The Australian Business
- + Canada's $3.75bn Andean swoop—AUSTRALIA'S second-largest gold company, Andean Resources, has recommended a $C3.6 billion ($3.75bn) offer from Goldcorp Inc. [Link to media]
- + Bank bosses creme de la creme of big earners—AUSTRALIA'S 30 top executives have earned a collective $1.5 billion in the six years since mandatory disclosure began. [Link to media]
- + Pursuit of funds flattened MFS—AS Michael King cursed, joked and threw about slang before court this week, he looked every bit the small-time Gold Coast solicitor. [Link to media]
- + The man who would be King—WHEN the Leighton Holdings board convenes for its regular monthly meeting on Monday, there will be one notable absentee. [Link to media]
- + Stocks finish week on a high—THE Australian sharemarket posted its first weekly gain in four weeks, supported by materials and industrials. [Link to media]
- + Risky view takes wizard from Oz—GLOBAL investors are losing faith in the "Australian story", doubting the strength of the economy and the resilience of the sharemarket. [Li...
- + Dollar flat ahead of US figures—THE Australian dollar was relatively flat in quiet Asian trading yesterday as traders waited for a report on US employment, due overnight. [Link to me...
- + Fortescue note 'risks' reputation—FORTESCUE Metals Group could raise up to $1.97 billion in interest-free cash if it wins a battle with shareholder Leucadia National. [Link to media]
- + Taxman bruised in BHP battle—THE Australian Tax Office has had its claims against BHP Billiton further whittled down after the High Court refused to hear an appeal. [Link to media...
- + Nufarm out of index, on S&P credit watch—NUFARM'S woes have continued to worsen, dropped from a leading share market index and placed on high alert by a credit rating agency. [Link to media]
- + Andean backs Goldcorp bid—ANDEAN Resources has recommended a $C3.6 billion bid from US giant Goldcorp that trumped Canada's Eldorado Gold. [Link to media]
- + Shares rise as bank sector slips—THE sharemarket ended the week with a third straight gain today despite a weak banking sector. [Link to media]
- + RBA to hold on rates, survey shows—THE Reserve Bank is expected to leave interest rates unchanged next Tuesday amid a still uncertain global backdrop, a survey showed today. [Link to me...
- + Qantas to pay out after High Court loss—QANTAS has lost a High Court challenge to a ruling that it owes millions of dollars to travel agents underpaid commission for more than six years. [Li...
- + China must abandon secrecy: Japan—JAPAN today warned China it risked losing foreign investment if it did not introduce more transparency over its business rules. [Link to media]
- + Analysts ponder Fortescue equity issue—MACQUARIE reckons Fortescue Metals raising equity isn't "inconceivable", as it fights one of its biggest shareholders over debt. [Link to me...
- + Fortescue denies Leucadia charges—FORTESCUE Metals today denied accusations by Leucadia that it was not acting in accordance with a funding pact between the two. [Link to media]
- + Nufarm faces class action—LAW firm Slater & Gordon says it will mount a class action against crop chemical company Nufarm after its shock profit downgrade in July. [Link to...
- + Hung parliament dampens service sector—AUSTRALIA'S services sector was sluggish in August, weighed down by political uncertainty and steady withdrawal of the fiscal stimulus. [Link to media...
- + Telstra reveals SouFun IPO price—TELSTRA has priced the initial public offering of its Chinese online real estate business SouFun at $US810 million to $US850m. [Link to media]
- + Russia extends ban on wheat exports—RUSSIA will extend its ban on grain exports until after next year's harvest has been collected, catching the global industry off guard. [Link to media...
- + Meal deal: Brazilians buy Burger King—THREE billionaire Brazilian entrepreneurs have sealed a deal to buy the struggling Burger King chain for $4.3 billion. [Link to media]
- + HP wins fierce $2bn battle for 3PAR—HEWLETT-PACKARD has triumphed after a vicious bidding war for control of 3PAR, a data storage company. [Link to media]
- + Bernanke sees some financial break-ups—A NUMBER of large US financial firms may cut their size or embrace less-complex structures under new regulations, Ben Bernanke said today. [Link to me...
