Finance News, Friday 23rd September 2011
Geithner wants decisive signal on eurozone debt
US Treasury Secretary Timothy Geithner has called on Europes leaders to send a decisive signal that they can handle the debt crisis- as pressure builds for action to prevent further eurozone ... ...Fri 23rd September 2011 - 11:41pm
Geithner says ECB doing the job of politicians
US Treasury Secretary Timothy Geithner said Saturday the European Central Bank was doing the job of Europes leaders and warned markets were outpacing their reaction to the eurozone crisis.He praised ... ...Fri 23rd September 2011 - 11:22pm
Global economy faces lost decade- Russian minister
The world economy faces a lost decade of low growth even though it is still possible to stave off another global recession- Russias finance minister was quoted as saying on Saturday.We are probably ... ...Fri 23rd September 2011 - 11:18pm
Airbus fails to reach deal with German union
Negotiations between Airbus and the IG Metall union on a work agreement for 16-000 employees in Germany have broken down- opening the way for possible strike action- the union said on Saturday.After ... ...Fri 23rd September 2011 - 11:08pm
Bus company left sick man at truck stop
Greyhound Australia says it is investigating an incident in which an Adelaide man with acute pancreatitis was left at a highway truck stop by one of its buses.Alex Rafalowicz was travelling on a bus from ... ...Fri 23rd September 2011 - 11:02pm
Bus company left sick man at truck stop
Greyhound Australia says it is investigating an incident in which a man with acute pancreatitis was left at a highway truck stop by one of its buses.Alex Rafalowicz was travelling on a bus from Sydney ... ...Fri 23rd September 2011 - 10:53pm
Copper- silver- gold plunge
Copper- silver and gold led a broad sell-off in commodities on Friday as worries lingered about the lagging pace of the global economy.The concerns are focused on the US economy- Europes struggle ... ...Fri 23rd September 2011 - 09:42pm
Apple opens Hong Kong store in China push
Apple threw open the doors to its first store in Hong Kong Saturday- its latest push to tap the booming China market- as protesters accused the technology giant of supporting sweatshop labour.The minimalist ... ...Fri 23rd September 2011 - 09:33pm
Geithner says ECB doing the job of politicians
US Treasury Secretary Timothy Geithner said Saturday the European Central Bank was doing the job of Europes leaders and warned markets were outpacing their reaction to the eurozone crisis.He praised ... ...Fri 23rd September 2011 - 08:15pm
Multiple parties interested in Yahoo-
Yahoo- is fielding inquiries from multiple parties who have expressed an interest in the struggling Internet company- officials said Friday in a memo sent to employees and obtained by AFP.The ... ...Fri 23rd September 2011 - 07:56pm
Apple opens Hong Kong store in China push
Apple threw open the doors to its first store in Hong Kong- its latest push to tap the booming China market- as shoppers were greeted with boisterous chanting and high-fives from staff.The minimalist store ... ...Fri 23rd September 2011 - 07:31pm
Zimbabwe deadline for foreign firms looms
Foreign companies operating in Zimbabwe have until Sunday to hand in plans to sell majority stakes to local blacks- under a law that has alarmed investors- who are uncertain how the rules will work.The ... ...Fri 23rd September 2011 - 07:10pm
Europe finance chiefs defend crisis action
Europes finance chiefs defended their approach in addressing the debt crisis as pressure built from markets and other regions to take action to prevent it from snowballing.With the US and eurozone ... ...Fri 23rd September 2011 - 05:59pm
Action against News Corp in US
A British lawyer acting for victims of phone hacking at the now-closed News of the World says hes begun moves to take legal proceedings against its US parent company News Corp.Mark Lewis has instructed ... ...Fri 23rd September 2011 - 05:33pm
Top Groupon exec jumps back to Google
Groupon revealed that the startups chief operating officer was leaving after just five months for a job at her former employer - Google.Margo Georgiadis quit for a post as president of the Americas ... ...Fri 23rd September 2011 - 04:11pm
IMF suggests Spain get outsider banks audit
The International Monetary Fund recommended that Spain take a page from Ireland and use an independent auditor to evaluate its banks- saying that could boost confidence.Antonio Borges- the director of ... ...Fri 23rd September 2011 - 03:40pm
Action against News Corp in US
A British lawyer acting for victims of phone hacking at the now-closed News of the World says hes begun moves to take legal proceedings against its US parent company News Corp.Mark Lewis has instructed ... ...Fri 23rd September 2011 - 03:23pm
