - 06:18am
Australia shares shed 0.4 percent BHP falls
MARKETS-AUSTRALIA-STOCKS UPDATE 2-Australia shares shed 0.4 percent BHP falls ...Fri 15th July 2011 - 06:16am
Obama warns US running out of time for debt deal
US President Barack Obama pressed polarized lawmakers Friday to reach a deal quickly to avoid an early August debt default he described as economic Armageddon- amid fevered congressional wrangling.Were ... ...Fri 15th July 2011 - 06:11am
Spain launches airport sell-off
The Spanish government Friday took the first step in the partial privatisation of the airport operating authority AENA as well as of the Madrid and Barcelona airports.The government hopes the sale of the ... ...Fri 15th July 2011 - 05:59am
Swan plays down need for media inquiry
Deputy Prime Minister Wayne Swan has played down calls for an inquiry into the Australian media in the wake of the British phone-hacking scandal.The Greens have been calling for the inquiry in the aftermath ... ...Fri 15th July 2011 - 05:50am
Watchdog tightens pulp mill emissions
Tasmanias Environmental Protection Authority EPA is moving to tighten restrictions on emissions for Gunns proposed Tamar Valley pulp mill.The EPA has released its draft response to Gunns ... ...Fri 15th July 2011 - 05:48am
Swan plays down calls for media inquiry
Deputy Prime Minister Wayne Swan has played down calls for an inquiry into the Australian media in the wake of the British phone-hacking scandal.The Greens have been calling for the inquiry in the aftermath ... ...Fri 15th July 2011 - 05:46am
FMG shares dip after higher June qtr costs
Shares in iron ore miner Fortescue Metals Group eased after a higher than expected jump in June quarter costs.Fortescue shares lost 10 cents- or 1.56 per cent- to 6.32 by 1450 AEST- after hitting an earlier ... ...Fri 15th July 2011 - 05:40am
Northern cattle industry slams export ban damage
The Northern Territory Cattlemens Association predicts 50-000 to 100-000 head will not be fit for sale by the time the industry recovers from the ban on live exports to Indonesia.Producers- pastoralists ... ...Fri 15th July 2011 - 05:35am
Swan plays down calls for media inquiry
Deputy Prime Minister Wayne Swan has played down calls for an inquiry into the Australian media in the wake of the British phone-hacking scandal.The Greens have been calling for the inquiry in the aftermath ... ...Fri 15th July 2011 - 05:31am
Northern cattle industry slams export ban damage
The Northern Territory Cattlemens Association predicts 50-000 to 100-000 head will not be fit for sale by the time the industry recovers from the ban on live exports to Indonesia.Producers- pastoralists ... ...Fri 15th July 2011 - 05:26am
US running out of time on debt deal- Obama
President Barack Obama Friday said the United States was running out of time to reach a deal on raising the countrys debt ceiling to avert a possible early August default.We are ... ...Fri 15th July 2011 - 05:24am
US Republicans ramp up debt fight
US President Barack Obamas Republican foes ramped up a fight over averting a disastrous early August debt default- tying that step to passage of a balanced budget amendment to the constitution.Were ... ...Fri 15th July 2011 - 05:15am
Fitch downgrades five Greek banks
Fitch rating agency said on Friday it had downgraded one notch the notation for the five leading Greek banks to B- because of strains on their cash positions and assets.The rating agency issued ... ...Fri 15th July 2011 - 04:54am
Italian parliament adopts stinging austerity budget
Italys parliament on Friday gave final approval on Friday to a 48-billion-euro 68-billion austerity budget aimed at slashing the deficit by 2014 and reassuring nervous financial markets. Adoption ... ...Fri 15th July 2011 - 04:43am
Business leaders warn we need China
As important as we are to China- we wont be essential.China does have other choices.Australia has none.We have no other choice.It was a strong message sent by billionaire Kerry ... ...Fri 15th July 2011 - 04:16am
Business leaders warn we need China
As important as we are to China- we wont be essential.China does have other choices.Australia has none.We have no other choice.It was a strong message sent by billionaire Kerry ... ...Fri 15th July 2011 - 03:58am
Land prices in Adelaide top Sydney