- + Wall St climbs ahead of key jobs data—US stocks closed higher, building on the big rally a day earlier, after better-than-expected housing and retail data. [Link to media]
- + Behind BHP's burning energy ambitions—JUST how big are the ambitions of Marius Kloppers? [Link to media]
- + Top investor sues Forrest, FMG—ANDREW Forrest and Fortescue Metals are being sued by major shareholder Leucadia National for alleged misleading and deceptive behaviour. [Link to med...
- + Top investor sues Forrest, FMG—ANDREW Forrest and Fortescue Metals are being sued by major shareholder Leucadia National for alleged misleading and deceptive behaviour. [Link to med...
- + ASIC to get tough on credit providers—CREDIT providers face strict new compliance reviews and applicants for new licences will be subject to rigorous checks. [Link to media]
- + US scrutiny for Potash Corp bid—BHP Billiton will soon get a sense of the regulatory hurdles facing its $US38.7 billion ($42.5bn) hostile bid for Potash Corp. [Link to media]
- + Behind BHP's burning energy ambitions—JUST how big are the ambitions of Marius Kloppers? [Link to media]
- + Bourse's strong gains run out of puff—THE Australian sharemarket recovery continued yesterday. [Link to media]
- + Chief's Photon stake challenged—PHOTON Group chief executive Jeremy Philips has begun choosing a new senior management team ahead of a crucial shareholder vote this month. [Link to m...
- + Rio raises doubts over BHP deal—RIO Tinto Iron Ore chief executive will not rule out BHP Billiton needing to increase the $US5.8 billion ($6.3bn) equalisation payment. [Link to media...
- + Goyder's focus on wealth creation—Wesfarmers chief Richard Goyder has warned that the election focused far too much on spending and far too little on wealth creation. [Link to media]
- + Rules on bonuses ignored—MOST sharemarket-listed companies are failing to fully disclose the performance hurdles to trigger senior executive bonuses, say super funds. [Link to...
- + Regional lenders looking to merger—FINANCIAL markets are weighing the ratings implications of a merger between Bank of Queensland and Bendigo and Adelaide Bank. [Link to media]
- + Sharemarket posts second strong win—THE Australian sharemarket today posted a second successive day of strong gains, with all sectors showing strength. [Link to media]
- + Iron ore prices to fall 13pc: Rio Tinto—RIO Tinto expects iron ore prices to fall more than 13 per cent in the fourth quarter to more "sustainable" levels after several price-hikes...
- + Defence, falling exports cut surplus—THE trade surplus fell well short of forecasts in July on lower coal and iron exports and the purchase of Super Hornet fighter jets. [Link to media]
- + Big shareholder sues Fortescue and CEO—THE third-largest shareholder in Fortescue is suing the iron ore miner and CEO Andrew Forrest over a funding issue, Bloomberg reported. [Link to media...
- + Austereo's Anderson for Fairfax board—FAIRFAX Media has completed its board renewal process with the addition of former Austereo boss Michael Anderson. [Link to media]
- + WA seizes land for Woodside gas plant—THE West Australian government has begun proceedings to compulsorily acquire 2500 hectares of pristine Kimberley land to build a gas processing hub. [...
- + China dominates Forbes best small caps—THE number of Australian companies in Forbes' Asia Pacific "best under a billion" list has fallen, as Chinese firms again dominate. [Link to...
- + Hands-off training for Boeing's 787—THERE'S one thing mechanics undergoing Boeing’s intensive training for the 787 Dreamliner won't soon do: touch one of the planes. [Link to media...
- + Foster's CFO resigns to join Asciano—FOSTER'S Group chief financial officer Angus McKay has resigned to take up the same role at Asciano. [Link to media]
- + Apple in aggressive push into TV—APPLE chief executive Steve Jobs has unveiled a new device that can deliver US99-cent ($1.09) rentals of TV shows over the internet. [Link to media]
- + Stellar growth lights fuse—AUSTRALIA'S comeback on the global stage as one of the world's best-performing economies sent the sharemarket and dollar surging yesterday. [Link to m...
- + Regionals ponder merger logic—DAVID Liddy didn't mince words. "There has to be fundamental structural change in the industry," he said. [Link to media]
- + Nufarm calls in debt advisers—AILING agribusiness group Nufarm has appointed external advisers to assist with a possible restructure. [Link to media]
- + Hardie faces bailout to pay asbestos fund—CONTRIBUTIONS by James Hardie to the asbestos victims compensation fund may be in jeopardy after it lost an appeal against a tax ruling. [Link to medi...