Lawyer- Hacking legal action for US
A lawyer for many of Britains phone hacking victims said on Friday that legal action would be launched in the United States against Rupert Murdochs News Corp.Mark Lewis told The Associated Press ... ...Fri 23rd September 2011 - 01:11pm
Iran says in talks with Russia on new nuclear plant
Iran is in talks with Russia to build a second nuclear plant in the Islamic Republic- Iranian President Mahmoud Ahmadinejad said Friday.There are conversations now ongoing with the Russians to provide ... ...Fri 23rd September 2011 - 12:36pm
IMF warns on private-sector deal for Greece
The International Monetary Fund warned Friday that Europe should not put through a 50 billion euro 67 billion private-sector restructuring plan for Greek bonds until Athens gets its economy back on ... ...Fri 23rd September 2011 - 12:23pm
EU bans investment in Syrias oil sector
The European Union agreed on Friday to widen the blocs sanctions against Syria by banning investment in the countrys oil sector following President Bashar Assads regime brutal crackdown on protesters.EU ... ...Fri 23rd September 2011 - 11:32am
Discounters not hurting high fashion- Prada
Cut-price retailers are helping- not hurting- the high-end fashion business- says Patrizio Bertelli- owner and chairman of Italys hip Prada brand.People say Zara and H-ampM are a detriment to luxury. ... ...Fri 23rd September 2011 - 11:13am
Iran says in talks with Russia on new nuclear plant
Iran is in talks with Russia to build a second nuclear plant in the Islamic Republic- Iranian President Mahmoud Ahmadinejad said Friday.There are conversations now ongoing with the Russians to provide ... ...Fri 23rd September 2011 - 10:59am
US satellite TV network launches Netflix challenge
US satellite television provider DISH Network has teamed with Blockbuster to stream films in a challenge to online video rental giant Netflix.DISH on Friday said it will charge monthly subscriptions of ... ...Fri 23rd September 2011 - 10:46am
Stocks see-saw after G20 pledge
Global stocks see-sawed in volatile trading on Friday after a G20 pledge to tackle eurozone debt and amid rumors that the European Central Bank could provide troubled banks more support.Many markets halted ... ...Fri 23rd September 2011 - 10:32am
Global volatility has local investors seeing red
The Australian share market has closed at its lowest level in more than two years- with about 18 billion wiped from the value of listed companies as investors fretted about the possibility of a global ... ...Fri 23rd September 2011 - 10:18am
Turkey offers to drop gas exploration
Prime Minister Recep Tayyip Erdogan said Turkey is willing to drop controversial plans for offshore gas exploration in the eastern Mediterranean if its rival Cyprus is willing to do the same- the Anatolia ... ...Fri 23rd September 2011 - 10:15am
WA racks up record resource earnings
High iron ore prices and new projects helped push West Australian resource earnings to a record 101.2 billion- amid warnings of an imminent slowdown.The WA government figures published on Friday showed ... ...Fri 23rd September 2011 - 09:54am
Alleged illegal workers agree to leave country
Foreign labourers who were allegedly working illegally for a contractor on Chevrons 43 billion Gorgon gas project have been stood down and have left Australia.Up to 15 mainly European workers were ... ...Fri 23rd September 2011 - 09:47am
WA racks up record resource earnings
High iron ore prices and new projects helped push West Australian resource earnings to a record 101.2 billion- amid warnings of an imminent slowdown.The WA government figures published on Friday showed ... ...Fri 23rd September 2011 - 09:39am
Global volatility has local investors seeing red
The Australian share market has closed at its lowest level in more than two years- with about 18 billion wiped from the value of listed companies as investors fretted about the possibility of a global ... ...Fri 23rd September 2011 - 09:05am
India shrugs off China warnings on oil exploration
Shrugging off Chinese warnings- Indias state-run oil firm ONGC said on Friday it would press ahead with long-term partner Vietnam in exploring the disputed South China Sea for oil.The plans have stoked ... ...Fri 23rd September 2011 - 08:43am
Global growth fears sends A below parity
The Australian dollar suffered its biggest one-week fall in over a year to drop below parity on renewed fears about a global economic downturn.The local unit plummeted 5.3 per cent against the US dollar ... ...Fri 23rd September 2011 - 08:27am
Global volatility has local investors seeing red
The Australian share market has closed at its lowest level in more than two years- with about 18 billion wiped from the value of listed companies as investors fretted about the possibility of a global ... ...Fri 23rd September 2011 - 08:24am