Some residential land in Adelaide has become dearer than that in Sydney- figures released by the Housing Industry Association HIA show.As a result- land sales in the South Australian capital have slipped ... ...Fri 15th July 2011 - 03:44am
Adelaide home buyers paying more for less
House blocks in Adelaide are now more expensive than in Sydney- even though lot sizes in the South Australian capital shrunk in the past decade.Over the past 10 years- median lot sizes in Adelaide have ... ...Fri 15th July 2011 - 03:38am
Negative press is annoying- Rupert Murdoch
Rupert Murdoch is defending News Corp.s handling of a UK newspaper scandal- saying his media company will recover from any damages wrought by phone-hacking and police bribery allegations.The 80-year-old ... ...Fri 15th July 2011 - 03:32am
Tiger passengers can cancel August flights
Tiger Airways passengers with flights booked for August can cancel their tickets without being penalised- while the grounded airline waits to hear when it will be cleared to fly again.It has given a number ... ...Fri 15th July 2011 - 03:31am
Commuters will pay for carbon tax- OFarrell
New South Wales Premier Barry OFarrell says the carbon tax will force people from public transport and back into cars.Mr OFarrell has released State Treasury figures which predict an average ... ...Fri 15th July 2011 - 03:29am
BHP leads market lower on takeover worries
BHP Billiton is leading the share market lower- as investors sell it off on fears of an over-priced acquisition.The big Australian has made a large bid for US shale gas company Petrohawk Energy.The deal ... ...Fri 15th July 2011 - 03:20am
Citigroup profit surges in second quarter
US banking giant Citigroup on Friday posted a strong rise in second-quarter profit- as falling credit losses offset a drop in revenues.Net income increased to 3.3 billion in the April-June period- marking ... ...Fri 15th July 2011 - 03:11am
US consumer prices fall as oil prices cool
US consumer prices fell in June for the first time in a year as a sharp decline in oil prices eased inflation pressures- official data showed Friday.Consumer prices dropped a seasonally adjusted 0.2 percent ... ...Fri 15th July 2011 - 03:09am
Italy to slash budget as Europe struggles with debt crisis
Italy rushed to slash benefits and pensions with a 48-billion-euro 68-billion austerity budget on Friday in a fightback against market turmoil from the eurozone debt crisis.Final approval for the wide-ranging ... ...Fri 15th July 2011 - 02:56am
BHP agrees to 14b shale gas takeover
Australian mining giant BHP Billiton has agreed to a takeover of US shale gas producer Petrohawk Energy worth around 14 billion.The offer includes 11.3 billion to purchase Petrohawks shares- plus ... ...Fri 15th July 2011 - 02:44am
BHP targets more shale gas in US deal
BHP Billiton expects to undertake more acquisitions in the booming US shale gas sector after its US15.1 billion A14.13 billion takeover of Petrohawk Energy- chief executive Marius Kloppers says.The ... ...Fri 15th July 2011 - 02:39am
BHP targets more shale gas in US deal
BHP Billiton expects to undertake more acquisitions in the booming US shale gas sector after its US15.1 billion A14.13 billion takeover of Petrohawk Energy- chief executive Marius Kloppers says.The ... ...Fri 15th July 2011 - 02:32am
News Corp shares drop at the open
Shares in News Corporation in Australia have dropped two per cent after the UK phone hacking scandal moved across to the US.On Thursday- the FBI announced it was to launch an investigation to find out ... ...Fri 15th July 2011 - 02:12am
US debt talks degenerate into slanging match
Crisis talks on the United States debt limit remained deadlocked overnight as negotiations led by US president Barack Obama degenerated into a slanging match.The president is said to have stalked ... ...Fri 15th July 2011 - 02:00am
Fortescue shipments up 38 in June quarter
Fortescue Metals Group expects to ship 12 to 12.5 million tonnes of iron ore in the September quarter after shipments rose 38 per cent in the June quarter.Fortescue says cash costs per tonne rose to US53.23 ... ...Fri 15th July 2011 - 01:58am
Decision time on US debt- says Obama
US President Barack Obama bluntly told top legislators its decision time in contentious talks to avert a ruinous early August debt default- according to a well-placed Democratic official.Adding ... ...Fri 15th July 2011 - 01:56am