- + Miners' $20bn rush to Africa—THE number of listed Australian mining companies with operations in Africa has tripled to 160 in the past seven years. [Link to media]
- + Three fall foul of ASX deadline—JUST three companies had their shares suspended from trade yesterday for failing to lodge financial accounts with the ASX in time. [Link to media]
- + Japanese cut BHP coal prices—SEVERAL Japanese steelmakers have agreed a lower coking coal price with supplier BHP Billiton amid a slowdown in Chinese steel demand. [Link to media]
- + QBE rejects talk of exit for O'Halloran—QBE Insurance has quashed speculation that chief executive Frank O'Halloran's 12-year reign is coming to an end. [Link to media]
- + Tricom boss in from the cold—TRICOM managing director Lance Rosenberg was afraid he'd lose institutional investors if they knew of his ban by the corporate regulator. [Link to med...
- + MFS chief 'begged' UBS to release cash—MFS co-founder Michael King "begged" UBS to release cash locked up in the Stella tourism group to repay inter-company bank loans. [Link to m...
- + GDP growth fastest in three years—THE Australian economy picked up surprising speed in the second quarter, growing at its fastest quarterly pace in three years. [Link to media]
- + Catastrophic failure on Qantas US flight—QANTAS will fly a new engine and engineers to San Francisco after a "catastrophic failure" on a jumbo bound for Australia early today. [Link...
- + Lazard shuns Dun & Bradstreet IPO—LAZARD has shunned an initial public offering of Dun & Bradstreet Australia and chosen the trade sale route via a $233 million sale. [Link to medi...
- + Nufarm debt jumps 38pc on forecast—NUFARM today said its debt would rise 38 per cent beyond last month's forecast as it confirmed its profit guidance for 2009-10. [Link to media]
- + Australian forex market growth slows—THE Reserve Bank said today activity in Australia's foreign exchange market continued to grow since 2007, though at a slower pace. [Link to media]
- + Federal Court upholds Elders appeal—THE Federal Court has upheld Elders's appeal against a tax office assessment relating to its predecessor Futuris Corp. [Link to media]
- + Credit Suisse may reignite bonus row—CREDIT Suisse will award 400 senior staff in London a one-off bonus only months after slicing their compensation. [Link to media]
- + Wall St closes up after bruising month—US stocks have eked out a tiny advance, in the conclusion of a bruising month for the market. [Link to media]
- + Fed okays China's Morgan Stanley stake—THE Federal Reserve has cleared China Investment Corp to acquire indirectly up to 10 per cent of the voting shares of Morgan Stanley. [Link to media]
- + JP Morgan to end proprietary trading—JP Morgan is winding down its proprietary trading operations, according to a person familiar with the matter. [Link to media]
- + Export bottleneck removal delayed—EXPORTS from the $1.98 billion first stage of the Wiggins Island Coal Export Terminal (WICET) have been pushed back by up to a year. [Link to media]
- + Rivercity write-off takes toll—RIVERCITY Motorway, the operator of Brisbane's Clem7 bypass, has just enough cash to keep the project going for another 12 months. [Link to media]
- + Potash puts heat on BHP over cold calls—POTASH Corporation of Saskatchewan has ramped up the hostilities as it fights BHP Billiton's $US40 billion ($45bn) takeover bid. [Link to media]
- + Export bottleneck continues—EXPORTS from the $1.98 billion first stage of the Wiggins Island Coal Export Terminal (WICET) have been pushed back by up to a year. [Link to media]
- + Sell-off key to propping up Centro—A HALF-SHARE sale of Centro Properties Group's syndicates business is almost certain to become a major part of restructure plans. [Link to media]
- + CBA banks on real-time boost—COMMONWEALTH Bank has set the ambitious target of slashing the cost-to-income ratio for its retail banking to the lowest in the world. [Link to media]
- + Uncertainty weighs on investors—CORPORATE Australia's guarded outlook and concern about the global economy is likely to continue to weigh on share trading in coming months. [Link to ...
- + iSoft's CEO quits after $383m plunge—ISOFT chief executive Gary Cohen has quit less than three months after relinquishing the chairman role after a horror full-year result. [Link to media...