Frances Total restarts Libyan oil production
French oil giant Total announced Friday it had restarted production from an offshore oil platform off Libya- making it the first major to return to work since the fall of Moamer Kadhafi.A company spokesman ... ...Fri 23rd September 2011 - 08:17am
Global volatility has local investors seeing red
The Australian share market has closed at a more than two-year low- with about 18 billion wiped from the value of listed companies as investors fretted about the possibility of a global recession.In a ... ...Fri 23rd September 2011 - 08:16am
Moodys downgrades 8 Greek banks
Moodys ratings agency downgraded eight Greek banks by two notches on Friday due to their exposure to Greek government bonds and the deteriorating economic situation in the debt-ridden country- whose ... ...Fri 23rd September 2011 - 08:05am
World may see collapse of demand- Lagarde
International Monetary Fund chief Christine Lagarde warned Friday that the world could see demand evaporate if the United States and Europe fail to put their ailing economies back on track. Today- ... ...Fri 23rd September 2011 - 08:00am
Global growth fears sends A below parity
The Australian dollar suffered its biggest one-week fall in over a year to drop below parity on renewed fears about a global economic downturn.The local unit plummeted 5.3 per cent against the US dollar ... ...Fri 23rd September 2011 - 08:00am
Commodity prices slump as investors seek dollar safety
Commodity prices tumbled this week- mirroring the situation on global stock markets- as fears of a new worldwide recession amid a worsening eurozone debt crisis saw investors seek refuge in the dollar.The ... ...Fri 23rd September 2011 - 07:59am
Australia should withstand market jitters- RBA
Australia is in a relatively strong condition despite an increasingly uncertain outlook for the global financial system- the Reserve Bank says.In its latest Financial Stability Review- the ... ...Fri 23rd September 2011 - 07:42am
World may see collapse of demand- Lagarde
International Monetary Fund chief Christine Lagarde warned Friday that the world could see demand evaporate if the United States and Europe fail to put their ailing economies back on track.Today- ... ...Fri 23rd September 2011 - 07:34am
Australian stocks slump to two-year low
The Australian share market closed at a more than two-year low- with about 18 billion wiped from the value of listed companies as investors fretted about the possibility of a global recession.Both major ... ...Fri 23rd September 2011 - 07:34am
A- shares finish another tough week
The Australian dollar and local shares have had another tough week on fears that Europe and the US will drag the global economy into recession.The local currency had its worst week since May last year ... ...Fri 23rd September 2011 - 07:32am
Stocks see-saw after G20 pledge
Global stocks see-sawed in volatile trading on Friday- after a G20 pledge to tackle eurozone debt and fight threats of new global recession and rumours that the ECB would provide troubled banks even stronger ... ...Fri 23rd September 2011 - 07:23am
Global volatility has local investors seeing red
The Australian share market closed firmly in the red following tumbles on Wall Street and European bourses overnight- as a cocktail of negative economic data weighed on investor sentiment.CommSec market ... ...Fri 23rd September 2011 - 07:14am
Wall Street protest camp digs in
A motley but passionate band of demonstrators angry at Wall Street excesses hunkered for a sixth night of sleeping rough on Thursday in the heart of New Yorks financial district.About 100 hardcore ... ...Fri 23rd September 2011 - 07:12am
Global volatility has local investors seeing red
The Australian share market closed firmly in the red following tumbles on Wall Street and European bourses overnight- as a cocktail of negative economic data weighed on investor sentiment.CommSec market ... ...Fri 23rd September 2011 - 06:54am
Bonds strengthen as global fears soar
Australian bond market prices have hit record highs as increasing worries about the global economy cause traders to flee to safe haven assets.At 1630 AEST on Friday- the December 10-year bond futures ... ...Fri 23rd September 2011 - 06:49am
Lynas shares drop on higher losses
Australias largest rare earths miner Lynas Corporation has posted a 33 per cent widening in its full-year loss following a year blighted by controversy.Public protests this year prompted an investigation ... ...Fri 23rd September 2011 - 06:38am
Aussie -amp NZ dlrs sharply lower- more losses loom
MARKETS-AUSTRALIA-FOREX-Aussie -amp NZ dlrs sharply lower- more losses loom ...Fri 23rd September 2011 - 06:27am
Australian shares fall 1.6 to fresh 26-month closing low
MARKETS-AUSTRALIA-STOCKS-Australian shares fall 1.6 to fresh 26-month closing low ...Fri 23rd September 2011 - 06:26am