Fortescue shipments up 38 in June quarter
Fortescue Metals Group expects to ship 12 to 12.5 million tonnes of iron ore in the September quarter after shipments rose 38 per cent in the June quarter.Fortescue says cash costs per tonne rose to US53.23 ... ...Fri 15th July 2011 - 01:50am
Australia shares shed 0.3 percent- BHP falls
MARKETS-AUSTRALIA-STOCKS UPDATE 1-Australia shares shed 0.3 percent- BHP falls ...Fri 15th July 2011 - 01:43am
Tiger passengers can cancel August flights
Tiger Airways passengers with flights booked for August can cancel their tickets without being penalised- while the grounded airline waits to hear when it will be cleared to fly again.It has given a number ... ...Fri 15th July 2011 - 01:38am
BHP targets more shale gas in US deal
BHP Billiton is continuing its move into the booming shale gas industry in the United States with a US15.1 billion A14.13 billion takeover of Petrohawk Energy.BHP and Petrohawk have agreed to the takeover- ... ...Fri 15th July 2011 - 01:25am
US debt talks degenerate into slanging match
Crisis talks on the United States debt limit remained deadlocked overnight as negotiations led by US president Barack Obama degenerated into a slanging match.The president is said to have stalked ... ...Fri 15th July 2011 - 01:05am
Meatworkers return to work
A meatworkers union says there is no guarantee there will not be more temporary shutdowns at an abattoir on southern Queenslands Darling Downs.JBS Australia says it was forced to close Beef City- ... ...Fri 15th July 2011 - 12:54am
Investors want grant access in flood-ravaged Lockyer Valley
Real estate investors are concerned renters may leave flood-hit Grantham in Queenslands Lockyer Valley because a Government grant to move to higher ground only applies to owner-occupiers.An Australian-first ... ...Fri 15th July 2011 - 12:51am
News Corp shares drop at the open
Shares in News Corporation in Australia have dropped two per cent after the UK phone hacking scandal moved across to the US.On Thursday- the FBI announced it was to launch an investigation to find out ... ...Fri 15th July 2011 - 12:48am
Abbott addresses carbon tax forum
Opposition Leader Tony Abbott was accused of scaremongering over the carbon tax when he appeared at a public forum in Brisbane last night.In the state where coal is both a rich source of jobs ... ...Fri 15th July 2011 - 12:31am
News Coorp shares drop at the open
Shares in News Corporation in Australian have dropped two per cent after the UK phone hacking scandal moved across to the US.On Thursday- the FBI announced it was to launch an investigation to find out ... ...Fri 15th July 2011 - 12:30am
BHP shares down on Petrohawk Energy deal
BHP Billiton shares have opened down two per cent after announcing it will buy US-based oil company Petrohawk Energy for US15.1 billion A14.1 billion- increasing its exposure to the American energy ... ...Fri 15th July 2011 - 12:29am
Record numbers dying from heatstroke in Japan
Cases of heatstroke in Japan have hit record levels as people switch off air conditioners in the summer heat to save power after the nuclear crisis.At least 26 people have died this month alone.The average ... ...Fri 15th July 2011 - 12:22am
Australia shares fall 0.3 percent on open- BHP slips
MARKETS-AUSTRALIA-STOCKS UPDATE 1-Australia shares fall 0.3 percent on open- BHP slips ...Fri 15th July 2011 - 12:13am
BHP shares down on Petrohawk Energy deal
BHP Billiton shares have opened down two per cent after announcing it will buy US-based oil company Petrohawk Energy for US15.1 billion A14.1 billion- increasing its exposure to the American energy ... ...Fri 15th July 2011 - 12:09am
Obama calls for new debt talks
US President Barack Obama and his Republican foes have come under mounting pressure to forge a compromise to avert an early August debt default- with China and Wall Street sounding the alarm.Obama was ... ...Fri 15th July 2011 - 12:08am
Record numbers dying from heatstroke in Japan
Cases of heatstroke in Japan have hit record levels as people switch off air conditioners in the summer heat to save power after the nuclear crisis.At least 26 people have died this month alone.The average ... ...Fri 15th July 2011 - 12:07am
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