- + Bullish Qantas on the rise again—QANTAS mainline international services moved back into positive growth territory in July. [Link to media]
- + AMP scoffs at NAB placating watchdog—AMP chief Craig Dunn has scoffed at NAB's attempts to ease the ACCC's concerns over the $14 billion deal to buy Axa Asia Pacific. [Link to media]
- + Resources rule as banks retreat—BANKS have cut their business loan portfolios by more than $100 billion since the financial crisis, with a further $6.7bn drop last month. [Link to me...
- + 'Perfect storm' hits ASX volumes—A GUARDED corporate outlook is likely to weigh on ASX trade in coming months, after August volumes fell in an uncertain climate today. [Link to media]
- + IMF to offer pre-crisis loans—THE IMF will broaden the kinds of loans it offers to encourage developing countries to get help before they are engulfed in crisis. [Link to media]
- + Centro syndicates on the block—CENTRO Properties today said it had edged closer to partially offloading its stake in a syndicates business to a joint-venture partner. [Link to media...
- + Basel set for battle over bank rules—WORLD politics and complex risk-management plans will clash in Switzerland next month as regulators seek an accord on new bank rules. [Link to media]
- + Mining boom cuts deficit to 1989 level—AUSTRALIA posted its smallest current account deficit since 1989 in the second quarter as the mining boom continued to reshape the economy. [Link to m...
- + AMP scoffs at NAB strategy for I00F—CRAIG Dunn has scoffed at attempts by NAB to ease the competition regulator's concerns over its $14 billion plans for AXA Asia Pacific. [Link to media...
- + RIM averts India BlackBerry ban—INDIA will put off blocking BlackBerry services for two months after Research In Motion agreed to allow more government access to encrypted email. [Li...
- + iSoft CEO steps down after poor result—ISOFT Group chief Gary Cohen has stepped down as part of a review after a horror full-year result. [Link to media]
- + UBS wary of Wotif spending plans—UBS isn't sold on Wotif.com's revised marketing strategy, downgrading the stock on the additional spend. [Link to media]
- + Crack down on banks has its risks: RBA—CRACKING down too hard on banking regulation could be counterproductive as banks would then take risk outside the system, the RBA says. [Link to media...
- + Centro still faces big challenges—DEBT-laden Centro Properties Group posted a full-year net loss of $652.7 million today and said it still faced significant challenges. [Link to media]
- + Risk models need a personal touch: RBA—THE global financial crisis was in part the result of poor assessment of risk in international markets, a senior RBA official said today. [Link to med...
- + ANZ National chief Fagg steps down—ONE of Australia's highest-ranked female executives, Jenny Fagg, has stepped down to help her recovery from breast cancer. [Link to media]
- + Genzyme rejects $21bn Sanofi offer—GENZYME'S board has again rejected an $US18.5 billion ($21bn) takeover proposal from Sanofi-Aventis. [Link to media]
- + No silver bullet to fix economy: Obama—PRESIDENT Barack Obama says his economic team is working to identify new measures to stimulate US growth but there is no "silver bullet". [L...
- + Google buy to help tackle Facebook—GOOGLE has bought social games start-up SocialDeck, the latest in a series of acquisitions aimed at competing with Facebook. [Link to media]
- + Dark clouds over small business—WHEN consumers sneeze, small businesses reach for the zinc tablets. [Link to media]
- + Wall St slides on US slowdown concerns—US stocks fell today after weak personal income and manufacturing data highlighted a slowdown in the US economic recovery. [Link to media]
- + Grain growers don't share Agrium vision—HAVING overseen nine takeovers in five years, it's hardly a surprise that Agrium boss Mike Wilson would eventually turn to Australian. [Link to media]
- + Former MFS chief examined by court—THE Michael King that arrived at the NSW Supreme Court yesterday was vastly different to the $3 million-a-year CEO of MFS. [Link to media]
- + Banks chase cash with high rates—THE major Australian banks are growing their retail deposit bases with high online introductory savings rates. [Link to media]
- + Leaders bemoan lack of political vision—AS the chartered jet flew out on Sunday with the cream of the nation's corporate elite, many were asking the same question. [Link to media]
- + Rinehart and Rio in $1.8bn link-up—RIO Tinto and Gina Rinehart have agreed to spend $US1.6 billion ($1.8bn) on a new Pilbara region iron ore mine in Western Australia. [Link to media]
Last new 3/9/10 5:34pm.
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