G20 assurances fail to convince markets
Assurances by the worlds leading powers that they are moving to stabilize the global economy failed to convince Friday- as markets sank again in impatience for more convincing action.A surprise late-night ... ...Fri 23rd September 2011 - 06:23am
A- shares finish another tough week
The Australian dollar and local shares have had another tough week on fears that Europe and the US will drag the global economy into recession.The local currency had its worst week since May last year ... ...Fri 23rd September 2011 - 06:22am
Aust shares close deep in the red
The Australian share market closed firmly in the red following tumbles on Wall Street and European bourses overnight- as a cocktail of negative economic data weighed on investor sentiment.CommSec market ... ...Fri 23rd September 2011 - 06:19am
Road train driver pleads guilty over fatal crash
A road train driver has pleaded guilty to running a red light and killing a man at a notorious intersection on the outskirts of Darwin.Ashley Graham Smith was behind the wheel of a 165-tonne road train ... ...Fri 23rd September 2011 - 06:01am
Global fears put a lid on spending- RBA
Australian households are continuing to shun spending and pay down debt as worries about the global financial system grow- a central bank report says.Over the past year- debt levels for households have ... ...Fri 23rd September 2011 - 05:17am
BlueScope job cut negotiations edge closer
There has been a breakthrough in negotiations to slash hundreds of jobs from BlueScope Steels Port Kembla operations- south of Sydney.The company has been negotiating with unions over its plan to ... ...Fri 23rd September 2011 - 04:50am
Market slumps after night of carnage
The Australian share market has defied the worst of last nights global falls- dropping about 1.9 per cent in early trade in the wake of huge losses in the US and Europe.At 12-09pm AEST the All Ordinaries ... ...Fri 23rd September 2011 - 04:36am
Another slump for Gunns shares
Gunns share price is taking a battering- falling to a new record low in morning trading.Shares opened at 15.5 cents- before dipping to their lowest value at 15 cents.It has been a downward trend since ... ...Fri 23rd September 2011 - 04:30am
UBS silent on CEOs fate as Singapore meeting ends
Swiss banking giant UBS ended a board meeting in Singapore on Friday but there was no word on the fate of chief executive Oswald Gruebel- who is under fire following a rogue-trading scandal.Gruebel left ... ...Fri 23rd September 2011 - 04:14am
Australia should withstand market jitters- RBA
Australia is in a relatively strong condition despite an increasingly uncertain outlook for the global financial system- the Reserve Bank says.In its latest Financial Stability Review- the ... ...Fri 23rd September 2011 - 04:08am
Roads insurance difficulties incredible
Independent Senator Nick Xenophon says Queensland has not tried hard enough to insure its network of roads from natural disasters.Queensland Premier Anna Bligh says a worldwide search has failed to find ... ...Fri 23rd September 2011 - 04:06am
World shares fall after feeble rally
Global stocks fell once more in volatile trading on Friday- after a G20 pledge to tackle eurozone debt and fight threats of new global recession fell flat.The London market dropped 1.17 percent to 4-982.73 ... ...Fri 23rd September 2011 - 04:04am
G20 pledges crisis action plan by November
The Group of 20 major economies have pledged to mount a powerful response to the rising challenges facing the world economy as it reels from a debt crisis in the eurozone.The G20 finance ministers and ... ...Fri 23rd September 2011 - 03:47am
Australian shares recoup early losses as G20 soothes
MARKETS-AUSTRALIA-STOCKS-Australian shares recoup early losses as G20 soothes ...Fri 23rd September 2011 - 03:41am
Canberra petrol prices rise
The National Roads and Motorists Association NRMA is urging ACT motorists to be vigilant as petrol prices soar at the bowser.Unleaded petrol across the ACT has crept to a 1.50 a litre with further ... ...Fri 23rd September 2011 - 03:28am
Households remaining cautious- RBA says
Australian households are continuing to shun spending and pay down debt as worries about the global financial system grows- a central bank report says.Over the past year- debt levels for households have ... ...Fri 23rd September 2011 - 03:04am
Lynas shares drop on higher losses
Australias largest rare earths miner Lynas Corporation has posted a 33 per cent jump in full year losses following a year blighted by controversy.Public protests this year prompted an investigation ... ...Fri 23rd September 2011 - 02:56am
S-ampP affirms Australias AAA rating
Standard -amp Poors Ratings Services has affirmed Australias long-term AAA credit rating due to the countrys economic resilience- public policy stability and sound financial sector.The ratings ... ...Fri 23rd September 2011 - 02:54am
G20 vows strong response to crisis
The Group of 20 major economies has pledged to mount a powerful response to the rising challenges facing the global economy as it reels from a debt crisis in the eurozone.The G20 finance ministers and ... ...Fri 23rd September 2011 - 02:51am
Aussie -amp NZ dlrs trim heavy losses on G20- China
MARKETS-AUSTRALIA-FOREX-Aussie -amp NZ dlrs trim heavy losses on G20- China ...Fri 23rd September 2011 - 02:49am
Stocks to watch at noon on Friday
Stocks to watch on the Australian stock exchange at noon on Friday-BDR - BEADELL RESOURCES LTD - down two cents- of 2.52 per cent- at 77.5 centsDue to post full year results.LYC - LYNAS CORPORATION LTD ... ...Fri 23rd September 2011 - 02:15am
Carbon capture trial hailed a success
A 10-million carbon capture and storage trial has been completed in the Otways.The CO2 Cooperative Research Centre is testing storing carbon in rock underground near Nirranda.The chief executive- Richard ... ...Fri 23rd September 2011 - 02:06am
Home buyers unworried by foreign investors
First-home buyers arent worried about foreign investor competition in the property market- says mortgage provider RAMS Home Loans.Despite talk of overseas investment into the Australian property ... ...Fri 23rd September 2011 - 02:00am
Coal mine plans face federal scrutiny
The Federal Government has put the brakes on a proposal for the Wongai coal mine on Cape York in far north Queensland.An Environment Department spokesman says the project- north of Cooktown- will need ... ...Fri 23rd September 2011 - 01:59am
BlueScope job cut negotiations edge closer
There has been a breakthrough in negotiations to slash hundreds of jobs from BlueScope Steels Port Kembla operations- south of Sydney.The company has been negotiating with unions over its plan to ... ...Fri 23rd September 2011 - 01:51am
Farmer fears UCG chemicals in propertys water
A farmer in southern Queenslands South Burnett region says he believes chemicals found in a spring on his property came from a now-defunct underground coal gasification UCG plant.The Department ... ...Fri 23rd September 2011 - 01:46am
Households remaining cautious- RBA says
Australian households are continuing to shun spending and pay down debt as worries about the global financial system grows- a central bank report says.Over the past year- debt levels for households have ... ...Fri 23rd September 2011 - 01:38am
Australian shares fall 1.6 pct miners lead
MARKETS-AUSTRALIA-STOCKS-Australian shares fall 1.6 pct miners lead ...Fri 23rd September 2011 - 01:34am
Call to ensure locals benefits from Wheatstone
The State Government is being urged to ensure local businesses benefit from a proposed major gas project in the Pilbara.Chevrons Wheatstone LNG field north of Onslow has been given environmental approval ... ...Fri 23rd September 2011 - 01:27am
Roads insurance difficulties incredible
Independent Senator Nick Xenophon says Queensland has not tried hard enough to insure its network of roads from natural disasters.Queensland Premier Anna Bligh says a worldwide search has failed to find ... ...Fri 23rd September 2011 - 01:21am
Fresh hopes pinned on new Facebook
Music and media companies are pinning fresh hopes for reviving their businesses on a small ribbon that Facebook has begun putting on user profiles called the ticker.The new- slim stream of ... ...Fri 23rd September 2011 - 12:54am
A hits 10-month low on US economy fears
The Australian dollar has fallen sharply to 10-month lows- as concerns over the state of the US economy cause a massive sell-off on global markets.At 0700 AEST- the Australian dollar was trading at 97.46 ... ...Fri 23rd September 2011 - 12:54am
Market slumps after night of carnage
The Australian share market has defied the worst of last nights global falls- dropping about 1.3 per cent in early trade in the wake of huge losses in the US and Europe.In the first half-hour of trade ... ...Fri 23rd September 2011 - 12:32am
Dairy factory a step closer
The Circular Head Council has approved a 70 million dairy development for Tasmanias north-west.Tasmanian Dairy Products will produce powdered milk on the former Gunns sawmill site at Smithton.The ... ...Fri 23rd September 2011 - 12:19am
Aust shares open 2 lower on Wall St dive
The Australian share market has opened two per cent lower- after Wall Street lost more than 3.5 per cent and European stocks fell sharply overnight.At 1013 AEST on Friday- the benchmark S-ampP-ASX200 index ... ...Fri 23rd September 2011 - 12:17am
Australian shares fall 2 pct on global worries
MARKETS-AUSTRALIA-STOCKS-Australian shares fall 2 pct on global worries ...Fri 23rd September 2011 - 12:16am
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